User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday September 29, 2005 - 15:22:34 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (29 September 2005)

The euro moved lower vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2010 level and was capped around the $1.2075 level. A pick-up in NYMEX crude futures for November delivery to above the $66 handle precipitated a round of dollar-selling in Australasian and early European dealing. Also, a report that German Chancellor Schroeder and election opponent Angela Merkel are making progress in forming a “grand coalition government” following the recent too-close-to-call national election in Germany added to the euro’s gains. Data released in the eurozone today saw the German September jobless tally up 39,000 to 4.835 million while the jobless rate stood at 11.2%. Also, German machinery and new plant orders were up 12.0% y/y last month. In U.S. news, it was reported that Q2 GDP expanded at a 3.3% annual rate in Q2, down from Q1’s 3.8% pace and was unchanged from provisional estimates. Other components of today’s report saw consumer spending and business investment improve by 3.4% and 8.8% respectively while inventories detracted from growth. Notably, the core personal consumption expenditures price index moved higher at an upwardly revised 1.7% annual rate, up from last month’s 1.6% estimate. This level, however, is right around the long-term level for core PCE and will not be a huge concern for Fed policymakers. For the current business quarter that ends tomorrow, economists are predicting growth of about 3.5% despite the devastation and disruption of hurricanes Katrina and Rita. Provisional Q3 data will be released on 28 October. Other data released in the U.S. today saw weekly initial jobless claims recede by 79,000 to 356,000 in the week ending 24 September. The final September University of Michigan consumer sentiment data will be released tomorrow along with September Chicago PMI. Euro offers are cited around the $1.2085 level.

¥/ CNY

The yen was little changed vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥112.65 level and tested offers around the ¥113.15 level. Technically, the pair retraced nearly 61.8% of its run-up from ¥112.05 to ¥113.50 today. Comments from Bank of Japan Governor Fukui caused the dollar to move lower as he said he “wouldn’t rule out the possibility (of ending the long-standing quantitative easing policy) before we enter the fiscal year (April 2006), but at the same time, I’m not saying that’s what’s going to happen.” Fukui and other BoJ policymakers have been uncharacteristically hawkish as of late, in stark contrast to the government which is quick to point out the economy is still saddled with deflationary pressures. Fukui also said the BoJ would work to make sure the transition in monetary policy is “seamless and not bumpy.” A change in the central bank’s policy is relevant to foreign exchange traders because a narrowing of the U.S. dollar’s interest rate differential over the yen could render Japanese assets more attractive. Data released in Japan overnight saw August commercial sales up 4.6% y/y – the fifteenth consecutive monthly increase – while retail sales were up 1.5%. Capital flows data surprisingly revealed that foreigners were net sellers of Japanese equities last week for the first time in fifteen weeks. The Nikkei 225 stock index climbed 1.35% to close at ¥13,617.25, another fresh multi-year high. Dollar bids are cited around the ¥112.40 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥135.75 level and was capped around the ¥136.40 level. Technically, the cross did not wander too far from the 38.2% retracement of the move from ¥133.50 to ¥137.85. The British pound and Swiss franc came off vis-à-vis the yen as the crosses tested bids around the ¥198.95 and ¥87.10 levels, respectively. The Chinese yuan appreciated modestly vis-à-vis the U.S. dollar today as the greenback closed at the CNY 8.0930 level, down from CNY 8.0939. The Chinese government’s eleventh five-year plan has been drafted and it is said to seek to “maintain stable and relatively fast economic growth.” More details will emerge on 8-11 October when the Central Communist Party convenes a meeting. In other Chinese news, the U.S. and China ended their fifth round of textile talks without agreement.

The British pound extended recent losses vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.7600 figure and was capped around the $1.7700 figure. This represents a fresh multi-week low dating back to 1 August. Comments from Bank of England Monetary Policy Committee member Lambert were published today in which he said the U.K. economy “has been growing below trend for three or four quarters” and cited consumer spending as being “weak.” Nationwide released its September house price survey today and reported the annual rate of house price growth is now at its lowest level in nearly a decade, up a mere 1.8% y/y this month. In contrast, BoE data saw mortgage lending rise by £7.6 billion last month. In other U.K. news, BCC reported it has reduced its 2005 GDP forecast to 1.7% - 1.8% from 2.0% and is maintaining its forecast of 2.2% for 2006. Cable offers are cite around the $1.7720 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the £0.6835 level and was supported around the £0.6805 level.


The Swiss franc weakened vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2980 level and was supported around the CHF 1.2880 level. Technically, today’s low was above the 38.2% retracement of the move from CHF 1.2655 to CHF 1.2995. Credit Suisse yesterday trimmed its 2006 GDP forecast for Switzerland to 1.5% from 1.6% but this remains above the 2005 estimated growth level of 1.3%. Dollar bids are cited around the CHF 1.2915 level. The euro and British pound gained ground vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.5590 and CHF 2.2870 levels, respectively.


Forex Trading News

Forex Research

Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.

Request a TRIAL of Max's Forex Service.


Retail Forex Brokerage Changing!

Are you looking for your first broker or do you need of a new one? There are more critical things to consider than you might have thought.

We were trading long before there were online brokers. Global-View has been directly involved with the industry since its infancy. We've seen everything and are up-to-data with recent regulatory changes.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map

Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.

Forex News

The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.

Currency Trading

Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by

Forex Brokers

The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.

Forex Trading

Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.

FX Trading

Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.

Forex Blog also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105