User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday October 6, 2005 - 11:09:43 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

Forex: Mellon FX Daily - U.S. Edition

Key Points
• USD moves onto the defensive after disappointing ISM survey. 1.2100 key on EUR-USD.
• Global equity markets retreat.
• UK manufacturing output, German manufacturing orders weaker.
• UK MPC and ECB meetings feature today.

Market Outlook

Weaker US equity markets and the sharp drop in the nonmanufacturing ISM yesterday have continued to conspire against the USD overnight, fuelling the perception that the downside pressure on EUR-USD has relented for now. Growing optimism about the resolution of the German political impasse is also offering some support for the EUR. Most of the movement overnight has been on the USD against European currencies, with USD-JPY supported by the fact that Japanese equity indices tumbled even more sharply than those in the US.

Yesterday’s ISM survey showed higher prices paid as well as slower business activity and in the current environment this is not the combination that equities or the USD wanted to see. The tone of the survey stood in sharp contrast to the strength inactivity displayed in ISM manufacturing on Monday.

The prices paid index, reflecting higher fuel prices, rose to its mhighest level since the non-manufacturing survey began in 1997, while the business activity index fell to its lowest level since April 2003 (the time of the Iraq war). It seems highly unlikely that such a combination will be sustained as it relates to how respondents report the situation compared to that in place the previous month. This rate of change, triggered largely by the impact of Katrina, is unlikely to be repeated next month and if anything should revert the other way. However, in the current environment where Fed rhetoric is suggesting the possibility of hiking rates on the basis of inflation, regardless of any short term slowdown in activity, yesterday’s survey clearly struck a raw nerve.

This in itself makes things more equivocal for the USD in the short-term, which had seemingly been building up to an upside break against the EUR (below 1.1868). The bets on this development would be off for now if it gets back above 1.2100. Tomorrow’s employment report may yet influence how things develop.

German manufacturing orders were weaker than expected although one month of weakness after the strength seen in recent months does not undermine the overall uptrend (see chart). This data is typically volatile on a m/m basis. Data this morning in the UK was mixed, with another advance in HBOS house prices being offset by a weak showing in manufacturing output. The HBOS data adds to the better tone to recent housing data, although the ONS pointed out that industrial output left some downside risk to Q3 GDP. EUR-GBP was stronger after the manufacturing data but has since fallen back. 0.6823-25 needs to be breached to see this move

Day Ahead
UK – the MPC meeting outcome should be a non-event, even though there is a small chance of the dovish camp, seemingly in the majority, enforcing their views. However, amidst the gloom in most of the data there has been stabilisation in some of the housing market indicators. On this basis, they are likely to wait until next month, when the analysis will be conducted for the next Inflation Report.

Eurozone – the ECB meeting is unlikely to reveal any major new initiatives, although they may err on the hawkish side. They are likely to note the threat that higher oil prices bring for both activity and inflation, although given the strength in other economic releases they may attach slightly more weight to the inflationary consequences.


Data/event EDT Consensus*

GB MPC rate announcement 07.00 4.50%
EU ECB meeting outcome 07.45, press conf 08.30 2.00%
US Initial claims (w/e Oct 01) 08.30 356k last
US Continuing claims (w/e Sep 24) 08.30 2802k last
CA Building permits (Aug) m/m 08.30 -0.5%
CA PMI (Sep, nsa) 10.00 56.5
CA BoC’s Macklem speaks 16.10
GB NIESR GDP (3mths end Sep) q/q 19.01 +0.5% last

Latest data Actual Consensus*
GB HBOS house prices (Sep) m/m +1.2% +1.6% last
GB Ind prod (Aug) m/m -0.9% +0.2%
GB Manu output (Aug) m/m -0.2% +0.1%
DE Manu orders (Aug) m/m -3.7% -2.1%
* Consensus unless stated

2005, Mellon Financial Corporation Note: Although obtained from sources believed by us to be reliable, Mellon Financial Corporation and its affiliates cannot guarantee the accuracy or completeness of the information upon which this report is based. This report does not purport to disclose the risks or benefits of entering into particular transactions and should not be construed as advice in any specific instance. The views in this report constitute our judgement as of this date and are subject to change without notice.
Ian Gunner 44 20 7163 5996 06.40 EDT Monday May 31 2005


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

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

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