User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday October 21, 2005 - 14:37:40 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (21 October 2005)

The euro moved higher vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2075 level and remained supported around $1.2000 figure. Comments from Federal Reserve officials continue to be hawkish and suggest the Federal Open Market Committee will not deviate at this time from its current monetary tightening cycle. Richmond Fed President Lacker alluded to the spike in oil prices in the 1970s and said errant Fed policy was responsible for letting inflation accumulate and then cause a recession – an indication he supports additional rate hikes. Atlanta Fed President Guynn added “(The Fed’s) gradual course has been far preferable to pausing and risking more drastic – and painful – moves later.” FOMC policymakers will next convene on 1 November and are likely to tighten the federal funds rate by 25bps. Some traders, however, are noting the greenback is failing to make new advances despite the continued hawkish rhetoric of FOMC officials. This could evidence a concern by some that continued Fed tightening could be slowing U.S. economic growth. Data released in the U.S. yesterday saw the October Philadelphia Fed survey confirm factory activity is improving but also reported that 33% of firms see higher prices for goods, up from September’s 22% level. In eurozone news, European Central Bank Chief Economist Issing talked today and said the inflationary outlook in the eurozone is uncertain. ECB member Gonzalez-Paramo also spoke today and said there is no evidence that higher oil prices are having second-round effects. Euribor interest rate futures are currently pricing in about a 40% change the ECB will hike interest rates by +25bps in December. The ECB has kept borrowing costs unchanged for more than two years now. Germany’s government today announced it is reducing its 2006 GDP forecast to 1.2% from 1.6% on account of oil prices. Germany’s Bundesbank is reporting that Germany’s economy is likely to show “upward movement” in Q3. Dealers are also keeping tabs on the price of oil as the NYMEX December crude oil futures are trading below the psychologically-important $60.00 figure despite the pending arrival of hurricane Wilma. 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 offers around the ¥115.60 level and was supported just below the ¥115.00 figure. Some dealers are citing the pair’s inability to move through the ¥116.00 figure as evidence the market is getting ready to pullback, perhaps to a ¥114 handle. Technically, the ¥114.80/ 55/ 25 levels remain areas of support ahead of the ¥113.70 level. Finance minister Tanigaki countered Bank of Japan Governor Fukui’s remarks from yesterday overnight when he said “Mild deflation still continues in is undesirable that interest rates rise alone, which has negative effects on the economy.” Notably, the yield on the government’s main ten-year JGB reached 1.585% yesterday, around a one-year high and evidence the market continues to price in higher rates. The MoF and BoJ remain at odds about the eventual unwinding of the central bank’s long-standing quantitative easing policy. Tanigaki also spoke about exchange rates, saying “speculative currency moves are undesirable” while MoF’s Hosokawa yesterday said exchange rate fluctuations “should reflect fundamentals.” Data released in Japan overnight saw the August tertiary index improve 1.7% m/m. In other BoJ news, the media is reporting the central bank will release a forecast that sees core CPI expanding 0.4% y/y in the fiscal year to March 2007 when its next estimates are released on 31 October. The Nikkei 225 stock index climbed 0.07% to close at ¥13,199.95. Dollar bids are cited around the ¥115.10/ 114.60 levels. The euro gained ground vis-à-vis the yen as the single currency tested offers around the ¥139.05 level and was supported around the ¥138.45 level. The British pound and Swiss franc appreciated vis-à-vis the yen as the crosses tested offers around the ¥205.15 and ¥89.90 levels, respectively. The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 8.0885, down from CNY 8.0905. Data released in China today saw September production material prices rise 6.2% y/y. China’s foreign exchange regulator, the State Administration of Foreign Exchange, announced it is tightening its rules to reduce speculative inflows from abroad.

The British pound gained ground vis-à-vis the U.S. dollar today as cable tested offers just below the US$ 1.7800 figure and was supported around the $1.7725 level. Sterling’s gains were limited by Q3 U.K. GDP data that saw a 0.4% q/q climb in economic growth, in-line with forecasts. These data, however, means the British economy has expanded at below-trend growth for five successive quarters. On an annualized basis, the economy expanded at 1.6%. Most dealers believe Bank of England’s Monetary Policy Committee will not ease policy next month, especially given recent comments from MPC officials and mixed U.K. economic data. Short sterling interest rate futures are not pricing in any change in monetary policy at this time. Cable offers are cited around the $1.7815 level. The euro was largely unchanged vis-à-vis the British pound as the single currency tested offers around the £0.6790 level and remained supported around the £0.6765 level.


The Swiss franc moved higher vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2805 level after encountering offers around the CHF 1.2885 level. Swiss National Bank President Roth spoke yesterday and warned the SNB’s monetary policy may be too loose, given the “improvement” in the domestic economy. Roth said “The inflation forecast that we published in September...clearly indicates that the present level of short-term interest rates will not permit to contain inflation below 2% in the mid-term.” Roth also noted the markets are “attaching an increased probability of a future tightening of monetary conditions.” He also indicated the central bank sees full-year 2005 GDP around 1% and climbing as high as 2% next year. Many dealers believe the SNB will raise interest rates in December at its year-end news conference. Dollar bids are cited around the CHF 1.2820 level. The euro and British pound slumped vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5440 and CHF 2.2780 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

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