User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday November 15, 2005 - 15:43:00 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (15 November 2005)

The euro retraced most of its intraday losses vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.1635 level and was capped around the $1.1710 level. Today’s intraday low represents the 38.2% retracement of the move from $0.8340 to $1.3665 and is a major level. Technicians note that a break of this level opens up the $1.1440 level as a downside target. Many data were released in the U.S. today. First, the New York Fed’s Empire index improved to 22.8 in November from 12.1 in October while the prices paid index rose to a record-high 60.6 this month from 57.3 last month. Traders closely watch the Empire and Philadelphia Fed indices as a proxy for national manufacturing activity. Second, the headline October producer price index printed at +0.7% while the ex-food and energy “core” rate was off 0.3%. The headline number was stronger-than-expected while the core rate was weaker-than-expected. Economists closely monitor these data to determine if price pressures are seeping through factory gates and into retail goods and services. The Federal Reserve is expected to tighten monetary policy next month, lifting the federal funds target rate to 4.25%. Fed policymakers have expressed significant concern with inflation over recent months and consumer price inflation data will be released tomorrow. The year-on-year core PPI number receded to +1.9% from 2.4% and is still above a bit above the Fed’s putative comfort zone. Third, other data released today saw headline October retail sales off 0.1% while the ex-autos component was up +0.9%. The euro also came off after the release of the German ZEW economic expectations index fell to +38.7 in November from +39.4 in October, below forecasts. In contrast, German GDP gained 0.6% q/q in Q3, more-than-expected. Another reason why the euro came off today was a media report that European Central Bank officials are split over the immediate need to raise interest rates. The report suggests more hawkish ECB members do not yet have enough support to move rates higher next month. If true, this means February could be the month when policymakers lift the main refinancing rate from the 2.00% level where it has been perched for a couple of years. Other data released in the eurozone today saw provisional Q3 GDP climb 0.6% q/q, just above consensus forecasts. European Central Bank Chief Economist Issing spoke today and said the ECB “has adopted a medium-term orientation. The forward-looking nature of this strategy ensures that timely action is taken to address any potential threats to price stability.” All eyes are on the U.S. Senate Banking Committee today as Ben Bernanke, President Bush’s nominee as Chairman Greenspan’s successor, testifies. In his prepared remarks, Bernanke said he would propose that the Federal Open Market Committee may want to consider an inflation target only if he can find consensus amongst his Board colleagues. Greenspan spoke about the U.S. current account deficit yesterday and asked what the “limits are to the foreign markets’ absorption of claims on U.S. residents” given the current account deficit exceeds 6% of GDP. Greenspan concluded the current account deficit “cannot persist forever.” Chicago Fed President Moskow spoke today and hawkishly talked up interest rates. “It will take appropriate monetary policy to keep inflation and inflation expectations well contained. For me, at this time such policy likely entails further removal of policy accommodation. And if inflation expectations did become unhinged, this might require a stronger response,” he said. Euro offers are cited around the $1.1740 level.

¥/ CNY

The yen extended recent losses vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥119.40 level and remained supported around the ¥118.70 level. The pair barely moved when news of a strong earthquake some 500 kilometers northeast of Tokyo circulated during Australasian dealing. European dealers lifted the pair to levels not seen since August 2003 and the yen crosses also came off. Stops were hit above the ¥118.90 level and pushed the pair through the psychologically-important ¥119.00 figure, above options-related offers below the figure. Yesterday’s comments from Prime Minister Koizumi and other government officials wherein they pressured Bank of Japan to not unwind its long-standing quantitative easing policy anytime soon continues to hamper the yen. The ¥120.00 figure could be a difficult psychological level to pierce and chartists are eyeing the ¥120.55 level as a major long-term resistance line. Data released in Japan today saw October corporate failures up 23.0% m/m while Tokyo-area October condominium sales were up 8.9% y/y. Other data released today saw the index of leading economic indicators print at 45.5, down from a preliminary reading of 50.0. Koizumi spoke today and suggested Japan should curb new bond issuance around ¥30 trillion in fiscal year 2006 on account of the reviving economy. The Nikkei 225 stock index shed 0.17% to close at ¥14,091.77. Dollar bids are cited around the ¥118.35 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥139.20 level and was supported around the ¥138.75 level. The British pound and Swiss franc appreciated vis-à-vis the yen as the crosses tested offers around the ¥206.85 and ¥90.30 levels, respectively. The Chinese yuan depreciated vis-à-vis the U.S. dollar today as the greenback closed at CNY 8.0845, up from CNY 8.0831. People’s Bank of China Vice Governor Su Ning spoke about the yuan overnight and said “We have a floating currency exchange rate and market demand should play an even greater role in this reform. China's currency reform should help China develop a flexible exchange rate and enable the currency to play a more important role in helping China to achieve balance in its international payments.” President Bush will visit China this week and his administration is said to be pressuring China to revalue the yuan again. Data released in China today saw October industrial value-added output up 16.1% y/y to CNY 632 billion while October wholesale prices climbed 0.9% y/y.

The British pound lost more ground vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.7305 level and was capped around the $1.7395 level. Sterling edged lower after the release of October U.K. consumer price inflation data fell to 2.3% from 2.5% in September, below expectations. This marked the first time the headline annual number fell in more than one year but the headline index is still above the Bank of England’s 2.0% target. Some traders sold cable today on the premise the Bank of England’s Monetary Policy Committee could expand monetary policy further through additional interest rate cuts. Traders will be focused on tomorrow’s quarterly inflation report to see how concerned BoE policymakers are about economic growth and inflationary pressures. Other data released today saw RICS house prices decline at their slowest rate in fifteen months in October, an indication the all-important housing sector may be moderating. Cable offers are cited around the $1.7410 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the £0.6745 level and was supported around the £0.6720 level.


The Swiss franc moved lower vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.3240 level and was supported around the CHF 1.3155 level. Today’s intraday high represents the pair’s strongest print since November 2003. Most traders expect Swiss National Bank to tighten monetary policy when policymakers issue their year-end economic assessment next month. October producer and import prices data will be released on Friday. Dollar bids are cited around the CHF 1.3105 level. The euro and British pound moved higher vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.5440 and CHF 2.2925 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 23 July 2018
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
AFlash PMIs
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final 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