User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday November 29, 2005 - 14:38:41 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (29 November 2005)

The euro retraced some of yesterday’s solid gains vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.1775 level after encountering selling pressure around the $1.1860 level. The pair scored good gains yesterday after the release of weaker-than-expected U.S. existing home sales that made traders question whether or not the Fed’s continued interest rate hikes have stymied the housing market too much. Dealers will get the next read on this issue today when new home sales data for October are released. November consumer confidence data will also be released around the same time. The common currency’s move higher yesterday encountered tough resistance just ahead of the $1.1905 level, the 50% retracement of the move from $1.2170 to $1.1640. Data released in the U.S. today saw headline October durable goods orders print at +3.4%, up from an upwardly revised -2.0% in September. The ex-transportation and ex-defense durable good prints came in at +0.3% and +1.7%, respectively. After today’s data, focus will shift to the European Central Bank ahead of its interest rate decision on Thursday. The ECB is expected to lift its main refinancing rate to 2.25% from 2.00% in what would amount to its first rate hike in a few years. EMU-12 finance ministers continue to voice their opposition to the inevitable monetary tightening. Luxembourg’s Juncker today said a rise in rates “is not absolutely necessary” while Austria’s Grasser said a hike would be a “bad sign” and added “there is no reason to raise rates for now.” Inflation remains stubbornly above the ECB’s 2.0% ceiling threshold and data released today saw EMU-12 M3 money supply grow a less-than-expected 8.0% in October, still significantly above the central bank’s 4.5% reference rate. U.S. November non-farm payrolls data will be released on Friday and will provide dealers with the most recent picture about labour conditions in the U.S. Additionally, central bank bosses and finance ministry chiefs will convene in London at the Group of Seven this weekend along with other global counterparts to discuss contemporary issues. Euro offers are cited around the $1.1800/ 40 levels.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥119.35 level and was supported around the ¥118.75 level. The pair came off yesterday, hitting stops below the technically-important ¥118.90 level after the release of weaker-than-expected U.S. housing market data. Data released in Japan overnight saw October wage earner’s household spending up 1.3% y/y while the October unemployment rate printed at 4.5%, up from 4.2% in September. Other data released today saw October industrial output climb 0.6% m/m and 3.0% y/y, the third successive month of gains. It was estimated that industrial output will also expand in the first two months of 2006. Earnings data will be released in Japan overnight. Traders are on the lookout for any additional comments from Bank of Japan or government officials regarding the former’s inevitable unwinding of its long-standing quantitative easing policy. The Koizumi administration has upped the pressure on the central bank to postpone the end to its unorthodox monetary policy as long as possible. The current vocal warnings from the government that are directed at the central bank remind dealers of the era when Masaru Hayami was the Governor of the BoJ and regularly endured intervention from the government. The Nikkei 225 stock index lost 0.40% to close at ¥14,927.70. Dollar bids are cited around the ¥118.50/ 117.85 levels. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥140.55 level and was capped around the ¥141.05 level. The British pound and Swiss franc weakened vis-à-vis the yen as sterling tested bids around the ¥205.20 level and the Swiss franc tested bids around the ¥90.75 level. The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at the CNY 8.0796 level, down from CNY 8.0825. Today’s close represents the pair’s weakest level since People’s Bank of China announced a yuan revaluation on 21 July. PBOC issued a new report overnight that said economic developments will dictate when it moves to full yuan convertibility. The Bush administration released a report overnight that concludes China is not a currency manipulator because it took the “initial step” of moving towards a floating currency. The Bush administration urged China to effect further reforms “as soon as possible.” Another government growth estimate was released overnight and predicts Chinese GDP will grow around 9.3% y/y in Q4.

The British pound extended recent losses vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.7185 level and was capped around the $1.7295 level. The pair notched strong gains yesterday after the release of weaker-than-expected U.S. housing data prompted some long dollar positions to be unwound. The pair moved to the $1.7335 level, right around the 61.8% retracement of the depreciation from $1.7515 to $1.7045. Data released in the U.K. today building society Nationwide house prices unchanged m/m in November following October’s 3.3% climb. This means the annual growth rate has slipped to 2.4% from 3.3%. Bank of England has seemingly effected a soft landing in the all-important U.K. housing sector with its monetary policy. Most traders believe Bank of England’s Monetary Policy Committee will keep interest rates unchanged for the foreseeable future. BoE data released today saw October mortgage lending rise by £7.6 billion while house purchase approvals moved to their highest level since May 2004. The BoE M4 money supply climbed 1.1% m/m and 11.6% y/y in October. Cable offers are cited around the $1.7280 level. The euro came off marginally vis-à-vis the British pound as the single currency tested bids around the £0.6835 level and was capped around the £0.6860 level.


The Swiss franc retraced some of yesterday’s losses vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.3170 level after being supported around the CHF 1.3040 level. The pair briefly tested bids below the psychologically-important CHF 1.3000 figure yesterday after the release of the weaker-than-expected U.S. housing market data. Yesterday’s low was right around the 50% retracement of the move from CHF 1.2690 to CHF 1.3285. Swiss November CPI data will be released tomorrow followed by Q3 GDP and November manufacturing data on Thursday. Dollar bids are cited around the CHF 1.3020/ 1.2960 levels. The euro and British pound appreciated vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.5485 and CHF 2.2645 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