User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday December 5, 2005 - 15:21:26 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (5 December 2005)



The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.1785 level and was supported around the $1.1685 level. The common currency gapped lower about fifteen pips from Friday’s close but soon recovered and gained ground in the European session. Data released in the eurozone today saw the EMU-12 November services PMI print at 55.2, up from 54.9 in October, a sixteen-month high, while EMU-12 October retail sales gained 0.5% m/m and 0.4% y/y. There were no significant fireworks at this weekend’s G7 meeting of central bankers and finance ministers in London. Policymakers urged China to consider more currency flexibility and European Central Bank President Trichet explained why the central bank last week enacted its first monetary tightening in a few years. ECB member Quaden today characterized interest rates as “appropriate for the (economic) recovery, which is still starting.” In contrast, new German finance minister Steinbrueck argued against further rate hikes but added interest rates “are not an obstacle for investment.” Steinbrueck also discussed Trichet’s suggestion that last week’s rate hike is not the beginning of an extended tightening cycle. San Francisco Fed President Yellen spoke extensively on Friday and said the time will cone when the Fed needs to alter its “measured pace” language. Yellen, who becomes a voting member of the Federal Open Market Committee next year, made it abundantly clear that interest rates will continue to move higher. The Fed will next deliberate monetary policy a week from tomorrow and is expected to lift the federal funds rate by 25bps then, at the end of January, and probably on 28 March 2006 as well. Data released in the U.S. today saw the November ISM non-manufacturing recede to 58.5 from 60.0 in October. Euro offers are cited around the $1.1840 level.

¥/ CNY

The yen continued its descent vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥121.40 level and was supported around the ¥120.80 level. This represents the pair’s strongest print since March 2003 and opens up the ¥122 handle as the pair’s next upside target. Another upside target is the ¥122.35 level, the 61.8% retracement of the move from ¥135.15 to ¥101.65. Bank of Japan Governor Fukui spoke at the G7 meeting in London this weekend and said the central bank will “eventually” change its current monetary stance. Fukui added the year-on-year change in core consumer price inflation will likely turn positive by the end of the current fiscal year. Notably, G7 officials did not publicly discuss the yen’s recent weakness and this suggests Japanese monetary authorities are not bothered by current levels or the speed of the depreciation. Data released in Japan today saw non-financial firms’ capital investment climb 9.6% y/y in the July – September period, the tenth consecutive quarterly expansion. Traders are looking forward to the release of the quarterly tankan survey on 14 December and most expect an improvement among large manufacturers for the third successive quarter. The Nikkei 225 stock index climbed 0.84% to close at ¥15,551.31, a fresh multi-year high. Household spending data will be released tomorrow followed by Q3 GDP and October machinery orders data on Thursday. Dollar bids are cited around the ¥120.15/ 119.40 levels. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥142.40 level and was supported around the ¥141.60 level. The British pound and Swiss franc gained ground vis-à-vis the yen as the crosses tested offers around the ¥210.45 and ¥92.20 levels, respectively. In Chinese news, the Chinese media reported People’s Bank of China will expand its yuan exchange rate reforms with an aim to achieve capital account convertibility. There are continued media reports that PBOC will widen the yuan’s trading band on 1 January 2006, perhaps by 7.2% vis-à-vis the U.S. dollar. China last week avoided being labeled a currency manipulator by the Bush administration and one school of thought suggests a further revaluation was offered by the Chinese. Another report out of China today suggested China may permit foreign investors to trade in its futures market.



The British pound moved higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.7420 level and was supported around the $1.7270 level. Technically, today’s high was right above the 76.4% retracement of the move from $1.7520 to $1.7045. Data released in the I.K. today saw the November CIPS PMI services survey recede to 55.8 from 56.1 in October. Chancellor of the Exchequer Brown issues his annual pre-Budget report today and is expected to concede that his 2005 growth forecast of 3.0% to 3.5% was incorrect and will need to be lessened considerably. Brown is likely to announce the U.K. economy has met its “stability” test. The U.K. currently holds the presidency of the European Union through the end of the month and many members criticized the U.K.’s plan to reduce funding for new member states. Cable offers are cited around the $1.7475 level. The euro gained marginal ground vis-à-vis the British pound as the single currency tested offers around the £0.6775 level and was supported around the £0.6755 level.

CHF

The Swiss franc moved higher vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.3100 figure and was capped around the CHF 1.3210 level. Technically, today’s low is right around the 38.2% retracement of the move from CHF 1.3285 to CHF 1.2990. The pair had a difficult time around the CHF 1.3215 level last week, representing the 76.4% retracement of this range, and this seems to be dollar-negative. Most traders expect Swiss National Bank to tighten monetary policy when the central bank meets within the next two weeks. Swiss data due this week include the November unemployment rate on Wednesday. Dollar bids are cited around the CHF 1.3085 level. The euro and British pound came off vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5425 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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

Global-View.com 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 Global-View.com. 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.

 

WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.

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