User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday January 9, 2006 - 11:29:33 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

Forex: Mellon FX Daily - U.S. Edition

Key Points
• JPY recovery driving many currencies overnight – Asian currencies remain strong, EUR crosses affected.
• EUR-USD should be supported by prospect of US trade data this week. GBP looking better amidst
improving economic news.
• Fed speakers feature today, UK BRC retail survey due tonight.

Market Outlook

The significant move in USD-JPY on Friday – trading below 114.60-115.00 – was built upon in Asia this morning (despite the fact that Japan is away on holiday) and it remained subdued in Europe. Next key support is at 113.56, the 61.8% retracement of the Sep to Dec rally, while 114.60-115.00 needs to be won back to stabilise the situation. 116.50 and 118.20 are levels that have to break to suggest the possible development of fresh upside momentum. The JPY move against the USD has helped Asian currencies in general, although they probably needed little encouragement following the strong momentum (and capital flows) seen last week. The IMF advanced the usual rhetoric about the need for China to fully utilise the scope for CNY flexibility (they said the same thing in November and December) although on the basis of recent announcements China is already doing this. The pace of USD-CNY downward movement has also accelerated over the past couple of weeks.

The JPY movement is influencing other majors, with the weakness in EUR-JPY clearly affecting EUR-USD. 1.2060-70 is near-term support on the latter, while key on EUR-JPY is the 137.35-50 area. 137.35 is the 61.8% retracement of the Aug to Dec upmove and 137.50 was the low in both November and December. EUR-USD should remain supported ahead of the US trade data this week and the possibility of the ECB signalling more tightening ahead, but clearly there could be some volatility if EUR-JPY does break lower. Resistance on EUR-USD is at 1.2220.

The weakness in the EUR has also helped EUR-GBP lower, but GBP looks better supported in any case on the basis of recent housing data releases and the improved reports coming through from the High Street (generally good over the past few days and this morning). On the basis of recent evidence, it will be difficult for the MPC to cut rates in Jan or Feb (see below for more). Below 0.6820 is needed to open up more downside risk.

Day Ahead
UK – the BRC measure of nominal retail sales growth is due tonight and the weekend press reported that this will show likefor- like y/y sales growth of +1.7%, although this comes off the very weak base of last December (generally seen as a horror story for most retailers). Christmas reporting so far shows both winners and losers on the High Street and many more companies will report this week. Overall, sales appear to have held up well, although questions will remain over whether the consumer will retrench once more now that Christmas is out of the way. It will be difficult to answer questions like this until the January retail sales data is also seen, so the MPC may be unwilling to come to any dramatic conclusions until this is released on February 13. This in turn may make it difficult for them to cut rates in February, especially with a number of housing market indicators also picking up. The one supporting factor for a rate cut has been the improvement in the inflation outlook and it will be interesting to see how far this is influencing the thoughts of members at this week’s meeting, the minutes of which will be released on January 25.

US – the market will be watching Fed speakers today and whether they seek to either encourage or discourage the market’s interpretation of recent policy signals. However, with a changeover in Fed chairmanship in the offing there may be an unwillingness to commit either way at the present time, in order to leave options open for the FOMC post-Greenspan.

Da ta/event EDT Consensus*

JP Market holiday
US Fed’s Guynn speaks on economy 12.40
US Fed’s Hoenig speaks on economy 13.00
US Consumer credit (Nov) 15.00 +$4.6bn
GB BRC retail sales (Dec) y/y 19.01 +0.8% last
AU Trade balance (Nov) 19.30 -A$1.8bn

Latest data Actual Consensus*
AU Retail sales (Nov) m/m -0.1% +0.3%
AU ANZ job ads (Dec) m/m -2.4% +0.4% last
DE Current account (Nov) €8.1bn €7.0bn
DE Trade balance (Nov) €13.3bn €13.5bn
DE Exports (Nov) m/m -1.4% +1.5%
GB HBOS house prices (Dec) m/m +1.0% +1.2% last
* 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