User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday January 24, 2006 - 15:45:26 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (24 January 2006)



The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2255 level after running out of steam around the $1.2320 level. The common currency’s intraday high today represents the pair’s strongest showing since 14 September 2005. Many traders believe today’s pullback is temporary and that the dollar will continue to be pressured. The most commonly-cited reason for the euro’s ascent to continue is the forthcoming end of the Federal Reserve’s long-standing monetary tightening cycle. Most traders believe the Federal Open Market Committee will lift the federal funds target rate by +25bps to 4.50% next week but traders are less certain about the prospects of the 28 March FOMC meeting. In contrast, futures traders are now pricing in about three rate hikes by the European Central Bank in 2006. Still, many longer-term traders recognize the fact that U.S. interest rates are likely to be higher than eurozone interest rates at the end of the year and wonder how much the euro can really appreciate. Interest rates may not matter much to traders this year if structural concerns reemerge as a dominant theme in the FX markets as they were in 2004. New York Fed President Geithner yesterday repeated a familiar mantra of his about the difficulty in sustaining and financing the U.S.’s massive current account deficit. Fed Chairman-designate Bernanke assumes the reins from outgoing Chairman Greenspan next week and dealers are curious to see if he brings a lot – if any – change to the Fed. Data released in the eurozone today saw EMU-12 industrial orders climb 4.9% m/m and 9.2% y/y, above expectations. France reported its 2005 budget deficit came in right around 3% of GDP, less-than-expected. Dutch finance minister Zalm today suggested Ecofin finance ministers should not comment on the ECB’s monetary policy, a practice of many EMU-12 finance ministers. Euro offers are cited around the US$ 1.2360 level.


¥/ CNY

The yen gained marginal ground vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥114.30 level after encountering resistance around the ¥114.85 level. Technically, today’s intraday low was right around the 61.8% retracement of the move from ¥113.40 to ¥115.90. Data released in Japan today saw December supermarket sales climb 1.8% y/y, the first rise in 22 months, while December department store sales climbed 0.9% y/y, the fourth consecutive monthly improvement. Other data released overnight saw the November tertiary index climb 0.1% m/m, the second consecutive monthly rise, while the all-industries index was up 0.3%. The Ministry of Finance released another assessment overnight that reports all parts of Japan continued to recover in the three months to December. This follows the MoF’s monthly report last week that provided an unchanged assessment of the economy, and Bank of Japan’s assessment last week that provided an upgraded assessment of the economy. Many data will be released on Friday including December nationwide consumer prices and provisional January consumer price inflation data. These data are important because traders await further indication that Japan is overcoming deflation, meaning Bank of Japan is that much closer to unwinding its long-standing quantitative easing policy. The Nikkei 225 stock index gained 1.88% to close at ¥15,648.89. Dollar bids are cited around the ¥114.00 figure. The euro weakened vis-à-vis the yen as the single currency tested bids around the ¥140.40 level after capping out around the ¥141.05 level. Technically, today’s intraday low is right around the 50% retracement of the move from ¥143.60 to ¥137.10. The British pound gained marginal ground vis-à-vis the yen as sterling tested offers around the ¥204.90 level while the Swiss franc weakened vis-à-vis the yen and tested bids around the ¥90.60 level. The Chinese yuan appreciated vis-à-vis the U.S. dollar today as the greenback closed at CNY 8.0623, down from CNY 8.0633 in over-the-counter trade. In the exchange-traded market, the greenback closed at CNY 8.0614, down from CNY 8.0647. Data released in China today saw industrial output climb 16.4% in 2005 while producer price inflation is estimated to have expanded around 5% last year. Another government report released today predicts China will avert deflation this year even though consumer price inflation will decelerate.



The British pound lost marginal ground vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.7805 level and encountered offers around the $1.7885 level. Technically, today’s intraday high was again right around the 38.2% retracement of the move from $1.9215 to $1.7045. Data released in the U.K. todat saw CBI order books recede to levels not seen since last summer. About 42% of firms surveyed in the CBI’s quarterly survey reported lower-than-normal order books with only 14% reporting higher orders books, a net balance of -28% - the weakest since August. On a positive note, the export balance and output balance sub-indices improved. In other U.K. news, it is being reported that the Ecofin warned the U.K. that it needs to reduce its budget deficit below 3% of GDP by March 2007. Bank of England Monetary Policy Committee member Lomax today suggested a deeper dialogue between countries on key financial and economic issues and called for developed countries to avoid protectionism. Cable offer are cited around the US$ 1.7945 level. The euro weakened vis-à-vis the British pound as the single currency tested bids around the £0.6865 level and was capped around the £0.6890 level.




CHF

The Swiss franc weakened vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2630 level and was supported around the CHF 1.2555 level. Technically, today’s intraday high was right around the 23.6% retracement of the move from CHF 1.2885 to CHF 1.2555. Dealers await the January KOF leading indicator data to be released on Friday. Dollar bids are cited around the CHF 1.2520 level. The euro and British pound scored gains vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.5495 and CHF 2.2545 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 18 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.


  • POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

  • POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
  • POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude

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