User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday February 22, 2006 - 11:56:56 GMT
Mellon Bank Foreign Exchange - https://fx.mellon.com/

Share This Story:
| | Email

Forex: Mellon FX Daily - U.S. Edition:

Key Points
• EUR-USD softer in Europe, USD-JPY remains below 119.00.
• FOMC minutes reinforce existing sentiments.
• NZD downside risk remains.
• UK MPC minutes 8-1, but possibly only a brief respite for GBP.
• Canadian CPI and US CPI feature today – Japanese data tonight.

Market Outlook

The FOMC minutes did not reveal anything new to the market. They said that the policy stance was close to what was needed to achieve their growth and inflation objectives, but added that further policy firming would probably be required. They also noted that core inflation was a little on the high side and that upside risks were in place given the high level of resource utilisation. The net result is the same – policy will be data dependent.

The story remains the same on EUR-USD, which has softened in Europe this morning. Overall downside risk remains, given the likelihood of Fed rate hike expectations increasing further in the weeks ahead, but there could be a period of consolidation this week. 1.1850 needs to hold to defer downside. Today’s US core CPI data will also be watched closely after last week’s stronger than expected core PPI (see below).

USD-JPY has shied away from 119.00 after testing close to there throughout the course of yesterday. Talk of official related offers around that level have been circulating in the market and this has reinforced it as an area of short-term resistance.

TheNZDremains weak following last week’s technical break and increasing perceptions that the prior Uridashi issuance story could turn into one of Uridashi redemptions over coming months. The price action confirms the likelihood of more losses in the next couple of weeks – risk to 0.6410 and 0.6240 initially.

The MPC minutes showed another 8-1 vote in favour of unchanged rates, with Nickell being the solitary dissenter (favouring a 25bp rate cut) for the third month running. Given recent rumours about the possibility of a 5-4 vote GBP rallied on the news, although we would not have much confidence in this being sustained.

Most MPC members believed that the near term outlook for consumption was better than at the time of the November Inflation Report and that as a central scenario GDP growth would gradually strengthen. However, they saw the risks to this view as being on the downside. Nonetheless, given this view of strengthening GDP growth there was a belief that a rate cut now would further boost consumption and housing at a time when it was not required. Nickell thought that growth forecasts were too optimistic and that the current level of interest rates would see inflation heading below target.

Even amongst the majority there is a fair degree of uncertainty about what lies ahead and it is worth noting that the observations in the minutes, particularly on consumption, came before the large m/m fall in January retail sales was known. Policy intentions, money market sentiment and GBP will all remain sensitive to data developments. An eventual softening in both rate expectations and GBP look likely over the next couple of months.

Day Ahead
Diary

Canada – CPI data has been very stable for some time and remains comfortably below 2%. As long as this remains the case the BoC will not feel under any pressure to add to the current pace of tightening.

US – last week’s strong core PPI number is just one month of data and isolated incidents of strength are not uncommon in any series. However, with the Fed having indicated that policy will be driven by the data and that they are wary of upside inflation risk, any strong or weak developments will affect market sentiment. Today’s core CPI data and next week’s core PCE prices release will also be seen in this light.

Japan – monthly data on the trade balance (January) and activity indices (December) are out tonight and both are likely to confirm the solid economic recovery now underway. Exports performed well throughout Q4, while the outcome on activity indices could influence market expectations about any possible revisions to Q4 GDP (2nd estimate released on March 13). However, the core CPI data (due next week) will have a more direct bearing on BoJ policy expectations.

Data/event EDT Consensus*
GB CBI manu trends survey (Feb) 06.00
CA CPI (Jan) y/y 07.00 +2.6%
CA CPIX (Jan) y/y 07.00 +1.7%
US CPI (Jan) m/m 08.30 +0.5%
US CPI core (Jan) m/m 08.30 +0.2%
BE GDP (Q4) q/q 09.00 +0.2%
BE Business confidence (Feb) 09.00 -2.3
JP Tertiary index (Dec) m/m 18.50 +0.3%
JP All-industry index (Dec) m/m 18.50 +0.5%
JP Trade balance (Jan, sa) 18.50 Y650bn
JP CSPI (Jan) y/y 18.50 -0.2%

Latest data Actual Consensus*
US ABC consumer conf (w/e Feb 19) -13 -11 last
AU Wage cost index (Q4) q/q +0.9% +1.1%
DE GDP (Q4 breakdown) q/q 0.0% 0.0%
FR Own company ind outlook (Jan) +11 +8
FR Business climate indicator (Jan) 105 104
FR H’hold consumption (Jan) m/m +0.9% +0.8%
ES GDP (Q4) q/q +0.9% +0.9%
IT Consumer confidence (Feb) 110 106.7
EU Current account (Dec, sa) -€5.3bn -€0.6bn
GB MPC minutes (Feb 8-9 meeting) 8-1
ZA CPI (Jan) y/y +4.0% +4.0%
ZA CPIX (Jan) y/y +4.3% +4.4%
EU Manu orders (Dec) m/m +2.5% -0.5%
* 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."



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 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

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: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI 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