User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday March 2, 2006 - 15:05:34 GMT
GCI Financial -

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (2 March 2006)

The euro gained ground vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.1965 level and was supported around the $1.1915 level. Techncially, the pair continues to orbit the 23.6% retracement of the move from $1.2320 to $1.1825 and chartists are eyeing the $1.1980 level as the next upside target. As expected, European Central Bank tightened monetary policy today and lifted the main refinancing rate by +25bps to 2.50%. The move had been well-telegraphed for months and ECB President Trichet reported rates remain “accommodative” and added the central bank will “monitor closely” risks to price stability. The big question in traders’ minds is whether the ECB will tighten again soon or whether today’s and December’s moves were “one-off” hikes. EMU-12 interest rate futures are currently pricing in a benchmark rate around 3.0% by the end of the year, compared with 5.0% for the U.S. in the fed funds futures market. In other ECB news, European media are speculation ECB Vice President Papademos will replace outgoing ECB Chief Economist Issing in May. It was also reported that EMU-12 January producer price inflation climbed 1.2% m/m and 5.3% y/y while German January retail sales were up 2.7% m/m and 1.7% y/y. Also, German January new orders for machinery and plant were up 25% y/y. In U.S. news, weekly initial jobless claims were up 15,000 to 294,000 while Challenger planned layoffs were down 15.5% last month to the lowest level since October. Many traders expect a stellar non-farm payrolls number in the U.S. for the month of February. Tomorrow’s University of Michigan consumer sentiment number will be closely watched by traders following a string of relatively disappointing data this week in the U.S. Euro offers are cited around the US$ 1.2015/ 75 levels.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥116.40 level and was supported around the ¥115.95 level. Technically, today’s intraday high was right around the 50% retracement of the move from ¥113.40 to ¥119.40. The big news in Japan overnight was a media report that Bank of Japan may utilize a “reference rate” for consumer price inflation to help the markets understand its policy. Such a policy may fall short of a formal inflation target but could help markets decipher its monetary policy goals nonetheless and increase central bank transparency. Some traders continue to believe BoJ will begin to unwind its long-standing quantitative easing policy as early as next Thursday while others think the central bank may shift policy regimes on 28 April. Tonight’s inflation data in Japan are expected to evidence core CPI of about +0.4%. MoF’s Watanabe verbally intervened in the FX market overnight, nothing currency moves have been “rough” and added the government “would act if needed.” Data released in Japan overnight saw the February monetary base climb 1.9% y/y and capital flows data saw foreign investors as net buyers of Japanese equities in the week ending 25 February. In other government news, the lower house of parliament approved the ¥79.69 trillion federal budget for the fiscal year to March 2007. This represents the first decline in spending plans in four years and the first time the budget has been below ¥80 trillion in eight years. New bond issuance is pegged at ¥29.97 trillion, the first offering below ¥30 trillion in five years. The Nikkei 225 stock index lost 0.34% to close at ¥15,909.76. Dollar bids are cited around the ¥115.70 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥139.00 figure and was supported around the ¥138.25 level. Stops were hit above the ¥138.65 level, representing the 23.6% retracement of the move from ¥143.60 to ¥137.10. The British pound came off vis-à-vis the yen as sterling tested bids around the ¥202.70 level while the Swiss franc appreciated vis-à-vis the yen and tested offers around the ¥88.80 level. The Chinese yuan came off marginally vis-à-vis the U.S. dollar as the greenback closed at CNY 8.0380, up from CNY 8.0373 in the over-the-counter market, and closed at CNY 8.0366 in exchange-traded activity.

The British pound weakened vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.7435 level and was unable to get above the $1.7520 level. Technically, today’s intraday low was right around the 23.6% retracement of the move from $1.7935 to $1.7280. Data released in the U.K. today saw February CIPS construction PMI climb to 51.9 on account of the improving housing sector. The CIPS services PMI survey will be released tomorrow. Cable offers are cited around the US$ 1.7530/ $1.7625 levels. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the £0.6845 level and was supported around the £0.6810 level.


The Swiss franc gained marginal ground vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.3075 level and was capped around the CHF 1.3135 level. Technically, the CHF 1.3045 represents a downside target for the pair and chartists are curious to see if the pair can reclaim the CHF 1.3200 figure. Data released in Switzerland today saw Q4 GDP climb a real 0.5% q/q and 2.7% y/y. For all of 2005, economic activity expanded 1.9%, down from 2004’s pace of 2.1%. Dollar bids are cited around the CHF 1.3000 figure. The euro gained marginal ground vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.5660 level while the British pound moved lower vis-à-vis the Swiss franc and tested bids around the CHF 2.2850 level.


The Australian dollar gained ground vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.7470 level and was supported around the US$ 0.7445 level. The pair is now trading at its highest level since 6 February and Citibank is said to have initiated a buy rating on the Aussie overnight. Data released in Australia overnight saw January building approvals off 1.9% m/m and 12.5% y/y while January retail sales were up 0.8% m/m. ANZ reported economic growth is expected to be about 3.0% or higher in 2006 despite subdued household spending. Australian dollar offers are cited around the US$ 0.7490 level.


The Canadian dollar gained marginal ground vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.1330 level and was capped around the C$ 1.1370 level. Technically, today’s intraday low matched yesterday’s multi-year low for the pair. Most traders expect Bank of Canada to lift interest rates by +25bps to 3.75% next week. U.S. dollar offers are cited around the C$ 1.1395 level.


The New Zealand dollar appreciated vis-à-vis the U.S. dollar today as the kiwi tested offers around the US$ 0.6665 level and was supported around the $0.6640 level. Technically, the pair is trying to establish a base around the $0.6645 level, representing the 23.6% retracemnt of the move from $0.6920 to $0.6560. In New Zealand news, two uridashi bond issues were announced overnight totaling NZ$ 880 million. New Zealand dollar offers are cited around the US$ 0.6695 level.

Gold/ Silver

Gold appreciated vis-à-vis the U.S. dollar today as gold tested offers around the US$ 565.60 level and was supported around the $ 561.40 level. Continued tensions in Nigeria, Iran, and Iraq are lending some geopolitical support to the yellow metal. Some technicians believe gold will continue to build a base around US$ 560.00. Silver moved higher vis-à-vis the U.S. dollar as silver tested offers around the US$ 9.89 level and was supported around the $9.72 level. A worker’s strike at a large Mexican silver mine contributed to the pair’s gains.

Crude oil

Crude oil gained marginal ground vis-à-vis the U.S. dollar today as NYMEX crude for April delivery tested offers around the US$ 62.75 level and was supported around the $61.70 level. Nigerian militants threatened more attacks against that country’s oil production capacity and this chased the price higher. Data released in the U.S. yesterday saw crude oil stocks up 1.6 million barrels last week, up 9% y/y, while gasoline stocks were up 300,000 barrels to the highest level since June 1999. In Iranian news, the European Union and Tehran officials are meeting to try and reach a truce involving the latter’s nuclear ambitions. More EU talks will be held tomorrow. OPEC meets on 8 March to consider output levels.


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 9 July 2018
AA 12:00 EZ- Draghi EU Parliament Testimony
Tue 10 July 2018
AA 08:30 GB- Ind/Prod Output, Trade
AA 09:00 DE- ZEW Survey
Wed 11 July 2018
A 12:30 US- PPI
A 14:00 CA- Bank Of Canada Decision
A 14:30 US- EIA Crude
Thu 12 July 2018
AA 12:30 US- CPI
Fri 13 July 2018
A 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