User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday March 27, 2006 - 15:14:01 GMT
GCI Financial -

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (26 March 2006)

The euro was little-changed vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2015 level and was capped around the $1.2055 level. Many traders are loath to assume new market risk ahead of tomorrow’s Federal Open Market Committee interest rate decision in the U.S. Most Fed-watchers believe policymakers will lift the federal funds target rate by 25bps to 4.75% and fed funds futures are discounting about a 75% to 80% chance the Fed will lift the target rate another 25bps to 5.00% on 10 May. Tomorrow’s policy statement will be of critical importance in assessing the Fed’s characterization of current economic trends. Policymakers have made it abundantly clear that their decisions are largely being driven by economic data at this point in time. The dollar ended last week with broad gains but ceded some of them after February U.S. new home sales plunged some 10.5%, the largest drop in nine years. The housing market is therefore back on the radar of traders who are concerned continued Fed tightening will depress the housing market. In eurozone news, France’s March business climate indicator printed at 105, down from 106 in February. The all-important German March Ifo sentiment number will be released tomorrow followed by March employment data on Thursday and several EMU-12 confidence data on Friday. Euro offers are cited around the US$ 1.2115 level.

¥/ CNY

The yen made sharp gains vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥116.40 level after encountering resistance around the ¥117.65 level. Technically, today’s low was right around the 38.2% retracement of the move from ¥121.40 to ¥113.40. Data released in Japan overnight saw the February corporate services price index climb 0.4% m/m while large firms’ January – March business conditions index fell to 6.1 from 10.5 in the October – December quarter. The latter survey also reported Japanese companies see capital expenditures up 11.1% in the year to March. Oil prices were cited as the reason for the pullback in sentiment for the first time in four quarters but most economists predict Japan’s economic recovery will continue unimpeded. Notably, this report precedes next week’s all-important quarterly Bank of Japan tankan survey of business sentiment. Japan’s fiscal year ends at the end of this week and a lot of today’s gains for the yen were said to relate to companies repatriating overseas profits to bolster their balance sheets. The Nikkei 225 stock index was up 0.54% to close at ¥16,650.10. Dollar bids are cited around the ¥115.70 level. The euro moved sharply lower vis-à-vis the yen as the single currency tested bids around the ¥140.10 level and was capped around the ¥141.60 level. Stops were hit below the ¥140.35 level, representing the 50% retracement of the ¥143.60 – 137.10 level. The British pound and Swiss franc lost ground vis-à-vis the yen as the crosses tested bids around the ¥203.35 and ¥88.95 levels, respectively. In Chinese news, the yuan’s daily central parity rate was set at CNY 8.0245 from CNY 8.0338. People’s Bank of China reported it sees 2006 GDP up 8.9%, down from 2005’s 9.9% growth rate, and February industrial value-added output was up 20.1% y/y. The all-important German March Ifo sentiment number will be released tomorrow.


The British pound notched modest gains vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.7490 level and was supported around the $1.7415 level. Stops were hit above the $1.7470 level, representing the 61.8% retracement of the move from $1.7620 to $1.7230. Hometrack reported March house prices were up 0.5% m/m, the fourth consecutive monthly rise. These data reaffirm the notion that the housing market has stabilized and continues to register at least nominal growth. More housing data are expected on Wednesday and Thursday in a fairly busy week for the U.K. Cable offers are cited around the US$ 1.7530 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the £0.6875 level and was capped around the £0.6905 level.


The Swiss franc registered gains vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.3060 level and was capped around the CHF 1.3110 level. Stops were reached below the CHF 1.3075 level, representing the 23.6% retracement of the move from CHF 1.2555 to CHF 1.3235. The February Swiss UBS consumption indicator will be released tomorrow. Dollar bids are cited around the CHF 1.2975 level. The euro and British pound weakened vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5720 and CHF 2.2800 levels, respectively.


The Australian dollar extended its recent slide vis-à-vis the U.S. dollar today as the Aussie tested bids around the US$ 0.7035 level and was capped around the $0.7090 level. The pair has not been this week since September 2004. February retail sales data will be released on Friday. Australian dollar offers are cited around the US$ 0.7125 level.


The Canadian dollar moved lower vis-à-vis the U.S. dollar today as the greenback tested offers around the C$ 1.1730 level and was supported around the C$ 1.1665 level. The pair has not been this strong since mid-January and chartists cite the $1.1815 level as the next upside target. The Canadian government reported its budget surplus was C$ 9 billion in the first ten months of the 2005 – 2006 fiscal year ending 31 March, above C$ 3.9 billion lower than the surplus from a year earlier. Notably, Canada has had budget surpluses since 1998 in stark contrast to other large industrialized countries. February industrial prices will be released on Thursday. U.S. dollar offers are cited around the C$ 1.1815 level.


The New Zealand dollar came off vis-à-vis the U.S. dollar today as the kiwi tested bids around the US$ 0.6045 level and was capped around the $ 0.6115 level. Technically, the pair has been unable to reclaim the $ 0.6275 level, a previous technical support level, and this bodes poorly for the kiwi which has not been this weak since May 2004. New Zealand dollar offers are cited around the US$ 0.6270 level.

Gold/ Silver

Gold moved higher vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 565.95 level and was supported around the $558.20 level. Traders moved back into gold ahead of tomorrow’s Federal Open Market Committee interest rate announcement. Gold also moved higher as Taiwan finished its first day of trading in a new gold futures contract. Also, a Bank of China official was quoted as saying China should utilize some of its fast-growing foreign exchange reserves to purchase gold. Silver appreciated vis-à-vis the U.S. dollar as the pair tested offers around the US$ 10.90 level and was supported around the $10.72 level. Continued rumours about complete U.S. regulatory approval for a new silver-backed, exchange-traded fund supported the pair. Also, Dubai’s commodity exchange will begin trading deliverable silver futures-contracts tomorrow.

Crude oil

Crude oil came off vis-à-vis the U.S. dollar today as light, sweet NYMEX crude for May delivery tested bids around the US$ 63.55 level and was capped around the $64.50 level. The pair came off after Nigerian militants freed three foreign oil workers who had been held hostage for weeks. Traders are curious to see what U.S. weekly supply and inventories data will look like on Wednesday.


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 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 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