User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday April 24, 2006 - 10:13:04 GMT
Reuters - www.reuters.com

Share This Story:
| | Email

FOREX - Dollar falls sharply as G7 calls for stronger yuan

FOREX-Dollar falls sharply as G7 calls for stronger yuan
Mon Apr 24, 2006 5:04am ET12

(Changes dateline, byline, adds quotes, updates prices)

By Veronica Brown

LONDON, April 24 (Reuters) - The dollar slid sharply to a three-month low against the yen and a seven-month low versus the euro on Monday after Group of Seven powers said China should let its yuan appreciate as a way of fixing global imbalances.

The yen climbed around 1.3 percent against the dollar and 1 percent on the day versus the euro which gained additional support as comments from Qatar and Russia added to speculation that central banks are shifting their reserves away from the dollar.

However, the yen's rally stalled slightly after Japan signalled its displeasure at the rapid move when Vice Finance Minister Koichi Hosokawa said he was watching forex moves with "strong interest" and would always take appropriate action on forex as needed, a signal that .

"The G7 meeting highlighted the dollar's vulnerability to concerns about global imbalances," Bank of America currency strategist Kamal Sharma said.

"It didn't add anything hugely new to the debate but there's ongoing pressure on China," he added.

Finance ministers of the world's biggest economies called for major exporting nations to allow their currencies to rise against the dollar to help resolve the imbalances, highlighted by the massive U.S. trade deficit and China's booming surplus.

The G7's remarks came as investors view of the U.S. currency soured and as global imbalances took centre stage in the lead up to the Washington meetings.

But some analysts said the effect on the dollar may be limited as Chinese officials have made clear they will reform the yuan at their own pace, while the G7 stopped short of laying out concrete action to correct trade imbalances.

By 0830 GMT, the dollar had fallen as low as 114.87 yen -- the lowest since January before stabilising around 115.96 after Hosokawa's comments.

The euro slid to 142.43 yen, well away from a record high of 145.51 struck last week.

But the single currency hit a fresh seven-month peak at $1.2409.

EURO MOMENTUM BUILDS

The euro got a boost as yet another central bank said it was shifting reserves away from the dollar.

Qatar's central bank said on Sunday it had been buying euros in the foreign exchange market and could keep building its holdings of the European currency until they make up 40 percent of reserves.

Last week Sweden's central bank, the Riksbank, said it had cut the share of dollars in its $21 billion of foreign exchange reserves in favour of the euro.

"We are seeing a dollar bearish move unfolding. The reserve story will support the euro from all angles," said Ian Stannard, currency strategist at BNP Paribas.

Also, Russia will be able to start investing its rouble-denominated oil stability fund in AAA-rated government securities, dollars, euros and pounds after Prime Minister Mikhail Fradkov signed a law on investment rules, Finance Minister Alexei Kudrin told Reuters.

Kudrin on Friday questioned the dollar's pre-eminence as the world's "absolute" reserve currency.

More difficulties were seen for the dollar this week as the market was also expected to focus on the outlook for short-term interest rates, with European Central Bank chief Jean-Claude Trichet and Federal Reserve Chairman Ben Bernanke both slated to speak this week.

Trichet gives a talk at the Council on Foreign Relations in New York at 2200 GMT.

The dollar has suffered from mounting expectations the Fed will soon end a nearly two-year campaign of raising rates while the ECB is poised to keep tightening through the year.

The U.S. currency was also hurt after Osama bin Laden said in an audiotape attributed to him that the West was waging war against Islam.

The Fed is widely seen lifting overnight rates to 5 percent in May, what would be a 16th straight interest rate increase.

GRADUALISM

The G7 said that greater currency flexibility -- code for appreciation -- is desirable in emerging economies with large current account surpluses "for necessary adjustments to occur".

Chinese central bank governor Zhou Xiaochuan said over the weekend that the yuan could probably begin to rise more swiftly but gradualism was still the guiding philosophy.

Since China revalued the yuan last July, the currency has gained only about 1 percent against the dollar even as Beijing has set up an infrastructure for more flexible trade in the future, including the launch of a currency swap market on Monday.

 

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