User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday May 10, 2006 - 21:36:44 GMT
Reuters -

Share This Story:
| | Email

FOREX-Dollar cuts losses after China not named manipulator

FOREX-Dollar cuts losses after China not named manipulator

(Recasts; updates prices, adds U.S. Treasury report, analyst comment)

By Gertrude Chavez-Dreyfuss

NEW YORK, May 10 (Reuters) - The dollar trimmed losses on Wednesday in choppy trading, after a much anticipated U.S. Treasury report on currency practices said China was not a currency manipulator.

The U.S. currency earlier tumbled to fresh one-year lows against the euro and eight-month lows against the yen, as the Federal Reserve policy statement accompanying its interest rate hike failed to alter the market's view the central bank is nearing the end of its tightening cycle.

Analysts viewed the Treasury's report as slightly positive for the dollar especially against Asian currencies such as the yen, which is a proxy for China's yuan currency .

"Dollar/yen popped up 20-30 (pips), which is pretty much as expected and within the range of the day's volatility," said Michael Jansen, currency strategist at National Australia Bank.

"The key element here is that the U.S. government has to be a little careful about what it says. In calling China a manipulator, we would probably lose progress, rather than make progress," he added.

The dollar rose to 110.42 yen after the Treasury report, trimming its losses after hitting an eight-month low around 110.11 yen just before the report. Still, the dollar was down around 0.5 percent against the yen on the day.

U.S. Treasury Secretary John Snow said in a statement on Wednesday that the Bush administration was "extremely dissatisfied" with the slow pace at which China was adopting a more flexible currency regime. For details, see [ID:nN10169849].

Analysts said the Treasury report did not ease protectionist sentiment in Congress and that the U.S. legislature would probably go ahead with punitive bills on China.

Rebecca Patterson, a senior currency strategist at JP Morgan in New York, said the report does not preclude the approval of dollar-negative protectionist bills in Congress.

"Protectionist sentiment is still there ... I think Treasury went as far as they could without actually naming China a manipulator. That was their whole goal," she said.


In the statement accompanying the Fed's quarter-percentage-point rate hike, the Federal Open Market Committee said it may need to raise rates further to keep inflation down, although further tightening would increasingly depend on the economy's outlook.

The dollar jumped after the Fed lifted rates to 5 percent, as markets initially viewed the Fed's statement as slightly more hawkish than expected. The dollar's rally, however, quickly faded as bearish sentiment on the currency persisted.

"The initial rise in the dollar was a kneejerk reaction, but it seems to me that the Fed is signaling a pause unless the U.S. data say otherwise," said Brian Dolan, director of FX research at Gain Capital in Bedminster, New Jersey.

"Markets have reinterpreted the statement, and it wasn't enough to swing the tide of bearish dollar sentiment," he added.

The euro wiped out its losses and surged to $1.2838 , up from a $1.2751 post-Fed low, its highest in a year and up from around $1.2800 just before the Fed's decision and statement. By late afternoon, the euro pared gains to trade at $1.2782, up 0.2 percent from late on Tuesday.

The dollar also slipped to one-year lows against the Swiss franc at 1.2128 francs, before trading back up to $1.2185.

Chances of another U.S. interest rate increase in June initially jumped as high as 50 percent after the FOMC statement, from 34 percent shortly before the policy-making body's meeting -- before easing back to around 42 percent. (Additional reporting by Jamie McGeever)

© Reuters 2006. All Rights Reserved.


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

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

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