User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday May 16, 2006 - 10:47:57 GMT
Saxo Bank -

Share This Story:
| | Email

Forex Market Update

USD consolidation in overnight markets.

Eyes today will be on the Emerging market currencies as well as Metals markets. Developments in these markets will likely determine USD's nearterm direction.

• Norwegian Trade Balance (Apr) out at 35.8B vs. 33.0B expected.
• UK ODPM House Prices YoY (Mar) out at 3.3% vs. 4.0%.
• Canadian Manufacturing Shipments MoM (Mar) out at 1.6% vs. 1.0% expected.
• Canadian New Motor Vehicle Sales MOM (Mar) out at 1.1% vs. 1.0% expected.
• US Empire Manufacturing (May) out at 12.4 vs. 16.1 expected.
• US Net Foreign Security Purchases (Mar) out at $69.8B vs. $79.9B expected.
• UK Leading Indicator Index MoM (Mar) out at 0.6% vs. 0.8% previously.
• UK Coincident Indicator Index MoM (Mar) out at 0.2% vs. 0.1% previously.
• US NAHB Housing Market Index (May) out at 45 vs. 50 expected.
• UK RICS House Price Balance (Apr) out at 15% vs. 14% expected.
• NZ Nonresident Bond Holdings (Apr) out at 69.7% vs. 68.0% previously.
• Japan Consumer confidence (Apr) out at 50.0 vs. 47.9 previously.
Several reasons being mentioned for the sudden USD strength Monday with the broad weakening in the metals markets, the risk aversion and flight from emerging markets currencies such as TRY, ZAR, PLN and HUF, or finally the rather severe correction in the equities markets. The latter however did fairly well towards European close regaining lost terrain intraday, and the US equity markets actually had a fairly decent day with Dow closing up 48 pts and Nasdaq down only 5 pts. Nikkei, however, closed on the weak side down more than 1.5%.
More likely extreme positioning is the likely cause of Mondays USD rally. CFTC data released Friday showed the net long position for EUR in non-commercial futures (ex-options) as per last Tuesday decreased slightly to a net +72,911 contracts (from the record long +74,474 contracts). More importantly though, the aggregate short USD position versus six major currencies widened to 20.7bn USD from 17.6bn USD the prior week. Analysts remark that, "this was the largest short aggregate USD position since December 2004, where EUR posted all time trading highs at 1.3670 and then fell to lows near 1.2730 by early February".

Generally, we still favour a weaker USD in the weeks to come, however, short term we may see further USD strength judged by the technical picture and the bearish key day reversal for EUR/USD yesterday (daily close blw 1.2830). Longer term this just poses an opportunity and we will not be concerned about a more prolonged USD strength unless 1.2660/1.2690 area is compromised. Anyhow in our opinion stops should be kept very close or alternatively we suggest using FX options to play the short term direction.

Todays most important economic releases are as follows:
• 08:30 UK CPI (Apr), expected at 0.6%.
• 08:30 UK RPI (Apr), expected at 0.7%.
• 09:00 German ZEW –indices (May): Econ Sentiment, expected at 60.0. Current Situation, expected at 5.0.
• 09:00 EU ZEW (Econ. Sentiment) (May), expected at 55.5.
• 12:30 US PPI (Apr), expected at 0.8%. PPI ex. Food & Energy (Apr) expected at 0.2%.
• 12:30 US Housing Starts (Apr), expected at 1950K.
• 12:30 US Building Permits (Apr), expected at 2040K.
• 13:15 US Industrial Production (Apr), expected at 0.5%.
• 13:15 US Capacity Utilization (Apr), expected at 81.5%.
Also of note is the Atlanta FED Hedge Funds conference where FED Gov Kroszner speaks around 19:30 while FED's Bernanke speaks at 22:30.

Note: the support/resistance levels used in the matrix’s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.

Risk warning
Saxo Bank A/S shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Saxo Bank that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.
Please read our full Analysis Disclosure & Disclaimer at

Saxo Bank


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