User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday May 18, 2006 - 21:26:59 GMT
Reuters - www.reuters.com

Share This Story:
| | Email

FOREX-Dollar falls on Snow's comments on China, forex

FOREX-Dollar falls on Snow's comments on China, forex
Thu May 18, 2006 4:59 PM ET

By Amanda Cooper

NEW YORK, May 18 (Reuters) - The dollar staged a broad fall on Thursday, giving up the previous day's gains after U.S. Treasury Secretary John Snow again urged China to increase the yuan's flexibility.

His comments forced the dollar to session lows against the yen, which is viewed as a proxy for the illiquid yuan, and pushed the U.S. unit lower against other major currencies.

Snow, who testified on international economic and exchange rate policies to the U.S. Senate Banking Committee, reiterated his dissatisfaction about the pace of China's efforts to further loosen up its currency regime.

Currency investors also reacted to Snow saying policy makers should refrain from commenting on the foreign exchange markets right now.

One strategist said this is a tacit acceptance on the part of U.S. officials of a decline in the greenback to help adjust global imbalances.

However, for the time being the dollar should remain fairly well supported despite Thursday's decline, as this short-term corrective pattern is intact, analysts said.

"Even though the euro has rebounded and the dollar could not sustain yesterday's momentum, we still made lower highs in the euro for the second consecutive day. So although dollar fans will be disappointed today, the bigger picture is that momentum could be slowly but surely changing," said Tim Mazanec, senior currency strategist at Investors Bank & Trust in Boston.

At least in the short term, he said, $1.2850 should provide sturdy resistance for the euro, with $1.2690 the next possible downside target. A breach above this level could herald a return to $1.29 and above, he said.

By late afternoon in New York, the euro was up nearly 0.7 percent against the dollar at $1.2820, while the dollar was slightly lower against the yen at 110.94 yen .

Against the Swiss franc, the dollar was down 0.5 percent at 1.2086 francs , while sterling rose 0.3 percent to $1.8895 .

Comments by Richmond Federal Reserve President Jeffrey Lacker also helped the dollar. He struck a hawkish note when he told reporters after a banking conference that the U.S. inflation outlook was "at the borderline of acceptable." See [nN18247767] for details.

Lacker's remarks heightened growing concern that inflation may be accelerating at a faster pace and warrant more policy tightening from the Fed that could jeopardize economic growth.

Snow's comments followed remarks from European policy-makers this week, most notably French Finance Minister Thierry Breton on Wednesday, who have stepped up their rhetoric against dollar weakness after the currency's sell-off following a meeting of the Group of Seven economic powers last month.

The G7 called on emerging countries, especially China, to adopt more currency flexibility to fix global imbalances.

Also on Thursday, the government said U.S. initial jobless claims rose last week to a seasonally adjusted 367,000 due to a partial government shutdown in Puerto Rico, a U.S. territory. For details, see [ID:nN18404970]. The unexpectedly large number had little impact on the currency market.

Analysts said the dollar, which has been under heavy downward pressure, has become a two-way bet again after Wednesday's data showing U.S. consumer prices rising at a faster-than-expected pace in April suggested the Fed may have reason to raise rates again at its next meeting in late June.

"I think the near-term dollar outlook is a little bit mixed now, although investors still prefer to try to sell the dollar on rallies from a strategic or long-term point of view," said Nick Bennenbroek, vice president for foreign exchange research at Brown Brothers Harriman in New York. (Additional reporting by Gertrude Chavez-Dreyfuss)

© 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."



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 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.



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