User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday June 6, 2006 - 17:34:44 GMT
Mellon Bank Foreign Exchange - https://fx.mellon.com/

Share This Story:
| | Email

Forex: Mellon FX Daily - U.S. Edition

Key Points
• Hawkish comments from Bernanke lifted the USD, while the ECB’s Trichet called for “permanent alertness” on inflation.
• BoJ’s Muto reiterated that interest rates in Japan will be low for some time…
• Fed’s Hoenig speaks this afternoon.
• Norges Bank Gjedrem speaks. Canadian building permits and PMI due today.

Market Outlook

The EUR-USD pulled back to 1.2885 in late Asian trading, after the rejection from the 1.2970-1.30 zone on Monday. Some surprisingly hawkish comments from Fed Chairman Bernanke at an event in Washington helped to boost the USD, though the EUR-USD managed to stage a small bounce in the early European session as traders digested the comments. For choice, upticks should be limited, with initial resistance noted at 1.2940 now and renewed pressure is likely on support at 1.2885-70. Losses through there would threaten a pullback to 1.28 zone.

Bernanke cited higher inflation due to persistent gains in commodity and energy prices, particularly in core CPI, as a risk to the inflation outlook and if sustained, “would be at or above the upper end of the range that many economists, including myself, would consider consistent with price stability”. “As a consequence, a sustainable, non-inflationary expansion is likely to involve some moderation in the growth of economic activity to a rate more consistent with the expansion of the nation’s underlying productive capacity”. He acknowledged the slowdown in consumer spending, housing and payroll employment and emphasised that the US economy is entering “a period of transition”. Nonetheless, Fed fund futures took the comments to heart and the knee-jerk reaction was a shift to imply a 76% chance of a June rate hike, from less than 50% before the speech.

ECB President Trichet was speaking at the same conference and while he was speaking in the black-out period ahead of Thursday’s rate decision, he did venture a few hints. He said he believes inflation expectations on both sides of the Atlantic are still well-anchored, but that the current situation "calls for permanent alertness”, due to rising asset prices and “global imbalances”, reiterating that “our own goal is price stability - price being consumer price index stability. That's absolutely clear." For choice, the ECB still look likely to hike by 50bp on Thursday, with the relatively strong PMI services numbers out earlier today adding to the picture of more robust growth. However, the strength of the EUR-USD could be a mitigating factor and on this basis there is a chance of some council members deciding that such a move is too risky. If they do go with their natural monetary policy instincts and hike by 50bp, then Trichet is likely to talk down to the EUR again at the 2-day G8 meeting, which begins on Friday.

The EUR made headway on the cross rates on Monday, with EUR-GBP comfortably through 0.6875 now, though the 0.6900 zone is holding on the topside so far. There is potential to extend through there towards 0.6950 given that the BoE is expected to be on hold for some time. The EUR-JPY cross ventured above Y145 after the BoJ's Muto (at the same forum as Bernanke and Trichet) took the opportunity to reiterate that Japan may have low interest rates “for some time”). He also suggested that the FX market should stop looking for “large currency realignments”. Given the trend, there is little to stop a push towards the Y145.50 April 20 peak on this one, with Y144.50 likely to offer support on pullbacks.

The big stand-out was EUR-SEK, which plunged through the 9.21 January low on Monday, seeming to set off stops on the break. With little in the way of a fundamental catalyst, beyond last week’s comments from the central bank, this move is already bring unwound, with the rotation back above 9.21 likely to extend, especially, if the ECB does hike rates by 50bp as expected on Thursday. The 9.2650 low from April 20 is likely to be the next big test on the upside, ahead of the 9.30 zone.USD-SEK slipped to 7.0675 but did run into bottom-fishing there, ahead of the key 7 psychological level, with a turn back through 7.20 looking on the cards short term.

UK – the BRC retail survey showed a rise in sales of 3.6% in May y/y, boosted by pre-World Cup purchases, though pulling back from the four year high posted in April. The rise in April had been helped by the timing of Easter, a factor which resulted in a slight drag on the May number. However, the underlying trend remains healthy, with like-for-like sales in the three months to May up 2.7%, from 1.7% in April.

Norway – the EUR/NOK cross has stabilised this morning, with the NOK a touch softer after Q1 GDP mainland data came in softer than expected, at 0.6%, rather than the 0.9% consensus. That could temper expectations of a rate hike in June, though if Friday’s CPI comes out on the strong side, that would be a bigger factor.

Day Ahead
Norway – Norges Governor Svein Gjedrem speaks.

US – there is little economic data on Tuesday, aside from the usual weekly reports, but the Fed’s Hoenig is due to speak and it will be interesting to see if he echoes Bernanke’s relatively hawkish stance.

Canada – April building permits and the Ivey PMI report are due today.

Diary
Data/event EDT Consensus*

NO Norges Bank’s Gjedrem speaks 07.00
US Chain store sls (w/e Jun 3) w/w 07.45 -1.0% last
CA Building permits (Apr) m/m 08.30 -2.8%
US Redbook sls (w/e Jun 3) m/m 08.55 -3.0% last
CA PMI (May, nsa) 10.00 58.0
US Fed’s Hoenig on econ & policy 14.45
US ABC consumer conf (w/e Jun 4) 17.00 -17 last

Latest data Actual Consensus*
GB BRC retail survey (May) y/y +3.6% +6.8% last
AU Housing finance (Apr) m/m -0.5% +0.8%
AU Current account (Q1) -A$14bn -A$14.8bn
IT PMI services (May) 61.8 59.4
FR PMI services (May) 60.6 59.7
DE PMI services (May) 56.7 57.5
EU PMI services (May) 58.7 58.5
NO GDP – total (Q1) q/q +0.6% +0.8%
NO GDP – mainland (Q1) q/q +0.6% +0.9%
* Consensus unless stated

2005, Mellon Financial Corporation Note: Although obtained from sources believed by us to be reliable, Mellon Financial Corporation and its affiliates cannot guarantee the accuracy or completeness of the information upon which this report is based. This report does not purport to disclose the risks or benefits of entering into particular transactions and should not be construed as advice in any specific instance. The views in this report constitute our judgement as of this date and are subject to change without notice.
Ian Gunner 44 20 7163 5996 06.40 EDT Monday May 31 2005

 

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 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

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: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI 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