User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday June 22, 2006 - 21:16:35 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

Forex: Westpac Institutional Bank Morning Report

New Zealand Dollar NZD slumps as deficit hits 9.3% of GDP
The release of a record annual current account deficit of $14.5bn saw the NZD immediately marked sharply lower yesterday. The deficit equates to 9.3% of GDP against expectations of 9.0% and leaves NZ positioned 3rd within the OECD. The currency fell further following comments from ratings agency S&P that the deficit posed a risk to the country’s sovereign rating, setting an intra-day low at 0.6144. Overnight a move out of emerging market and high-yielding assets in favour of the greenback saw the USD strengthen to two month highs. A further sell off in the NZD resulted with the currency plunging to a 10-week low of 0.6076. It opens at 0.6090 this morning, with key Q1 GDP data released at 10.45 am.

Australian Dollar: AUD slips to 2-month low
The NZD/AUD cross attracted most attention during the local session yesterday, with the market sliding through 0.8330 following the NZD current account data. During offshore trade however, the AUD once again came under pressure as the USD strengthened across the board. With speculation circulating that the Fed could raise US rates by 50bps at next week’s meeting and doubts as to BoJ Governor Fukui’s future, the USD gained on the AUD. From a 0.7423 high yesterday, the AUD slipped to a two month low of 0.7322, before recovering to 0.7340 from where we open this morning.

Major Currencies: Risk aversion gives USD a boost
The dollar jumped to a fresh two-month high against the yen and rallied against European currencies on Thursday, as investors dumped emerging and high yielding currencies for the greenback. Traders flocked to the safety of the dollar as the spotlight fell on North Korea again – in particular the possible launch of a missile but also rumours that a US spy plane had been shot down. This sent USD/JPY over 115.00 and pushed EUR/USD below 1.2650 in a flurry of panicked dollar buying. On a sad note David Walton the most hawkish member of the BoE’s Monetary Policy Committee passed away at the age of 43. The news weighed on GBP as it shed about 200 points to hit a session
low of 1.8263.

US leading index down 0.6% in May. The leading index decline was exactly as forecast by Westpac. Seven of the ten components fell, led by initial claims (distorted by the now resolved Puerto Rico public sector shutdown), consumer confidence, money supply, building permits and equities. That data weakness in May was also captured by the Chicago Fed NAI, which is an index based on 85 different economic series. It fell to –16. Anegative reading implies below trend growth. Although June is shaping up as a stronger month for the economy, the message is fairly clear that Q2 will report much weaker economic growth than Q1.

US initial jobless claims rose 11k to 308k in payrolls week. Even so, that level compares favourably with 325k in the May payrolls survey week (adjusted for a 42k boost to the number from Puerto Rico, not included in the payrolls survey). That suggests that June payrolls should be stronger than May’s subdued 75k. However continuing claims have now established a modest but clear up-trend, rising about 58k since their low point in late April. The implication is that unemployment might be rising a little.

Euroland industrial orders down 0.2% in April. The further fall needs to be viewed in the context of a 0.8 ppt upward revision to March’s decline, although the result was still weaker than expected.

The Confederation of British Industry survey showed the highest output reading since January, and because there was some slippage in export orders but total orders were steady, the implication is that domestic orders rose. Prices charged recovered somewhat too. So all up, a reasonably solid manufacturing report, confirming recent official data pointing to an end to the UK’s industrial recession.

BoE’s David Walton dies. Mr Walton, who joined the BoE’s monetary policy committee a year ago, died unexpectedly and suddenly yesterday. He was only 43 years old. Recall that he was again the sole voter for an immediate rate rise at the June BoE MPC meeting. Markets have downgraded the near term prospect of a rate rise as a result.

Events Today
Country Release Last Forecast
23 Jun NZ Q1 GDP %qtr -0.1% 0.6%
Aust Q1 Ent Bargain: New %ann 4.5% n/f
US May Durable Goods Orders -4.4% 1.5%
26 Jun US May New Home Sales 1198k 1150k
Jpn May Corp Service Price %yr -0.3% -0.1%

Latest Research papers/Publication
• NZ Q1 Current Account Review (22 June)
• NZ Q1 GDP Preview (19 June)
• NZ Weekly Forex Outlook (19 June)
• NZ Interest Rate Strategy Weekly (19 June)
• NZ Q1 Current Account Preview (16 June)
• NZ Interest Rate Strategy Weekly (13 June)
These papers/publications are available on Online Research on
Westpac Institutional Bank’s website (

Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 24 May 2005. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpac's financial services guide by calling +612 9284 8372, visiting or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Westpac Banking Corporation is regulated for the conduct of investment business in the United Kingdom by the Financial Services Authority. © 2004 Westpac Banking Corporation. Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts.


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