User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday July 11, 2006 - 11:54:32 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

FX Daily - Mellon Foreign Exchange

Key Points
• Markets still weighed down by uncertainty.
• Positional risk remains on EUR-JPY and EUR-USD.
• BoC policy announcement features today.

Market Outlook
Once again the market is largely being driven by the degree of global risk rather than anything specific on interest rates. Despite the slightly softer interest rate background developing in the US, the US equity market remains a nervous place, with concern about earnings the latest source of uncertainty. This in turn is weighing on global risk appetites and helping to check both the recent recovery in some emerging currencies as well as existing positioning on the majors. Part of this yesterday, at least initially, was a JPY story, with position cutting on the JPY weighing on the EUR in general. As far as the JPY is concerned, there may be more of this to come ahead of Friday’s policy decision, but it is unlikely to be sustained. There is a risk the BoJ does not hike rates at all or opts for a smaller than expected rise and even if they hike by 25bp, this is likely to be accompanied by a dovish message to head off any negative fallout for markets and/or criticism from the government. EUR-USD will retain some corrective risk given current positioning, especially if the 1.2675-1.2700 area breaks. Some fresh confidence in equity markets is needed to prompt a retest of 1.2850-60 (GE earnings due Friday. Overall, major movement on EUR-USD is unlikely - any dips should eventually be reversed owing to support from ECB expectations. GBP was negatively affected by a much higher than expected trade deficit, but this data is volatile, with the global deficit (£6.8bn) merely moving back up towards the spiky highs seen in January (£6.7bn) and February (£7.2bn). A couple more months of this kind of performance is required for the market to be freshly concerned about UK trade trends. The BRC retail survey for June showed y/y sales growth decelerating a little (+2.3%) from the highs (+3.6%) of May, although the market will reserve judgment on what will happen to sales once World Cup distortions are eliminated. July and August data needs to be seen before a firm view will emerge.

Day Ahead
Canada – the market is still fairly split about the likely outcome of today’s BoC meeting, although last week’s softer employment report has slightly shifted sentiment in favour of
rates being left unchanged. Taking the last two employment numbers together, there does seem to be overall strength, but given such m/m volatility, there has to be a certain lack of confidence in interpreting the data. The BoC would probably like to see more evidence. Also, the strong CPI data reported last month is just ‘one’ number and core CPI is only at +2.0% - again the BoC may want to see more on this. At the last meeting on May 24, the BoC hiked rates by 25bp and signalled that policy would be on hold. The question now is whether such a claim has been made redundant by recent data developments? It is a close call, but the BoC look set to stay with their pause signal for now and leave rates unchanged. However, there may be a note of caution in the statement that suggests the possibility of more moves in the future depending on the data. The next CPI number is on July 21. USD-CAD needs to stay below 1.1290-1.1310 to avoid further upside and to stay within the recent trading range. This is just about favoured, although the main threat will come from any downside break in EUR-USD.

Diary -Data/event EDT Consensus*
US Chain store sls (w/e Jul 8) w/w 07.45 -0.7% last
CA Housing starts (Jun) 08.15 220k
CA New house prices (May) m/m 08.30 +0.5%
US Redbook sls (w/e Jul 8) m/m 08.55 +1.8% last
CA BoC policy announcement 09.00
US ABC consumer conf (w/e Jul 9) 17.00 -9 last
JP Domestic CGPI (Jun) y/y 19.50 +3.4%
AU Consumer sentiment (Jul) 21.30 -0.5% last
Latest data Actual Consensus*
US Consumer credit (May) +$4.4bn +$3.2bn
AU Housing finance (May) m/m +4.7% +0.8%
JP Consumer confidence (Jun) 47.3 49.2
DE WPI (Jun) y/y +5.3% +4.9%
FR Trade balance (May) -€1.8bn -€2.1bn
SE CPI (Jun) y/y +1.5% +1.5%
SE CPI UND1X (Jun) y/y +1.5% +1.4%
IT Ind prod (May) m/m +0.9% +1.2%
GB Global trade balance (May) -£6.8bn -£5.8bn
GB Non-EU trade balance (May) -£3.7bn -£3.2bn
GB BRC retail survey (Jun) y/y +2.3% +3.6% last
* Consensus unless stated
Ian Gunner 44 20 7163 5996 06.20 EDT Tuesday July 11 2006

©2006, 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.


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