User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday July 21, 2006 - 10:43:44 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

Forex: Mellon FX Daily - U.S. Edition

Key Points
• EUR-USD currently testing resistance at 1.2660-80.
• Equities give up some gains, emerging currencies holding their ground.
• Calmer Fed sentiment remains intact for now.
• UK GDP just ahead of market expectations.
• Canadian CPI features today.

Market Outlook

Global equity markets have given up some of the gains seen following Wednesday’s testimony from Bernanke, although emerging currencies have remained generally well supported. Not much has changed. Yesterday, Bernanke largely repeated the message from Wednesday and a similar theme was also conveyed in the minutes of the June 29 meeting. However, while markets have been comforted by the Fed signals of this week, there remains some uncertainty about what will happen at the August 8 FOMC meeting and this will pose a constraint on the extent to which higher risk assets advance over the next couple of weeks.

In such an environment, major movement in currencies seems unlikely, although overall, a softer USD remains the most likely outcome in the short-term unless there are any worrying signs in the data that would upset the prospect of a calmer Fed policy backdrop. There is no data due today to offer such disruption, while next week sees the release of consumer confidence, existing and new home sales, the Beige Book for the August 8 FOMC, durable orders, the 1st estimate of Q2 GDP/core PCE prices, the Q2 employment cost index and Michigan sentiment. Monthly core PCE prices, ISM surveys and the employment report are due the following week. The immediate barrier for EUR-USD is at 1.2660-80 and it has been testing this area throughout the European morning. This should be broken in the short-term.

Also, as noted yesterday, there is a better chance of some individual themes emerging, e.g. a stronger AUD on the basis of the expected RBA rate hike on August 2. A break above resistance at 0.7570 is favoured in the short-term. Intermediate resistance is at 0.7535.

More stronger than expected data out of the UK, this time in the form of a +0.8% q/q advance in Q2 GDP. After recent modest upward revisions the last three quarters combined have been the strongest since Q403-Q204 and this will maintain market suspicions about the risk of a rate hike later this year. However, amongst other things, some evidence of further strength in retail sales will be required in the next couple of months to turn this into a reality and that is by no means assured. EUR-GBP should retain good support ahead of 0.6810-15.

Day Ahead
Canada – June CPI data will be significant to see whether there is any further advance in the BoC’s measure of core CPI after last month’s jump to +2.0% from +1.6%. This number was doubly shocking on account of the period of stability that had preceded it - the y/y rate having been either +1.6% or +1.7% in each of the previous nine months. The primary reason for the May rise was a spike in electricity prices. The BoC’s particular core measure excludes what they consider to be the eight most volatile items in the CPI as opposed to a blanket exclusion of all food and energy items. However, the CPI ex-food and energy also showed some strength, jumping to +1.8% from +1.6% previously. The market is looking for a further advance in the CPI (ex-eight items) to +2.1% from +2.0%, but it will need to be a lot stronger than this to fuel suspicions about a resumption of BoC tightening. The BoC statements last week suggested they are currently quite satisfied that the current level of interest rates will achieve their growth and inflation goals and other data released last week (e.g. exports) backed up their growth moderation scenario. USD-CAD remains set in a 1.1250-1.1400 range for now, although there could be some activity today if CPI is unusual – 1.1300-1.1360 are interim levels of minor significance.

Data/event EDT Consensus*

CA CPI (Jun) y/y 07.00 +2.8%
CA CPIX (Jun) y/y 07.00 +2.1%

Latest data Actual Consensus*
JP All-industry index (May) m/m -0.2% -0.4%
FR H’hold consumption (Jun) m/m +1.7% 0.0%
IT Consumer confidence (Jul) 108.7 107.6
GB GDP (Q2, 1st est) q/q +0.8% +0.7%
IT Retail sales (May) m/m -0.1% +0.2%
* 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."

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