User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday July 24, 2006 - 15:14:54 GMT
Saxo Bank - www.global-view.com/saxo_bank/

Share This Story:
| | Email

Forex Market Update

Published: Jul. 24 2006, 13:35 GMT

Canadian data disappoints in a summer market.

The market seems rather confused as Bernanke's testimony suggested a possible stop in the current rate hike cycle leaving with mixed signals.

MAJOR HEADLINES – PREVIOUS SESSION
• UK Car Production S:A 3mth/3mth (Jun) 0.4% vs. 1.6% prior, 3mth/ yr 4.3% vs. prior -6.6%
• EC Industrial New Orders SA (May) MoM 2.3% vs. -0.2%, YoY 14.2% vs. 9.0%
• Hungary raises Base Rate 50bp to 6.75%
• Canada Retail Sales (May) MoM -.6% vs. 0.0%, YoY -0.2% vs. 0.3% exp

FROM THIS MORNING UPDATE
• China raises reserves requirements to curb lending.
• UK GDP (2Q A) QoQ o.8% vs. exp. 0.7%, YoY 2.6% vs. exp. 2.5%.
• CA Consumer Price Index (Jun) MoM -0.2% vs. exp. 0.1%, YoY 2.5% vs. exp. 2.8%.
• CA CPI Excluding Core 8 (Jun) -0.2% vs. exp. 0.1%, YoY 1.7% exp. 2.1%.
• AUD Producer Price Index (2Q) QoQ 1.6% vs. 1.1% exp., YoY 4.5%.
• Japan Latest polls show Shinzo Abe leading the race to be the next PM. Mainichi Shimbun survey shows Abe with 44% support rate in a July 23-24 poll and at 42% support in a Nihon Keizai Shimbun survey. Meanwhile Fukuda remains a distant second at 11% support in the Mainichi poll and 12% in the Nihon Keizai survey.
• Saudi Arabia's oil minister said over the weekend that OPEC producers want to avoid high oil prices that may harm global economic growth.
• Japan Supermarket Sales June (YoY), out at -2.5% vs. -3.4% expected.

THEMES TO WATCH – UPCOMING SESSION
The markets continues to lack focus and drift, for most of Asia and Europe sessions, showing a lack of conviction in trader’s outlook. Last weeks high volatility, Middle East tensions, uncertainty created by Bernankes dovish comments and a heat wave in Europe and the US, has weighted on speculators enthusiasm. Unless this weeks US economic data provides some clarity, we believe most traders will be sidelined. However, should we start seeing unexpected figures in the US or else where look for the lower volumes to exaggerate volatility.

CAD
CAD continued to disappoint the market with a lower then expected Retail Sales figure which came in at MoM -0.6% vs. 0.0% forecasted. These weak figures triggered a selloff in CAD and sent the USDCAD through the significant 114.00 lvls. For CAD bulls there seems to be no relief in sight as last week CPI figures eliminated the BoC tightening outlook in the near term and Canada’s economy slows. In this thin calendar week expect continue CAD weakness unless Wednesday Industrial Product Prices comes out higher then forecast.

FROM THIS MORNING UPDATE
USD traded higher in Asia, but the effects of a dovish Bernanke will likely continue to filter through the market. We expected the overall market to be relatively range bound as traders use this time to figure out the global rate outlook. However we should be ready for sudden movements as the lower volumes markets get pushed around.

The JPY got a huge lift from China on Friday as the PBoC increased bank’s reserve requirements in order to limit credit which has flooded the market and become an economic risk.

CAD disappointed the market with lower then expected CPI which leaves core at 1.7%, which is event less then the BoC had anticipated and will allow the BoC to continue hold current policy stance.

Note: the support/resistance levels used in the matrix’s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.

Euro/US Dollar
EURUSD (1.2635 @ 13:33 GMT)
Weekly Update 23-07-2006: EURUSD broke the June lows last week, but was unable to close below 1.2465 50% retacement (form 1.1950-1.2979) keeping the bull trend line from February intact. Look for a daily close above 1.2705 which would give scope for increased upside acceleration for a retest of the inverse-head-and shoulder target at 1.2980.

Monday: EURUSD trading off the highs from Friday in New York through the Asian session. Look to either buy the break of 1.2710 for a test of 1.2775 or buy on dips towards 1.2585-1.2610 with stop below 1.2555.

Resist.
1.2819
1.2745
1.2719
1.2635
1.2645
1.2597
1.2523
Support

Quoted:
24 Jul 06
13:33 GMT

British Pound/US Dollar
GBPUSD (1.8528 @ 13:34 GMT)
Weekly Update 23-07-2003: GBPUSD broke key resistance last week at 1.8545 which was the level to look for if upside acceleration was once again to be seen. This gives scope for a 1.8750 and possible 1.8900 target in the upcoming trading week. Intra-week support is now at 1.8400.20.

Monday: GBPUSD lower on a stronger dollar through the Asian session, but we expect the pair to remain with the short term bullish pattern for new weekly highs in the upcoming trading days. Buy dips towards 1.8470-00 with stop below 1.8435.

Resist.
1.8812
1.8681
1.8631
1.8528
1.8500
1.8419
1.8288
Support

Quoted:
24 Jul 06
13:34 GMT

US Dollar/Japanese Yen
USDJPY (116.71 @ 13:34 GMT)
Weekly Update 23-07-2006: USDJPY made a sharp reversal last week after falling short of testing 118.00 resistance. The pair continues to trade within the longer term bear trend line from 1998 presently at 119.00 and last week’s sell-off gives scope for a 114.65 target this week 38% retracement (from 108.97-117.86) and then to 113.40 support.

Monday: USDJPY looks range bound ahead of the European opening. Look to play the 117.00-116.00 range, but with as bearish bias. A break of Friday's lows at 115.80-90 gives scope for a test of 115.10 support.

Resist.
118.99
117.68
116.92
116.71
115.61
115.06
113.75
Support

Quoted:
24 Jul 06
13:34 GMT

Risk warning
Saxo Bank A/S shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Saxo Bank that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.

Please read our full Analysis Disclosure & Disclaimer at www.saxobank.com/analysis/disclaimer.

Saxo Bank
Saxo Bank

 

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 18 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.


  • POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

  • POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
  • POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude

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