User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday July 21, 2004 - 17:10:04 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market News and Commentary (21 July 2004)



The euro came off vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2265 level after encountering resistance around the $1.2350 level during European dealing. Traders have been selling euros on account of Fed Chairman Greenspan’s congressional testimony yesterday in which he said the U.S. economic expansion has “become more broad-based” and added there have been “notable gains in employment.” Most importantly, Greenspan didn’t completely rule out a more aggressive monetary policy, keeping alive the possibility of a 50bps interest rate hike if inflation pressures prove to be more than transitory. Greenspan also intimated that H2 2004 economic growth will be relatively strong, contrary to some current economic forecasts that are predicting a deceleration in H2 economic activity. In his second day of testimony today, Greenspan repeated yesterday’s speech and answered questions on a litany of questions. The markets reacted by buying the U.S. dollar further and interpreted his remarks as relatively hawkish. Philadelphia Fed President Santomero spoke before Greenspan today and suggested inflationary pressures are expected to be benign. Fed Vice Chairman Ferguson and Dallas Fed President McTeer are also scheduled to speak today. Data released in the eurozone today saw Italy’s trade balance register a surplus of € 294 million in May compared with a deficit of € 323 million in May 2003 while Italian consumer confidence expanded in July for the second consecutive month. The Netherlands, which holds the EU’s rotating presidency now, said the EU’s economic recovery remains “slow and laborious.” Former German Wise Man Peffekoven characterized domestic demand and private consumption as “extremely weak” and said a major risk would be a decline in exports. In geopolitical news, traders are talking about a report that some nuclear weapons have been unearthed in Iraq and are awaiting confirmation of this rumour. Euro bids are cited around the $1.2210/05 level.

¥

The yen lost ground vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥109.30 level after finding good bids around the ¥108.35 level. Interestingly, the pair gained relatively little ground overnight despite a surprise upward revision to the Japanese government’s FY 2004 GDP forecast. The government now anticipates economic growth of a real 3.5%, nearly double the 1.8% that was originally forecast. If this level of growth materializes, this would be the strongest growth rate since the 3.6% level that was achieved in FY 1996. Importantly, the government also halved its CPI forecast for FY 2004/2005 saying consumer prices are expected to decline 0.1% as opposed to the previous forecast of a 0.2% decline. Major stops were hit above the ¥108.60 level during the move higher today. The Nikkei 225 stock index finished up 1.56% today to close at ¥11,433.86. The euro gained a modest amount of ground vis-à-vis the yen today as the single currency tested offers around the ¥134.35 level after finding bids around the ¥133.50 level. Technically, euro offers are seen around the ¥134.40 level ahead of additional selling pressure around the ¥134.65 level. In Chinese news, a government economist there reported the economy is expected to grow around 8.5% in 2004.

£
The British pound slumped sharply vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.8375 level after peaking around the $1.8550 level during European dealing. The release of the July Bank of England MPC minutes caused cable to sputter lower because they reflected a unanimous decision to not tighten monetary policy this month. The minutes suggested the arguments for keeping interest rates unchanged had proven “more persuasive.” Still, most MPC-watchers will tighten policy again at the August meeting, especially given today’s June retail sales data and the GDP data scheduled for release on Friday. Other traders believe additional monetary tightening is in store for October or November and suggest the repo rate could move as high as 5.5%. Next month’s MPC meeting presents a good opportunity for higher rates because it coincides with the release of the next quarterly inflation report. The euro gained marginal ground vis-à-vis the British pound today as the single currency tested bids around the £0.6645 level before moving to the £0.6680 level. Euro bids are seen around the £0.6635/15 levels.

CHF

The Swiss franc lost additional ground vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2500 figure and was supported around the CHF 1.2410 level during European dealing. Greenspan’s relatively upbeat and hawkish testimony yesterday contributed to the pair’s gains. Swiss National Bank added one-week liquidity at 0.28% today, one tick lower than yesterday’s offering. The euro weakened vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.5320 level after testing offers around the CHF 1.5355 level.

 

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