User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday August 1, 2006 - 07:52:22 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (1 August 2006)



The euro came off vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2720 level and was capped around the $1.2770 level. Technically, today’s intraday high was just below the 61.8% retracement of the move from $1.3480 to $1.1640. Traders are talking about comments made by Federal Reserve officials yesterday that indicate next week’s Federal Open Market Committee interest rate decision will be a very close call. St. Louis Fed President Poole noted the need for a rate hike next week is “50-50” while San Francisco Fed President Yellen suggested the current federal funds target rate of 5.25% is “in the vicinity” of the correct level. Pooled reported recent data have had some “negative” aspects and noted these include that “have tended to tilt in the direction of greater pressures than we had previously thought.” Yesterday’s Chicago PMI survey came in strong and today’s U.S. economic data include June personal income and spending, June personal consumption expenditures, June construction spending, and the July ISM manufacturing survey. Traders are very interested to see where the July ISM prices paid index prints as the inflation data released in conjunction with preliminary Q2 U.S. GDP data on Friday were on the high side. Dealers also await the release of July non-farm payrolls data this Friday. In eurozone news, most dealers believe the European Central Bank will lift its main refinancing rate to 3.00% on Thursday. Euro offers are cited around the US$ 1.2775/ 1.2890 levels.

¥/ CNY

The yen was mostly unchanged vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥114.80 level and was supported around the ¥114.50 level. Technically, today’s intraday low was around the 38.2% retracement of the move from ¥135.15 to ¥101.65. A Nikkei poll estimates Japan’s economy expanded 0.4% q/q in the April – June quarter from the three months to March, or at an annualized pace of 1.7%. Preliminary GDP data will be released on 11 August and the markets also expect the GDP deflator to print at a negative level for the April – June period with the domestic demand deflator coming in on the plus side. The Nikkei 225 stock index shed 0.10% to close at ¥15,440.91. Dollar bids are cited around the ¥113.85 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥145.90 level and was capped around the ¥146.40 level. The British pound and Swiss franc receded vis-à-vis the yen as the crosses tested bids around the ¥213.55 and ¥92.80 levels, respectively. In Chinese news, the July PMI survey printed at 52.4, down from 54.1 in June. Traders await remarks from U.S. Treasury Secretary Paulson later in the day about the Chinese yuan. Both the new orders index and export orders index fell.



The British pound came off vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.8625 level and was capped around the $1.8680 level. Chartists are eyeing the $1.8595 level as the pair’s next downside target with more demand expected around the $1.8535 level. U.K. July Nationwide house prices and consumer confidence are expected to be released today. Cable offers are cited around the US$ 1.8805 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ₤0.6825 level and was capped around the ₤0.6840 level.

CHF

The Swiss franc came off vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2365 level and was supported around the CHF 1.2300 figure. This week’s intraweek low for the pair is right around the 50% retracement of the move from CHF 1.1285 to CHF 1.3285. The Swiss July PMI survey will be released tomorrow followed by July consumer price inflation data on Thursday. U.S. dollar bids are cited around the CHF 1.2290 level. The euro and British pound moved higher vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.5735 and CHF 2.3035 levels, respectively.

AUD

The Australian dollar depreciated vis-à-vis the U.S. dollar today as the Aussie tested bids around the US$ 0.7615 level and was capped around the $0.7665 level. Technically, today’s intraday low was right around the 61.8% retracement of the move from $0.7985 to $0.7015. Data released in Australia today saw the July AIG performance of manufacturing index fall 4.8 index points to 49.7 while June total building approvals were up 1.6% m/m. Most traders believe Reserve Bank of Australia will lift its base interest rate to 6.00% tomorrow and the markets believe there is a 75% chance rates will be lifted another 25bps to 6.25% thereafter. Inflation data released last week saw annual headline consumer price inflation rise to 4.0% y/y in the June quarter. In other Australian news, Treasurer Costello named Reserve Bank of Australia Deputy Governor Stevens to replace retiring Governor Macfarlane. Australian dollar offers are cited around the US$ 0.7700 figure.


CAD

The Canadian dollar moved marginally lower vis-à-vis the U.S. dollar today as the greenback tested offers around the C$ 1.1320 level and was supported around the C$ 1.1295 level. This week’s intraweek high was right below the 23.6% retracement of the move from $1.0925 to $1.1455 level. July employment data and the July Ivey PMI survey will be released on Friday. U.S. dollar offers are cited around the C$ 1.1355/ 1.1615 levels.

NZD

The New Zealand dollar came off vis-à-vis the U.S. dollar today as the kiwi tested bids around the $0.6155 level and was capped around the $0.6195 level. Chartists are eyeing the $0.6125 level as the pair’s next downside target. New Zealand dollar offers are cited around the $0.6245 level.

Gold/ Silver

Gold came off vis-à-vis the U.S. dollar today as the yellow metal tested bids around the US$ 631.90 level and was capped around the $637.80 level. News that Israel restarted its military offensive against Hezbollah targets in southern Lebanon has the markets on edge as there is no indication Israel is ready to relent. Silver moved lower vis-à-vis the U.S. dollar as the pair tested bids around the $11.32 level and was capped around the $11.43 level.

Crude Oil

Crude oil moved marginally lower vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for September delivery tested bids around the US$ 74.35 level and was capped around the $ 74.79 level. News that a leak occurred in Russia’s largest oil pipeline to Europe saw oil move higher yesterday and traders remain concerned over supply disruptions in Nigeria. Continued Middle East tensions remain problematic for oil traders who continue to bid the pair higher, especially on the news that Israel will broaden its offensive until an international peacekeeping force deploys in southern Lebanon. U.S. Secretary of State Rice has noted a cease-fire may be reached this week. Oil is about 21% this year.

 

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 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.



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