User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday August 18, 2006 - 11:51:53 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

Forex: Mellon FX Daily - U.S. Edition

Key Points
• USD rebounded on stronger Philly Fed index, hovering above $1.28 in European trading…
• RBA’s Macfarlane says market “right” to price in the risk of a rate hike but this will be data dependent…
• US Michigan sentiment tops the billing today.

Market Outlook

The USD clawed back some lost ground on Thursday, before settling into a $1.2810-1.2845 range in early London trading. The USD was helped by the stronger Philly Fed survey, with stocks and bond yields edging higher. The Philly Fed business activity index jumped to 18.5, from 6.0 in July, better than the expected 9.0 reading. However, the ‘prices paid’ index fell to 45.3, from 50.3 in July, while the less volatile ‘prices received’ index held at 17.1. The relatively restrained inflation sub-indices were in line with the CPI and PPI readings earlier in the week and Fed funds futures were pricing in a less than 20% chance that the Fed will hike rates in September. For today, the market will be eyeing the Michigan sentiment survey for any signs of a sharp slowdown in consumer confidence.

Overall the ability of the EUR-USD to hold below $1.2910 this week, despite the run of data which should really have been negative for the USD (constrained inflation, softer housing starts and industrial production), has been quite impressive. If $1.2910 is breached, the risk remains that $1.2980-$1.30 zone would be approached. However, the ZEW and IFO next week would have to be pretty strong to trigger such a move. The $1.2810-00 area offers support now, ahead of $1.2770. This week’s low at the $1.2700 zone marks more important support.

RBA Governor Macfarlane took a relatively even-handed stance in his last appearance before legislators, noting that the market is “right” to price in substantial risk to another rate hike to 6.25%. However, he tried to downplay expectations that another hike is a ‘done deal’ stating that policy makers should not just keep tightening until obvious signs of an economic slowdown emerge. He was not confident that consumer sentiment would bounce back given the impact of sluggish house prices and high fuel costs and said that past rate rises had yet to work their way through the system. He also played down the strength of recent job data, saying such bursts of strength come and go, which suggests that the RBA’s stance will continue to depend on the data. Macfarlane will chair the RBA's next meeting on September 5, before handing over to his successor, Deputy Governor Stevens. There was little impact on the AUD-USD, which had sold off sharply throughout Thursday’s session and dipped briefly below 0.7600. The 0.7566-0.7715 range that has contained activity this month remains intact but the inability to push up and retest the 0.7800 zone May highs is interesting and may suggest that the USD has room to rebound further.

UK – the BBA reported that mortgage lending was £5.7bn, up from June's revised £5.5bn. Gross lending rose to £30.4bn in July, the second highest on record according to the CML. The BSA reported that mortgage approvals rose to £5bn.

France – the June current account deficit narrowed to €800mln, from a revised €2.2bn in May. INSEE said non-farm payrolls rose at the fastest pace in five years in Q2, up 0.3% and 0.7% y/y, the biggest quarterly increase since Q3 2001.

Day Ahead
Canada - wholesale trade for June is likely to have climbed more slowly than the 0.9% rise seen in May, which was attributable to a big bounce-back in sales of cars and car parts.

US – August Michigan sentiment is the only real data of note, though Krosner speaks later in the day. Higher energy prices are likely to have weighed on consumer sentiment in August, though there was surprisingly little downside to consumer sentiment in July. The weekly ABC survey declined to -12 in the first week of August from an average level of -10 in July, which may be indicative. The market is likely to focus on the inflation expectations sub-components, given the highest retail gasoline prices on record

Data/event EDT Consensus*

CA Wholesale sales (June) m/m 08.30 +0.4%
US Michigan sentiment (Aug, prel) 09.45 84.0
US Fed’s Krosner spks 20.30

Latest data Actual Consensus*
JP Tokyo store sales (July) y/y -1.6% -2.0% last
JP Dept store sales (July) y/y -1.5% -2.2% last
DE PPI (July) y/y +6.0% +5.9%
FR Current account (June) €800mln €1993mln last
FR Household survey (Q2) 0.3% 0.10% last
GB BBA mortgage lending (July) £5.7bn £5.5 last
* 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

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