User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday August 18, 2006 - 14:55:23 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (18 August 2006)



The euro gained marginal ground vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2845 level and was supported around the $1.2780 level. Technically, today’s intraday low was right at the 61.8% retracement of the move from $1.2980 to $1.2460. Data released in the U.S. today saw the mid-August University of Michigan consumer sentiment index print at 78.7 from July’s reading of 84.7 and yesterday’s Philadelphia Fed business conditions index reached its highest level since April 2005. Traders are increasingly adopting the view that the Federal Reserve has definitively ended its long-standing rate tightening cycle. In eurozone news, German producer prices increased 0.5% m/m in July and were up 6.0% y/y with energy prices up 11.3% y/y. Many traders believe European Central Bank will raise borrowing costs in October and December and this view could support the common currency through the end of the year. Euro bids are cited around the US$ 1.2720 level.

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥115.45 level and was capped around the ¥116.05 level. Traders moved into yen overnight after it was reported that People’s Bank of China lifted interest rates. The yen is often seen as a proxy for the Chinese yuan and traders believe this latest PBOC tightening will result in stronger Asian currencies. The yen’s gains, however, were limited by comments from Bank of Japan Governor Fukui who reiterated the central bank will only remove monetary stimulus gradually. The Nikkei 225 stock index climbed 0.53% to close at ¥16,105.98. Dollar bids are cited around the ¥114.90 level. The euro came off vis-à-vis the yen as the single currency tested bids around the ¥148.10 level and was capped around the ¥148.95 level. Today’s intraday high represented a fresh all-time high for the cross. The British pound and Swiss franc moved lower vis-à-vis the yen as the crosses tested bids around the ¥217.45 and ¥93.65 levels, respectively. The Chinese yuan moved lower vis-à-vis the U.S. dollar as the greenback closed at CNY 7.9737 in the exchange-traded market, up from CNY 7.9716. People’s Bank of China raised the one-year deposit rate by 27bps to 2.52% and the one-year lending rate to 6.12%. There is intense speculation in the Chinese media that China will further widen the yuan’s trading band. The last time China widened its band was 21 July 2005 when it revalued the yuan by 2.1% and China’s trade surplus is growing so rapidly that it needs to limit the amount of imported capital.



The British pound tumbled vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.8780 level and was capped around the $1.8865 level. Technically, today’s intraday low is right around the 38.2% retracement of the move from $1.8175 to $1.9145. Data released in the U.K. today saw BBA net mortgage lending up ₤5.7 billion from June’s ₤5.6 billion pace while BSA saw July mortgage approvals at their highest level ever for that month. Similarly, CML reported gross mortgage lending reached ₤30.4 billion last month, the second highest on record after June’s ₤32.4 billion reading. These data evidence the notion that Bank of England’s Monetary Policy Committee is not choking the housing market with its monetary policy and traders want to see how much the industry slows down after this month’s surprise rate hike. BoE reported the M4 money supply expanded 13.1% y/y and its continued growth is one reason why it tightened policy this month. Cable bids are cited around the US$ 1.8765/ $1.8675 levels. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.6820 level and was supported around the ₤0.6800 figure.

CHF

The Swiss franc lost marginal ground vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2380 level and was supported around the CHF 1.2290 level. Technically, today’s intraday low was right around the 50% retracement of the move from CHF 1.1285 to CHF 1.3285. Data released in Switzerland today saw June retail sales climb 0.8% y/y and 4.8% y/y. It was also announced that Swiss National Bank Blattner will retire in April. Dollar offers are cited around the CHF 1.2425/ 1.2520 levels. The euro and British pound came off vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5785 and CHF 2.3165 levels, respectively.

AUD

The Australian dollar came off vis-à-vis the U.S. dollar today as the Aussie tested bids around the US$ 0.7565 level and was capped around the $0.7620 level. Stops were triggered below the $0.7590 level, representing the 61.8% retracement of the move from $0.7790 to $0.7270. Reserve Bank of Australia Macfarlane hawkishly testified that inflation is likely to exceed previous forecasts and justified May’s and August’s rate hikes. He added “While the pick-up has not been excessive, the general message from the growth of employment and consumer spending was that the household sector is still in good shape, and has not retreated into its shell as a result of the rises in petrol (gasoline) prices and the May interest rate increase.
The fact that borrowing by the household and business sectors had accelerated over the past six months or so confirmed this general picture." Australian dollar bids are cited around the US$ 0.7545 levels.
CAD

The Canadian dollar moved lower vis-à-vis the U.S. dollar today as the greenback tested offers around the C$ 1.1255 level and was supported around the C$ 1.1195 level. Technically, today’s intraday high was right around the 38.2% retracement of the move from C$ 1.0925 to $1.1455. Data released in Canada today saw June wholesale sales fall 0.6% m/m, below expectations of a +0.3% gain. U.S. dollar offers are cited around the C$ 1.1330 level.

NZD

The New Zealand dollar moved lower vis-à-vis the U.S. dollar today as the kiwi tested bids around the US$ 0.6370 level and was capped around the $ 0.6425 level. New Zealand dollar offers are cited around the US$ 0.6410/ 0.6505 levels.

Gold/ Silver

Gold moved higher vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 628.00 level and was supported around the $610.55 level. The pair has been given for three weeks and has increasingly been correlated to movements in the oil markets. Iran continues to defy the international community by enriching uranium and two deadlines – 22 August and 31 August – are fast approaching. Silver gained marginal ground vis-à-vis the U.S. dollar as the pair tested offers around the US$ 12.14 level and was supported around the $11.86 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$ 71.03 level and was capped around the $72.44 level. Iran appears unlikely to suspend its enrichment activities by 22 August and a U.S. official said the United Nations Security Council is likely to “take up its responsibilities” and impose sanction against Iran if it does not end its nuclear program.

 

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 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook


Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

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



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



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