User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday July 26, 2004 - 10:56:28 GMT
DailyFX.com - www.dailyfx.com

Share This Story:
| | Email

US OPEN MARKET POINTS 07-26-04

Dollar Bears: Crying Uncle Yet?

Dollars furious surge against the majors last week decimated the profits of many USD shorts. In absence of any important eco data, dealers aided by Alan Greenspan’s cheery testimony, ran stops all the way to the 2100 handle. When the dust settled, the greenback gained 2.9% against the euro for the week, it biggest rally in 6 months. According to CME’s Commitment of Traders Report as of last Tuesday EUR long positions had reached their highest levels for both 2003 and 2004. With the market so heavily short dollars, the squeeze produced a massive 360 pip move in just 4 days.

Is the pain for USD bears over? Probably not yet. Certainly the overnight data offers little support for USD shorts as Japanese Department Stores sales disappoint by reporting a decline of -5.4% against an expected decrease of only -2.4%. Combined with poor showing in supermarket sales (-4.1%), Japanese data is still reporting anemic consumer demand without which sound economic recovery and stronger JPY are not possible. Meanwhile, in the Euro-zone the slightly smaller then expected gain in Current Account surplus is not helping to advance the USD bearish case.

One of the characteristics of this seemingly interminable 4 month price channel in the majors has been its tendency to trade through the boundaries and then reverse. Only after the last hardened bulls or bears had capitulated, does price turn around and head for the other end of the range. This type of price action has been largely caused by inconclusive eco data which prints positive one month and turns negative the next. Indeed, UBS is expecting the same dynamic this week by calling for a strong rebound in the US durable goods number due out Wednesday which could push the EUR/USD all the way below the 1.20 handle. However, by Friday, if GDP reports slower growth of 3.7% versus last quarters 3.9% rate, the dollar run may finally come to a halt. At that point we may finally see once again the bottom of the trading range.

.

Key Overnight Developments

- JPY Department store and Supermarket data disappoint raising questions about the strength of Japanese recovery
- EUR Current Account slightly below expectations with exports leading the gain

FX Spot Overnight

- EUR bounces off 2100 handle but hits resistance at 2150 after mediocre CA data
- JPY opens strong in Japan but fades in Europe back to 110 level after bad retail store data
- GBP enjoys the strongest bounce of all majors nearly touching the 8400 handle before receding slightly
- CHF spikes all the way to 2650 on USD strength before finding support at 2600

Upcoming Events

12:30GMT - (8:30 AM EST) CAD Retail Sales (m/m) (May) Expected at 0.4%, Previous 1.0%
14:00GMT - (10:00 AM EST) USD Existing Home Sales Expected at 6.65m, Previous 6.80m
17:30GMT - (1:30 PM EST) Kansas City Fed President Hoenig in Denver "Monetary Policy and the Economic Outlook"

 

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


GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 16 Apr 2018
AA 12:30 US- Retail Sales
Tue 17 Apr 2018
AA 08:30 GB- Employment
A 09:00 DE- ZEW Survey
A 12:30 US- House Starts/Permits
A 13:15 US- Industrial Production
Wed 18 Apr 2018
AA 01:30 AU- Employment
AA 14:00 CA- BOC Decision
AA 14:30 GB- EIA Crude
Thu 19 Apr 2018
A 13:30 US- Weekly Jobless
A 14:00 US- Leading Indicators
Fri 20 Apr 2018
A 12:30 CA- CPI/Retail Sales


John M. Bland, MBA
co-founding Partner, Global-View.com
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.


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