User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday October 3, 2006 - 11:14:18 GMT
Reuters - www.reuters.com

Share This Story:
| | Email

FOREX-Yen falls in choppy trade on N.Korea news

FOREX-Yen falls in choppy trade on N.Korea news
Tue Oct 3, 2006 6:52am ET167

(Updates with yen moves, adds fresh quotes, changes byline)

By Carolyn Cohn

LONDON, Oct 3 (Reuters) - The yen slipped on Tuesday when North Korea said it would conduct a nuclear test, after earlier strengthening on market speculation policymakers were concerned about the euro's lofty levels against the Japanese unit.

The euro dropped around half a yen early in European trade as traders reported mounting speculation over possible intervention - verbal or otherwise - from either Japanese or European monetary authorities to bring euro/yen down.

Fueling this speculation, Japanese news agency Jiji, without quoting official sources, reported market concerns that further euro appreciation against the yen could prompt euro-selling intervention from Japan's Ministry of Finance.

But North Korea's statement that it will conduct a nuclear test jolted the market and weighed heavily on the yen, the most liquid Asian currency.

"The market was short on the back of the (intervention) rumours, (and) North Korea has not helped," said a trader at an Asian bank in London, referring to euro/yen.

At 1035 GMT, the euro was up slightly on the day at 150.06 yen , rebounding sharply from the day's lows of 149.59 back up toward a one-month peak of 150.27.

The yen also slipped to a month low against sterling of 222.60 yen , and reversed earlier gains against the dollar to trade flat on the day around 117.73 yen .

The yen's trade-weighted value fell to its weakest level in 21 years in September, according to the Bank of Japan's yen index.

Market participants have been wary about central bank reaction to euro/yen strength over the past month, and some politicians commented on that strength in the run-up to and following the mid-September G7 meeting.

Japan's new Finance Minister Koji Omi said last week that recent moves in euro/yen were a bit volatile.

"There's obviously been rhetoric that indicates potentially a little bit of concern over the levels of euro/yen, but to suggest intervention is wrong," said Derek Halpenny, currency economist at BTM-UFJ.

ISM PRESSURE

The euro was steady against the dollar at $1.2743 , off earlier one-week highs of $1.2767. German markets were closed for a holiday.

The dollar was on the back foot against the euro after the Institute for Supply Management's manufacturing index, released on Monday, hit its lowest level since May 2005.

Eurodollar futures <0#ED:> are factoring in a U.S. rate cut, possibly as early as the first quarter of 2007.

The euro was also supported by Monday's firm euro zone manufacturing sector survey, ahead of an expected European Central Bank interest rate hike to 3.25 percent on Thursday.

But investors were nervous about taking extreme positions in the dollar ahead of U.S. non-farm payrolls on Friday which could shed more light on whether the world's biggest economy is slowing enough to warrant a rate cut.

"After the ISM, euro/dollar moved up to $1.2750 and we've been in a tight range since then. It was a soft report, not only in the headline but also in the prices paid component," said Niels Christensen, senior currency strategist at Societe Generale in Paris.

"But there are no signs whatsoever of recession...(so) I think we are quite far away from a rate cut."

The Reserve Bank of Australia is widely seen holding rates at 6 percent on Wednesday, with debate now centred on whether it will hike in November or not.

Concern about the impact of a U.S. slowdown on demand for Australia's commodity exports has hit the Australian dollar, sending it to two-month lows of US$0.7430 on Monday . It traded at US$0.7473 on Tuesday.

With U.S. rates at 5.25 percent, a hike by the ECB would narrow the yield advantage the dollar has over the euro.

The Bank of England also meets this week, though most expect it to hold rates at 4.75 percent for now and hike in November, despite strong British manufacturing data on Monday which prompted some talk of the possibility of a move on Thursday.

(Additional reporting by Veronica Brown)

© Reuters 2006. All Rights Reserved.

 

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