User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday October 9, 2006 - 22:55:14 GMT
Reuters -

Share This Story:
| | Email

FOREX-Yen hits 8-mo low vs dollar on N.Korea concerns

FOREX-Yen hits 8-mo low vs dollar on N.Korea concerns
Mon Oct 9, 2006 4:12pm ET163

(Updates prices, adds reference to Yellen remarks)

By Kevin Plumberg

NEW YORK, Oct 9 (Reuters) - The yen steadied against the dollar on Monday in holiday-thinned trade, consolidating losses sparked by last week's U.S. jobs data and a North Korean nuclear test that earlier pushed the Japanese currency to a fresh eight-month low.

The yen at one point slipped to 119.29 yen per dollar , its lowest level since February, after North Korea said it had successfully conducted a nuclear test.

By late afternoon, however, it had recouped some of those losses, with the dollar trading at 119.10 yen, up about 0.1 percent on the day.

Still the yen remained near its weakest level this year, and chart analysts said a dollar rise to 119.40 yen would pave the way for a break of the key psychological level of 120 yen.

The Japanese currency suffered its largest single-day decline against the dollar in 4-1/2 months on Friday following a sharp upward revision in U.S. payrolls growth and fresh lows hit overnight reflected the extent of deteriorating sentiment.

"Until now, the issue of yen weakness has been dominated by euro/yen, but the move on dollar/yen after payrolls and the North Korea test now places the focus on yen weakness in general," said Divyang Shah, global strategist with IDEAglobal in London.

"If 120 breaks, then we are likely to see an increase in the verbal rhetoric from Japanese policy-makers toward the yen," Shah added.

South Korea's military ordered army units to step up their state of alert after Pyongyang's overnight announcement, made as Japanese Prime Minister Shinzo Abe arrived in Seoul.

Japan's proximity to North Korea and reliance on exports to Asia means the yen tends to be hurt by rising tensions between the West and the reclusive Stalinist country.

The dollar surged against the Korean won to 963.50 won , up 1.55 percent from Friday and on pace for its largest daily increase since December 2004.


Outside of the yen, trading volumes were light with the U.S. bond market observing the Columbus Day holiday on Monday. U.S. stock and foreign exchange markets remained open.

Sterling slipped nearly 0.2 percent to $1.8678 after lower-than-expected growth in British wholesale prices.

The euro was relatively unchanged on the day at $1.2603 , after hitting a 2-1/2-month low of $1.2571 on Friday after the U.S. payrolls data.

The U.S. payrolls data showed upward revisions to past U.S. jobs growth -- a massive 810,000 jobs in the year through March -- and left the labor market looking tighter than previously thought.

That cast doubt on a view that the Federal Reserve had definitely finished raising interest rates and could start cutting them from 5.25 percent as early as December.

Earlier on Monday, San Francisco Fed President Janet Yellen said U.S. rates are moderately restrictive at the moment, an appropriate state of affairs given the current uncertain outlook on inflation.

Minutes from the September Federal Open Market Committee meeting, due on Wednesday, will be examined to see if the central bank highlights either inflation risks or slowing growth and thus give clues on the Fed's next move.

A focus on inflation implies the Fed would be more likely to raise rates as its next move, while talk of slower growth may signal that rates will stay on hold or even decline in the months ahead.

CitiFX analysts said the euro's slump against the dollar is significant because it is on the verge of leaving behind a trading range held for the last few months.

"Theoretically a signal that the range trading has run it's course would be given by two consecutive trading days where the market doesn't trade on a $1.27 or $1.28 handle at any point during the session," they said in a note.

The next significant level for the euro would be $1.2456, below which would open the possibility of declining to around $1.1950, said the CitiFX analysts.

© 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."

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