User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday October 11, 2006 - 11:22:34 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

Forex: Mellon FX Daily - U.S. Edition

Key Points
• USD-JPY still holding shy of 120...
• RBA’s Stevens’ comments reflect a “wait and see” stance
• US FOMC minutes for last meeting due…
• Trichet was slightly hawkish, BoE’s King slightly dovish for the short term at least…

Market Outlook

USD-JPY worked lower in early London trading, backing off from the 119.80 high hit after Japan’s NHK reported that the government was checking whether North Korea had conducted a second nuclear test. The rumours proved untrue and the USD is easing lower, with supports noted at 119.30 and 118.80 on the day. While the recent move highlights risk of a breach of 120 for a challenge on the 121.40 December 2005 highs and potentially 125, this is proving tough in the short term. The market is likely to be easily spooked by any rumours of official meddling or talk about the pace of the JPY decline being too rapid. It is also worth watching the EUR-JPY cross, which thus far is holding below the key 150.75 August high. A break there would add to negative JPY sentiment. For now though, the cross seems to be reasonably comfortable at the 150 zone.

EUR-USD is consolidating higher intra-day, with resistance noted at the 1.2575-1.2585 zone given the initial difficulty in breaking that region on the way down. The bias is on further declines to the 1.2490-1.2470 area later. Trichet’s comments were if anything slightly hawkish with repeated references to the “still accommodative” monetary policy. The market seemed to largely shrug off his comments though, still trading in post-payrolls mode, with bets on a rate cut next year being scaled back, which seemed to provide some support for the USD.

The BoE’s Governor Mervyn King speaking at a dinner last night noted that there is less chance of CPI exceeding 3% over the next few months than there had been at the time of the August inflation report. He also noted the impact of falling oil prices on PPI and the expectation that this would filter down to CPI, which means he should not have to write a letter to the Chancellor any time soon. However, he did observe that the MPC remains concerned that wages may not remain subdued and that broad money supply is growing at its fastest rate in 16 years, while consumer spending and output growth returned to trend in the first half of the year. But he stressed his comments were not to be taken as any hint on the outcome of November's policy meeting; the BoE is likely to want to see the CPI and average earnings numbers first. New BoE members Timothy Besley and Andrew Sentance will face questions from parliament on Thursday, giving a first indication of their leanings. GBP/USD slipped to 1.8520 intra-day, with support down to 1.85 likely to be “sticky” in the short term.

RBA Governor Glenn Stevens is speaking on Economic Conditions and Prospects” at a business conference. So far his comments seem reasonably hawkish, though he has noted that the price data to be released over the next couple of weeks will be key in evaluating the future outlook for interest rates. Stevens has noted that it is puzzling that annual economic growth reportedly slowed to around 2% in Q2, even as employment and tax revenues stayed strong. If the GDP numbers are to believe then “sub potential growth ought, other things equal, to start putting some downward pressure on inflation fairly soon". As yet, Stevens’ comments have had little impact on the AUD-USD, which still seems fairly comfortable holding above 0.7400, reflecting the recent stabilisation in commodity prices. The AUD-NZD cross remains just above 1.12.

Day Ahead
US – The Fed releases the minutes of the last meeting. It seems unlikely that this will do much to alter current thinking on Fed policy, although any reiteration of their dissatisfaction with current core CPI rates should cause the market to further unwind bets on rate cuts early next year.

Canada – New house price data for August is due, the consensus is for a rise of 1.0%, after an increase of 1.1% in July.

Data/event EDT Consensus*

CA New house prices (Aug) m/m 08.30 +1.0%
US Minutes of Sep 20 FOMC 14.00

Latest data Actual Consensus*
AU Housing finance (Aug) m/m -1.0% -1.0%
DE WPI (Sep) y/y +3.0% +3.4%
AU RBA’s Stevens spks on econ
* 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

Mon 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

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