User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday July 30, 2004 - 15:28:54 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (30 July 2004)

The euro reversed some of its recent losses vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2120 level after the release of weaker-than-expected preliminary Q2 U.S. GDP data. Economic expansion in the U.S. decelerated to +3.0% for the quarter that ended one month ago while Q1 economic growth was upwardly revised to +4.5% from +3.9%. A growth rate of 3.5% was expected for Q2 and traders expressed disappointment with real personal consumption expenditures at +1.0% and a 2.5% decrease in durables purchases. Gross provide domestic investment added 1.97% to the quarterly growth rate while PCE added 0.73%. Fed officials were likely disheartened by the increase in PCE because the U.S. consumer has been the lynchpin of economic activity in the U.S. The next estimate of Q2 GDP activity is expected on 27 August. Other U.S. data released today was better than the GDP data as the final July University of Michigan consumer sentiment index was reported at 96.7, up from 95.6 in June. Also, the Chicago PMI number came in at 64.7, better-than-expected while the July New York NAPM report was positive. Technically, the euro failed to get above $1.2120/25 resistance and its fall back below the $1.2100 figure was bearish. Traders are paying close attention to the price of crude oil futures and the rate reached a 21-year high around the $43.50 level today. ECB’s Caruana said the outlook for eurozone inflation remains “reasonably good” but cited oil as a “risk factor.” Data released in the eurozone today saw EMU-12 HICP rise 2.4% in July, unchanged from June but higher than most expectations. Italian HICP fell more-than-expected in July, off 0.3% m/m with the y/y rate slowing to +2.2%. Additionally, German June retail sales rose sharply in June, exceeding most expectations, while the French unemployment rate rose unexpectedly last month. Moreover, EMU-12 economic sentiment rose in July and the EU Commission’s EMU-12 business climate index rose. Central Bank of Ireland today indicated it does not see any indication of a second-round effect of inflationary pressures in the eurozone. Euro bids are cited around the US$ 1.1975 level.


The yen retraced some of its recent losses vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥112.25 level before coming off to the ¥111.10 level during North American dealing. Stops were hit below the ¥111.70 level during the retreat and bids around the 100-hour moving average supported the pair after the release of a mixed bag of U.S. economic data. Many data were released in Japan overnight that saw the jobless rate at 4.6% in June, unchanged from May. Also, data were released that confirmed a continuation in deflation in Japan with the core consumer price in Tokyo falling 0.1% y/y in July, the 58th consecutive monthly decline. Core CPI for the entire country was off 0.1% y/y, the fourth consecutive monthly fall. Other data released today saw June wage earner household spending fall 1.3% y/y in June while June housing starts were off 7.4% y/y in June. Technically, many chartists believe the pair must retrace to the ¥110.80/25 levels before the dollar’s recent appreciation becomes imperiled. Japan’s government today reported it did not intervene in the FX markets during June and is now believed to have been absent since mid-March. The Nikkei 225 stock index gained a healthy 1.88% to close at ¥11,325.78. Dollar bids are cited around the ¥111.10 level. The euro came off vis-à-vis the yen today as the single currency tested bids around the ¥134.05 level after running out of steam around the ¥135.10 level overnight.


The British pound gained modest ground vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.8245 level but was unable to test technical resistance seen around the US$ 1.8260 level. Bids supported the pair around the US$ 1.8120 level during European dealing but the pair retreated back below the $1.8200 figure during North American dealing. The U.K. NIESR today reported there is a “strong case” for a 50bps monetary tightening by Bank of England’s Monetary Policy Committee next week. NIESR also reported CPI inflation is likely to exceed the MPC’s 2.0% target by the end of 2005 and called the BoE’s recent monetary policy moves as “leisurely.” Cable bids are cited around the $1.8080 level. The euro weakened marginally vis-à-vis the British pound today as the single currency tested bids around the £0.6615 level and was unable to get through the £0.6650 level.


The Swiss franc gained some ground vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2690 level and was capped around the $1.2825 level. The Swiss KOF leading indicator came in at 1.10 in July, up from 1.02 in June, adding to views that the Swiss economy will improve in H2 2004. Swiss National bank added spot/ next liquidity at 0.27% today and two-week liquidity at 0.28% today. Dollar bids are cited around the CHF 1.2690/40 levels. The euro weakened vis-à-vis the Swiss franc today as the single currency tested bids around the CHF 1.5370 level and could not get through the CHF 1.5430 level.


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