User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday November 10, 2006 - 11:53:11 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

Forex: Mellon FX Daily - U.S. Edition

Key Points
• JPY remains weak against the EUR – machinery orders disappoint.
• China says there is no fresh initiative on reserve diversification.
• EUR-USD could slip lower today – upside more challenging with range highs approaching.
• AUD still looks slightly vulnerable - EUR-SEK downside risk.

Market Outlook

More comments from China overnight on the theme of reserve diversification. First of all, Central bank governor Zhou said that diversification would include an examination of the currency mix as well as other investment instruments, including emerging markets. However, in early European trading he said that the comments today and yesterday were nothing new and that there were no plans to speed up the pace of diversification. While the basic theme of diversification remains in place, the latter comment could help to cap EUR-USD today. Furthermore, the top end of the current range (1.29-1.30) is approaching and this should mean that advances will become increasingly difficult. 1.2900 is the initial barrier today. Supports are at 1.2850 and 1.2820 and these could be put to the test at some point. There are no major releases to look at today, although Bernanke and Trichet will speak at the ECB conference on the significance of monetary indicators. Next week’s US data (Fed surveys, retail sales, CPI, PPI) will be significant in determining whether EUR-USD can stay within range.

French GDP was worse than expected. Q3 GDP was flat q/q compared to expectations of +0.5%, although the stagnation is slightly forgivable after the strong 1.2% q/q advance seen in Q2.

Yesterday was significant for the JPY, with EUR-JPY making a fresh high. The previous high at 150.75 should now provide decent support and further strength looks likely in the short-term. Weaker than expected machinery orders data will also do no favours for BoJ rate hike expectations or the JPY. The latest drop suggests that the weakness in recent months is more than just volatility. The 3-mth average has now dipped lower (see chart).

Yesterday’s MPC announcement made no mention about the possibility of further rate moves and this has weighed on GBP. This does not necessarily represent a less hawkish posture by the MPC as yesterday’s announcement was purely aimed at explaining why they raised rates rather than providing indications about the future. Their thinking about what may happen to rates in the months ahead will not become clear until next week’s Inflation Report. Key in that report will be where they are forecasting CPI in 2-3 years time, as such a projection is made on the assumption that rates move in line with (high) market expectations. Any forecast at or above target will be seen as a validating the higher rate expectations currently in place. However, more likely is that they forecast CPI just below target. EUR-GBP will retain some upside risk while above 0.6715, although 0.6750-70 should hold this latest move ahead of the Inflation Report.

EUR-SEK has remained soft this morning following yesterday’s break lower and there is a fair chance of this extending further today. 9.05 is the initial target.

The AUD has been underperforming over the past 24 hours. Upside has been difficult in spite of the USD weakness seen elsewhere and any USD stabilisation today against the EUR will leave the AUD vulnerable to further corrective moves. 0.7600- 20 is possible.

Data/event EDT Consensus*

IT Ind prod (Sep) m/m 06.30 -0.1%
EU Bernanke/Trichet on history of monetary aggregates 08.45

Latest data Actual Consensus*
JP Machinery orders core (Sep) m/m -7.4% +0.9%
DE WPI (Oct) y/y +2.9% +3.1%
FR GDP (Q3) q/q 0.0% +0.5%
FR CPI (Oct, prel) y/y +1.1% +1.3%
FR Trade balance (Sep) -€1.3bn -€3.2bn
FR Ind prod (Sep) m/m -0.9% +0.4%
FR Manu output (Sep) m/m -1.0% +0.5%
SE Ind prod (Sep) m/m +0.5% 0.0%
NO CPI (Oct) y/y +2.7% +2.6%
NO CPIX (Oct) y/y +0.7% +0.6%
* 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 23 July 2018
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
AFlash PMIs
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final 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