User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday November 16, 2006 - 16:35:52 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (16 November 2006)



The euro came off vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2795 level and was capped around the $1.2840 level. Technically, today’s intraday high was right around the 50% retracement of the move from $1.2900 to $1.2775. Data released in the U.S. today saw October headline consumer price inflation fall 0.5% m/m while the core monthly increase was up 1.3% y/y. The all-important core annualized increase printed at +2.7%, down from September’s +2.9% tally but still far above the Federal Reserve’s perceived comfort zone. Other data released in the U.S. today saw weekly initial jobless claims fall 2,000 to 308,000 while September U.S. Treasury International Capital foreign long-term securities purchases printed higher-than-expected at US$ 53.7 billion. Moreover, October industrial output was up +0.2% and capacity utilization stood at 82.2%. The dollar has had a bid tone since yesterday’s North American session because minutes from the Federal Open Market Committee’s most recent policy meeting were released and were more hawkish-than-expected. Fed policymakers reported “risks remained the dominant concern and that additional policy firming was possible” and added “Nearly all participants viewed the current rate of core inflation as uncomfortably high and stressed the importance of further moderation.” Traders cannot yet price in a definitive end to the Fed’s long-standing tightening cycle, even after three successive pauses. Many Fed officials including Kroszner, Moskow, Poole, and Pianalto are scheduled to speak today. In eurozone news, EMU-12 inflation printed at 1.6% y/y in October, consistent with the flash estimate and down from September’s 1.7% y/y harmonized rate. Euro bids are cited around the US$ 1.2780/ 55 levels.


¥/ CNY

The yen appreciated marginally vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥117.85 level and was capped around the ¥118.25 level. Technically, today’s intraday high was right around the 50% retracement of the move from ¥119.85 to ¥116.55. Bank of Japan Governor Fukui spoke about the timing of the central bank’s next monetary tightening overnight saying “I would not eliminate any timing, because we do not pre-set future monetary policy action. If we conclude that a rate hike is necessary after having made a thorough assessment of economic fundamentals and price trends, it would not make any difference if we did it in December, January, or even later. Fukui added “Overall, we do not see any need from the recent set of weak economic data to reassess our view shown in the recent economic outlook report. Since a positive correlation of production, income and spending is at work, the possibility is high that Japan will see a long-lasting recovery. As the output gap no longer exists, the year-on-year rate of change in consumer prices is projected to continue to follow a positive trend going forward.” A hike in Japanese borrowing costs will likely result in a stronger yen as traders will unwind some short yen carry trades in which proceeds are invested in higher-yielding foreign assets. BoJ’s monthly report reiterated the economy continues to expand moderately with easing deflationary pressures. Data released today saw the September leading index downwardly revised to 18.2 from 20.0. The Nikkei 225 stock index lost 0.49% to close at ¥16,163.87. Dollar bids are cited around the ¥117.35 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥151.10 level and was capped around the ¥151.45 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥223.30 level while the Swiss franc moved lower vis-à-vis the yen and tested b ids around the ¥94.50 level. In Chinese news, October wholesale prices were up 3.8% y/y while urban fixed-asset investment was up 26.8% in the January – October period. Also, it was reported that China’s foreign reserves stood at US$ 1.0096 trillion at the end of October and People’s Bank of China Deputy Governor Wu reported the central bank has been buying Japanese yen to lift its reserves.



The British pound gained marginal ground vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.8930 level and was supported around the $1.8850 level. Cable continues to orbit the $1.8895 level, right around the 23.6% retracement of the move from $1.8090 to $1.9145. Data released in the U.K. today saw October retail sales climb 0.9% m/m, the largest rise since November 2005. Also, RICS October U.K. house prices increased at a four-year high while the government reported Q3 housing starts were off 9% y/y. It was also announced that Chancellor of the Exchequer Brown will deliver his pre-Budget report on 6 December and is expected to upwardly revise his growth forecasts from earlier in the year. Cable bids are cited around the US$ 1.8835 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ₤0.6775 level and was capped around the ₤0.6795 level.

CHF

The Swiss franc came off vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2490 level and was supported around the CHF 1.2440 level. Technically, today’s intraday low was right around the 23.6% retracement of the move from $1.2770 to $1.2345 level. Data released in Switzerland today saw the Credit Suisse economic outlook indicator recede to -21.3 in November from -14.1 in October. Dollar offers are cited around the CHF 1.2505/ 55 levels. The euro came off vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.5970 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 2.3590 level.

AUD

The Australian dollar appreciated vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.7695 level and was supported around the $0.7640 level. Technically, today’s intraday high was right around the 23.6% retracement of the move from $0.6770 to $0.7985. Data released in Australia today saw average weekly earnings climb 0.7% q/q in the three months to August, and up 2.9% y/y. Australian dollar bids are cited around the US$ 0.7610 level.

CAD

The Canadian dollar weakened vis-à-vis the U.S. dollar today as the greenback tested offers around the C$ 1.1420 level and was supported around the C$ 1.1365. The pair is trading at levels not seen since July of this year. U.S. dollar offers are cited around the C$ 1.1455 level.

NZD

The New Zealand dollar appreciated vis-à-vis the U.S. dollar today as the kiwi tested offers around the US$ 0.6660 level and was supported around the $0.6580 level. New Zealand dollar offers are cited around the US$ 0.6710 level.

Gold/ Silver

Gold moved higher vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 627.95 level and was supported around the $622.15 level. Today’s core CPI data in the U.S. may have limited the pair’s upside and traders await remarks from Fed officials later in the North American session. Silver appreciated vis-à-vis the U.S. dollar as the pair tested offers around the US$ 13.12 level and was supported around the US$ 12.76 level.

Crude Oil

Crude oil moved higher vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for January delivery tested offers around the US$ 61.37 level and was supported around the $60.62 level. An increase in tensions between Iran and Israel is adding some risk premium into the market, as is the expectation that OPEC could reduce output further next month.

 

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