User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday November 20, 2006 - 14:31:09 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (20 November 2006)



The euro appreciated marginally vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2850 level and was supported around the $1.2815 level. Technically, today’s intraday high was just below the $1.2855 level, representing the 76.4% retracement of the move from $1.2980 to $1.2460. Traders were loath to put on new positions ahead of a series of expected appearances from European Central Bank President Trichet over the next couple of days in Australia. Today, Trichet noted the Group of Ten “is in the same mood as before” regarding inflation, suggesting policymakers are still concerned that oil prices are precipitating inflation. He also added there are several reasons to not be complacent about inflation. Bundesbank’s November monthly report reiterated that interest rates are still very low and that inflation risks persist and emphasized “second-round effects” on wages in the eurozone. The ECB next convenes on 7 December and most traders believe policymakers will up borrowing costs by 25bps at that time. German data released today saw the October producer price index rise 0.3% m/m and 4.6% y/y. In U.S. news, last week’s U.S. housing market data evidenced an appreciable contraction in housing market activity yet the U.S. dollar maintained a bid tone. The dollar may have been bid last week on account of the unwinding of short U.S. dollar positions by traders who did not anticipate the price of oil would fall below the psychologically-important US$ 60.00 figure. The U.S. Thanksgiving holiday on the U.S. will reduce liquidity at the end of the week. Euro bids are cited around the US$ 1.2780/ 55 levels.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥118.15 level and was supported around the ¥117.75 level. Technically, today’s intraday low was right around the 38.2% retracement of the move from ¥119.85 to ¥116.55. Rumours that the Japanese government is about to reduce its GDP forecast for the first time in 23 months kept the yen pressured during the Australasian session. Bank of Japan Governor Fukui spoke in Melbourne today saying “If such tendency in the domestic economy, gradual and steady growth on stabilized prices, would be maintained with no obstacles, the BoJ will gradually adjust interest rates while cautiously keeping eyes on various risks in the future.” Some traders continue to speculate the central bank will tighten rates before the end of 2006 while others see a move before the end of the Japanese fiscal year in March 2007. Data released in Japan today saw October convenience store sales fall 0.7% y/y, the fourth consecutive monthly decline. The Nikkei 225 stock index shed 2.27% to close at ¥15,725.94. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥151.65 level and was supported around the ¥151.05 level. The British pound and Swiss franc appreciated vis-à-vis the yen as the crosses tested offers around the ¥224.00 and ¥95.15 levels, respectively. The Chinese yuan depreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 7.8740 in the over-the-counter market, up from CNY 7.8718, and at CNY 7.8750 in the exchange-traded market.



The British pound gained marginal ground vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.8985 level and was supported around the $1.8930 level. Stops were reached above the $1.8965 level, representing the 38.2% retracement of the move from $1.9175 to $1.8835. Data released in the U.K. today saw Rightmove November property asking prices escalate at their fastest pace in more than two years. Also, CML reported October gross lending reached a new monthly record in October at ₤30.3 billion while BBA noted lending was up ₤5.5 billion last month. BSA, however, reported October mortgage approvals were down 9% m/m. The M4 money supply gained 0.9% m/m and 14.0% y/y while public sector net borrowing improved to -₤1.6 billion last month. Cable bids are cited around the US$ 1.8925/ 1.8890 levels. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.6780 level and was supported around the ₤0.6765 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2395 level and was capped around the CHF 1.2445 level. Technically, today’s intraday high was around the 23.6% retracement of the move from CHF 1.2770 to CHF 1.2345. October trade balance data will be released tomorrow. Dollar offers are cited around the CHF 1.2505 level. The euro and British pound moved lower vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5920 and CHF 2.3510 levels, respectively.

AUD

The Australian dollar gained ground vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.7700 figure and was supported around the ₤0.7680 level. Technically, today’s intraday high was right around the 23.6% retracement of the move from $0.6770 to $0.7985. Australian dollar offers are cited around the $0.7755 level.

CAD

The Canadian dollar appreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the C$ 1.1465 level and was supported around the $1.1420 level. Technically, the pair is hovering right around the 61.8% retracement of the move from C$ 1.1770 to $1.0925. U.S. dollar offers are cited around the C$ 1.1570 level.

NZD

The New Zealand dollar appreciated vis-à-vis the U.S. dollar today as the kiwi tested offers around the US$ 0.6680 level and was supported around the $0.6645 level. New Zealand dollar offers are cited around the US$0.6710/ 0.6870 levels.

Gold/ Silver

Gold appreciated vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 625.40 level and was supported around the $621.20 level. The dollar’s pullback early in the North American session contributed to the pair’s gains. Silver moved higher vis-à-vis the U.S. dollar as the pair tested offers around the US$ 12.94 level and was supported around the $12.78 level.

Crude Oil

Crude oil extended recent losses vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for January delivery tested bids around the US$ 58.28 level and was capped around the $58.83 level. Traders continue to send oil lower as shipping data confirm that OPEC members have not yet attained their pledged reduction of 1.2 million barrels per day. Dealers are skeptical that an OPEC meeting in Nigeria on 14 December will result in additional supply cuts. Temperatures are expected to be above normal in the eastern U.S. over the next week and this is also limiting oil prices.

 

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 18 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.


  • POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

  • POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
  • POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude

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