User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday November 28, 2006 - 15:30:21 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (28 November 2006)



The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3180 level and was supported around the $1.3120 level. Today’s intraday high is the common currency’s strongest showing since March, 2005. The pair gained ground in the North American session after U.S. October durable goods orders were released and evidenced a decline of 8.3% on the headline figure with the ex-transportation component off 1.7%. Traders shrugged off an upward revision to September’s durable goods data on account of October’s lower-than-expected prints. Other data released in the U.S. today saw November consumer confidence print at a lower-than-expected 102.9. Additionally, October existing home sales were up a surprising 0.5% to 6.42 million annual units, the first increase since February, and were down 11.5% y/y. All eyes will be on a speech by Federal Reserve Chairman Bernanke later in the North American session in which he is expected to talk about the economy. Most traders do not believe the Federal Open Market Committee will tighten interest rates when policymakers convene in a couple of weeks. In eurozone news, EMU-12 finance ministers convened last night and some surprisingly did not express dissatisfaction with the euro’s recent strength. Austria’s Grasser said “it’s nothing special at all.” while Eurogroup chairman Juncker said excessive exchange rate volatility is “excessive.” Juncker added “We were of the opinion that excessive volatility and disorderly movements in the exchange rate are undesirable for economic growth.” There were a couple of reasons the common currency moved higher today. First, German GfK consumer sentiment improved to 9.4 for December from an upwardly revised 9.3 in November. Second, the October EMU-12 M3 money supply improved 8.5%, unchanged from September’s reading and a further continuation that liquidity conditions remain ample. Most dealers believe the ECB will lift interest rates in early December by +25bps to 3.50%. Euro bids are cited around the US$ 1.3080/ 45 levels.




¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥116.40 level and was supported around the ¥115.90 level. Technically, the pair is orbiting the ¥116.15 level, representing the 23.6% retracement of the move from ¥118.60 to ¥115.40. Data released in Japan today saw October retail sales climb 0.1% y/y, the third consecutive monthly increase. Bank of Japan Governor Fukui reiterated his mantra that the central bank will raise interest rates gradually, noting the economy is “expanding moderately.” Fukui said “We will proceed with rate hikes slowly, which is not to hurt economic expansion but to support sustained growth… We are seriously tackling the issue of raising rates not too late or not too soon.” Regarding exchange rates, the BoJ chief reported “We are always keeping asset prices, including forex, in mind when conducting monetary policy. But the basic stance is to monitor domestic economic and price developments.” Dealers still continue to cite evidence that traders are putting on short yen carry trades and investing the proceeds in higher-yielding currencies. The Nikkei 225 stock index came off 0.19% to close at ¥15,855.26. Dollar bids are cited around the ¥115.20 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥153.00 figure and was supported around the ¥152.30 level. Today’s intraday high represents a fresh lifetime high for this cross. The British pound and Swiss franc appreciated vis-à-vis the yen as the crosses tested offers around the ¥226.45 and ¥96.45 levels, respectively. The Chinese yuan appreciated sharply vis-à-vis the U.S. dollar today as the greenback closed at CNY 7.8400 in the over-the-counter market, down from CNY 7.8436, and today’s closing price represents the pair’s weakest showing after the yuan’s revaluation in July, 2005. U.S. Treasury Secretary Paulson characterized “the need for greater currency flexibility” as a short-term issue for U.S.-Chinese relations. Paulson will visit Beijing in a couple of weeks to discuss pressing economic trade issues.



The British pound escalated further vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.9490 level and was supported around the $1.9365 level. Today’s intraday high represents cable’s strongest showing since December, 2004. Data release din the U.K. today saw Land Registry house prices in England and Wales climb 1.2% m/m in October with annual growth now at a 17-month high of 7.0%. Cable bids are cited around the US$ 1.9260 level. The euro came off vis-à-vis the British pound as the single currency tested bids around the ₤0.6755 level and was capped around the ₤0.6780 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2030 level and was capped around the CHF 1.2080 level. Data released in Switzerland today saw the October UBS private consumption indicator improve to 1.96 from 1.83 in September. U.S. dollar offers are cited around the CHF 1.2145 level. The euro and British pound moved higher vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.5880 and CHF 2.3515 levels, respectively.

A$

The Australian dollar appreciated vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.7820 level and was supported around the $0.7775 level. Reserve Bank of Australia economist Tony Richards predicted Australia’s annual headline inflation rate may fall below 2% in the middle of 2007. Australian dollar bids are cited around the US$ 0.7755 level.

C$

The Canadian dollar appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.1285 level and was capped around the C$ 1.1330 level. Traders are trying to determine if and how Canada’s decision to consider Quebec a “nation” within Canada may impact the Canadian dollar. Traders await many Canadian economic data tomorrow. U.S. dollar offers are cited around the C$ 1.1355 level.

NZ$

The New Zealand dollar appreciated vis-à-vis the U.S. dollar today as the kiwi tested offers around the US$ 0.6750 level and was supported around the $0.6685 level. Technically, today’s intraday low was right around the 50% retracement of the move from $0.5910 to $0.7465. New Zealand dollar offers are cited around the US$ 0.6870 level.

Gold/ Silver

Gold came off vis-à-vis the U.S. dollar today as the yellow metal tested bids around the US$ 636.95 level and was capped around the $ 641.70 level. Traders booked some profits today following the U.S. dollar’s recent sell-off. Silver gained marginal ground vis-à-vis the U.S. dollar today as the pair tested offers around the US$ 13.54 level and was supported around the $13.42 level.

Crude Oil

Crude oil notched gains vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for January delivery tested offers around the US$ 60.83 level and was supported around the $ 60.22 level. Weather forecasts for a cold spell in the U.S. northeast added to the pair’s gains as did news that China may try to add to its strategic oil reserves. Traders are also talking about the OPEC meeting in Nigeria on 14 December.

 

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 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook


Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



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