User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday December 8, 2006 - 11:16:58 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

Forex: Mellon FX Daily - European Edition

Mellon FX Daily - European Edition

Key Points
• Today’s US data will be critical for short-term USD direction.
• An absence of weak data could allow the USD to recover further short-term.
• Weak Japanese data makes it difficult for BoJ to act on their instincts.
• US employment report/Michigan sentiment feature.

Market Outlook

Yesterday’s presentation from Trichet has done little to detract from arguments about further ECB tightening in 2007, although he did seem fairly keen on playing down the possible automatic nature of future moves. In this regard, there will be some uncertainty about the timing of future rate hikes. However, overall tightening expectations should have been supported by yesterday’s comments and to this extent the EUR side of EURUSD is well bolstered. (German export data this morning also fits in well with the picture of strong Eurozone activity.)

Today is all about the USD side of that argument, with the employment report being a potentially significant contributor to the debate about the current state of the US economy. This will carry extra resonance perhaps with the FOMC due to meet next week. A very weak number will put extra pressure on the Fed to acknowledge the signs of strain in some of the economic data, while a solid report will make it that much easier for them to stick with the recent script i.e. that all we are seeing is some natural growth moderation. Michigan sentiment is also due today (see below for preview). 1.3370 and 1.3250 are the immediate parameters of interest on

EUR-USD today. The chart is starting to look a little negative from a very short-term perspective after the slight loss of upside momentum seen in recent days and any ‘as expected’ number today should see a further USD recovery. However, a weak report would most probably prompt further USD weakness.

Japanese data today has been weaker than expected, with Q3 GDP revised down to +0.2% q/q from +0.5% and machinery orders only bouncing back 2.8% after the 7.4% drop seen the previous month. The data will cast more doubt over the ability of the BoJ to hike rates in the short-term. They are keen to press ahead with rate normalisation, but with much of the data looking fragile it will be difficult to act on these instincts. Next week’s Tankan survey will be significant. US data will be key today but any move in USD-JPY above 115.50 would leave risk up towards 116.60.

Day Ahead
US – the employment report and Michigan sentiment are today’s main features. The state of employment is not always the best of indicators when trying to gauge the extent of an initial slowdown in activity, as employment is typically a lagging indicator. However, with sentiment about the US economy in such a state of flux, any major data releases will have potential to affect sentiment and the employment report certainly falls into that bracket. Indeed, there is always a chance that the less certain economic environment has already translated into hiring decisions becoming more tentative, although the normal caveats apply with regard to m/m changes on payrolls i.e. anything is possible. Also look out for the weekly hours data, which will show the extent to which the current set of employed labour is being utilised - a good indicator of underlying labour demand.

December Michigan sentiment will also be watched closely given basic market concerns about the consumer being negatively affected by ongoing housing market weakness. The final reading for November Michigan sentiment fell back to 92.1 from a preliminary estimate of 92.3 and 93.6 in October. However, this is still well above the averages seen in previous quarters this year – Q3 84.0, Q2 83.8 and Q1 88.9 – so things are not that bad just yet.

Data/event EDT Consensus*

SE Ind prod (Oct) m/m 08.30 +0.3%
DE Ind prod (Oct) m/m 11.00 +0.5%
CA Housing starts (Nov) 13.15 220k
US Non-farm payrolls (Nov) 13.30 +100k
US Unemployment rate (Nov) 13.30 4.5%
US Average workweek (Nov) 13.30 33.9
US Hourly earnings (Nov) m/m 13.30 +0.3%
US Michigan sentiment (Dec, prel) 15.00 92.0

Latest data Actual Consensus*
US Consumer credit (Oct) -$1.2bn +$4.2bn
JP GDP (Q3, 2nd est) q/q +0.2% +0.3%
JP M2 plus CDs (Nov) y/y +0.7% +0.7%
JP Bank lending (Nov) y/y +1.2% +1.1% last
AU Housing finance (Oct) m/m -0.1% 0.0%
JP Machinery orders core (Oct) m/m +2.8% +6.3%
DE Trade balance (Oct) €17.3bn €13.5bn
DE Exports (Oct) m/m +2.6% -2.0%
DE Current account (Oct) €11.6bn €7.5bn
* Consensus unless stated
3-mth moving average of m/m change

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