User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday December 22, 2006 - 11:27:58 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

Forex: Mellon FX Daily - European Edition

Key Points
• BoJ minutes do little to reverse waning sentiment about short-term rate hikes.
• JPY remains on a very fragile footing.
• Modest EUR-USD upside favoured today.
• US core PCE prices, durable orders and Michigan sentiment feature.
• The next FX Daily will be published on January 2 – please accept our best wishes for the season and good luck in the New Year.

Market Outlook

The JPY has softened a little during the Asian session, although it has yet to fully reverse the correction seen yesterday morning. As this is the last day before the holiday season, there is an outside chance of some corrective pressure re-emerging today, although overall JPY prospects continue to look pretty grim.
The BoJ released the minutes of their late October and mid- November meetings this morning and there were both hawkish and dovish observations seen (the need to prevent excessive capex but that consumer spending had been weak because of subdued wage growth). A poignant remark from one member at the November meeting was that “if it was confirmed with greater certainty at a future meeting that developments in economic activity and prices were following the Bank's projection presented in the October Outlook Report, the Bank should not hesitate to consider a policy change.”

It seems clear that such certainty does not currently exist. After this week’s policy meeting, BoJ governor Fukui said that consumer spending and CPI had been a little weak since the BoJ’s October outlook. BoJ confidence in pursuing rate hikes has waned and will only be restored if there is a decent pick-up in consumer spending or CPI, quite possibly both. There is clearly a danger that the market will continue to reassess BoJ policy expectations over the coming month and this could mean more weakness for the JPY.

EUR-USD has been well underpinned through the night, with yesterday’s soft Philly Fed survey offering support. More US data is due today and there is a risk of a weaker than expected core PCE prices number (see below). Upside remains tentatively favoured on EUR-USD in the very short-term, with 1.3290 the main level to look at. Support is at 1.3120-35. Today’s data releases include French consumption & business confidence, Eurozone current account and German CPI although market impact is unlikely to be large.
Ian Gunner 44 20 7163 5996 07.10 GMT Friday December 22 2006
EUR-SEK yesterday made a more convincing break below 9.00 and there is a fair chance of this being extended in the New Year. 8.92 is the first target and key support is at 8.88. The NZD has also moved back up close to 0.70 and an upside break is looking increasingly likely. With the JPY under pressure the high-yielding NZD is an obvious beneficiary.

Day Ahead
US – core PCE prices, durable orders and Michigan sentiment feature and the main focus will probably be on core PCE prices to see whether it reflects the softer reading in last week’s core CPI number. There is a good chance that it will as the latest number for core CPI excluding shelter (often a better indication of the core PCE prices number) was -0.2% m/m. Core durable orders numbers have been showing some signs of weakness over the last few months (albeit after a strong Q2) and the market will be interested to see whether this has gathered pace. The early December reading on Michigan sentiment (90.2) was down slightly from the previous month (92.1), although this is still fairly high compared to the levels seen in the first half of the year.

Data/event EDT Consensus*

DE CPI (Dec, prel) m/m today +1.0%
FR GDP (Q3, final) q/q 07.40 0.0%
FR Own company ind outlook (Dec) 07.45 15
FR Business climate indicator (Dec) 07.45 107
FR H’hold consumption (Nov) m/m 07.50 +0.3%
IT Business confidence (Dec) 08.30 96.5
EU Current account (Oct) 09.00 €1.0bn
EU Balance of payments (Oct) 09.00
GB Services index (Oct) 3m/3m 09.30 +0.9%
EU Manu orders (Oct) m/m 10.00 +0.5%
US Personal income (Nov) m/m 13.30 +0.4%
US PCE (Nov) m/m 13.30 +0.6%
US Core PCE price index (Nov) m/m 13.30 +0.1%
US Core PCE price index (Nov) y/y 13.30 +2.3%
US Durable orders (Nov) m/m 13.30 +1.3%
US Durables ex-transport (Nov) m/m 13.30 +1.0%
US Michigan sentiment (Dec, fin) 15.00 90.2

Latest data Actual Consensus*
US Philly Fed index (Dec) -4.3 +3.8
DE Import prices (Nov) y/y +2.8% +3.0%
* 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 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim 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