User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday January 5, 2007 - 14:44:48 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (5 January 2007)



The euro weakened vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2990 level and was capped around the $1.3105 level. Prior to today, the pair last traded below the psychologically-important US$ 1.3000 figure on 24 November. The dollar reigned supreme after the release of stronger-than-expected U.S. December non-farm payrolls growth that saw 1670,000 new jobs created last month with a cumulative upward revision of 29,000 jobs in October and November. The December unemployment rate printed at 4.5% and average hourly earnings were up +0.5%, the largest monthly gain since April 2006. These earnings gains will be a concern to Federal Reserve officials who continue to wait for a definitive pullback in wage costs and other inflationary measures before abandoning their long-term monetary tightening bias. Ahead of the number, the federal funds futures market was discounting about an 82% change the Fed would begin to reduce interest rates before July. Fed Chairman Bernanke will speak near the end of the North American session today. In eurozone news, November EMU-12 producer price inflation was unchanged m/m and up 4.3% y/y while the EMU-12 December economic sentiment index receded to 110.1 from 110.3 in November. Also, EMU-12 November unemployment fell to 7.6% from 7.7% in November and EMu-12 retail sales climbed 0.5% m/m and 1.3% y/y. Additionally, German November wholesale sales were up 0.1% m/m and 3.6% y/y. Euro bids are cited around the US$ 1.2925 level.

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥118.00 figure and was capped around the ¥119.05 level. Technically, today’s intraday low was just below the 50% retracement of the move from ¥116.65 to ¥119.70. Traders continued to unwind short yen carry trades on growing speculation Bank of Japan could raise interest rates by +25bps to 0.50% in a couple of weeks. More than US$ 100 billion in short yen carry trades are said to be on the books of banks and further speculation could result in a stronger yen. Data released in Japan today saw the December monetary base decline for the tenth consecutive month, off 20.0% y/y. The yen also gained ground on a change in Chinese monetary policy overnight. The Nikkei 225 stock index lost 1.51% to close at ¥17,091.59. Dollar bids are cited around the ¥117.80 level. The euro came off vis-à-vis the yen as the single currency tested bids around the ¥154.00 figure and was capped around the ¥155.80 level. The British pound and Swiss franc depreciated vis-à-vis the yen as the crosses tested bids around the ¥228.65 and ¥95.65 levels, respectively. The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 7.8038 in the exchange-traded market, down from CNY 7.8070. People’s Bank of China lifted reserve requirements for banks by +0.5% to 9.5%, the fourth hike since mid-June in its latest attempt to absorb excess liquidity in the banking system.



The British pound extended recent losses vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9285 level after running out of steam around the $1.9445 level. Stops were reached below the $1.9340 level, representing the 38.2% retracement of the move from $1.8515 to $1.9845. The pair has not been this weak since late November. Data released in the U.K. today saw Halifax December house prices off 1.0% m/m and up 9.9% y/y. These data, however, do not necessarily mean the U.K. housing market is beginning to contract. Cable bids are cited around the US$ 1.9220/ 1.9180 levels. The euro gained marginal ground vis-à-vis the British pound as the single currency tested offers around the ₤0.6755 level and was supported around the ₤0.6730 level.

CHF

The Swiss franc came off vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2390 level and was supported around the CHF 1.2270 level. The pair last traded at these levels in late November. Dollar offers are cited around the CHF 1.2430 level. The euro and British pound weakened vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.6075 and CHF 2.3820 levels, respectively.

A$

The Australian dollar depreciated vis-à-vis the U.S. dollar today as the Aussie tested bids around the US$ 0.7790 level and was capped around the $0.7850 level. Technically, today’s intraday low was right around the 50% retracement of the move from $0.7615 to $0.7980 level. Australian dollar bids are cited around the US$ 0.7755 level.


C$

The Canadian dollar gained marginal ground today vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.1730 level and was capped around the C$ 1.1785 level. The pair reached levels not seen since 19 January 2006 before pulling back. Data released in Canada today saw the December unemployment rate fall to 6.1% from 6.3% in November, the lowest level in thirty years. U.S. dollar offers are cited around the C$ 1.1830 level.

NZ$

The New Zealand dollar depreciated sharply vis-à-vis the U.S. dollar today as the kiwi tested bids around the US$ 0.6880 level and was capped around the $0.6985 level. Technically, today’s intraday low was just above the 38.2% retracement of the move from $0.5910 to $0.7745. New Zealand dollar bids are cited around the US$ 0.6805 level.

Gold/ Silver

Gold slumped sharply vis-à-vis the U.S. dollar today as the yellow metal tested bids around the US$ 611.44 level and was capped around the $ 626.20 level. The U.S. dollar’s surge overnight and during the North American session added to the pair’s woes. Silver moved lower vis-à-vis the U.S. dollar as the pair tested bids around the US$ 12.39 level and was capped around the $12.76 level.

Crude Oil

Crude oil gained marginal ground vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for February delivery tested offers around the US$ 55.97 level and was supported around the $54.91 level. News that temperatures in the eastern U.S. will be at least 30 degrees above normal this week saw the pair fall below the $55.00 figure for the first time since June.

 

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