User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday January 11, 2007 - 15:07:40 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (11 January 2007)



The euro came off marginally vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2925 level and was capped around the $1.3015 level. Technically, today’s intraday low was right around the 50% retracement of the move from $1.2480 to $1.3360. As expected, the European Central Bank kept its main refinancing rate unchanged at 3.5%. The markets have fully priced in a +25bps hike by the ECB in Q1 and there is only about a 30% chance price in that the ECB will do so by next month, leaving March as the most likely month for a move. ECB President Trichet did not include the word “vigilance” in describing the central bank’s commitment to fighting inflation risks and the common currency sold off on this exclusion. Trichet said the ECB will act in a “firm and timely manner to ensure price stability in the medium term.” In other eurozone news, United Arab Emirates central bank chief al-Suweidi indicated some Gulf Arab central banks may agree in March to change their currency pegs to the U.S. dollar and reiterated his central bank plans to swap about another 7% of its US$ 27 billion in foreign reserves into euros by the end of Q3. Data released in the eurozone today saw Q3 GDP climb 0.5% q/q and 2.7% y/y. Also, the European Commission kept its forecast for Q4 GDP growth unchanged in the range of 0.3% to 0.7%. Germany reported that its GDP growth reached 2.5% last year, the largest increase since 2000 and up from 0.9% in 2005. In U.S. news, Chicago Fed President Moskow yesterday reported “Recent price data have been consistent with some easing in core inflation” but said risks to inflation remain his “predominant concern.” Moskow added “the key going forward is whether that trend (of lower inflation) can be sustained and how quickly inflation will move back to the range that is commensurate with price stability.” Moskow’s comments follow remarks from Fed Vice Chairman Kohn earlier in the week and these represent early statements in which Fed officials are cautiously acknowledging that inflation is receding but also noting the Fed will not be complacent if inflation continues. Data released in the U.S. today saw weekly initial jobless claims fall to their lowest level in nearly six months, off 26,000 to 299,000, with continuing jobless claims off marginally to 2.43 million. Euro bids are cited around the US$ 1.2885 level.

¥/ CNY

The yen weakened vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥120.40 level and was supported around the ¥119.50 level. Today’s intraday high represents the pair’s strongest showing since December 2005 and opens up the ¥121.40 level as the pair’s next upside target. Traders scaled back expectations of a rate hike next week by Bank of Japan’s Policy Board. Some traders believe the BoJ will lift the overnight call rate from +0.25% next week while others see a move taking place before the end of the fiscal year in March. Vice finance minister Fujii verbally intervened overnight saying “disorderly moves in the currency market are undesirable.” The yen remains a funding currency for carry trades in which traders borrow in yen and invest the proceeds in other higher-yielding currencies. A rate hike by the central bank would unwind some of those trades and lead to yen appreciation. Data released in Japan today saw the November leading index print at 20, down from 54.5 in October, while the coincident index receded to 50 from 75. The Nikkei 225 stock index lost 0.62% to close at ¥16,838.17. Dollar bids are cited around the ¥119.20 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥156.30 level and was supported around the ¥154.65 level. The British pound and Swiss franc gained ground vis-à-vis the yen as the crosses tested offers around the ¥234.80 and ¥96.85 levels, respectively. The Chinese yuan appreciated sharply vis-à-vis the U.S. dollar as the greenback closed at CNY 7.7949 in the over-the-counter market, down from CNY 7.8071.



The British pound rocketed higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.9535 level and was supported around the $1.9315 level. Bank of England’s Monetary Policy Committee shocked the markets with a +25bps interest rate hike to 5.25%, its highest level since August 2001. The MPC noted “Domestic demand has grown steadily and credit and broad money growth remain rapid. The international economy continues to grow strongly” and added spare capacity in the U.K. economy appears to be limited. Most traders expected BoE to lift interest rates next month and today’s move was a major surprise. Data released in the U.K. yesterday saw the BRC December shop price index rise 1.8% m/m and 2.3% y/y, the highest rise since March 2004. Data released today saw the manufacturing output rise 0.3% m/m in November while manufacturing output gained 0.5% m/m. Cable bids are cited around the US$ 1.9340 level. The euro weakened vis-à-vis the British pound as the single currency tested bids around the ₤0.6640 level and were capped around the ₤0.6705 level.


CHF

The Swiss franc lost marginal ground vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2480 level and was supported around the CHF 1.2410 level. Swiss National Bank Chairman Roth today indicated the central bank’s interest rate normalization phase has not yet been completed. Dollar offers are cited around the CHF 1.2520/ 80 levels. The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.6105 level while the British pound gained ground vis-à-vis the Swiss franc and tested offers around the CHF 2.4295 level.

A$

The Australian dollar appreciated vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.7840 level and was supported around the $0.7770 level. Technically, today’s intraday high was right around the 38.2% retracement of the move from $0.7615 to $0.7980. Data released in Australia overnight saw the December unemployment rate remain unchanged at 4.6%, below forecast. Many traders believe Reserve Bank of Australia will lift interest rates by +25bps to 6.25% in early February. Australian dollar bids are cited around the US$ 0.7795/ 55 levels.

C$

The Canadian dollar weakened vis-à-vis the U.S. dollar today as the greenback tested offers around the C$ 1.1800 figure and was supported around the C$ 1.1685 level. Technically, today’s intraday low was right about the 61.8% retracement of the pair’s 2007 range. U.S. dollar offers are cited around the C$ 1.1830 level.

Gold/ Silver

Gold appreciated vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 616.05 level and was supported around the $609.10 level. A volatile day in the currency markets led to the pair’s gains, as did continued talk of physical demand. Silver moved higher vis-à-vis the U.S. dollar as the pair tested offers around the US$ 12.55 level and was supported around the $12.34 level.

Crude Oil

Crude oil extended its recent pullback vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for February delivery tested bids around the US$ 52.94 level and were capped around the $54.04 level. United Arab Emirates Oil Minister al-Hamili said OPEC is concerned with the recent decline in prices and has not decided whether or not it will convene an extraordinary meeting to discuss the topic. At its December meeting, OPEC announced it will reduce output by 500,000 barrels per day from 1 February.

 

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 11 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
  • POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI

  • POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
  • POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
  • POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
  • POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision


  • POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
  • POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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