User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday January 16, 2007 - 14:36:06 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (16 January 2007)



The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2990 level and was supported around the $1.2920 level. Technically, today’s intraday low was right around the 50% retracement of the move from $1.2480 to $1.3365. Data released in the U.S. today saw the January Empire State manufacturing index print lower-than-expected at 9.13, off from a downwardly revised previous reading of 22.19. In eurozone news, the German January ZEW headline index printed at 70.6, above expectations, while the economic expectations indicator came in around -3.6, above the expected -10 level. European Central Bank President Trichet spoke in Slovenia yesterday and said he had “nothing to add” to his comments from 11 January regarding ECB monetary policy. Euro bids are cited around the US$ 1.2885 level.


¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥120.75 level and was supported around the ¥120.20 level. The pair reached its highest level since December 2005 on a Japanese television story that Bank of Japan officials are coordinating a delay in rate hikes. Until this report, most traders believed the central bank would be lifting the overnight call rate by +25bps to 0.50% at its two-day Policy Board meeting that begins tonight. The possibility of a delay in higher rates gives traders less incentive to unwind their short yen carry trades. Data released in Japan today saw November industrial output up +0.8% m/m while the December wholesale goods price index rose 2.5% y/y, below forecast. The Nikkei 225 stock index lost 0.04% to close at ¥17,202.46. Dollar bids are cited around the ¥119.60 level. The euro appreciated vis-à-vis the yen as the single currency tested offers around the ¥156.30 level and was supported around the ¥155.70 level. The British pound and Swiss franc moved higher vis-à-vis the yen as the crosses tested offers around the ¥237.25 and ¥96.85 levels, respectively. The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 7.7900 in the over-the-counter market, down from CNY 7.7918 level. Data released in China today saw the December enterprise commodity price index – a measure of wholesale prices – rise 1.1% m/m and 5.1% y/y.



The British pound escalated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.9705 level and was supported around the $1.9620 level. Technically, today’s intraday low was right around the 61.8% retracement of the move from $1.9845 to $1.9260 and today’s intraday high was right around the 76.4% retracement of the same range. Data released in the U.K. today saw the December consumer price index print at 3.0%, its highest level since 1997. Traders are citing this as a reason why Bank of England’s Monetary Policy Committee lifted interest rates last week in a surprise move and many believe these data could spur the central bank into lifting rates again in the months ahead. The jump in inflation may result in higher wage deals during this month’s pay round negotiations. Notably, the wider RPI measure of inflation vaulted higher to 4.4%, its highest level since December 1991. Cable bulls are highlighting a story that BoE’s MPC will have access to an advanced estimate of U.K. inflation data when they convene next month. BoE MPC member Sentance spoke against a rise in U.K. minimum wages, suggesting such a policy could raise unemployment. Cable bids are cited around the US$ 1.9555 level. The euro gained ground vis-à-vis the British pound as the single currency tested offers around the ₤0.6605 level and was supported around the ₤0.6580 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2415 level and was capped around the CHF 1.2495 level. Technically, today’s intraday low was just below the 38.2% retracement of the move from CHF 1.3235 to CHF 1.1920. Dollar offers are cited around the CHF 1.2520 level. The euro and British pound weakened vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.6125 and CHF 2.4415 levels, respectively.

A$

The Australian dollar moved higher vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.7850 level and was supported around the US$ 0.7820 level. Most traders expect Reserve Bank of Australia will lift interest rates next month. Australian dollar bids are cited around the US$ 0.7795 level.

C$

The Canadian dollar appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.1645 level and was capped around the C$ 1.1690 level. Technically, today’s intraday high was right around the 61.8% retracement of the move from C$ 1.1625 to C$ 1.1800. As expected, Bank of Canada left its overnight target rate unchanged at 4.25%. BoC reported “Final domestic demand in Canada has continued to contribute strongly to growth. Inflation has evolved largely in line with the Bank's expectations in the October Monetary Policy Report (MPR), with total CPI inflation slightly lower than projected and core inflation slightly higher. The Bank judges that at the end of 2006, the Canadian economy was operating at, or just above, its production capacity.” U.S. dollar offers are cited around the C$ 1.1715 level.

NZ$

The New Zealand dollar gained marginal ground vis-à-vis the U.S. dollar today as the kiwi tested offers around the US$ 0.6975 level and was supported around the $0.6945 level. Technically, today’s intraday high was just above the 50% retracement of the move from $0.7095 to $0.6840 level. Data released in New Zealand today saw NZIER’s quarterly survey of business opinion evidence a sharp improvement in the number of firms that expect an improvement in general business conditions. New Zealand dollar bids are cited around the US$ 0.6900 figure.

Gold/ Silver

Gold appreciated vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 627.90 level and was supported around the $624.40 level. The pullback in the U.S. dollar added to gold’s climb. Silver weakened marginally vis-à-vis the U.S. dollar as the pair tested bids around the US$ 12.74 level and was capped around the $12.92 level.

Crude Oil

Crude oil extended its recent losses vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for February delivery tested bids around the US$ 51.77 level after running out of steam around the $53.16 level. Saudi oil minister al-Naimi indicated recent production cuts are “working well” and added there is no need for an emergency meeting to discuss further cuts in supply.

 

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