User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday February 16, 2007 - 22:38:23 GMT
DailyFX.com - www.dailyfx.com

Share This Story:
| | Email

Forex- Bank of Japan Rate Decision is the Marquee Event Next Week for the FX Market

FXCM - DailyFX Fundamentals 02-16-07

• US Dollar – Could a Shortened Trading Week and Light Data Lead to Gains?
• Bank of Japan Rate Decision is the Marquee Event Next Week for the FX Market
• Commodity Currencies End the Week Strong

US Dollar

The market is getting tired of selling US dollars and has instead opted to take profit on dollar shorts ahead of the three day weekend in the US. Economic data continued to disappoint, but the disappointments were still not significant enough to stop the Federal Reserve from raising interest rates. This morning, producer prices fell 0.6 percent in the month of January, housing starts dropped 14.3 percent while consumer confidence slipped to 93.3. The disappointments proved to be anti-climatic since these are second tier reports. Even though PPI is fairly important, the drop was in line with expectations and prices excluding food and energy increased by 0.2 percent. As if to assure the market that the Federal Reserve is not worried about the drop in PPI, Chicago Fed President Moskow came on the wires after the release and said that the Fed still needs to clamp down on inflation and will continue to look to raise interest rates. He was optimistic about growth, downplayed the weakness in the housing market and warned that inflation risks remain to the upside. Unfortunately the week ahead will yield little clarity. The only important of piece of economic data on the calendar is consumer prices. Weakness is expected and will not be a surprise. Inflation is dropping around the world, but all of the central banks believe that this drop should only be temporary given the resurgence in energy prices this month. Furthermore, housing is the Fed’s number one focus and we will not get more housing related data until the following week. This means that the dollar could consolidate in the week ahead, especially against the Euro given its lack of meaningful data other than the German IFO report.

Euro

After consolidating within a 200 point trading range for over a month, the EUR/USD has finally broken out this past week. An upside breakout was triggered by a barrage of disappointing US economic data in the face of a consistently hawkish Central Bank in Europe. Eurozone economic data continues to outperform with the trade surplus increasing from 2.0 billion to 2.5 billion in the month of December. French non-farm payrolls increased by 0.2 percent in the fourth quarter, which was right in line with expectations. The hawkishness continues to be reflected in the comments from European officials. ECB Wellink said that the economy is running at full steam while Gonzalez-Paramo said that the ECB cannot be calm on inflation risks. In the week ahead, there are number of second tier Eurozone data such as French GDP, consumer prices, Eurozone current account and industrial orders. The most important release is the German IFO report on Friday. Business sentiment is expected to hold steady but we believe that the risks are skewed to the downside since January’s optimism may have stemmed from the aggressive consumer spending that we saw in the month of December. Looking ahead, the risks that the Value Added tax may begin to hurt the economy are increasing and business confidence could reflect that outlook. Meanwhile Switzerland reported a very strong 9.2 percent increase in retail sales today, but the market shrugged the number off ahead of the US data. In the week ahead, the only piece of Swiss data due for release is the trade balance but SNB President Roth is also scheduled to speak.

British Pound

It has been a tough week for the British pound as weak economic data caused the currency to under perform against both the Euro and US dollar. There was no UK data released today but the EU Commission raised their GDP forecast for the UK from 2.6 percent to 2.7 percent this year. At this point, there is only a slim chance for a rate hike in March. However, with the UK, things change frequently and next week’s busy economic calendar could easily shift the market’s outlook. The Bank of England will be releasing the minutes from their monetary policy meeting earlier this month. The most important takeaway from the report will be how the members voted. If the decision to leave rates unchanged was unanimous, then the odds for a rate hike in March will be very low. If at least 2 members voted in favor of a rate hike, then market expectations will quickly adjust to reflect the possibility of 5.50 percent rates in March.

Japanese Yen

The best performing currency pair of the week was the Japanese Yen. The combination of a strong GDP report and liquidation of yen shorts have sent the Yen soaring against all of the majors on the prospect that the Bank of Japan could raise interest rates next week. Aside from the GDP report, most other data has not surprised to the upside. The latest was the December tertiary activity index, which dropped by 0.4 percent. As a result, we still think that there is only a 50-50 chance of a rate hike next week and overnight index swaps and a recent Reuters poll reflects that. The Bank of Japan would raise rates for only one reason and that would be if there was a behind the scenes agreement between the Europeans and the Japanese at last weekend’s G7 meeting that effectively allowed Japan to engineer strength in their own currency rather than be outwardly pressured to do. Growth is improving, but there are still no signs of inflation. Either way expect the Japanese Yen to be a big market mover next week.

Commodity Currencies (CAD, AUD, NZD)

The Australian, New Zealand and Canadian dollars extended their strength today as commodity prices continued to climb. Oil prices are back above $59 a barrel and that is keeping the Canadian dollar at a seven week high against the US dollar. We are finally seeing the benefits of the prior weakness in the Canadian dollar. In the week ahead, we are expecting wholesale trade and inventories, Canadian CPI which is expected to be softer, just like the inflation reports from the other parts of the world, retail sales, which is expected to be stronger and leading indicators. Bank of Canada Governor Kennedy is also scheduled to speak on economic change. Australia and New Zealand have a fairly light calendar. RBA Governor Stevens will be speaking before the House Economic Committee. His comments will be extremely important given the rather cautious comments on the outlook for the economy that we heard from the Treasury’s Costello earlier this week. The only piece of data due for release is the wage cost index. From New Zealand, the only releases are tax receipts and credit card spending.

 

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