User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday March 5, 2007 - 17:08:10 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

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



The euro extended recent gains vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3070 level and was capped around the $1.3210 level. Stops were hit below the $1.3115 level, representing the 50% retracement of the move from $1.3365 to $1.2865. Data released in the U.S. today saw the February ISM non-manufacturing index fall to 54.3 in from 59.0 in January. Traders await the February non-farm payrolls report on Friday to assess the strength of the U.S. employment sector. Q4 non-farm productivity data will be released tomorrow and many Federal Reserve officials will speak this week including St. Louis Fed President Poole and Governors Warsh and Kroszner today. In eurozone news, traders reacted to a report that the European Central Bank will reduce its 2007 inflation forecast to 1.8% - 1.9% from 2.0% on Thursday on account of lower oil prices. Most traders believe the ECB will lift borrowing costs by +25bps on Thursday but a decrease in the ECB’s inflation costs – coupled with any perception that the ECB could be done raising rates for the foreseeable future – could dent sentiment in the common currency. Data released in the eurozone today saw the EMU-13 PMI services survey recede to 57.5 from 57.9. Euro bids are cited around the US$ 1.3025 level.

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥115.15 level and was capped around the ¥116.75 level. Technically, today’s intraday low was right around the 50% retracement of the move from ¥121.40 to ¥109.00. The yen continued last week’s rampage as traders reduced short yen carry trade positions and bought back the yen, particularly vis-à-vis higher-yielding currencies. U.S. Treasury Secretary Paulson and Japanese finance minister Omi met over the weekend and confirmed they discussed the foreign exchange market but did not discuss specific levels. Data released in Japan today saw capital investment spending by Japanese corporations increase 16.8% y/y in the three months to December, the fifteenth consecutive quarter of gains. The yen also moved higher after People’s Bank of China Governor Zhou made comments suggesting his country may widen the yuan’s trading band. The Nikkei 225 stock index lost 3.34% to close at ¥16,642.25. Dollar bids are cited around the ¥114.45 level. The euro fell sharply vis-à-vis the yen as the single currency tested bids around the ¥150.90 level and was capped around the ¥154.10 level. The British pound and Swiss franc depreciated vis-à-vis the yen as the crosses tested bids around the ¥221.25 and ¥94.30 levels, respectively. The Chinese yuan depreciated vis-à-vis the U.S. dollar today as the greenback closed at CNY 7.7500 in the over-the-counter market, up from CNY 7.7465. People’s Bank of Governor Zhou was quoted as saying China may consider widening the yuan’s trading band vis-à-vis the U.S. dollar and his comments could cause Asian currencies to appreciate further. Some traders believe Zhou’s comments represent a concession to U.S. Secretary Paulson ahead of his visit to China. Chinese Premier Wen was quoted as saying the country’s 2007 GDP target is around 8%.



The British pound depreciated sharply vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9180 level and was capped around the $1.9445 level. Technically, today’s intraday low was right around the 50% retracement of the move from $1.8515 to $1.9845. Data released in the U.K. today saw the February PMI services survey fall to 57.4 from 59.2, a five-month low. The services sector accounts for some 74% of the U.K. economy. Most traders do not believe Bank of England’s Monetary Policy Committee will lift borrowing costs on Thursday. Cable bids are cited around the US$ 1.9025 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.6840 level and was supported around the ₤0.6790 level.

CHF

The Swiss franc came off vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2240 level and was supported around the CHF 1.2105 level. Technically, today’s intraday high was right around the 38.2% retracement of the move from CHF 1.2435 to CHF 1.2105. Q4 GDP data will be released tomorrow. Dollar offers are cited around the CHF 1.2270 level. The euro and British pound fell sharply vis-à-vis the U.S. dollar today as the crosses tested bids around the CHF 1.5930 and CHF 2.3290 levels, respectively.

A$

The Australian dollar lost major ground vis-à-vis the U.S. dollar today as the Aussie tested bids around the US$ 0.7720 level and was capped around the US$ 0.7825 level. Technically, today’s intraday high was right around the 50% retracement of the move from $0.7695 to $0.7945. Data released in Australia today saw the February TD inflation gauge rise 0.2% m/m and 3.4% y/y, above Reserve Bank of Australia’s 2% to 3% CPI target band. RBA’s latest interest rate decision is expected on Thursday and policymakers are not expected to alter rates at this time. Other data released today saw the February performance of services index rose to 54.5 from 49.5 in January while Q4 inventories rose 0.1% q/q. It was also reported that gross company profits were up 2.5% q/q in the three months to December and were up 9.1% y/y. Australian dollar bids are cited around the US$ 0.7695.

C$

The Canadian dollar weakened vis-à-vis the U.S. dollar today as the greenback tested offers around the C$ 1.1825 level and was supported around the C$ 1.1755 level. Technically, today’s intraday high was right around the 50% retracement of the move from $1.2735 to $1.0930. Data released in Canada today saw the February PMI services survey rally to 60.5 from 53.8 in January. Most traders expect Bank of Canada to keep its overnight target rate unchanged at 4.25% tomorrow. U.S. dollar offers are cited around the C$ 1.1655 level.

Gold/ Silver

Gold came off vis-à-vis the U.S. dollar today as the yellow metal tested bids around the US$ 633.60 level and was capped around the $644.85 level. The pair came off on account of the U.S. dollar’s strong intraday gains. Silver weakened vis-à-vis the U.S. dollar as the pair tested bids around the US$ 12.43 level and was capped around the $12.97 level.

Crude Oil

Crude oil depreciated vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for April delivery tested bids around the US$ 59.62 level and was capped around the $61.37 level. Another cold snap is expected in the U.S. Northeast this week and traders await possible further sanctions from the United Nations against Iran.

 

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