User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday March 6, 2007 - 15:40:50 GMT
GCI Financial -

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (6 March 2007)

The euro gained marginal ground vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3130 level and was supported around the $1.3080 level. Technically, today’s intraday high was right around the 38.2% retracement of the move from $1.2910 to $1.3215. Data released in the U.S. today saw Q4 non-farm labour productivity downwardly revised to +1.6% from +3.0% while unit labour costs were upwardly revised to 6.6%, significantly above expectations. For all of 2006, productivity expanded at a 1.6% pace, its slowest level since 1995. The dramatic rise in unit labour costs will not sit well with Federal Reserve policymakers who seek evidence that price pressures are waning in the U.S. economy. Other data released in the U.S. today saw January pending home sales fall 4.1% m/m and 8.9% y/y while January factory orders were off 5.6%. St. Louis Fed President Poole was relatively hawkish in remarks made yesterday in which he said the Fed “doesn’t see a recession on the horizon.” Notably, Poole also made some comments that supported the notion of an inflation target when he said “that I would like monetary policy to aim at 1.5 % core inflation and not just accept inflation barely inside one end or the other of a 1 to 2% range.” Fed Governor Warsh yesterday noted that “while premiums on riskier assets rose some last week, markets are functioning well amid higher volatility, market discipline appears effective as investors are reviewing their positions, and overall liquidity does not appear to be in short supply.” Fed Chairman Bernanke is scheduled to speak later in the North American session. Former Fed Chairman Greenspan was quoted as saying there is a one-in-three chance the U.S. economy will enter a recession this year. In eurozone news, EMU-12 GDP was up an unchanged 0.9% q/q and 3.3% y/y in Q4. The European Commission lifted its growth forecast for Q2 2006 to a range between 0.5% and 0.9%. The EMU-12 economy expanded at a quarterly rate of 0.9% in Q4 2006. Other data released today saw EMU-13 retail sales decrease 0.1% m/m and were off 0.1% y/y. Euro bids are cited around the US$ 1.3045/ 25 levels.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥116.65 level and was supported around the ¥115.20 level. Technically, today’s intraday high was right around the 61.8% retracement of the move from ¥121.40 to ¥109.00. U.S. Treasury Secretary Paulson spoke in Tokyo overnight and said “The (yen’s exchange) rate is determined in a competitive market and it trades in an open market as it should.” Japanese finance minister Omi reported Japan is “not going to comment on specific (exchange rate) levels and share prices.” Some of the recent strength in the yen has been attributable to repatriation of foreign assets by Japanese companies ahead of Japan’s fiscal year-end on 31 March. The Nikkei 225 stock index gained 1.22% to close at ¥16,844.50. Dollar bids are cited around the ¥115.20 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥153.00 figure and was supported around the ¥150.75 level. The British pound and Swiss franc gained ground vis-à-vis the yen as the crosses tested offers around the ¥224.90 and ¥95.45 levels, respectively. The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 7.7415 in the over-the-counter market, down from CNY 7.7500. Treasury Secretary Paulson will travel to Beijing tomorrow where he will deliver a “firm” message to China that it is “extremely important for China to speed up its reforms.”

The British pound moved higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.9305 level and was supported around the $1.9185 level. British Retail Consortium today reported that Bank of England’s rate hikes from November and January have not yet impacted consumer spending. BRC data released today saw like-for-like retail sales climb 3.3% y/y. Most traders do not expect Bank of England’s Monetary Policy Committee to tighten monetary policy on Thursday. Cable bids are cited around the US$ 1.9180 level. The euro weakened vis-à-vis the British pound as the single currency tested bids around the US$ 0.6790 level and was capped around the ₤0.6820 level.


The Swiss franc came off vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2250 level and was supported around the CHF 1.2190 level. Data released in Switzerland today saw Q4 GDP expanded 0.5% q/q and 2.2% y/y. For 2006 as a whole, the Swiss economy grew 2.7%, its fastest pace in some six years. Dollar offers are cited around the CHF 1.2275/ 1.2310 levels. The euro and British pound gained ground vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.6045 and CHF 2.3605 levels, respectively.


The Australian dollar appreciated vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.7755 level and was supported around the $0.7680 level. Technically, today’s intraday high was right around the 76.4% retracement of the move from $0.7985 to $0.7015. Data released in Australia today saw the January trade deficit print at a lower-than-expected –A$ 876 million from December’s revised level of –A$ 1.379 billion. Also, January building approvals were off 0.9% m/m and 1.0% y/y. Australian dollar bids are cited around the US$ 0.7615 level.


The Canadian dollar appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.1740 level and was capped around the C$ 1.1830 level. As expected, Bank of Canada kept its main interest rate unchanged at 4.25% today and noted “Total CPI inflation should average just above one per cent in the first half of 2007, returning to the two per cent target in 2008. Core inflation should remain near two per cent throughout this period.” BoC’s next rate decision will come on 24 April and its next monetary policy report will be issued on 26 April. Data released in Canada today saw January building permits print at C$ 6.3 billion, up 11.3% m/m. U.S. dollar bids are cited around the C$ 1.1655 level.

Gold/ Silver

Gold appreciated vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 645.85 level and was supported around the $632.80 level. Some weakness in the U.S. dollar contributed to the pair’s gain today as traders lifted gold from six-week lows. Silver moved higher vis-à-vis the U.S. dollar as the pair tested offers around the US$ 12.97 level and was supported around the $12.61 level.

Crude Oil

Crude oil gained ground vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for April delivery tested offers around the US$ 60.77 level and was supported around the $59.67 level. A cold weather snap in the U.S. Northeast that is expected to last through the weekend and speculation that Iran may be hit with additional United Nations sanctions contributed to the pair’s gains. Traders await weekly U.S. inventories data tomorrow.


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."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.

Request a TRIAL of Max's Forex Service.


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

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 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 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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105