User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday March 21, 2007 - 21:33:24 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

Forex Market News - Westpac Institutional Bank Morning Report

New Zealand Dollar NZD continues to ‘March’ higher
The NZD continued its relentless march higher yesterday as yield related buying saw stop loss orders taken out at 0.7070. However, with momentum temporarily exhausted around the same level, the NZD fell back marginally to end the day near 0.7060. In data released credit card billings rose 1.6% in February to be 8.2% higher for the year; the date serves to show that we are continuing to spend up at large and suggests that February retail sales will likely be strong. NZD strength continued overnight, this time prompted by broad based USD weakness in the wake of the US Federal Reserve keeping interest rates steady while moving away from previous suggestions of further interest rate hikes.

Australian Dollar: Strong sentiment supports AUD
The AUD struggled to make any headway from the pervious days break above 0.8000 yesterday as it drifted in a narrow range while finding good support above 0.8020. Sentiment was buoyed by data released which showed the Westpac-Melbourne Institute Leading Index of Economic Activity was at 4.8% in January, above its long-term trend of 3.9%. The AUD also benefited from USD weakness overnight and opens this morning around last nights high of 0.8080.

Major Currencies: EUR surges to 2-year high after FOMC
The USD slumped to a two year low against the euro following the FOMC statement. Although the Fed kept US interest rates unchanged at 5.25% and reiterated that inflation remains a concern, they removed the reference to the possibility of further rate hikes, in effect removing the tightening bias. The euro surged upon the release, rushing to high of 1.3390, while USD/JPY fell to a low of 117.15. Having fallen following the release of dovish BoE MPC minutes, Sterling
US Fed on hold but tightening bias softened. The Fed left rates unchanged at 5.25% but adjusted the press statement substantially. They downgraded their recent housing and growth assessment, but upgraded their inflation assessment. The upside risk to inflation was left in place, but most importantly, the policy outlook, previously suggesting “additional firming” may be required, is now neutral. In other words, the Fed is now suggesting that there are three options for future FOMC meetings: a cut, no change or a hike, whereas previously it was either on hold or a rate rise. Given the Fed’s inflation view, that is still a very mild tightening bias, but clearly less so than previously. The near instant 90 point gain on the Dow on this news shows that equity markets believe that the “Greenspan put” is still Fed policy!

Solid Canadian data – only a modest retail pullback of 0.2% in Jan after a strong Dec, and an accelerating leading index, up 0.7% in Feb.

The minutes to the March BoE MPC meeting showed a surprise 8:1 vote, with the dissenter to the on-hold decision, American David Blanchflower, voting for a 25bps rate cut. The two hawks who voted unsuccessfully for a 25bps hike in Feb, Andrew Sentance and Tim Besley, sided with the majority this time round.

UK Chancellor Brown’s budget contained some surprises in the detail but the bottom line was neutral, as the headline grabbing measures were all offsetting. For example, the basic rate of tax was cut from 22p in the pound to 20p from next year, and the threshold that the top 40p rate comes in at was raised – but this was offset by higher national insurance payments for wealthier taxpayers and the removal of the lowest 10p income tax rate. Lower company tax (28% from 30%) was offset by higher imposts elsewhere. The reality is that public finances are not in brilliant shape, so there wasn’t much extra to spend. In fact spending plans already locked in from previous years imply a reducing fiscal stimulus over the next few years, and that has not changed. As such, the budget is neutral from a monetary policy perspective.

Events Today
Country Release Last Forecast
US Initial Jobless Claims w/e 17/3 318k 315k
Feb Leading Index 0.1% –0.3%
Fedspeak: Kroszner and Lacker
Jpn Q1 BSI Large Manufacturing 7.1 n/f
Q1 BSI Large Non-Manufacturing 6.4 n/f
Feb Trade Balance ¥bn 1086 411
2006 Nationwide Land Prices, ann –2.8% –0.5%
Eur Jan Trade Balance €bn s.a. 0.7 2.3
Jan Industrial Orders 2.8% –1.0%
UK Feb Retail Sales –1.8% 0.9%

Latest Research papers/Publication
• NZ Weekly Forex Outlook (19 March)
• Bubble, Schmubble (16 March)
• NZ Agribiz March 2007 (15 March)
• NZ Weekly Forex Outlook (12 March)
• RBNZ MPS Review (8 March)
• NZ Q4 Terms of Trade (8 March)
• Rent apart (6 March)
• NZ Weekly Forex Outlook (5 March)
• RBNZ MPS Preview (2 March)
These papers/publications are available on Online Research on Westpac
Institutional Bank’s website (

Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 24 May 2005. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpac's financial services guide by calling +612 9284 8372, visiting or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Westpac Banking Corporation is regulated for the conduct of investment business in the United Kingdom by the Financial Services Authority. © 2004 Westpac Banking Corporation. Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts.


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

Tue 31 July 2018
AA JP- Bank of Japan
A 06:00 DE- Retail Sales
A 09:00 EZ- flash HICP/GDP
AA 12:30 US- Core PCE Deflator
A 14:00 US- CB Consumer Confidence
Wed 1 Aug 2018
A Final Mfg PMIs
AA 12:15 US- ADP Private Payrolls
A 15:00 US- EIA Crude
AA 18:00 US- Federal Reserve Decision
Thu 2 Aug 2018
AA 11:00 GB- Bank of England Decision
A 13:30 US- Weekly Jobless
Fri 3 Aug 2018
A Final Services PMIs
AA 12:30 US- Employment
A 12:30 US/CA- Trade

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