User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday April 3, 2007 - 10:55:11 GMT
Mellon Bank Foreign Exchange - https://fx.mellon.com/

Share This Story:
| | Email

Forex Research - Mellon FX Daily - U.S. Edition

Mellon FX Daily 06:00 EDT

Key Points
• USD-JPY up as US data fails to disappoint.
• Markets may remain wary with further key US releases due for this week.
• Weak US data will be needed to prevent a further pullback in EUR-USD ahead of weekend.
• US pending home sales features today, RBA rate announcement tonight.

Market Outlook

The JPY has weakened overnight with most JPY crosses moving higher, although this increasingly turned into independent USD strength as the European morning progressed. USD-JPY retained its gains while the EUR, GBP and even the AUD and the NZD slipped lower against the USD. The passing of yesterday’s US ISM number without a fresh disaster has been a contributory factor to these movements, while global markets have also been aided by oil prices falling away from recent highs due to growing optimism about a settlement of the current dispute between the UK and Iran.

The ISM report was not exactly strong, but by staying above 50.0 it is painting a picture of activity that is clearly not weak enough to alarm global markets or to trigger any immediate Fed easing expectations. The strength in the prices paid component was a reminder of the inflationary backdrop, although in truth this number is volatile and reflects m/m swings in raw materials prices. The ISM does not have a category for ‘prices received’.

However, markets are likely to remain slightly cautious this week with the non-manufacturing ISM and the employment report still to come. Any negative news from these items would still have the capacity to fuel fears about the US economy.

The problem for EUR-USD is that sizeable long positioning has already been built up and if not supported by weaker US data (yesterday was a chance missed in this regard) there is a risk of some liquidation ahead of the weekend, especially with many in the market likely to be away when Friday’s payrolls data is released.

If the rest of the week’s US data does turn out to be reasonably solid, this should be negative for the JPY and positive for global markets, high-yielders and the USD.

Day Ahead
US - pending home sales have been fairly soft in recent months apart from a brief upward spike in December, but at least the series has stabilised after the heavy falls seen between Q305 and Q306. Some strength will be needed to add credibility to the recent rise in existing home sales.

Australia – this evening’s RBA decision has become an increasingly close call. Recent data suggests that the tightening conducted so far has not had a major impact on spending, debt appetite or activity in general and a rate rise this month or next now looks a certainty. Waiting until next month would give the RBA a chance to assess the Q1 CPI data released on April 24, but the strong retail sales data earlier this week may convince them to tighten immediately. They could certainly rationalise a tightening as early as this week. An additional, albeit secondary, consideration may be whether they want to add further fuel to the fire under the AUD after the recent break above 0.80. If they do raise rates tonight the AUD is likely to test and possibly break the 0.8214 high from Dec 1996. A failure to move would instigate a pullback towards 0.8100, although unchanged rates should not detract from AUD optimism too much. Expectations for a May rate hike would remain firmly in place and the risk of hedging demand for AUD is high with 0.80 having been broken.

Diary
Data/event EDT Consensus*

US Chain store sls (w/e Mar 31) w/w 07.45 +0.2% last
US Redbook sls (w/e Mar 31) m/m 08.55 +0.7% last
TR CPI (Mar) y/y 09.30 +10.9%
US Pending home sales (Feb) m/m 10.00 -0.5%
US ABC consumer conf (w/e Apr 1) 17.00 -2 last
AU RBA rate announcement 19.30 mkt split unch/+25bp

Latest data Actual Consensus*
JP Monetary base (Mar) y/y -19.1% -19.7%
AU Trade balance (Feb) -A$0.8bn -A$1.1bn
CH CPI (Mar) y/y +0.2% +0.2%
EU PPI (Feb) y/y +2.9% +2.8%
* Consensus unless stated

2005, Mellon Financial Corporation Note: Although obtained from sources believed by us to be reliable, Mellon Financial Corporation and its affiliates cannot guarantee the accuracy or completeness of the information upon which this report is based. This report does not purport to disclose the risks or benefits of entering into particular transactions and should not be construed as advice in any specific instance. The views in this report constitute our judgement as of this date and are subject to change without notice.
Ian Gunner 44 20 7163 5996 06.40 EDT Monday May 31 2005

 

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