User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday April 23, 2007 - 14:55:54 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (23 April 2007)



The euro weakened vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3540 level and was capped around the $1.3605 level. Technically, today’s intraday low was just below the 23.6% retracement of the move from $1.3255 to $1.3635. The dollar gained ground after U.S. Treasury Secretary Paulson was quote as saying he is a “big believer in a strong dollar” late Friday. Also, a media report quoted European Central Bank member Garganas as saying “to the extent that the strength of the euro helps contain inflationary pressure, there is less reason to raise interest rates,” a comment that Garganas subsequently denied. The common currency took little notice of the French presidential election over the weekend in which Sarkozy and Royal will go into a run-off election on 6 May. Also, Ecofin finance ministers met over the weekend to discuss the euro and the eurozone economy and were generally sanguine about the common currency’s level. Traders await tomorrow’s German Ifo survey on business confidence. Data released in the eurozone today confirmed that the bloc’s 2006 budget deficit amounted to 1.6% of GDP, down from 2.5% in 2005. In U.S. news, traders await March existing home sales today tomorrow along with April consumer confidence results. Euro bids are cited around the US$ 1.3490/ 1.3445 levels.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥119.00 figure and was supported around the ¥118.20 level. Technically, today’s intraday high was just below the 23.6% retracement of the move from ¥109.00 to ¥122.15. The yen reversed course overnight after traders pushed the yen higher following an upgrade by Standard & Poors to Japan’s long-term sovereign ratings. Data released in Japan overnight saw March supermarket sales fall 1.5% y/y, the fifteenth consecutive monthly decline. Carry trades appear to be alive and well as there is little indication that Bank of Japan will be lifting interest rates anytime soon. A news report surfaced that Japan may form a new agency to manage its massive US$ 900 billion+ war chest of foreign reserves. The Nikkei 225 stock index gained 0.02% to close at ¥17,455.37. Dollar bids are cited around the ¥118.05/ 117.40 levels. The euro came off marginally vis-à-vis the yen as the single currency tested bids around the ¥160.45 level and was capped around the ¥161.80 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥238.30 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥97.80 level. The Chinese yuan weakened vis-à-vis the U.S. dollar as the greenback closed at CNY 7.7247 in the over-the-counter market, up from CNY 7.7179. People’s Bank of China advisor Fan Gang reiterated the yuan’s exchange rate will not resolve China’s external imbalances.



The British pound lost ground vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9970 level and was capped around the $2.0060 level. Robust mortgage lending data were released in the U.K. today. CML and BSA reported gross mortgage lending reached a record performance in March while Halifax reported U.K. house prices appreciated 2.8% in Q1 2007. The M4 money supply was up 12.8% y/y in March while M4 lending expanded ₤12.7 billion. The Ernst & Young ITEM Club report was released overnight and indicated the U.K. is “skating on thin ice” with exceptionally high debt levels. Cable bids are cited around the US$ 1.9925 level. The euro came off marginally vis-à-vis the British pound as the single currency tested bids around the ₤0.6775 level and was capped around the ₤0.6795 level.

CHF

The Swiss franc came off vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2125 level and was supported around the CHF 1.2055 level. Technically, today’s intraday high was right around the 23.6% retracement of the move from CHF 1.2435 to CHF 1.2025. Traders await tomorrow’s UBS March consumption indicator. Dollar offers are cited around the CHF 1.2155/ 1.2215 levels. The euro and British pound appreciated vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.6430 and CHF 2.4240 levels, respectively.

A$

The Australian dollar depreciated vis-à-vis the U.S. dollar today as the Aussie tested bids around the US$ 0.8320 level and was capped around the $0.8375 level. Stops were hit below the $0.8335 level, representing the 23.6% retracement of the move from $0.8150 to $0.8390. Data released in Australian today saw the final producer price index for commodities remain unchanged in the March quarter from the December quarter, below expectations of a +0.6% gain. Traders sold the Aussie on this news on reduced expectations that Reserve Bank of Australia will raise interest rates next month. Australian dollar bids are cited around the US$ 0.8300/ 0.8270 levels.

C$

The Canadian dollar appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.1215 level and was capped around the C$ 1.1240 level. Traders await Bank of Canada’s interest rate decision tomorrow. U.S. dollar bids are cited around the C$ 1.1150 level.

Gold/ Silver

Gold weakened vis-à-vis the U.S. dollar today as the yellow metal tested bids around the US$ 686.48 level and was capped around the $693.35 level. The U.S. dollar’s intraday gains contributed to gold’s losses. Silver gained marginal ground vis-à-vis the U.S. dollar as the pair tested offers around the US$ 13.98 level and was supported around the $13.82 level.

Crude Oil

Crude oil appreciated vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for June delivery tested offers around the US$ 64.61 level and was supported around the $63.75 level. The European Union agreed to implement sanctions against Iran and this led to gains in energy prices, as did lingering concerns that violence could return to Nigeria following that country’s presidential elections this weekend.

 

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 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales


John M. Bland, MBA
co-founding Partner, Global-View.com


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.


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.

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