User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday April 25, 2007 - 15:05:56 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (25 April 2007)



The euro appreciated marginally vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3660 level and was supported around the US$ 1.3620 level. Notably, the common currency came within a few pips of its lifetime high, established in December 2004, and many traders believe a new lifetime high will be established later in the North American session or later this week. Traders sold the U.S. dollar in yesterday's North American session and may have another opportunity to do so today depending on the outcome of the Federal Reserve’s Beige Book that will be released today. The common currency shied away from intraday highs after the release of U.S. March new orders for durable goods data that saw the headline figure rise 3.4%, up from February's revised 2.4% level. Last month's rise represents the fastest monthly increase since December 2006 and was significantly higher than most estimates. Excluding transportation goods, durable goods orders increased 1.5% and excluding defense goods, durable goods orders rose 4.5%. Additionally, non-defense capital goods orders gained 11.7% last month and non-defense capital goods orders ex-aircraft orders improved 4.7%, the largest monthly gain since September 2004. These data were a surprise to most economists but many traders believe the U.S. dollar will remain on the defensive. Other data released in the U.S. today saw March building permits upwardly revised to 2.0% from the original 0.8% print. Moreover, March new home sales were up 2.6% from -4.2% in February. In eurozone news, the April headline Ifo business climate index improved to 108.6 from 107.7, above most estimates. These data add to the view that the European Central Bank will lift interest rates by 25bps to 4.00% in June. The German government raised its 2007 GDP growth forecast to 2.3% from 1.7% and it reported its jobless figure should fall below 3.5 million people next year. German economy minister Glos verbally intervened against the euro's recent strength overnight saying “if it were to rise very strongly again, that would mean the risks for the local economy.” The European Central Bank reported that the eurozone's current account surplus with the United States expanded to €58.5 billion last year from €46.8 billion in 2005. Overall, the eurozone's current account balance was -€6.1 billion last year, worse than 2005’s -€1.9 billion level. Euro bids are cited around the US$1.3565 level.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥118.85 level and was supported around the ¥118.25 level. For the fourth consecutive day, the pair was supported around the 50% retracement level of the move from ¥114.45 to ¥122.15. The pair's inability to move below this level over the last few trading sessions suggests that short yen carry trades are alive and well and many traders expect the dollar to test the ¥ 119.00 figure this week. Data released in Japan overnight saw the March trade surplus rise 73.9% y/y to ¥1.633 trillion. The most important data to be released in Japan this week include Friday's consumer price inflation numbers. These data are important because the last round of consumer price inflation data evidenced a decline in consumer price pressures and some dealers believe the Japanese economy has not yet completely ended its long standing battle with deflation. Traders also await the release of Bank of Japan's semiannual outlook on prices and the economy. The Nikkei 225 stock index lost 1.24% to close at ¥17,236.16. Dollar bids are cited around the ¥ 118.05/ 117.50 levels. The euro gained strength vis-à-vis is the yen today as the single currency tested offers around the ¥161.95 level and was supported around the ¥161.25 level. The British pound appreciated vis-à-vis the yen today as sterling tested offers around the ¥237.95 level and was supported around the ¥236.85 level. The Swiss franc lost marginal ground vis-à-vis the yen today as the pair tested bids around the ¥98.35 level and was capped around the ¥98.70 level. In Chinese news, the Chinese yuan’s central parity rate was set at CNY 7.7203, down from CNY 7.7293, an indication that the pair could soon weaken back to the CNY 7.71 handle. Peoples Bank of China Deputy Governor Xiang spoke overnight and said China's planned foreign exchange reserves investment agency should issue new bonds and utilize the proceeds to purchase foreign exchange reserves from the central bank. Most traders expect that China's foreign exchange reserves will have reached US$ 1.2 trillion as of the end of last month.



The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 2.0060 level and was supported around the US$ 2.0000 figure. Technically, today's intraday low was right around the 23.6% retracement level of the move from $1.9590 to $2.0130. Many traders believe the pair will soon test the $2.01 handle and possibly establish fresh multi-year highs. Data released in the U.K. today saw preliminary first quarter GDP growth of 0.7% q/q. and 2.8% y/y. These data were consistent with expectations and the services sector was responsible for most of the growth, up 0.5% m/m in February. Following these data, short sterling interest rate futures traded lower, an expectation that Bank of England will raise its headline repo rate as high as 6.00% this year. Many traders believe the BoE’s Monetary Policy Committee will tighten monetary policy by +25bps next month. Cable bids are cited around the $1.9995/ 25 levels. The euro was little changed vis-à-vis the British pound today as the single currency tested bids around the ₤0.6800 figure and was capped around the ₤0.6815 level.

CHF

The Swiss franc appreciated marginally vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.1995 level and was capped around the CHF 1.2055 level. Today's intraday low represents the pair's weakest showing since 13 December 2006 and many traders are eyeing the CHF 1.1875 level as the pair’s next downside target. Dollar offers are cited around the CHF 1.2085 level. The euro and British pound appreciated vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.6425 and CHF 2.4135 levels, respectively.

A$

The Australian dollar appreciated vis-à-vis is the U.S. dollar today as the Aussie tested offers around the US$ 0.8350 level and was supported around the US$ 0.8270 level. Technically, today's intraday low was right around the 50% retracement level of the move from US$ 0.8150 to US$ 0.8390 level and stops were hit above the US$ 0.8335 level. Expectations that Reserve Bank of Australia will tighten monetary policy next month have diminished on account of the benign consumer and producer price inflation data that were released this week. Still, the Australian dollar enjoys favourable interest rate differentials against most currencies and remains a favorite short carry trades involving they yen and Swiss franc. Australian dollar bids are cited around the US$ 0.8270 /40 levels.

C$

The Canadian dollar extended recent gains vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.1155 level and was capped around the C$ 1.1230 level. Technically, today's intraday high was right around the 76.4% retracement level of the move from C$ 1.1030 to C$ 1.1875. Traders are still talking about yesterday's Bank of Canada interest rate statement in which the central bank intimated it may raise interest rates further in the future but was not as hawkish as many traders had expected. The economic deceleration of the U.S. economy is probably the largest single detriment to higher interest rates in Canada at this time. Bank of Canada will release a monetary policy report tomorrow. U.S. dollar offers are cited around the C$ 1.1355 level.

Gold/ Silver

Gold appreciated vis-à-vis U.S. dollar today as the yellow metal tested offers around the US$ 686.30 level and was supported around the US$ 681.55 level. The pair's gains followed the U.S. dollar's intraday losses along with crude oil’s intraday gains. Traders continue to test key resistance levels ahead of the psychologically-important US$ 700.00 figure. Silver appreciated vis-à-vis the U.S. dollar today as the pair tested offers around the US$ 13.89 level and was supported around the US$ 13.74 level.

Crude Oil

Crude oil appreciated vis-à-vis the U.S. dollar today as light, sweet NYMEX crude futures for June delivery tested offers around the US$ 65.15 level and was supported around the US$ 64.56 level. The pair could sustain a brief intraday rise above the US$66.00 figure yesterday. EIA inventories data released today in the U.S. saw crude inventories rise 2.1 million barrels in the latest week while gasoline inventories were off 2.8 million barrels. Traders continue to monitor developments in Nigeria where violence before and after last weekend's presidential election continues to impact that countries oil production capacity. Traders are also monitoring a meeting tomorrow between Iran and the European Union to discuss the former’s uranium enrichment activities.

 

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 16 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Mon 16 Oct
01:30 CN- CPI
21:45 NZ- CPI
Tue 17 Oct
08:30 GB- CPI
09:00 DE- ZEW Survey
09:00 EZ- Final HICP
Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook


Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



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