User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday April 27, 2007 - 15:36:43 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (27 April 2007)



The euro established a fresh lifetime high vis-à-vis the US dollar today as the single currency tested offers around the US$ 1.3680 level and was supported around the US$ 1.3585 level. Technically, today's intraday low was right around the 61.8% retracement level of the move from $1.3540 to $1.3665. The common currency reached a new lifetime high after the release of weaker-than-expected U.S. first quarter GDP data that saw the economy expand at a 1.3% annualized rate, below the 1.9% growth level that was expected and to the slowest annualized pace since the first quarter of 2003. Also, the employment cost index printed at 0.8%, just below expectations, on account of lower benefit costs despite higher wages and salaries. Additionally, the headline PCE price index was up sharply from the -1.0% decline in Q4 2006, and the core PCE price index gained 2.2%, up from 1.8% in Q4 2006. During the past 12 months, the core PCE price index has risen 2.2%. Collectively, today’s data will present a problem for Federal Reserve policymakers because they evidence a slowing U.S. economy alongside elevated inflation pressures. The Federal Open Market Committee next convenes on 9 May to deliberate monetary policy and most traders believe the Fed will keep interest rates unchanged. Other data released in the U.S. today saw the April final University of Michigan consumer sentiment index print at 87.1, down from 88.4 in March. In eurozone news, preliminary German April CPI data in some German states came in hotter-than-expected, adding to the view the European Central Bank will tighten monetary policy in the next couple of months. Also, French consumer confidence and Italian business confidence rallied this month. The European Union reported that its trade surplus with the United States accelerated to €91 billion in 2006 from €89 billion in 2005. Euro bids are cited around the US$ 1.3605 level.





¥/ CNY

The yen appreciated as vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥118.90 level and was capped around the ¥119.75 level. Stops were reached below the ¥119.00 figure, representing the 61.8% retracement level of the move from ¥119.85 to ¥117.60. As expected, Bank of Japan's Policy Board kept interest rates unchanged overnight with the unsecured overnight call rate steady at +0.50%. Also, the BoJ reduced its core consumer price inflation forecast to 0.1% from 0.5%, an indication the central bank is still concerned with deflationary pressures in the Japanese economy. The central bank reaffirmed its previous GDP forecast of 2.1%. Many economic data were released in Japan overnight including March core CPI data that were down y/y, a larger decline than most estimates expected. March retail sales were off 0.7% y/y, the sixth consecutive monthly decline, and the March unemployment rate printed at 4.0%. Additionally, March construction orders received by the 50 largest firms fell 1.6% y/y and March industrial output sank 0.6% m/m. On a positive note, March household spending gained 0.1% y/y, and March housing starts were up 5.5% y/y. Despite the mostly negative economic data released overnight, they yen gained ground after Bank of Japan Governor Fukui reported “If the economic expansion mechanism is in place and prices are on an uptrend, we have to adjust interest rates; otherwise, it could cause wider swings in the economy. We cannot ignore price movements in the short run, but more importantly, we have to look at the longer-term trend." His comments suggest policymakers may place greater emphasis on economic growth in the future, even if prices remain weak in the Japanese economy. The Nikkei 225 index lost 0.17% to close at ¥17,400.41. Dollar bids are cited around the 118.75/45 levels. The euro appreciated vis-à-vis the yen as the single currency tested offers around the ¥162.95 level and was supported around the ¥162.20 level, a fresh all-time high. The British pound and Swiss franc gained ground vis-à-vis the yen as the crosses tested offers around the ¥238.80 level and the ¥99.15 level, respectively. The Chinese yuan appreciated sharply vis-a-vis the U.S. dollar as the greenback closed at CNY 7.7135 in the over-the-counter market, down from CNY 7.7263, a fresh post-revaluation low.



The British pound gained significant ground vis-à-vis the U.S. dollar today as cable tested offers around the US$ 2.0040 level was supported around the $1.9865 level. Technically, today's intraday low was right around the 50% retracement level of the move from $1.9590 to $2.0130. Traders cited talk that a central bank worked a large buy order during the European session. Interestingly, Bank of England Monetary Policy Committee member Tucker spoke yesterday and reported that the current repo rate of 5.25% and the modestly sloping money market curve are “edging towards being restrictive" so long as inflation falls back as expected in the near term. He added “that has been appropriate given the degree of pricing power apparently emergent in conditions of high capacity utilization among firms. It has provided the platform needed going forward to restrain inflation pressures, and to maintain anchored inflation expectations, at a time when, understandably there is public debate about the outlook given that CPI inflation rose above 3% for the first time, triggering an open letter from the Governor to the Chancellor.” Most traders believe the MPC will lift interest rates by +25bps in May. Cable bids are cited around the US$ 1.9925 level. The euro weakened vis-à-vis the British pound as the single currency tested bids around the ₤0.6815 level and was capped around the ₤0.6840 level.


CHF

The Swiss franc appreciated vis-à-vis the US dollar today as the greenback tested bids around the CHF 1.2005 level and was capped around the CHF 1.2090 level. Technically, today's intraday high was right around the 23.6% retracement level of the move from CHF 1.2770 to CHF 1.1875. Data released in Switzerland today saw the April KOF economic barometer improve to 1.90 from a revised 1.84 in March and 1.74 in January. Swiss National Bank President Roth spoke today and reported “The current situation remains comfortable due to the fact that the inflation outlook is moderate and last year's drop in oil prices is having a favourable impact on the indices. We will continue increasing interest rates to the full extent that is necessary in order to preserve price stability in the medium term.” Dollar offers are cited around the CHF 1.2125 level. The euro and British pound appreciated vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.6445 level and CHF 2.4110 level, respectively.

A$

The Australian dollar gained ground vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.8335 level and was supported around the $0.8240 level. Technically, today's intraday low and high were right around the 61.8% and 23.6% retracement levels of the move from $0.8150 to $0.8390, respectively. Traders are split as to whether Reserve Bank of Australia will tighten monetary policy next month. Australian dollar bids are cited around the $0.8270/40 levels.

C$

The Canadian dollar appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the C$1.1125 level and was capped around the C$ 1.1225 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. Some traders now believe Bank of Canada's next interest rate move will be a rate hike and not a rate cut. The Canadian dollar was supported by mergers and acquisitions news that Norway's Statoil energy company will purchase Canada's North American Oil Sands Corporation in a C$2.2 billion deal. Also, a Canadian poll was released that shows Canadian manufacturers are more optimistic about output and employment prospects in the second quarter than they were in the first quarter. Canadian finance Minister Flaherty will speak today. U.S. dollar offers are cited around the C$ 1.1230/85 levels.

Gold/ Silver

Gold appreciated vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 678.85 level and was supported around the US$ 670.85 level. The U.S. dollar's intraday losses contributed to the pair’s gains. Silver moved higher vis-à-vis the U.S. dollar as the pair tested offers around the $13.48 level and was supported around the $13.22 level.

Crude Oil

Crude oil came off vis-à-vis the U.S. dollar today as light sweet NYMEX crude futures for June delivery tested bids around the $64.62 level and was capped around the $65.46 level. Iranian official Larijani reported his country and the European Union are making progress towards a “united view” over Iran’s nuclear enrichment activities. This led to reduced fears that Iran will use oil as a bargaining tool in its current stalemate with the global community regarding its uranium enrichment. The price of crude is being supported by dwindling gasoline inventories in the United States, the world's largest consumer. Notably, gasoline inventories are currently lower 6.7% y/y.

 

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 11 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
  • POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI

  • POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
  • POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
  • POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
  • POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision


  • POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
  • POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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