User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday May 2, 2007 - 16:37:19 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (2 May 2007)



The euro gained marginal ground vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3610 level and was supported around the $1.3560 level. Technically, today’s intraday low was about twenty pips below the 23.6% retracement of the move from $1.3255 to $1.3680. There is speculation that the Eurogroup of finance ministers will discuss the euro's strength in Brussels next week and some traders believe G8 finance ministers will discuss exchange rates on 18-19 May in Germany. The elevated levels of currencies like the euro and British pound reduce imported inflation pressures and act as de facto monetary tightenings. Most traders believe the European Central Bank will lift interest rates by +25 bps next month with another +25bps tightening to follow later this year. Data released in the eurozone today saw EMU-13 March unemployment tick down to 7.2% from 7.3% in February. Also, German April manufacturing PMI rose marginally to 57.0 while EMU-13 April manufacturing PMI remained at a thirteen-month low of 55.4. In U.S. news, ADP reported scant job creation of 64,000 private-sector jobs last month, leading many traders to scale back their expectations for a decent April non-farm payrolls figure this Friday. March’s non-farm payrolls creation totaled 180,000 and is likely to be revised this Friday. Other data released in the US today saw Challenger April job cuts climb 44.2% m/m to 70,672. Euro bids are cited around the US$ 1.3515 level.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥120.30 level and was supported around the ¥119.50 level. Technically, today’s intraday high was just below the 23.6% retracement of the move from ¥114.45 to ¥122.15. Liquidity remained reduced in the Asian session on account of the Golden Week holidays in Japan and China. The Nikkei reported that GDP growth was probably up an annualized 2.6% in the January-to-March period. Data released in Japan overnight saw the April monetary base decline 12.2% y/y, the fourteenth consecutive monthly decline. The Nikkei 225 stock index gained 0.69% to close at ¥17,394.92. Dollar bids are cited around the ¥119.20 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥163.35 level and was supported around the ¥162.50 level. The British pound came off vis-à-vis the yen as sterling tested bids around the ¥238.50 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥99.05 level.



The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9865 level and was capped around the $1.9995 level. Technically, today’s intraday high and low were right around the 23.6% and 50.0% retracements of the move from $1.9545 to $2.0130, respectively. Date released in the U.K. today saw April construction PMI improve to 59.8 from 58.9 in March, its best showing in nearly three years. Also, the March M4 money supply expanded 1.0% m/m and 12.8% y/y and Bank of England reported that March mortgage approvals fell to 111,000 from 117,000 in February. Most traders believe Bank of England’s Monetary Policy Committee will raise the repo rate by +25bps next week. Cable bids are cited around the US$ 1.9840/ 1.9795 levels. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.6835 level and was supported around the ₤0.6800 figure.

CHF

The Swiss franc appreciated marginally vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2115 level and was capped around the CHF 1.2185 level. Technically, today’s intraday high was right around the 38.2% retracement of the move from CHF 1.2435 to CHF 1.2025. Data released in Switzerland today saw the April PMI survey fall to 61.9 from 62.0 in March. Dollar offers are cited around the CHF 1.2200 figure. The euro came off vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.6490 level and was capped around the CHF 1.6535 level.

A$

The Australian dollar weakened vis-à-vis the U.S. dollar today as the Aussie tested bids around the US$ 0.8220 level and was capped around the $0.8280 level. Technically, today’s intraday low was just above the 50% retracement of the move from $0.8030 to $0.8390. As expected, Reserve Bank of Australia kept its official cash rate unchanged at 6.25% overnight. Most traders did not expect any change in interest rates following last week’s benign consumer and producer inflation data. RBA will release its quarterly monetary policy statement on Friday and it is expected to maintain its tightening bias. Data released in Australia today saw the April skilled vacancies index fall 2.2% m/m. Australian dollar bids are cited around the US$ 0.8210/ 0.8165 levels.

C$

The Canadian dollar appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.1065 level and was capped around the C$ 1.1140 level. Technically, today’s intraday high was just below the 76.4% retracement of the move from C$ 1.0925 to C$ 1.1875. Traders lifted the pair overnight following comments from Bank of Canada Governor Dodge who said the loonie is trading above the US$ 0.865 – 0.895 range the central bank utilized in its semi-annual Monetary Policy Report released last Thursday. Dodge noted “There is substantial day-to-day and week-to-week volatility in the dollar. We are above what we had assumed and we will take that into account if we stay there next time." U.S. dollar offers are cited around the C$ 1.1150 level.

Gold/ Silver

Gold depreciated vis-à-vis the U.S. dollar today as the yellow metal tested bids around the US$ 667.75 level and was capped around the $675.20 level. The U.S. dollar’s intraday gains and the reduction in Asian trading liquidity this week contributed to the pair’s sell-off. Silver moved lower vis-à-vis the U.S. dollar today as the pair tested bids around the US$ 13.03 level and was capped around the $13.36 level.

Crude Oil

Crude oil lost ground vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for June delivery tested bids around the US$ 63.09 level and were capped around the $64.66 level. U.S. EIA weekly inventories data released today saw crude stocks up 1.1 million barrels, gasoline stocks down 1.0 million barrels, and distillate stocks off 0.2 million barrels.

 

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 18 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

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.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



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