User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday May 10, 2007 - 21:33:39 GMT
Westpac Institutional Bank - www.westpac.co.nz

Share This Story:
| | Email

Forex Market News - Westpac Institutional Bank Morning Report

New Zealand Dollar Stronger USD sees NZD fall overnight
After opening steady yesterday the NZD rallied when data released showed that employment rose 1.2% in Q1, markedly higher than the expected 0.5%. A strong rise in the participation rate also resulted in the unemployment rate actually rising from 3.7% to 3.8% for the same period. However, with prevailing sentiment slightly negative against the currency, it soon drifted back as traders realised it was unlikely to be enough to cause a further tightening by the RBNZ. The currency was notably lower against the AUD, which in turn benefited from favourable employment data, with the cross rate trading below 0.8800 for the first time in nearly a month. Broad based USD strength overnight against all currencies has seen the NZD under some pressure and the currency opens today around 0.7280.

Australian Dollar: AUD rallies on strong employment data
The AUD rallied over half a cent within minutes yesterday when data released showed strong employment growth and Australia’s unemployment rate falling to a 32-year low. Employment jumped 49,600 against expectations of a rise of around 12,500, with the total unemployment rate falling to 4.4%; the data is likely to further reinforce the current strong momentum in household spending and robust consumer sentiment. However most of the gains were eroded overnight on the back of the stronger USD, with the AUD opening around 0.8280 today.

Major Currencies: USD finds unlikely ally in Bush
The USD sidestepped poor economic data and gained across the board after encouraging comments from both the US Treasury Secretary and the President. First up though were central bank interest rate decisions from both the ECB and BoE. Expectations for both meetings were riding high as the BoE was predicted to raise rates by 25bps with a chance at going 50bps whilst analysts were forecasting the return of ‘strong vigilance’ in the ECB’s statement. Both events played out according to plan but markets were pricing in a little more on both sides to the risk. This risk unwinding favoured the USD and as a result it posted a one month high against the euro and two month high against Sterling. Further exacerbating dollar strength were comments from G.W. Bush and Treasury Secretary Paulson. Paulson insisted that ‘a strong dollar is in our nation’s interest’ on CNBC whilst the President said that his administration will try to lower trade barriers in an effort to attract foreign investment.

US trade deficit blows out $6bn to $63.9bn in Mar. The trade deficit widened to nearly $2bn beyond Westpac’s top of the market $62n forecast. Oil prices were higher and import volumes fully corrected for their unexpected Feb slump. That explained $2bn of the $6bn deficit deterioration, but there was also strength in pharmaceutical, clothing, auto and other imports. Export growth did not fully recover the Feb loss; a 30% slump in civilian aircraft exports did not help. Given this news, net exports could shave a further 0.5 ppt or more off the revised Q1 GDP growth estimate, although tonight’s business inventories report just might show some of that import strength going into stocks, in which case the GDP revision might be a little less. But realistically, Q1 is now looking at sub 1% GDP growth. Strong import price data for April confirm that oil prices will be supportive of imports in the April trade report.

US initial jobless claims fell to 297k, below 300k for only the second time this year, probably a further correction from the spike in claims last month that was caused by an Easter timing distortion. Next week’s figure will coincide with the May payrolls survey; claims around this level confirm that that weaker April payrolls growth was most likely a temporary weather effect.

The ECB left the repo rate unchanged at 3.75% following today’s Council meeting but in the press statement and conference ECB chief stressed that “strong vigilance” was required of the ECB, which is code for “expect a June rate rise of 25bp” – which remains our forecast.

The BoE lifted its repo rate 25bp to 5.50% following this week’s policy meeting. On the data front, house prices continued to grow strongly in Apr, but industrial production struggled through the first quarter and the trade deficit is again on a gradually widening trend.

Events Today
Country Release Last Forecast
US Apr Producer Price Index 1.0% 0.8%
Apr PPI Core flat 0.3%
Apr Retail Sales 0.7% 0.5%
Apr Retail Sales ex auto 0.8% 0.5%
Mar Business Inventories 0.3% 0.2%
Can Apr Unemployment ch’ 54.9k 30k

Latest Research papers/Publication
• NZ Q1 HLFS Review (10 May)
• House values: shifting foundations (8 May)
• NZ Q1 LCI and QES Review (7 May)
• NZ Weekly Forex Outlook (7 May)
• NZ Q1 labour market preview (2 May)
These papers/publications are available on Online Research on Westpac
Institutional Bank’s website (www.wib.westpac.co.nz)

Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 24 May 2005. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpac's financial services guide by calling +612 9284 8372, visiting www.westpac.com.au or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Westpac Banking Corporation is regulated for the conduct of investment business in the United Kingdom by the Financial Services Authority. © 2004 Westpac Banking Corporation. Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts.

 

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 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


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: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing 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