User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday May 17, 2007 - 16:09:26 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (17 May 2007)



The euro lost ground vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3475 level and was capped around the $1.3545 level. Technically, today’s intraday high was right around the 38.2% retracement of the move from $1.3680 to $1.3460. The common currency extended recent losses after U.S. weekly initial jobless claims fell 5,000 to 293,000 in the week ending 12 May while continuing jobless claims were off 78,000 to 2.47 million. Notably, the four-week moving average remains at a thirteen-month low and this may results in a strong May non-farm payrolls number. Other data released today saw April leading economic indicators fall a worse-than-expected 0.5%. Federal Reserve Chairman Bernanke reported he does “not expect significant spillovers from the sub-prime (mortgage) market to the rest of the economy or the financial system.” Traders await the mid-May University of Michigan consumer sentiment index tomorrow. In eurozone news, the European Central Bank’s monthly bulletin reported “The further strengthening of the dynamics of M3 is largely explained by strong capital inflows into the euro area. In the context of current global financial market developments and the flatness of the yield curve in the euro area, this robust growth needs to be assessed with caution.” ECB member Liebscher reported there are “some risks ahead” for eurozone consumer price inflation and most dealers continue to expect the ECB will lift its refinancing rate by +25bps next month. Euro bids are cited around the US$ 1.3415 level.

¥/ CNY

The yen weakened vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥121.30 level and was supported around the ¥120.65 level. The pair reached its strongest level since 23 February as traders sold yen following a weaker-than-expected Japanese GDP report that saw economic growth of 0.6% in the January through March quarter. Even though this print was around most estimates, the capital expenditures component fell 0.9% compared to expectations for a 2.3% improvement. As expected, Bank of Japan’s Policy Board kept interest rates unchanged overnight and Governor Fukui reiterated rates to increase gradually. Fukui also indicated the central bank won’t be inhibited by parliamentary elections in July but most traders do not see a move higher in rates until later this year. Other data released in Japan today saw Tokyo April condominium sales fall 9.3% y/y while sales were off 3.9% in Osaka. The Nikkei 225 stock index lost 0.17% to close at ¥17,498.60. Dollar bids are cited around the ¥120.40 level. The euro climbed vis-à-vis the yen as the single currency tested offers around the ¥163.80 level and was supported around the ¥163.20 level. The British pound and Swiss franc moved higher vis-à-vis the yen as the crosses tested offers around the ¥239.50 and ¥99.10 levels, respectively. The Chinese yuan appreciated sharply vis-à-vis the U.S. dollar as the greenback closed at CNY 7.6707 in the over-the-counter market, down from CNY 7.6820. People’s Bank of China Governor Zhou reported the central bank may consider additional monetary tightenings to counter inflation. Notably, China’s consumer price index was up 3.0% y/y in April. Chinese and U.S. officials will meet next week to discuss economic and trade issues.



The British pound came off vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9730 level and was capped around the $1.9790 level. Technically, today’s intraday high was right around the 61.8% retracement of the move from $1.9590 to $2.0130. Data released in the U.K. today saw English Q1 housing starts off 9.0% y/y to 43,600. Many traders expect tomorrow’s April retail sales figures to move the market. Cable bids are cited around the US$ 1.9685 level. The euro came off marginally vis-à-vis the British pound today as the single currency tested bids around the ₤0.6825 level and was capped around the ₤0.6850 level.

CHF

The Swiss franc moved lower vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2280 level and was supported around the CHF 1.2195 level. Technically, today’s intraday high was right around the 50% retracement of the move from CHF 1.2355 to CHF 1.1995. Swiss National Bank President Roth was quoted as saying “market trends (in the Swiss franc) do not reflect our economy’s fundamentals. "It is not because the house hasn't burned for years that one should cancel one's fire insurance.” Dollar offers are cited around the CHF 1.2325 level. The euro and British pound moved higher vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.6560 and CHF 2.4235 levels, respectively.

A$

The Australian dollar came off vis-à-vis the U.S. dollar today as the Aussie tested bids around the US$ 0.8200 figure and was capped around the $0.8270 level. Technically, today’s intraday high was right around the 50% retracement of the move from $0.8390 to $0.8170. Data released in Australia today saw average weekly earnings climb 1.1% in the three months to February and climb 3.5% y/y. Australian dollar bids are cited around the US$ 0.8120 level.

C$

The Canadian dollar extended recent gains vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.0970 level and was capped around the C$ 1.1055 level. The pair is about 40 pips shy of testing multi-decade lows established in May 2006. Data released in Canada today saw April consumer price inflation climb +2.2% y/y, down from 2.3% in March. Excluding energy prices, however, inflation grew 2.4%, its strongest showing in nearly four years. These data are well above Bank of Canada’s 2.0% target rate and suggest the central bank may be forced to raise interest rates again soon. U.S. dollar offers are cited around the C$ 1.1150 level.

Gold/ Silver

Gold came off vis-à-vis the U.S. dollar today as the yellow metal tested bids around the US$ 653.95 level and was capped around the $663.75 level. The U.S. dollar’s intraday gains contributed to gold’s intraday weakness. Silver weakened vis-à-vis the U.S. dollar as the pair tested bids around the US$ 12.70 level and was capped around the $12.97 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$ 63.73 level and was supported around the $62.53 level. The price was underpinned by continued refinery problems in the U.S. and concerns that U.S. gasoline stockpiles will not be enough to satisfy demand during the U.S. summer driving season. Also, tensions remain escalated in Nigeria, Africa’s largest oil producer, and these are also keeping prices higher.

 

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 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

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: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


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