User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday May 29, 2007 - 15:53:02 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (29 May 2007)



The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3520 level and was supported around the $1.3420 level. Technically, today’s intraday high and low were right around the 38.2% and 61.8% retracement levels of the move from $1.3255 to $1.3680. Data released in the U.S. today saw the May consumer confidence indicator improve to 108.0 from 106.3 in April. Traders await the minutes from the Federal Open Market Committee’s interest rate deliberations tomorrow followed by May non-farm payrolls data on Friday. In eurozone news, European Central Bank member Weber indicated policymakers will stop utilizing “code words” to signal interest rate changes when the current monetary tightening cycle end. Many traders believe the ECB’s main refinancing rate will be 4.25% by September. Weber also defended the ECB’s utilization of the M3 money supply indicator in formulating monetary policy, noting broad money has risen 10.9% y/y in March. Data released in the eurozone today saw the March current account balance print at -€5.4 billion from -€3.7 billion in February. Euro bids are cited around the US$ 1.3420 level.

¥/ CNY

The yen appreciated marginally vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥121.20 level and was capped around the ¥121.75 level. Traders pushed the pair lower following economic data that saw the April unemployment rate to 3.8% from 4.0% in March, the lowest level since 1998. Also, April household spending was up 1.1% y/y, the fourth consecutive monthly gain and traders bid the yen higher on these numbers on the premise that Bank of Japan could accelerate its next interest rate hike. The eventual increase in Japanese interest rates will lead to some unwinding of short yen carry trades. Most dealers believe the BoJ will not lift borrowing costs again until after the July parliamentary elections. Other data released in Japan today saw April retail sales off 0.6% y/y, the seventh consecutive monthly decline. The Nikkei 225 stock index gained 0.48% to close at ¥17,672.56. Dollar bids are cited around the ¥120.85 level. The euro gained ground vis-à-vis the yen as the single currency tested offers around the ¥164.25 level and was supported around the ¥162.95 level. The British pound came off vis-à-vis the yen as sterling tested bids around the ¥240.55 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥99.60 level. In Chinese news, the Chinese government estimates China’s 2007 trade surplus will reach US$ 250 – 300 billion.



The British pound lost marginal ground vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9815 level and was capped around the $1.9900 figure. Technically, today’s intraday high was just below the 38.2% retracement of the move from $1.9545 to $2.0130. Data released in the U.K. today saw BBA report that the number of mortgage approvals for house purchases grew 1% y/y in April while the value of loans was up 10% to ₤9.9 billion. These data represent deceleration in mortgage activity and evidence a stabilization in the housing sector that is partially due to Bank of England’s continued monetary tightenings. Cable bids are cited around the US$ 1.9770 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.6805 level and was supported around the ₤0.6765 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2195 level and was capped around the CHF 1.2305 level. Technically, today’s intraday low was right around the 23.6% retracement of the move from CHF 1.3235 to CHF 1.1875. Data released in Switzerland today saw the April private consumption index improve to +2.35 from +2.09 in March. Dollar offers are cited around the CHF 1.2280/ 1.2325 levels. The euro and British pound lost ground vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.6485 and CHF 2.4215 levels, respectively.

A$

The Australian dollar gained marginal ground vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.8210 level and was supported around the $0.8160 level. Technically, today’s intraday low was right around the 23.6% retracement of the move from $0.7415 to $0.8390. Australian dollar bids are cited around the US$ 0.8120 level.

C$

The Canadian dollar appreciated sharply vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.0710 level and was capped around the $1.0835 level. Traders drove the pair to a fresh multi-decade low after Bank of Canada’s announced it was keeping its key interest rate unchanged at 4.25%, the eighth consecutive time over the past year that the base rate was left unchanged. BoC, however, reported that economic growth and inflation during the first part of the year were stronger-than-expected and estimates the Canadian economy grew at an annualized rate of about 3.5% in Q1. Additionally, the central bank sees an increased risk that inflation will remain above its 2% target rate in the future “and that some increase in the target for the overnight rate may be required in the near term to bring inflation back to the target.” Many traders believe BoC will tighten monetary policy by +25bps on 11 July. U.S. dollar offers are cited around the C$ 1.0815 level.

Gold/ Silver

Gold appreciated vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 660.85 level and was supported around the $ 653.80 level. Intraday weakness in the U.S. dollar contributed to the pair’s gains. Dealers also cite increasing physical demand as a result of lower prices in gold. Silver moved higher vis-à-vis the U.S. dollar as the pair tested offers around the US$ 13.23 level and was supported around the $12.88 level.

Crude Oil

Crude oil lost ground vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for July delivery tested bids around the US$ 63.46 level and were capped around the $64.76 level. The pair came off after ConocoPhillips, Citgo, and Valero indicated they resolved some refinery issues that reduced output last week and led to higher prices. Energy prices also moved lower on account of reduced tensions in Nigeria. Traders await this week’s U.S. energy inventories data especially as the U.S. summer driving season has now started. Also, tropical storms remain on traders’ radar. Notably, the first tropical storms of the 2006 and 2005 seasons began in early-to-mid June.

 

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