User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday May 31, 2007 - 16:57:38 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (31 May 2007)



The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3475 level and was supported around the $1.3425 level. Technically, today’s intraday high was just above the 23.6% retracement of the move from US$ 1.3680 to $1.3405. Traders pushed the common currency higher after the release of weaker-than-expected U.S. Q1 GDP data that estimated the economy expanded at an annualized 0.6% pace, down sharply from the initial 1.3% estimate. Declining housing market investments, declining inventories, and the large trade gap contributed to the deceleration in growth. At the same time, however, the core personal consumption expenditures price index was up 2.2%, above the Federal Reserve’s perceived comfort zone. Collectively, these data evidenced a slowing U.S. economy at the beginning of the year with stubbornly elevated inflation pressures – a difficult economic environment that precludes the Fed from expanding monetary policy and lowering interest rates. Other data released in the U.S. today saw the May Chicago Purchasing Managers’ Index improve to 61.7 from 52.9 in April while the prices paid index increased to 70.2 from 64.9 – further evidence of inflationary pressures in the economic pipeline that may not have reached the consumer yet. Also, weekly initial jobless claims were off 4,000 to 310,000. The U.S. dollar improved marginally yesterday after the release of the minutes from the Federal Open Market Committee’s interest rate meeting from earlier this month revealed “Nearly all participants viewed core inflation as remaining uncomfortably high and stressed the importance of further moderation.” In eurozone news, the German May unemployment rate fell to 9.1% while the unemployment count rose 3,000 following a decline of 8,000 in April. Also, the European Commission’s monthly survey of economic sentiment in the eurozone improved to -1 from -4 in April. European Central Bank member Draghi hawkishly said “Money and credit continue to grow strongly,” an indication rates will continue to rise in the eurozone. Other data released there today saw EMU-13 May provisional harmonized consumer prices remain unchanged at +1.9% y/y. Also, German wholesale sales were off 1.5% m/m and up 3.0% y/y. Euro bids are cited around the US$ 1.3375 level.

¥/ CNY

The yen weakened marginally vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥122.00 figure and was supported around the ¥121.45 level. The pair reached its strongest print since 12 February after Bank of Japan Policy Board member Nishimura reported the central bank “does not see any urgent situation at this point in time, so it is not desirable to stress (that interest rates left too low too long could distort flows of funds and allocation of resources). Most traders believe BoJ will not raise interest rates until after the July parliamentary elections. Data released in Japan today saw April housing starts fall 3.6% y/y while employees’ average pay was off 0.7% y/y, the fifth consecutive monthly decline. Also, orders received by the 50 largest contractors were up 1.8% y/y in April. The Nikkei 225 stock index gained 1.63% to close at ¥17,875.75. Dollar bids are cited around the ¥120.85 level. The euro improved vis-à-vis the yen as the single currency tested offers around the ¥163.95 level and was supported around the ¥163.00 figure. The British pound and Swiss franc moved higher vis-à-vis the yen as the crosses tested offers around the ¥241.05 and ¥99.45 levels, respectively. The Chinese yuan appreciated marginally vis-à-vis the U.S. dollar as the greenback closed at CNY 7.6465 in the over-the-counter market, down from CNY 7.6471. Vice Premier Wu said China “has taken its own initiative to resolve the exchange rate regime. External pressure "won't hasten this process."



The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.9815 level and was supported around the $1.9735 level. Technically, today’s intraday high was right around the 38.2% retracement of the move from $1.9675 to $1.9900. Sterling gained some ground yesterday after Bank of England Monetary Policy Committee member and reputed monetary archdove Blanchflower said “The rationale for my decision to vote for a rate rise this month was to ensure that inflation expectations remain anchored, given rising food prices, recent further increases in oil prices, more robust world growth, and the March inflation outturn.” While Blanchflower did not indicate if he would vote for additional tightening in the near future, he did vote for a rate cut as recently as March thus his comments are significant and suggest the MPC could lift borrowing costs again by August. Data released in the U.K. today saw Nationwide house prices rise 0.5% m/m and 10.3% y/y in May. Also, the April final M4 money supply was up 1.3% m/m and 13.3% y/y. Additionally, the monthly GfK/ NOP main headline consumer confidence index climbed to -2 in May from -6 in April, its highest level since July 2005. Also, Confederation of British Industry’s volume of sales balance decline as expected to +31% in May from +44% in April but this was tempered by news that retailers pushed up prices in May by their largest amount in nine years. Cable bids are cited around the US$ 1.9715 level. The euro lost marginal ground vis-à-vis the British pound as the single currency tested bids around the ₤0.6795 level and was capped around the ₤0.6810 level.

CHF

The Swiss franc appreciated marginally vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2230 level and was capped around the CHF 1.2270 level. Technically, today’s intraday high was right around the 23.6% retracement of the move from CHF 1.2355 to CHF 1.1995. Data released in Switzerland today saw Q1 GDP up 2.4% y/y. Dollar offers are cited around the CHF 1.2325 level. The euro and British pound gained ground vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.6495 and CHF 2.4260 levels, respectively.

A$

The Australian dollar moved higher vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.8290 level and was supported around the $0.8215 level. Technically, today’s intraday low was right around the 23.6% retracement of the move from $0.8390 to $0.8160. Data released in Australia today saw April private sector credit growth up 1.2% m/m and 14.5% y/y while Q1 capital expenditures were up 9.1% q/q and 4.7% y/y. Also, the April trade deficit narrowed to –A$ 962 million from –A$ 1.628 billion in March. Australian dollar bids are cited around the US$ 0.8160 level.

C$

The Canadian dollar extended recent gains vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.0665 level and was capped around the C$ 1.0745 level, a fresh multi-decade low. Data released in Canada today saw the economy expand 0.9% in Q1 and 3.7% y/y, more than twice the rate of Q4 2006. U.S. dollar offers are cited around the C$ 1.0790 level.

Gold/ Silver

Gold gained ground vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 661.20 level and was supported around the $651.45 level. Weak U.S. GDP data contributed to gold’s gains today, as did data that showed core PCE price inflation was up 2.2% in Q1 from 1.8% in Q4. Silver moved higher vis-à-vis the U.S. dollar as the pair tested offers around the US$ 13.50 level and was supported around the $13.11 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$ 62.50 level and were capped around the $63.98 level. The pair lost ground after ConocoPhillips reported it has restarted its 194,000 bpd refinery in Oklahoma. Also, weekly U.S. energy inventories data were released today and they saw crude stocks off 2.0 million while gasoline and distillate stocks were up +1.3 million and 100,000, respectively.

 

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."



Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 9 July 2018
AA 12:00 EZ- Draghi EU Parliament Testimony
Tue 10 July 2018
AA 08:30 GB- Ind/Prod Output, Trade
AA 09:00 DE- ZEW Survey
Wed 11 July 2018
A 12:30 US- PPI
A 14:00 CA- Bank Of Canada Decision
A 14:30 US- EIA Crude
Thu 12 July 2018
AA 12:30 US- CPI
Fri 13 July 2018
A 14:00 US- Prelim University of Michigan
John M. Bland, MBA
co-founding Partner, Global-View.com


Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube



Max McKegg's Daily Forex Trading Forecasts

Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.


Request a TRIAL of Max's Forex Service.


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.

By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105