User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday June 14, 2007 - 10:57:22 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

Forex Research - Mellon FX Daily - U.S. Edition

Mellon FX Daily 06:30 EDT

Key Points
• Yields steadier but strong US data means that hawkish tone will remain.
• Downside bias on EUR-USD while below 1.3330-40.
• USD-JPY new highs suggest likelihood of further short-term gains.
• SNB raises by 25bp.
• US PPI today’s main feature.

Market Outlook

Yesterday’s price action was the first sign of a short-term bottom having been reached in the bond market, with yields failing to rise any further despite a very robust retail sales report. However, a major rally looks unlikely, as such data strength will mean the continuation of a more hawkish tone in the money market. The better stability in global markets has stopped the USD strengthening much further against the EUR and GBP, but an upside USD bias will remain in place in the short-term, especially against the EUR. A close back above 1.3330-40 is needed to turn that bias around on EUR-USD. In the meantime there is risk down to 1.31. The most significant FX price action yesterday came on USD-JPY, which reached a fresh 4 ½ year high. This leaves upside risk in the short-term, with a move up towards 124.50 looking likely.

RBA governor Stevens downplayed speculation about the likelihood of an immediate hike in interest rates, although he made it clear that a tightening bias is in place. He said "on the one hand, the medium-term concerns about inflation remain, and that is cause enough to err on the cautious side in setting policy, and to ask whether current settings are restrictive enough." However, he added "on the other hand, the somewhat lower short-term inflation outlook means that the starting point for a future pick-up in inflation is likely to be a bit lower than earlier thought and this has afforded some additional time in which to assess trends in demand and the economy's capacity to meet them." It would appear that the RBA will be content to leave rates unchanged at its July meeting and attention will now be on the Q2 CPI data to be released on July 25. Given the strength in most other releases, the CPI numbers will have to remain subdued to avert the need for a rate hike in August. While the AUD will retain good medium-term arguments, short-term momentum is in danger of fading and this would be confirmed if 0.8350 breaks.

The Swiss National Bank raised rates by 25bp, as the market had expected and advanced a fairly hawkish statement, including the following conclusion. “Should economic momentum remain unchanged or should movements in the Swiss franc result in a further relaxation in monetary conditions, further increases in the interest rate are likely in the months ahead”. However, if there is a veiled threat here that the pace and extent of rate hikes might exceed the 25bp per quarter currently discounted by the market, the SNB will need to make it more explicit for there to be any tangible impact on the CHF. EUR-CHF tested higher after the statement, but has since pulled back from the highs and a close above 1.6600 is required to suggest enthusiasm for further short-term upside. Below 1.6520 would suggest a pullback.

Day Ahead
US – core PPI has been soft over the past two months (zero m/m in both Mar and Apr) so a very strong number will be required today to stir up any inflation fears. CPI is due tomorrow.

Data/event EDT Consensus*

US PPI (May) m/m 08.30 +0.5%
US PPI core (May) m/m 08.30 +0.2%
US Initial claims (w/e Jun 9) 08.30 312k
US Continuing claims (w/e Jun 2) 08.30 2535k last
NZ Manufacturing activity (Q1) q/q 18.45 -2.2% last
JP Tertiary index (Apr) m/m 19.50 +1.5%
JP BoJ rate announcement unch
JP BoJ monthly report 02.00

Latest data Actual Consensus*
NZ Retail sales (Apr) m/m -1.2% 0.0%
GB RICS house price balance (May) 23.9% 25%
NZ PMI manu (May) 56.8 54.4R last
CH SNB rate announcement +25bp +25bp
GB Retail sales (May) m/m +0.4% +0.3%
EU CPI (May) y/y +1.9% +1.9%
EU CPI ex-energy/fresh food (May) y/y +1.9% +1.9%
* Consensus unless stated

©2007, Mellon Financial Corporation Note: Although obtained from sources believed by us to be reliable, Mellon Financial Corporation and its affiliates cannot guarantee the accuracy or completeness of the information upon which this report is based. This report does not purport to disclose the risks or benefits of entering into particular transactions and should not be construed as advice in any specific instance. The views in this report constitute our judgement as of this date and are subject to change without notice.
Ian Gunner 44 20 7163 5996 06.40 EDT Monday May 31 2005


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

Tue 31 July 2018
AA JP- Bank of Japan
A 06:00 DE- Retail Sales
A 09:00 EZ- flash HICP/GDP
AA 12:30 US- Core PCE Deflator
A 14:00 US- CB Consumer Confidence
Wed 1 Aug 2018
A Final Mfg PMIs
AA 12:15 US- ADP Private Payrolls
A 15:00 US- EIA Crude
AA 18:00 US- Federal Reserve Decision
Thu 2 Aug 2018
AA 11:00 GB- Bank of England Decision
A 13:30 US- Weekly Jobless
Fri 3 Aug 2018
A Final Services PMIs
AA 12:30 US- Employment
A 12:30 US/CA- Trade

John M. Bland, MBA
co-founding Partner,

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.


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

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 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 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.



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