User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Sunday August 5, 2007 - 22:07:56 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

Forex Research - Westpac Institutional Bank - Morning Reoprt

Westpac Institutional Bank

Morning Reoprt

Monday 6 August 2007


New Zealand dollar

NZD softens as credit market woes lower risk appetite. The NZD opened a shade above 0.7700 on Friday and was immediately placed under pressure in subdued trading prior to the US non-farm payrolls data. A quiet data day meant the currency followed offshore direction and sold off to 0.7660 during local trade. Increased risk aversion stemming from further credit market concerns offshore meant the NZD was out of favour late in the day. The NZD weakened to a low of 0.7600 and NZD/AUD traded down to a two-month low at 0.8890.


Australian dollar

Risk aversion continues ahead of RBA decision. The AUD experienced a rather subdued end to the week on Friday as local stock markets found some much needed stability. Trading a range between 0.8564 and 0.8585 on Friday, the AUD managed to briefly hit 0.8600 overnight before renewed sub-prime fears prompted risk aversion from market participants and saw the AUD sold down to its intraday low of 0.8536. With sub-prime fears still driving the market, investors will also look for direction from Wednesday’s RBA announcement where it is widely expected interest rates will be raised to 6.50%.


Major currencies

USD smashed on data and continued credit concerns. Although the USD traded narrowly on Friday it was a different story overnight as the currency fell sharply on the release of poor non-farm payrolls data. Figures released showed only 92k jobs had been created in July against expectations of an increase of 130k. Consequently the 4.6% unemployment rate was the highest this year. Adding to the negative sentiment was the release of weaker-than-expected growth data, with the ISM’s non-manufacturing index falling to 55.8 in July compared with 60.7 in June and an expected reading of 59.0. The selling was completed late in the session, matched by a sharp fall in the Dow, after a report by Bear Stearns suggested the fixed income markets were the worst in more than two decades and that the credit market turmoil and risk aversion may be a



Economic data and events

US payrolls rise 92k in July, on the soft side of expectations, and revisions to the last two months of Q2 shaved a further 8k off jobs growth. However the headlines mask an improved private payrolls picture. In May and June, government jobs were revised down by 41k but private sector jobs were revised up 33k; in July, private payrolls rose by 120k, faster than June’s 107k gain.


Mixed detail in the US payrolls report. A 30k fall in household survey jobs pushed the unemployment rate up to 4.6%, matching January’s rate, and before rounding July’s rate was actually the highest since August last year. There was a modest 0.1% fall in private sector hours worked in July, though that followed two monthly gains and left the three month annualised growth rate for hours up 2.5%, its strongest pace yet this year. So again - not really evidence of a struggling economy. Positive detail in the report included an upward revision to June’s hourly earnings growth rate (0.4%) and a further 0.3% gain in July, so household income growth remains supportive of consumer spending.


US non-manufacturing ISM falls to 55.8 in July, just below where it was in April, but it remained well above its 52.4 cyclical low recorded in February this year. This is consistent with the economy slowing from Q2’s 3.4% annualized pace in Q3, although GDP growth should better Q1’s anaemic 0.6%! One area of potential concern is that the non-manufacturing ISM new orders index dipped to its lowest since the Iraq War in 2003, though we won’t get too worried unless we see this component sustain weak readings over several months.


Canadian Ivey PMI falls 13 pts to 54.6 in July, mostly seasonal (relating to summer shutdowns) although there may be an element of concern about the strong C$ in there as well. Building permits fell 0.4% in June but held onto almost all of May’s 23% jump which means that Q2 building permits were the strongest ever.


In other news: Euroland retail sales rose 0.4% in June, their first rise in three months; the UK services PMI slowed to 57.0, its lowest for the year so far; personal insolvencies and home foreclosures are on the rise in the UK.


Upcoming Events

Date Country Release                                             Last       Forecast

6 Aug     NZ        Q2 Labour Cost Index                           0.7%          0.6%

                         Q2 QES Priv Sector Earnings                 0.7%          0.5%

             Aust      Bank Holiday, NSW & ACT only

                         Jul ANZ Job Ads –                                 0.8%           n/f

             Jpn      Jun Leading Index                               40.9%          80%

             Ger      Jun Factory Orders                                 3.2%         1.0%

             UK      Jun Industrial Production                       0.6%          0.4%


7 Aug

            NZ        Jul ANZ Comm Prices NZD                       2.5%          n/f

            US       FOMC Rate Decision                              5.25%        5.25%


Latest Research Papers/Publications

NZ Q2 labour market preview (1 August)

• NZ Weekly Forex Outlook (30 July)

• NZ RBNZ July OCR Review (26 July)

• NZ Interest Rate Focus (25 July)

• NZ Weekly Forex Outlook (23 July)

• You can't always get what you want (20 July)

• NZ Economic Overview July 2007 (17 July)

• NZ RBNZ July OCR Preview (17 July)


These papers/publications are available on Online Research on

Westpac Institutional Bank’s website (


<i>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 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.</i>





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 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

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