User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday August 14, 2007 - 10:22:17 GMT
Reuters -

Share This Story:
| | Email

FOREX News -Euro falls as European exposure to US credit weighs

FOREX-Euro falls as European exposure to US credit weighs

Tue Aug 14, 2007 5:09AM EDT

(Recasts, changes dateline, byline, updates prices, adds quotes)

By Simon Falush

LONDON, Aug 14 (Reuters) - The euro hit a six-week low versus the dollar and a four-month low against the yen on Tuesday on a Spanish press report that Santander (SAN.MC: Quote, Profile, Research) is facing $2.2 billion euro exposure to high-risk U.S. loans.

Sterling weakened sharply, falling back below the $2.00 level, after British July inflation came in sharply below forecasts and under the Bank of England's 2 percent target rate for the first time in over a year.

The yen rose broadly and high-yielding currencies weakened as investors further trimmed carry trades on persistent jitters about bank and fund losses stemming from problems in the U.S. subprime mortgage and credit sectors.

Spanish daily ABC's report on Santander's exposure to risky U.S. credit sectors euros weighed on the euro and added to investor concerns about the extent to which European banks are exposed to problems in U.S. credit markets.

The European Central Bank, meanwhile, announced on Tuesday another quick tender, its fourth consecutive operation to supply money markets with sufficient funds and soothe investor concerns of a liquidity freeze.

"The problems in the credit market have unsettled global capital markets and the market is now looking out for the next piece of bad news and this has led investors to look at getting out of risky positions," said Geoff Kendrick, currency strategist at Westpac.

At 0845 GMT the euro was down 0.3 percent versus the yen at 160.34 yen after hitting a four-month trough of 159.90 yen, according to Reuters data <EURJPY=>.

The euro was down 0.3 percent versus the dollar at $1.3571 after hitting a six-week low of $1.3564 <EUR=>, while sterling was down 0.6 percent at $2.0005 <GBP=>, having traded as low as $1.9995 <GBP=>, also a six-week low.

Data showing a slowdown in euro zone growth to 0.3 percent in the second quarter from 0.7 percent in the first had little impact on the single currency.


The dollar was also down 0.15 percent verus the yen to 118.09 <JPY=>, while the New Zealand dollar was down 1.25 percent at $0.7297 <NZD=>, after hitting a fresh 2-1/2-month low of $0.7287.

Traders said higher-yielding currencies were likely to stay under pressure against the yen as more investors are likely to cut back on risky positions as nerves run high about the possibility of more negative news from the spreading U.S subprime losses.

Kendrick at Westpac added that carry positions were one of the first ports of call for investors as forex positions tend to be the most liquid. "If they are long carry positions they will look to get out of these to fund other areas."

The low-yielding Japanese currency had been widely used by speculators as a cheap source of funds to buy higher-yielding currencies in carry trades.

A money market squeeze on worries about the exposure of European banks to subprime mortgages has eased as the ECB and the Fed pumped large amounts of cash into the banking sector in the past few sessions.

But the ECB's action to stave off a money market squeeze has led investors to question the chances of the ECB raising interest rates to 4.25 percent next month from the current 4 percent.

"Investors are pretty much doubting a September rate hike by the ECB," said Tsutomu Soma, a senior manager in the foreign securities department at Okasan Securities, adding that a hike would not be consistent with the big fund injections.

Before the fears of a money market crunch, most investors were convinced the ECB would boost rates next month.

In a Reuters survey, 13 of 17 dealers said the ECB would raise interest rates in September. In the same survey, most respondents said they did not foresee any need for another large fund injection into the overnight markets.[ECB/REFI]

© Reuters 2006. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.


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 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

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