User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday September 7, 2004 - 20:33:50 GMT
DailyFX.com - www.dailyfx.com

Share This Story:
| | Email

Canadian Dollar Braces For Rate Hike

DailyFX Forex Fundamentals 09-07-04

By Kathy Lien, Chief Strategist of www.dailyfx.com

·Greenspan Expected to Solidify Case For Rate Hike Tomorrow
·Cad Rallies As Bank of Canada Expected To Raise Rates By Quarter Point
·Pound Slides On Decreasing Industrial Production
·Yen Soars As Japanese Private Capital Spending Increases By Fastest Pace Since 2000

USDCAD

The US dollar fell close to 1% against the Canadian dollar on a much stronger than expected IVEY PMI survey indicating strong business and spending growth. Tomorrow, the Bank of Canada is expected to announce their first rate hike since shedding their accommodative monetary policy. With stronger than expected second quarter GDP growth, the BoC will be forced to respond with more aggressive tightening in order to prevent an excess demand crisis. Core inflation has been gradually increasing while the central bank has kept rates steady. This has pushed the real policy rate to 0.1% (2.0% target rate minus 1.9% core CPI). The market is pricing in 75bp of tightening by year end. The Bank of Canada is expected to bring the real policy rate back towards a neutral level over the next few monetary policy meetings, which would coincide with a target rate of approximately 3.5% - 4%.

EURUSD

Today is best characterized as a day of completely lifeless trading in the euro with the market holding its breath ahead of Greenspan’s testimony on the economy and the fiscal outlook tomorrow morning (14:30 GMT, 10:30 EST). The market expects the Fed Chairman to validate the need for another rate hike this month, with oil prices falling 13% from its August 20th high, which Greenspan will likely take as a confirmation that the negative factors affecting the economy are “transitory.” The triple digit non-farm payroll gains seen in August also provide Greenspan with supporting evidence that the rebound in the economy continues. Another quarter point rate hike is already priced into the market so traders will also need to look to the details of the Fed’s Beige Book report to see how widespread payroll gains and activity are across the country. Keeping the euro afloat is stronger than expected German industrial production, which increased 1.6% in the month of July. This is the strongest gain in 9 months led almost completely by a surge in consumer durables production. Meanwhile, the ECB is becoming increasingly hawkish. According to Market News, ECB Quaden said that, “the recovery in the Eurozone has largely materialized,“ suggesting an end to their accommodative monetary policy bias.

USDCHF

Although the dollar barely budged against the euro, it soared against the Swiss franc as the level on unemployment increased the most in almost 12 months. The shortfall came as the number of available jobs decreased in the month of August. Swiss National Bank Director Hildebrand is scheduled to speak tomorrow. The market will be looking for clues to the central bank’s monetary policy bias ahead of the upcoming monetary policy meeting. Switzerland is also scheduled to release their second quarter GDP report on Friday. The Swiss economy is improving at a very slow pace, leaving many domestic firms cautious about increasing spending. Meanwhile in the US, as mentioned in our euro commentary, the market is quietly awaiting for Greenspan’s testimony tomorrow morning. In a speech in Dallas today, Fed President McTeer said that he expects the jobless rate to improve and the third and fourth quarter growth to be “better.” He also added that a “measured” pace by the Fed would leave rates “very low.” The current real fed funds rate is negative to zero. It will be dollar positive if Greenspan makes similar comments and suggests that the Fed may be moving towards a less “measured” pace of tightening.

GBPUSD

The pound took a beating today as industrial and manufacturing production decreased for the second consecutive month. The market had expected a rebound given the increase in the CIPS manufacturing sector PMI survey for the month of July. Output in the beer and pharmaceutical industry plummeted, leaving the market completely convinced that the Bank of England will leave rates unchanged on Thursday. Although we think unlikely, it has even swayed some to believe that the BoE may already be at the end of their tightening cycle. Today’s IP data indicates that the slowdown in the economy is becoming more widespread. The National Institute of Economic and Social Research said that GDP growth for the three months ending August 31st slowed to 0.8% from 0.9% (for the three months ending in July).

USDJPY

The dollar has retraced almost all of last week’s gains against the dollar on healthy economic data. Capital spending increased a much stronger than expected 10.7% y/y between April and June. This is very positive for Friday’s GDP report, which is now expected to be revised up significantly from the initially reported 1.7% to 3.4%. Leading economic indicators and the coincident index confirm continued strength in the overall economy, putting the focus back on Japan’s impressive growth. It should be no surprise that the Bank of Japan will leave rates unchanged at their policy meeting tomorrow.

 

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 11 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
  • POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI

  • POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
  • POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
  • POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
  • POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision


  • POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
  • POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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