User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday September 21, 2007 - 20:16:21 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS-Dollar trades near recent lows; euro steadies

FOREX-Dollar trades near recent lows; euro steadies

Fri Sep 21, 2007 4:00pm ET143

(Recasts, updates prices)

By Vivianne Rodrigues

NEW YORK, Sept 21 (Reuters) - The dollar held near a 15-year low against a basket of currencies on Friday and was on track for its biggest weekly decline in nearly a year as uncertainty persisted about the health of the U.S. economy.

The U.S. currency rebounded against the low-yielding yen as stocks climbed and investors took profits in the Japanese currency. However, fears about the future path of U.S. interest rates kept it near a record low against the euro.

Selling accelerated after the Federal Reserve's decision on Tuesday to cut key U.S. interest rates an aggressive half percentage point eroded the dollar's value further. But analysts said the greenback was due for a respite.

"The fact the dollar has come down so quickly and sharply leads you to expect a brief relief rally," said Andrew Bekoff, chief investment strategist at Printz Capital Management in Philadelphia. "But the trend is still lower for the dollar."

On Friday, the dollar index <.DXY>, which measures the greenback against six major currencies, fell to a fresh 15-year low at 78.380 and came within range of its all-time trough of 78.190 before recovering to trade flat on the day.

The index was down 1.3 percent on the week, its third straight weekly decline and biggest slide since November 2006.

In late afternoon trading in New York, the euro was a little less than 0.1 percent higher at $1.4080 <EUR=>. Unexpectedly weak euro zone manufacturing data for September helped drag it from a record high of $1.4120 hit overnight, according to Reuters data.

The euro was stronger versus a broadly weaker yen, trading 0.8 percent higher at 162.50 <EURJPY=>.

Data showed on Friday that euro zone private sector growth slowed to a two-year low in September as new orders plunged, making any further interest rate hike this year by the European Central Bank unlikely.

The figures added to evidence that market turmoil, which has seen stock and foreign exchange markets swinging wildly and the ECB pumping temporary funds into money markets to alleviate soaring rates, has affected the real economy.

"Euro zone PMI was quite weak today and that has weighed on the euro," said Vincent Chaigneau, head of foreign exchange and fixed income strategy at Societe Generale in London.

"But I think that the market is getting too ambitious about rate cuts by the Fed. I think we may see the dollar come back but it's still too early to make that call," he added.

Still, a half-percentage-point cut in the overnight federal funds target rate to 4.75 percent has tarnished the allure of dollar-denominated assets. Analysts see this trend continuing given expectations that the Fed may cut rates again this year.

ECB policymakers have kept up generally hawkish rhetoric in contrast to the United States where further cuts are expected.

The U.S. dollar fell to C$0.9939 against the Canadian dollar <CAD=>, its weakest in 31 years, having breached parity on Thursday for the first time since 1976. The greenback last traded at C$1.0002, little changed on the day.

Traders cautioned though that bets the Canadian dollar could strengthen further could run into trouble.

"Currencies should reflect a country's economic fundamentals," said Brian Taylor, senior currency trader at M&T Bank in New York. The loonie "is purely a commodity play and if anything happens to the world economy, Canada will be among the first to be whacked."

The dollar gained against the yen to trade at 115.38 yen <JPY=>, as traders felt more comfortable putting risky carry trades back on the table, which involve selling the Japanese currency for higher-yielding units.

"People think it's OK to take on risk because of what the Fed has done and continue on with carry trade," said Taylor.

(Additional reporting by Nick Olivari in New York and Gertrude Chavez-Dreyfuss in London)

© Reuters 2007. All Rights Reserved.



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 23 July 2018
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
AFlash PMIs
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final 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