User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday September 26, 2007 - 16:36:09 GMT
GCI Financial -

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (26 September 2007)

The euro gave back some recent gains vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4110 level and was capped around the $1.4160 level.  The common currency established another new lifetime high today before giving back some gains.  Data released in the U.S. saw August durable goods orders off 4.9% with the ex-transportation component down 1.8%, worse-than-expected.  Also, the core capital goods, non-defense and ex-aircraft reading was off 0.7% and these data suggest that business spending cooled considerably in Q3.  Most economists expect Q3 GDP will be far below the 4.2% annualized GDP rate of Q2 on account of the turmoil caused by the credit markets.  Philadelphia Fed President Plosser spoke last night and reported “The pace of economic activity is likely to be somewhat slower in the next few quarters than I expected earlier
A slower economy means that real interest rates must decline to bring about the appropriate adjustments to restore growth. In recognition of this, I believe last week's action to lower the fed funds rate target was appropriate.”  Most traders believe the Federal Open Market Committee will take the federal funds target rate lower by another 25bps to 4.50% by the end of the year.  The big question is whether the Fed will cut rates at the end of October or in December with most Fed-watchers believing the Fed will take a couple of extra months to evaluate the initial impact from its rate cut and business activity in Q3.  If there is anecdotal evidence that the rate cut is helping the U.S. housing market recover, the Fed will likely make a move in December.  In eurozone news, French finance minister Lagarde verbally intervened against the yuan today saying “Exchange rates should reflect economic fundamentals. In emerging economies with large and growing current account surpluses, especially China, it is desirable that their effective exchange rates move so that necessary adjustments will occur.” The dollar also got a little bit of a reprieve on comments from Saudi Arabia Monetary Agency Governor Al Sayari who reported the country has no plans to abandon the riyal’s peg to the U.S. dollar.  Data released in Germany saw the GfK consumer climate index print at 6.8 in October from a downwardly revised 7.4 in September. Euro bids are cited around the US$ 1.4030 level.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥115.75 level and was supported around the ¥114.55 level.  Technically, today’s intraday low was right around the 23.6% retracement of the move from ¥124.15 to ¥111.60.  Traders are eagerly awaiting Monday’s Bank of Japan quarterly tankan survey to evaluate sentiment among large manufacturers and non-manufactures. Global sentiment and confidence have been falling over the past several weeks as evidenced in key business and consumer surveys and any indication that Japanese companies are weathering the global liquidity crunch could boost the yen.  Dealers also want to get a sense of capital expenditures budgeting for the coming quarters. Most market participants believe Bank of Japan will not lift the overnight call rate until early 2008 at which time it could hike by +25bps to +0.75%.  Data released in Japan overnight saw the August trade surplus print at ¥743.24 billion, nearly quadruple its level from August 2006.  The Nikkei 225 stock index climbed 0.21% to close at ¥16,435.74.  Dollar bids are cited around the ¥114.55/ 112.55 levels.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥163.40 level and was supported around the ¥162.10 level. The British pound and Swiss franc gained ground vis-à-vis the yen as the crosses tested offers around the ¥233.20 and ¥98.85 levels, respectively.  In Chinese news, the yuan’s central parity rate vis-à-vis the U.S. dollar was set at CNY 7.5089, down from CNY 7.5135.  Data released in China saw consumer confidence improve marginally this month.



The British came off vis-à-vis the U.S. dollar today as cable tested bids around the US$ 2.0105 level and was capped around the $2.0215 level.  Some buying interest in sterling was seen in the European session after a Bank of England auction of ₤10 billion in three-month liquidity failed to attract any bids, suggesting the scramble for interbank liquidity may be diminishing.  Notably, the three-month sterling Libor fixing fell to 6.32% with the overnight fixing down to 5.66%.  Many traders believe BoE will move to an easing bias in the near future and could reduce its repo rate target by 25bps by the end of the year.  Data released in the U.K. today saw revised Q2 GDP upwardly revised to 3.1% from its original estimate of 3.0%.   Cable bids are cited around the US$ 2.0090 level.  The euro climbed higher vis-à-vis the British pound as the single currency tested offers around the ₤0.7025 level and was supported around the ₤0.6995 level.







The Swiss lost ground vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.1720 level and was supported around the CHF 1.1645 level.  Data released in Switzerland today saw the September KOF economic barometer rise to 2.14 from 2.12 in August.  U.S. dollar offers are cited around the CHF 1.1760 level.  The euro and British pound gained ground vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.6545 and CHF 2.3635 levels, respectively.


A$/ NZ$


The Australian dollar gained marginal ground vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.8760 level and was supported around the US$ 0.8710 level.  The pair reached its highest level since 27 July.  Data released in Australia overnight saw the September skilled vacancies index improve +0.1% m/m.  Australian dollar bids are cited around the US$ 0.8585 level.  The New Zealand dollar moved higher vis-à-vis the U.S. dollar as the kiwi tested offers around the US$ 0.7465 level and was supported around the $0.7400 figure.  Data released in New Zealand overnight saw the August trade deficit balance print at –NZ$ 945 million.  New Zealand dollar bids are cited around the US$ 0.7375 level.




The Canadian dollar depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the US$ 1.0095 level and was supported around the $1.0020 level.  Bank of Canada Governor Dodge spoke yesterday and acknowledged the loonie has moved far above the central bank’s forecast range and added the economy is operating further above its potential output level than was expected in July.  The loonie’s level may result in no change in policy at the 16 October Bank of Canada interest rate meeting.  The BoC kept its key overnight rate unchanged at 4.50% at its 5 September rate-setting meeting. U.S. dollar offers are cited around the C$ 1.0090 level.


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 9 July 2018
AA 12:00 EZ- Draghi EU Parliament Testimony
Tue 10 July 2018
AA 08:30 GB- Ind/Prod Output, Trade
AA 09:00 DE- ZEW Survey
Wed 11 July 2018
A 12:30 US- PPI
A 14:00 CA- Bank Of Canada Decision
A 14:30 US- EIA Crude
Thu 12 July 2018
AA 12:30 US- CPI
Fri 13 July 2018
A 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