User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday October 2, 2007 - 16:55:35 GMT
GCI Financial -

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (2 October 2007)

The euro weakened vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4140 level and was capped around the $1.4235 level.  Stops were hit below the $1.4170 level, representing the 23.6% retracement of the move from $1.3825 to $1.4280.  European financial and monetary officials continue to jawbone over the common currency’s relative strength and this verbal intervention is leading to a weaker currency.  Spanish deputy finance minister Vegara today said “not all the necessary adjustment should come through the euro/ dollar exchange rate…There are important agents like the yen and yuan that should also have some of the responsibility of the adjustment of the so-called world financial imbalances.”  This verbal intervention follows similar comments from officials like Trichet and Juncker yesterday.  Recent volatility in the markets up the chances that the upcoming Group of Seven finance ministers’ meeting will include a statement about disorderly exchange rates, particularly as more European officials are intervening. Data released in the eurozone today saw EMU-13 August unemployment print at 6.9%, unchanged from July’s level, while EMU-13 August PPI was up 0.1% m/m and 1.7% y/y. In U.S. news, Redbook retail sales were up +0.3% m/m in the first four weeks of September. Traders await the release of September non-farm payrolls data on Friday with most economists expecting about 100,000 new jobs were created.  Some dealers believe the Federal Open Market Committee will reduce the federal funds target rate by 25bps at the end of October while others believe the FOMC will lower the federal funds target rate by 25bps or 50bps in December. Euro bids are cited around the US$ 1.4120/ 1.4055 levels.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥115.90 level and was supported around the ¥115.25 level.  Dollar bulls are eyeing the ¥116.35/55 levels as the pair’s next upside target.  The mixed Bank of Japan quarterly Tankan survey that was released yesterday did not help the yen’s cause as there was little to change the view that the central bank is likely to leave the overnight call rate unchanged at +0.50% for the foreseeable future.  Many traders believe the BoJ will not lift the target rate by +25bps to +0.75% before the end of the year.  Japanese economic data as of late has been fairly strong but the changing political environment and international financial market turmoil are working against central bank officials who want to move rates higher now. Data released in Japan overnight saw the September monetary base up 0.7% y/y, the second consecutive monthly rise.  The Nikkei 225 stock index climbed 1.19% to close at ¥17,046.78.  Dollar bids are cited around the ¥114.55 level.  The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥163.65 level and was capped around the ¥164.85 level.  The British pound and Swiss franc came off vis-à-vis the yen as the crosses tested bids around the ¥234.90 and ¥98.30 levels, respectively.  In Chinese news, traders continue to speculate People’s Bank of China will tighten monetary policy at least one more time by the end of the year.



The British pound came off vis-à-vis the U.S. dollar today as cable tested bids around the US$ 2.0365 level and was capped around the $2.0445 level.  Technically, the paid continues to orbit the $2.0415 level, representing the 76.4% retracement of the move from $2.0655 to $1.9650 level.  Bank of England conducted a section auction of ₤10 billion to inject liquidity into the three-month interbank money market but failed to attract bids.  The three-month sterling Libor rate fell to 6.26% from 6.28% yesterday.  Traders are talking about media reports that U.K. banks are instead bidding on liquidity from the European Central Bank. It is being reported that U.K. banks bid on a “substantial part” of the €190 billion lent in the ECB’s variable rate tender last week.  Data released in the U.K. today saw September construction PMI fall to 60.3 from 64.8 in August. Cable bids are cited around the US$ 2.0270 level.   The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ₤0.6930 level and was capped around the ₤0.6970 level.




The Swiss lost ground vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.1775 level and was supported around the CHF 1.1675 level.  Stops were reached above the CHF 1.1745 level, representing the 23.6% retracement of the move from CHF 1.2145 to CHF 1.1620.  Credit Suisse lifted its 2007 GDP forecast to 2.5% from 2.2% and kept its 2008 GDP forecast unchanged at 1.9%.  Similarly, the Swiss government raises its 2007 GDP forecast to 2.6% from 2.3.  The Swiss government also reported that September CPI was up 0.1% m/m and 0.7% y/y.  U.S. dollar offers are cited around the CHF 1.1825 level.  The euro and British pound gained ground vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.6660 and CHF 2.4020 levels, respectively.


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