User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday October 8, 2007 - 23:07:28 GMT
Reuters - www.reuters.com

Share This Story:
| | Email

FOREX NEWS-Dollar climbs as investors reassess risk

 

FOREX-Dollar climbs as investors reassess risk

Mon Oct 8, 2007 4:03pm EDT

(Recasts; updates prices)

NEW YORK, Oct 8 (Reuters) - The dollar gained in quiet trade on Monday against most major currencies as investors reassessed risk and bet that Friday's sell-off on a U.S. payrolls report was overdone.

September job growth was the best since May and eased concern about an imminent U.S. recession, but some dealers sold the dollar on concern the economy is not growing fast enough to prevent the Federal Reserve from cutting interest rates further.

Monday's gains came as investors decided the jobs report indicated some vigor in the economy.

Adding to the dollar's strength was concern that the Group of Seven nations may address dollar weakness at their upcoming meeting, which could leave some investors who had been betting on the dollar's continued decline caught short.

"Today we have a more appreciative view of the job numbers and a more careful assessment of risk," said Joe Trevisani, chief market analyst at FX Solutions in Saddle River, New Jersey. "The job number wasn't so bad."

The euro slipped 0.6 percent to $1.4043 <EUR=>, off its record high of $1.4281 hit last week, and below its level of $1.4135 late on Friday in New York, according to Reuters data, as the jobs data reduced chances that the Federal Reserve would cut interest rates this month. Traders said near-term support kicks in around $1.4030.

The dollar index last traded at 78.774 (.DXY: Quote, Profile, Research), above its record low of 77.660.

The greenback also climbed to 117.38 yen <JPY=>, a gain of 0.4 percent from 116.96 yen late Friday and its highest level since a credit crisis sparked by losses on U.S. mortgages roiled markets in mid-August. Analysts said traders had recovered their taste for carry trades that use cheaply borrowed yen to buy higher-yield currencies.

ECB ON HOLD

Markets now see euro-zone rates on hold for the rest of 2007 after European Central Bank President Jean-Claude Trichet spoke of downside growth risks last week, and that has moved interest-rate differentials in favor of the dollar.

With markets in Japan and Canada closed for holidays and the U.S. bond market also shut for Columbus Day, trade was light, leaving the dollar near the top of rather narrow ranges.

"The jobs data last week wasn't great but at least it suggested we're not headed for recession, and that's reduced chances of a rate cut," said Meg Browne, currency strategist at Brown Brothers Harriman in New York. "We're going to be in ranges for now ... there's really not much to trade on today."

The U.S. jobs report showed the U.S. economy added 110,000 jobs last month. It also showed a gain of 89,000 jobs in August, revising an initially reported contraction in payrolls that month.

That left futures reflecting a 44 percent chance of a Fed rate cut on Oct. 31, lower than the 75 percent priced in last Thursday, the day before the jobs report.

TALKING THE EURO DOWN

Elsewhere, outgoing International Monetary Fund chief Rodrigo Rato said the dollar was undervalued. Various European officials have also complained about the dollar's decline and worried a strong euro would undermine the euro-zone economy.

Europe's finance and economy ministers were meeting in Luxembourg on Monday and Tuesday, where they were expected to craft a unified approach to the dollar's decline heading into a G7 meeting next week.

"It's rare but every once in a while, the G7 makes a push to move the markets verbally one way or another," said Trevisani of FXSolutions. "When it is a surprise, it can have some effect."

But German Finance Minister Peer Steinbrueck said a strong euro is better than a weak one, casting doubt on whether the euro/dollar exchange rate would be on the G7 agenda.

Browne said the G7 won't be able to focus on the dollar without also addressing the value of the Chinese yuan and Japanese yen, two other currencies seen as undervalued.

© 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."



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 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.



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