User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday May 11, 2004 - 21:54:15 GMT -

Share This Story:
| | Email

Cable Sharply Lower on Poor UK Manufacturing Data


EURUSD tested and failed at the 1.1900 level early in London trading before coming off as French industrial production in March fell short of estimates. While the February reading was revised higher to 1.2%, the current 0.1% m-o-m increase disappointed a market that was looking for 0.5%. The dollar continued to strengthen intraday before reversing back towards 1.1880, as OECD forecasts revised down growth in the Euro area to 1.6% from an earlier 1.8% estimate. In contrast, the OECD estimated the wealthier world economies to grow by a collective 3.4% in 2004, up from its November forecast of 3%. Given solid US growth, the Paris-based think tank advised the Fed to tighten monetary policy sooner rather than later, advocating a summertime rate hike. For the ECB, the OECD’s policy prescription was to ease monetary policy by as much as 50 basis points, taking out an insurance policy of sorts on lagging European growth.


USDCHF stalled at the 1.3080 level just prior to the US open and proceeded to grind lower intraday, slipping through 1.3000 to close around 1.2975. Both Philadelphia Fed President Santomero and Chicago Fed President Moskow commented today on the US economic outlook—while the latter noted that solid economic growth and labor market gains are likely to continue, both reiterated the current low levels of inflation supporting the Fed’s “measured” stance on raising rates. The dollar looked to have sold off on the back of Moskow’s comments, with USDCHF touching an intraday low of 1.2962 by early afternoon. A circulating CSFB report calling for 50 basis points worth of rate hikes by the SNB this year also supported the Swissie. Outside of monetary policy expectations, CHF still appears to be a safe-haven play given turmoil in Iraq and new images emerging from both the prisoner scandal and apparent decapitation of an American hostage. In light of this, the market seems content to bid CHF higher, and little focused on Iraqi insurgent al Sadr’s purported truce offer.


Surprisingly poor UK data sent cable off a cliff in London trading, with the pair falling over 200-pips to a five-month low before the US open. Starkly contradicting upbeat purchasing manager surveys, industrial production was unchanged in March, versus expectations of 0.6%. Also below consensus, manufacturing output fell by 0.3%, on expectations of 0.5%. After a 0.5% decline in February output, this second disappointment could affect market expectations of additional Bank of England tightening. During the New York session, cable attempted to break 1.7600 before drifting lower to settle around 1.7550. Since recording its yearly high on February 18, cable has fallen over 1500 pips. Polls showing UK voter support for PM Blair’s Labour Party at 17-year lows could add to further negative GBP sentiment, pushing cable toward 1.74 and below. Tomorrow the market will focus on the Bank’s Quarterly Inflation Report for policy clues.


USDJPY tried and failed to grasp the 114 handle after trading above the level Monday, moving lower during the New York session to close around 113.15. The yen received some support from the Nikkei, which managed to close higher after its nearly 5% meltdown on Monday. Tuesday Japanese data was mixed, with leading indicators coming in on target but household spending falling by more than expected. Still, the yen strengthened on hopes that the slide in Japanese equities is over. At these USD/JPY levels, Japanese exporters may continue to emerge as dollar sellers, hoping to lock in gains above hedge targets anecdotally thought to be around 105 for the new fiscal year. In official comments, Finance Minister Tanigaki noted that while the broader trend in the FX market appears calmer, authorities are monitoring both stock and equity markets closely.


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

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

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