Forex News Blog
Back to The Headlines
Tuesday October 23, 2007 - 11:48:28 GMT
Share This Story
ACM - www.ac-markets.com
USD rises sharply against major currencies; commodity prices fall
By James Brandt - ACM Advanced Currency Markets, Geneva, Switzerland
News and Events:
The USD posted a huge gain against the Euro and British Pound in yesterday's session even though the G7 statement clearly suggested that the Euro-zone was comfortable with current Euro levels. The ECB does, however, point towards growth concerns in the fourth quarter. The EURUSD and GBPUSD fell to daily lows of 1.4126 and 2.0258 respectively. The dollar received a boost from stabilized S&P 500 (after a drop on Friday) and a decline in oil prices, as oil fell from $90/barrel to $85 yesterday. News from the U.K. on two more banking groups putting together emergency funds to help customers hit by the credit crunch further pushed the Cable lower. This raises new questions whether the British economy has been more deeply affected by the credit market turmoil than originally expected.
As the US dollar takes a turn to shine, precious metals prices took a dive as well. Gold fell from $768 an ounce to $745 before closing at $754. Silver hit a low of $13.2725 before recovering slightly to $13.4650. We look forward to a light day of news today before heading into a barrage of US announcements from Wednesday onwards.
Today's Key Issues (time in GMT):
09:00 EC Industrial New Orders SA MoM AUG 0.90% vs -4.00%
12:30 CA Retail Sales MoM AUG 0.50% vs -0.80%
12:30 CA Retail Sales Less Autos MoM AUG 0.30% vs -0.30%
14:00 US Richmond Fed Manufact. Index OCT 7 vs 14
21:00 US ABC Consumer Confidence Oct
The Risk Today:
EurUsd after the massive sell-off at the target rate of 1.4350, this level holds as a major resistance. A break of 1.4050 would be very bullish. Initial support found at 1.4140.
GbpUsd hit the bottom of the range yesterday at 2.0258 and holds as a strong support, but a break of this level will expose 2.0145 with ease. On the upside, there is no trouble moving back to 2.0536.
UsdJpy hovering around the 50% retracement of the 111.63 to 117.97 up trend, initial support is found at 114.05 and strong resistance at 115.55. Bears keep selling anything below 115.55. Above this level is short-term bullish.
UsdChf halted close to the 1.1800 resistance, topping out at 1.1786, which leaves this pair bearish. A break above could signal a move higher to 1.1953. On the downside, there is space for maneuver to 1.1630.
Resistance and Support:
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
Forex Trading News
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
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
Tue 19 June 2018
AA: Major, A: High, B: Medium
A 12:30 US- House Permits/Starts
Wed 20 June 2018
A 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
Thu 21 June 2018
AA 11:00 GB- Bank of England Decision
A 12:30 US- Weekly Jobless
Fri 22 June 2018
John M. Bland, MBA
co-founding Partner, Global-View.com
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.
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.