User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday October 31, 2007 - 15:56:18 GMT
GCI Financial -

Share This Story:
| | Email

Forex and Commodity Market Commentary and Analysis (31 October 2007)

The euro moved higher vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4465 level and was supported around the $1.4420 level.  Today’s intraday range was limited ahead of the FOMC’s interest rate decision.  Traders pared back their interest rate expectations even further today after the release of stronger-than-expected preliminary U.S. Q3 GDP data that saw the economy expand an annualized 3.9%, up from 3.8% in Q2. These data suggest the economy may have shrugged off the credit market turmoil of the summer – so far.  The GDP price index ex-food and energy rose 1.6% q/q and 2.3% y/y while the core personal consumption expenditures index rose an annualized 1.8% in Q3, up from 1.4% in Q2 but below the perceived 2.0% upper limit of the Fed’s comfort zone.  Also, the Q3 employment cost index rose 0.8% q/q, down from 0.9% in Q2, and were up 3.3% y/y.  The markets believe there is a 90% chance the FOMC will reduce the federal funds target rate by 25bps today to 4.50%.  Other data released today saw October ADP private payrolls up 106,000 and many dealers believe this Friday’s October non-farm payrolls report will have a strong print with upward revisions to August’s and September’s jobs tallies.  Also, September construction spending was up +0.3%.   In eurozone news, the EMU-13 October flash harmonized index of consumer prices was up 2.6% y/y, much higher than expectations and September’s 2.4% print.  ECB’s Draghi suggested “higher global credit costs are likely to stay” while ECB’s Weber noted “Risks to price stability have increased in recent weeks. We at this stage cannot exclude the option that...this will warrant further action.” ECB’s Constancio suggested the financial market turmoil will “result in a slowdown of the U.S. and European economies.” Today’s HICP print means that inflation remains the ECB’s biggest priority and this could support the euro in the near-term.  Other data released today saw EMU-13 September unemployment fall to 7.3% from 7.4% in August while German September machinery and new plant orders were up 7% y/y.  Also, German September retail sales climbed 2.3% m/m and were off 2.2% y/y.  Euro bids are cited around the US$ 1.4220 level.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥115.40 level and was supported around the ¥114.50 level.  Technically, today’s intraday high was just above the 50% retracement of the move from ¥112.55 to ¥117.90.  As expected, the BoJ kept rates unchanged at 0.50% today. Furthermore, the BoJ’s semi-annual report was released and the central bank lowered its real GDP growth forecast to 1.8% from 2.1% for the fiscal year ending in March 2008.  BoJ Governor Fukui cited a greater downside risk to Japan’s economy from U.S. sub-prime mortgage worries and the weak U.S. housing market.  Most traders believe Japanese rates will be on hold through the end of 2007 and this means the yen carry trade could remain popular if global asset market prices remain underpinned.  Data released in Japan today saw September housing starts fall 44% while September orders received by the 50 largest contractors were off 16.3% y/y.  Also, September construction orders were off 16.3% y/y and September employees’ average pay was off 6.5%.  The Nikkei 225 stock index gained 0.52% to close at ¥16,737.63.  Dollar bids are cited around the ¥113.85/ ¥112.55 levels.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥166.80 level and was supported around the ¥165.35 level.  The British pound and Swiss franc gained ground vis-à-vis the yen as the crosses tested offers around the ¥239.15 and ¥99.45 levels, respectively.  The Chinese yuan appreciated sharply vis-à-vis the U.S. dollar as the greenback closed at CNY 7.4630 in the over-the-counter market, down from CNY 7.4716.  Today’s closing low represents the pair’s weakest close since the yuan revaluation of July 2005.  SAFE reported the Chinese economy may expand significantly in H2 2007. The economy expanded 11.5% in Q3 and the current account surplus was US$ 162.9 billion in H1 2007.  Many traders believe PBOC will tighten monetary policy again imminently.

The British pound strengthened vis-à-vis the U.S. dollar today as cable tested offers around the US$ 2.0740 level and was supported around the $2.0660 level.  The pair established a new multi-decade high after Nationwide reported October house prices were up 1.1% m/m and 9.7% y/y, an acceleration from September’s level and an indication that the summer’s credit market turmoil may not have slowed the U.K. housing sector as much as expected. These data support the argument that BoE’s MPC will not lower its repo rate next week.  MPC’s Blanchflower suggested there are some signs of economic “slowness” and MPC’s Bean speaks later in the North American session. Other data released today saw the October GfK consumer confidence index decline to -8, the lowest reading since March.  Cable bids are cited around the US$ 2.0420 level.  The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ₤0.6955 level and was capped around the ₤0.6980 level.






The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.1625 level and was supported around the CHF 1.1565 level.  The pair earlier reached its lowest level since March 2005.  Data released in Switzerland today saw the October KOF economic barometer decline to 2.02 from a revised 2.04 in September.   Dollar offers are cited around the CHF 1.1665 level.  The euro and British pound gained ground vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.6775 and CHF 2.4090 levels, respectively.


A$/ NZ$


The Australian dollar extended recent gains vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.9245 level and was supported around the $0.9180 level.  The A$ came within about 25 pips of establishing a new multi-decade high. Data released in Australia today saw September private sector credit growth up 1.2% m/m while Q3 new home sales were off 3.0% q/q and September building approvals were up 6.8% m/m.  Australian dollar bids are cited around the US$ 0.9075 level.  The New Zealand dollar appreciated vis-à-vis the U.S. dollar as the kiwi tested offers around the US$ 0.7680 level and was supported around the $0.7620 level.  New Zealand dollar bids are cited around the US$ 0.7595 level. 



The Canadian dollar continued its ascent vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 0.9495 level and was capped around the C$ 0.9565 level.  Data released in Canada saw August GDP growth print at 0.2%.  Finance minister Flaherty reported the Canadian corporate tax rate will fall to 15% by 2012.  The government also reported trading in the loonie is speculative and does not reflect domestic economic fundamentals.  The government expects the C$ will depreciate in 2008 and 2009.  U.S. dollar offers are cited around the $0.9735 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

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