User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Saturday November 3, 2007 - 00:50:00 GMT
Reuters -

Share This Story:
| | Email

FOREX MARKET NEWS - Dollar sinks to lows, hit by financial stocks tumble

Fri Nov 2, 2007 6:03pm EDT

(Refiles to additional subscribers) (Recasts; updates prices, adds quotes, U.S. data)

By Walker Simon

NEW YORK, Nov 2 (Reuters) - The dollar sank to record lows against the euro and a basket of major currencies on Friday as fears of major losses at financial firms overshadowed a strong U.S. payrolls report.

Benchmark U.S. stock indexes fell as much as 1 percent dragged down by financial stocks, before retracing losses and erasing a brief dollar advance from a 166,000 gain in non-farm payrolls, the biggest jump in six months.

"There's fear over more skeletons falling out of the credit market closet," said Scotia Capital currency strategist Steve Malyon. "That overwhelmed any dollar-positive sentiment that might have been generated by the stronger-than-expected gains in the headline payroll number."

The euro <EUR=> hit an all-time high at $1.4528, according to Reuters data. It last traded at $1.4502, up 0.6 percent on the day, and has gained against the greenback in eight of the last nine sessions.

The dollar index (.DXY: Quote, Profile, Research), which charts the greenback's progress against a basket of six major currencies, fell as low as 76.220, its lowest level in its more than 30-year history. In mid-afternoon, it was trading at 76.337, off 0.34 percent.

Overall, U.S. stocks benchmark indices eked out meager advances at the close. But U.S. financial stocks closed 1.5 percent lower, led downward by a 7.9-percent fall by Merrill Lynch (MER.N: Quote, Profile, Research), stung by reports that it sought to delay billions of dollars of losses by shifting them to hedge funds.

In U.S. interest rate futures the implied probability of a December cut was 66 percent at the session close. Lower interest rates are dollar bearish since they spell reduced yields of deposits in dollars.

Turbulent trade in the dollar/euro could ease early next week, some analysts said, as traders adjusted positions ahead of Thursday's European Central Bank meeting.

The ECB was widely expected to hold rates at 4 percent, so investors would focus on ECB President Jean-Claude Trichet's press conference, said Nick Bennenbroek, head of currency strategy at Wells Fargo in New York.

"If he expresses need for strong vigilance against inflation, that would be a euro positive and if he says the ECB is adopting an accommodative stance, that would be a euro negative," he said.

As for the yen, Bennenbroek said he saw the next resistance level at 114 per dollar. The Japanese currency <JPY=> strengthened on Friday as the dollar eased 0.3 percent to 114.82 yen. For the week the dollar lost 0.7 percent against the yen.

The British pound <GBP=> gained about 1.7 percent in the week to a 26-year high, staging its largest weekly advance against the dollar since December 2006. On Friday, it rose 0.6 percent to $2.0906.

Most analysts see the Bank of England holding short-term rates steady at 5.75 percent at monetary policy meeting Thursday, with the bank delaying a rate cut until early 2008.

The Australian dollar <AUD=>, which hit a 23-1/2-year high on Wednesday, was poised to make another run upward on Nov. 6 when the Reserve Bank of Australia was widely expected to raise interest rates to an 11-year high of 6.75 percent.

The Australian currency Friday rallied 1.3 percent to $0.9232, nearing its mid-week peak of $0.9344.

© 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."

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 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim 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