User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday November 7, 2007 - 00:16:36 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS-Dollar hits new lows, weakened by bank fears

Tue Nov 6, 2007 5:28 PM ET

(Adds details, updates prices)

By Walker Simon

NEW YORK, Nov 6 (Reuters) - The dollar sank to record lows against the euro and a basket of major currencies on Tuesday as bleak warnings of more pain in the credit sphere reinforced views of a Federal Reserve rate cut in December.

"Part of the Fed's job is to ensure stability in the banking sector and the latest credit problems raise the risk of an interest rate cut to restore confidence in the financial sector," said Kathy Lien, strategist at Forex Capital Markets.

The euro rose as high as $1.4571 <EUR=>, according to Reuters data, its highest level since its 1999 launch. It was last trading at $1.4552, up 0.6 percent on the day.

It was the ninth time in 11 sessions the euro gained against the dollar.

"I don't think the dollar will strengthen any time soon (against the euro)," said UBS currency strategist Sophia Hardy. "There is no foreseeable catalyst to push the dollar up."

A cut in U.S. interest rates is negative for the dollar, weakening its appeal versus higher-yielding currencies.

Analysts are waiting to see if European Central Bank President Jean-Claude Trichet, in remarks expected on Thursday, would hint at a rate rise next month for the euro zone.

Hardy cited flow data showing an extended outflow of investments from the United States to European equities and emerging market central banks diversifying their foreign exchange reserves from dollars to euros.

The dollar index, which tracks the greenback's performance against a basket of six major currencies, dipped to 75.986, the lowest in its more than 30-year history. It was last trading at 76.041, down 0.5 percent on the session.

The drumbeat of bad news for banks kept the market on edge, already uneasy over Citibank's Sunday forecast of up to $11 billion in mortgage-related losses.

On Tuesday, major U.S. home lender IndyMac Bancorp Inc <IMB.N> posted a net quarterly loss of $202.7 million. Germany's Commerzbank <CBKG.DE> said it was writing off 291 million euros of assets exposed to risky U.S. mortgages.

Bank of England Governor Mervyn King said it would take months for banks to reveal their full losses stemming from risky mortgages and former Federal Reserve chief Alan Greenspan said the housing debacle was a major risk to the U.S. economy.

Federal funds futures pricing on Tuesday implied a 64 percent probability of a December rate cut, having ranged from 46 percent to over 90 percent since Oct. 18.

The Canadian <CAD=> dollar raced higher, supported by rallying prices of oil and metals, and it traded at historic modern day highs.

The greenback weakened 1.2 percent to C$0.9220, having lost over 20 percent so far this year.

The recent dollar surge drew a warning Tuesday from the second-in-command at Canada's central bank. Bank of Canada Senior Deputy Governor Paul Jenkins said the recent Canadian dollar surge is "outside normal bounds," and sustained strength would pose risks to the Canadian economy,

Against the yen, the U.S. dollar gained 0.2 percent <JPY=> to 114.6 yen. But analysts attributed that largely to renewed borrowing in the low-interest Japanese currency to fund "carry trade" investments in the currencies of Australia and New Zealand, which bear the highest interest rates in the developed world.

The New Zealand dollar <NZD=> gained 1.2 percent to US$0.7781.

The Australian dollar <AUD=> rose 0.7 percent to US$0.9261, helped by expectations of a benchmark rate hike Wednesday to an 11-year peak of 6.75 percent, which could make local assets more attractive to foreign investors.

Australia is a major metals exporter, and the Aussie was also helped by surging world metals prices. Gold prices <XAU=> hit a 28-year high on Tuesday. (Editing by Dan Grebler)

© Reuters 2007. 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 23 July 2018
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
AFlash PMIs
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final 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