User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday November 7, 2007 - 20:05:15 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

Westpac Institutional Bank - Morning Report

Morning Report Thursday 8 November 2007


New Zealand dollar

NZD rallies to three month high then fails. The NZD rallied strongly for much of Wednesday as questions continue to arise about the depth of the credit crisis and the resulting weaker USD. The currency rallied early in the day as stop loss orders were triggered around 0.7790, with the NZD subsequently benefited from a strengthening AUD, rallying to 0.7885 into the local close. The soft USD helped support the NZD offshore but a late bout of risk aversion and rumours of the RBNZ checking rates saw the currency fall sharply to close at 0.7800.


Australian dollar

Hawkish RBA gives AUD wings. The AUD reached another record high yesterday rallying to 0.9401 before reversing late in the day. Earlier on the RBA hiked their cash rate by 25bps as expected and the accompanying statement uncovered a hawkish central bank concerned about inflation remaining at the top end of the tolerance band. The currency rallied from 0.9270 to 0.9401 also buoyed by higher commodity prices and a weaker USD. AUD/USD suffered the same fate as the NZD late in the day and fell back to 0.9320 just prior to the close as lower equities and risk aversion returned.


Major currencies

Records continue to tumble amidst rumours and fear. The USD continued to plummet against all of its major counterparts overnight as an array of bad news stories drove it to new record lows. As has been the case in recent sessions, further rumours of credit related write-downs hit the market and another large company, General Motors, reported its biggest quarterly loss in more than two years. If this wasn’t enough, the USD got a final kick in the teeth as a Chinese official was reported as saying the central bank of China would be reducing its holdings of US assets. The biggest winners overnight were undoubtedly the Sterling and yen which surged to highs of 2.1072 and 112.77 respectively, while the euro managed a new all time high of 1.4713. Attention now turns to Fed Chairman Bernanke’s testimony tonight for an insight into the real state of the US economy.


Economic data and events

US productivity growth 4.9% annualised in Q3. Productivity growth picked up more than we expected in Q3, because hours worked declined 0.5% in contrast to the 1.2% annualised increase in hours reported in the payroll report. Consequently the various unit cost measures were all very soft. Even though this report does not actually measure productivity directly (rather it derives it from other published statistics), the message is comforting in that it suggests the economy can continue to grow robustly without hitting productive capacity constraints that might generate inflationary pressures.


US wholesale inventories were revised up from 0.1% to 0.7% in August and posted an even stronger 0.8% gain in September. This is a very strong stock-building picture that, all else being equal, should see Q3 GDP growth revised up from 3.9% in the advance report to comfortably above 4.0% when the preliminary GDP figures are published at the end of this month.


Fedspeak: Jeff Lacker (Richmond Fed president) said that while he supported last week’s rate cut there were “good arguments on each side of the debate”. Maybe Chairman Bernanke will provide more insights in his testimony to the Joint Economic Committee tonight.


German industrial output rose 0.3% in Sep, a third consecutive gain in the face of expectations of an output contraction. This could see Q3 GDP growth forecasts tweaked a little higher (data due next week).


UK consumer confidence eased slightly in October on the Nationwide measure but is still higher than before the credit crunch and consequent run on Northern Rock bank in September. Also, UK shop prices jumped to their fastest pace this year so far in October, led higher mainly by food prices. This news, on top of evidence of sharply higher inflation on the continent last month, suggests there is considerable upside risk surrounding the UK October CPI. We are now forecasting a jump from 1.8% yr to 2.3% yr (data due 13/11).


Events Today

Country Release Last Forecast

NZ Q3 HLFS Employ/Unemploy 0.7%/3.6% 0.7%/3.4%

Aus Oct Employ/Unemployment 13.0k/4.2% 25k/4.2%

US Initial Jobless Claims w/e 3/11 327k 325k

Oct Chain Store Sales %yr 1.7% 2.1%


Jpn Sep Machinery Orders –7.7% 4.0%

Oct Bank Lending %yr 0.6% 0.7%

Eur ECB Repo Rate Decision 4.0% 4.0%

UK BoE Repo Rate Decision 5.75% 5.75%

Sep Leading Index –0.2% n/f

Can Oct Housing Starts 281k 210k

Sep New Housing Prices 0.4% n/f


Latest Research Papers/Publications

• NZ Q3 LCI and QES Review (5 November)

• NZ Weekly Forex Outlook (5 November)

• NZ Q3 labour market preview (31 October)

• NZ Weekly Forex Outlook (29 October)

• RBNZ OCR Review (25 October)

These papers/publications are available on Online Research on

Westpac Institutional Bank’s website (


Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 8 November 2007. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpac's financial services guide by calling +612 9284 8372, visiting or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Westpac Banking Corporation is regulated for the conduct of investment business in the United Kingdom by the Financial Services Authority. © 2004 Westpac Banking Corporation. Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts.




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