User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday November 15, 2007 - 21:37:00 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS-Dollar mixed on uncertainty over credit woes

Thu Nov 15, 2007 4:15pm EST

(Updates prices, removes byline)

NEW YORK, Nov 15 (Reuters) - The U.S. dollar rose against the euro but slid against the yen on Thursday, as ongoing credit market concerns and weak stock markets led investors to pare back on short positions in the greenback.

Uncertainty about losses from the U.S. subprime mortgage crisis continued to pervade markets. Standard & Poor's cut its long-term credit rating on Bear Stearns Cos (BSC.N: Quote, Profile, Research), while the investment bank is expected to report its first-ever quarterly loss. In addition, General Electric Co (GE.N: Quote, Profile, Research) said on Wednesday its short-term bond fund had run into trouble and all its outside investors have liquidated their holdings.

Persistent concerns about the lending environment have caused some currency traders to trim bets against the dollar and reduce yen carry trades, in which the low-yielding Japanese currency is borrowed to fund purchases of higher-yielding ones.

"Risk aversion remains the guiding principle in foreign exchange markets today, with further financial sector write-downs negatively impacting stock market performance," said Michael Woolfolk, senior currency strategist with The Bank of New York Mellon in New York.

"Declines in equity prices are keeping yen carry trades sidelined, with the greenback on the receiving end of a mild safe-haven bid," Woolfolk said in a research note.

The dollar was down 1.0 percent on the day against the Japanese currency at 110.31 yen <JPY=>, within sight of 18-month lows of 109.10 yen set this week.

But the euro was down 0.3 percent at $1.4616 <EUR=>, more than a cent below a record high of $1.4752 set last week, according to Reuters data.

Against the yen, the euro was down 1.3 percent at 161.26 yen <EURJPY=>.

"If we see the market take the euro below $1.45, then the euro will drift to the $1.43 to $1.42 range," said Adam Hewison, president of in Shady Side, Maryland. "Overall, the market looks like it's overdone on dollar selling."

The value of the net short position in the U.S. dollar among currency futures traders on the Chicago Mercantile Exchange rose to $32.54 billion in the week to Nov. 6, up from $30.73 billion in the prior week, according to Reuters data.


The U.S. dollar index of six currencies (.DXY: Quote, Profile, Research) has fallen around 9.0 percent to record lows in 2007, largely because of darkening prospects for U.S. economic growth during a sharp housing sector slowdown.

However, the U.S. dollar was little changed by news the United Arab Emirates is under mounting pressure to unpeg its currency, the dirham <AED=> from the greenback. For more see [ID:nL15238313].

"The fact is that this trend is inevitable from an economic point of view," said Marco Spaltro, currency economist at IDEAglobal in London. "As the economy is not moving following the U.S. any more, maintaining a peg 100 percent with the dollar is becoming too costly on the inflation side, with the risk of social unrest in the gulf states."

Data showing benign U.S. core inflation in October and higher-than-expected regional U.S. business activity in November did not have lasting impact on currencies.

"All in all, the trends that were in place before the numbers are still intact," said Camilla Sutton, currency strategist at Scotia Capital in Toronto.

The U.S. dollar shot up 1.9 percent against the Canadian dollar to C$0.9847 <CAD=> after a report showed Canadian manufacturing sales at the lowest since October 2006.

The high-yielding Australian dollar fell 1.1 percent <AUD=> against the greenback and the New Zealand dollar also fell 1.1 percent <NZD=> to US$0.8867 and US$0.7549, respectively.

Sterling fell to a three-week low against the dollar, hit by an unexpected fall in retail sales <GBP=>. The pound fell 0.5 percent to $2.0437.

The pound has lost around 3.3 percent since reaching a 26 year high above $2.1100 last week. (Reporting by Nick Olivari, Kevin Plumberg and Walker Simon)

© 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

Tue 31 July 2018
AA JP- Bank of Japan
A 06:00 DE- Retail Sales
A 09:00 EZ- flash HICP/GDP
AA 12:30 US- Core PCE Deflator
A 14:00 US- CB Consumer Confidence
Wed 1 Aug 2018
A Final Mfg PMIs
AA 12:15 US- ADP Private Payrolls
A 15:00 US- EIA Crude
AA 18:00 US- Federal Reserve Decision
Thu 2 Aug 2018
AA 11:00 GB- Bank of England Decision
A 13:30 US- Weekly Jobless
Fri 3 Aug 2018
A Final Services PMIs
AA 12:30 US- Employment
A 12:30 US/CA- Trade

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