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Forex Forum Archive for 01/19/2015

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Livingston nh 22:45 GMT January 19, 2015
Draghi - Hollande

JM - why was the SNB announcement of the peg demise necessary? why not just reduce buying EUR and let market guess? and the carnage went well beyond the EUR/CHF (carry against everything?) // Jordan appears to be toast based on the two big corporate responses and political backlash so he's dumber than dirt or there's an interesting problem in the EU/Russia/EURzone

Don't most of these pegs blow up trying to defend against weakness?? Is this all about the negative interest rate??

GVI Forex john 22:11 GMT January 19, 2015
Global-View Trading Systems

USD & EUR Pivot Points, Support and Resistance Levels. Chart Point tables. Chart icon stores in browser tab.

nw kw 22:00 GMT January 19, 2015

underdog poss aud/jpy?/ xag big longs last week $?

Mtl JP 21:53 GMT January 19, 2015

data on deck:
China's fourth-quarter GDP, on Tuesday
exp.: 7.20% vs 7.30% last

nw kw 21:32 GMT January 19, 2015

CNY Aggregate Financing RMB (DEC)
1690.0B 1200.0B 1146.3B

china benefits the most from cheaper oil so if long usa long china

Mtl JP 21:18 GMT January 19, 2015

more like history than news... so fwiw

according to Reuters Oil slips $1 on China economy worries, record Iraq output

and should make one think of new trading opportunities

GVI Forex john 20:27 GMT January 19, 2015
CHART POINTS: Free Forex Database

UPDATED. Global-View Free FX Database. High-Low-Close data for over a dozen currency pairs for well over a decade of data in Excel spreadsheet format.

Mtl JP 19:30 GMT January 19, 2015

Hilsenrath says

Fed officials are on track for 2015 rate hike Jan 19, 2015

GVI Forex john 18:56 GMT January 19, 2015

london red 18:16 GMT January 19, 2015
Draghi - Hollande

euro. if can stay below 11640 today then might be a chance of buying 11570/80 tomorrow morning stop under 11550 for 11640 test and break with profit taking c. 11660/75.

NY JM 18:03 GMT January 19, 2015
Draghi - Hollande

Our global world is being led by a bunch of amateurs

PAR 17:50 GMT January 19, 2015
Draghi - Hollande
Who knows what when . Insider trading full speed ahead

PARIS — French President François Hollande said Monday the European Central Bank will announce plans to buy eurozone sovereign debt later this week, reinforcing expectations the Frankfurt-based institution will follow other major central banks into so-called quantitative easing.

“On Thursday, the ECB will take the decision to buy sovereign debt, which will provide significant liquidity to the European economy and create a movement that is favorable to growth,” Hollande said in a speech to business leaders at the Élysée Palace.

The comments from the French leader were surprising as they appear to foretell the action of the ECB, which fiercely guards its independence from governments. Still, analysts do widely expect the ECB to announce plans to buy sovereign debt Thursday as other measures to stimulate the eurozone economy have failed to lift inflation from super low levels.

GVI Forex Blog 17:37 GMT January 19, 2015
Markets Setting Up for Expected ECB Easing on Thursday. CHF Adjustment Continues


Markets Setting Up for Expected ECB Easing on Thursday. CHF Adjustment Continues

GVI Forex john 17:31 GMT January 19, 2015

19 January-- 17:30 GMT- Current Market Conditions
. Moday was a holiday session in the U.S. with major markets closed for the Martin Luther King Holiday. Elsewhere no major data was released.

Traders are still adjusting to the SNB fiasco from last Thursday and CHF trade has been volatile The CHF is ending  weaker vs, the USD and on its EUR cross.  Equity markets are closing in a RISK ON posture. The Swiss SMI index has recovered today, European bond yields generally are lower ahead of the ECB decision on Thursday

The heat map color scheme of interest rates reflects yields.

dc CB 16:51 GMT January 19, 2015
Deep Thoughts
as the world’s business elite prepare to meet this week at the annual World Economic Forum in Davos, Switzerland.

The 80 wealthiest people in the world altogether own $1.9 trillion, the report found, nearly the same amount shared by the 3.5 billion people who occupy the bottom half of the world’s income scale. (Last year, it took 85 billionaires to equal that figure.) And the richest 1 percent of the population, who number in the millions, control nearly half of the world’s total wealth, a share that is also increasing.

So is the solution to "share the wealth" or robots and the logical consequence of that.

Richest 1% Likely to Control Half of Global Wealth by 2016, Study Finds

Mtl JP 16:43 GMT January 19, 2015

ib buddy alerted me to

so maybe a theme of every (wo)man.. or CB for itself.
assuming that the germans are telling the truth that they've repatriated the gold, for real, timing does suggest fear of contagion... and grab what they can, while they can. Bundesbank said they got 80 tons back by the end of 2014... previous gold withdrawals from the NY Fed were pretty much accounted for to other countries - which implies all the gold was brought back in the last 2 mths.

Banks , me thinks, are the Achilles's heel... like in team sports, when a start player is nursing an injury and opposing players try to bang on it, players will maybe soon focusing their attention on system's bank sector.

Paris ib 16:25 GMT January 19, 2015

JP - what happens? Well depends doesn't it? Does the Government do a Japan? Or do they get out of the way and let the economy recover as best it can? No idea. If I had my druthers I would get the Central Banks out of money markets and the Government out of our pockets. But then if I had my druthers I would have stopped all this wasteful and damaging spending on the military and war and weapons a while back and now that is growing again!! So more austerity for us and more wars and money for military contractors.

Mtl JP 16:15 GMT January 19, 2015

ib 15:34 - the banks in kakkahole theory probably has merit.
kakkahole being that compounding interest growth has outstripped economy's ability to service that. hence the hurry to print

und so wass happens after it becomes apparent that printing can not solve issue of run-away compound interest ?
A: bail-in ... bail-in sister

Paris ib 16:01 GMT January 19, 2015
TIC data
Net Foreign Acquisition of Long-term Securities
+375.7 inflows for the whole of 2012
- 372.7 outflows for the whole of 2013
+ 81.7 inflows for the year to end November 2014

Revisions are likely. The U.S. just isn't seeing the money inflows any more (they peaked at 900 billion annually for the record in 2006). And without that money the economy struggles.

TIC data

Paris ib 15:54 GMT January 19, 2015

My scenario: wait and see. If they announce something fantasmagoric - Euro is a sell (not likely in my opinion). If in the run up to this stupid meeting the hype and expectation builds (likely) and then what is announced is not so exciting... then maybe we have a bit of Euro selling. At that point buy on dip. But there is every possibility it would be better to wait for Monday before getting involved. If instead nothing is announced then we may have a bit of confusion... and still it's probably better to wait till Monday to buy Euro. Premise: I don't buy into the idea that there is this fantastic recovery in the U.S. economy. The U.S. economy is dependent on foreign capital inflows and those inflows have pretty much stalled.

The Good Old TIC data

london red 15:43 GMT January 19, 2015

most likely scenario for me. they announce some numbers at quarter to and euro falls towards lt fibs at 112/11250, then a bit of short covering and a rally during conference back up. maybe euro rallies st but trend will remain for lower euro until economic numbers tell us otherwise. aside from that the only way euro can bottom is if ecb do something to convince mkt that inflation tgt will 100% be hit. not sure thats possible for them at this point. so you are relying on profit taking and some bumps in US data.
yearly charts suggest parity/1.07 unless we can trade a bit more in last years range. that means going back abv last years low of 12096.

Mtl JP 15:42 GMT January 19, 2015
Monday Trade(s)

euro around 35... maybe some sellers in the 40-50 price zone level
or maybe not

Paris ib 15:34 GMT January 19, 2015

A pretty fair assessment of why some are screaming for QE:

Short read

Paris ib 15:29 GMT January 19, 2015

Merkel is a politician. The Bundesbank is something else altogether. Dodgy politician what's more.

Mtl JP 15:27 GMT January 19, 2015

somebody please explain how is it that Merkel is not vehemently screaming and scratching and opposing printing and is in fact demure about printing

Paris ib 15:26 GMT January 19, 2015

What we know:

- market is mega short Euros
- is flying

Taken together risk is to upside for the Euro. For now.

Mtl JP 15:24 GMT January 19, 2015

reminder #2: the euro is not going to dis-appear. that issue is too far gone and the euro has too many bureaucrats backing it now.

Not even the Greek is somehow going to help along its demise.

Paris ib 15:21 GMT January 19, 2015

More realistic: Mario has been coerced into saving the USD (following the lead from the BoJ) but is seeing opposition from (among others) the Germans.

Paris ib 15:19 GMT January 19, 2015

At the ECB meeting? Inappropriate.

PAR 15:17 GMT January 19, 2015

Mario may also announce that he has accepted to become the new Italian President .

Paris ib 15:17 GMT January 19, 2015

JP - let's leave the crazy ideas to the crazies shall we?

We need to get away from the idea that the government and the Central Bank run the economy. Unless you want to buy into wholesale Central Planning: we all get coupons sent us for what we are allowed to consume and we are all shipped off to labour / reeducation camp every day.

Mtl JP 15:11 GMT January 19, 2015

ib 15:04 // reminder: last I heard no-one is demanding / forcing u 2 b "mario". better to focus on skinning some posi-pips off ol' mario's bs of alleged trying to resuscitate European economies with printing.

Earlier idea of physically crediting every EU member citizen's account with 3,000 euros so-far appears in the shadows and on back-burner.

Paris ib 15:04 GMT January 19, 2015

Rumours the EuroZone to abandon the Euro and adopt the USD.
If you're gonna have a rumour you may as well go for broke. Far out, even IF something happens there is not going to be instant buying or printing or anything. What a joke. Still someone is twisting Draghi's arm right now. Wouldn't want to be him. Pressure to talk up QE will be brought to bear.

Mtl JP 14:58 GMT January 19, 2015
Monday Trade(s)
Entry: 1.1625-ish Target: south Stop: > 1.1635+


NY JM 14:57 GMT January 19, 2015

Par, if that was the case EURUSD would be sub-1,15

PAR 14:47 GMT January 19, 2015
Rumors that QE will be for a € unlimited amount of bond buying.

Not 500 billion , not 2 trillion but a ZILLION .

HK Kevin 14:40 GMT January 19, 2015
I suspect

HK [email protected] 04:27 GMT 01/19/2015

I suspect a connivance between the SNB and the ECB, regarding the extreme events from last week.

Probably the ECB heads knew ahead all about it, just pretending to be in a shock.

It is possible then,that the next victims will be the Euro shorts.

HK RF, if ECB heads knew ahead about it, then probably ECB will launch QE in the coming Meeting. So ECB agrees SNB to act before they take action.

If so, EURO will made a dive first, and made a V turn on buy the fact.

Paris ib 14:31 GMT January 19, 2015

red, I don't think it can happen quickly but I do think there was something of an over reaction Friday. So we begin the slow crawl back. Thursday could be another interesting day. After which do we have calm for a bit? Market psyche is fractured.

london red 13:58 GMT January 19, 2015

ib, as much as id love another day like that, we aren't going to get it. chf will come off a bit once risk taking comes back in vogue. but it wont happen overnight. unfortunately.

Paris ib 13:52 GMT January 19, 2015
sell euro?

John - why would they break the cap and then intervene? That really would be insane. More like they assume the market will revert - after fairly major hiccup.

GVI Forex john 13:47 GMT January 19, 2015
sell euro?

I know nothing but ASSUME the SNB will be in.

Paris ib 13:37 GMT January 19, 2015
It would be interesting, would it not, if the Swiss did indeed know something about the ECB meeting and we find ourselves back at 1.20 in short order. Just saying...

PAR 13:10 GMT January 19, 2015
sell euro?

Imho SNB is buying . DIRTY FLOATING.

Japanese used to do that a lot , better option than a fixed peg .

london red 12:52 GMT January 19, 2015
sell euro?

euro. res 11640-66. supp 11568-51. outside of these, break can tgt 11740-55/11459. may seek upside stops today/tomorrow, but wednesday should look to sell into thursdays meet and be flat on announcement. euro wont go into meet at a res its likely to test and come off as people spec into announcement so its either off 11640/69 or 11740/55.

kl fs 12:01 GMT January 19, 2015
sell euro?

yes, sold 1.1592, stop 1.1653, target 1.14

jkt abel 11:59 GMT January 19, 2015
sell euro?
anybody selling euro today?

GVI Forex Blog 11:49 GMT January 19, 2015
Global Markets News
Draghi said to trying to calm German QE concerns by focusing on sovereign bond purchases through the national central banks EU Mid-Market Update: Markets await ECB decision on QE

HK [email protected] 11:47 GMT January 19, 2015

Seems a bearish consensus has been building around this pair for sometime.

GVI Forex Jay Meisler 11:44 GMT January 19, 2015
Exclusive: Inside Story About Forex Brokers and the Swiss Shock

While I am not privy to any specific information, I have pieced together why some forex brokers were ravaged by the aftermath of the SNB decision to abandon the EURCHF floor while other forex brokers managed to make money on the unprecedented volatility.

Exclusive: Inside Story About Forex Brokers and the Swiss Shock

GVI Forex john 11:44 GMT January 19, 2015

January 19, 2015 ( UPCOMING DATA HIGHLIGHTS for Tuesday, January 20, 2015. Updated: Trading News Events Calendar


  • Far East: cN- GDP
  • Europe: DE- ZEW Survey, EZ- PPI
  • North America: US- NAHB Index

GVI Forex john 11:14 GMT January 19, 2015

19 January-- 10:10 GMT- Current Market Conditions
. Today is a holiday session in the U.S. with major markets all closed for the Martin Luther King Holiday. No major data has been released.Traders are still adjusting to the SNB fiasco from last Thursday and CHF trade has been volatile again. The CHF is weaker vs, the USD and on its EUR cross.  Equity markets remain are in a  RISK ON posture.  The Swiss SMI index has recovered today, European bond yields generally are lower ahead of the ECB decision on Thursday

The heat map color scheme of interest rates reflects yields.

Paris ib 09:57 GMT January 19, 2015

Euro Zone current account data just released confirmed that the area has one of the largest current account surpluses in the world (if not the largest) and the fall in the price of OIL is likely to see the trade and current account surplus rise further in coming months.

"The current account of the euro area recorded a surplus of €18.1 billion in November 2014. This reflected surpluses for goods (€18.7), services (€7.8) and primary income (€4.8 billion), which were partly offset by a deficit for secondary income (€13.2 billion). The 12-month cumulated current account for the period ending in November 2014 recorded a surplus of €241.6 billion (2.4% of euro area GDP), compared with one of €211.4 billion (2.1% of euro area GDP) for the 12 months to November 2013."

Mtl JP 09:35 GMT January 19, 2015

r u playing for gap in eurchf ?

PAR 09:28 GMT January 19, 2015
Any intervention ?

Mtl JP 09:26 GMT January 19, 2015

PAR 09:17 at 1 long and 2 short euro player current ratio (approx 33% vs 66%) , things are not yet ripe for maximum tilt and pain effect imo

Paris ib 09:26 GMT January 19, 2015

If Draghi manages to push through approval for QE (doubtful in my opinion) then the intellectual argument will be interesting. What is QE supposed to achieve?

- Lower Euro? Europe is running a trade surplus and a massive current account surplus. Why is a lower Euro even necessary at this point? In any case the Swiss took care of that. You want lower from here? How low and why?
- Lower bond yields? I mean come on... how low do you want them? Zero? So Governments can borrow a huge amount more with no consequences? How very prudent.
- Higher inflation? Really? Like why? Wages aren't rising, high prices would see domestic demand tank further.

Let's see this guy twist himself into a pretzel on this one.

And if, on the other hand, he delivers words, promises, forecasts and NOTHING ELSE? What then??

Mtl JP 09:21 GMT January 19, 2015

Dlr/X - currently above the 92.50 line

PAR 09:17 GMT January 19, 2015


Paris ib 09:16 GMT January 19, 2015

JP - funny old world. The talk is Armageddon. The DAX is at all time highs. The USD index is at multi year highs....

Mtl JP 09:13 GMT January 19, 2015

sleep tight ib...

The FSB monitors and assesses vulnerabilities affecting the global financial system and proposes actions needed to address them. In addition, it monitors and advises on market and systemic developments, and their implications for regulatory policy.

or, alternately, in answer to "What can we do?"
consider January 18, 2015 Martin Armstrong prudent suggestion.

Paris ib 09:11 GMT January 19, 2015
Stocks: the risks
The market has momentum in its favour. But not much else. It don't look like we need black swans, black sparrows will do.

Fully Invested Bears

Paris ib 09:08 GMT January 19, 2015
AUD: the risks

JP - yeah right lol. In the world of financial markets these days 'things' seem delicately poised.

European stock markets expecting miracles from Draghi. New all time highs on the DAX this morning. And this after the share market in Shanghai cratered nearly 8% - as leverage was trimmed back by authorities. What's margin debt like now in the U.S. market? I'll check. Found this: "Margin debt, as a percent of GDP, is now the highest in 85 years."

U.S. margin debt in stocks

PAR 09:04 GMT January 19, 2015

John Law a scottisch economist who applied QE in France
in the 18th century

Since, following the devastating War of the Spanish Succession, France's economy was stagnant and her national debt was crippling, Law proposed to stimulate industry by replacing gold with paper credit and then increasing the supply of credit, and to reduce the national debt by replacing it with shares in economic ventures.[12]

Speculation gave way to panic as people flooded the market with future shares trading as high as fifteen thousand livres per share. By May 1720, prices fell to 4,000 livres per share, a 73% decrease within a year. The rush to convert paper money to coins led to sporadic bank hours and riots. Squatters now occupied the square of Palace Louis-le-Grand and openly attacked the financiers that inhabited the area. It was under these circumstances and the guise of night that John Law fled Paris some seven months later.

The meteoric rise of a relatively unknown man came as fast as his descent as an economic power vacuum was left in the wake.Though they failed, his theories ironically live on 300 years later and "captured many key conceptual points which are very much a part of modern monetary theorizing".[13]

Mtl JP 08:59 GMT January 19, 2015
AUD: the risks

Paris ib 08:41 // somehow, and after clicking it obviously naively, I had a small glimmer of hope your link might have been penned by someone named Jordan, also from the financial stability board ... how stoopid of me

Paris ib 08:49 GMT January 19, 2015
AUD: the risks

"From Banking Day: Credit spreads for the banks moved wider over the second half of 2014, and continue to do so.For example, in August National Australia Bank raised A$1.7 billion for 5.25 years at a credit spread of 82 basis points over the bank bill swap rate, in the domestic market. In November, ANZ paid 85 bps over swaps for A$2.0 billion of five-year funds in the same market.Last week, Commonwealth Bank sold €1 billion of five-year floating rate notes in the Euromarket. The cost of this funding hedged back into to Australian dollars for the Commonwealth Bank equates to 90 bps..."

Macrobusiness on Australia

Paris ib 08:41 GMT January 19, 2015
AUD: the risks
"On average, Australian banks are sourcing just under a third of their funding from overseas wholesale markets and still too much of their existing borrowings are short term......

But overreliance on international wholesale capital funding is far from being the only risk to our banking system. Australia’s banks also have a chronic overexposure to the domestic housing (mortgage) market. A fall in property values here – just as in the rest of the Western world – would be catastrophic for our banking system."

Australian banking vulnerability

PAR 08:28 GMT January 19, 2015

Rumors that the ECB bond buying program will be over

A trillion is no longer what it used to be .

london red 08:22 GMT January 19, 2015
morning moves
euro. started rebounding late friday on profit taking which has carried through to some extent today. while below 11640 expect sellers to sell every small rally ahead of ecb meet. mkt consensus appears to be 500bn in qe, this id say would be in the price but would still allow an initial dip in euro before a probable rebound. 750bn and abv, or less than 500bn could be classed as surprises and disappoints respectively and should give a more direct price action.
swissy. holding for now below 2014 low of 8699. monthly close at or abv there can be taken as market returning to norm after the snb shock. for now pressure remains while mkt trades below there.

Hong Kong AceTrader 06:44 GMT January 19, 2015
AceTrader Jan 19: Daily Outlook on Major- EUR/USD

Update Time: 19 Jan 2015 02:31 GMT

The single currency tumbled to a fresh 11-year low at 1.1460 on Friday on speculation that ECB's president Mario Draghi will announce a 550 billion-euro ($635 billion) bond-purchase program this week.

However, short-covering in New York lifted the pair to 1.1589, suggesting further choppy consolidation would be seen.

On the upside, as long as 1.1648 resistance remains intact, bearishness remains for a retreat to 1.1500/10 but said temporary low at 1.1460 should hold from here.

Looking ahead, a breach of 1.1460 would extend weakness to 1.1400 and later 1.1350/57 before prospect of a much-needed correction later.

GVI Forex Blog 06:26 GMT January 19, 2015 Reply   
Search tips Country codes Complete Headline View Credit/FX/Futures News Sector View Asian Macro European Macro Americas Macro Fixed Income/Forex TTN Tracking Tickers TTN Research Alert System Alert P Asian Mid-session Update: Shanghai Composite falls over 5% on margin account scrutiny even as China property correction slows ***Economic Data*** - Source

KL KL 05:44 GMT January 19, 2015
Australian Car Sales Surge; Aussie Consumer Still Has Pulse -- Market Talk

What a joke.....Last 2 week the released data was Lowest Car Sales for the Year...headlines Car SLUMP....Aussie Brace for Job Losses... ..take all date with a pinch of salt these days...especially from the Europe.....LOL

Syd 05:20 GMT January 19, 2015
Australian Car Sales Surge; Aussie Consumer Still Has Pulse -- Market Talk
[Dow Jones] Talk of the demise of the Australian consumer might be premature. New car sales rose 3% Down Under in December from November, the strongest monthly rise in over two years. Craig James, chief economist at Commsec said lower fuel prices at the pump will give motorists more money to spend. "So there are positive signs for the economy. Last week data showed a solid rise in jobs in December and record dwelling starts. So overall it is clear that the Reserve Bank doesn't need to cut rates further,"

Mtl JP 05:07 GMT January 19, 2015
New Week Focus Switches to ECB Decision Thursday. Other SNB Shoes to Drop?

the thing with either daily or even weekly trading outlook threads is that they focus on the trees and ignore the forest.

Last week's CHF and Jordan SNB fiasco is a reminder of what happens when the rigging and manipulation of continuation of expectation of a trend peddled by Central Bank turns out to be a breach of promise : lack of liquidity causes extreme volatility . And massive losses .

It demonstrated how massively players hung on to the pablum bottle teet of a Central Bank. The speed with which players reverse-reacted to the "trend change" when they realized they have been mislead and lied to.

The SNB tried to sooth the market with yet more bullsh!t with its press release. It is a very important fundamental when players overwhelmingly believe Central Bank pablum. Central Bankers' attempts at market manipulation has seen what happens when market forces overwhelm their bullsh!t with a Return to Sender reversal.

That is an even more important fundamental issue because players still believe Central Bankers on such issues as their claims about control over interest rates and price-inflation (currently peddled as deflation)

Most players still do not believe that those two trends could massive-verse in similar fashion reaction to the Jordan joke induced bloodbath. And we are only in the middle of the first month of 2015.

The Fed, the BoJ, the ECB are all individually and collectively at risk of market pressure overwhelming their manipulation in similar way market pressure overwhelmed the SNB.

It is no longer a Qtn of if but of when the next CB reversal will occur. Maybe or not the next target players will train their crosshairs will be ECB's Mario and his what-ever it takes promises.

The Jordan SNB mistake released molecules of blood into the trading environment. We all know what the smell of blood causes in Nature.

nw kw 04:49 GMT January 19, 2015
I suspect

it was in usa/chf cot ap 4ish weeks ago, have look/ I was puzzled than

nw kw 04:41 GMT January 19, 2015
Time to Consolidate and close some Armada Accounts...

CNY Aggregate Financing RMB (DEC)
1690.0B 1200.0B 1146.3B

reported this is important change //

HK [email protected] 04:27 GMT January 19, 2015
I suspect

I suspect a connivance between the SNB and the ECB, regarding the extreme events from last week.

Probably the ECB heads knew ahead all about it, just pretending to be in a shock.

It is possible then,that the next victims will be the Euro shorts.

nw kw 04:15 GMT January 19, 2015
Time to Consolidate and close some Armada Accounts...

Armada 4day up open interest in x eur,gbp.aud but not in x usd,jpy /I don't have the swiss charts/

Hong Kong AceTrader 02:20 GMT January 19, 2015
AceTrader Jan 19: Intra-Day News and Views (USD/JPY) & data to be released today
Intra-Day Market Moving News and Views
19 Jan 2015 01:56GMT

USD/JPY - ....... Despite initial bounce to 117.66 in Tokyo morning due to the rise in Nikkei-225 index, selling interest below last Friday's NY high at 117.76 capped dlr's upside and renewed risk aversion due to the plunge in China stock markets (down over 7%) prompted investors to buy Japanese yen.
The greenback fell to an intra-day low of 116.96 in Asian morning before recovering.
Offers are now tipped at 117.30-40 and more at 117.50-60.
On the downside, some stops are reported below 116.90, however, bids are located at 116.80-70.

The Bank of Japan will meet over the coming two days, with all 33 economists surveyed by Bloomberg News forecasting no change to monetary policy after it boosted an already unprecedented bond-buying program in October.

Data to be released this week:

U.K. Rightmove House Price Index, Japan's Industrial Output, Capacity Utilization, Consumer Confidence, Switzerland's Producer/Import Price, euro zone's Current Account on Monday. U.S. Holiday for Martin L. King's Birthday.

New Zealand's NZIER Business Confidence, China's GDP, Retail sales, Industrial Output, Germany's Producer Prices, ZEW Current Conditions, ZEW Economic Sentiment, Italy's Trade Balance, euro zone's ZEW Economic Sentiment, U.K. CBI Trends, U.S.'s Redbook, NAHB Housing Market Index on Tuesday.

New Zealand's CPI, Australia's Westpac Consumer Confidence, Japan's BoJ rate decision, Monetary Policy Statement, Leading Economic Index, BoE MPC vote outcome, Average Earnings, ILO unemployment rate, Claimant Count Unemployment Change, Canada's Wholesale Trade, BoC's rate decision, U.S. Housing Starts and Building Permits on Wednesday.

New Zealand's Manufacturing PMI, Australia's HIA New Home Sales, Italy's Industrial Orders, Industrial sales, Retail Sales, U.K.'s PSNB, PSNCR, CBI Trends (Orders), ECB's rate decision, U.S. Monthly Home Price, Markit Manufaturing PMI, euro zone's Consumer Confidence on Thursday.

Japan's Manufacturing PMI, China's HSBC Manufacturing PMI, Markit Manufacturing PMI and Service PMI for France, Germany and euro zone, Italy's Trade Balance, U.K.'s Retail Sales, Canada's Retail sales, CPI, U.S.'s Existing Home Sales and Leading Index Change on Friday.


Actionable trading levels delivered LIVE to YOUR charts

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 27 May 2019
AAGB/US- Holiday
Tue 28 May 2019
A 14:00 US- Consumer Confidence
C 13:00 US- Case-Shiller
Wed 29 May 2019
A 08:55 DE- Employment
AA 18:00 US- BOC Decision
A 18:30 US- EIA Crude
Thu 30 Mar 2019
AAEZ/CH- Holiday
A 12:30 US- Weekly Jobless
Fri 31 Mar 2019
AA 10:00 EZ- Flash HICP
A 12:30 US- Personal Income, Spending, Deflator
AA 14:00 US- Final Univ of Michigan

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