Breaking News
January 16
2008

Euro Down Fastest Since December

EUR/USD unexpectedly fell today after the moderate fundamental statistics were released in the United States. This currency pair declined from 1.4803 opening price to 1.4656 making it the largest daily drop for EUR/USD since December 14. CPI (Consumer Price Index) in December showed a better than expected growth, increasing by 0.3% — still lower than in previous month (0.8%), but above the forecasted 0.2%. Net foreign purchases […]

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January 16
2008

GCC Countries May Revalue Currencies by End of 2008

Financial experts from the Standard CharteredStandard Chartered expect a coordinated scrapping of the peg to the U.S. dollar from the monetary authorities of the Middle Eastern countries – Saudi Arabia, U.A.E., Qatar, Oman and Bahrain. Kuwait, the only GCC country that tied its currency to euro and pound in addition to dollar (back in May […]

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January 15
2008

Retail Sales for December Disappoint Dollar Bulls

EUR/USD has been ranging up and down through the whole day as the Forex traders were expecting the release of the important fundamental data today. After the retail sales report for December came out, euro started to gain at a fast pace against the U.S. dollar and broke the important resistance level of 1.4900. December advance estimate of the retails sales fell down by 0.4% after a 1.2% growth a month earlier, while a stagnation at 0% was […]

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January 15
2008

GBP at Lowest Level Against JPY in 17 Months

The Great Britain pound today reached its lowest value against the Japanese yen since 11th of July, 2006, continuing the strong bearish trend that has started during early November 2007. Since the pound has been a carry trade favorite long currency for a long time, it’s gained a lot of “overweight” against its Japanese counterpart — yen, and it now has a great potential in falling down as the carry trade […]

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January 14
2008

NZD Gains Against USD and JPY

New Zealand dollar is showing a high level breaking growth today against the U.S. dollar after the confidence in the carry trade and other high-risk investments rose on the Fed‘s rate cut expectations. NZD/USD reached its highest value since December 12 as the investors are sure that the Fed will cut the rate by at least 0.50% during the next FOMC meeting, increasing the gap between interest rates of the U.S. and New Zealand […]

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January 13
2008

New Science of Technical Analysis

I uploaded a new Forex e-book to the site today — it’s called “The New Science of Technical Analysis”. It was written by Thomas R. DeMark, one of the founders of the modern technical analysis and developer of the DeMark’s pivot points. This book is more suited for the experienced Forex traders, because it goes quite deep into the techniques of chart analyzing, while being not very entertaining (of course, hardcore Forex traders will be […]

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January 12
2008

Jouyet: European Economy Slow Due to Weak Dollar

France’s European Affairs Minister Jean-Pierre Jouyet said today in St. Julians, Malta, at the press-conference devoted to the euro’s introduction to Malta, that the European economy can’t cope with the current exchange rates of the European currency against its major foreign counterparts — yuan, yen and dollar. He also stated that other finance ministers from European regions agree on this problem and its possible solutions will be discussed on the next […]

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January 12
2008

Forex Technical Analysis for 01/14—01/18 Week

EUR/USD trend: sell.GBP/USD trend: sell.USD/JPY trend: hold.EUR/JPY trend: sell. Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4493 1.4567 1.4671 1.4745 1.4849 1.4923 1.5027 GBP/USD 1.9077 1.9280 1.9422 1.9625 1.9767 1.9970 2.0112 USD/JPY 106.41 107.40 108.12 109.11 109.83 110.82 111.54 EUR/JPY 157.35 158.64 159.71 161.00 […]

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January 11
2008

Chilean Target Rate Up to 6.25%

Central Bank of Chile decided yesterday to raise the main national lending rate from 6.00% to 6.25% in order to reduce the threat level of the rising inflation, which has now reached its highest level in almost ten years. The benchmark lending rate is now at its highest value since 2002. The average forecast among […]

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January 11
2008

Dollar Steady Even After Trade Balance Deficit Widens

The dollar showed a mild growth against the euro today even after the trade balance report showed the widening of the deficit. Against the Great Britain pound the U.S. dollar also went up, with GBP/USD hitting the lowest value since march — 1.9481, but lost the most of the gain after the trade balance release. The U.S. international trade balance deficit increased in November from $57.8 billion to $63.1 billion as the imports grew ten […]

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