User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday April 21, 2008 - 13:35:31 GMT
CEP News -

Share This Story:
| | Email

Morning Market Update: Bank of America Earnings Miss Target and Oil Hits New High

08:34 04/21 (CEP News) – There is plenty for markets to digest this morning, with the Bank of America reporting disappointing first quarter earnings, crude oil reaching a new high, a European Central Bank official warning of increasing wages and the Bank of England announcing a plan to swap asset-backed securities for government bonds.

North American fixed income markets are declining and equities are mixed with yields on U.S. 10-year Treasury notes up 2.5 bps to 3.73% and Canadian 10-year CGBs up 0.9 bps to 3.70%. Futures on the Dow Jones Industrial Average are trading down 16 points to 12794. The Canadian dollar is up 0.20 cents to 0.9977 USD and the euro up 0.80 cents to 1.59013 USD.

Analysts surveyed by Bloomberg expected Bank of America first quarter profits of 41 cents per share but the banking giant earned only 25 cents. The company announced writedowns of $6.01 billion and CEO Kenneth Lewis said second-quarter U.S. GDP growth will be "minimal at best."

Following the earnings report, U.S. equity futures and overseas bourses fell to session lows, the U.S. dollar neared an all-time low against the euro and Treasuries briefly rallied.

Overseas fixed income has been outperforming the U.S.

Yields on UK two-year bonds were down 7.4 bps to 4.29%, five-year yields down 7.9 bps to 4.33%, 10-year yields down 8.1 bps to 4.65% and 30-year yields down 5.6 bps to 4.54%.

The UK rally followed a Bank of England plan to allow UK banks to swap mortgage-backed assets for government bonds, which is in the pipeline. The central bank said the preliminary size of the plan is likely to be around £50 billion, with an asset swap permitted for a period of one year, which may be renewed for a total of three years.

UK government debt was also aided by a Rightmove report on UK housing that showed year-over-year house prices increased by only 1.3% in April following a 5.0% gain in March. The property website noted that the drop indicated sellers were recognizing that a decade of rising UK house prices had come to an end.

In Germany, returns on two-year German Bunds were down 4.5 bps to 3.79%, five-year yields down 5.2 bps to 3.87%, 10-year yields down 3.0 bps to 4.10% and 30-year yields down 3.0 bps to 4.64%.

European Central Bank council member Klaus Liebscher said record oil prices are beginning to push up wages and noted that “second-round effects are appearing in some countries in the euro area.” Liebscher said that even though risks to the eurozone economy were on the “downside”, there is no room to cut rates.

Shortly following Liebscher's comments, crude rose to a record high of $117.40 a barrel at Nymex. Futures on WTI crude oil are up $0.14 to $116.83 while gold futures at the Chicago Board of Trade are up $7.20 to $922.40.

U.S. equity market futures are mixed. Contracts on the Dow Jones Industrial Average are down 16 points to 12794, the S&P 500 down 2 points to 1386 and the NASDAQ up 6 points to 1901.

European stock markets are declining, with the Eurostoxx down 33.75 points to 3164.68, the UK FTSE 100 down 20.20 points to 6036.30 and the German DAX down 63.71 points to 6779.37.

Asian markets followed Friday’s North American rally with the Japanese Nikkei closing up 220.10 points (0.42%) to 13696.55 and the Hang Seng Index up 523.89 points to 24721.67.

Despite the Bank of America miss, North American sovereign debt continues to sell off. Yields on two-year Canadian government bonds were flat at 2.87%, five-year yields flat at 3.19%, 10-year yields up 0.9 bps to 3.70% and 30-year yields flat at 4.14%.

U.S. two-year yields were up 1.7 bps to 2.15%, five-year yields up 2.8 bps to 2.93%, 10-year yields up 2.5 bps to 3.73% and 30-year yields up 2.0 bps to 4.52%.

Strategists noted a stabilization in U.S. dollar libor. One-month libor increased to 2.90% from 2.87% while three-month rates increased to 2.92% from 2.91%.

“The modest rise in libor overnight suggests the drama there is reaching its end. Second, with Fed Funds futures and our own call consistent that it's a 25 bps ease next week, we think the disappointment trade has largely been seen,” wrote David Ader, U.S. government bond strategist at RBS Greenwich, in a note to clients.

The Canadian dollar was up 0.20 cents to 0.9977 against the USD (1.00237 USD/CAD) and down 0.20 cents to 1.5939 (0.6274 CAD/EUR) against the euro.

The U.S. dollar was down 0.25 to 103.42 against the yen and the euro up 0.80 cents, to 1.59013 against the U.S. dollar. The pound sterling was down 1.20 cents to 1.9858 USD and the Australian dollar was higher by 0.80 cents to 0.9423 USD. The U.S. Dollar Index was down 0.241 points to 71.683.

All data taken at 8:09 a.m. EDT.

By Adam Button, [email protected], edited by Stephen Huebl, [email protected]

(END) ©CEP Newswires - ©CEP News Ltd. 2008. All Rights Reserved.


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