User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday April 28, 2008 - 11:32:49 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European Market Update: German Inflation Figures Cool Down; Icelandic Inflation Figues Outrageous Again



· *** ECONOMIC DATA ***

· GE May GfK Consumer Confidence: 5. 9 v 4.5e || Prior revised from 4.6 to 4.8

· GE Apr Saxony CPI: M/M - 0.2% v 0.6% prior || Y/Y 2.6% v 3.1% prior

· GE Apr Brandenburg CPI: M/M -0.2% v 0.4% prior || Y/Y 2.6% v 3.0% prior

· GE Apr North Rhine- Westphalia CPI: M/M -0.3% v 0.6% prior || Y/Y 2.2% v 3.2% prior

· GE Apr Hesse CPI: M/M -0.2% v 0.5% prior || Y/Y 2.9% v 3.4% prior

· GE Apr Baden Wuerttmberg CPI: M/M -0.2% v 0.6% prior || Y/Y 2.3% v 3.1% prior

· IT Apr Business Confidence: 86.9 v 88.5e || Prior revised from 89.0 to 88.8

· IC Apr CPI: M/M 3.4% v 1.5% prior || Y/Y 11.8% v 8.7% prior

· *** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***

· In equity news overnight, Germany's Freenet [FNT.GE] has agreed to acquire Debitel AG [DBL.GE]. Under the terms Freenet will issue 32M new shares to fund the acquisition. As a result Freenet does not plan to a pay a dividend in 2008. Continental Airlines (CAL) noted overnight that its board of directors unanimously supports management's recommendation that the company should not pursue a merger with another airline at the current time. JP Morgan cut its European banking write down forecast to €6.8B from €8.3B overnight.

· In the newspapers, the Wall Street Journal reported overnight that UAL (UAUA) is nearing a decision about its potential merger partner. According to the report, in the past UAL has held detailed merger talks with US Airways (LCC) and Continental Air (CAL). According to the Telegraph the Bank of China may seek to bid for RBS' (RBS) insurance units. The Times wrote overnight that Numis Securities is in advanced talks to buy Bear Stearn's
UK equities business. According to Der Spiegel, Deutsche Bank (DB) is planning a capital increase to raise up to €17B. The article says that Deutsche Bank will seek approval for the issue at its shareholders meeting at the end of May. The company may raise about €4B by the sale of 55M new shares According to the Wall Street Journal Mars and Berkshire Hathaway are close to a deal to buy WM Wrigley (WWY). The total deal could be worth more than $22B. HBOS [HBOS.UK] according to the Financial Times has finalizes plans for a £4B rights issue to boost its capital base.

· In energy news overnight, Nippon Oil [5001.JP] plans invest about ¥2B at its Negishi refinery to build a facility that can produce 100K kiloliters of ethyl tertiary butyl ether per year. The Wall Street Journal reported overnight that that investigators have evidence suggesting that agents of a construction consortium led by a former HAL (HAL) unit made payments to Nigerian officials. The probe examined payments made in connection to the multi-billion dollar construction of the
Bonny Island natural gas plant. Overall the bribery probe has expanded beyond the initial effort to determine if $132M paid by the Halliburton-led consortium to a UK lawyer was used to bribe Nigerian officials. According to Sky News, British Petroleum's (BP) Forties Pipeline system was shut-in Sunday at 06:00. BP's Forties pipeline feed from the North Sea platforms supplies 30% of the UK's daily oil consumption. Nigerian newspaper The Punch wrote overnight that Nigeria's daily crude production has shrunk to less than one million barrels per day as the result of shut downs at ExxonMobil (XOM) and Shell (RDSA), the country's biggest oil producers. Nigeria's oil union said later in the session that 860k bpd of Exxon'x Nigerian production is currently halted by ongoing strikes. France's Total (TOT) agreed overnight to acquire Canada's Synenco Energy [SYN.CN] for C$480M, with the C$9. 00/share price representing a 15.5% premium to Friday's closing price. Responding to a question published in a newspaper report OPEC president Khelil said overnight that he does not rule out oil prices reaching $200/barrel. Khelil added that oil prices are linked to both upward and downward movements in the Dollar. Khelil said that a 1% decline in the dollar means a $4 rise in oil prices. Khelil also reiterated that increasing output will not lower oil prices. Lehman Brothers boosted its 2008 average oil price forecast to $97.50/barrel from $87.50/barrel, and raised its 2009 forecast to $85/barrel from $75/barrel.

· In fixed income related news overnight, the Times wrote overnight that according to a British Chamber of Commerce survey, most businesses believe the concerns about the credit crisis are being overstated by the
London financial markets. Stephen King, managing director of economics at HSBC, argued in The Independent overnight that, as emerging markets begin to decouple, the lack of a unified price stability goal amongst central banks is making pushing the Fed, BOE, and ECB into an increasingly more difficult position. King points out that emerging markets that force their exchange rates to move in tandem with the dollar, basically leads these countries to import US monetary policy in a situation where they do not require the same policy action. As a result, King argues, we're experiencing higher demand, and higher inflation pressures worldwide, particularly in food and energy. King says that many emerging markets have chosen to direct monetary policy at the maximization of growth rather than the minimization of inflation, and in the process have unleashed a global inflation threat which is leaking into higher prices all round. King concludes that emerging market developments are impeding the ability of western central banks to deal with the credit crisis as policy makers are torn between fighting off a domestic collapse and combating inflation.

· In currencies, the USD was slightly softer during the European morning as ECB members continued to stress their concerns over the inflationary outlook. Front month NYMEX crude tested fresh all-time highs of $119.93 during Asian trading as labor concerns have disrupted about 2.5% global output. The EUR/USD is hovering at 1.5670-level. The Euro encountered some early turbulence on softer regional German CPI data.

· In central bank speak, the Swiss National Bank's
Jordan said overnight that the SNB's current interest rates policy is appropriate, but assured that the SNB will act quickly and flexibly on rates if needed. Jordan forecasted GDP growth of 1.5%-2% in 2008, adding that the outlook for the Swiss economy remains positive. Jordan noted that great uncertainty surrounds current price and growth forecasts and added that inflation risks are to the upside. The ECB's Trichet said overnight that it is crucial that the ECB sets the appropriate monetary policy based on delivering stable prices, adding that Central bank liquidity operations cannot address underlying cause of financial turmoil. Trichet reiterated that in the market turmoil ECB's strong commitment to preserve price stability is of the essence adding that there is no ground for complacency. The ECB's Liebscher reiterated overnight that second-round price risks demand attention, furthermore noting that inflation risks demand pre-emptive ECB action. France's Economy Minister Lagarde said overnight that the difference between US and Euro-zone rates is too big, and called for a change in rate policy “on one side of the Atlantic or the other”

· On the data front, in the UK overnight April Hometrack house prices posted their first annual decline since February of 2006 coming in at -0.6% m/m, and -0.9% y/y. German state CPI figures are posting significant declines in April from the worrying levels seen in March, with most of the y/y readings noticeably below the 3.0% mark. Some analysts have pointed out that the CPI readings tend to suffer seasonal swings around this time of year, adding that base effects also weighted down on the readings. Also in
Germany overnight the May GFK consumer confidence reading blew out expectations, and was accompanied by an upward revision to the back month reading indicating that German sentiment remains strong. Italian business confidence declined to its lowest level since July of 2006 overnight, coming in at 86.9. The Russian central bank raised both its refi and repo rates by 25bps overnight, to 10.50% and 6.50% respectively. Iceland reported y/y CPI at 11.8% for April, its highest level since September of 1990; the m/m reading was the highest since July of 1988.

· Comment: Much of the central bank rhetoric overnight in line with what we've seen in the past. Namely, the ECB reiterated its quasi-hawkish stance, which to most market participants means no cut, no hike. The decline in the German state CPI readings from the worrying levels seen last month could be a blow to the ECB's stance, however it is possible that base effects as well as seasonal swings may account for the declines… we'll have to wait until next month to see. Similarly, the SNB's
Jordan maintained the same “middle of the road” tone that he had the last time that he spoke. Following comments from the SNB's Roth last week, this seems to indicate that the SNB will maintain a wait-and-see/data dependent stance. Elsewhere, the Icelandic CPI was off the charts, with the m/m reading the highest since 1988, and the y/y reading the highest since 1990. This all comes after the Sedlabanki cut rates by 1 whole point in an inter-meeting move towards the end of March, and by another 50bps in the beginning of April all to stem off inflation and boost the Krona. While policy moves take time to set in, at the going rate, further action cannot be ruled out in Iceland in the coming months. Crude tested and remains within range of the $120- handle. Things appear to be simmering down in the UK, but the resolution to Exxon and Shell's Nigerian production problems remain a tad questionable at this point.

 

Legal disclaimer and risk disclosure

All information provided by Trade The News (a product of Trade The News, Inc. "referred to as TTN hereafter") is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. Although information is taken from sources deemed reliable, no guarantees or assurances can be made to the accuracy of any information provided. 1. Information can be inaccurate and/or incomplete 2. Information can be mistakenly re-released or be delayed, 3. Information may be incorrect, misread, misinterpreted or misunderstood 4. Human error is a business risk you are willing to assume 5. Technology can crash or be interrupted without notice 6. Trading decisions are the responsibility of traders, not those providing additional information. Trade The News is not liable (financial and/or non-financial) for any losses that may arise from any information provided by TTN. Trading securities involves a high degree of risk, and financial losses can and do occur on a regular basis and are part of the risk of trading and investing.

 

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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

Global-View.com 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 Global-View.com. 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.

 

WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105