User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday June 23, 2008 - 11:11:26 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

Forex Blog - European Market Update: German IFO Declines; French and Euro-Zone PMI Figures Signal Contraction

*** ECONOMIC DATA ***

·UK June Rightmove House Prices: M/M -1.2% v 1.2% prior; Y/Y 0.1% v 2.2% prior

·FR June Preliminary Manufacturing PMI: 49.2 v 51.0e

·FR June Preliminary Services PMI: 49.2 v 50. 8e

·GE June Advanced Manufacturing PMI: 52.3 v 53.2e

·GE June Advanced Service PMI: 53.3 v 53.1e

·GE June Business Climate: 101.3 v 102.5e

·GE June Current Assessment: 108.3 v 109.0

·GE June Expectations: 94.7 v 96.3e || Prior revised from 97.3 to 97.2

·EU June Advanced Manufacturing PMI: 49.1 v 50.2e

·EU June Advanced Services PMI: 49.5 v 50.5e

·EU June Advanced Composite PMI: 49.5 v 50.7e

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

·In equity news overnight SCS Upholstery [SUY.UK] announced overnight that it received an approach, noting that due diligence is underway. TDG [TDG.UK] confirmed that it is still in talks with Laxey, noting that the extension has been granted to give Laxey the time to finalize the financing for the offer. Weir Group [WEIR.UK] announced overnight that it will divide its operations into three divisions. The company also forecasted that they will report their FY pretax at the upper end of consensus expectations Aggreko [AGK.UK] noted that 1H trading has been strong, adding that they see their FY08 profit above market expectations. Bunge (BG) confirmed the Wall Street Journal report overnight that it will acquired Corn Products (CPO) for $56/share. The total value of the acquisition is $4.8B including the assumption of $414M in Corn Products' debt. Bunge also to raised its FY08 guidance to $9.35-$9. 65, up from the previous range of $7.10-$7.40. The current consensus for FY08 is $7.70.

·In the newspapers, according to the Wall Street Journal Citigroup (C) is expected to announce job cuts in its investment banking unit; As much as 10% (6,500 jobs) of the company's investment banking unit could be cut. The Financial Times reported that art sales in June are expected to hit a new record. Both Sotheby's (BID) and Christie's may sell a combined $790M of art during the period. The Independent wrote that KKR (KFN) may be mulling a bid for Babcock & Brown [BNB.AU] The Financial Times noted overnight that Rio Tinto [RIO.AU] and BHP [BHP.AU] have asked their Chinese clients to accept record price increases for iron ore or risk supply interruptions. Der Spiegel wrote overnight that Lloyds TSB [LLOY.UK] has made a non-binding bid for Allianz's [ALV.GE] Dresdner Bank unit. The Financial Times wrote overnight that Goldman Sachs (GS) is expected to cut as much as 10% of its investment banking workforce. The Wall Street Journal reported overnight that over the past few weeks bank executives have encountered unexpected resistance from investors as they seek to raise capital

·In energy news overnight the Times wrote that OPEC could seek to raise production following the Jeddah oil meeting. The Times report, which cites sources, said that other OPEC countries in addition to Saudi Arabia, may seek to raise their output levels. According to source reports Nigerian rebel group MEND reportedly declared a unilateral ceasefire; Effective on Tuesday at midnight. A Haaretz article downplayed Friday's New York Times report about an Israeli military drill that could have been preparation for a future attack on Iran. The Haaretz article noted that Israel has not made any decisions on Iran and that the country was preparing for a potential worst-case scenario. According to the Lundberg Survey, the price for a regular gallon of US gasoline was $4.10 (record); The survey notes that gasoline prices may start to move lower due to more oil coming onto the market Colombia's Cano Limon oil pipeline (225K bpd) has been reportedly attacked by rebels. In a radio interview overnight OPEC President Khelil said he does not see demand on world oil market for extra production output, adding that OPEC and Non-OPEC producers can only raise output if there is a demand for more oil. Khelil said that oil prices will remain high until end of 2008, and, when asked, noted that he does not believe that oil will rapidly hit $200/barrel. Khekil point out that oil prices will fluctuate due to geopolitics, USD and ECB interest rate decisions.

·In fixed income news overnight, orders for Belgium's 5-year Dollar benchmark bond are reportedly over $1.0B. According to the Times' Economics Editor, the Bank of England's most recent comments on interest rates were intended to be neutral, and were not an attempt to signal early rate hikes. The Financial Times wrote overnight that, according to former Fed Governor Larry Meyer, recent hawkish talk by the Fed represents a "conditional commitment" to raise rates if the sources of inflation risk deteriorate, but the market has problems distinguishing this from an "unconditional signal that policy tightening is imminent". The Financial Times noted overnight that various US bond insurers are talking with bankers about cancelling out $125B of credit default swap contracts. The swaps were sold by bond insurers to banks. The Financial Times reported overnight that UK wage settlements may become a threat to the government's inflation targets.

·In currencies the USD was broadly firmer against the majors as evidence of slower economic growth appeared in Europe. The EUR/USD probed the 1.5500 level after French PMI data showed that a contraction is occurring in both its manufacturing and service sectors, while German IFO data came in below expectations. IFO members were divided on the position of whether the ECB needs to enact further policy tightening. The GBP was softer after MPC hawk Sentence lightened his view on inflation. The GBP/USD was down 100 pips at 1.9650 after Sentence noted that slower economic growth should help to bring inflation back towards the 2.0% target level.

·On the speaker front, the Swiss State Secretariat for Economic Affairs (SECO) left its 2008 GDP forecast unchanged at 1.9%, and cut its 2009 GDP forecast to 1.3% from 1.5%. SECO raised the 2008 CPI forecast to 2.5% from 1.7%. The agency also forecasted the 2008 unemployment at 2.5%, and the 2009 unemployment at 2.6%, and said that that prolonged financial market turmoil is main risk for the economy. Elsewhere on the Swiss front the Swiss KOF institute cut its 2008 GDP growth forecast to 2.0% from its previous forecast of 2.1%, and cut its 2009 forecast to 1. 8% from 2.0%. The KOF raised its 2008 CPI forecast to 2.6% from its previous forecast of 1.7%, and raise the 2009 CPI forecast to 1.4% from 1. 1%> the KOF also noted that they expect the SNB to adopt a “wait-and- see” policy stance. The ECB's Liebscher said overnight that Post-July rate decisions hinge on the future noting that the ECB must maintain its 'tough' stance as inflation is 'alarming'. Liebscher said that there is some chance that second round effects will materialize, and reiterated that inflation will persist much longer than previously thought. Liebscher also said that he does not trust that slower GDP will tame inflation. The BOE's Sentance said that the BOE must ensure that commodity price inflation does not become broad base. Sentance added that wages must not rise in line with the temporary increase in headline inflation. Sentance asserted that weaker UK housing market and economy will offset rising prices over the next year. Sentance added on noting that CPI has not noticeably affected wage demands, ressuring that the BOE will take CPI to 2.0% in a “reasonable time frame”. Furthermore Sentence said that slower growth will help to offset inflation pressure. The head of the Federation of German Industries (BDI) reiterated the BDI's 2008 German GDP forecast of 2.0% overnight. The BDI head added that German industries benefit from the strong Euro. Following the release of the IFO sentiment index the IFO's Abberger said that he sees no room for a significant ECB rate hike. Abberger said the he does not see any signs of a recession in Germany, adding that German firms are suffering from high oil prices. The IFO's Nerb said that Euro strength is weighing on companies' margins and exports. Furthermore Nerb added that economic conditions do not warrant an ECB rate hike, noting that it does make much sense for the ECB to raise rates.

·*** NOTES ***

·Ambrose Evans-Pritchard wrote in the Telegraph overnight about the Irish vote on the Lisbon treaty, as well as speculation that Poland and the Czech Republic would not ratify the treaty. He drove the point that “the survival of EMU does not depend on Lisbon as such, although the failure of the treaty would make it harder for the EU to orchestrate a covert bail out, but there is a deeper issue at stake. As the Bundesbank warned long ago, EMU will eventually buckle under strain over time without the cement of political union. This means a de facto EU treasury, a unified wage system, and the plausible prospect of a debt and pensions pool. None of this exists. Nor will it.” As noted over the previous couple of weeks developments related to the Lisbon Treaty could have major implications for the future of the Euro-Area.

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 11 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
  • POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI

  • POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
  • POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
  • POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
  • POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision


  • POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
  • POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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