User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday July 9, 2008 - 12:16:35 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - European Market Update: Lower Oil and Digestion of Bernanke's Comments Help the European Bourses Bandage Yesterday's Losses


·UK June Nationwide Consumer Confidence: 61 v 65e

·GE May Trade Balance: €14.4B v €17.3B y/y || Prior revised from €18.7B to €18.8B

·GE May Current Account: €7.5B v €12.5Be || Prior revised from €14.5B to €15.5B

·GE May Imports: 0.7% v 1.0%e || Prior revised from -2.1% to -2.3%

·GE May Exports: -3.2% v 0.5% || Prior revised from 1.2% to 1.1%

·FR May Trade Balance: -€4.7B v -€4.0Be

·SW May Industrial Production: M/M - 1.0% v 0.2%e || Y/Y -5.0% v 0.8%e

·SW May Industrial Orders: M/M 5. 3% v -6.8% prior || Prior revised to -6.6% from -6.8% || Y/Y -3.7% v 10.1% prior || Prior revised from 10.1% to 9.7%

·UK May Visible Trade Balance: -£7.49B v -£7.4Be || Prior revised from -£7.59B to -£7. 53B

·UK May Trade Balance Non-EU: -£4.03B v -£4.1Be || Prior revised from -£4.19B to -£4.14B

·UK May Total Trade Balance: -£4.25B v -£4. 2Be || Prior revised from -£4.33B to -£4.05B

·UK June BRC Shop Price Index: M/M 0.9% v 0.6% prior || Y/Y 2.5% v 1.8% prior


·On the analyst front Merrill Lynch Raised Wachovia (WB) to neutral from sell overnight, noting that the company has an acquisition value of $16-$20/share. Credit Suisse cut its price targets for the
UK banking sector while UBS cut its price targets for the Spanish banking sector. Societe Generale resumed coverage of the European brewers with a neutral rating. In equity news Redrow [RDW.UK] said in a trading update overnight that margins continued to be under pressure, but noted that recent results were in line with expectations. The company expects to cut 40% of jobs. Redrow guided 2H net reservations down 55% y/y, and said that the cancellation rate is around 30% vs. 18% last year. Furthermore Redrow noted that forward sales are down 44.66% y/y, and added that difficult market conditions are expected to continue for some time. Bovis Homes [BVS.UK] reported 1H home sales of 851 v 1,256 last year. The company does not see any material inventory writedowns this year. The average sale price in the 1H was £196.500, down from £196.500 in 2007; the company cites a shift towards smaller properties for the decline. The Group is expecting to deliver an overall gross housing profit margin of approximately 26% for the half year, a decline of some 6% against the comparable period. Bovies plans to cut approximately 40% of jobs. Finally, Bovis declared a 5p/share interim dividend, down from the 20p/share that the company previously anticipated paying for the interim period. Renault [RNO.FR] reported 1H unit sales +4.3% y/y overnight. The company guided FY08 sales growth of 5%-10% noting that results are likely to be closer to the lower end of the range. The company had previously guided sales growth of 10%. As expected WPP [WPP.UK] went hostile in its bid for Taylor Nelson [TNS.UK]. The hostile offer values Taylor Nelson at 260.6p/share in cash and stock. The total deal is valued at £1.1B. The offer is for 173p cash, 0.1889 shares for each TNS share. Recall that Taylor Nelson rejected WPP's 206p/share offer on July 3rd.

·In energy news overnight the Civil Aviation Administration of China (CAAC) raised jet fuel prices in
China by CNY720/ton from July 1. The price increase follows the CNY1,500/ton hike that went into effect on June 20th, and brings the current price up to CNY8,720/ton. According to unconfirmed source reports Iran's Revolutionary Guards test fired a longer range Shahab 3 missile overnight. The missile has the ability to reach Israel and has a range of 2,000 kilometers. A related report citing a State Broadcaster said that Iran tested 9 long and medium range ground-to-ground missiles. Following the news an Israeli Government Spokesman urged that the Iranian missile test be viewed with 'grave concern,' noting that Israel seeks no conflict or hostilities with Iran. A White House spokesperson said that Iran should refrain from further missile tests, reiterates its commitment to a diplomatic path. The Financial Times noted overnight that the EU agreed in principle to report weekly oil stocks data in a move to increase market transparency. According to the Wall Street Journal various China- based oil-services firms are in negotiations regarding oil exploration in Darfur. The Telegraph wrote overnight that according to Oil and Gas UK (OGUK), UK oil and gas production will drop by 5% over the next 5 years.

·In new supply overnight
Germany sold €5.88B in 4.75% June 2010 Schatz with an average yield of 4.46% and a bid-to-cover of 1.5x. The cover compares to the 1.4x seen at the June 11th auction. The Bundesbank retained 16% in the top-up auction. The Bundesbank also sold €1.759B in 2.25% 5-year I/L Bobl linkers with an average yield of 1.97% and a bid-to-cover of 1.0x. In Portugal the Instituto de Gestão da Tesouraria (IGCP) sold €1.0B in 4. 45% June 2018 OT with an average yield of 4.908% and a bid-to-cover of 1. 70x. The cover compares to the 1.90x seen at the April 23rd auction.

·Geopolitical news dominated currency price action overnight. The EUR/USD continues to consolidate in its 1.5610-1.5730 post ECB rate decision range. The CHF initially firmed following news of a missile test out of
Iran. The USD/CHF tested 1.0280 before recovering back above the 1. 0330 level. Carry-related pairs were higher as European equities rebounded from yesterday's initial weakness generally aided by lower oil prices. The EUR/JPY was back above 168 while the EUR/CHF probed the 1.62-handle.

·On the speaker front Former-Fed Governor Meyer said that the Fed is not likely to start tightening until 2009, adding that the
US economy is still weak and there are still systemic risks. Meyer said that the US economy may be weaker in H2 v H1, adding that the economy could contract in Q4. In his annual testimony to the European Parliament the ECB's Trichet said that risks to price stability remain on the upside, reiterating that inflation is expected to remain above target for some time. Trichet said that he sees moderate ongoing growth continued in 2008 with q/q growth showing significant volatility. Trichet also reiterated that Euro Zone economic fundamentals are sound, but downside risks remains due to high commodity prices. The EU's Juncker reiterated overnight that inflation remains a concern. Juncker noted that Trichet will visit China to discuss FX in H2 of 2008. Juncker added that inflation is the main concern of EU citizens. Speaking in Madrid the ECB's Gonzales-Paramo said overnight that the global economy faces multiple turbulences, reiterating that the ECB will make the necessary moves to fulfill mandate. Gonzales-Paramo noted that the ECB's policy remains focused on price stability as upside inflation risks have increased. Furthermore Gonzales-Paramo reiterated that interest rate increase was to prevent second round effects. The ECB's Draghi said overnight that global liquidity has help push oil prices higher. Draghi reiterated that the ECB must ensure CPI rise is not permanent. A German Union Economist said overnight that unions do not seek inflation compensation, adding that market pay hikes are the results of the good economy. The economist said that he does not see any signs of a wage price spiral.

·*** NOTES ***

·If it wasn't obvious enough already trading updates from Redrow and Bovis Homes reconfirmed that the outlook for the
UK housing sector is bleak. From the looks of it the situation is unlikely to improve for some time to come. Note that the market is loving Redrow's cost saving initiatives (see 40% staff reduction), hence the sharp rise in the share price overnight. Despite the lack of super positive news on the equity front the European indices looked much better at the open today supported by comments made by the Fed's Bernanke during the US pre- market yesterday as well as lower crude oil prices. European data was pretty dry overnight, however some attention was paid to the -3.2% reading on the German exports figure as it was the lowest since June of 2004 perhaps suggesting that the 1.50+ Euro is starting to hurt. Central bank speak was obligatory and wearying (ie. too many speaking engagements scheduled à repeat, repeat, repeat…). European central bankers maintained their forward looking post-rate hike neutrality, guarding the price stability flag as they scanned the horizon from the watch tower of their inflation fighting castle.


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."

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