User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday July 10, 2008 - 10:57:49 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - European Market Update: ECB Maintains Tone in Monthly Report; IEA Boosts 2008 Demand Growth Forecast


·FR May Industrial Production: M/M -2.6% v -0.6%e || Prior revised from 1.4% to 1.5% |||| Y/Y -1.2% v 1.5%e || Prior revised from 3.2% to 3.1%

·FR May Manufacturing Production: M/M -2.5% v -0. 6%e || Prior revised from 1.7% to 3.1% |||| Y/Y -1.4% v 1.6%e || Prior revised from 2.8% to 2.6%

·SW June CPI: M/M 0.5% v 0.4%e || Y/Y 4.3% v 4.1%e

·SW June Core CPI: M/M 0.4% v 0.3%e || Y/Y 3.2% v 3. 2%e

·SW June CPI Level: 302.45 v 301.94

·SW May Activity Index Level: 123.6 v 123.6 prior

·SW June AMV Unemployment Rate: 2. 8% v 3.0%e

·UK HBOS House Prices: M/M -2.0% v -1.0%e || Prior revised from -2.4% to -2.5% |||| Y/Y -6.1% v -5.9%e

·NO June Producer Prices: M/M 4.8% v 4.2%e || Y/Y 29.3% v 28.7%e

·NO June CPI: M/M 0.2% v 0.2%e || Y/Y 3.4% v 3.4%e

·NO June Core CPI: M/M 0. 0% v 0.2%e || Y/Y 2.4% v 2.5%e

·IT May Industrial Production: M/M -1. 4% v -0.5%e || Prior revised from 0.7% to 0.4% |||| Y/Y wda -4.1% v -1.2%e || Prior revised from 2.0% to 2.4%

·IT May Industrial Production Y/Y nsa: -6.6% v -4.0%e || Prior revised from 8.0% to 8.4%


·In sector rotation Lehman cut the European oil refining shares to Negative, while European integrated oil shares were cut to a Neutral rating. Lehman also cut its 2008 earnings estimates for the European refiners by 15%. In an analyst note UBS said that a merger between DSG International [DSGI.UK] and Kesa Electricals [KESA.UK] is becoming more logical. Jp Morgan said that the credit cycle is “far from over” noting that
US large cap banks may need to raise an additional $51B, and cut take up to $265B in additional provisions. Novartis [NOVN.SZ] announced overnight that it purchased a 51% stake in Speedel [SPPN.SZ], bringing its stake up to 61.4%. Novartis plans to offer CHF130/share for the remaining shares of Speedel. Heidelberger Druckmaschinen [HDD.GE] guided Q1 Revenue €640M-€660M v €648Mem and an Operating Loss of €40M-€35M v Loss €37.5Me. The company plans to adopt cost structure enhancing measures, which include cutting 500 jobs by the end of 2011. Sports Direct [SPD.UK] Reported FY08 Revenue of £1.26B v £1.33Be, Net Income of £78.2M v £58.5Me and Pretax Profit of £85M v £118.9Me. Gross margins were 43.6% v 44.3% y/y. Barratt Developments [BDEV.UK] reported that FY volumes, margin, and debt levels in line with expectations. The company sees £85M in writedowns, and plans on closing 2 divisions and cutting 1200 jobs. Furthermore Barratt sees forward sales below expectations and will deleverage business over near-term. The company does not see paying a final dividend for 2008.

·In the news papers overnight the Wall Street Journal wrote that Best Buy (BBY) is seeking to double its sales to $80B over the next 5 years. The article reports that the company is looking to meet is sales goal by increasing its market share, adding new product categories, adding new businesses and by continuing international expansion. According to the Wall Street Journal Apple (AAPL) the DoJ has ended its criminal probe of options backdating at Apple. The DoJ reportedly decided not to bring charges against the company or executives. The Economic Times wrote overnight that WNS to pay $230M to acquire the Indian global back-office unit of Aviva [AV.UK]. The CEO of Delhaize [DELB.BE] said in an interview with Het Financieele Dagblad that the company may make acquisitions in the Balkans. La Repubblica reported overnight that Naguib Sawiris, the owner of Wind Telecomunicazioni, may make a €4.0B offer to buy 3 Italia from Hutchison Whampoa [13.HK]. A Hutchison spokesperson later denied the report.

·In energy news overnight Nigerian militant group MEND said that it will end its ceasefire.
Iran reportedly fired some additional test missiles overnight as the country's war games continued. In its monthly report the IEA raised its 2008 world oil demand growth forecast for the first time in six months; the IEA raised the forecast by 80K bpd to 86.9M bpd. The IEA cited China and the Middle East for the upward revision to its 2008 forecast. The IEA said that 2009 world oil demand growth is seen rising by about 1.0%, roughly in line with 2008. The IEA noted that if the output level seen in June is sustained that it will boost world oil stocks, and added that the oil speculation argument is weaker following the recent CFTC data.

·There was little news on the fixed income front overnight as there was not any new supply scheduled. In related news, according to the Financial Times Germany's government is planning to cut down on excessive executive pay before the end of 2008. The move could lead to lower use of stock options as a form of compensation. According to RealtyTrac June Foreclosures in the
US were +53% y/y, while bank repossessions were +171% y/y. Filings were above 250k for the second consecutive month.

·In the currencies, the USD continued to consolidate within its post ECB press conference range of 1.5630 to 1.5730 against the Euro, but did manage to briefly probe 1.5760 ahead of the European open as Euro stop loss orders were elected. Dealers continued to cite the potential concerns that linger in the financial sector. Geopolitical concerns also remained prevalent as
Iran continued to conduct war games in the Gulf region. The JPY related pairs were higher despite the softer equity scenario. The EUR/JPY held steady in the mid-168 area and EUR/CHF cross maintaining a foothold above the 1.62 handle. The GBP was lower by 90 pips ahead of the BOE rate decision, the EUR/GBP higher by 24 pips at 0.7965 level.

·The ECB reiterated in its July monthly report that the bank's interest rate hike was needed to combat second round inflation effects from materializing. The ECB reiterated that economic fundamentals remain strong, but did not that the economic outlook still remains uncertain. The ECB said that inflation remains high, noting that the MPC is monitoring this closely. Finally the ECB reiterated that it must anchor inflation expectations. Elsewhere, the German Finance Minister reiterated overnight that 2008 GDP growth could top 1.7%, and added that growth of 1.2% in 2009 is no unrealistic. Steinbrueck reiterated that the second quarter will be “bad,” and said that he sees clear downside trends in the German economy.

·*** NOTES ***

·The European indices opened lower in the session as renewed uncertainty over the outlook for the financial sector cast a shadow of doubt over the market as we head into earnings season. There were a fair amount of data releases in the session, none of which led to any major reactions. The Scandinavian data releases contained the biggest “outliers” with the y/y CPI reading in
Sweden at its highest level since November of 1993, and the y/y reading for the Norwegian producer prices at its highest level since record began in January of 1978. The ECB's monthly report was much of the same; the report highlighted Trichet's post-rate hike press conference and encapsulated the general tone that the ECB's MPC has projected since the June policy-setting meeting. The IEA monthly report was exciting in that the IEA raised its 2008 world oil demand growth forecast for the first time in six months following a series of reductions. Despite the upward revision to the IEA's forecast the report did not have much of an effect on crude oil prices. Looking ahead the BOE is due with its interest rate decision at 7:00 ET, and is widely expected to hold interest rates at 5.00%. A recent survey of nearly 50 economists showed that only one economist was forecasting a 25bps at today's meeting. In terms of earnings in the US we are looking out for the release of US notables Marriott International (MAR) and Progressive Corp. Ohio (PGR) amongst others, as well as same store sales data for the month of June. Costco (COST) released June SSS data overnight; the headline reading of 9.0% was above the 8.0% consensus estimate.


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

Mon 9 July 2018
AA 12:00 EZ- Draghi EU Parliament Testimony
Tue 10 July 2018
AA 08:30 GB- Ind/Prod Output, Trade
AA 09:00 DE- ZEW Survey
Wed 11 July 2018
A 12:30 US- PPI
A 14:00 CA- Bank Of Canada Decision
A 14:30 US- EIA Crude
Thu 12 July 2018
AA 12:30 US- CPI
Fri 13 July 2018
A 14:00 US- Prelim University of Michigan
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