saw some volatility as usual but by late NY was little flat versus late Asia- Pacific
trade. Lehman Brosâ shares sank another 45% as it dominated attention again. Moodyâs
warned that to avoid a rating downgrade, LEH needed a âstronger financial partnerâ...
ânear termâ. Wires reported that potential buyers are reviewing Lehmansâ books.
Other financial stocks were also weak, including MER -19%, Wachovia -9% and fresh
18 year lows for Washington Mutual in the final half hour of trade. However,
after opening sharply lower (DJIA -170pts early), equity sentiment improved,
with major indices up about 0.5% near the close. Rumours of an emergency Fed
rate cut swirled. NY oil prices fell as low as $100.10/bbl. European investors
responded to the RBNZâs aggressive easing by marking NZD/USD as low as
0.6441 but the pair quietly recovered to 0.6500 as the DJIA pressed higher.
to 0.7900 in the London morning but
found buyers thereafter and rallied overall, to about 0.8000.
quiet by recent standards, with a low of 1.3882 but back to flat at
the NY close.
risk aversion drove USD/JPY down a full
yen in the London morning to
a low of 106.07 but it ground back to 106.75 in NY as equity markets improved.
trade deficit widened to -$62.2bn in July, capturing the peak in prices of
crude oil imports. However, trade prices for August showed a hefty 3.7% drop in
import prices, as oil reversed during the month, which should see the deficit
drop below $60bn in coming months. Export prices were also fell by 1.7% in
August, with agricultural prices down 9.6%. This will partly reflect the sharp
rise in the US dollar over the month, but also suggests some easing in food
initial jobless claims 445k in the first week of September, from an
upwardly revised 451k the previous week. Though the figures have been distorted
by the promotion of new claims arrangements, which attracted large numbers of
people into claims offices, it is becoming clear that claims have taken a
sizeable step upward in the last few months. Continuing claims also rose
sharply to 3525k from 3403k the previous week.
machinery orders were on expectations in July. The core
measure fell 3.9% in the month, in line with forecasts. That follows a -2.6%
outcome in June and a 10.4% jump in May.
ECB monthly report largely mirrored president Trichetâs recent statements. The report
said that inflation is at a âworrying levelâ and unlikely to reach the âjust
below 2%â target until 2010. Risks to growth are to the downside, but the risk
of a wage-price spiral is still a major concern.
Bank of England
spoke to the Treasury Select Committee, with five MPC members
attending. Super-dove Blanchflower probably captured the most attention with
his pessimistic forecasts, but the other members, including Governor King, were
fairly balanced. King said that lower oil prices meant that inflation would not
peak as high as first thought, but stressed that upside risks to wage and price
home prices rose 0.1% in July, bringing the annual rate of growth down to
2.7%. Slower price gains are consistent with the cooling in sales and building activity
seen this year.
trade surplus narrowed to $4.9bn in July. Exports were strong across all sectors
except energy, as higher fuel prices weighed. Imports were also strong, with an
8% jump in imports from the US.
choice of -50bp provides markets with fresh ammunition to sell NZD, both against
USD and our preferred trade, versus AUD.
Release Last Forecast
Retail Sales 0.9% â0.3%
US Aug PPI
Aug PPI Core
Sales â0.1% 1.0%
Sales Ex Auto 0.4% â0.5%
Consumer Sentiment (Prelim) 63.0 65.0
Inventories 0.7% 0.5%
Jpn Q2 GDP
(F) %qtr â0.6% â0.9%
Industrial Production flat â0.5%
Capacity Utilisation Rate % 79.8% 79.5%
â˘ RBNZ MPS
Review (11 September)
â˘ NZ Q2
Terms of Trade (10 September)
â˘ NZ Agribiz
September 2008 (8 September)
â˘ NZ Weekly
Forex Outlook (8 September)
â˘ RBNZ MPS
Preview (5 September)
milk (5 September)
building (4 September)
papers/publications are available on Online Research on Westpac
Westpac Banking Corporation ABN 33 007
457 141 incorporated in Australia (NZ division). Information current as at 14
November 2007. All
customers please note that this information
has been prepared without taking account of your objectives, financial situation
or needs. Because of this you should, before acting on this information, consider its appropriateness,
having regard to your objectives, financial situation or needs. Australian
customers can obtain Westpac's financial services guide by calling +612 9284
8372, visiting www.westpac.com.au or visiting any Westpac Branch. The information may contain material provided
directly by third parties, and while such material is published with
permission, Westpac accepts no responsibility for the accuracy or completeness
of any such material. Except where contrary to law, Westpac intends by this
notice to exclude liability for the information. The information is subject to change without
notice and Westpac is under no obligation to update the information or correct any inaccuracy which
may become apparent at a later date. Westpac Banking Corporation is regulated
for the conduct of investment business in the United Kingdom by the Financial Services Authority. ÂŠ
2004 Westpac Banking Corporation. Past performance is not a reliable indicator
of future performance. The forecasts given in this document are predictive in
character. Whilst every effort has been taken to ensure that the assumptions on
which the forecasts are based are reasonable, the forecasts may be affected by
incorrect assumptions or by known or unknown risks and uncertainties. The
ultimate outcomes may differ substantially from these forecasts.
Forex Trading News
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
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Forex News Real-time forex market news reports and features providing
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POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
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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.
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seen everything and are up-to-data with recent regulatory changes.
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.
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 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.
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 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.
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.
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.
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