User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday September 17, 2008 - 11:28:22 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

Forex Blog - European Market Update: Credit concerns linger in session; BOE again considered all options on interest rates in Sept policy meeting

*** ECONOMIC DATA ***


- (UK) BOE voted 8 to 1 to keep interest rates at 5.00% in its Sept policy meeting; MPC member Blanchflower sought a 50bps rate cut to 4.5%

- (UK) August Claimant Count Rate: 2.8% v 2.8%e

- (UK) August Jobless Claims Change: 32.5K v 23.0Ke

- (UK) July Avg. Earnings Inc Bonus 3M/YoY: 3.5% v 3.4%e; Avg. Earnings Ex Bonus 3M/YoY: 3.7% v 3.6%e

- (UK) July ILO Unemployment Rate (3months): 5.5% v 5.4e

- (UK) Manu. Unit Wage Cost (3mnths/YoY): 1.9% v 1.7% prior

- (IT) July Current Account: -€ v -€3.60B

- (SZ) July ZEW Survey (Expectations): -44.4 v -79.6 prior

- (EU) July Euro-Zone Trade Balance: -€2.3B v €3.0Be; Euro-Zone Trade Balance SA: -€6.4B v -€3.5Be

- (EU) July Construction Output MoM: 0.1% v -0.9% prior; YoY: -3.3% v -3.0% prior

- (UK) U.K. CBI September Industrial Trends: -26 v -13 prior

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

In equities news overnight: HBOS was the focal point for the session. [HBOS.
UK] BBC reported that the bank was in merger talks with LLoyds for up 300p/shr. This helped the stock rebound from session lows of 88p/shr on liquidity concerns. The FSA stated that they are satisfied that the bank remains well capitalized || Emmi AG [EMMW.SW] Reported H1 Net CHF26.6M compared to CHF22.7B year ago. Revenues came in at CHF1.3B versus to CHF1. 2B last year. Company guided FY net at 2% of revenue. || Inchcape [INCH.UK] Reported the sale of non-core UK assets for £3M and announced it has completed the sale of five of its six Volvo franchises. The company has retained ownership of the relevant properties which will be subject to a market rent. || Invensys [ISYS.UK] acquired Quantum Engineering for $38M cash. || Tui [TUI1.GE] Reportedly the Hapag-Lloyd due diligence process has been completed with Neptune Orient Lines [NOL.SI} favorite to purchase unit. || Grupo Ferrovial [FER.SP] announced Plans to sell Gatwick airport citing pressure from regulator as antitrust regulators recommended that the company be split up . CEO noted that retaining London operations will hinder overall expansion. || Bank of Ireland [BKIR.IR] Guided H1 revenue lower compared to prior year and announced a 50% reduction in the FY dividend. Company stated that FY earnings negatively impacted and stated that an impairment charges in H1 "mid 30's" bps range coupled with charges of around "mid 40's," for the fiscal year. and in 2010 seen around"60 to 90" bps Its H1 lending growth was at 8%, but will slow in H2. || Arcelor Mittal [MTP.FR] Guided its 9 month EBITDA 2008 above $21.B and announced savings plan over $4B over next 5 years. || DSM [DSM.NV] Announced a collaboration agreement with Caliber Therapeutics to expand Stanyl production capacity with new factory in Geleen; also developing novel drug delivery device. || Bayer [BAY.GE] Announced price increases for coating, adhesive raw materials in EMEA by up to 13%. || Continental AG [CON.GE] had its long term rating cut a notch by Fitch to “BBB-“ from “BBB”

- Speakers: EU's Juncker dismissed any suggestion that Euro-Zone could break up and again stressed that Euro-zone core inflation level remains too high for comfort. He did note that perhaps one day the
UK would join EMU. Juncker stated that the financial crisis has not yet reached its end and expressed a degree of satisfaction that AIG collapse was prevented. He added that that Europe will not be hit as hard as US in the current crisis. Lastly he did not expect recession within Euro-Zone. || RBA Kraehe stated that the Australian economy remained resilient to financial crisis. The central banker noted that the country's banking sector remained strong. He added that one can not remain indecisive in the face of global downturn and financial market crisis. Lastly he noted that the slowing growth was likely to ease inflation pressures. ||BoJ Governor Shirikawa noted increased tension in global financial markets and stated that the BOJ needs to continue to observe economic risks on both upside and downside. He added that the US housing and credit market correction would likely continue. BOJ noted that the Fed liquidity steps have helped to stabilize the USD and that the recent drop in commodity prices is helpful for Japan. The BOJ cautioned that Japanese stagflation could linger for some time. || ECB Tempel-Gugerell stated that the ECB sees the first signs of second round effects. He added that the central bank has mid-term time horizon and must not react to short-term developments.

- Central Banks: (SW) Riksbank released their minutes of their recent decision to raise interest rates. The Central Bankers were split regarding September rate decision to raise interest rates with 3 of the 6 members disagreeing with interest rate hike. Central Bank chief Ingves stated that the rate hike was justified in order to show that the bank is determined to counter inflation risks. Ingves wanted lower inflation expectations before any rate reduction and added that the SEK is important in dampening external inflationary pressures. || (SZ) SNB declined comments on conditions in the money market moves, but noted it will continue to act in a manner that maintained a flexible and generous stance. || The BOE voted 8 to 1 to maintain interest rates at 5.00% at its Sept 3rd-4th MPC meeting. Ultra-dove David Blanchflower sought a 50bps cut to 4.50% and argued that
UK demand have subsided. BOE Hawk Tim Besley switched his view to "No Change" from prior MPC "Rate Hike" . the MPC once again considered all three interest rate options (hike, hold and cut). The BOE stated that an interest rate increase would have showed that bank was committed to its inflation target, but was unsure of the potential impact on its currency. The Bank added that a rate cut would have might have showed undue focus on economic growth and also led to GBP decline, thus higher inflationary expectations.

- In Currencies: The USD was on the defensive in early European trading as commodities rebounded. USD rebounded from session lows as continued concerns over the global financial market remained elevated, despite the
US bailout of insurer AIG. The early indications of another higher LIBOR fixings prompted a sell-off in European equities and safe-haven flows into USD coupled with some unwinding of carry-related positions. The GBP was softer as concerns over HBOS.UK weighed upon its sentiment. GBP/USD at 1. 7850 and EUR/GBP at 0.7965.

- In Energy: Goldman Sachs analyst amends oil outlook. - Lowers 3-month WTI oil forecast to $115 from $149 prior. Lowered its 6-month WTI forecast to $125 from $142 prior; cut its 2009 average WTI oil forecast to $123 from $148. Analyst noted that oil prices are a compelling buy and that it would take longer to reach

previous forecasts. || Nigerian military spokesperson confirmed a fresh attack on a Shell [RDS.A]facility in the
Niger delta region.

In Fixed-Income: The ECB has been vocal in its concerns over the secondary effects of inflation. Reportedly Irish companies, unions reach pay deal of 6% over 21 months.

*** NOTES ***

- The Bank of Japan (BOJ) maintained their steady policy for the 11th straight time with another unanimous decision. The BOJ noted that it expected a sluggish economic activity for the foreseeable future. Government officials are trying their best in assuring that the financial market crisis impact is limited, but that has not stopped customers from demanding redemption of AIG paper the company's
Singapore office. A similar situation in the UK as HBOS tries to reassure its customers they 'demand' withdrawal of their funds. Concerns over HBOS heightened as early indications of the Overnight Libor fixing suggested another 'elevated' Dollar Libor rate above yesterday's 6.44%. Dealers noted that the o/n rate traded up as high as 12% as banks scrambled for USD funding, although some calm have returned back to the market. HBOS rebounded from earlier lows on liquidity concerns on chatter that Lloyds was seeking a merger with the bank. Asia encountered some chatter that perhaps Morgan Stanley [MS] was considering a merger, but not currently in talks with anyone at this time as media reports note that recent volatility in MS stock price could and possibly will force the company to seek a merger partner.|| Russia (which at one point was down 19% yesterday) stated that it will take steps to stabilize its financial markets following its steep decline on Tuesday and spat f softness encountered in early trading today.

Looking ahead

7:00 (US) Sept. 12 MBA Mortgage No estimate versus 9.5% prior

8:30 (CA) July Int'l Securities Transactions: C$5.50Be v C$7.25B prior

8:30 (US) Q2 Current Account Balance: -$180.Be v -$176.4B prior

8:30 (US) August Housing Starts: 950Ke v 965K prior

8:30 (US) August Building Permits: 928Ke v 937K prior

 

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 18 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook


Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

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



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



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