- Markets are attempting to show some stabilization as traders focus on the
ongoing testimony of Fed Chairman Bernanke and Treasury Secretary Paulson
before the Senate. Stock markets are trying to recoup some of yesterday's heavy
losses, and are experiencing greatly reduced volatility in the early going. Oil
has dropped to around the $108 levels now that yesterday's short squeeze is a
memory and "fundamentals" are back in the driver's seat. Note that
natural gas is up 4%, at least in part prompted by comments from the CEO of
Chesapeake Energy, who told a Merrill Lynch energy conference that he expects
producers to idle 200-400 rigs over the next six months due to declining
prices. Newswires reported excerpts from Paulson and Bernanke's prepared
remarks early this morning. Paulson has noted that the government must move
beyond a case-by-case approach in calming market turmoil, while Bernanke has
urged Congress to prompt action that is needed to avert "very serious
consequences" from the financial crisis. Among the financials, AIG+17% and
WM+4% are making big moves this morning. Last night reports circulated that a
group of AIG shareholders will ask the company not to sign any deal with the US
government. WaMu has shot up 14% after the open as investors digest reports
that Toronto Dominion is mulling its own bid for the firm and news that the Fed
has loosened rules that had limited the ability of buyout firms and private
investors from taking large stakes in banks. JPM, C, WFC and BAC are in
positive territory despite the fact that Oppenheimer's influential analyst
Meredith Whitney was out with a note lowering her view of quarterly and
full-year EPS performance at the banks. Whitney also widened her estimates for
WB-10%, which is also down sharply due to news sinking in that talks on a deal
with Morgan Stanley are clearly dead. Elsewhere tech names are showing
strength, with sector leaders MSFT, AAPL, CSCO, ORCL, GOOG and DELL up around
2-3%. Retailer CACH-26% slashed its guidance outlook for the coming quarters
yesterday after the close, earning itself multiple downgrades and price target
- Treasury prices are once again seeing better buying in the shorter maturities
as a flight-to-safety bid lingers. The curve is steeper but in late morning
trading yields are pushing higher across the curve. In a sign the functioning
in credit markets is far from normal, the three-month T-bill yield has fallen
back below 1% while the LIBOR/OIS spread is moving up once again.
- The greenback exhibited choppy price action during the US
morning, but maintained its overall price range from the Asian and early
European sessions. The USD encountered a bit of turbulence in early trading
after extended previews of Bernanke's testimony came out early, especially his
"financial stresses are high and have intensified significantly"
comment. The EUR/USD retested the 1.4700 level after a German CDU official said
that the ECB's Weber expected 2009 growth in Germany
may be slightly lower than 1%, mirroring recent press speculation. Over the
weekend, Der Spiegel reported that the German government would lower its 2009
GDP forecast to 0.5% from current 1.2% view. Central banks are continuing
liquidity operations, helping to staunch the bleeding in the credit markets.
The overnight dollar LIBOR fixing came in at 2.95% compared to yesterday's
2.97% fixing, while the three-month USD fixing held relatively steady at 3.21%
versus Monday's fixing of 3.20%. The TED spread and three-month OIL/LIBOR has
exhibited some degree of steadiness with 235bps and 133bps levels,
respectively, late morning in New York.
- Concerns regarding the global economic slowdown are being reflected in
numerous data releases, with the Italian Government confirming a reduction of
its GDP growth forecast as exhibit A. However, ECB members are continuing to
tout the bank's standard inflation view: the ECB's Weber noted that he remains
concerned over the Euro Zone inflation outlook.
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Forex Trading News
Daily Forex Market News Forex news reports can be found on the forex research
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Forex News Real-time forex market news reports and features providing
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Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.
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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