- Equity markets are churning higher this morning as traders weigh the positive
tone set by Warren Buffet's stake in Goldman, as well as prepare for another
day of Congressional testimony from Bernanke and Paulson on the government
bailout plan. Speculation is rife over the final shape and eventual timetable
for passing the legislation, with multiple players making a variety of comments
on the bill. Natural gas is down 2%, while crude is off early highs around
$108. Buffet's big investment in Goldman Sachs helped the firm rise as much as
20% in the pre-market, but Goldman was down to +2% just before the open and has
declined a bit more in early trading morning. Goldman also doubled the size of
its common stock offering to $5B overnight, pricing the 40M share offering at
$123/shr. The move brings Goldman's total capital raise to $10B over the last
day or so. Overnight the WSJ said it thinks Buffet got a "sweet deal"
from Goldman since the investment gives him downside protection as well as an
attractive income stream, reminding readers that the move is Buffet's first big
financial sector bet since the credit crunch began. Investors are reacting
negatively to AIG-16% signing a definitive agreement with New York Fed for an
$85B credit facility last night, quashing hopes among some that the company
might still find a private-sector solution to its problems. According to Indian
newspaper the Economic Times, Asian clients have pulled close to $6B of assets from
Citigroup and UBS, handing them over to Deutsche Bank's private wealth unit.
Citi is trading down more than 4%, while UBS is down slightly. In other
financial news, CNN said the FBI is probing four major US
financial institutions whose collapse helped trigger the bailout plan. The FBI
are looking at potential fraud at Fannie Mae, Freddie Mac, Lehman and AIG; the
probe will focus on the financial institutions and the individuals that ran
them. Last night the Senate extended around $17B in tax credits for alternative
energy in a move that is helping solar stocks burn hot in early trading this
morning, with most names up 6-9%. In addition, Trina Solar predicted that
silicon costs would be lower by 20% next year. In other news, WFR+8% is on fire
despite cutting its Q3 revenue guidance due to the impact from Hurricane Ike,
although it should be noted the name was raised at RBC to outperform before the
cut. SQNM+25% is doing very well after reporting more positive results from
trials of its Down Syndrome test and getting a price target hike at
- Credit markets remain the overall focus in currencies as signs of renewed
stresses in the system continue to highlight the insatiable demand for cash.
LIBOR is once again taking center stage with the three-month USD fixing surging
27bps to 3.48% against Tuesday's fixing of 3.21%, moves that are certainly
alarming given the circumstances. Fed fund futures have moved higher with the
Nov contract pricing in roughly a 75% chance the Fed cuts rates at the next meeting.
The TED spread has remained above the 300bps level throughout the New
York morning. Dealers are noting that liquidity in
overnight and Tom/Next rates were plentiful, but in the longer term the rates
continue to remain elevated. The Fed undertook a reverse overnight repo to
drain liquidity and bring the funds rate back up to the 2.0% target. Concerns
are lingering over the Treasury bailout plan, with money market investors
remaining uncertain about the ability of policy makers to offload distressed debt
from banks smoothly and fast enough. The yield on the three-month T-bill has
fallen back below 0.5%. Nevertheless the USD is maintaining a steady tone
despite bearish chatter among dealing desks, focusing on the potential for the
US deficit to move sharply higher and the growing probability the the next FOMC
move will be a interest rate cut. Additionally, the spread between short-term
(90 day) German and UK
bills against the US
is starting to turn higher again as the yield on US
bills fell sharply over the course of the session. Dealers noting that this was
a precursor to the last move weaker in the USD.
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
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
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.
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.
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.