Investors are looking through the same storm clouds that have hovered
over markets for more than a year, and focus is squarely on Washington
and the hopeful expeditious passage of a relief package. Reports
suggest Congress has nearly settled on the details of a bailout bill,
most likely including the full $700B amount discussed over the last
several days. Stock markets moved higher in the pre-market as a whiff
of a settlement began circulate among trading desks, and indices headed
straight up from the open. Crude has fallen below the $105 handle on
demand concerns. GE lowered its earnings guidance for the quarter and
the year before the open, as well as suspended its buyback program and
cut GE Capital's dividend. As one of the largest companies in the US,
the move could be seen as another disturbing sign that the financial
crisis is contaminating the rest of the economy, although investors
should keep in mind that the trouble seems to be coming out of the
firm's financial business, GE Capital. In the release, GE insisted that
its industrial earnings are expected to continue to be strong in the
quarter, led by excellent performance in the infrastructure and media
businesses. GE opened down 4%, but has rallied sharply following the
CEO's appearance on CNBC. The Commerce Department reported that durable
goods orders fell 4.5% in August, more than twice the decline expected.
Traders are noting that the transportation component is weighing
heavily on the data, thanks to the disastrous performance among auto
companies and aircraft manufactures of late. First-time filings for
unemployment benefits rose more than expected to, the highest level
since September, 2001. NKE+9% has been sprinting ahead of the pack this
morning thanks to its earnings slam dunk, beating EPS and revenue
estimates on health demand. DFS is making incremental gains mid morning
after coming in ahead of the Street on both EPS and revenue, although
troubling signs were evident in the company's rising delinquency and
charge-off rates. In other news, TMTA+18% after announcing it was
looking for a buyer for the company. PPC-30% remains weak after saying
yesterday that it expect significant losses in Q4 due to high costs,
falling demand and fallout from grain hedges. Related names TSN+6% and
SFD+4% are recovering from the sell-off sparked by PPC's sudden decline
yesterday mid day.
- Congressional consensus over the final
shape of the bailout bill (which has now been christened as the Trouble
Asset Relief Program, or TARP) may or may not be on track, depending on
who's speaking. One critical point seems settled: the total package
will include a $700B lump sum, without too many â€śextras,â€ť although some
sort of limitation on executive compensation for firms engaging in the
program will likely stay in. Just before the open CNBC's Liseman said
his sources were telling him the total package will be $700B. Rep
Barney Frank said House and Senate Democrats have agreed on the details
of the bill, and are presently negotiating with the Republicans, while
House Majority Leader Hoyer said passage of the bailout package is
possible in the near term, "maybe even today." Rep. Bachus, the top
republican on the House Financial Services Committee, countered by
saying the House is not close to a deal, while White House Advisor
Lazear told CNBC he doesn't think the deal is done but progress is
being made. Speaker Pelosi noted that the White House has agreed to the
broad details of the plan, while House Republicans are the final
obsticles to the package. A meeting between Congressional leaders, the
Administration and the two presidential candidates is scheduled for
- The USD was softer in early a NY whippy
trading environment as rumors circulated regarding the bailout. The
rumor mill was in full force, including one story making the rounds
that a coordinated central bank rate cut would complement the passage
of the bailout package. The fixed income market continues to highlight
credit stress as the three-month USD Libor, Libor OIS and the TED
spread hit all time highs. The ECB's Weber insisted that Europe must
quickly coordinate its policy actions for dealing with the financial
crisis. The lending market has ground to a halt as dealers realize that
nobody will lend for one or three months when they can get the same
returns on overnight funds. Meanwhile, European central bankers are
continuing to express concern about the inflation picture. BoE's Barker
stated that UK inflation has not peaked and that real dangers are posed
by the economic downturn.
- As the morning has progressed the
Greenback has rallied back as equities have made new highs on hopes a
deal will come out of Washington before this afternoon's powwow at the
Whitehouse. The soft housing and durable goods figures are having
little effect. USD/JPY is making fresh session highs above 106.50 and
cable is near new lows at 1.84. The Euro has also moved back into
negative territory after being up more than 130 pips. Gold and Silver
moved sharply lower as the Dollar caught a bid.
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Actionable trading levels delivered to YOUR charts in real-time.
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.