- Indices are moving lower once again as apprehension builds over the upcoming
Senate vote on a revised financial bailout bill. Last night the Senate
leadership of both parties agreed to hold a vote on the bill tonight, while
House Republican leadership said they would support the revised Senate bill.
Note that the Senate version of the bill includes an increase in FDIC deposit
insurance to $250K from the present level of $100K, suspension of mark-to-market
accounting rules, assorted tax breaks and $17B in tax credits for renewable
energy. Other reports circulated last night that the House republicans were
drafting an alternative bill that would supplant the Paulson plan. Also adding
to the downward momentum is today's September ISM Manufacturing report, which
came in well below expectations, overshadowing an ADP September employment
report showing only a slight decline of 8,000 jobs (versus the 50K expected)
and the flat August construction spending numbers (versus expectations of a
slight decline). Overnight Libor has come off yesterday's record highs as
funding constraints tied to the end of Q3 passed, but the three-month Libor
remains elevated. Credit markets remain deeply troubled, a state of affairs
brought into sharp relief when GE-8% was forced to reassure investors that it
still has sufficient access to short-term credit. Also adding to the credit
jitters were reports that holders of bonds in Sigma Finance Corp, a $27B UK
investment company, may see significant losses if lenders begin selling
collateral. Crude is loosing ground, back around $96, while gold is up
marginally at $885. Selected financial firms are in positive territory this
morning, with C, BAC, JPM and WFC up 2-5%, while MS and GS both under pressure
in negative territory. F-9% and GM-3% are both under pressure after President
Bush signed the $25B auto industry bailout package last night. Selected solar
stocks JASO, ESLR, SOLF and TSL are up 3-4% on news about renewable energy tax
credits in the revised Senate financial bailout bill, while FSLR and SPIR are
around even, off earlier highs. Dry bulk shipping names DRYS, EGLE, DSX and EXM
are all down 4-7% after the Baltic Dry Index fell again this morning, while GNK
is down 12%.
- Treasury prices are rallying again as money comes out of stocks. The US
curve is a bit steeper with the 10-year yields 3.7% and the 2-year offering
1.82%. Government bond markets saw a renewed flight to safety bid after reports
of the widening of credit default swaps for General Electric and a
substantially weaker than expected Sep ISM manufacturing reading. Following the
ISM data the Nov fed fund future briefly priced in better than a 50% chance of
a 50 bp cut by the next FOMC meeting but those odds have since backed off.
- The dollar maintained a firm tone as markets enter the final quarter of the
calendar year, particularly against the euro and pound. Dealers were noting
reportedly sold over â‚¬5B in euros in today's session. One player said dealers
is short on dollars, citing recent actions by its central bank. The Russian
Central Bank noted it would begin making loans to rated banks without
collateral and help refinance foreign debts. The credit market stress and
liquidity shortage is also being viewed as contributing to the firmer USD.
Another factor is comments from the German finance minister, who said Germany
does not view the current situation as a crisis and would not take part in the
planned EU meeting in Paris this
weekend. The EUR/USD is back below the 1.40 handle and the GBP/USD is off 140+
pips as it broke below the 1.77 area. The three-month USD Libor fixing was
expected to level off as the new quarter got underway, but that was not the
case, as it rose by 10 basis points to 4.15%, hand in hand with euro and pound
- Risk aversion is reverberating in the JPY and CHF carry-related pairs.
EUR/JPY is below the 148 area while the EUR/CHF cross fell 100+ pips to 1.5690.
The global growth environment showed its fragility as both Europe
and the US
reported falling expectations PMI manufacturing data. The US ADP employment was
certainly better than expected, but economists noted this series was collected
before the recent credit-related events of mid-late September. European
equities continued to see earlier gains evaporate thanks to delay in the
passage of a financial market package.
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.
Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
John M. Bland, MBA co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
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.