User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday October 10, 2008 - 16:40:21 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - US Market Update

Today 11:28am
US Market Update Dow -344 S&P -40 NASDAQ -57

- Markets stared into the abyss this morning as the Dow plunged nearly 800 points and then rapidly sliding below 8000 in the first ten minutes of trading in very heavy volume. This dramatic move sparked a buying frenzy that rocketed indices back into positive territory for a short time, and not surprisingly had many market prognosticators discussing the ever fleeting notion of capitulation. Multiple market barometers continue to hit historic levels, including the Vix, which has extended its string of record highs, hitting 70.9 after the open in a sign of extremely elevated levels of stress. The three-month USD LIBOR fixing also hit new record highs, climbing to 4.82%, slightly above yesterday's record high. The overnight fixing has been cut in half, although commentators are disregarding this move due to the Fed's massive liquidity actions. The US three-month TED spread has found a footing above 450 basis points while the yield on the three-month T-bill is hovering below 0.3%. The bottom has seemingly fallen out of crude, with WTI crude down more than $4.50 around $82/bbl; selected oil names are suffering, with XOM and CVX down 8-10%. The major financials opened lower (Morgan Stanley and Goldman Sachs opened down more than 10% a piece). Major banks and financials outside of Morgan and Goldman immediately saw buyers pounce after the open as the group led the eye popping rebound in equity markets. Traders are focusing on today's Lehman Holding CDS auction, with results due around 2pm ET. The initial value of the securities was set at $0.0975/dollar, and they were reportedly trading around $0.12-0.13/dollar ahead of auction. This initial look at the results has tempered much of the enthusiasm brought about by the equity reversal but indices remain well off of early multi-year lows. Spokesmen from both MS and Mitsubishi UFJ have strenuously insisted that Mitsubishi's planned investment is on track and moving forward, although investors still seem to be betting that the deal will fall apart and turn MS into the next victim of the crisis. The WSJ wrote overnight that if Morgan Stanley survives, it could represent a key milestone for finding a bottom in equities. Yesterday evening Citigroup gave up on attempts to prevent Wells Fargo from acquiring Wachovia; the Fed noted that while there were still some outstanding issues with the deal, it would immediately move to clear the merger. Wachovia said it was "pleased" that Citi walked away from its offer. GE reported third-quarter results in-line with expectations before the bell; the firm also reiterated its full-year guidance and maintained its dividend. CEO Immelt insisted that he believes the dividend is safe, and that if the economy is not as bad as feared full-year earnings could come in at the high end of the predicted range. He also noted that GE plans to continue originating commercial financing. More firms are cutting guidance ahead of earnings, with retailer CHRS-18%, tech firm CPWR-16% and broadline M-6% leading the way down after revising their forecasts. Investors are responding well to LNC+10% preannoucing its third-quarter results. The regional bank said quarterly EPS results would be well below estimates, but also insisted that the firm has plenty of liquidity to back up their commitments. In other news, more efforts are being made to develop a clearinghouse for credit-default swaps, with the Fed meeting with major industry players to discuss creating such an institution. ICE said it has signed an LOI with several players to establish a CDS clearinghouse, although the effort seems to be a very preliminary deal.

- The currency market was reduced to a sideshow during the New York morning as panic gripped markets, driven by the vicious cycle of continuing deleveraging, margin calls and declining fundamentals. The USD/CAD broke above the 1.18 despite a "better" September employment report in which 107K jobs were created. CAD weakened in the aftermath of the data released as dealers noted that almost 97K of those jobs were 'part-timers'. The drop in crude oil prices also weight upon the commodity-currency related pairs. The JPY was softer among the major crosses as the European and US equity markets moved off session lows. EUR/JPY at 135.70, up 167 pips and EUR/CHF at 1.5185, lower by 161 pips from Asian opening levels.

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."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

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 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.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

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.

Request a TRIAL of Max's Forex Service.


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

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 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 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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105