Slumping housing data and the lower-than-expected University of
Michigan confidence data held back equity markets in early trading, but
optimism has returned mid-morning as markets push back into positive
territory. Libor has continued its incremental declines, and the US
three-month TED spread has fallen back towards 380 basis points, well
off the all time highs above 470. The oil majors are down as crude
sustains its one-year lows around $70, although CVX and XOM are off
their worst levels. SLB-8% is also off its lows this morning as
declines in crude obscure the company's in-line earnings report. The
oil services leader hedged its view of 2009, saying that while it
anticipates slowing spending due to the economic downturn, the weakness
of the existing supply base and historically falling reserve
replacement could make up for any slowdown in business. In any case, it
believes it will take 18 months for supply and demand to return to
balance, given flat demand. The major financials are jumpy in early
action, with the XLF swinging in and out of negative territory as
traders consider the long-term implications of the "partial
nationalization." None other than President Bush addressed the
controversy himself this morning, insisting in a pre-market address
that the Treasury's stakes did not amount to nationalization. As the
majors grapple with the government, smaller financial companies are
struggling with the realities of crisis. Regional banks First Horizon
National and Zions Bancorp offered disappointing quarterly results,
characterized by worse-than-expected earnings and revenue, sharply
declining ROE, and climbing charge-offs and loan loss provisions. Both
names were down 8-10% before the bell; FHN-2% has recovered nicely
while multiple downgrades overnight are weighing on ZION-10%. Quarterly
revenue was well below expectations at COF+6%, which reported troubling
metrics yesterday after the close, including rising charge-offs and
delinquencies in its credit cart and auto finance units. On the
conference call, the CFO said he believes charge-offs will rise through
the end of the year, but injected some optimism by insisting the firm
can reach its sales growth targets for the year. CMA+2% is bucking the
trend, blowing out earnings and revenue estimates and actually
reporting lower loan-loss provisions. Recession fears are hitting
industrial conglomerate HON-7% after the firm cut its full-year outlook
before the open. On the conference call the CFO said he expects
recession in 2009 and slowing growth in emerging markets. JCI-7% is
down as well on the news. Tech heavyweights Google and AMD offered
more-or-less positive earnings after the close yesterday. GOOG+6%
reported strong growth metrics, with CEO Schmidt saying that search
traffic is growing across the board. AMD+8% reported a loss that was
one quarter the expected amount and trounced revenue estimates, showing
gross margins 8% higher q/q.
- Treasury yields have
experienced a tight correlation to equity markets during the first half
of the session. As US stock indices moved into positive territory the
yield on the ten-year moved back towards 4% and the two-year has
regained the 1.6% mark. Again there has been some thawing of credit
markets visible, as the three-month LIBOR fixing improved another 9
basis points and the yield on the three-month T-bill has climbed back
above 0.6%. In currencies some of the dollar safe haven buying was
unwound when stocks went green, but both the euro and cable are
struggling to hold onto positive territory.
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Mon 19 Feb 2018
00:00 CN, US- Holiday Tue 20 Feb 2018
00:00 CN- Holiday A 10:00 US- ZEW Survey Wed 21 Feb 2018
00:00 CN- Holiday A All Day flash PMIs A 15:00 US- Existing Homes Sales A 15:30 US- EIA Crude AA 19:00 US- Fed Meeting Minutes Thu 22 Feb 2018 A 09:00 DE- IFO Survey A 09:30 GB- GDP AA 13:30 CA- Retail Sales A 13:30 US- Weekly Jobless Fri 23 Feb 2018 A 10:00 EZ- Final HICP AA 13:30 CA- CPI
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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