- After a rocky start equity markets are posting respectable gains this
morning. Credit jitters returned briefly early on after the sequential declines
in three-month USD LIBOR hit a wall, the overnight USD LIBOR actually rose and
commercial paper outstanding was seen falling for the seventh week in a row.
The Saudi Arabian oil minister said that market forces should set prices
(OPEC's emergency conference takes place in Vienna
tomorrow), helping crude make hit session lows around $66 before rebounding
nicely. Various OPEC ministers later weighed in with calls for output cuts at
tomorrow's meeting, helping crude rally. Gold briefly tested below the $700/oz level
for fresh 13-month lows.
- The return of credit anxiety is hitting selected financial names in a big
way, with both Goldman and Morgan Stanley down 8%. Wells Fargo and Citi are
down about 2% each. SunTrust has managed to hold things together to a greater
degree than most of its regional banking rivals, reporting earnings and revenue
well ahead of estimates, but profits at the bank are still down nearly one
third y/y. The lender also said it plans to sell $1.6-4.9B of preferred stock
to the government and use proceeds to expand, buy assets or make acquisitions.
Investors are not impressed, and STI has fallen nearly 10% in early trading.
- Consumer-oriented earnings reports continued to show the ongoing recession
fears impacting corporate America.
UPS had a good quarter, beating both earnings and revenue estimates, but the
package delivery giant sees trouble ahead, noting that it is facing a
challenging environment and does not expect the recover to begin until 2010.
The company said it would cut capital investment and reaffirmed its full-year
outlook at the low end of the range offered back in July. Both UPS and rival
FCX are up around 3% in early trading. The New York Times also reported EPS a
bit ahead of expectations, but attention is definitely focusing on the firm's
15.9% decline in ad revenue; shares of NYT are trading down 2%. More ominously,
NYT's CEO warned that she is seeing slowing online ad revenues in October,
mainly because of less display advertising (take note, YHOO and GOOG). US
Airways and JetBlue reported smaller EPS losses than expected this morning,
although the former also reported $488M of unrecognized losses from fuel
hedging instruments. JBLU guided double-digit growth in both revenue and costs
per ASM in the coming quarter. Airline industry vendor Goodrich reported EPS
ahead of the Street but was very cautious on full-year guidance for 2008 and
2009. Investors are dumping the airlines despite the sharp declines in crude,
with LCC-8% and most other names down 6-9%; JBLU is trading around even,
however. Starwood Hotels had solid earnings and revenue numbers but cut its
guidance for the year. Bucking trends, Altria blew out revenue estimates,
helping its stock make modest gains in early trading, although the name up a
- In other earning news, LLY cut way back on its outlook for the year. POT
helped the fertilizer stocks rise around 5% before the open on strong earnings
and in-line guidance. But POT, MOS and AGU are all back in negative territory
mid morning. Oil and recession worries are not troubling the defense sector:
Raytheon beat estimates, hiked its FY08 guidance and offered a positive
forecast for 2009 earnings. RTN is up around 8% in early trading.
- Anxiety regarding the impact of the crisis on emerging markets is driving
currency trading. Today's concerns are focusing on the Baltic region,
specifically on declining credit quality. But the dominant theme remains the
slowing global economy, which is weighing on both European and emerging market
currencies in New York trading.
The GBP/USD cross approached the 1.60 handle, a level it has not breeched since
September, 2003. EUR/USD moved back towards its Asian lows of 1.2735. USD/MXN
hit all-time highs above the 1.1430 level. Risk aversion firmed up the JPY and
CHF as carry-related pairs maintain their heavy tone. A vague rumor that the
IMF was mulling a $1.0T aid package for emerging market countries helped to
reverse the pre-US market price action, despite questions over where the IMF
would get that much funding.
- In fixed income the US
curve is a bit flatter as small risk appetite returns. The two and ten-year
yields are rising but the long bond yield is holding close to unchanged at
4.05%. Fed fund futures are now nearly fully pricing in a 50 basis point cut
next week. European yield curve steepening as equity markets hovered in
negative territory. The spread on German 2-10 year bonds was at 103bps while
the UK spread
was 122 bps. Euro-Stoxx 50 index -2.15 at 2,406; FTSE 100 Index -0.9% at 4,002;
CAC 40 Index -1.65 at 3,246 and DAX Index -3.0% at 4,431.
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.
Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
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.
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.