- Indices opened this morning well above yesterday's close, with the Fed policy
ease giving investors the courage to face this morning's Q3 GDP reading. In
fact the GDP reading was slightly better than expected, at -0.3% v -0.5%e,
although it was the worst reading in the last seven years, with the more
negative than expected personal consumption component adding to woes. The White
House demonstrated the power of positive thinking post data, noting that the US
economy is "positioned for a rebound" and insisting that it was
"hurricanes and the Boeing strike" that pulled GDP into negative
territory. In any case, there are additional components on which investors can
focus, including data showing that commercial paper outstanding has grown this
week for the first time in two months and the return of big moves downward in
the overnight USD LIBOR fixings after the declines stalled over the last
several days. At $65 crude is well below overnight highs around $70, while
major commodities have also softened up.
- Dow leader Exxon-3% released impressive quarterly results this morning,
reporting record earnings and revenue figures well ahead of analysts' estimates
thanks to the record prices in the quarter. Other second-line energy companies
including Marathon, Dominion Resources and Apache also
reported today. MRO and D blew out analysts' EPS targets, while the latter also
came in nearly $700M ahead of revenue estimates and reaffirmed its long-term
guidance. Apache missed on both earnings and revenue. All three opened up 3-6%
and have steadily lost altitude all morning, with MRO and APA in negative
territory and D+1%. Utility NRG+4.5% beat
revenue targets by nearly $1.0B for the quarter and announced a sizable share
buyback. Insurance giant MET moved sharply higher this morning after results
after the close yesterday, in line with targets yesterday evening, yet has come
well off its highs, while CI -5% after an earnings miss and a highly negative
outlook for next quarter and the full year. PRU+3% missed both EPS and revenue
targets, and withdrew its guidance. Construction giant SGR+10% is off its best
levels after reporting more or less in line. International Paper missed revenue
targets by a bit, while on the conference call executives warned that the
coming quarter is not looking good. WMI+5% reported in line. Investors are
standing by four consumer-oriented names that reported before the bell,
Colgate, CVS, Timberland and JAH. CL+7% and CVS+7% reported more or less in
line, while CVS guided robust revenue growth for 2008 although it cut its EPS
outlook for the year. TBL+3% is well off its best levels, with investors having
pushed it up as much as 12% in early trading after beating earnings estimates.
JAH+15% is maintaining its early strength after coming in a hair ahead of the
- The XLF is + 1-3% in mid-morning trading, led by MS+9%. Goldman Sachs is not
a party to the positive trend, with the name trading down 4%. The FT examined
the expected compensation levels for some of Goldman's partners overnight.
According to the article, Goldman's 349 partners stand to divide up the
smallest bonus pool that the firm has produced on a per capital basis since
going public in 1999. The bond insurers have been very volatile in early
trading after CNBC's Charlie Gasparino reported last night that New York
Insurance Regulator Dinallo wants the US Treasury to extend TARP assistance to
the sector, piggybacking recent speculation. MTG and RDN traded as high as +15-20%
just after the bell, but both names are back around even. MBI, ABK and PMI are
up 4-6% mid morning. AXP announced a major â€śre-engineering planâ€ť that sees
cutting 7,000 jobs (10% of the workforce and a $370-440M restructuing charge in
Q4. Fellow credit card name V+4% spiked up as much as 8% after a decent
earnings report and solid guidance yesterday.
- The return of risk appetite during the Asia and early
European session weighed on the carry-related pairs, with volatility remaining
a big factor as a brutal October winds down. The better-than-expected US GDP
reading helped the greenback decouple from its recent link to equity markets,
wherein higher equity prices were seen as a negative for USD as well as JPY.
The spread between the US
and German bonds remained below 100bps, helping to pull EUR/USD off its highs
of 1.3297 to around 1.2970. But perhaps the real rationale behind the USD
recovery from session lows has been the widening of the EU government spreads
to record levels not seen since the launch of the euro a decade ago, showing
the heightened concern over the continued stress in the Euro Zone. EUR/JPY is
moving back below the 128 area after testing 131 in Asia.
GBP/JPY was below the 162 versus highs of 165 earlier today. The USD reversal
was complemented by the move in energy prices. The CAD was moving off its best
levels on the back of softer commodity prices, with USD/CAD re-approaching the
1.21 area after touching 1.1900. Dec Bunds -37 ticks at 116.59 and Dec Gilts at
111.65, off 65 ticks. Euro Stoxx 50 index +2.35 at 2,572; FTSE +1.7% at 4,313;
CAC 40 Index +1.1% at 3,441 and DAX Index +3.7% at 4,986.
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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.
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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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