User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday November 5, 2008 - 11:31:05 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

Forex Blog - European Market Update: European PMI Services exhibited record lows; Obama: All things are possible in America

*** ECONOMIC DATA ***

- (UK) Oct HBOS House prices M/M: % v -1.5%e; Y/Y: % v -13.3%e

- (SP) Spanish October PMI Services: 32.2 v 36.1 prior

- (IT) Italian Oct PMI Services: 45.7 v 47.5e

- (FR) French Oct Final PMI Services: 47.5 v 48.8e (equals all-time low reading)

- (GE) German Oct PMI Services:48.3 v 49.7e

- (EU) Oct Final PMI Services: 45.8 v 46.9e; PMI Composite: 43.6 v 44.6e

- (UK) Sept Industrial Production M/M: -0.2% v -0.2%e; Y/Y: -2.2% v -2.2%

- (UK) Sept Manufacturing Production M/M: -0.8% v -0.3%e; Y/Y: -2.3% v -1.6%

- (UK) Oct PMI Services: 42.3 v 44.5e; lowest reading on record

- (EC) Euro-zone Sept Retail Sales M/M: -0.2% v -0.4%e; Y/Y: -1.6% v -2.2%e

- (UK) BRC October Shop Price Index M/M: -0.1% v 0.5% prior; Y/Y: 3.0% v 3.8% prior

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***

-Equities: Arcelor [MTP.FR] Reported Q3 Net $3.82B below expectations of $5.91B with revenues of $35.2B also missing consensus forecasts of $38.8B. It guided Q4 EBITDA $2.5 to 3.0B v 6.72Be and the FY08 EBITA in a range of $21.2 to 24.7B compared to estimates of $28B. The company announced temporary output reductions citing the need for accelerated inventory reduction. It will cut stainless steel production by 30%; cut Q4 Flat carbon US production by over 35%, European production by over 30%; cut Q4 crude steel production by 9M tons cut Q4 long carbon production by around 30% and Cut Asia, Afrca, CIS production by over 35%. The company does not see recovery in stainless steel markets but expected to change growth strategy inline with market conditions. The company maintained its 3% to 5% annual steel growth outlook but noted that steel demand to remain week into early 2009 but that its growth assessment applies once "Unusual Situation" has passed. It saw steel Demand Stabilizing in 2009

|| Total [FP.FR] Reported Q3 Net €3.05Bbelow estimates of €3.78B, but its revenues exceeded expectations with €48.8B above the €45.59B estimates.

|| BNP Paribas [BNP.FR] Reported Q3 Net €901M v €1.09Be, Rev €7.61B v €7.28Be. Current environment remained difficult but would be able to continue to finance the real economy. Its Tier 1 ratio 7.6% || Hannover Re [HNR1.GE] Reported Q3 Net -€395M worse than the -€228.3M estimates. The company noted that would break even in Q4 and saw good prospects next year. worsening of the crisis on international financial markets as well as a higher-than-average burden of catastrophe losses have taken an appreciable toll on the company's result. CFO noted that it would not pay dividend for FY08 || Rheinmetall [RHM.GE] did not expect to reach FY sales and profit forecast and lowered them by 10%. Guided FY08 EBIT in a range of €250-260M versus €255M estimates with Automotive EBIT at €80M; and Defense EBIT at least €180M. It did not that 2009 would be a tough year for the industry and that it was Impossible for reliable targets for automotive sector. || Allied Irish bank [ALBK.UK] Provided interim management report; says all businesses continue to perform well but that Credit environment continues to deteriorate. Asset quality deteriorated; ROI bad debt charge 250bps on property loans but added that the Irish Gov't guarantee will support activity and its Funding position remained strong || SABMiller, Molson Coors US JV reported Q3 Net Income $191M (ex items) v $149M y/y, Rev $1.95B v $1.91B y/y || Continental [CON.G] reportedly Shaeffler considering selling its stake in co. citing that the economic crisis has stretched that ability of Schaeffler to acquire its larger rival || Commerzbank [CBK.GE] CBK.GE: Sees net interest income rising in full year; will come out of financial market crisis in a strengthened position || Balfour Beatty [BBY.UK] Awarded £335M for multiple contracts in US and HK || Redrow [RDW.UK] Housing activity remains subdued and outlook for 2009 is below prior expectations || BT Group [BT.UK] Sekunjalo purchased 30% Stake in co. South African Unit for ZAR27M in cash || Carlsberg [CARLB.DC] Reported Q3 lower Q3 results and cuts its fiscal year outlook. Q3 Net DKK1.22B v DKK1.50B estimates and its revenues DKK18.44B against DKK18.63B forecasts . the company announced cut jobs and the closing of a U.K. facility amid ``deteriorating'' markets in northern and western Europe.

- Speakers: Japan PM Aso: we must provide support to dollar over short term || Riksbank noted that its decision to cut interest rates by 50bps back on Oct 23rd was unanimous. It noted that it could cut rates without harming price stability || ECB's Bini Smaghi noted that market regulations should not be excessive || IG Metall Union Chief Huber: Nationwide strikes can begin on Nov 17 if wage talks do not come to fruition

- In Currencies: EUR/USD consolidating ina 1.28 t0 1.29 during Europe. Dealers noting that the 2-yr U.S/German spread has widened over the last 24 hours to around 107bp. Japan's ex Fin Min Sakakibara noted that JPY could rise to 80 against USD over the next 3-4 months and added that EUR/JPY could fall to 100-110 during that period. He added that Japan "tempted to" intervene if USD/JPY fall in the 80s but suggested that Japan should not intervene as Yen carry trade bubble unwinds.

- Fixed Income: Gilts are Bunds are yielding lower, with curves steeper again. The 5y Gilt was briefly below 5.63%, its lowest yield since June 2003. Short sterling futures are pricing in a 55% chance of a 50bps cate at tomorrows BoE meeting, whilst front month 3mo Euribor futures are fully pricing in a 75% chance of a 25bps cut at the ECB meeting shortly after. The UK sold an additional £250M of the 1.25% 2055 linkers with a bid to cover of 2.10, less than the previous 2.28. Sweden tapped SEK2B of the 4.25% 2019 bonds with a bid to cover of 2.01, lower than the previous 2.08. ||US Treasuries, meanwhile, are marginally flatter, with the 2y note up 4bps to 1.41%, the 10y note up 3bps to 3.75% ||WSJ: steep yield curve suggests economic recovery may take time. The article looks at the sharp decline in short term US treasury yields, which are most sensitive to changes in monetary policy, and notes that the broader economy is not benefiting from lower rates due to concerns in interbank lending markets about counter party risk, which in turn impedes consumer borrowing. Article noted similar steepening in German, Japanese and UK yield curves. The US 2y-10y spread traded at 248bps briefly on Monday , its widest level since 2003.

Supply || (SW) Sweden to sell SEK2B 4.25% 2019 bonds ||(UK) DMO sold £250M of1.25% 2055 linkers with a bid-to-cover of 2.1 times. Real yield was 0.8%

- Energy: Deputy PM Sechin: Russia to work with OPEC but maintain independent operations ||Iran reiterated it would respond to any challenge to its borders from the US; cites helicopters near its airspace close to Iraq border || Shell [RDSA.UK] called for Force Majeure on Nigerian Exports citing the recent output reduction imposed by OPEC nations. OPEC Cuts

- Credit Crisis: Switzerland confirms raising bank deposit guarantee to CHF100K from CHF30K prior ||Reportedly China's PBoC mulls plan to help some Foreign Banks with their funding difficulties in interbank money market ||Reportedly Switzerland increases its bank deposits guarantee to CHF100K from CHF30K prior. It noted that it remain committed to guarantee Swiss banks capital markets if necessary || SNB noted that the bailout could encourage banks to take more risks and could be counter productive long term. The existing regulatory framework is inadequate and new ones would include caps on allowable debt-to-equity ranges

***Notes***

- Simply historic: Obama elected as the 44th President of the United States; America reinvented. If America can change its political landscape, there is hope that the task of recovering from this current phase financial and economic malaise is possible. The election results failed to mask the efforts needed to implement the necessary medicine to avoid any global recession. The European Services PMI painted the need additional interest rate cuts by the BOE and ECB The PMI data registered all-time and multi-year lows across the board in this data series. BOJ's Shirakawa stressed that its economic outlook was uncertain and that it should focus on its downside risks.

However, the Australian trade balance for Sept was the highest in over 10 years with both exports and imports rising. One dealer noted that perhaps this was a potential bullish sign for infrastructure plays everywhere.

- Dealers noting that overall price action in equities, commodities and currencies continues to be fixated on risk appetite and leveraging/de-leveraging mentality as year-end approaches with less and less liquidity around making way for choppy price action. Thus dealers noting that such conditions causing sessions to endure continued one way moves. The Swiss Gov't confirmed raising bank deposit guarantees to CHF100K from CHF30K prior

- Looking Ahead:

Wednesday morning will see earnings data from Agrium Inc (AGU), Duke Energy (DUK), Foster Wheeler (FWLT), Medco (MHS), Time Warner (TWX), Preliminary jobs data from ADP and Non-Manufacturing ISM for release ahead of Wednesday's US session will also likely determine equity market trading sentiment.

- 7:00 (US) MBA Mortgage Applications w/e Oct 31. There are no consensus expectations for this number; The prior number was 16.8%.

- 7:30 (US) Challenger Job Cuts Y/Y there are no consensus expectations for this number; The prior number was 32.6%.

- 8:15 (US) ADP Employment Change. Consensus expectations are -100k ; The prior number was -8k

- 10:00 (US) ISM Non-Manufacturing NMI sa. Consensus expectations are 47 ; The prior number was 50.2

 

 

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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 16 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Mon 16 Oct
01:30 CN- CPI
21:45 NZ- CPI
Tue 17 Oct
08:30 GB- CPI
09:00 DE- ZEW Survey
09:00 EZ- Final HICP
Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook


Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

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.

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