User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday November 6, 2008 - 16:57:39 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - US Market Update

Today 11:43am
US Market Update

Dow -295 S&P -33 NASDAQ -48

- The picture is not bright this morning despite the European rate cuts. Traders are dumping equities, pushing indices lower on fresh fears of an ever deeper and protracted economic decline. The dark mood was set by CSCO's earnings last night and news that sales for the next year would likely be well below expectations. The weekly employment numbers aren't helping either, despite their not being much higher than estimates. In any case, the number of US workers drawing unemployment benefits has hit 25-year highs. Meanwhile, front-month crude is approaching the $60/bbl level for the first time since March 2007.

- October Same-store sales were painful, as expected. Costco surprised with a sales decline of 1% (analysts had expected a 4.3% increase), marking its first negative q/q sales number in memory. Discount giants Wal-Mart and BJ's are holding up their numbers, reported steady sales gains. Leading apparel names were hard hit, with Gap's sales -16%, Abercrombie & Fitch comps -21%, American Eagle -12% and the Limited -9%. Hot Topic was the standout among apparel firms, reporting 8.4% growth versus expectations of a 3% decline. Every major department store reported major sales declines, including many double-digit declines, with Nordstrom -15.7% and JC Penny -13%. Investors are snapping up HOTT+16%, while WMT+4% and BJ+4% are holding up well in early action. COST and TGT are well off their best levels, around even. Most other retailers are holding up around +1-3%.

- In earnings, Cablevision missed EPS targets and reported sluggish q/q subscriber growth, although it exceeded revenue expectations. Chairman Dolan said the firm would be focusing on its core business for now instead of pursing and strategic opportunities. Rival DIRECTV also reported a hair under analysts' estimates, noting that it saw greater churn and declining net additions y/y. Both CVC-10% and DTV-5% were in the red mid morning. AutoNation is trading well of its worst levels after reporting below expectations for the quarter; the CEO insisted that AN would remain profitable in 2009 even if industry production declines to 12M units. Merger targets Huntsman and Wendy's both reported losses that were well below the Street's positive expectation. Hexion's $28/shr bid for HUN remains somewhat in doubt, while Trian Partners began their tender offer for WEN at $4.15/shr this morning. WEN+6% and HUN+2% are both up on the day. CSCO-2.5% is in negative territory this morning after guiding next-quarter sales down 5-10% y/y yesterday after the close.

- Financial names Wells Fargo and BlackStone are deep in negative territory in early trading. Yesterday after the close WFC-6% said it would offer at least $10B in stock, although this figure only half of the $20B the firm said in mid October it would need to sell in order to offset losses from the Wachovia acquisition. BX-12% reported an big unexpected quarterly loss and a big negative revenue figure thanks to big writedowns on its private equity holdings. A Morgan Stanley analyst cuts his outlook and raised projected writedown amounts for Goldman. The rest of the leading financial names are in negative territory mid morning. Note that yesterday just before the close Oppenheimer's Whitney made cautious comments on US bank performance, saying that she expects banks to seek additional capital within the next nine months. She also speculated that WFC is worth $20/shr and that Citigroup would head for single digits.

- Rate cut fever swept through the currency markets this morning. The BoE made its biggest cut ever, slashing rates by 150bps to 3.00%. The ECB cut for the second time in a month, taking 50 bps off of its key rate, bringing it to 3.25%. Other European central banks jumped in as well, with the Swiss National Bank cutting its Libor target average by 50bps to 2.00%, the Czech Central Bank cutting by 75bps (50bps expected) and the Danish Central Bank cutting by 50bps in a completely unexpected move. Government bond yield curves have seen some substantial steepening both in Europe and the US post the cuts. The USD is mixed against most European currencies following the rate moves, although GBP/USD moved up to 1.5910 after briefly hitting the 1.5720 level in the aftermath of the higher-than-expected cut (traders were expecting a 50 bps by the BoE). EUR/USD continues holding around the 1.28 level following the ECB press conference, off about 100 pips from its opening levels in Asia.

- In its post-decision press conference, the ECB's Jean-Claude Trichet noted that the bank's outlook for price stability is improving and that he expects inflation to keep declining over the coming months. Trichet said the decision was unanimous, noting that members also discussed a larger rate cut, including a 75 bps cut as well as a smaller 25bps ease. As always, Trichet took the opportunity to remind everyone that the ECB never pre-commits when asked about the potential for a December rate cut.

- Despite the equity market softness in the global markets, the carry-related pairs did not exhibit any risk aversion. EUR/JPY at 125.80, off 100 pips from Asia open, while the GBP/JPY cross was up 80 pips at 156.30. EUR/CHF cross was firmer as well by 303 pips at 1.5000. The commodity currencies were only modestly softer despite the drop in crude futures and gold a touch higher by $5 to $745/oz.

- The rash of rate cuts was preceded by more negative news throughout the global economy, including corporate earnings, gloomy economic data and downbeat overall consumer sentiment. Dealers and traders are noting Cisco's lower guidance and Toyota's weaker global sales forecast. The Monster Employment Index fell to 150, down 20% y/y. Russia's October PMI fell to 47.4 from 55.5 in September. The IMF said most G7 economies would contract in 2009, with the exception of Canada. The IMF noted that the financial market crisis was "virulent," while the global outlook was "extremely uncertain."

Copyright © 2008 Trade The News. For a free 1 week interactive trial to our audio broadcasts, research on demand, and real-time headlines please apply for a Free Trial »


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