User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday November 7, 2008 - 17:26:16 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

Forex Blog - US Market Update

Today 11:44am
US Market Update

Dow +143 S&P +14 NASDAQ +25

- Indices are recovering from the sell-off of the last two days, with traders shrugging off the unemployment data as already baked in. The Commerce Department reported an unemployment rate of 6.5% before the open, marking the highest rate of joblessness since 1994. The non-farm and manufacturing payrolls readings were worse than expected, with the backmonth figures revised downward significantly. Front-month crude is holding steady around $61, while commodities up slightly.



- Ford and GM have released grim third-quarter results. GM's loss was twice the expected figure, while its global market share has slid further to 13%, down -0.7% y/y. Ominously the company noted that "Even if it implements various planned restructuring actions, its estimated liquidity for the rest of the year will approach the minimum amount necessary to operate." In a sort of ransom note to the Federal government, GM said "Looking into the first two quarters of 2009, the company's estimated liquidity will fall significantly short of that amount unless economic and automotive industry conditions significantly improve." Specific liquidity figures were promised for later this afternoon. Yesterday after the close Ford disclosed a larger-than-expected loss, although revenue came in well ahead of estimates. At this point the company's credit reserves are just as important as its earnings figures: Ford said it has available credit lines totalling $10.7B and overall liquidity of $29.6B. The CFO said that he is "comfortable" with this level of liquidity and does not expect to draw on available credit lines. The company also said it would eliminate 10% of global salaried jobs, with the cuts coming via buyouts for 2,600 workers, bringing total 2008 hourly staff reductions to around 7,000 so far. It also pledged to eliminate merit pay increases for North America salaried employees in 2009.



- Dow component Disney is showing the strain of the crisis, reporting earnings below expectations. Disney's CEO warned that bookings at parks have fallen off "considerably" in the past month, and are down just under 10% y/y. Funny enough Carnival Cruise Lines said much the same thing one week ago, noting that "bookings have slowed considerably." Sprint surprised with a sizable loss and a big y/y drop in subscribers. In addition, the company's revenue per user in the wireless segment fell significantly, a bad sign given the importance of the business for Sprint. The CEO said that stabilizing revenue will be a main focus moving forward. Engineering giant Fluor beat analysts' expectations in EPS and guidance for FY08 and FY09. Utility major Mirant spiked 10% this morning before dropping to around even after reporting a huge quarterly gain thanks to a jump in the value of their hedges and reversals of unrealized losses recorded in prior periods. Edison International came in well behind estimates on the top and bottom lines, but reaffirmed its full-year guidance, helping the name reverse an early -2% loss and head well into positive territory mid morning. GT Solar blew out estimates, although there was a note of caution as the firm lowered the bottom end of its guidance for the full year. In other renewable energy news, BP said it was canceling its planned wind farms in the UK, to focus on renewable spending in the United States



- The pressure on troubled gaming giant Las Vegas Sands is only getting worse. The name lost more than a quarter of its value yesterday and is down another 10% this morning on worries over its projects in Asia. Last night CEO Adelson said LVS and the Singapore government are committed to completing their Marina Bay Sands casino project. Its Singapore financier DBS reassured that there has been no indication of default its loan to LVS for the company. Last night the South China Morning Post wrote that LVS may have to suspend construction of a new $3.3B casino hotel project in Macau, citing a source at LVS auditor PricewaterhouseCoopers. The paper noted that LVS is in danger of defaulting on debt and breaching debt ratio covenants.



- Speculation about Yahoo! has heated up in the wake of Google walking away from its search deal with the company. Last night Microsoft CEO Balmer insisted that he is still not interested in buying YHOO, that no talks are taking place and that he is not interested in further talks with the company. This morning CNBC's David Faber reported that his sources were saying that there is still a possibility of a more limited Google-Yahoo seach deal even though the more expansive deal from earlier this year is off the table. In a related story, the Wall Street Journal wrote that Microsoft is working hard to take a deal with Verizon Wireless away from Google, noting that MSFT has offered Verizon a "sweeter" deal to put its search engine and advertising on Verizon phones. Back in August reports circulated that Verizon and Google were close to a mobile search. YHOO is down 15% mid morning. In other tech news, QCOM reported earning in line with expectations but guided lower for the quarter and the year. QCOM's CEO said that Customers and partners are telling the company that demand is dropping.



- JP Morgan updated investors on some of the less positive sections of its balance sheet this morning. The firm said it estimates its subprime losses around $375-425M in early 2009, and that merger costs stemming from the WaMu merger were around $600M. In a passage hidden away in the filing, the company noted that "among potential risks factors" it may not “realize any benefits from Bear Stearns and WaMu purchases.” In addition, it noted that its low-quality Level 3 assets had risen to $1.3B or 6% of total assets. In a move that could affect several leading financial firms, hedge fund Citadel Investment Group (AUM of $16B) has been asked by various banks to come up with additional collateral to cover its losses, according to the Wall Street Journal. The article notes that Citadel's lenders include Goldman, Deutsche Bank and Merrill. The rumor mill is cranking up ahead of Goldman's quarterly report next month. Yesterday CNBC's Charlie Gasparino said that GS may disclose its first quarterly loss since becoming public company. This morning there was chatter that GS could go private. In mergers news, LandAmerica agreed to merge with Fidelity National Financial. Under the terms of the deal, LFG shareholders will receive 0.993 shares of FNF common stock for each share of LFG common stock. The transaction has been structured to reduce the combined debt of LFG and FNF by approximately $250M prior to the closing of the merger agreement.



- In currencies, the greenback was mixed in US trading following the October non-farm payroll report. As noted during the European session, the dollar price action has been more dependent on equity movements as higher stocks usually suggest a weak USD and JPY. A Goldman Sachs analyst lowered the firm's near-term GDP forecast for US, with Q4 GDP now seen at -3.5% and at Q109 GDP at -2.0%. Goldman noted that the US unemployment rate could climb to 8.5% by the end 2009. In addition, Goldman is predicting another 50bps FOMC interest rate cut by the end 2008. EUR/USD is hugging the 1.28 area, up 120 pips since the Asian session as equities benefit from the continued perception of lower interest rates in the pipeline. USD/CAD is below 1.17, aided by the improved October Canadian employment report and a degree of steadiness in the commodities this session despite the global recession concerns.

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 11 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
  • POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI

  • POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
  • POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
  • POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
  • POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision


  • POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
  • POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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