User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday November 12, 2008 - 11:39:08 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

Forex Blog - European Market Update: BOE signals more rate cuts could come; UK Claimant count is the highest MoM change since Dec 1992

Today 06:03am

European Market Update: BOE signals more rate cuts could come; UK Claimant count is the highest MoM change since Dec 1992

*** ECONOMIC DATA ***

- (SP) Spanish Oct CPI M/M: 0.3% v 0.4%e; Y/Y: 3.6% v 3.6%e

- (SP) Spanish Oct CPI Core M/M: 0.9% v 0.9%e; Y/Y: 2.9% 2.9%

- (SP) Spanish CPI EU Harmonized M/M: 0.3% v 0.3%e; Y/Y: 3.6% v 3.6%

- (SW) Swedish Oct AMV Unemployment Rate: 3.3% v 3.2%

- (UK) Oct Claimant Count Rate: 3.0% v 3.0%; Jobless Claims Change: 36.5K v 40ke (Claimant count is the highest MoM change since Dec 1992)

- (UK) Sept Average Earnings inc Bonus 3mths/Y: 3.3% v 3.3%; Ex Bonus 3mths/Y: 3.6% v 3.6%e ) Avg Earnings growth weakest since July 2003)

- (UK) Sept ILO Unemployment Rate (3mths): 5.8% v 5.8%e (highest level since Q1 2000)

- (UK) Sept Manufacturing Unit Wage Cost. 3mths /Y: % v 2.6% prior

- (EU) Euro-zone Sept Industrial Production M/M: % v -1.8%e; Y/Y: % v -1.2%e

- (CH) China Oct M2 Money supply Y/Y: 15.0% v 15.2%; M1 Money Supply Y/Y: 8.9% v 9.4% prior; M0 Money Supply Y/Y: 10.6% v 9.3% prior

- Pakistan Central Bank raised discount rate by 200 bps to 15% from 13%

- UK Quarterly inflation report: Inflatiion to fall 'well below' the 2% target; sess economy contracting for most of 2009

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

- In equities news overnight: Swiss Life [SLHN.SZ] Reported Q3 premiums of CHF3.08B v CHF3.44B y/ and announced a halt to its share buyback program. The company also cut its dividend payment for 2008. It added that it would not achieve 2008 net profit target of CHF1.8B-CHF1.9B v CHF1.81Be and declined to give new guidance. It now sees a a clear loss in 2008 continuing operations. Lastly the company noted that it significantly cut its balance sheet risk over the last few weeks|| ING [INGA.NA] Reported Q3 Net -€585M v €2.31B y/y. Company noted that the pressure on asset prices would continue to produce negative results into 2009. The firm added that it had enough reserves to absorb further credit market shocks|| Unicredit [UCG.IT] Reported Q3 Net €551M versus €531.8M estimates and revenues of €6.75B compared to €6.2B estimates. It Q3 Core Tier 1 Ratio was at 5.7% before capital increase || K+S [SDF.GE] Reported Q3 Adj Net of €502.2M versus €358.1M estimates with revenues of €1.44B above concensus estimates of €1.33B. It guided FY08 Rev "just under" €5.3B v €5.21Be|| EDF [EDF.FR: Reported 9-months Rev €45.6B versus €45.3B estimates. It noted thatthe Credit crunch had not impacted the company in a significant way and it confirmed its FY08 EBITDA guidance of +3% y/y

- Guides Adj profit inline with 2007 || Holcim [HOLN.SZ] Reported Q3 Net CHF673 below estimates of CHF698M. The firm It Rev CHF6.91B versus analyst estimates of CHF6.96B. It noted a sharp drops in demand in US, UK and Spain announced announce the closing of facilities in those countries. It noted a decline in Russian demand in Q3. It added that it saw 2008 trading below views. || NiCox [COX.FR] naproxcinod shows highly significant reduction in daytime blood pressure versus naproxen || Groupe Danone [BN.FR] Reportedly to invest $3B in Southeastern Turkey || Scottish & Southern [SSE.UK] Reported H1 Adj Pre-tax £302.6M just below estimates of £317Me with Rev £9.19B in line with its 9.2B estimates. Company noted that it had been able to issue some £1B in commercial paper and added it was seeking liquidity facilities of £100M. || Veolia [VIE.FR] Reported 9-month Rev €26.32Bin line with the €26.22B estimates. Natixis [KN.FR] KN.FR: Refuted press speculation regarding €1B trading loss in Oct but did noted that it sufferedan investment bank write-down of €250M in October and added that markets conditions were extremely difficult. || Maersk [MAERSKB.DE] Reported 9-month Net DKK17.7 compared with DKK16.7B estimates with revenues in line at DKK231B versus DKK230B estimates. The company revised lower its FY rev to DKK310B from DKK320B prior || Sanofi-Aventis [SAN.FR] Reportedly Russia selects co's polio vaccine. || Alitalia [AZA.IT] EU approves Italian rescue of company but states €300M loan must be repaid || Barclays [BARC.UK] Spokesman: Discussed planned share sales to MidEast investors with talks being constructive and ongoing.

- Speakers: BoE's King stated that UK Inflation will fall sharply in 2009, but inflation rates are dependant on level of the GBP. He noted that the BOE is prepared to cut rates again if needed . The economic and financial crises has had devastating effect on economy, there are few historical parallels to current situation ||Reportedly German Engineering talks reached a preliminary deal for staggered wage hike of 4.2% - unconfirmed reports

||Denmark Central Bank: Pressure on DKK appears to be over. Sees 2009 Denmark GDP growth around flat and expected further drop in property prices but added that the housing market should hold up if no large increase in the country's unemployment.. lastly he noted an economic cost of being outside Euro-Zone || Spain Econ Sec Vergara sees Spanish inflation below 3% by end of 2008 || || ECB's Orphanides: World financial crisis affects liquidity raising || German Council Advisors (Wise men) : Revised its 2008 GDP estimate lowers to 1.7% from 1.9%, ads saw further room for ECB interest rate cuts || Economy Minister Leuthard noted that Global economic outlook has deteriorated and that the Swiss govt needs to release CHF550M to assist companies from its reserves.



- In Currencies: Risk aversion crept back into the market as Russian equity exchanges continue to hobble along. EUR/USD opened in Europe at 1.2630 but declined back towards the 1.2515 level as the morning wore on. The GBP exhibited additional weakness following the dovish BOE quarterly inflation report. GBP/USD at 1.5250 with GBP/JPY approaching the 148.00 level. Fortis analyst Amended its ECB and BoE rate forecasts and noted that it saw more aggressive rate cuts by both with BoE and ECB cutting rates to 1.5% during the course of 2009. This compares to prior forecasts of 2.5% for both BoE and ECB. Weaker oil and metals causing the CAD and AUD to soften. NYMEX crude hit fresh 20 month lows below the $58 level vaulting USD/CAD back above the 1.21 handle and AUD/USD in the mid .65 area.

- In Energy: NYMEX front month crude hit fresh 20 month lows below $58 per barrel || Tullow Oil [TLW.UK]Guides its 2008 Oil production below prior expectations at 67K bpd || Russian Fin Min Kudrin forecasted 2009 avg oil price of $50 per barrel || Iran's Parliament plans 2009 budget on $40 to $50 oil price (Note: Iran depends on crude rev for 80% of its income). Price would reduce country's vulnerability to price fluctuations || IEA issued its World Energy outlook for 2030 expecting Saudi Arabia oil production at 15.6M bpd and Russian oil production at 9.5M bpd

- In Fixed Income: Fixed Income was bid across the board after developments in the UK and Russia.

The Russian CDS spread widended over 100bps to trade firmly though 700bps, after Russia widened Rouble rates to 27.47 per dollar, and 34.63 per Euro. The Micex and RTS exhanges were both suspended limit down. Gilt futures rallied to their highest levels since early 2006 at session highs of 114.52, up 70 ticks on yesterday's close . The cash curve was at its steepest this month with the 2y down 13bps to yield 2.42%, the 10y down 8bps to yield 4.14%, and the 2y10y spread though 171bps. ||The itraxx Indices initially opened narrower before widening, with the Crossover index back though 800bps, and the investment grade Europe Index 6bps higher at 150bps. ||Germany sold €7B of the new 3.75% Jan 2019 Bunds, with a slightly lower than expected bid to cover of 1.31



*** NOTES ***

The European equity markets opened about 2% higher and some risk appetite seemed to be gaining some momentum. China Oct retail sales number seemed to put aside some of the global recession concerns for the time being. LVMH Moet Hennessy [MC.FR] noted that it saw 'dynamic growth' in China with no signs of a slowdown. However, the euphoria evaporated as continued concerns over Eastern Europe and Russia crept back into sentiment. The Russia RTS exchange was off over 11% after several suspensions of trading. The USD/RUB hit a 3-year high. The upcoming G20 summit could spark some volatility but yesterday Brazil's president Lula warned that any concrete result in tackling the global market crisis likely not forthcoming. The BOE stated that it saw UK inflation falling 'well below' its 2.0% target rate, thus signaling more interest rate cut to come.

- Looking Ahead:

- No Scheduled US or Canadian data for Wednesday

- 10:00 (US) Treasury Secretary Paulson speaks on TARP

- 11:00 (US) Fed's Kohn speaks at 10th anniversary celebrations of Luxembourg's Central Bank. ECB's Trichet, Stark and EU's Juncker are also expected in attendance

- 13:00 (US) Treasury to sell $20B in new 3.625% 10y notes due Nov 2018

 

 

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 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.



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