- Early stock trading on the NYSE received a boost when the FDIC unveiled a
plan to modify 2.2M mortgage loans by offering mortgage servicers incentives to
lower monthly payments for homeowners. The FDIC believes the plan is expected
to prevent about 1.5M foreclosures in the US.
The FDIC's Sheila Bair believes the Treasury has the authority under the TARP
to fund the program, with the FDIC managing payouts to banks to support the
moves. The announcement helped homebuilders rally briefly, with HOV jumping 12%
and DHI up 8% in the first half hour of trade; the names have traded back into
negative territory mid-morning. The positive news was shortlived. Stocks
quickly turned South once again as focus remains on the overriding fear of a
long and protracted global recession. Risk aversion has retuned en masse
reversing yesterdays move away from Treasuries and into equities as well has
hitting the energy complex. The Long Bond is up more than 2 points while the
yield has retreated back towards levels seen before yesterday's 30-year bond
- Insurance names also caught a short-lived bid this morning in the wake of
several positive stories. Overnight the Wall Street Journal reported that state
insurance regulators may loosen the capital requirements for insurance firms,
noting that Moody's believes US insurance operations need more than $10B in
added capital to maintain their current risk-based-capital levels. The National
Association of Insurance Commissioners could issue recommendations on capital
requirements in early December. Then just after the open the US Office of
Thrift Supervision announced that it would allow insurers apply for Savings
& Loan status. HIG spiked 13% and PRU jumped 8%, while PRU managed to climb
into positive territory in early trading; All three names are well off their
- Freddie Mac unexpectedly released its third-quarter results this morning,
disclosing a loss of more than $25B. The government has committed to making
regular funding injections into the GSEs, and the Federal Housing Finance
Agency (FHFA) said today that it has asked the Treasury for $13B from its TARP
program for FRE, and expects to receive the funding before the end of the
month. However, the agency also noted this morning that if it rules that FRE's
assets are less than its obligations, the firm could enter receivership.
- Boeing is facing turbulence, in the form of more labor turbulence and delays.
The Wall Street Journal wrote overnight about escalating tensions between the
company and its engineering union, which represents about 21K of the company's
white-collar engineers and technical workers. The union plans to ask members to
authorize a strike in the event that the two sides are unable to agree on a new
labor contract. This morning a Boeing executive noted the company is seeing
downward pressure on plane orders in 2009, although it has no plans to cut
plane prices. Instead, it will adjusts 747 production, with initial deliveries
of the latest 747 model delayed to Q2 of 2011 from late 2010.
- In other news, Nokia offered a pessimistic view of the mobile phone industry,
cutting its view on overall 2008 industry volume to 1.24B units from 1.26B,
while its preliminary estimate indicates that 2009 volumes will be lower than
2008 numbers thanks to the economic slowdown. Competitors AAPL, RIMM and MOT
are down 4-8% in early trading, while NOK is down more than 12%.
- The greenback has sustained its mixed tone during the New
York morning as it firmed against the European pairs
but trended lower against the JPY from opening levels in Asia.
EUR/USD was at 1.2680, firmer by 100 pips from opening levels. The pound
remains weak, hitting fresh all-time lows against the euro above 0.8635 and six-year
lows against the USD below 1.4760. Note that a JP Morgan analyst amended the
firm's ECB interest rate outlook and now sees the ECB's main rate being cut to
1.0% in 2009.
- The G20 meeting in Washington
this weekend will probably focus mostly on immediate simulative measures,
though should also start to lay out ideas on regulatory reform. Fed Chairman
Bernanke reiterated that the world central banks stand ready to take more steps
if necessary to combat the financial market crisis. However the current
volatility and recent data showed that challenges remain. ECB's Trichet noted
that the current circumstances are extraordinarily demanding and that the
crisis started in one region and was impacting many others, proving the
stronger links between regions . He added that a globally unified policy stance
was undesirable, as different regions need different policies. US and European
systems require different policy approaches. He added that everyone was
convinced that policy must be geared to price stability. Numerous central
bankers echoed these comments throughout the morning.
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Daily Forex Market News Forex news reports can be found on the forex research
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Forex News Real-time forex market news reports and features providing
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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.
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.
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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