- Early trading this morning has been volatile once again, with US indices
opening higher, sagging into the red and then rallying back to positive
territory. The relentless selling in shares of Citigroup continues to weigh
heavily on markets, dragging down most of the rest of the financial sector with
it. Early stock strength was partially attributed to chatter/hope of
coordinated Central Bank action before Thanksgiving as well as rumors C could be
broken up. Front-month crude is making fresh lows below $49 while gold has
rallied some $40 amid the heightened anxiety in the financials. US Treasury
markets are attempting to digest the astronomical move in yields seen
yesterday. Yields have rebounded with the two-year back above 1% and the long
bond bouncing from all-time lows to trade back near 3.7%.
- Citigroup pressure has mounted steadily on shares of the world's largest
financial services organization all week, with the selling rising to a fever
pitch yesterday and this morning. Citi's shares broke $5.00 an hour after the
open on Thursday; they broke $4.00 not long after the open this morning. On
Thursday evening, CNBC's Charlie Gasparino said Citi was possibly looking for
merger partners, including Goldman, Morgan Stanley and State
Street. The Wall Street Journal later reported
that Morgan Stanley was not talking to Citi about a merger, although Morgan has
not confirmed or denied the reports. This morning the New York Times wrote that
Citi is not looking to split up the company, citing sources. The story quoted
senior executives as saying that the company is financially strong and has
ample financing opportunities, noting that few buyers would be willing to pay
the asking price for Citi's most valuable assets. Shares of Citi have dropped
as much as 25% in early trading. JP Morgan is also under pressure this morning,
with its shares down more than 10% after filing a mixed security shelf. Morgan
and Goldman are holding up around even, while Wells Fargo is down 5%. In an
attempt at optimism, Pimco's Mohammed El-Erian told CNBC that banks continue to
function well despite recent events.
- Quarterly reports from leading IT firms Dell and Brocade provided further
evidence of softness in the tech sector. Dell missed on the top line but beat
on the bottom line in its Q3 report yesterday after the close. The company said
it believes global IT demand will remain weak in the medium term, warning that
it sees continuing charges from the realignments and layoffs needed to grapple
with the situation. Asian growth held up for Dell in the quarter, with profit
almost doubling and shipments up 29%, with future cost cutting in Asia
likely to be minimal. Brocade beat on the top line and missed on the bottom
line, and guided slightly below estimates for FY09. Brocade's CEO was upbeat on
the conference call, noting that he sees plenty of opportunities. Solar name
CSIQ missed big on earnings and slashed its outlook for the coming quarter and
the year. The firm's CEO said that uncertainties financing coupled with
softening solar demand has forced the company to focus on short-term goals to
preserve cash and minimize risk.
- The Gap held things together in Q3, reporting in line with consensus
estimates, and even managed to maintain its outlook for FY08. High-end apparel
retailer Ann Taylor showed it was already feeling the heat in Q3, reporting a
significant loss for the quarter thanks to restructuring costs (earnings were
break-even ex charges) and same-store sales -19.4%. The company refrained from
offering guidance for the fourth quarter or the year, euphemistically noting
that it â€śexpects the competitive environment to remain highly promotionalâ€ť and
gross margin to remain under significant pressure. Consumer staples names Heinz
and Smucker are not doing badly in the downturn, with Heinz beating earnings
estimates and Smucker besting revenue targets. Both firms reaffirmed their
full-year guidance. While cautioning that conditions remain challenging,
Heinz's CEO bluntly pointed out the advantages of slowdown for the company,
stating that more people are eating at home. Smucker reported a nearly 20% y/y
rise in US
- The greenback was mildly weaker on Friday but maintained its overall tone of
consolidation as the week ended. The dollar's moves are extending its
consolidation in a 1.24-1.28 range after hitting lows at 1.2330 back on Oct 27.
While US equities have been making multi-year lows in the latter part of the
week, the EUR/USD has been unable to follow their lead for the last 16
sessions. A Citigroup analyst noted that the ECB was likely to cut interest
rates to 1.0% during 2009, down from the prior view of 2.0%. The analyst added
that it was possible that the ECB could cut interest rates to zero in 2009.
- The ECB's Trichet echoed numerous other central bankers in discussing the
Euro Zone in comments out overnight. Trichet said that some countries have more
room than others for easing rates, while some countries have no room to cut at
all. He added that the real economy was slowing coupled with diminishing upside
risks to price stability, and affirmed that the ECB would take recent
record-low European PMI data as well as the most recent ECB staff
projections into account for upcoming rate decisions, seeming to not rule out
cutting rates the bank's Dec 4th conclave.
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Daily Forex Market News Forex news reports can be found on the forex research
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Mon 12 Mar 2018 A 17:00 US- 3-Yr Auction Tue 13 Mar 2018 A 10:00 DE- ZEW Survey AA 12:30 US- CPI A 17:00 US- 10-Yr Auction Wed 14 Feb 2018 AA 12:30 US- Retail Sales A 12:30 US- PPI A 14:30 US- EIA Crude A 17:00 US- 30-Yr Auction Thu 15 Mar 2018 A 12:30 US- Weekly Jobless A 12:30 US- Philly Fed, Empire PMI A 12:15 US- Industrial Production Fri 16 Mar 2018 A 10:00 EZ- final HICP A 12:30 US- Housing Starts/Permits A 14:00 US- prelim Univ of Mich
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.
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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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