User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday December 3, 2008 - 11:06:38 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

Forex Blog - European Market Update: Services PMI register all time low readings ahead of key European interest rate decisions on Thursday

Today 05:59am
European Market Update: Services PMI register all time low readings ahead of key European interest rate decisions on Thursday

*** ECONOMIC DATA ***

- (TH) Thai Central Bank cuts benchmark interest rate by 100bps to 2.75%, more than the 50bps expected

- (NO) Norway Nov PMI: 40.7 v 40.7e; lowest reading on record

- (SP) Spain Nov PMI Services: 28.2 v 32.2 prior; lowest reading on record

- (IT) Italian Nov PMI Services: 39.5 v 43.4e; lowest reading on record

- (FR) French Nov Final PMI Services: 46.2 v 46.6e; lowest reading on record

- (GE) German Nov Final PMI Services: 45.1 v 46.2e

- (SP) Spain Nov Consumer Confidence: 48.7 v 50.1 prior; lowest reading on record

- (EU) Nov Final PMI Service: 42.5 v 43.3e; Composite: 38.9 v 39.7e; lowest readings on record

- (UK) Nov PMI Services: 40.1 v 41.2e; lowest reading on record

- (EU) Euro-zone Retail Sales M/M: -0.8% v -0.4%e; Y/Y: -2.1% v -1.5%e

- (UK) BRC Nov Shop Price Index M/M: 0.2 % v -0.1% prior; Y/Y: 2.7% v 3.0% prior

Supply

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

- In equities: Taiwan Semi [TSM] CEO stated that company would reduce its 2009 CAPEX citing economic weakness and that its Manufacturing department would take an unpaid leave in December || Man AG [MAN.GE] CEO stated that the company planned to cut 2009 truck production by 30% citing 'difficult' outlook. Man would halt truck production for 40-50 days over course of first half 2009. Company is preparing for longer downturn, sees no reason to expect that economic crisis will be over in 6 months || Telecom Italia [TIT.IT] TIT.IT: Guided FY09 EBITDA in a range of €9.9-10B compared to estimates of €11.5B. It saw next year's revenue around €22.7-22.8B below consensus estimates of €30B. @009 CAPEX forecasted at €3.3B

Expected to see further 4K cut in Italian positions (5% of workforce). CEO reiterated that it had no plans for a capital increase || Man AG [MAN.GE] CEO stated that it planned to cut 2009 truck production by 30% citing 'difficult' outlook; reaffirms FY08 targets for Rev, Op margin. The CEO noted that it would likely truck production for 40-50 days over course of first half 2009 and that the company was preparing for longer downturn, sees no reason to expect that economic crisis will be over in 6 months || Constellation Energy [CEG] France's EDF offered to purchase up to 50% of nuclear unit for $4.5B; Sees transaction closing in 6-9 month period || Infineon [IFX.GE] Reported Q4 Net -€763M worse than the -€321M expected. Revenues were €1.15B better than the €1.09B estimate. However, the company guided Q1 2009 Revenue down 30% compared to Q4 and noted that its fiscal 2009 revenues could be down at least 15% y/y || Anglo Irish [ANGL.UK] Reported FY08 Net €670M v €998M y/y; not paying final dividend. Its Tier 1 capital 8.4%. To take €500M charge against loan losses (0.715 of book)and added that its lending rose by €9.3B to €73.2B || Sage [SGE.UK] Reported FY08 Pretax £241.0M v £223.3M y/y, Rev £1.30B v £1.16B y/y. Its growth in subscription revenues had continued to offset weakness in software revenues but remained cautions on outlook and expects demand for customer support to remain robust || Stagecoach [SGC.UK] Reported H1 Net £69.4M v £65.8M y/y, Rev £1.05B; to cut jobs in UK rail operations. Expected business to continue to perform well despite difficult market conditions but added it saw challenging 2009/10 outlook in UK rail || DS Smith [SMDS.UK] Reported H1 Net £17.3M v 40.7M y/y, Rev £1.1B v £642.7M y/y .Expected trading conditions to remain difficult as a result of lower demand across all markets and sought to cut investment and CAPEX || Statoil Hydro [STL.NO] Reached settlement on merger structuring costs regarding Hydro oil and gas assets. Expects gain of NOK1.46B in 4Q following settlement and noted that arbitration case to be withdrawn. Cutting partner charges by NOK550M. || Hiscox [HSX.UK] Expanded International business as it would open 5 new offices in the US but noted ot would close its Bermuda based specialist reinsurance team. Company also confirming that S&P upgraded company's ratings to A from A- back on Dec 1st || Wavecom [AVM.FR] Gemalto stated it would terminate its tender for company adding that an increased bid was not in shareholders interest (Note: Back on 12/02, Wavecom was being acquired by Sierra Wireless in a friendly deal ) || Vodafone [VOD.UK] Indian Court dismissed company's tax petition but reportedly can appeal the decision to higher court . The petition was related to Co's challenge to a tax bill relating to its 2007 acquisition of Hutchison Essar || Arcandor [ARO.GE] Named Karl-Gerhard Eick new CEO, effective March 1 2009 || Coca Cola Hellenic Bottling [CCH] Reiterated its 2008 profit forecast. It remained confident about growth possibilities in Russia but expressed concern over weaker currencies. Its emerging market strategy remains intact || MTU Aero Engines [MTX.GE] CEO noted the company was awarded 9 maintenance orders in Nov, valued around €500M . he added that the economic slowdown in air traffic has not affected business || Qantas [QAN.AU] Reportedly Australian Gov't warned against takeover of the airline

- Speakers: Chinese Cabinet announced plans to ensure liquidity through the use of FX and interest rates. The cabinet stated that it would increase bond sales and stabilize stock markets. It would encourage commercial banks to increase lending. Lastly the Cabinet suggested additional use of the reserve requirement to enhance liquidity too ||Bank of Korea announced it would pay interest on reserves for first time in 22 years. The Central Bank would pay a total of KRW500B and purchase additional securities issued by Local State Housing Corp. in open market operations. The moved come to improve domestic liquidity || German Econ Min Glos called for a quick decision on rescue package by EU || Irish Fin Min noted that there was little room for more tax increases in 2009 and added that the Government would borrow more in 2009 than it did in 2008. Bank management talks continue week by week and that the State could use pension funds to provide support to banks || German VDA: 2009 passenger car market to decline to the lowest level since the German reunification in 1990. It saw production and export of passenger cars declining significantly in 2009 and that the financial market crisis would impact employment in auto sector. It forecasted 2009 new car registration at 2.9M || Hungary Central Bank noted that he saw a slowing need for currency measures and that the FX sawp and bond markets showed signs of 'normalization' ||

- In Currencies: The GBP exhibited a fresh round of weakness as continued 'speculation' that the government was considering 'possible' entry into the euro. Today's vague Daily Express article on the topic aided to the downside momentum to the GBP. Kindly note that a UK PM spokesperson denied such speculation earlier this week and added that UK position on euro remains unchanged. However the weekend comments from EU's Barrosa is hindering the upside GBP potential for the time being. || Risk aversion continued to maintain a foothold during the session. The GBP/JPY Cross tested below 137 level to hit its lowest level since Jul 1995. The CNY was steady today ahead of US Treasury Sec Paulson visit to Beijing.

Overall the EUR/USD continues a consolidating pattern ahead of Thursday's central bank meetings with the 1.24 to 1.29 range basically intact.

-In Fixed Income: Sweden sells SEK3.5B 4.25% 2019 Bonds, avg yield 2.65%

- In Energy: Qatar Oil Minister: Oil below $70/barrel is not economically feasible and noted that it is certain that OPEC would cut output at its Dec meeting. || Eni [ENI.IT] Declared force majeure on 15-18K bbp of Nigerian production || Statoil Hydro [STL.NO] STL.NO: Reached settlement on merger structuring costs regarding Hydro oil and gas assets and expected gain of NOK1.46B in 4Q following settlement || Reportedly Gasoline inventories held by CNPC and Sinopec rose to 33.1M barrels in Oct from 30.9M barrels m/m. The diesel inventories of both companies rose to 51.6M barrels in Oct from 46.8M m/m

- Commodities: Australian PM Rudd stated that he did not expect the mining boom to completely unwind and added that commodity prices unlikely to fall below 2003 levels || Reportedly, China's central government is mulling buying all types of base metals for its reserves

*** NOTES ***

- Euro-Zone Services PMI registered record low readings ahead of the BOE and ECB interest rate decisions on Thursday. EONIA interest rate contracts forecast a 75bp rate cut by ECB on Thursday compared to the 50bp consensus expectations. Reminder: Back on Dec 1st, ECB sources registered concern that a cut of 75 bps or more could stoke panic, and added that it saw little chance of a deflationary spiral in the EU. The BOE is expected to cut by 100bps to 2.00% on its Thursday MPC meeting. European companies continue to issue profit warnings and cautious outlooks for 2009 as highlighted by Man AG and Infineon. Taiwan Semi suggestion that economic weakness would last a fairly long time has brought back a renew degree of risk aversion to the market sentiment.

- The year-end funding issue will be key. Euribor rates continue to edge lower but dealers noting that Japan's Tokyo 3 month Interbank rate (Tibor) has moved for the 18th consecutive sessions, despite actions by the BoJ.

- Financial markets are trading cautiously ahead of three key employment surveys from the U.S. today, Thursday and Friday.

Looking Ahead:

- 7:00 (US) MBA Mortgage Applications w/e 28 Nov: There are no consensus expectations for this number; The prior number was 1.5%.

- 7:30 (US) Nov Challenger Job Cuts: Y/Y there are no consensus expectations; The prior number was 78.9%.

- 8:15 (US) Nov ADP Employment Change: Consensus expectations are -205k; The prior number was -157k.

- 8:30 (US) Q3 Final Non-farm Productivity. Consensus expectations are 0.9%; The prior number was 1.1%.

- 8:30 (US) Q3 Final Unit Labor Costs. Consensus expectations are 3.6%; The prior number was 3.6%

- 9:00 (BE ) Belgian Q3 Final GDP. Q/Q there are no consensus expectations for this number; The prior number was 0.1% . Y/Y there are no consensus expectations for this number; The prior number was 1.2%.

Speakers

- 11:00 (SZ) SNB's Roth speaks in Vezia, Switzerland

- 12:30 (US) Fed's Lacker, Bank of America CEO Ken Lewis, Wachovia CEO Bob Steel speak in Charlotte

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 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

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: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI 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