User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday December 3, 2008 - 16:47:48 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - US Market Update

Today 11:42am

US Market Update

Dow +117 S&P +12 NASDAQ +30

- Traders are shrugging off the negative data this morning and pushing up US equity indices higher after opening in the red. In what has become somewhat routine at this point, the ADP employment report was significantly worse than expected and the ISM non-manufacturing composite index yet again hit all-time lows, with the prices paid component showing particular weakness. Deteriorating commodity prices are also in focus, especially front-month copper, which is approaching the key level of $1.50 not seen since May 2005. Front month crude is also weaker also approached $46 before getting a boost from weekly oil inventory data. Treasury yields have ticked bounced slightly with the curve continuing to compress. The 10-year has climbed back to 2.75% while the long bond is approaching 3.25%. Regardless PIMCO's Bill Gross noted that he still sees the 30-year mortgage rates falling another 50 to 100 basis points towards 4.5%. Hopes continue for aggressive central bank action later this week and this month. The ECB and BoE meet tomorrow while the Jan fed fund future is currently pricing in better than a 60% chance of a 75 basis point cut at the FOMC meeting in two weeks.

- Goldman Sachs is back in the headlines this morning, as the Wall Street Journal reports the freshly minted bank holding company may launch an online banking business to expand its sources of funding and bolster its balance sheet. In addition, Goldman may name former New York Fed President Gerald Corrigan as chairman of its bank holding company. Merrill cut its price target and Q4 EPS estimates (to -$2.97 from -$0.36) overnight. JP Morgan also cut its Q4 estimates for Goldman and Morgan Stanley. Morgan was down more than 6% and Goldman fell more than 3.5% just after the bell, but both are well above +2% hand in hand with the overall equity rebound.

- A trio of headlines are roiling commodities-related names, with the economic crisis continuing to wreck havoc in equities. After a day of rumors regarding a Total bid for Nexen, the London Times reported earlier this morning that Total has dropped the potential $15B deal due to the risky overall environment. Oil services leader Schlumberger warned that its FY08 profit would be below estimates (currently at $4.76e), citing the overall economic slowdown. Schlumberger's CEO insisted that the company has been “…consistent in our view that our results would be affected in the event of a severe global economic downturn, which we are now facing.” Fellow oil services firms HAL-7% and APC-5% are down significantly on the news, with the OIH down around 5%. Freeport McMoRan said it would cut copper production and suspend its annual dividend due to the sharp decline in copper and molybdenum prices. FCX's CEO said that the company has “contingency plans in place” if copper drops below $1.50/lb, although the firm sees substantial writedowns ($6B) in goodwill likely if current metals prices continue. Coal name ANR also warned that it sees its 2008 revenue falling below its prior guidance.

- In other equity news, GM fell as much as 6% in the early going before returning to positive territory mid morning while Ford has stayed in the black all morning, as investors barely flinch at the automakers' massive November sales declines. Del Monte Foods is up nearly 18% after reporting quarterly earnings and guiding FY09 EPS ahead of estimates. The firm noted that its key businesses, including consumer and pet products, showed robust growth in the quarter. Proving that death may be a recession-proof business, Hillenbrand offer strong FY09 EPS guidance, comfortably above consensus views. On the other hand, the bad news keeps coming home for semi names, with Taiwan Semi lowing its 2009 CAPEX outlook citing economic weakness, noting that it expects economic hardships to persist for some time. And SpendingPulse officially confirmed that November retail sales declined sharply, below October's big declines, but also noted that all sectors studied saw a 2-5% sales improvement due to the Black Friday weekend.

- In currencies, the greenback was firmer against the European pairs but remained steady during the NY morning. The lows in the ADP employment report and ISM non-manufacturing index are driving home concerns over the global economy, providing the catalyst for safe haven and risk aversion plays into the short end of the Government curve. The EU's Almunia noted that the financial market crisis was having a severe impact on emerging economies, adding that the economic situation was deteriorating rapidly. Meanwhile, the EU's Barroso bluntly stated that this is not simply a regular downturn and that action is required to prevent the recession from slipping into depression. As a measure of stress, the iTraxx crossover index broke above the 1,000bps level for the first time in its history.

- CAD continues to express weakness on the back of the commodity outlook and coupled with political concerns at home. Some displaced merger flows also hurting CAD sentiment after UK press reports that Total had dropped its bid for Nexen. EUR/USD continues a consolidating pattern ahead of Thursday's central bank meetings with the 1.24 to 1.29 range basically intact. Market participants awaiting to see if the BoE and ECB make more aggressive interest rate cuts currently anticipated. The BoE is seen lowering rates by at least 100bps to 2.0% while the ECB is expected to cut by 50bps to 2.75%. The JPY was firmer on the risk aversion theme. USD/JPY tested the 92.55 level where far east names are currently bidding for USD, but dealer chatter noting of significant USD sell stops building below. EUR/JPY is hovering near the 177 area, off 130+ pips from its opening levels in Asia, while GBP/JPY is around 136.65 as it makes fresh 13-year lows in the session.


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."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Tue 31 July 2018
AA JP- Bank of Japan
A 06:00 DE- Retail Sales
A 09:00 EZ- flash HICP/GDP
AA 12:30 US- Core PCE Deflator
A 14:00 US- CB Consumer Confidence
Wed 1 Aug 2018
A Final Mfg PMIs
AA 12:15 US- ADP Private Payrolls
A 15:00 US- EIA Crude
AA 18:00 US- Federal Reserve Decision
Thu 2 Aug 2018
AA 11:00 GB- Bank of England Decision
A 13:30 US- Weekly Jobless
Fri 3 Aug 2018
A Final Services PMIs
AA 12:30 US- Employment
A 12:30 US/CA- Trade

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

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.

Request a TRIAL of Max's Forex Service.


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

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 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 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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105