User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday December 4, 2008 - 11:14:04 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - European Market Update: Sweden sets the tone for more significant cuts from central banks

Today 05:45am

European Market Update: Sweden sets the tone for more significant cuts from central banks


- (SW) Swedish Riksbank cut interest rates by 175bps to 2.00%; More than 100bps expected

- (ID) Indonesian Central Bank cut interest rates by 25bps to 9.25%. It was expected to hold rates steady at 9.50%.

- (IN) India Wholesale Price Index w/e Nov 22: 8.40% v 8.95%e

- (SZ) Swiss Q3 GDP M/M: 0.0% v 0.0%e; Y/Y: 1.6% v 1.7%e

- (FR) France Q3 ILO Unemployment Rate: 7.7% v 7.8%e; Mainland Unemployment Rate: 7.3% v 7.4%e Mainland Unemployment Change: 9K v 44ke

- (NE) Dutch Nov CPI M/M: 0.4% v -0.4%e; Y/Y: 2.3% v 2.2%e

- (DE) Danish Oct Industrial Prod ex Ships: -0.7% v 0.3% prior; . Industrial Orders ex Ships: 3.7% v -3.5% prior

- (UK) Nov HBOS House prices M/M: -2.6% v -1.0%e; 3M/Y: -14.9% v -14.2%e

- (UK) Nov UK New Car registrations -36.8% y/y; YTD registrations -10.7% y/y - SMMT (lowest monthly figure since 1980)

- (EU) Euro-zone Q3 Prelim GDP Q/Q: -0.2% v -0.2%e; Y/Y: 0.6% v 0.7%e

- (EU) Euro-zone Q3 Prelim Household Consumption: 0.0% v 0.1%e; Gross Fixed Capital Formation: -0.6% v -0.5%e; Government Expenditures: 0.8% v 0.7%e


- In equities: Credit Suisse [CSGN.SZ] Accelerated the implementation of its strategic plan and announced further headcount reduction of 5.3K jobs (about 11% of workforce) to be completed by H1 2009. The firm added it had substantially reduce risk and cost base and noted it had planned to cut costs by CHF2B. In terms of Q4 outlook, CS noted it saw net loss of CHF3B as of end of Nov and cited that the loss reflected difficult markets and the cost of risk reduction. Its risk-weighted assets to be around $170B by end of 2008 and forecasted it to be around $135B by end of 2009. Underlying 1-day variance cut by 60% in 2008 until end of Nov. it stated its tier 1 Ratio was expected to be around 13% at year end. The CEO added that he did not foreseeing taking Swiss govt aid || Aleo Solar [AS1.GE] Exceeded its annual Sales of €330M and noted that it would likely surpass itFY target of 40% foreign sales share. The company expected trends to continue into 2009 || Koninklijke Philips [PHIA.NV] Stated that it not expect to be capable of meeting EBITA forecasts in 2010 and saw additional restructuring charge in Q4. To take a non-cash write-down on the value of remaining shares in LG Display and NXP of about €1.1B in Q4. Remain committed to existing strategic plan. It guided Q4 Consumer lifestyle Revenues at €2.83B and Lighting Rev in a range of €1.83-1.93B || Roche [ROG.SZ] Agreed with FDA on pathway towards U.S. approval of ACTEMRA for rheumatoid arthritis || Vossloh [VOS.GE: Reaffirmed its 2008 estimates and expected further growth in 2009/10. It guided FY09 Revenues at €1.29B compared to estimates of €1.19B. EBIT at €138M versus €138M estimates (FY09 EBIT margin 10.7%) Sought to propose FY08 dividend of €2/share, with one off dividend of €1/share || ASML [ASML.NV] Received permission from Dutch Gov't to reduce working hours by 50% for 1.1K employees. The measures follow sales drop in Sept and Oct period and saw an additional charge of €110M. it did note that the sales drop not in contrast to its Q4 outlook || Endesa [ELE.SP] Italy's Enel is reportedly looking to raise is stake in the company from the current 67% according to the Spanish press. Enel wants Santander to finance a bid for the 25% stake in Endesa held by Acciona SA valued at €12B || Easy Jet [EZJ.UK] Reported Nov Load Factor 83.9% v 80.8% y/y|| Michael page [MPI.UK] Guides FY pretax at lower range of expectations (£151Me) . it noted that the market was increasingly challenging for operations and that a loss of confidence in markets were more pronounced. It expected year end employee count to be around 5K and that its cost base to be lowered || Balfour Beatty [BBY.UK: Signed partnership agreement with Areva and Rolls Royce || JJB Sports [JJB.UK] Continues constructive discussion with its creditors. It also noted that discussions continue in relation to JJB's Fitness Clubs and JJB's other non-core assets and businesses. || William Morrision [MRW.UK] Reported 13-week like-for-like sales (ex fuel) +8.1% compared to 8.2% q/q || Nestle [NESN.SZ] Chairman commented that he was confident the firm's ability to reach its 5% to 6% growth target in 2009 || Commerzbank [CBK.GE] Closing its UK M&A operations as part of Dresdner merger . The job cuts are part of previously announced reductions || Maersk [MAERSKB.DE] To lay up 8 vessels from Dec to Jun 2009. The capacity for each vessel at 6.5K TEU || Experian [EXPN.UK] Reportedly to reduce its workforce by 300 positions || Metrovacesa [MVC.SP] Reportedly confirms an arrangement has been reached with creditor banks. Files statement with Spanish market regulators. Shareholders swapping 55% stake in firm to debt holding banks. || British Airlines [BAY.UK] London Heathrow runway expansion program have been delayed until 2009. || Maersk [MAERSKM.DE] To lay up 8 vessels from Dec to Jun 2009.

- Speakers: Swedish Central bank (Riksbank) commented that its sharp 175bps rate cut to 2.0% level was prompted by an unexpectedly rapid economic deterioration since Oct andd that the cut was necessary to dampen fall in unemployment and necessary as policy less effective . It saw interest rates remaining at 2% over coming year and at 2.5% in Q4 2010. The Central bank cut its 2009 GDP view to -0.5% from prior +0.1% made just back in Oct and lowered 2010 GDP view to 2.2% from 2.5% prior. It also cut its inflation forecast. It noted that the weaker SEK currency would soften the decline in economic growth|| (CH) China MOF: Global financial market crisis poses big impact on exports ||US Official commented that it welcomed the Chinese economic stimulus package. However, US has continued to stress the importance of currency reforms for China but noted the tone of meeting with China today was 'quite good'. US stated that China remained committed to CNY appreciation over medium and long term, but had no comment on recent CNY depreciation. US believes that Chinese leaders remain supportive of currency reforms and have not given any reason to believe they are any less committed || China's PBOC's Zhou stated that its country would take necessary and pre-emptive actions to fight global financial market crisis; but added that China should prepare for 'worst case scenario'. PBoC stated that the US must take measures to stop credit crisis contagion|| Chinese Commerce Sec stated that the CNY exchange rate has remained stable but acknowledged it recently encountered a slight depreciation phase || Polish Central Banker Pietrewicz stated that its MPC should maintain easing interest rate cycle and that further decisive steps are needed. He added that it was unsure if joining ERM2 is a good move now. He forecasted key rate at 4% at the end of 2009 as likely || Swiss Regulators noted that they have crafted new maximum leverage ratios of financial institutions and that new targets to be enforced from 2013 || (HK) Monetary Authority Yam stated that risk of large international recession growing || Russia PM Putin reiterated thet gov view that 2008 GDP seen in a 6.8-6.9% (was revised lower in late Nov from 7.3%), Stated that Russia could withstand financial market and economic crisis with minimal costs. Lastly he muttered that would not allow sharp fluctuations in its currency ||

- In Currencies: The session was all about the British Pound and its related pairs ahead of the BOE interets rate decision today. The market is becoming poised for more aggressive BoE rate cuts. Prior to the European open the consensus was for a 100bps cut to 2.00%, but the surprise 175 bps cut from the Sweden's Riksbank has seen the market harden its BoE rate outlook and 150 bps is already being touted as a real possibility. BOE interest rates have never been below 2.0% since its inception back in 1694 and any cut more than 100bps would set off this historic event. GBP/USD hit 6 ½ year lows of 1.4470; GBP/JPY tested fresh 13-years lows of 134.10 and EUR/GBP hit al -all-time high of 0.8679. The economic data continues to support any aggressive BOE action as both HBOS House Prices and UK Car registration painted a bleak economic picture. The EUR related pairs mirrored the GBP move for the most part against the USD and JPY. || The USD/JPY holding above a key support level of 92.50 where chatter circulating of a 'good' Far east name actively buying USD; but large USD sell-stops are building below.

-In Fixed Income: European fixed income continues to rally ahead of the BoE and ECB rate decisions, with the 2y Schatz down 11bps and below 2%, a multi- year low in yield, and the 2y Gilt down 10bps to yield below 1.6%. Buying is not limited to the short end of the curve, however, with the 30y Buxl down over 20bps to yield 3.14% and long gilts yields all lower . Spain sold €1.7B 4.2% 2013 SPGB'S and €2.31B 4% 2010 SPGB's

- In Energy: Exxon [XOM] Executive commented that the firm had no plans to alter existing investment scheme; not drawing down group exploration. The offical added that he hoped that new US presidential administration does not add new taxes in sector || Reportedly Saudi Basic Industries (SABIC) plans to shutdown plants and cut output if the global financial crisis hurts demand. SABIC is the world's largest petrochemical maker ||

*** NOTES ***

- The NY morning is all about the European Central banks. Sweden's Riksbank cut aggressively by 175bps to 2.0% citing a rapidly deteriorating economic situation. Prior to the NY equity open the BOE and ECB will render their rate decisions. For the record the BOE interest rates have never been below 2.0% since its inception back in 1694. The consensus expectation is for the BOE to cut by 100bps to bring the rate to that 2.0% level. As to the ECB there seems little that the central bank can say or do to prompt any sustain buying of the Euro currency. The global economic front data appears to grow dimmer. Japan's July- Sep quarter of recurring profits for all industry fell by over 22% y/y for 5th consecutive quarterly drop. New Zealand Central bank cut by 150bps (as expected) earlier in Asia to bring its interest rate to 5.00%.

- Dealers noting that the Wednesday's US ISM data suggested a Q4 GDP of -8% and consensus for Friday's US non-farm-payroll grows more negative with each new poll. The whisper number coming in around sees payrolls down around 400K compared to consensus estimates of -330K

- Rumors that GM has filed for bankruptcy has stocks giving up yesterday's gains. Various press reports that GM and Chrysler are considering pre-arranged bankruptcy as price of getting the multi billion dollar bailout. However, Equity markets recovered from their initial bout of weakness in Europe following the Riksbank aggressive interest rate cut.

- Dealers taking note of a WSJ article noting that Goldman's Blankfein and Morgan Stanley's Mack have been regularly dining together thus recently fueling speculation of possible merger between them

- Numerous hedge funds continue to halt client redemptions temporarily.

Looking Ahead: US Same-store sales data will trickle out ahead of the US equity open. Overnight COSTCO (CSCO] Reported its Nov SSS -5.0% versus -1.6%e

- 7:00 (UK) BoE Interest Rate Decision. Consensus expectations are for a 100bps cut ; The current bank rate is 3.00%

- 7:30 (IN) India Wholesale Price Index w/e Nov 22. Consensus expectations are 8.95%; The prior number was 8.84%

- 7:45 (EU) ECB Interest Rate Decision. Consensus expectations are for a 50bps cut; Current base rate is 3.25%

- 8:30 (EU) ECB's Trichet speaks at monthly news conference in Brussels

- 8:30 (CA) Oct Building Permits: M/M consensus expectations are -6.0%; The prior number was 13.4%.

- 8:30 (US) Initial Jobless Claims w/e Nov 29: Consensus expectations are 540k ; The prior number was 529k.

- 8:30 (US) Continuing Claims w/e Nov 22nd: Consensus expectations are 4.03M ; The prior number was 3.962M.

- 9:15 (US) Fed's Lockhart speaks in New Orleans

- 10 :00 (CA) Nov Ivey Purchasing Managers Index : Consensus expectations are 50.0 ; The prior number was 52.2.

- 10:00 (US) Oct Factory Orders: Consensus expectations are -4.5%; The prior number was -2.5%.

- 10:00 (US)_ Automaker CEO's to testify before Senate Banking Panel

- 10:45 (US) Fed's Evans to speak at Michigan Bankers Conference

- 11:15 (US) Fed' Bernanke to speak in Washington


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 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

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