- US indices are holding up relatively well, vacillating in and out of positive
territory in early trade. On the plus side are the deep European rate cuts,
ECB's Trichet hinting at a new plan to buy up bad assets and the
lower-than-expected initial jobless claims reading, though it did remain above
500K. These factors seem to be outweighing the dreadful November same-store
sales numbers, negative corporate news (more layoffs, lowered guidance, and production
cuts) and worse-than-expected October factory orders. Executives from the
Detroit three drove to Washington to begin testimony this morning after reports
overnight indicate that GM or Chrysler might enter bankruptcy in order to
finagle their way into a government buyout. Meanwhile, the administration
continues to procrastinate over whether or not it will draw the second tranche
of TARP funding. Treasury markets are actually seeing some selling at the short
end of the curve leading to continued compression. The two-year yield is back
above 0.9% while the long bond continues to trend towards 3%.
- Dow components AT&T and Du Pont both announced staff and CAPEX cuts
before the open, with Du Pont noting it would report a substantial $500M Q4
loss. AT&T is laying off 12,000 workers (4% of staff) and Du Pont is
cutting 2,500 jobs (4% of staff). Du Pont said it expects a global recession to
continue well into 2009, noting that it is seeing a global decline in
construction and auto markets. Viacom said it would cut 850 jobs (about 7% of
workforce) and suspend senior-level management salary increases for 2009,
noting that it sees a $0.42-0.48 per diluted share charge in Q4. Nokia lowered
its Q4 and 2009 outlook for mobile device volumes. Steel Dynamics said it would
not meet its 2008 shipment goals of 6M tonnes noting that they would be closer
to 2007 totals of 5.6M tones. AMD said its revenue would be 25% lower than Q3
levles, while mid-cap tech firms Avnet and Amphenol cut their views for the
coming quarters. Office hardware manufacturer Steelcase cuts its Q3 forecast
and cut 300 manufacturing positions.
- In other equity news, same-store sales came in highly negative, with many
retailers reporting double-digit sales declines in November. The standout report
came from Costco, which reported its second consecutive monthly sales decline.
The only firms keeping things in positive territory were discounters Walmart
and BJ's, and several specialty apparel retailers such as APP and BKE. Notably
Abercrombie's sales declined 28%, more than expected. Toll Brothers surprised
investors with a respectable Q4 profit, versus consensus expectations of
another quarter of losses. Sanderson Farms reported a quarterly loss that was
twice the expected amount, noting that export customers have experienced
difficulty obtaining credit to buy its products. The credit crunch has crushed
two more merger deals. i2 Technologies terminated its merger agreement with JDA
Software Group, while NWJ Apartment Holdings told Wilshire Enterprises that in
the current economic and lending environment, it was not able to secure the
financing required to close their merger deal.
- In currencies, the greenback retreated in the aftermath of this morning's
European interest rate decisions. The BoE cut as expected by 100bps to 2.0%,
its lowest level since 1951, while the ECB cut by the largest amount in its
10-year history by 75bps to 2.50%, citing the waning inflationary outlook. The
aggressive ECB decision came on the heels of ECB staff projections forecasting
2009 GDP growth between -1.0% and 0% (compared to a prior range of 0.6%-1.8%).
The ECB staff also saw 2009 CPI around 1.1- 1.7%, down from their prior view of
2.3- 2.9%. Despite the large than expected rate cut, traders are really
focusing on the Q&A segment of the ECB's press conference, during which ECB
President Jean-Claude Trichet said it might be possible for the ECB to make
asset purchases outright. Trichet went on to reiterate that he remains
cautious, warning markets not to confuse deflation with disinflation. He added
that he does not believe Europe is facing deflation. Trichet also noted that
today's decision was reached by consensus.
- The European currencies recovered from session lows following the early
Swedish Central Bank rate cut, while the BoE cut brought a sense of relief to
GBP-related pairs given that markets were bracing for the lowest UK interest
rates since the BoE was founded in 1694. The GBP/USD tested 6 Â½ year lows
around at 1.4470 before rebounding to 1.4670, the GBP/EUR hit fresh all-time
highs of 0.8694 and GBP/JPY made fresh 13-year lows at 134.07 prior to their
respective retracements. European bourses managed to recover from opening level
losses and hovered in their mid-session range and onto minor losses into the
last hour of trading. Euro Stoxx 50 -0.3% at 2,363; FTSE 100 Index -0.3% at
4,157; CAC 40 Index -0.4% 3,152 and DAX Index +0.1% at 4,570. European yield
curve flattened after the BOE and ECB rate decisions. March Bunds at 123.87,
down 6 ticks and March Gilts +16 ticks at 119.87.
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
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
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.
Mon 19 Feb 2018
00:00 CN, US- Holiday Tue 20 Feb 2018
00:00 CN- Holiday A 10:00 US- ZEW Survey Wed 21 Feb 2018
00:00 CN- Holiday A All Day flash PMIs A 15:00 US- Existing Homes Sales A 15:30 US- EIA Crude AA 19:00 US- Fed Meeting Minutes Thu 22 Feb 2018 A 09:00 DE- IFO Survey A 09:30 GB- GDP AA 13:30 CA- Retail Sales A 13:30 US- Weekly Jobless Fri 23 Feb 2018 A 10:00 EZ- Final HICP AA 13:30 CA- CPI
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.
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.