- US equity markets have managed to post some gains ahead of this afternoon's
FOMC meeting, but volume remains lackluster. The Fed is expected to cut by at
least 50 basis points and that continues to be reflected in the fed fund
futures market with 75 not out of the question. Hawkish OPEC rhetoric continued
this morning, with a consensus seeming to emerge that the organization will
announce cuts of around 1.5-2.0M bpd at tomorrow's meeting, with strong support
Traders pushed front-month crude up more than $1.50 above $46 in early trading,
but the contract has backed off into negative territory heading towards
mid-day. The morning's housing starts and building permits data showed further
demand destruction ripping through housing, although the data has been positive
for homebuilders, with the XHB gaining as much as 4%. Better buying continues
to be seen at the long end of the US
curve pushing the long bond yield safely below 3%.
- Goldman Sachs announced is first quarterly loss ever as a publicly traded
company this morning, missing analysts already dismal earnings estimates by
around 20% and shocking investors with a very large negative revenue figure of
-$1.58B. But the news doesn't seem to be hurting the stock, with shares of GS
making fresh highs +6%. The firm's assets under management fell by an
astonishing $90B, more than 10% of the total; asset management revenues fell
19% y/y. Goldman's CFO put his best spin on things on the conference call,
noting that Goldman remains â€ścautiousâ€ť on its near-term outlook and expects to
boost its US
bank deposits to $50-100B within a year. Moody's cut Goldman's senior debt
rating from high to medium grade, impacting $175B of the firm's debt, thanks to
issues involved in the firm's conversion to a bank holding company. Elsewhere
in the financials, Bank of America is in the red after being resumed with an
underperform rating at Friedman Billings. According to FBR's Paul Miller, the
bank's stock price could fall to as low as $9/shr.
- Best Buy is having an excellent morning in spite of the toxic consumer
environment and the slowing economy, with shares up around 15% in early
trading. The electronics retailer reported quarterly earnings and revenue ahead
of consensus estimates this morning and reaffirmed its very broad 2009 EPS
guidance range. BBY's CEO made it clear that the firm only expects things to
get worse, but emphasized that Best Buy is making all the right moves to
prepare for the storm, including CAPEX spending cuts of up to 50% next year. In
other equity news, auto parts manufacturer Johnson Controls withdrew its 2009
guidance due to the turmoil in the global auto industry, cut 2009 production
estimates and cut its CAPEX investments for 2009. Mexican cement giant CEMEX
guided quarterly profit slightly lower, noting that US cement volumes were down
about 25% y/y, with ready-mix and aggregate volumes down even more. The
chairman of Berkshire Hathaway's MidAmerican said the firm would not launch a
counter offer for CEG's nuclear unit, seeming to end its $26.50/shr cash merger
offer for CEG, leaving French energy giant EDF the only bidder for the nuclear
business. If CEG terminates the agreement with MidAmerican, Berkshire
stands to receive $593M in cash, a 9.9% stake in CEG and $1B of senior notes,
which pay interest equal to 14%.
- Analyst actions are really moving selected equities, with BIDU+8% after
Goldman raised the name to a buy with a price target of $145. Merrill raised
potash names POT+8%, MOS+11% and TRA+13% to buy. Merrill made positive comments
on fertilizers industry before the open. AAPL is under water again this morning
after another in a line of analysts cut the name. AAPL shares were cut to
outperform from buy at Calyon and also cut to outperform from buy at a boutique
- The greenback is maintaining a softer tone going into the Fed interest rate
announcement due later today. Some technical factors continue to stymie the
downside momentum in the dollar for the time being, with dealers noting the
1.3760 area as a 38.2% retracement level of the EUR's all-time highs made back
in July to the 1.2330 Oct 27 low. Overall dealers are really zooming in on the
concept of quantitative easing and its implications for currencies. If the Fed
pursues quantitative easing, dealers are assuming it will be a USD because it
tends to depress bond yields. Japan
is the only historic example we have on hand, although it remains unimaginable
that the US
economy could be brought down to that level.
- European officials aired opposing views at the central bank and political
levels. A German deputy economy minister said Germany's
economy could contract by up to 3% in 2009 if the slump continues, while German
Economy Minister Gloss denied that the ministry sees such an extreme forecast.
The ECB's Trichet stated that there were limits to rate cuts and that rates
can't be allowed to fall too low, while the ECB's Bonello noted that economic
activity has weakened since Dec 4th and technically there is more room to cut
rates, including quantitative easing.
- Hawkish OPEC production cut chatter from Iran,
other delegates helped to keep crude futures in the upper quarter portion of
the session trading range with up to 2M BPD cuts sought. Saudi Oil Min only
expressed that the results of Wednesday's OPEC meeting would be net benefit for
all and commented that 2M BPD in cuts could be expected. The commodity related
currencies of CAD, AUD and NZD were firmer thanks to oil. USD/CAD trades at
1.2285, with CAD stronger by 65 pips from its opening levels encountered in Asia.
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."
Actionable trading levels delivered to YOUR charts in real-time.
Mon 23 July 2018 A 14:00 US- Existing Homes Sales Tue 24 July 2018 AFlash PMIs Wed 25 July 2018 A 08:00 DE- IFO Survey A 14:00 US- New Homes Sales A 14:30 US- EIA Crude Thu 26 July 2018 AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless A 12:30 US- Durable Goods Fri 27 July 2018 AA 12:30 US- GDP A 14:00 US- Final University of Michigan
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.