User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday December 17, 2008 - 11:05:44 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - European Market Update: Saudi Oil Min says OPEC 2M BPS output cut to take effect on Jan 1st; BOE voted 9 to 0 to cut rates earlier this month and discussed a larger possible cut

Today 06:00am

European Market Update: Saudi Oil Min says OPEC 2M BPS output cut to take effect on Jan 1st; BOE voted 9 to 0 to cut rates earlier this month and discussed a larger possible cut


- (GE) German Nov Final CPI M/M: -0.5% v-0.5%e; Y/Y: 1.4%v 1.4%e

- (GE) German Nov Final EU Harmonized M/M: -0.6% v -0.5%e; Y/Y: 1.4% v 1.5%e

- (IT) Italian Oct Trade Balance: -€74M v -€2.6B prior; Trade Balance EU: €291M v €695M prior

- (UK) BoE Minutes: Unanimous vote of 9 to 0 to cut rates by 1000bps to 2.0%; discussed larger cut

- (UK) Nov Claimant Count Rate: 3.3% v 3.1%e; Jobless Claims Change: 75.7K v 44.0ke (

- (UK) Oct Avg Earnings incl Bonus: 3.3% v 3.2%e; Ex bonus: 3.6% v 3.5%

- (UK) Oct ILO Unemployment Rate: 6.0% v 6.0%

- (UK) Oct Manufacturing Unit Wage Cost: 3.9% v 3.1% prior

- (EU) Eurozone CPI M/M: -0.5% v -0.5%e; Y/Y: 2.1% v 2.1%e; CPI Core: 1.9% v 1.9%e

- (EU) Nov Construction Output M/M: 0.1% v -0.9% prior; Y/Y: -4.0% v -3.6% prior

- (IT) Oct Italian Current Account: -€2.40B v -€4.89B prior

- (UK) UK CBI Distributive Trades Report - 55 v -46 prior


- In equities: Honda [HMC] HMC: Lowered their FY08/09 Guidance. Its Net profit forecast was cut to ¥185B from the prior view of ¥485B. Op Profit was lowered to ¥180.0B from ¥550.0B prior and revenues were reduced to ¥10.4T from the company's prior view of ¥11.6T prior. Honda cut its dividend by 50% to ¥11 per share. The CEO CEO stated that he did not see signs of recovery and would cut Japan production by 54K units. Also Honda wouldl delay start of new plant at minivehicle unit by one year || Merck KGAA [MRK.GE] To curtail production in some of the chemical facilities. It noted that it would shutdown several manufacturing facilities as well as business operations on temporary basis as needed for several weeks during H1 of 2009 || Nicox [COX.FR] Naproxcinod drug showed solid blood pressure results in phase 3 pooled analysis. The company announced positive results a pre-specified pooled analysis of 2,734 patients with osteoarthritis from the 301, 302 and 303 pivotal phase 3 studies for naproxcinod. Both doses of naproxcinod showed a significant reduction in systolic and diastolic blood pressure (SBP and DBP) compared to naproxen 500 mg bid over the whole 13 week period || Actelion [ALTN.SZ] Announced that it would eliminate portfolio leverage as of Jan 2, 2009 || Basilea [BSLN.SZ] Opened U.S. Phase III Study On Alitretinoin For The Treatment Of Severe Chronic Hand Ecze. The study is the first ever multi-centered, controlled clinical study for patients with severe chronic hand eczema (CHE) performed in the U.S. || British Airways [BAY.UK] Stated that it would drop its fuel surcharge by as much as a third on longhaul services starting Dec 18 || Endesa [ELE.SP] Reportedly Enel is looking to close the deal to buy a 25% stake in the company from Acciona before the end of Jan according to the Spanish press. || Addex Pharma [ADXN.SZ] Began phase IIB trial of ADX10059 migraine drug. ADX10059 is a first-in-class migraine prophylactic which works by inhibiting the metabotropic glutamate receptor 5 through negative allosteric modulation || Intertek [ITRK.UK] Trading remains strong in 2009 with unclear economic outlook || Sports Direct [SPD.UK] Reported H1 Pretax profit of £51.8M above the £31.8M estimates. Revenues were £687.7M compared to the £657.0M estimates. The gross margins were 43.4% compared to year-ago levels of 43.3%. The company reaffirmed its FY09 EBITDA guidance £135M v £121.8Me || Serco [SRP.UK] Stated that trading remained in line with prior expectations || Wood Group [WG.UK] Provided a trading update and noted that trading has been strong and reaffirmed EBITDA guidance in line with prior expectations || Savills [SVS.UK] Guideed FY08 results below analyst expectations of £42.9M due to the deteriorating business conditions || National Express [NEX.UK] Guided pretax profits in line with current expectations; to cut UK based jobs || [MONY.UK] Named Peter Plumb new CEO, effective Jan 1st. It also noted that trading remained in line || Maersk [MAERSKB.DE] To sell its 50% stake in Martinair after EU approval and this sale would be effective Dec 31st || Bilfinger Berger [GBF.GE] Awarded €425M contracts in Australia for military and prison purposes || Credit Agricole [ACA.FR] Stated it its Investment Bank unit had 'positive' results in Oct, Nov period || Verbund [VER.AS:] CEO stated on a conference call that it would maintain CAPEX of more than €1B in 2009. He added that the FY08 net profit was up at least 20% y/y and that the dividend would rise||

- Speakers: BoE Blanchflower: UK jobless count climbing above 3M in 2010 as the impact of tight credit has yet to filter through to the economy. Thus, sees no light at the end of the tunnel . He added that he saw the scope for BOE to consider quantitative easing|| Swedish Riksbank Noted in their minutes from the dec 4th policy meeting that the 175 bps cut vote back was unanimous. Bank remained united over future course of monetary policy. It stated that the “Large” 175bps rate cut made it clear that the bank has entered a 'new situation'but noted that MPC policy transmission was not working as intended. It saw inflation undershooting the target for a period of time. The weakening Krona would help break the economic slowdown. It added that the central bank was not come close to using its 'ammunition' in its armory and it would attain inflation target with a lower interest rate || OECD stated that S. Korea should avoid using currency reserves to support KRW currency noting that such intervention is 'costly and ineffective'. It noted that global financial markets and credit crisis have impacted S. Korea adversely.OECD added that South Korea should support economy and financial markets. S. Korea should maintain inflation vigilance and a sound fiscal position. || Swiss KOF lowered its Swiss economic outlook, sees -0.6% GDP Growth in 2009 v +0.3% prior, sees 0.6% in 2010 || Polish Central Bank Gov stated that one cannot rule out currency intervention, but not in favor of such a move ||

- In Currencies: The GBP was weaker against the major pairs from opening levels in Asia. EUR/GBP continues to be the catalyst as it move towards the 0.9150 area. The minutes of the Dec 4th BOE meeting did discuss the GBP. The MPC noted that a larger interest rate cut was considered but noted that an excessive decline in GBP could undermine confidence in economy. However, the MPC added that GBP fall should act to support net export growth. GBP/USD tested 1.5720 in Asia and proceeded to fall 300+ pips to test 1.5411 during the European morning. The UK Claimant Count also provided some bearish momentum to the GBP as Jobless claims rose at their fastest pace since Q1 1991. USD/JPY pair tested fresh 13-year lows below the 88.22 level. Honda amended its currency view for USD/JPY to 95 from 100 prior and its EUR/JPY view to 120 from 135. || Dealers noting that the USD/CNY experienced its second largest 1 day drop since 2005. Russian authorities appear to be upping the pace of devaluation for the RUB with another forex band widening reportedly actioned Wednesday.

- In Energy: Saudi Oil Min Al-Naimi confirmed a 2M bpd production cut from OPEC members, effective Jan 1, 2009. He noted that the prior output cuts decided back in Nov had a compliance rate of around 85%. The Oil Min added that every producer to cooperate in stabilizing oil market. On the production front, he commented that Saudi oil capacity stood at 11.3M bpd and would be increased to reach 12.5M bpd by June 2009. Lastly he noted that Saudi Arabia was currently pumping 8.2M bpd which is around 1.5M lower than its peak || The oil ministers from both Iran and Nigeria stated that no consensus on OPEC output cut had been reached and they sought a cut larger than 2M bpd || Russia Deputy PM Sechin noted that Russia lowered its oil production by 350K bpd in Nov and couldcut further depending on market conditions || Iraq Oil Min: Production to increase in 2009 and reiterated that No agreement reached with Kurds on oil exports || Azerbaijan Oil Min: Azerbaijan may cut output by 300K bpd (37.5% of the total output) following OPEC meeting || Petrobras [PBR] Announced that it Discovered more oil in Seal T-391 block. However. It noted that is not sure that can develop the find commercially ||

*** NOTES ***

- OPEC looks to cut production by 2M BPD according to the Saudis. This is the upper end of prior indications. Oil up $1.50 to test above the $45/barrel ahead of the NY morning. ||

- Honda lowered its targets for the third time this year as the JPY appreciation and slowing global demand erode its performance. With the firmer JPY, the intervention alert among dealing desks picks up momentum. However, dealers continue to note mixed signals from Japanese official, as they do not consider currency intervention at this time. However, Govt would take all necessary steps in economy including moves in forex. Also in the Far East, dealers were trying to analyze China's recent moves. China announced they would allow steel exports without a permit. Perhaps this indicates they are willing to support their export sector via administration as opposed to currency weakness.

- Dealers noting that thin liquidity conditions are seen as the calendar year end approaches. Chatter circulating of large option shorts covering going into Friday triple witching was having an impact on price action. The overall sentiment for equity markets will come after Friday.

- The USD took the brunt of the FED's policy action on Tuesday. The observation among dealers was the markets tend to 'punish' the currencies of aggressive proactive central banks and reward those of the 'stodgy disciplined' variety (e.g. ECB)

Looking Ahead

-7:00 (US) MBA Mortgage Applications w/e Dec 12th: There are no consensus expectations; the prior number was -7.1%

- 8:00 (NO) Norwegian Interest Rate Decision: Consensus expectations are for a 100bps cut to 3.75%; the current base rate is 4.75%

- 8:30 (US) Q3 Current Account Balance: Consensus expectations are -$179.0B; The prior number was -$183.1B.

-8:30 (CA) Canadian Oct Wholesale Sales : M/M Consensus expectations are -0.5%; The prior number was 1.5%

9:30 (CZ) Czech Interest Rate Decision: Consensus expectations are for a 50bps cut to 225%. The current Repo rate is 2.75%



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

Mon 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

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