- US equity trade is volatile with a definite upward bias as investors wrestle
with yet another dismal dose of corporate earnings announcements which was
followed by better-than expected pending home sales data. Senate members
continue their heated exchanges regarding stimulus with reports now putting the
package close to $900B, while political wrangling remains over how best to
utilize the second tranche of TARP funding. US Treasury yields are drifting
higher once again helped by the better than expected pending home sales figure
and continue concerns regarding supply ahead of tomorrow's quarterly funding
announcement. The curve continues to see a steepening bias with the 2-10 year
spread rising above 190 basis points. The long bond is down 3 full points
pushing its yield back above 3.6%. March crude again tested the $40 mark early
in the session but continues to hold despite continued weakness in gasoline
futures. Oil prices have made fresh session highs above $41 late in the NY
morning after a report indicated OPEC is considering and additional 1M bpd cut
at it March meeting if prices stay low.
- With both Congress and the administration breathing down the neck of the
financial industry over the use of government funding, Citigroup confirmed this
morning that it has committed more than $36B for consumer-oriented lending
backed by TARP money, including mortgages and credit cards and mortgage-backed
securities. Just last night, the House Financial Services Committee summoned
nine bank CEOs to testify how they have spent TARP funds. But not all
government relations with US
finance are so bad, as the Fed has selected JP Morgan as custodian for its
$500B mortgage-backed securities purchase program which was originally
announced back in November 2009. Morgan Stanley and Japanese partner Mitsubishi
UFJ may merge some units into joint ventures. Small cap bank PNC Financial is
down more than 15% after missing earnings targets by half, due to various costs
stemming from the NCC takeover.
- Motorola and Dow Chemical offered weak quarterly reports this morning,
watering down the effect of the much better than expected pending home sales
data. Dow Chemical shocked investors with a big $0.62/shr loss, whereas analysts
had expected a $0.06/shr profit from the firm. Dow said volumes had declined
17% y/y, with falling demand seen in all segments and all geographies,
indicating a stark process of demand destruction. Dow was coy about their
dividend plans, refusing to commit to either sustaining or cutting
distributions, noting only that their AAA ratings were the main priority.
Motorola reported a small $0.01 loss and only missed on the top line by a bit,
but with mobile devices sales down 51% y/y and next quarter's guidance
predicting an even deeper loss, the future is not bright for the firm. In
addition, UPS also missed by a bit in its Q4 earnings. On the positive side,
Dow component and pharma giant Merck beat the Street on earnings and revenue,
although its 2009 guidance was less than stellar. Ag giant ADM blew out
- In currencies, the greenback took on a softer tone in early New
York trading as Far Eastern names found an appetite
for Euros beginning at the mid-1.28 area. The EUR/USD cross probed its 38%
Fibonacci retracement area of 1.2930 before the US pending home sales data
inspired more bearish sentiment, with the EUR/USD racing up to the 1.30 level
as dealers focused on the fact that the housing data still indicates home
ownership is at its the lowest level since 2001 coupled with historic highs in
vacancy rates. The GBP, CHF and JPY also exhibited gains against the greenback
in the New York morning. Traders
were also focusing on the Fed's extension of its five emergency lending
programs, including the money market liquidity facility, commercial paper
funding program, the money market investor facility, the primary dealer credit
fund and the term securities lending facility. It also extended its currency
swaps with numerous central banks until the end of October. The move suggests
continued strains are being seen in many markets.
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Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
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.
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