US Treasuryâ€™s bank rescue package held sentiment up for anotherday. Treasury Secretary Geithner
will announce the details at , quellingthe mediaâ€™s
enthusiastic speculation regarding its contents. Also lending supportto the
risk-lovers, Chinese bank lending in January jumped to the equivalent of30% of total
2008 total. The recent bounce in Chinese activity partly explainsthe basing
action in commodities. WTI oil is up 1%, and Baltic Shipping is +10%,although
copper consolidated near the session end to be -1%. The S&P500 isroughly
unchanged as we write, banks outperforming to be +2%. Safe havenassets such
as gold (-2%) and US treasuries (+4bp to 3.04%) continued to seeoutflows, as
did the US dollar.
hefty Japanese selling during yesterdayâ€™s domestic session, NZD broke
upwards through the 0.5370 resistance level, in this phase of globalconfidence,
and renewed appetite for carry currencies. It reached the 0.5450area, before
pulling back towards the old resistance.
bought from Europeâ€™s open, and reached 0.6850 before resting around
0.6780. AUD/NZD weakened from 1.2750 to 1.2550, and looks soft while risk
appetite remains firm.
Europe took the EUR higher, from
1.29 to 1.31, a smaller-than-expected German trade balance the only notable
data release. Barclays bank beat profit expectations, helping GBP from 1.47 to
1.50. USD/JPY stayed within its two day range of 91 to 92.
Dec core machinery orders slipped 1.7%mth, somewhat smaller than median
projection for -8.6%, after plunging 16.2%mth in Nov. The decline in the annual
pace moderated to -26.8%yr from -27.7%yr in Nov, the steepest annual drop in 10
years. More spectacularly, foreign orders rebounded an unexpected 27.6%mth,
drawing the annual decline back to -29.4%yr from -44%yr.
December current account surplus slipped to Â¥125bn from Â¥581bn. This
included a trade deficit of â€“Â¥198bn, in line with the merchandise trade data,along with
ongoing deficits in services and transfer. A Â¥724bn income surpluswas more
than responsible for the overall current account surplus, yet do notethat income has
fallen 28%yr. December data showed exports were hit by theglobal
downturn â€“35.1%yr, with imports â€“21.2%yr.
trade surplus fell to â‚¬6.9bn in December. Exports fell another 3.7%
following a 10.8% plunge in November, while imports fell by 4.1%, likely a
reflection of lower energy prices that month. Germany is one of
the more export-oriented economies in Europe, and in the
current financial crisis, surplus countries are proving to be just as
vulnerable as deficit ones.
Sentix investor confidence index fell from -34.4 to -36.1 in February. The current
conditions index plunged to a record low of -52.25.However,
expectations recorded their third straight monthly gain, from -31.5to
NZD now becomes 0.5370, and it appears headed for 0.55. While the risk climate
remains positive, the currency will only track higher.
Speizer, Senior Market Strategist, NZ, Ph: (04) 470 8266
contributions from Westpac Economics
Release Last Forecast
NZ Jan REINZ
House Prices %yr (due 10-17th) â€“4.8% â€“
Aus Jan NAB
Business Survey â€“6 â€“
Stevens Speech, AEDT
Wholesale Inventories â€“0.6% â€“1.0%
Economics Optimism 45.4 42.0
Consumer Confidence Household 26.2 25.2
UK Jan BRC
Retail Survey %yr â€“3.3% â€“
House Price Survey net bal % â€“73% â€“70.0%
Trade Â£bn â€“8.3 â€“8.1
â€¢ NZ Weekly
Forex Outlook (9 February)
â€¢ NZ Q4 HLFS
Review (5 February)
â€¢ NZ Q4 LCI
and QES Review (2 February)
â€¢ NZ Weekly
Forex Outlook (2 February)
â€¢ RBNZ OCR
Review (29 January)
â€¢ NZ Weekly
Forex Outlook (27 January)
papers/publications are available on Online Research on Westpac
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.
POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
POTENTIAL PRICE RISK: HIGH- Wed -- 15:00 GMT-- CA- Bank Of Canada Decision
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.