- Investors seem to have lost their appetite for panic selling, at least
temporarily this morning, after watching the DJIA fall to levels last seen in
1997 yesterday. All three leading US equity indices are sustaining modest gains
in volatile early trading, despite the lowest February Consumer Confidence
reading on record and data reminding everyone home prices continue to decline
at the fastest pace ever. Testifying before the Senate, Fed Chairman Bernanke
warned that recovery will only begin next year if the banks are stabilized, and
will take two or three years to work out at that. Treasury prices have seen
some bids throughout the session helped by the continued dismal economic data.
The curve has seen some steepening across the curve with the long bond yield
sliding drifting towards 3.4%. The 2-year remains near unchanged ahead of this
afternoon's $40B auction results. Gold is seen some profit takers step in with
the firmer equity market, trading off more than $25 to the mid $960's.
- Financial stocks rallied in the pre-market and after the bell on news that
the government close to taking a bigger stake in Citigroup and may restructure
and expand its loans to AIG. Even JP Morgan ticked up a bit after cutting its
dividend by 87%. But for Citi and JP Morgan, the rally was not built to last,
with shares of the two stock back around even mid morning. Morgan Stanley,
Goldman and Wells Fargo remain up 6-7%. Overnight the WSJ said that the government
and AIG have been discussing the loan changes since December and plan to
announce them by Monday, when the company is expected to report earnings. With
Citi, various online news outlets rehashed reported that a key executive was
seen visiting the White House yesterday. In any case, the government is
expected to announce shortly that it will convert its preferred stake to common
stock in Citi. The WSJ noted that the outlook for Citi depends on how the
government converts its preferred stake, noting that if it wants to put Citi's
TCE concerns to rest once and for all it will be forced to own more than half
of Citi or pay a hefty premium for the shares. Credit insurer Radian Group
offered disastrous fourth quarter results, including more than twice the expected
loss and puny revenues.
- Multiple retailers reported results yesterday and this morning. The only
apparent common theme among the retailers is that fourth quarter results are
less bad than they could be given the state of the consumer. Macy's came in a
bit ahead of the Street while Target was a bit behind estimates, while both
reported mid single digit same-store sales declines in the quarter. Macy's
reaffirmed its 2009 earnings forecast. Target only stated that earning in the
next two quarters would be well below last year's levels. Upscale retailer
Nordstrom managed to do well in Q4, reporting results just a hair ahead of
estimates and guiding 2009 in line. The company's same-store sales fell by more
than 15% in the quarter, and it expects them to fall much further in 2009. Home
Depot reported a bit ahead of the consensus earnings view, but guided 2009
below expectations. Office Depot and Radio Shack stand out from the group. HD
surprising investors with an unexpectedly large loss and a big miss on revenues,
while RSH missed EPS estimates by a wide margin.
- In currencies, non-USD related flows were the primary drivers of price action
in a session riddled by soft economic data and sovereign debt rating concerns.
The greenback was mixed among the major pairs but rebounded off its worst
levels following the US
consumer confidence data. S&P was busy with Eastern Europe
this morning, cutting Latvia's
sovereign credit rating and putting Lithuania
ratings on negative watch. S&P noted that the resilience of Eastern
European economies seem to be crumbling under the weight of high foreign
currency debt and the looming reprioritization of lending among foreign banks.
French President Sarkozy fanned the flames when he said the Eastern European banking
situation would most likely get worse. The Swedish Kroner was broadly weaker in
the New York session, hit by
fallout from the Baltic states. The yen maintained a
soft tone, testing its 100-day moving average in the EUR/JPY pair for the first
time since August 2007. Trading desks and analysts are now dreaming up lots of
reasons for a weaker JPY, ranging from fundaments and valuation, to technical
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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
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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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