- The week-long build-up to this morning's jobs data reprised the uncertainty
and speculation seen last month, when traders faced similarly difficult
unemployment numbers. In the event, the non-farm payrolls reading was in line
with expectations, while the manufacturing payrolls data was better than
expected yet prior revised lower. The unemployment rate hit 8.1%, slightly more
than expected, but still higher than any time since December 1983. US equity
indices spiked up after the open but then sank rapidly into negative territory
by mid morning. Front-month crude is around even, trading off after plenty of
pessimistic comments out of Europe.
- Financial stocks rose and fell with the indices this morning. One exception
has been Wells Fargo, which was up more than 10% but off its best levels after
the bank cut its dividend and provided an update on Wachovia before the open.
WFC noted the merger remains on track to achieve multi-billion dollar annual
savings. The bank also noted that mortgage originations for the first two
months of 2009 alone were $59B while applications were almost twice that
figure, exceeding originations in Q4 of 2008. In other bank merger news, Bank
of America noted that it prodigal partner Merrill Lynch has uncovered
"hundreds of millions of dollars" in irregularities in its 2008
currency and derivative trading. Also note that overnight the House approved a
"cram down" measure that would allow bankruptcy judges to alter
mortgages. The Senate will take up the measure shortly.
- In other equity news, the WSJ reported that top executives at GM are opening
up to the idea of a quick bankruptcy and reorganization financed by the Federal
government. This comes after GM's auditors confirmed that they have significant
doubts about the automaker's ability to continue as a going concern. In the
past, GM has estimated that a bankruptcy funding could reach as much as
$80-100B. Merrill Lynch/BoA cut its price target on GM to $0.01 on the news.
Note that the Obama Administration's auto task force is meeting today with
Treasury Sec Geithner to weigh the future of the US
auto industry. In other equities; shares of Aeterna Zentaris spiked +60% before
trading off a bit after the company said it would receive a $30M upfront
payment from Sanofi for signing a development deal for its prostate drug
Cetrorelix. Aeterna is entitled to receive up to $135M more for hitting
milestones. Shares of Ann Taylor are down nearly 30% after the company reported
a loss twice as great as expected and quarterly same-store sales -24%. Note
that Macy's is up nearly 10% after yesterday's retail sell off and two
overnight ratings upgrades.
- In currencies the largest monthly decline in US nonfarms payroll data since
late 1949 helped the EUR/USD test its key hourly level of 1.2730. Fitch placed
Ireland's "AAA" sovereign ratings on watch negative to reflect the
sharp declines in tax receipts in January and February, negatively affecting
government revenues. Fitch later stated that the chance of an Irish default was
remote. ECB member Bini Smaghi warned against cutting interest rates too far
but added he did not object to cutting rates as low as zero "if the
underlying conditions in the economy justify it." The EU's Juncker called
the economic crisis "absolutely catastrophic" and added that Euro
Zone economic activity would get worse in the second half of 2009. The USD
however, remained within its recent price range against the European pairs.
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Daily Forex Market News Forex news reports can be found on the forex research
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Forex News Real-time forex market news reports and features providing
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Mon 19 Feb 2018
00:00 CN, US- Holiday Tue 20 Feb 2018
00:00 CN- Holiday A 10:00 US- ZEW Survey Wed 21 Feb 2018
00:00 CN- Holiday A All Day flash PMIs A 15:00 US- Existing Homes Sales A 15:30 US- EIA Crude AA 19:00 US- Fed Meeting Minutes Thu 22 Feb 2018 A 09:00 DE- IFO Survey A 09:30 GB- GDP AA 13:30 CA- Retail Sales A 13:30 US- Weekly Jobless Fri 23 Feb 2018 A 10:00 EZ- Final HICP AA 13:30 CA- CPI
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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