User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday March 9, 2009 - 10:51:45 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - European Market Update: Safe Haven theme unfolds; World Bank sees global 2009 GDP and trade to contract for first time since World War II (1945)

Today 05:55am EST/09:55am GMT

European Market Update: Safe Haven theme unfolds; World Bank sees global 2009 GDP and trade to contract for first time since World War II (1945)


- (JP) Japan Feb Corporate Bankruptcies y/y: 10.3% v 15.8% prior

- (JP) Feb Eco Watchers Current: 19.4 v 17.3e; Outlook: 26.5 v 22.1 prior

- (SZ) Feb Swiss Unemployment rate: 3.4% v 3.4%e; Unemployment Rate SA: 3.1% v 3.1%e

- (FR) Feb Bank of France Business Sentiment: 70 v 68e

- (CZ) Feb Czech Trade Balance (CZK): 3.5B v 3.5Be

- (CZ) Feb Czech Unemployment Rate: 7.4% v 7.0%e

- (CZ) Feb Czech CPI M/M: 0.1% v 0.2%e; Y/Y: 2.0% v 2.1%e

- (TU) Jan Turkish Industrial Production Y/Y: -21.3% v -19.0%e

- (EU) Mar Euro-Zone Sentix Investor Confidence: -42.7 v -38.0e


- Equities: Swiss Re [RUKN.SZ: Chairman of the Board Peter Forstmoser to resign, effective May 1, 2009 || Credit Suisse [CSGN.SZ] Appointed Hans-Ulrich Doerig as new Chairman, President; effective April 24th || Rio Tinto [RIO.UK] Arch Coal announced it would purchase the company's Jacobs Ranch unit in Wyoming for $761M . the deal included 381M tons of coal reserves || Lloyds [LLOY.UK] has confirmed participating in UK asset protection program; to put about £260B of assets into UK protection program (APS). States that 83% of assets come from HBOS legacy book, the rest from Lloyds TSB book. To replace £4B of government preference shares with new ordinary shares to be offered to existing shareholders; if shareholders do not take up offer of shares, UK government will own about 65% of bank; in the event of full conversion of "B" shares government would own up to 77% of bank. Lloyds tol take a first loss of up to £25B on assets. Will pay a £15.6B fee to the Treasury for asset plan. Asset protection scheme will boost core tier 1 ratio fo 14.6% from 6.4%; will reduce risk weighted assets by £194B, or about 39%. Bank has promised to increase lending by £14B in next 12 months. ||Barclays[ BARC.UK] has opened talks with the UK Treasury about its possible participation in the asset-protection plan - Sunday Times. The talks are expected to begin this week in a more formal setting. A related report in the Sunday Express said that Barclays is initially looking to place assets worth up to £60B into the asset-protection plan. The Telegraph added that Barclays was expected to hold talks with the FSA over the stress-testing of a number of loan portfolios to determine if the bank will participate in the asset protection plan. || Cookson Group [CKSN.UK] reported its FY08 Pretax at £176.2M v £164.3M expected. Revenues cam in at £2.2B, in line with expectations of £2.19B. Stated that FY08 trading profit were £216.3M +11% y/y. Additionally Cookson announced that it would be suspending 'top-ups' in the expansion of its CAPEX and dividend plans (seeking to save £40M). ||Petrofac [PFC.UK] reported its FY08 Net $265M v $260M expected, EBITDA at $419.0M, ahead of the expected $381.7M and revenues of $3.3B, in line with expectations of $3.25B. Petrofac noted that it is well-positioned to deliver further strong growth in 2009 and beyond. Firm put its full year div at 16.66p/shr, up 55% y/y. || EAD's [EAD.FR], it was reported in the FT that that the firm may report its FY08 revenues of €43B, ahead of expectations of €41.37B. ||Fortis [FORB.BE] -BNP confirmed the revised agreement to buy Fortis from the Belgian government, confirmed new terms for agreement. According to BNP, the deal will be accretive by as early as 2010 and that a s segregation of riskiest structured loan assets will take place. BNP stated that its Tier 1 rato will remain stable after the transaction. Following the deal, the merged group will have a deposit base of more than €540B. The merged entity will have a loan to deposit ratio of 120%, AUM of more than €660B. The Belgian government confirmed that it would sell Fortis to BNP and under the terms of the agreement, BNP will take a 75% stake in Fortis Bank and a 25% stake in Fortis' insurance unit in Belgium. The government will retain a 25% stake in Fortis Bank and Fortis Holding will maintain 75% of the insurance unit. BNP will pay €2.88B in stock for Fortis bank and an additional €1.38B of the insurance unit share. Also under the new agreement, the Belgian government will provide €740M of equity funding to a company created to split off €11.4B of risk assets into a separate entity, BNP will contribute €200M to the entity and Fortis will provide €760M and €9.7B in debt funding. Also as part of the agreement to split off Fortis' risky assets, Belgium will provide a €4.4B guarantee and BNP obtained a €1.5B state guarantee on losses exceeding €3.5B on the structured credit holdings. According to the Belgian Central Bank the structured credit investments that will be held in the separate entity have been marked down to about 58% of par value. || Swedbank [SWEDA.SW], the bank cut is dividend to zero from a previous dividend proposal of SEK4.50/shr, will not pay FY08 dividend. Bank will not pay dividend on ordinary or preference shares. Sees decision adding 0.4% to its capital ratio (15.2% from 14.8%), will save SEK2.9B. Announced that Folsam to take 90M share stake in firm (14.6%) and that AB Svensk to take 25.2M share stake in frim (3.3%). ||

- Speakers: ECB's Stark stated that it was unable to predict end of global economic crisis and commented that it was likely to experience negative growth during all quarters of 2009 in what amounts to be the deepest downturn since the end of WW2. Unemployment might rise further in Europe. Stark noted that the size and pace of interest rate cuts enacted since October has been unprecedented. However, the global crisis cannot be resolved by Central Banks alone. ||ECB's Nowotny: stated that the ECB was discussing non-standard measures but no conclusion made at this time; ECB will act appropriately and too soon to predict potential action at its April policy meeting. He commented that there was no need for extra Eastern European liquidity measures nor discuss accepting collateral in Eastern European currency markets. No need to speed up ERM II entry regulations and observed that many Eastern European countries GDP rate exceeded Euro-zone ||China's PBoC Vice Chairman Yi commented that its foreign reserve policy remained unchanged and would focused on safety and liquidity. He reiterated the view that the current fiscal stimulus package a sufficient, sound and effective. The February loan growth iin Chia was still strong but noting the country's exports were slowing and hoped exports stabilize. He noted that it must focus on domestic demand development || Argentine Central Bank Gov said they were observing massive capital outflows from emerging markets, including Latin America. There are big strains on Eastern European banking balance sheets|| SNB Chief Economist stated that the Swiss economy had deteriorated dramatically over the last year but there were no evidence of a credit crunch in Switzerland

||Polish Central Bank Gov reiterates his view that the Zloty currency was now substantially undervalued . The central bank would expand its repo operations to six months. He still saw positive economic growth taking place in Poland for 2009 || Japan MoF Sugimoto stated that it woud keep observing stock and FX markets movements closely. He added that the japanese economy was facing rapid slowdown. Hoever; Japan PM Aso commented that it would not 'intervene' in its equities market in remarks to reporters.

- In Currencies: Risk aversion and safe haven buying sent the USD firmer against the major pairs in the session. Continued concerns over the global economic outlook weighed upon equities. World Bank reportedly sees the global economy and the volume of global trade to contract shrink during 2009 for the first time since World War II. GBP experienced broad based selling pressure as its 10-year Gilt fell below the 3.0% level for fresh all-time lows. GBP/USD tested below 1.40 while EUR/GBP was back above the 0.90handle. EUR/USD was off a 100 pips from its Tokyo open to test 1.2600. || Dealers noting of possible 'intervention threat" by Hungarian Central Bank was very possible. The Hungarian Central Bank stated over the weekend planned to start converting Euros on open market and added it was "ready to use all monetary tools"

- Fixed income: Gilts have again outperformed Bunds and UST's, with the June Contact currently at fresh highs above the 125 handle, and the 10y cash yield moving below 3.00% for all time lows. June Bunds have also tested new contract highs at 125.64. Traders are paying attention to narrowing spreads with Bunds just 6bps cheaper than the 10y Note, and the 10y Gilt just 5bps cheaper than the Bund, the latter spread at its lowest level since October 2002. In corporates, GE Capital will reportedly look to price a USD denominated benchmark offering this week, backed by the US's Temporary Liquidity Guarantee Program

- In Energy: OPEC Sec General El Badri: stated that OPEC might need to cut an additional 800K bpd from it production and noted that such cuts would depend on compliance rates. He expected to continue to see downward pressure on oil prices and added that the current price level was not acceptable but is at least stable || Statoil [STL.NO] Announced oil and gas discovery in North Sea wildcat well || Chevron [CVX] FT article noted that company would commence a testing production technique to unlock more Middle East reserves. Article noted that the technique, designed to produce heavy oil that cannot be extracted using conventional methods, will be used in the “partitioned neutral zone” between Saudi Arabia and Kuwait.

*** NOTES ***US clocks moved ahead one hour over the weekend

- World Bank predicts that the global economy to contract for first time since WW2. Thus risk aversion and safe haven play weighing upon equities. Nikkei 225 Index closes at its lowest level since Q4 1982. Japan registered its first current account deficit in 13 years,

- The theme of protectionism is gaining ground. The FT reported that Bank of America is to cancel job offers to foreign graduates of US business schools.

-Senator McCain and Shelby commented that large banks can be allowed to fail.

- - Looking Ahead:

- 7:00 (BR) Brazil Feb FGV Inflation IGP-DI: % v 0.09%e

- 8:15 (CA) Feb Canada Housing Starts: K v 145.0Ke

- 11:00 (MX) Feb Mexico Consumer Prices M/M: % v 0.22%e; Y/Y: % v 6.20%e; CPI Core M/M: % v 0.46%e


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 9 July 2018
AA 12:00 EZ- Draghi EU Parliament Testimony
Tue 10 July 2018
AA 08:30 GB- Ind/Prod Output, Trade
AA 09:00 DE- ZEW Survey
Wed 11 July 2018
A 12:30 US- PPI
A 14:00 CA- Bank Of Canada Decision
A 14:30 US- EIA Crude
Thu 12 July 2018
AA 12:30 US- CPI
Fri 13 July 2018
A 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