- US equity indices are enjoying the strongest rally since late January, driven
by positive comments from Citigroup and a general rebound in financial stocks
around the globe. Front-month crude continues to strengthen towards $50 ahead
of this weekend's OPEC meeting, where another output cut potentially remains on
the table. Spot gold dipped below $900 for the first time in nearly a month.
The better risk appetite has taken a bite out of Treasury prices. The 2-year
yield has climbed back above 1% ahead of this afternoons $34B 3-year note
- Financials are rocking this morning after weeks and in some cases months
without much inspiring news. All the enthusiasm was touched off by Citi CEO
Vikram Pandit, who told the bank's employees in an internal memo that Citi was
profitable in the first two months of 2009. Later a filing from Citi disclosed
that January and February revenues were $19B, making the bank profitable and
representing its best quarter since Q3 2007. Unsurprisingly, Pandit ‚Äúremains
disappointed with the movements in share price.‚ÄĚ Note that yesterday the WSJ
reported that Bank of America
CEO Lewis has been talking up BoA to differentiate the bank from Citi. Lewis
has repeatedly insisted that Bank of America needs no more government money,
while suggesting that Citi probably will. Shares of both Citi and BoA were up
25% in early trading, while other major banks were up 10-15%.
- But today's rally aside, multiple other headlines bode ill for the
financials. Earlier today reports circulated that the SEC will not suspend
mark-to-market accounting (note that on 3/12 the House Financial Sevices
subcommittee will hold hearings with the SEC and FASB on mark-to-market
accounting). In his speech this morning, Ben Bernanke strongly endorsed the
principle of mark-to-market accounting while also noting he believes current
conditions may distort marking to market. Meanwhile the newly-independent
analyst Meredith Whitney warned that credit cards will be the next credit
crunch, insisting that credit card lines will be cut materially, reducing
consumer outlook and spending. Whitney boosted her prior estimates of the
amount credit-card lines will be cut in 2009 to more than $2T and $2.7T by the
end of 2010. Also note that overnight the FDIC's Bair said emerging plans to
remove troubled assets from banks could force some firms to record large
- Just a few days after President Obama said the defense sector is #1 on his
wasteful spending to-do list, Morgan Stanley took a swipe at the industry,
cutting the US defense and aerospace sector to cautious from in-line. Meanwhile
defense giant and Dow component United Technologies cut its 2009 forecast and
announced plans to lay off 4% of its workforce. UTX's CEO said the move would
protect profitability and ‚Äúposition the company for resumed earnings growth in
2010.‚ÄĚ These developments aren't dampening the rally for UTX, which is up 6% in
early trading, while other defense names are underperforming markets. In other
earnings news, Avnet cut its Q3 forecast, Kroger reported Q4 in line with all
expectations and JA Solar missed Q4 earnings estimates by a country mile.
- In currencies, EUR/USD has rallied above the 1.28 level and above last
Friday's post-US payrolls high. The cross has managed to shrug off dovish
interest rate comments from ultra-hawk ECB member Weber, who noted that the
Euro Zone economy could still shrink in early 2010 and rates could move below
the current level of 1.50%. Note that Weber also insisted that 1% was about the
lower limit for ECB rates, although this barrier was not set in stone. Some
potential central bank action on the Eastern European front added to the risk
reportedly warned numerous banks against selling Hryvnia below the official
bank rate. Dealers were also noting that the Hungarian Central Bank said it
would sell euros from EU funds to stem further losses on the Forint.
- In other currency news, Canadian Finance Minister Flaherty noted the upcoming
jobs data set for release on Friday was not likely to be good number. However,
the CAD was firmer throughout most of the morning, helped by energy and basic
commodity momentum. There were some signs of stabilization in China
after it noted its Feb auto sales encountered their first advance in four
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
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.
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.