- Traders seem to be cautiously optimistic this morning, with the US indices
extending yesterday's big rally with modest gains, although indices are off
their best levels mid morning. Market participants continue to wonder how long
a bear market rally can last, given the horrible underlying economic situation,
with data out off Europe and Asia
overnight reminding everyone of the severe state of the global economy.
Front-month crude is back around $45 as OPEC officials continue their
back-and-forth in the press over whether to cut or not to cut this weekend.
Government bond prices remain lower as markets digest a historic reverse
auction of GILTS in the UK
and a 10-year reopening later this afternoon. The US
benchmark yield is gaining some traction above 3% heading into the auction
- Financial stocks are reprising their big gains from yesterday, with Citi up
14%, BoA up 10%, and other major bank stocks up 4-6%. Credit card names are
under pressure after Goldman Sachs cut American Express to Sell from Neutral.
Shares of AXP are down 5%, while competitors Visa and Mastercard are down 2-3%
in sympathy. Goldman analysts also released a report overnight noting that JP
Morgan, Bank of New York and Morgan Stanley will likely be able to repay TARP
funds over the course of 2009. Note that the IMF's Strauss Kahn said overnight
that the US
needs to clearly state exactly how it plans to help clean up bank balance
sheets, as slow action on banks could jeopardize expected recovery in 2010.
Shares of Ford are up 7% in early trading.
- Ford announced that it has reached a wage deal with the UAW, noting that the
new arrangement is a key move in making the business competitive with foreign
‚Äútransplant automakers.‚ÄĚ Ford and the UAW have agreed to suspend COLA and
various performance payments, overtime and bonuses, among other initiatives.
According to Ford, the deal brings its average hourly wage rate to $55/hour in
total, making them roughly competitive with foreign automakers with operations
in the US. It
expects to reach parity with foreign US
manufacturers, at $48-$49/hr, in about two years.
- In other equity news, Staples missed earnings targets due to charges stemming
from the Corporate Express takeover, and missed on the top line. On the
conference call, a Staples executive warned that the company sees soft sales
trends for all of 2009. Semi manufacturer National Semiconductor surprised with
solid positive earnings in Q3, although the company also said it would cut 12%
of its workforce. NSM fell 5% after the open before recovering somewhat. Solar
manufacturer LDK reported a bigger than expected Q4 loss and guided below par.
LDK was down 7% and headed lower mid morning. Consumer-oriented resort operator
Vail blew out estimates and offered bullish guidance for the year, noting a big
improvement in bookings over levels seen at the end of last year. Shares of MTN
were up 10%, although off their best levels. Note also that OWW and PCLN are off
8% a piece after Expedia launched a special flight promotion that waives selected
booking fees though 5/31.
- In currencies, the greenback saw its earlier gains erode during the New
York session as risk appetite bubbled up in European
equities and at the major US
bourses. Dealers are noting that Moody's comments that Russia was ‚Äúnot yet on
brink‚ÄĚ of a ratings given the fact that it has the funds to pay existing debt
obligations for up to 18 months helped offset the initial impact of the Chinese
trade numbers. In addition, the IMF said it reached an understanding with Ukraine
regarding its budget and is continuing discussions on releasing second tranche
of loans. The EUR/USD briefly tested above the 1.28 area before corporate
orders stemmed upside momentum and placed the pair back into its 1.2550-1.2800
consolidation range. CHF was mixed ahead of tomorrow's Swiss National Bank
interest rate decision. The market is expecting another 25bps cut and remains
on guard for any potential quantitative easing measures. Sterling
recovered from earlier lows against the USD but remained on soft footing
against both the JPY and EUR pairs. CAD was choppy throughout the session as it
balanced its relationship between global recession concerns on commodity demand
and the upcoming OPEC meeting in Vienna
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Daily Forex Market News Forex news reports can be found on the forex research
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Mon 12 Mar 2018 A 17:00 US- 3-Yr Auction Tue 13 Mar 2018 A 10:00 DE- ZEW Survey AA 12:30 US- CPI A 17:00 US- 10-Yr Auction Wed 14 Feb 2018 AA 12:30 US- Retail Sales A 12:30 US- PPI A 14:30 US- EIA Crude A 17:00 US- 30-Yr Auction Thu 15 Mar 2018 A 12:30 US- Weekly Jobless A 12:30 US- Philly Fed, Empire PMI A 12:15 US- Industrial Production Fri 16 Mar 2018 A 10:00 EZ- final HICP A 12:30 US- Housing Starts/Permits A 14:00 US- prelim Univ of Mich
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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