- Equity futures rallied ahead of the NYSE open but have been trending lower in
the early goinog. Equity markets feel eerily quiet despite triple witching and
the S&P rebalance on the close. Evidently investors are still digesting and
debating the Fed's decision to undertake quantitative easing, with pundits and
traders alike expressing concern about inflationary implications down the road.
Equities have most certainly encountered some resistance while Treasury yields
have stabilized and have begun backing up. The 10-year yield has held 2.5% and
retraced some 10 basis points. The Greenback is bouncing as foreign currency
profit takers emerge following the roughly 5% declines in USD post FOMC.
Commodity markets are seeing very small profit taking following large moves up
as well. May crude remains above $50 near $52 while Gold is holding $955.
- The financial sector bonus brouhaha shows little sings of abating. The media
reported yesterday evening that the Senate bill for taxing bonuses at certain
firms that have received TARP funds would take back 70%, versus the 90%
proposed by the House yesterday afternoon, while other reports indicated that
the House is now working on legislation to ban bonuses outright at firms
accepting TARP funds. The anti-bonus drum beat has picked up in Europe too,
where UK PM Brown, French President Sarkozy and German Chancellor Merkel have
all made noises about enacting similar measures against finance industry
bonuses as those being considered in the US. CNBC reported last night that the
Obama Administration is moving quickly to draft legislation that would allow
the government to take more control over major financial institutions such as
AIG or Citigroup. Note that overnight the FT reported that Bank of America executives were directly involved in
the markdowns that led to Merrill's gigantic Q4 loss. BoA officials were
scheduled to hand over the details related to bonuses paid by Merrill tonight
after a judge denied its request to have the information kept confidential.
- Citi is the only major bank stock in the black in early trading, up 4% after Mexico confirmed that it would not force
the company to sell its Banamex unit due to the big US government stake. Most of the other
leading financials are down 2-6%, with BAC headed for -10%. The ratings
agencies may be getting a substantial windfall from TALF, according to the Wall
Street Journal. Given the agencies' pricing structures, the initial $200B
portion of bonds issued under the TALF could translate into $80-240M in profits
for the agencies, a figure that could rise to $400M to $1B if the TALF funding
fills out to $1T.
- Smartphone underdog PALM+7% is ripping in the early going despite reporting a
worse-than-expected losses in Q3 yesterday. The CFO said Q4 would also be
tough, but expressed hope regarding the upcoming Pre phone - which investors
expect to be something of a blockbuster. Troubled TKTM-6% is not so lucky,
missing its earnings targets by a wide margin. In auto industry news, Fiat
responded to comments out of Chrysler on Wednesday, flatly denying the US automaker's assertion that Fiat
would assume around one third of its debt to the US government as part of their alliance
deal. A Daimler executive discussed the overall industry this morning, noting
that the US might spearhead a market recovery
among major truck markets, thanks to its economic stimulus programs. And UBS
analysts upgraded Ford to a buy with a $5 price target, noting that it should
gain market share from its distressed competitors; Ford's stock is up 9% in
- In currencies, the greenback recovered from its soft tone in early European
trading. The yen was broadly softer as the New York session commenced. Trader chatter
indicated that BIS has been an aggressive buyer of USD against JPY today, with
USD/JPY holding above its historical pivot point of 95.00 after testing its
100-day moving average of 93.50 on Thursday, while EUR/JPY moved back above the
130 handle. Dealers are noting that some key moving averages are about to cross
over, which could add to USD/JPY's upside momentum. Dealers warn that there is
lingering risk of JPY repatriation ahead of the end of the Japanese fiscal year
on March 31.
- European officials offered a full morning of confusing and somewhat
contradictory comments about a potential ECB bailout fund all morning long.
Everything got started when an unnamed German lawmaker insisted that the ECB
had a rescue fund that could be deployed in 24 hours to aid any member that was
at risk of going bankrupt. Multiple Euro Zone political leaders denied they had
ever heard of any such fund, while the EU's Juncker commented that it was a bad
idea for the ECB to create bailout funds, since there are no rules for bailout
in the EU treaty. The ECB's Weber reiterated the view that the ECB would make
use of room to move on rates and could offer longer-term loans in refi
operations. He also took the opportunity to warn that recent data does not
indicate a recovery in the short term.
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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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