- Equity Indices take a much needed breather led by profit taking in the
financials. Yesterday's surge into the NY close led to early gains overseas
markets. But a hotter than expected CPI reading out of the UK put an early cap
on stock gains in Europe and added to selling in the US premarket. Government
bond prices have moved lower in tandem led by overnight weakness in the UK GILT
market. The 10-year GILT yield has risen above 3.3% while the US
benchmark has regained 2.7%.
- Goldman Sachs is outperforming the vast majority of financial names as
speculation continues to pick up that the Co. could
repay their TARP funds sometime in the near future. It is worth noting the
President of GS said they have yet to decide when they will repay TARP and it
is not likely to happen before the results of the stress tests are released.
The XLF has given back a very modest 1.5% after gained more than 10% yesterday.
- Focus Media Holding, FMCN is rallying 10% post earnings results despite a
pre-market downgrade at Needham.
WSM is up close to 4% after reporting Q4 results and providing guidance
indicating the challenging environment is likely to remain through the end of
- Precious metals stocks are lower across the board pressured by weakness in
the commodities. Spot gold has given back $15 to trade at $925 while front
month silver is off 3.5%. The XAU has given back roughly 2%. The energy complex
is also giving back some gains with the OIH down 3.3% as the second day of
presentations at the widely followed Howard Weil Energy Conference commences.
Apache is down better than 4% after presenting and noting service costs are
still too high and they are actively looking at potential acquisitions.
- In currencies, dealers noted the theme of interest rates seem to be coming
back into focus. The BOE was vocal following the sharp spike in it inflation
data earlier in the session. BOE's King noted that its Feb inflation increase
seemed fairly broad based and that it was the MPC job to respond on inflation.
King commented that it might not have to reverse its injection of broad money
and that a possible exit strategy would be to raise interest rates. EUR/GBP
cross was extremely volatile in the session as the BOE noted that Germany
was more impacted by global economy than UK.
Dealers noting that long EUR/GBP views were blindsided with King "talking
up GBP" and impacting those with a long EUR/USD view. Overall dealers
viewed that the BOE must see further GBP weakness as inflationary and was
drawing a line in the sand. However, in these economic times there are some
doubts that the UK
seeks a stronger currency thus central banking duties will remain a' balancing
act'. EUR/USD also weighed down by ECB comments and chatter circulating of a
large EUR/USD 1.30 strike put option going through the market. The size of the
option was rumored to be â‚¬1B. Various ECB members reiterated that the 1.505 was
not the current floor and non-standard measure could be used. A Goldman Sachs
report on the upcoming ECB meeting on April 2nd forecasts that the ECB would
cut interest rates by 50bps to 1.0%. Goldman also expected ECB to provide unlimited
funds for the next year
- European bourses remained near the lower quarter portion of their session
range. As noted in the European market Update, equities traders were a 'bit
surprised' by the Deutsche bank annual report, which contained higher than
expected amount of non-investment grade, and central European debt the bank is
carrying, thus implying that the road to recovery was a long way off.
- In fixed income: BOE's King indicated that the Quantitative Easing (QE)
buying would stop short of the Â£75B if data improved followed the CPI surprise.
Dealers noted that a large degree of the pre-positioning noted into the QE
program was reversed and 2s/10s steepened out towards the 150 bps area.
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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
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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.
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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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