- US Equity markets are extending the gains made late in yesterday's session
but the trading remains highly volatile. Final Q4 GDP was not quite as poor as
expected but the number of people claiming unemployment continues to rise in
the US. Stock
markets are likely to remain keyed on what is transpiring in the bond markets.
Indices made a run at unchanged when the yield on the 1-month T-bill dipped
into negative territory for the first time since Dec. Traders are likely to
closely monitor the 7-year Note auction results from the Treasury due out at
1PM. A disappointing 5-year auction yesterday sent stocks lower before the last
hour rebound. NYMEX crude made a quick run over $54 following reassuring
commentary from the PBoC indicating the Chinese economy may have already
bottomed. Copper traded toward fresh multi-month highs as well. Front month
natural gas is sliding back to $4 after weekly inventory data was released.
- Financial names are dipping into the red this morning as investors shrink
from another day of testimony from Treasury Secretary Geithner before Congress.
Last night the WSJ reported on Geithner's proposals to cap leverage and reign
in hedge funds and private equity, and his plans for reckoning with firms that
pose systemic risk. Note that PIMCO said it still likes debt from the big
banks, even after Moody's trimmed its ratings on Wells Fargo and Bank of
America yesterday afternoon on fears the banks will need more government aid.
In other financials news, Mitsubishi UFJ confirmed overnight that it has signed
a formal MOU on establishing a securities JV with Morgan Stanley in Japan,
helping shares of MS stay ahead of the pack this morning. MUFG confirmed it
will own a 60% stake in the JV while Morgan Stanley will hold a 40% stake.
- Various consumer oriented names are having a good morning on strong earnings
reports. Best Buy blew out earnings estimates and guided well above par in its
Q4 report. While same-store sales remained pretty bad in the quarter, the
company noted they may even out to flat y/y in the coming fiscal year. Gamestop
beat estimates, and achieved nearly 10% y/y same-store sales growth in the
quarter. Doctor Pepper Snapple is juiced up after exceeding estimates by a bit
and guiding in line. Shares of all three firms are making gains in early
trading, with BBY+14%, GME+2% and DPS +9%.
- Nasdaq is outperforming the other indices thanks to some good news from chip
makers. Major component Intel told the WSJ that it would formally unveil its
new chip for server systems on Monday, noting that it would be almost an order
of magnitude faster than prior model. The new product will power forthcoming
products from several big tech firms, including Dell's new server line and
Cisco's push into the server space. IBM, HP and Sun Micro could also announce
plans for the new chip early next week. Late last night the CEO of South Korean
chip maker Hynix said that the chip industry bottomed in Q4, noting that he
sees a sigificant reduction in chip supply in 2009. There were notes of caution
as well, with Michael Dell saying his company may cut more workers overall (and
add some employees in strategic growth areas), while Agilent Technologies
suspended its share buyback for 2009, cut 2,700 jobs (about 14.2% of
- The greenback softened somewhat during the New York session thanks to the
firmer commodity prices as comments from China helped increase risk appetite.
But risk aversion set in by mid-morning as New York dealers digested the
overall developments from the last 24 hours, including the inadvertent Geithner
currency debacle and the Moody's downgrades of BAC and Wells Fargo yesterday.
Dealers are also noting that USD gained on the risk aversion theme on the back
of the negative rates on the US 1M T-bill (recall this happened back in
December as well). The SNB made some cautious economic comments regarding the
Swiss economy, the Euro Zone and the US,
noting that the economic downturn in the Euro Zone was becoming increasingly
pronounced while the US
downturn would likely continue for the next few quarters. However the SNB also
suggested that US monetary policy measures appear to be having a positive
effect. Overall the EUR/USD has maintained its recent range of 1.3490-1.3650
over the past 24 hours.
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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
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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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