User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday April 2, 2009 - 10:21:10 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

Forex Blog - European market Update: Equities surge ahead of FASB announcement on "Mark-to-market" accounting

Today 06:10am EST/10:10am GMT

European market Update: Equities surge ahead of FASB announcement on "Mark-to-market" accounting

*** ECONOMIC DATA ***

- (UK) March Nationwide House Prices M/M: 0.9% v-1.5%e, Y/Y: -15.7% v-18.1%e

- (FR) French Producer Prices M/M: -0.6% v -0.4%e; Y/Y: -4.5% v -3.5%e

- (NO) Norwegian March PMI SA: 38.0 v 37.3e

- (SP) Spain March Net Unemployment M/M: 123.5K v 89Ke

- (HU) Hungarian Jan Final Trade Balance: -€194.1M v -€191.6M prior

- (IT) Italian Q4 Deficit to GDP : 2.70% v 2.10% prior

- (NO) Norwegian Unemployment Rate: 2.8% v 2.8%e

- (SP) Spain March Consumer Confidence: 53.7 v 48.0e

- (RU) Russian Gold & Forex Reserves w/e Mar 27th: $388.0 v $385.3B prior

- (UK) Hong Kong Retail Sales - Value Y/Y: -12.6% v -2.0%e; Volume Y/Y: -13.8% v -3.0%e

- (UK) March PMI Construction: 30.9 v 27.8e

- (UK) BoE Quarterly Credit Conditions survey: Corporate and household defaults rose in Q1; Seen rising in Q2

- (RU) Russian Q4 GDP: 1.2% v 1.0%e



***SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***

- Equities: For [BMW.GE] [VOW.GE] [DAI.GE] German VDIK: March New Car Registrations +20% (adj) y/y, +40% y/y For Lloyds [LLOY.UK] institutional shareholders are seeking resignations from Victor Blank and Eric Daniels -Times. Article states that institutional holders have told the UK gov they do intend to increase positions, or move into the equity until the Chairman and CEO are forced out. Investors remain angered over the hurried, gov backed merger of Lloyds and HBOS back in 2008, that move led to a current loss of £11B in FY08 on HBOS's toxic exposure. UK gov has take of approx 60% in bank. ||Tate and Lyle [TATE.UK] provided a trading statement: Guides FY pretax marginally below prior guidance. The firm noted solid progress has been made on debt reduction , with Net debt at 31 March 2009 less than £1.25B, around £300M lower q/q, and more than £150M lower y/y. || Thales [HO.FR], reportedly its multimedia unit seeking FY09 break even -La Tribune. La Tribune reported that its aeronautic division faces losses of €300M linked to flight and security systems. Article stated that company in addition has generated losses of €500M in its on-board multimedia activity. The article lastly noted that the firm denied that unit has generated €500m in losses. || K+S [SDF.GE], DOW: Confirms sale of Morton Salt for $1.68B to K+S. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in mid-2009. The Company has almost replaced the $7.5 billion cash shortfall created by the failure of the K-Dow transaction to close. || Commerzbank [CBK.GE] is to seek acceptance on proposal to allow bank to raise capital at its AGM. The bank is seeking to issue new shares without subscription rights as part of German SoFFin lead 25% stake purchase. Item 10 on agenda to seek approx 1.2M shares at €6/share. || Continental [CON.GE], Shaffler has received €500M bridge loan facility - Handelsblatt, the facility will provide more time for reorganization of company. Group sees restructuring complete in 3-5 month period. || Arcelor Mittal [MT.NV] has secured an additional $1.2B through a 2nd phase of forward start facilities. The credit lines from these new facilities effectively extend existing financing until 2012. ||ABB Group [ABBN.SZ] has been awarded an $490M oil and gas contract in US. The firm stated that overall markets are remaining challenging and that base orders continue to deteriorate. ABB stated that increased volatility in FX and commodity prices will have a negative effect on the firm, hurt EBIT. ||BHP [BHP.AU], reportedly the miner has won an appeal against disputed A$1.8B tax bill. Reminder: Dec 2007 -Vast majority of charges in A$1.8B attached to abandoned Boodarie iron plant in Pilbara region, plant was eventually written off and scrapped. || yesterday's session for Fiat [F.IT] March unit sales +6.1% y/, Italian market share 32.6% v 30.8%, March registrations 69.9K v 65.9K y/y. CEO stated that he Expects to see global sales in Q1 -30% y/y, still expects to match global FY08 sales in FY09. ||



- Speakers: Treasury Sec Geithner: reiterates standard US currency policy. Says strong USD remains in US interests ||SNB's Hildebrand stated that the CHF currency interventions would continue as long as deflationary risks remained. CHF sales are to increase both liquidity and loosen monetary policy conditions. He noted that the central bank would implement extraordinary measures, which could carries long-term risks. He noted that other central banks understood the SNB's currency intervention policy ||Polish Central Banker Pietrewicz reiterated his dovish views. Says interest rate cuts should be continued to help increase economic growth || Polish Central Bank Trenkner cautioned that further Polish interest rate cuts were risky, but the bank has not started considering interest rate increases || Polish Fin Min stated that the Budget revenue after March was higher than prior forecasts by around PLN1B. He noted that the 3-month budget deficit was PLN10.1B compared to forecast of deficit PLN12.3B. || Sweden extended its bank guarantee program until Oct, 31 2009. It was set to expire at the end of this month. || UN Atomic Agency's El Baradei commented that he welcomed the US, Russian reduction plan for weapons. He added that the process for North Korean denuclearization remained urgent || BoE Quarterly Credit Conditions survey: Corporate and household defaults rose in Q1; Seen rising in Q2. Lenders have tightened credit to households but have seen increased lending to corporate sector since December. Household and corporate loan spreads widened more than expected since December and are expected to continue rising || EU's Barroso stated that the EU must have strong and long term coordinated stimulus. Must make rules to manage the spread of globalization and that protectionism and nationalism in economic terms were unhelpful. || UK Minister: Additional IMF funding includes sale of IMF gold



- In Currencies: risk appetite resurfaces as equity markets surge higher keeping the USD soft and the JPY broadly weaker. Japanese pension and mutual funds remained aggressive buyers of the crosses since Tuesday. The unwinding of hedges made for the fiscal year also complemented the selling of JPY. USD/JPY hit 5-month highs above 99.70

- the EUR/USD pair remain locked in a range ahead of the ECB policy meeting and press conference. The pair has been locked between its 100 and 200 day moving averages since the Fed's quantitative easing back on March 18th. ECB is expected to cut its interest rate by 50bps to 1.0% later today.

- The USD concerns continue for the longer term as China's leaders, increasingly concerned about the nation's $740B of U.S. Treasuries, are making it easier for trading partners and consumers to do business in Yuan. Dealer chatter has been circulating of a possible ECB signaling support Eastern European currencies (CEE) and the session did encounter some vague chatter of a possible Latvia debt default since it was unlikely to meet IMF conditions for additional loans.

- Hildebrand comments that the SNB would use all means to prevent renewed CHF appreciation. The CHF was weaker during the session with EUR/CHF at 1.5260 area.

- GBP firmer in the session. Sterling fueled by the GBP/JPY cross which benefited from a pick up in risk appetite following strong equity market gains. GBP/USD at 1.4630, up 160 pips from its opening level in Asia. GBP/JPY approaching the 146.00 handle, up 330 pips for the day.



- Fixed income: An eventful session in fixed income this morning, with risk appetite sending government bond prices lower, apart from an upward spike in T-Note futures of almost a full point, which was later attributed to fat fingers. Supply from Spain and France was well received, with the former selling €6.3B in 2 and 5 year Bonos, more than expected, and the latter selling almost €8B in 5 to 30y OAT's. After last weeks failed long gilt auction the UK appread to have passed a key litmus test, selling £2.2B in 2049's. The auction did, however, draw a higher than average yield tail of 5pbs, and at the time of writing Gilt futures have lead the way down, lower by around 70 ticks and eyeing the 123 handle.



- In Energy: OPEC Sec Gen El-Badri commented that the oil market fundamentals remain 'the same' and reiterated that current oil prices would not help investment, which is necessary to increase capacity. He reiterated the view that the decline in oil prices from last summer has given global economy a $2T stimulus . He cautioned that a 'massive supply crunch' to occur || IEA's Tanaka commented that he saw downside risks of lower oil demand from the current view of 84.4M bpd for 2009. He stated that economic stimulus packages could work and was looking for a positive decision at G20 summit. He did caution of further downward revisions for demand were likely || India To commence 8th round of oil block sales next week. India to offer 70 oil blocks for auction on April 9th || Total [FP.FR] CEO commented that its 2009 profits would not bew the same as those seen last year. He noted that OPEC measures to stabilize oil prices are working. Total would maintain plans for investment and expected an increased in demand from emerging markets



- G20 Summit: Reportedly G20 not clear if Communique would include sanctions on tax havens according to Diplomats ||German Fin Min Steinbrueck: Important G-20 agrees that no market can stay unregulated. He welcomed US efforts to make progress on regulation || Ukraine PM Timoshenko: Expects IMF mission to continue



*** NOTES ***

- Global equity markets rally. Hang Seng Index up 7.4% in session and erased all of it prior 2009 losses. Traders noting that “better” US auto sales figures on Wednesday and the awaited FASB announcement on “Mark-to-market” accounting. However, the best explanation appears to be the fact that a new quarter is simply showing that new money being deployed. The question lurks whether the rally is simply a “Bear-market” retracement as bank results, larger write-downs, higher loss provisions, and disappointing earnings results are just around the corner.

- ECB interest rate decision this morning. Speculation that perhaps the ECB would announce (or consider) a form of quantitative easing to complement its likely 50bps rate cut. However, currency traders caution that Trichet just does not seem to be an unconventional type..

- G20: extendes regulation to systemically important hedge funds. Will identify tax havens and deploy sanctions. Will refrain from competitive devals. Commit to IMF surveilance. Agree for more imf resources and to support sdr allocation to ease liquidity.

- Geithner leaves option open of forcing out ceo's of failed banks.

- China boosts CNY swaps so foreign importers of Chinese goods can avoid paying in $. Maybe a further step towards convertability........

- Looking Ahead:

- 7:45 (EU) ECB Interest Rate Decision: 50bps cut to 1.00% expected, current Refi Rate is 1.50%

- 8:30 (US) Initial Jobless Claims (last 652K), Continuing Claims (last 5.56M)

-8:30 (EU) ECB's Trichet holds regular monthly news conference

- 10:30 (US) Fed's Hoening speaks in Lima

- 10:00 (US) Feb Factory Orders (last -1.9%)

- 10:30 (US) Natural Gas Inventories

- 11:00 (US) Treasury's 10-year announcement

 

 

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

Forex Research

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 here.

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.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 18 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.


  • POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

  • POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
  • POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude

John M. Bland, MBA
co-founding Partner, Global-View.com EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

Retail Forex Brokerage Changing!

Are you 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.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

 
Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map


Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

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.

Forex News

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

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.

Forex Brokers

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 Trading

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.

FX Trading

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.

Forex Blog

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.

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105