- Stocks opened higher this morning after two consecutive sessions marked by
declines. US equity futures rebounded ahead of the open spurred by optimism
from the Pulte/Centex deal and broad strength in the life insurers following a
WSJ article indicating the US Treasury was ready to give certain companies
access to TARP funds. The major indices have came off their best levels after
the Treasury confirmed that it would extend TARP funding to "some"
life insurance companies, but strength has returned after the SEC moved a step
closer to restoring the uptick rule.
- Government bond prices benefited from continued risk aversion trades
throughout much of the overnight session. A well received GILT auction sent
prices higher and yields lower in Europe, while both the
BOE and Fed also continue to buy securities outright keeping a floor under
prices. The US
curve has seen some flattening along the curve as a $35B 3-year note auction is
keeping a lid on prices at the short end despite the Fed's purchases. The
2-year yield is higher on the day at 0.92% while the 10-year is back below 2.9%
- Energy markets continued to head lower ahead of the weekly DOE inventory
data, but have since reversed noticeably. Crude has rallied from $48 to trade
as high as $51 as crude inventory builds were basically in line with
expectations. Traders did pick up on a larger than expected draw down of
distillate stockpiles coupled with a substantial uptick in demand seen in the
latest week, which could point to some much needed balancing in diesel
supply/demand dynamics. Heating oil futures are leading the complex up nearly
4% on the day.
- Pulte Homes' offer for Centex is rocking the home builders this morning, sending
selected names up 5-10% in early trading. The deal would create the nation's
biggest homebuilder, with Pulte picking up a 68% stake in Centex for $1.3
billion in stock (plus $1.8B in net debt). Moody's put the ratings of both
firms on review for downgrade, noting that both firms have considerable land
holdings hanging around their necks, which would be a heavy weight for the
combined entity to carry in the worst market for homes in generations. Shares
of CTX are up 20%, while PHM is down 10%.
- Alcoa kicked off earnings season with its second consecutive quarterly loss,
missing consensus earnings estimates by a hair while beating revenue targets.
The CEO was bullish on stimulus, noting that government stimulus programs
should drive demand for aluminum. But the company still sees a 7% overall
decline in aluminum consumption this year, steeper than its 2% decline estimate
on 1/2. Note that UBS raised its price target on AA this morning. Shares of AA
were up as much as 5% in early trading, but are around even mid morning.
Consumer names Bed Bath and Beyond and Family Dollar both offered another
helping of good news for the retail sector. BBBY beat consensus estimates
(winning multiple PT hikes overnight), while FDO boosted its quarterly SSS
performance and raised its full-year earnings forecast considerably. BBBY+20%
is sustaining robust gains, while FDO+4% is off its best levels. Mosaic missed
on earnings and revenue, while quarterly margins were one third of year-ago
levels. Shares of MOS are down nearly 20% this morning.
- There has been another batch of pre-earnings guidance and profit warnings
overnight. Ryder guided considerably below the consensus view, noting that the
weak economy will hit the company's bottom line, especially the company's full
service lease and contract maintenance product lines, which had remained more
stable until now. Tech names Juniper Networks and F5 Networks both refined
their outlook for upcoming earnings very slightly, sending shares of FFIV and
JNPR up 10-12% early on. Both are off their best levels. Also note that Sharp
[6753.JP] increased its FY08/09 loss estimates overnight.
- The Greenback and JPY showed some relative strength during Asian and European
hours but have given some of that back as stocks rallied into and through the
NY open. EUR/USD is up 125 pips from overnight lows to trade into the green for
the day. EUR/GBP is also at session highs back above 0.90. The Euro rebound is
in the face of fresh downgrades of Eastern European sovereigns Latvia, Lithuania,
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Mon 26 Feb 2018 A 15:00 US- New Homes Sales Tue 27 Feb 2018 A 08:55 DE- Jobless B 13:30 US- Durable Goods A 15:00 US- CB Consumer Confidence A 15:00 US- Pending Homes Sales AA 15:00 US- Powell House Testimony Wed 28 Feb 2018 A 10:00 EZ- flash HICP AA 13:30 US- GDP A 15:30 US- EIA Crude Thu 1 Mar 2018 A All Day final Mfg PMIs A 13:30 US- Weekly Jobless AA 13:30 US- Core PCE Deflator AA 15:00 US- Powell Senate Testimony A 15:30 US- EIA Crude Fri 2 Mar 2018 AA 15:00 US- final 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.
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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.
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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