- Equity indices opened lower for the second morning in a row, as investors
disregarded Goldman's big quarterly profit and pulled back on the surprising
decline in March advanced retail sales. The latter data came in at -1.1%, well
below the expected +0.3% reading, although the prior figure was revised upward.
But stocks have generally pared losses from the open ahead of President Obama's
speech on the recovery. In a newspaper interview published overnight, Fed
Chairman Bernanke expressed his "fundamental optimism" regarding the US
economy, a view that clashed with comments by Fed Governor Fisher, who told an
audience in Hong Kong the US
economic data remains "quite grim." After spending the European
session above $50, front-month crude ducked back under this level despite the
EIA forecasting a much smaller decline in 2009 world oil consumption over last
month's view in its short-term outlook. Treasury prices ticked slightly higher
following the retail sales figures pushing the 10-year yield back towards
- Goldman Sachs's Q1 earnings surprise is having a mixed impact on the
financials this morning, with many tier-one banks in the red, Bank of America
making very modest gains and Citigroup up around 15% early on. Shares of GS
dropped 5% to meet the firm's $123/shr pricing of its $5B offering this
morning. On the conference call, Goldman's CFO warned that it's "still a
dangerous environment out there" and insisted that returning government
TARP funds is a "duty." In other comments he confirmed that Goldman's
competitive position has improved considerably despite troubles in the
industry, noting that it has cut its leveraged loan exposure from around $52B
in Q3 to around $2.3B in Q1. Next up: JP Morgan, which reports on Thursday
- In other earnings news, Dow component Johnson
& Johnson is up a modest 2% after
reporting earnings just a hair ahead of the consensus views and missing revenue
targets by a bit. The firm also reaffirmed its 2009 forecast. WW Grainger blew
out the consensus earnings forecast, sending shares of GWW up 8% after the
bell. But GWW's CEO warned that the bottom isn't here yet, noting that the
company expects increased pricing pressure throughout the remainder of the
year. And note also that Dendreon is up a whopping 200% thanks to the
pre-release of some positive data from a Phase III study of the company's
Provenge prostate cancer drug. Dendreon said the drug met its primary endpoint
of improving overall survival, but key findings from the study are due to be
discussed at a conference later this month.
- Currency trading has seen growing expectations that the worst may be over for
the global recession, despite plenty of reminders that the road ahead is full
of potholes. Dealers are noting that a certain level of euphoria about the US
economy is starting to surface, although the US
retail sales data brought back some risk aversion (US
job losses are seen adversely impacting consumer spending) ahead of the key
Chinese GDP data due out Thursday morning. There are differing opinions between
the official and analyst positions on China.
European participants returned rather edgy from the long weekend over the
pending data, reacting to comments from Chinese PBoC advisor Fan Gang that it
might take an dditional 2-3 years to complete China's
economic adjustment. But one investment house put out a research note saying
that Premier Wen seemed to indicate that China Industrial Production jumped
8.3% in March, which would be above current consensus of 6.3%.
- EUR/USD tested 1.3230 before consolidating its session losses while USD/JPY
tested its 200-day moving average just below the 99.00 handle. Energy-related
commodities guided the price action of the CAD and AUD currency pairs. The
USD/CAD bounced off the 1.2110 level as continued concerns over the length of
the global recession surfaced ahead of US President Obama's economic speech.
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Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
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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