- Repeating a pattern seen over the last two sessions, US equity indices have opened lower and climbed toward yesterday's closing levels in early trading. There has been a mixed slate of earnings and data for investors to digest this morning, with the April Empire Manufacturing index hitting its highest level since last September while overall US March Industrial production declined more than expected. In addition, US foreclosures were up 44% m/m in March. Wal-Mart's CEO told a network morning show that he does not see a V shaped recovery for the US economy (marking his first public interview since rotating into the CEO position), and Burger King disclosed that restaurant margins were lower than expected worldwide in Q3 due to a slowdown in traffic in most markets in March. Front-month crude is also repeating its behavior from the last several sessions, popping over $50 during the European session and dropping towards $49. The DOE reported that crude inventories rose by more than 5.5M barrels in the latest week to nearly 367M barrels; a level not seen since the fall of 1990. Copper prices are returning towards 6 month highs after chatter of a second large Chinese stimulus package gains traction ahead tomorrow's Q1 GDP release.
- Government bond prices both in the US and Europe were firmer into the NY morning as stocks looked to open lower. But a notably higher bid-to-cover ratio in the BOE's latest reverse auction of Â£3.5 2014-2019 Gilts has pushed yields higher on both sides of the Pond. The 10-year Gilt yield is moved up some 7 basis points back above 3.25% while the US benchmark his drifted up 4 basis points back towards 2.8%. Interbank lending rates continue to decline as US 3-month LIBOR slipped to 1.1125%, but flight to safety remains an theme as government T-bill yields continue to drift lower. Reminder yesterday's US bill auction was 5x oversubscribed.
- The Obama Administration appears to be stressing out over the stress tests. Administration officials had earlier insisted that test results would not be made public, out of concerns of fallout for failing banks. But sustained criticism of the testing, from various critics (including FDIC Chairwoman Bair) seems to have hit home. Overnight the press was full of reports indicating the Treasury was considering various ways of releasing results of the stress tests in a way that would minimize the damage to the laggard banks, although it isn't clear precisely what information the government might disclose. Among the proposals supposedly under discussion are aggregating the data for a broad snapshot of the industry's health or some sort of "concept paper" to explain how to interpret the results of the stress tests. In other financial sector news, Citi China reported FY08 Net income that was +95% y/y, with strong growth in yuan-denominated lending. Charles Schwab beat estimates but disclosed some troubling metrics, such as considerably lower q/q ROE. Net charge offs at JP Morgan and Capital One were seen rising by non-trivial amounts on a m/m basis; investors are nervously awaiting American Express's data, which is due any time.
- The auto industry is limping even closer to bankruptcy as a foregone conclusion. Recall that yesterday GM's bondholders said they see an out-of-court scenario as even less likely, noting that their ad hoc committee has not received any new restructuring proposals from the company. During today's European session, Fiat's CEO said he sees only a 50/50 chance of successfully forming a partnership with Chrysler, warning that he will break off merger talks if the company doesn't extract big labor cost cuts by end of April.
- Three big sector leaders reported earnings yesterday and this morning that were positive on the whole, mixed with continued words of caution. Dow component Intel made a mockery of consensus analyst estimates, reporting first-quarter EPS of $0.11 versus expectations of $0.03, and beating on the top line by more than $150M. Intel's forecast for the next quarter was modest however, noting that conditions in Q2 would mirror those in Q1, while Q1 gross margins are down both q/q and y/y. Intel's CEO said he believes PC sales bottomed out and the industry is returning to normal seasonal patterns. CSX is the first big railway to report first-quarter results; its earnings were well ahead of estimates, while revenues were more or less in line. On the conference call CSX's CEO noted that customer activity is down by double digits in nearly every market the company serves, while the Q2 revenue outlook is unfavorable in 9 out of 10 of its markets. Mid-cap pharma Abbott Labs came in ahead of the Street by a bit and missed on revenue by more than a bit (thanks to FX), and offered guidance ranges in line with analysts. Abbott's CEO said that more people are choosing not to fill prescriptions and the company is seeing more changes to managed care plans than expected.
- In currencies, the European session saw more of jockeying between risk aversion and risk appetite ahead of China's GDP data on Thursday. The gradual recovery in European bourses ahead of the NY morning was pinned on hopes that China would launch a second stimulus package, and market participants were sorely disappointed when China only announced an outline of a stimulus plan for the electronics sector, with the measures expected to contribute 0.7% to GDP over three years. The steeper drop in Russia's March Industrial production impacted the energy sector, helping NYMEX crude to surrender its electronic session gains. The recent spat of global data has dampened hopes that the worst of the economic crisis has passed.
- EUR/USD successfully breached 1.3200 level in the Chinese aftermath and complemented by comments by ECB's Weber that the ECB would announce non-conventional measures at its May policy meeting and would be valid for remainder of 2009 and 2010 period. The GBP/USD tested the 1.50 handle for the since Jan 12th and it was met with some stiff speculative selling as it proceeded to fall 100 pips. Dealers noting that some medium term longs were using the 1.5000 handle as a good level to book profits. The US Mar CPI YoY figure posted its first annual decline since August 1955, bring the fear of deflation back to the front burner.
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
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
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.
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.
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.