- Corporate earnings and housing data continue to buoy equity volatility in the
early going. The major US indices are bouncing in and out of negative
territory as selling pressures seem to be mounnting. Investors are looking for
a theme to hold on to. The NAR's Existing Home Sales index fell 3% over last
month's levels, below expectations. NAR's President indicated that first-time
buyers are driving the market. Front-month NYMEX crude made a run for $50
earlier this morning, but is a bit off its highs around $49 in mid day trading.
- The US benchmark 10-year yield continues to bump its head
just below 3%, trading at the highest level in more than a month. The US
Treasury announced $101B in new 2-, 5-, and 7-year supply to be auctioned of
next week, exceeding many analyst forecasts.
- FDIC's Bair hopes to have an initial plan for selling legacy assets in place
by June, noting that her agency has the potential to become the "resolution
authority" for systemically risky companies. Wells Fargo is strong this
morning +8% despite warnings from "Heard on the Street" that it may
need more capital than competitors, given the conspicuous absence of any
statement of intent to repay $25B in TARP loans in its Q1 report. The article
highlighted the bank's lower-grade loan portfolios eroding its "relatively
thin capital base." And there has been a flurry of gossipy commentary over
BoA's Ken Lewis, who told the WSJ that Ben Bernanke pressured him to "keep
quiet" on loan losses at Merril Lynch, a claim that was predictably denied
by the Fed.
- Another batch of tier-2 and regional banks have reported earnings yesterday
and today. Quarterly losses at major regionals SunTrust Banks and Fifth Third Bancorp
were smaller than expected, but neither bank is out of the woods as of yet,
with ROE and ROA still weak and non-performing loans still rising. STI was up
as much as 6% early on, but has dropped to around even mid morning. Share of
FITB are up 10%. PNC Financial did very well, crushing analyst estimates. But
like the former two firms, PNC is still facing rising non-performing loans and
credit deterioration. PNC is up 8%. The situation at deeply troubled CIT looks
to be worsening, with a quarterly loss three times the expected amount. CIT
also suspended it dividend, sending shares of CIT down 6%.
- Shares of tech darlings Apple and eBay are up 10% and 4%, respectively, after
the firms offered strong quarterly results yesterday evening, with both firms
beating Wall Street's targets by healthy margins. Apple's guidance for next
quarter fell notably short of expectations, however, and the CFO warned that
investors shouldn't count on the high gross margins seen in the past. iPhone
shipments were up 123% y/y, but were only just in line with analyst estimates,
disappointing some commentators. AAPL benefited from plenty of price target and
analyst ratings hikes overnight, with the exception of Collins Stewart, which
cut the name to neutral from a buy. EMC reported in line with the Street. EMC's
CEO said global IT spending is at or near a bottom and expects things to
improve in the second half of the year. Chip maker Xilinx came in ahead of
estimates and guided strongly for next quarter.
- Shipping giant UPS offered lots of pessimism this morning after missing
expectations and guiding lower for next quarter. Considered a major bellwether,
the company believes the recovery in the US might begin late this year, but more likely not
until 2010. Other consumer-facing names have had a better Q1, with fast-food
king YUM! Brands ahead on the bottom line and in line on the top, with
same-store sales remaining just in positive territory. The company forecasts Q2
to be its most challenging quarter and the low point of its year, but still
plans to expand in China with over $1B new capital investment over three years.
Hotelier Marriot and cruise line Royal Caribbean did substantially better than
expected, and managed to at least not cut guidance.
- Mid-cap steel makers Nucor and Reliance Steel reported weaker-than-expected
earnings and revenue in the first quarter. Reliance's CEO said that business
remains difficult across all products, with no geographic region that is
significantly better or worse than any other. Nucor's mill utilization rate
fell to 45%. Steel Dynamics did better, cutting its expected loss in half. The
company expects Q2 results to improve, with a "small profit" possible
- In currency trading, EUR/USD has consolidated earlier gains but failed to
advance above the 1.3070 pivot point. Note that the Belgium Business Confidence
index fell more than expected this morning; the data is usually seen as an good
indicator of German IFO data, which is expected to be released on Friday. The
Bank of Canada failed to make any specific commitments on quantitative easing
(QE) after cutting its interest rates to 0.25% earlier this week. However, the
BoE did set up a framework in which QE could be implemented. The CAD was
broadly firmer following the remarks, with USD/CAD at 1.2250, down 150 pips in
the aftermath of the BoC comments.
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Forex Trading News
Daily Forex Market News Forex news reports can be found on the forex research
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Forex News Real-time forex market news reports and features providing
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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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