- Investors are looking beyond today's GDP reading, with all three leading US equity indices opening higher for the first time this week and pushing out to two-week highs in early trading. Risk appetite seems to be building ahead of this afternoon's FOMC decision as well. The advance Q1 GDP reading was worse than expected, at -6.1% versus -4.7%, though notably it is only the first and least complete of three GDP readings for Q1. Investors are apparently taking the good news where they can find it, focusing on data from the reported showing 2.2% growth in customer spending and a 3.4% decline in inventories. Note that front-month NYMEX remains around $50.80, well above yesterday's lows.
- Executives from Bank of America and Morgan Stanley are facing off with investors at annual general meetings this morning. Both Morgan Stanley CEO John Mack and BoA CEO John Lewis have been under fire from various quarters for their performance during the crisis; the media has widely speculated that shareholders will try to strip Lewis of his chairmanship or even his place as CEO. So far this morning, Lewis has defended the Merrill Lynch and Countrywide acquisitions, reiterating that they were not missteps. At Morgan Stanley, CEO Mack said the firm had reduced leverage to 11.4x from 32.6x and reduced balance sheet by close to $350B. Note that Wells Fargo's AGM was yesterday evening, during which shareholders rejected proposal in to require an independent chairman. WFC's CEO insisted the firm is not a "zombie bank." In other finance sector news, analysts at Fox-Pitt Kelton raised US banking sector to neutral from sell, citing improving valuations, better loan loss reserves and fewer non-performing assets. And Moody's reported better-than-expected earnings and revenue, and reaffirmed its 2009 earnings guidance.
- Health insurance giant Aetna and pharmacy benefits manager Medco Health reported solid quarterly results this morning. Both firms met earnings estimates and reaffirmed their 2009 forecasts, while Aetna beat revenue targets. But Medco warned that rising job cuts among its employer customers is still a concern, while Aetna said layoffs and increased Cobra membership were a threat. Shares of MHS are down 4%, while AET was making fresh lows around -9%. Pfizer takeover target Wyeth had a good quarter, with Q1 earnings better than expected and revenue just a hair below targets. Wyeth noted that integration with Pfizer is on track.
- Consumer-facing names Burger King and tobacco firm Reynolds American offered quarterly results in line with expectations. However BKC missed estimates in its guidance for next quarter and trimmed its full-year forecast a bit, noting that worldwide sales rapidly decelerated in the month of March. Reynolds discussed the impact of new excise taxes, noting the big increases that took effect April 1 disrupted shipments in the quarter, leading to significant reductions in wholesale and retail inventories and higher-than-usual industry volume declines. BKC is up 4% mid morning, while RAI is up 2%.
- The recession is taking its toll on big media, as seen in results from IAC/Interactive and the Time Warner companies. IACI swung to a loss in Q1 after Q4's solidly profitable results. The firm's media and advertising revenue fell 22% y/y, in line with the broader industry. Time Warner was firmly ahead of the Street on the bottom line in Q1, despite big declines at AOL and overall weakness in the sector, noting that better results at its cable properties offset other losses. Time Warner Cable missed on earnings but met revenue targets, and affirmed it would earn $3.00/shr this year, firmly in line with expectations. The company is still evaluating its options for AOL, noting it will most likely spin off parts of the unit over time.
- In currency trading, the price action seen in the European session extended into the New York morning. One dealer observed that the yield on the US 10-year bond and GDP price index are morphing together at 3%. The EUR/USD continues to be attracted toward its key resistance level of 1.33. For the time being the market is discounting the cautious growth comments out of the Euro-Zone. ECB's Weber reiterated the view that Q1 GDP for the region was likely to be worse than the -1.5% reading seen back in Q4. He did note that the pace of economic deterioration was likely to slow. Germany officially cut its GDP estimate for 2009 and now sees growth contracting by 6% from it prior forecast of a 2.25% contraction. Germany also commented that it saw its economy stabilizing later this year. UK's Chancellor Darling said the UK economy seen growing by end of year and complemented with modest growth in 2010. Commodity currencies are maintaining a firm tone, with USD/CAD moving back towards the 1.20 handle and AUD/USD back above the 0.72 cent level.
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.
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
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
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.