- US equity
trading was mixed this morning after a notably lower session in the early
going. Things picked up more or less where they left off yesterday afternoon,
continuing the post-Chrysler bankruptcy slide to the downside. More green
shoots seen in data momentarily took things higher, with better-than-expected
final University of Michigan
Confidence and April ISM Manufacturing numbers.
Traders are paying attention to the much improved new orders component of the
ISM data. Note that the U of Michigan Confidence index registered its largest
one-month increase since October 2006. Then mid morning CNBC announced that the
Treasury had pushed the release of the stress tests back to May 7th, noting
that the publicly available information will include capital needs for each
bank and estimated losses for certain loan categories, which has helped the
DJIA nearly recoup its losses for the day. Front-month NYMEX crude is pushing
out to its highest level of the week, gaining a $1.50 to test over $52.
Yesterday closed out a very strong month of trading, with the DJIA up 685
points (+9%) in April, the Nasdaq up 212 points (+14%) and the S&P500 up 79
- Citigroup has finally chosen a buyer for its Japanese retail brokerage
operation, Nikko Cordial Securities, ending its attempts to build a
full-service operation in Japan.
Sumitomo Mitsui will buy the unit for Â¥774.5B ($7.9B) and also tie up with Citi
in a wholesale and investment banking alliance. The deal is expected to close
at the beginning of October.
- Earnings from insurance giants MetLife and Hartford Financial fell short of
expectations, with both names missing estimates on the bottom line as weaker
markets cut into their businesses across the board. Hartford
has been much harder hit than Met, with the firm reporting its third
consecutive quarterly loss and slashing its full-year forecast to a broad range
that's just above breakeven at its lower end. The company is severely limiting
its overseas activities, suspending writing new business in Japan
and the UK, and
putting on ice plans to launch sales in Germany.
Note that MasterCard's earnings were better than expected, although on the
conference call an executive did warn that the firm's 2009 revenue growth would
fall short of its annual long-term growth target of 12%.
- Dow component and second-largest US
oil company Chevron beat the Street this morning, with revenues well ahead of
estimates. Quarterly profit was down 64% y/y, making for an even steeper drop
than Exxon's 58% y/y profit drop yesterday. Like the rest of the energy sector,
the firms are dealing with what various OPEC officials refer to as the reality
of $50 crude. Note that Reliant Energy is down more than 15% after completing
the sale of its Texas retail
business to NRG.
- In other earnings, consumer names Dean Foods, Fortune Brands and Chiquita
offered strong quarterly earnings, with all three firms beating analysts' EPS
expectations. Full-year guidance at the three was firm and without surprises.
Shares of DryShips are up 14% after the firm exceeded expectations and provided
insight into their operations. Shares of Manitowoc
have been hoisted up 20% on a very mixed earnings report, with the firm beating
on an adjusted basis (and in the red thanks to hefty impairment charges).
- International data is aiding the climate of risk appetite: China's
April PMI Manufacturing came in at 53.5, compared to the prior reading of 52.4,
for its highest level in a year and the second consecutive month of expansion.
European PMI readings in Ireland,
UK and Denmark
also improved on prior readings. Note that the US PMI manufacturing continued
this trend as well, with a 65.1 reading above the 61.9 estimate. But these
hopeful figures are being balanced by chatter that the EU Commission will
forecast a 6.0% deficit-to-GDP for EU bloc for 2009, with a forecast of 3.9%
for Germany and
8.6% for Spain.
The Maastricht Treaty binds most EU member states to maintain debt-to-GDP
ratios of 3.0%. EUR/USD ending the NY morning at 1.3250 area and little changed
from opening levels in Tokyo.
USD/CAD is again testing its 200-day moving average at 1.1855, failing to
sustain any momentum below that level. That specific moving avg has not been
breached since late May 2008.
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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.
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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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