- Equity markets are giving up a small portion of yesterday's gains as doubt
creeps in ahead of Thursday's stress test disclosures. Rhetorical hedging out
of Fed Chairman Bernanke also seems to be a factor; Bernanke noted that he sees
a recovery coming in late 2009, but warned that even then growth would remain
below potential. Spot gold tested above the $915 level for one-week highs, with
dealers calling for more upside momentum if gains above the $930/oz level are
sustained. Front-month NYMEX crude is struggling to maintain the $54 handle but
still well within reach of 2009 highs. Treasury markets are quiet ahead of this
afternoon's 3-year not auction, with prices and yields little changed.
- Financial stocks are all over the map this morning in the wake of the Wall
Street Journal's front-page assertion that 10 out of 19 banks undergoing
government stress tests may need to raise capital. This news comes two days
before the results of the testing are due. Topping the WSJ's list of banks in
need of a bigger cushion are Bank of America, Citi, Wells Fargo and a handful
of regional banks. After the open this morning CNBC reported that banks would
have one month to come up with a plan for raising the needed capital (which
officials have said needs to come from private sources). Note that yesterday
afternoon S&P put BoA, Citi and Wells Fargo on Watch Negative, along with
ratings from a raft of other tier-1 and regional banks. S&P also warned
that Citi and BoA would likely need more capital. Oppenheimer is damming the
torpedoes this morning, choosing to upgrade Wells Fargo to outperform.
- In earnings, consumer-facing names continue to either meet or beat
expectations. Retail powerhouse CVS reported Q1 results more or less in line
with the Street, and said it was firm quarterly same-store sales growth as
well. CVS's 2009 forecast was up a hair over last quarter's outlook. On the
conference call, CVS's CEO said its retail business continues to perform at the
top of the industry, but warned it is "not entirely recession-proof."
Kraft Foods beat earnings estimates and miss a bit on the top line, but
reaffirmed its solid full-year outlook. Executives at KFT said they are
starting to see some signs of economic recovery but expect to continue seeing
weakness in Central and Eastern Europe. Molson Coors
destroyed earnings estimates, doubling its quarterly profit y/y, before the JV
arrangement with SABMiller.
- Two of the gaming world's biggest names, Wynn Resorts and MGM, are both up
substantially despite fairly weak earnings reports. Wynn slipped to a quarterly
loss due to softness in its big Macau play. MGM's
travails in the quarter are well known, although it chalked its quarterly loss
up to double digit declines in slots and table games, with total casino revenue
-16%. Occupancy was also "unusually soft" in the quarter. On the
conference call, MGM's CEO said the quarter was "quite brutal" in
Vegas, noting that he expects the convention business to be down 25% in 2009.
- Unlike its larger brethren last week, mid-cap healthcare are companies are
outperforming. Managed-care name Health Net beat analysts' expectations and
reaffirmed a 2009 forecast that was well above target. HealthSouth also beat
earnings expectations and guided to the high end of its 2009 range. Two big
pharma names were mixed, however. Drug distributor McKesson exceeded earnings
estimates (ex a $0.22 investment write down) although revenue was a bit behind.
Guidance for the full year also fell short of expectations. Generic drug power
Teva's earning were in line, while revenues fell short of expectations.
- In currencies, EUR/USD moved back to retest highs from Asia around 1.3420,
with risk appetite was behind the support for weaker USD and JPY, not to
mention strength in energy and metals. Sterling
continued to maintain a firm tone throughout the New York
session, initially helped by the better-than-expected PMI contraction data for
April. Additional GBP strength was attributed to a rumor circulating that UK
consumer confidence would hit 50 (the consensus expectation is for 43); the
data is scheduled to be released later today at 7pmET. GBP/USD tested above the
1.5160 level for the first time since early January, while EUR/GBP probed
closer towards the key technical level of 0.8800 as it printed 0.8846 in the
session. Take note also that the ECB's Nowotny cited "clear signs of
improvement" in Eastern Europe, saying that the
region would benefit from continued support from the IMF. CAD and AUD-related
pairs were firmer on steady to higher energy and metal prices.
- Economic data will really pick steam up as the week progresses, especially
with rate decisions on tap from the BoE and ECB on Thursday and key US
employment figures coming out in the Wednesday through Friday period. The
banking sector stress test results are expected to be made public on Thursday.
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.