- Equity indices opened sharply higher this morning as investors shrugged off
widespread reports that the government would ask Bank of America to raise
billions in additional capital and concentrated on the much
better-than-expected April ADP employment reading. With the ADP small and
medium-sized business sub-indices showing less weakness than expected,
commentators are fixing on the report as just one more sign that the sharp declines
of Q1 are moderating. However, equities traded off from the open, with some
caution in the wind ahead of the expected release of stress test results as
well as the government's conditions for banks to repay TARP funds. Note that
tech stocks have been hit especially hard in early trading, forcing the Nasdaq
into negative territory led by declines in Amazon. Front-month NYMEX crude
continues to gain ground, up more than $2 to trade near the 2009 highs of $56 a
- Treasury markets remain fairly quiet with prices and yields settling into the
new trading range. The 10-year note if marginally lower with yields just a few
basis points from 2009 highs ahead of a $22B 10-year auction this afternoon.
Both the BOE and Fed continued to buy up government bonds in two more reverse
auctions this morning. Lots of trader talk is focused on the $10.6B TALF loans
requested in last night's third round of auctions. That was more than the first
two TALF auctions combined. Credit markets are also focusing on the increased
issuance of junk paper and continued improvements in interbank lending rates as
hope the government policies are continue to have the desired effects.
- Earnings season is slowly winding down, with the bulk of the most watched
large- and mid-cap firms having already disclosed their quarterly results. Oil
services leader Transocean missed earnings targets thanks to the overall
weakness in the energy sector, although utilization and day rates held up on a
q/q basis. Engineering firm Foster Wheeler came in below analysts estimates,
hurt in part by FX impact. Cooper Tire's loss was smaller than expected,
although tire revenues still not growing, demand remains weak and overcapacity
still an issue. Canadian fertilizer maker Agrium is still getting hit by the
overall collapse in demand for its products. AGU reported a small profit ex
hedging losses, write downs and compensation expenses, significantly below
expectations. Agrium said it remains committed to the CF Industries
- Gaming names Las Vegas Sands and Boyd both beat earnings expectations. LVS
eked out a $0.01 per share profit on an adjusted basis (-$0.14 unadjusted), and
said it was still looking to sell assets to shore up liquidity. BYD reported
twice the expected amount, before a big write off for acquisitions. Disney
offered solid quarterly results, a bit ahead on the bottom line and a bit
behind on revenue. The CEO did admit results have been impacted by the weak
economy. Tech darlings Garmin and Electronic arts offered lackluster earnings;
GRMN missed estimates, while ERTS's quarterly loss was smaller than expected.
Revenue lagged at both firms. Shares of GRMN are down a whopping 16%, while
ERTS is down 3%. Also note that Amazon's is launching its new large-screen
Kindle device in New York this
- In currency trading, risk appetite returned in the New
York session following the better-than-expected ADP
employment report. EUR/USD rebounded to move to 1.3370 before consolidating.
Scandinavian currencies were firmer in the NY morning after the Norwegian
Central Bank cut their deposit rate by 50bps to 1.50%, as expected. EUR/NOK was
lower in the aftermath of the rate decision. Sweden's
Riksbank commented that it could stimulate the economy further without cutting
the repo rate to zero and noted that it would not intervene to weaken its
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Mon 19 Feb 2018
00:00 CN, US- Holiday Tue 20 Feb 2018
00:00 CN- Holiday A 10:00 US- ZEW Survey Wed 21 Feb 2018
00:00 CN- Holiday A All Day flash PMIs A 15:00 US- Existing Homes Sales A 15:30 US- EIA Crude AA 19:00 US- Fed Meeting Minutes Thu 22 Feb 2018 A 09:00 DE- IFO Survey A 09:30 GB- GDP AA 13:30 CA- Retail Sales A 13:30 US- Weekly Jobless Fri 23 Feb 2018 A 10:00 EZ- Final HICP AA 13:30 CA- CPI
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
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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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