- Equity indices opened a bit higher this morning despite the absence of
improvement in weekly jobless claims. Analysts estimate that auto layoffs (some
temporary) were a big factor in higher-than-expected initial claims number,
accounting for 27K of the 637K initial claims figure, which was in line when
auto-related dismissals were factored out. Note that the continuing claims data
hit their highest level on record once again. The Labor Department's PPI
reading said prices rose at a brisk pace in April after March's decline, driven
by a surge in food costs. Front-month NYMEX crude is well below $58 after the
IEA cut its world oil demand forecast for the ninth consecutive month in its
monthly report today.
- Treasury prices were higher again ahead of the open of pit trade in Chicago, but have since slipped into the
red. Yields are only marginally higher ahead of the third and final NY Fed
coupon purchase of the week. The benchmark yield is back above 3.1% while the
long bond is approaching 4.1%. There was a noticeable jump in interbank lending
rates overnight with the US 3-month LIBOR surging 5 basis
points to 0.85% to match the yield of the 2-year Treasury note. It is worth noting
though, that it did not translate into an upward move in the TED spread.
- Yesterday afternoon the Treasury and CFTC outlined their plan to regulate
over-the-counter derivative trading. The plan would set capital, reporting and
margin requirements, as well as position limits on certain instruments, with
the Treasury handing most oversight to the CFTC. Under the plan, the CFTC would
establish an "audit trail" for the derivatives and have "clear
unimpeded authority to police fraud, market manipulation and other market
abuses" involving derivatives. Shares of CME have run up 20% over recent
days on speculation the company would be a direct beneficiary of the move, with
CME+5% after the bell today, while ICE is up 4%.
- Wal-Mart's first-quarter results are apparently not having a big impact
today, with shares of WMT down a hair in early trading. The worlds biggest
retailer met earnings expectations and came in a bit under revenue estimates,
and guided in line for next quarter. The company noted that the stronger USD
reduced reported revenue by a considerable amount. Same-store sales grew by a healthy
3%. On the conference call, WMT's CEO said he is optimistic about the long term
and realistic about the short term. Kohl's reported more or less in line with
expectations and upped its full-year forecast a touch. Whole Foods' earnings
outperformed analysts expectations, but same-store sales are still falling.
- Power transmission engineering name URS is up 8% after beating earnings
expectations by a wide margin. Oil and gas services firm WSP jumped 20% before
the bell before losing ground in early trading, to around +14%, after the firm
significantly outperformed Wall Street's expectations. Shares of autoparts
giant Lear have been all over the map, dropping 14% before the open, climbing
quickly to +10% after the bell and then diving back deep into negative
territory. The company's loss was much bigger than expected, thanks to
restructuring costs and big sales declines. The tone of the conference call was
grim, with the CEO insisting that Lear wants to restructure outside of
- In currency trading, risk appetite reappeared following the weekly claims
data. The USD saw its earlier gains against the European pairs erode, but
maintained its recent overall weekly range for the most part. EUR/USD was
holding around the 1.36 area and GBP/USD hugging the 1.51 neighborhood. The
USD/JPY pair continues to gather some technical momentum below the 96.30/50
head & shoulders neckline on the charts that has developed since early Feb.
Currently the 100-day moving average providing support at the 95.10 level. The
Japanese press reported that the government would likely upgrade its economic
assessment in May. If true, this would be the first upgrade in three years.
Dealers are noting that any upgrade would be attributed to signs exports and
production are bottoming out. Overall trading has been quiet, but some rumors
of bank defaults did circulate. Dealers noting that a small Russian bank did in
fact default but it had few repercussions on price action.
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Daily Forex Market News Forex news reports can be found on the forex research
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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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