- US equity indices have seen both positive and negative territory before
noontime. Headwinds remain in place, as April housing starts and building
permits were both weaker than expected, hitting lows not seen since the series
began in 1959. Commentators are making the best of the news, noting that
slowing multi-family building starts were the culprits behind the declines,
while single-family starts rose slightly on a sequential basis. However, the
figures are hardly the sort of green shoots anyone is hoping for. Investors
should likely take note of comments from PIMCO's El-Erian, who called slower
growth the "new normal." In any case, the flood of debt and equity
secondary offerings continues, with companies from across the spectrum rushing
to market to raise capital. Front-month NYMEX crude nosed above $60 briefly
overnight, before trading off after the open of pit trading in NY. The June
contract comes off the board after the close today.
- Treasury prices have been trading lower through the morning pushing the US benchmark yield back towards 3.25%. Interbank
lending rates continue to come down with the US 3-month LIBOR fixing down at 0.75%.
- Stocks of the largest US banks are behaving variably after various press
reports that the US will let five or six big banks pay back TARP funds. Bank of America
and Citigroup have both made 4-5% gains early on, while most of the rest of the
tier-1 financials muddled around in the red before heading higher. Goldman, JP
Morgan and American Express are reportedly first in line to repay, according to
the FT, followed possibly by Morgan Stanley, State Street and US Bankcorp. At
the JP Morgan AGM this morning, CEO Dimon also said that the government would
authorize "some" TARP repayments within weeks. Note that yesterday
STT priced its equity offering and raised the total deal to $2B from $1.5B (to
repay TARP) at $39, and shares of the bank are still trading between $41-42
this morning. The New York Times took a look at the effect of early TARP
repayments and warrant repurchases on banks and taxpayers, noting that the
government holds warrants in 579 banks that could be worth $5 to $10B,
depending on market conditions. On a related note, FASB approved two rules
yesterday (FAS 140 and FIN 146) that could force financial firms to bring more
off balance sheet assets onto their books.
- Investors are digesting another cluster of retail earnings this morning. Home
Depot followed up on Lowe's earnings performance from yesterday, beating
earnings and revenue estimates by healthy margins, although its full-year
forecast was decidedly weaker than Lowe's, with its numbers below analysts'
estimates. On the conference call, an HD executive said there has been improvement
in comp transactions despite soft February sales. Shares of HD fell before and
after the open, to around -6% mid morning, while LOW was down 2%, near
yesterday's lows. Discount retailer TJX reported in line and reported mildly
positive quarterly same-store sales, while luxury retailer Saks trimmed its
quarterly loss to a figure that was much smaller than expected, although its
quarterly SSS remain dismal. American Apparel's loss was higher than expected.
Shares of SKS+23% are rocking this morning, while APP-19% are not. TJX is up a
- In tech, solar names Solarfun and JA Solar continue to be hit hard by the
recession, reporting quarterly losses. SOLF's loss was slightly better than
expected, while JASO lost three times the expected amount. Both firms expressed
nevousness about their outlook, noting that visibility is limited. JASO
withdrew its full-year earnings guidance, while JASO said its previously
planned capacity expansion is still on hold. Also note that Sprint said it
would launch sales of the Palm Pre smartphone on June 6th, at a price of $199
with a two-year contract. Shares of Sprint are around even, while PALM is off
its worst levels after losing nearly 10%.
- Currency trading hit some turbulence following the euphoric sentiment from
the European session. USD and JPY moved off their worst levels, with EUR/USD
back below the 1.36 level and USD/JPY back around 96.00 after testing 96.60
overnight. Several officials uttered cautious remarks despite the recent signs
of stabilization in the global economy, with the IMF's Berger noted that
emerging Europe growth would not return to pre-crisis levels. Commodities took
different paths during the New York session, with energy related and basic
metals retreating while the precious metals retained its luster. AUD and CAD
currencies held on to most of their session gains.
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Daily Forex Market News Forex news reports can be found on the forex research
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Forex News Real-time forex market news reports and features providing
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Actionable trading levels delivered to YOUR charts in real-time.
Mon 12 Mar 2018 A 17:00 US- 3-Yr Auction Tue 13 Mar 2018 A 10:00 DE- ZEW Survey AA 12:30 US- CPI A 17:00 US- 10-Yr Auction Wed 14 Feb 2018 AA 12:30 US- Retail Sales A 12:30 US- PPI A 14:30 US- EIA Crude A 17:00 US- 30-Yr Auction Thu 15 Mar 2018 A 12:30 US- Weekly Jobless A 12:30 US- Philly Fed, Empire PMI A 12:15 US- Industrial Production Fri 16 Mar 2018 A 10:00 EZ- final HICP A 12:30 US- Housing Starts/Permits A 14:00 US- prelim Univ of Mich
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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