- US equity indices have see-sawed this morning as skittish investors continue
talk about S&P's shot across the bow of Britain's AAA sovereign rating. In
the premarket investors kept up the buying seen late in yesterday's session,
with trade yo-yoing into and then out of negative territory in the first hour.
PIMCO's El-Erian summed up the mood on CNBC, noting that market participants
are concerned about the long-term sustainability of the Federal government's
balance sheet, in the light of the government's short term goals. Front-month
NYMEX crude is hovering around even for the session, at $61. Front month
natural gas tested $3.50, off more than $1 from the multi-month highs made less
than two weeks ago.
- The downside momentum in Treasury prices resumed following the open of pit
trade in Chicago. The sell off that
started yesterday just before
sent the 10-year yield above 3.4% for the first time since last November. The
benchmark spread continues to trade at the widest levels in more than 7 months moving
above 250 basis points.
- Investors have been eying the credit card reform bill working it way through
Congress over the last few weeks. Last night the Senate passed the legislation,
with its associated credit card "Bill of Rights"; the next step is a
conference committee to reconcile the bills, followed by the president's
virtually guaranteed signature. The WSJ's Heard on the Street wrote today that
the days of easy profits for credit card names are over, thanks to the
legislation and accounting rule changes that will force companies to bring
large amounts of off balance sheet loans back on the books. BofA/Merrill Lynch
are not so downbeat, as analysts at the firm raised their price targets on AXP,
COF and DFS (although they left the Underperform ratings on all three
untouched). In a related story, JP Morgan shifted a portion of its debt card
users to Visa from MasterCard, affecting more than half of MA's $59B portfolio
of debit card users. A MasterCard spokesperson insisted the move would not have
any material impact on revenue.
- Florida bank BankUnited was shut down by the OTS and handed over to the FDIC
last night, making for the largest bank failure of 2009 and the biggest hit to
the FDIC since IndyMac collapsed last fall. It has reopened as a newly
chartered savings bank, owned by an investor group including the Blackstone
Group, the Carlyle Group, Centerbridge Partners and WL Ross & Co.
- In earnings, apparel retailers Gap and Aeropostale reported in line with
estimates. Guidance from Aeropostale, which continues to dramatically
outperform other mall chains with positive double-digit same-store sales, was
well ahead of estimates for next quarter. Foot Locker had an impressive first
quarter, beating analyst estimates by a wide margin. FL and ARO rose 5% before
the open and rapidly gave up their gains after the bell, with FL plunging as
much as -10% before cutting its losses. Solar names LDK and Yingli both
reported much larger than expected losses, and Yingli missed revenue targets
significantly. Both firms have been hit hard by the crisis and the withdrawal
of various government subsidies for buying solar panels. Shares of YGE were up
5% at the open but rapidly sunk to -5% early on. LDK opened down 5% and is
presently around -15%. Shares of Salesforce.com are 10% despite a strong
quarterly performance, with investors evidently unhappy about weak guidance for
the coming quarter.
- In currencies, concern about the implications of a potential US
sovereign rating downgrade continued to weigh on dollar sentiment. Dealers are
saying that the size of next week's Treasury auction as well as the ratings
fears are putting any prospect of a near-term dollar recovery on ice. One
dealer noted that the recent equity-dollar correlation trend might drift toward
a stronger bond/dollar correlation. EUR/USD tested above 1.4000 level during
the session, a level last tested back on Jan 2nd.
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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
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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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