User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday May 29, 2009 - 10:07:26 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - European Market Update: Indian GDP data helps commodities rise; USD sentiment on the ropes as diversification fears grow

Today 05:56am EST/09:56am GMT

European Market Update: Indian GDP data helps commodities rise; USD sentiment on the ropes as diversification fears grow


- (IN) India Q1 GDP Y/Y: 5.8% v 5.0%e; prior quarter revised higher to 5.8% from 5.3%

- (GE) German Apr Retail Sales M/M: 0.5% v 0.5%e; Y/Y: -0.8% v -0.3%e

- (UK) UK May Nationwide House Prices M/M: 1.2% v -0.9%e; Y/Y: -11.3% v -13.7%e

- (HU) Hungary Apr Producer Prices M/M: -1.9% v 0.7% prior; Y/Y: 7.2% v 8.3%e

- (CZ) Czech Apr Preliminary Industrial Output Y/Y: -23.2% v -19.0% prior

- (TH) Thailand Apr Total Trade Balance: $619M v $2.17B prior; Current Account Balance: $426M v $650Me

- (TH) Thailand Apr Manufacturing Production Y/Y: -9.7% v -16.1%e

- (DE) Denmark Apr Unemployment: 3.3% v 3.2%e

- (SP) Spain Mar Current Account: -€6.55B v -€10.2B prior

- (SW) Sweden Apr Household lending Y/Y: 8.0% v 8.1% prior

- (SW) Sweden Q1 GDP Q/Q: -0.9% v -2.7%e; Y/Y: -6.5% v -6.6%e; Prior Quarter revised lower to -5.0% from -2.4%

- (IT) Italy Apr PPI M/M: 0.5% v -0.5%e; Y/Y: -5.3% v -5.4%e

- (NO) Norway Mar AKU Unemployment Rate: 3.2% v 3.2%e

- (NO) Norway Q1 Manufacturing Wage Index Q/Q: 0.9% v 1.0% prior

- (NO) Norway Apr Retail Sales Volume M/M: 1,4% v 0.6%e; Y/Y: -3.2% v 1.9% prior

- (PD) Polish Q1 GDP Y/Y: 0.8% v 0.8%e

- (EU) Euro-Zone Apr M3 Y/Y: 4.9% v 4.5%e; 3M Avg: 5.2% v 5.1%e

- (IT) Italy May Preliminary CPI (incl tobacco) M/M: 0.2% v 0.2%e; Y/Y: 0.9% v 0.9%e

- (IT) Italy May Preliminary CPI EU Harmonized M/M: 0.2% v 0.3%e; Y/Y: 0.8% v 0.9%e

- (EU) Euro-Zone May CPI Estimate Y/Y: 0.0% v 0.2%e

- (SZ) Swiss May KOF Leading Indicator: -1.86 v -1.78e


- In equities: -In equities: Equity markets in Europe snapped a two-day negative opening streak following a strong close in NY and Asian equity bourse movements. Markets were cheered by Indian Q1 GDP coming in better than expected at 5.8% for Q1. Seen as a further sign in a trend of macro recovery, exporters, manufacturers' and basic resources firms initially traded higher on the expectation of demand increases out of South Asia. Equity stories in Europe continue to be dominated by the same themes that have continued throughout the week. Fiat [F.IT] has again expressed its interest in OPEL and willingness to work with all partners. Comments out of Germany's Guttenberg that a German decision would be delayed until Friday seem to be little believed, no, expectation regarding OPEL is now expected until at the earliest next week. Continuation of discussion between Arcandor [ARO.GE] and the German gov regarding loan guarantees into next week delay the prospects of any decision on that firm's future, most likely until the June 12th date set by the firm as major financing deadline. Nordic region data at 3:30EST out of Sweden and Denmark provided little new direction as equity markets held tight ranges from the open between +1.0% to 1.25%. Data out of Europe throughout the European morning came in broadly in line and had little overall effect on equity trading. Continued weakness in the USD and strength in hard, soft and energy commodities drove markets higher. By 5:30EST, equity markets were holding their ranges +1.0% and began eyeing the approach of the US preliminary GDP figure due at 8:30EST.

-In individual equities: Severn Trent [SVT.UK] Reported FY09 Net loss £57.8M v gain £175.7Me, Rev £1.64B v £1.6Be. Proposes dividend of 67.34p/share (+2.6% y/y). || BA [BAY.UK] Moody's lowered ratings one notch to Ba2 from Ba1; affects $990M in rated debt. Cites weakening profitability and higher fuel charges; weakness in demands and yields. || Danone [BN.FR] Launching rights issue at €24.73 (31.43% discount from Friday's close). Rights issue to be placed through preferential rights to existing share holders || Puma [PUM.GE] The company is evaluating the future of its UK retail platform - FT. Property agents have been circulating details of all but one of Puma's retail outlets in the UK market, raising questions about the commitment to a high street presence by the brand in the UK || Strabag [STR.AS] Reports Q1 Net loss €129.3M v loss €120Me, Rev €2.1B v €1.9Be. Guides FY09 inline with FY08. Sees further negative market developments. Q1 Output €2.19B, Q1 Backlog €12.9B v €12.6B y/y. || Tiscali TIS.IT: Board approves second stage capital increase of €46.5M and 3rd stage of €25M capital hike. Confirms plans for €190M capital raise through share sale. To hold EGM to discuss operations. || Fraport [FRA.GE] To end shortened working hours for cargo unit as of next week. Have won additional contracts, see volumes reaching acceptable levels. || Bombardier [BBDB.GE] Russian RailRoads planning to buy 54 trains for approx €500-550M, Trains for 2013 Olympic games in Sochi. ||

- Speakers: ECB Trichet's commented that non-standard policy tools have worked, but that the ECB priority remains price stability. Upside inflation risks have diminished and long-term inflationary expectations anchored at target. Thus he reiterated the view that price stability remained the 'needle in the compass'. He defended the central bank's action noting that the ECB has acted 'swiftly, flexibly and decisively' during global crisis and lowered interest rates by historic amount during crisis

|||ECB Draghi commented that deflationary risk appears to be slight (change in language). He saw encouraging signs in economic and financial indicators and reiterated that global economic growth was expected to restart in 2010. However, he noted that the global markets remained volatile and that if banking sector health was not restored, the recession could be longer. He saw interest rates increasing over next two years due to big government borrowing. Interest rates pressures would increase once the recession ends. He stressed that governments need to substantially lower public debt following the crisis ||German Fin Min Steinbrueck commented that Germany must ensure Maastrict Stability Pact is not endangered; must protect credibility ||| ECB's Bonello commented that it was unlikely to see major economies recover until well into 2010 |||French PM Fillion commented that he sees unemployment rising across Europe. Noted that positive impact on the back of stimulus plan could be seen as soon as this summer and noted that Consumer spending remained resilient || EU's Junker commented that he believes that have yet see the end of financial crisis. He noted that currency exchange rate volatility remained excessive. Answers to toxic assets are satisfactory but markets actions remain 'irrational' ||| Polish Central Banker Slawinski commented that External forces caused slowdown in GDP data. Polish economic growth could slow a bit further and its outlook depends on investment. He guided 2009 GDP close to zero percent growth || BoJ executive Director Nakaso commented that the stress on corporate financing was receding. BOJ prior steps to help corporate financing has improved outlook but the end of temporary measures is up to markets

- In Currencies: The session took note that the long term dollar outlook was back in the spotlight as the green back continues to exhibit weakness against the major currency pairs, emerging market pairs and commodity-related currencies. Thus it appears the USD on the ropes. Comments earlier from South Korea's Pension Fund that it indicated a diversification away from the dollar fueled the sentiment in today's session. Attempts by US officials to downplay the USD depreciation have not worked to calm participants' sentiment. Fed's Fisher commented during the Asian session that the US "AAA" sovereign rating was not at risk. Dealers noting that the USD/RUB break below 31.00 level triggered some fresh buying in the EUR/USD pair. The EUR/USD moving towards the 1.41 level as the NY morning approached. GBP/USD hit its best level since early November as it tested 1.61. The USD weakness reinforced by higher commodities following the better-than-expected GDP number out of India just prior to the European morning. NYMEX July Crude futures tested the $61 handle, up almost $1.00 per barrel in its electronic session. Spot Gold firmer by $15 to hit $974.00/oz

-In Fixed Income: Fixed income futures were higher in the session with June Bunds at 119.60, up over 40 ticks, while June Gilts were up 65 ticks as it approached the 119 level. The US yield curve continued to steepen with the spread between the 2 and 10-year Treasuries at 166 bps

- I n Energy: Pres. Obama stated that it was not in Saudi Arabia's interest to have big spikes in US energy prices || OPEC's El-Badri commented that continues to encourage members to increase its compliance levels. He noted that it was too early to increase output levels. Reported 'cheaters' included Iran, Algeria, Nigeria and Venezuela. The General Sec stated that he forecasts range of $70 to $75 per barrel by end of 2009

*** NOTES ***

- Indian Q1 GDP beats expectations and prior revised up. Commodities rise in its aftermath

- Japan: Apr Indus Output +5.2% m/m, sharpest pace in over half a century (since March 1953)

- Fisher: US AAA not at risk. No evidence China wants to significantly shift its dollar portfolio.

- Korean Pension Fund to reduce exposure to US bonds

- US and China Treasury officials to meet next week

- Looking Ahead:

- 8:00 (SA) South Africa Apr Trade Balance (ZAR): B v -3,4Be

- 8:30 (CA) Canada Q1 Current Account: -$10.3B expected versus -$7.5B prior

- 8:30 (US) Q1 Preliminary GDP Q/Q: -5.5% expected versus -6.1% prior

- 8:30 (US) Q1 Personal Consumption: 2.0% expected versus 2.2% prior

- 8:30 (US) Q1 GDP Price Index: 2.9% expected versus 2.9% prior; Core PCE Index Q/Q: 1.5% expected versus 1.5% prior

- 9:45 (US) May Chicago Purchasing Manager: 42.0 expected versus 40.1 prior

- 10:00 (US) University of Michigan Confidence: 68.0 expected versus 67.9 prior

- 10:00 (US) May NAPM-Milwaukee: 42.0 expected versus 39.0 prior


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

Forex Research

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 here.

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."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

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.

Request a TRIAL of Max's Forex Service.


Retail Forex Brokerage Changing!

Are you 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.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map

Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

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.

Forex News

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

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

Forex Brokers

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 Trading

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.

FX Trading

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.

Forex Blog 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 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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105