US equity indices are trading sideways this morning as investors
contemplate mixed economic data and an imminent bankruptcy filing by
GM. The GDP numbers are offering some support for the "getting worse
more slowly" theme, while the U of Michigan confidence data is all
green shoots. The preliminary Q1 GDP reading was a hair worse than
expected at -5.7%, versus expectations for -5.5%, although it was
better than the advanced reading of 6.1% back on April 29th. The third
and final reading is expected in late June. The second and final
University of Michigan May consumer confidence reading was a bit above
expectations and a whole percentage point above the preliminary reading
two weeks ago, sending the index to levels from last September.
However, the May Chicago Purchasing Managers Index indicated no
positive trends, coming in significantly below expectations at 34.9 (v
42e) and well below the April's surprisingly strong reading.
Front-month NYMEX crude is extending its streak this morning, hitting
another six-month high above $66 while gold also makes new multi-month
highs nearing $980 as the Greenback remains on the defensive.
US Treasury prices are experiencing a late-week rally after yesterday
afternoon's 7-year auction results seem to have calmed the markets.
After the sharp move up in rates mid-week, the benchmark 10-year yield
has drifted back below the 3.55% level it was trading at ahead of the
5-year auction. The curve has flattened substantially as well with the
benchmark spread narrowing more than 15 basis points from the all time
highs made Wednesday afternoon. Markets seem be taking some solace in
reports the Fed was not nearly as concerned about this week's rate
spike as many other were. The WSJ reported that Fed officials saw the
move up in rates as more a factor of an improving economy and that they
remain comfortable with the currently historically low level of
- Morgan Stanley and Citi are
outperforming the other tier-1 financials this morning as investors
react favorably to recent bond sales. BoA/Merrill Lynch commented on
Goldman Sachs overnight, saying they believe Goldman is headed for a
strong Q2 as the firm benefits from weaker competitors. The analysts
also said that only JP Morgan has improved competitive position
relative to Goldman in the quarter. In a development that would affect
the financials across the board, the FT reported there are growing
concerns that triple-A-rated mortgage backed securities could face a
"cascade" of rating downgrades following remarks from S&P that it
may downgrade tens of billions of dollars in triple-A-rated securities
backed by real estate loans.
- In earnings, PC
powerhouse Dell reported Q1 results that were largely in line with
expectations. CEO Michael Dell said indicators of global IT demand
remain mixed, and the broader environment is still challenging, while
the CFO said he does not believe IT spending has seen a bottom. Luxury
retailer Tiffany's also met estimates, and also reaffirmed its 2009
forecast in line with analysts. On the conference call, Tiffany
executives said they are seeing cautious consumer spending across sales
units across the board, with high-end jewelry encountering largest
declines. Elsewhere in retail J. Crew blew out analyst estimates for
the quarter and said it sees a modest profit next quarter (versus an
expectations for a loss).
- In currencies, traders
continued to see the long-term dollar outlook at a critical technical
level in the New York session, with the greenback showing more weakness
against the major pairs, emerging market pairs and commodity-related
pairs. Concerns that major central banks and large government-backed
agencies might diversify away from the dollar weighed on sentiment.
Overnight comments earlier from South Korea's Pension Fund that it was
looking to diversify away from the dollar and more fallout from
Thursday utterance from a Brazilian minister fueled the sentiment in
today's session. Attempts by US officials to downplay USD depreciation
have not calmed feelings. The Fed's Fisher commented during the Asian
session that the AAA sovereign rating of the United States was not at
risk. Dealers are noting that USD/RUB broke below 31.00 level,
triggering fresh buying in the EUR/USD pair. The EUR/USD was moving
toward the 1.4150 level as the NY morning ended.
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
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
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Actionable trading levels delivered to YOUR charts in real-time.
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.
WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES
CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN
EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE
PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE
INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC
REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL
SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR
SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.