User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday June 1, 2009 - 10:20:04 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - European Market Update: European Manufacturing PMIs continue to show improvement but remain below the 50 level

Today 05:58am EST/09:58am GMT

European Market Update: European Manufacturing PMIs continue to show improvement but remain below the 50 level


- (IN) India May Manufacturing PMI: 55.7 v 53.3 prior; highest reading in 8 months

- (SW) Swedbank May PMI Survey: 43.7 v 40.5e

- (IN) Indian Apr Exports Y/Y: -33.2% v -33.0% prior, Imports Y/Y: -36.6% v -34.0% prior

- (ID) Indonesia May Inflation M/M: 0.0% v 0.2%e, Y/Y: 6.0% v 6.2%e

- (ID) Indonesian Trade Balance: $2.08B v $1.675Be

- (PD) Polish May Manufacturing PMI: 42.5 v 42.1 prior

- (CZ) Czech May Manufacturing PMI: 40.5 v 38.6 prior; Highest reading in 7 months

- (SP) Spain May Manufacturing PMI: 39.8 v 34.6 prior; highest reading in 8 months

- (IT) Italian May Final PMI Manufacturing: 41.1 v 39.5e; highest reading since Sept

- (FR) French May Final PMI Manufacturing: 43.3 v 43.1e; highest reading since Aug

- (GE) German May Final PMI Manufacturing: 39.6 v 39.1e; 4th straight monthly increase

- (EU) Euro-zone PMI Manufacturing: 40.7v 40.5e

- (HK) Retail Sales- Value Y/Y: -4.4% v -6.5%e; Volume Y/Y: -5.5% v -7.6%e

- (UK) May PMI Manufacturing: 45.4 v 44.0e; highest reading in one-year

- (SA) South African Kagiso PMI: 37.3 v 35.6e, first increase since Jan


- In equities: -In equities: Equity markets surged on the open following a sharp pre-market session. Following its cue from Asian equity trading, the second straight positive open was fueled by continued signs of growth of China with a May PMI showing continued improvement. Signs of stabilization out of China strengthened miners/basic resource names, industrials and exporters who would be assumed to benefit most directly from a resurgent Asian demand. Energy names trekked higher as oil continued to climb, Total [FP.FR] traded up over €1 and Royal Dutch Shell [RDSA.UK] sustained its upward lift following a JV find with StatoilHydro [STL.NO]. Other major corporate news continued to be dominated by the on-going saga regarding GM and its impending bankruptcy (confirmed by US gov sources) and the divestiture of OPEL to Canadian/Russian Magna. Shares of GM listed in Frankfurt [GMC.GE] and Fiat [F.IT] both traded lower on the German decision and the possibility of political fallout began to circle within Merkel's conservative coalition with Econ Min Guttenberg offering a resignation (that was not accepted). Equity markets accelerated following the open setting then session highs by 3:30EST with the CAC and FTSE over +2% and the DAX over +3%. A wave of European PMI's out of Italy, Sweden, Spain, Germany and the UK showed continued improvement, readings showed the highest levels since Sept of 2008 (pre-Lehman). Through 4:00EST and into 5:00EST, markets held their strong opening ranges on the back of same sector and regional strengths as that seen at the open. By 5:30 the FTSE stood +1.75%, the CAC +2.50% and the DAX +3.25%

-In individual equities: General Motors [GM] Magna to acquire OPEL operations in Germany. Germany to provide €1.5B in funding. OPEL to cut 11K jobs, including 2.6K in Germany. OPEL to be placed under stewardship of trustee group, shares of GM Europe to be temporarily shelved. Russian Sberbank (60% state owned) and GM to take 35% stakes, Magna International 20%, OPEL employees 10%. GAZ to serve as industrial party with OPEL. Seen as success for PM Putin in initiative for spreading Russian state supported business into Europe. Russia is Germany's largest international trade partner. German Chancellor Merkel: Blames GM for mismanaging the company. OPEL situation putting US-German relationship under strain. Notes that Econ Min Guttenberg argued against OPEL bailout. || Barclays [BARC.UK] Vanguard Group has bid $5B for iShares - Telegraph. The bid from Vangard competes with the $4.86B offer from CVC. In April, CVC agreed to pay $4.86B for iShares and Barclays has until June 18 to seek a higher bid. CVC has the right to match any bid. || Royal Dutch Shell [RDSA.UK] Has made North Sea gas discovery -Finansavisen. Gro field estimated to have 300B and 1T cubic meters of gas. Overall production seen at 40% of total reserves from the field. || Vodafone [VOD.UK] Company plans to bring back 2% pay increases after posting FY09 profit - Independent. The company has 10,000 UK workers. The company's decision to pay bonuses comes amid anger from UK workers. In March, Vodafone said that it would not pay bonuses and freeze the salaries of its UK workers. || Danone [BN.FR] is not looking to invest in the company or Granolaro - Le Figaro. || BASF [BAS.GE] Dupont files lawsuit against co. over herbicide tolerance. Claims BASF infringed biotechnology traits similar to those used in DuPont's Optimum GAT trait. The lawsuit was filed in the U.S. Federal Court in the District of Delaware. || Iberia [IBLA.SP] The company and British Airways have scheduled meetings this week to resume their merger talks - Sunday Telegraph. Note: On 5/22, it was reported that the merger talks stalled and that a deal was "several" months away, due to differences between the two companies regarding governance. ||

- Speakers: Polish Central Banker Filar: Economic situation warrants ending of monetary easing cycle |||South African Reserve Bank's Mboweni: Current level in Rand could mitigate inflation, but strength 'unwelcome' for balance in economy ||| Australia's Treasurer Swan commented on the April retail sales data released earlier and noted that government stimulus contributed positively to Retail Sales data and that the data was viewed as encouraging . ||| Former BOE member Blanchflower commented that he expected UK jobless to average up to 100K/month in 2009. He did noted that there were some signs that the global decline had slowed as confidence and consumer spending helped by lower mortgage rates. He cautioned "green shoots" are very tentative and could be 'false dawns'

- In Currencies: USD remained under broad-based selling pressure with Chinese and Indian PMI data series again providing fresh hope that the worst of the global economic recession was behind at this time. European PMIs also helped as multi-month highs confirmed that confidence has bottomed out and that growth will start to stabilize in the second half of the year. Energy and metal prices were broadly higher in the session on the 'green shoot' scenario. Spot gold approached the $990/oz levela dn NYMEX July Crude futures tested above the $68/barrel level. The EUR/USD hit fresh 2009 highs above the 1.4240 level. GBP/USD tested above the 1.6430 level and USD/CHF approached the 1.0600 area. Commodity related currencies were broadly higher with USD/CAD moving below 1.08 and AUD/USD testing above 0.8130. The GBP was firmer as the may U.K. house price data (released during Asian session) rose the first time in 20 months, adding to evidence the UK property market slump was abating ||| Looking ahead the the European interest rate decisions on Thursday, the U.K.'s Shadow MPC voted were split in the decision about the BoE increasing the asset purchase target, but were unanimously behind holding the repo rate steady at 0.5%, in line with expectations.

-In Fixed Income: In the absence of any supply and against the backdrop of an equity rally, Government bonds are slightly weaker this morning in Europe, in thin volumes. Three month Euribor fixed at 1.27% for the 4th successive session. HSBC analysts announced a positive view for Government bond markets for the first time in 2009, expressing a particularly bullish view on longer dated Treasuries.

- I n Energy: IEA Deputy Director Jones welcomed OPEC decision last week to maintain its current output quota. People are getting over the shock from the global economic crisis and noted that the US summer driving season might exceed forecasts. He noted that oil market fundamentals have not changed and predicted that market tightening would occur in the longer-term. Compliance with OPEC quotas was declining. An increase in OPEC production would be a good sign as the 2008 production cuts have impacted market. Expects gas market to tighten in longer term as LNG is a buyer's market at this time || IEA's Tanaka commented that oil demand was not rising as fast as prices and he reiterated concern that rises in price could harm economic recovery prospects ||

- Credit Crisis: Fitch commented that it saw further deterioration in UK asset back securities (ABS) as delinquency and charge off rates to hit new highs

*** NOTES ***

- European PMIs register multi-month highs; Readings remain below the 50 point no change mark thus pointing to ongoing contraction in the anufacturing sector

- US Treasury Geithner in China; Reiterates belief in strong USD; Chinese investments in US Treasuries are safe.

- China PMI Manufacturing drops slightly M/M but maintains firm foothold above the 50 level. India hits 8-month highs at 55.7

- GM to formally file for bankruptcy protection

- Looking Ahead:

- 8:30 (CA) Canadian Apr Industrial Product Price M/M: 0.15 expected v 0.3% prior

- 8:30 (CA) Canadian Apr Raw Materials Product Price Index M/M: 6.5% expected v 12.1% prior

- 8:30 (CA) Canadian Mar GDP: -0.3% expected v -0.1% prior, Q1 GDP : -6.5% expected v -3.4% prior

- 8:30 (US) Apr Personal Income: -0.2% expected v -0.3% prior

- 8:30 (US) Apr Personal Spending: -0.2% expected v -0.2% prior

- 8:30 (US) PCE Deflator Y/Y: 0.4% expected v 0.6% prior, PCE Core M/M: 0.2% expected v 0.2% prior, Y/Y: 1.9% expected v 1.8% prior

- 10:00 (US) May ISM Manufacturing: 42.0 expected v 40.1 prior, Prices Paid: 35.0 expected v 32.0 prior

- 10:00 (US) Construction Spending M/M: -1.5% expected v 0.3% prior

- 10:00 (BZ) Brazil May Trade Balance FOB - Monthly: $2.5B expected v $3.712B 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

Mon 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

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