User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday June 1, 2009 - 15:39:29 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

Forex Blog - US Market Update

Today 11:09am EST/03:09pm GMT

US Market Update

DOW +205 S&P 500 +24 Nasdaq +50

- GM's bankruptcy filing, which arrived just before 8amET, is captivating the media this morning, with front pages, home pages and talking heads discussing little else. So far equities are responding well to the long-expected news, with all three leading indices opening higher and pushing out to around 2.5% gains by mid morning, extending Friday's solid gains. The DJIA was adjusted this morning, with CSCO replacing GM, and Travelers replacing Govt capital infused Citigroup; shares of CSCO and TRV are up 4% or so on the move. On the data front, April Construction Spending was much better than expected, posting its biggest monthly gain since last August, coming a hair to the positive side at 0.8% versus expectations of -1.5%. The May ISM Manufacturing reading was in line, although traders are focusing on the much better than expected prices paid and new orders component, with the latter hitting its highest level since November 2007. Commodities continue to rally, with front-month crude pushing out yet again to six-month highs around $67.50, although gold is off earlier highs, at $977.


- Little new has emerged in the flurry of GM news this morning, with most of the details disclosed previously through waves of sources, press releases, and official comments over the course of the last few weeks. To recap, GM is still expected to emerge from Chapter 11 protection (the largest industrial bankruptcy in US history) in 60 to 90 days stripped of most debt, with ownership of 60.8% by the U.S. Treasury, 11.7% by the Canadian and Ontario governments, 17.5% by the New VEBA, and 10% by unsecured bondholders. Over in Europe, Germany brokered a deal to sell GM's Opel unit to a consortium of buyers that includes Russia's state-owned Sberbank (35% stake), Magna International (20% stake) and Opel employees (10% stake). GM will retain a 35% stake in the unit. Germany is extending €1.5B in funding for the deal, although German Chancellor Merkel was keen to mention that the Opel situation is putting US-German relationship under strain. Note that there have also been multiple reports over the weekend that fellow bankrupt automaker Chrysler is expected to emerge from bankruptcy as soon as today. And also note that the CEO of auto retailers AutoNation told CNBC this morning that he believes annual auto sales will be back over 14M units in five years, up from the dismal forecasts for 9M in overall sales in 2009.


- Morgan Stanley and Citigroup have closed early on the launch of their joint venture, which combines Morgan Stanley's wealth management unit with Citi's Smith Barney division in a new unit called Morgan Stanley Smith Barney. The JV was originally scheduled to launch in Q3. Morgan holds a 51% stake in the venture, which generates about $14B in net revenue a year. Goldman Sachs has sold $1.9B worth of shares in Industrial and Commercial Bank of China, representing nearly 20% of Goldman's 4.93% stake in the Chinese bank, which is the world's biggest lender by market value. Regional bank Zions Bancorp popped 7% before the open after announcing debt and stock sales to shore up its balance sheet, although shares were down to +3% by mid morning. SunTrust also launched a $1.4B common stock sale, although shares of the regional bank are down 2% on the dilutive news.


- In currencies, the strong risk appetite sparked by China and India's PMI data continued to build in the New York session, finally weakening JPY against its major pairs. EUR/JPY and GBP/JPY exhibited several hundred pip moves in the session on the returning risk appetite. Commodity currencies held onto most of their earlier gains despite some retrenchment in the energy and metals. Canadian GDP data was a bit better than expectations, but a slight back-month downward revision prompted a modest bout of profit-taking in CAD. There has been a degree of verbal intervention from some G20 central bankers. The South African Reserve Bank's Mboweni noted that the current level in the rand could mitigate inflation, but its strength was unwelcome for balance in the economy. The Russian Central Bank's Ignatiev said there has been excessive strengthening of the ruble from the real economy's point of view. However, he vowed to maintain volatility as the ruble moved toward a free-float regime. EUR/USD ended the NY morning around the 1.42 area. Dealers are pondering whether the "threshold of pain" around the 1.50 area discussed by the German Exporter Association back in the days prior to the global recession remains intact.

 

 

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.com


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.


pic

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 Global-View.com.

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

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.

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