- US equity indices gained a bit in the premarket, but headed lower and slipped
back into the red in another morning of lighter volume and little data.
Comments from various high-profile figures are competing to set the tone this
morning. Goldman Sachs's CEO Blankfein, who seldom comments publicly on the
economy, told reports this morning that he expects a long, protracted
recession, and said that the current upturn is not the real recovery. Later in
the morning, PIMCO's McCulley responded, saying that he sees green shoots and
believes the recovery is for real. In comments to the North Carolina State
Senate, Fed Governor Lacker said the labor market may weaken further although
he is seeing evidence of consumer resilience, and predicted the recession could
end later this year. Note also that Chrysler and Fiat have finalized their
alliance now that the US Supreme Court has signed off on Chrysler's bankruptcy
process. The company is expected to emerge from Chapter 11 very shortly.
Front-month NYMEX crude nearly broke $72 in early trading after the Kuwaiti Oil
Minister said OPEC may consider raising output if oil reaches $100/bbl and
Gazprom's CEO warned that the oil market has pinpointed $100/bbl as the 2010
benchmark price. Spot gold continues to its inability to retake the $1,000/oz
mark and has descended back into negative territory for the session, hovering
around the $950.
- Treasury yields have moved out to fresh 2009 highs in the benchmark bringing
4% into view. The 10-year traded above 3.91% after a Russian central bank
official was quoted as suggesting Russia
is considering moving away from USTs and buying IMF bonds. This rehashed
concerns sparked by Chinese comments last week that suggested they were looking
at IMF bonds as well. It is worth noting that these comments were released
conveniently ahead of today's 10-year note reopening from the US Treasury. At the results of the $19B sale will be
announced followed by the beige book release and later on an announcement from
the Fed regarding the schedule of upcoming coupon purchases.
- Shares of Citigroup are outperforming this morning after the bank launched
its share exchange operation (which it first proposed back in February), aiming
to convert $58B in preferred shares and other preferred securities into common
shares in order to pad its capital base. The Treasury will convert about $25B
of its $45B preferred investment, giving it a 34% ownership stake. According to
press reports, it looks like BlackRock has managed to snatch Barclay's iShares
unit out from under the nose of CVC Capital Partners. The WSJ writes that a
deal may be near for BlackRock to buy the unit for $12-14B, which is a bit more
than the FT targeted on June 5th. Also note that there are reports the Obama
Administration has dropped plans to cap compensation at financial firms who
take bailout funding, leaving the job of regulating Wall Street pay to
- Various firms are fine-tuning guidance in an attempt to get out ahead of the
unsettled economic situation. Home Depot tinkered with its 2009 forecast,
saying that earnings would be -7% to flat y/y (better than its prior -7% view),
while revenue is still seen as -9% y/y. HD opened a few percent higher on the
news. Aerospace and industrial manufacturer Barnes Group has withdrawn its 2009
guidance, citing increased uncertainty in the transport sector. Barnes shares
are down 7%. Real estate giant CB Richard Ellis offered a "highly
preliminary" view of its second quarter that was below expectations.
Shares of CBG jumped up to 20% on the news, before trading off to +15%. Visa
said it sees high single-digit growth in 2009 and believes it will return to
15-20% revenue growth in 2010, depending on the course of the crisis.
- Comments from various sources are buffeting the big chip manufacturers.
Industry analyst Isuppli said that Intel's Q1 microprocessor share -2.5% q/q to
79.3% while AMD's share rose 2.3% q/q to 12.8%. The group sees Q1 global
microprocessor revenue -21% y/y and sales -16% y/y. AMD's CEO echoed recent
comments from the likes of Michael Dell, saying its too early to say PC market
has hit bottom. He also predicted that Q4 is the earliest time for on-year
revenue and PC demand growth (note just the other day Intel's CEO said he is
confident the bottom has been reached in the PC market). Taiwan Semi believes
the worst is over for the chip industry and expects industry growth of 5-6% in
2009, with recovery arriving in the second half of the year.
- In currencies, the greenback managed to shake off its earlier vulnerability
in the choppy European session price action. Alleged comments from the French
Finance Ministry, to the effect that currencies rates would not be discussed at
this weekend's G8 summit, helped the pair test 1.4144 ahead of the New
York session. The dollar seemed poised for a beating
after Russian Central Bank First Deputy Ulyukayev commented that Russia
was mulling plans to reduce its share of reserves held in US Treasuries in
exchange for IMF bonds. The central banker noted that it would diversify
reserves if the Chinese Yuan (CNY) became a new global reserve currency. Note
$401B of reserves include roughly 30% US Treasuries. EUR/USD retested the
1.4140 level, but failed to make a fresh session high on the Russian comments.
Dealer chatter then focused on the pending IMF bond issue and debated whether
there really was going to be any central bank portfolio adjustment away from
treasuries and into IMF bonds. Keep in mind that the IMF has not disclosed the
makeup of its pending bond issue, and it remains an open question whether they
will be denominated in USD, EUR or a basket comprised of Special Drawing Rights
(SDRs, which are an accounting chit only and not a circulated currency). Risk
aversion returned after comments from Goldman CEO Blankfein, sending the
EUR/USD probing below the 1.4000 level as oil and energy markets took note of
the cautionary outlook from Goldman's chief. AUD and CAD are off their best
levels, while USD/CAD is retesting 1.11, 150 pips above its NY morning lows.
AUD/USD at 0.8050 after testing 0.8130 overnight.
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.
Mon 26 Feb 2018 A 15:00 US- New Homes Sales Tue 27 Feb 2018 A 08:55 DE- Jobless B 13:30 US- Durable Goods A 15:00 US- CB Consumer Confidence A 15:00 US- Pending Homes Sales AA 15:00 US- Powell House Testimony Wed 28 Feb 2018 A 10:00 EZ- flash HICP AA 13:30 US- GDP A 15:30 US- EIA Crude Thu 1 Mar 2018 A All Day final Mfg PMIs A 13:30 US- Weekly Jobless AA 13:30 US- Core PCE Deflator AA 15:00 US- Powell Senate Testimony A 15:30 US- EIA Crude Fri 2 Mar 2018 AA 15:00 US- final Univ of Mich
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
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.