- Trading is once again subdued and unsettled this morning, with US indices opening to the downside before the DJIA and S&P recovered to just short of breakeven. The Nasdaq is underperforming thanks to weakness in tech names. The preliminary June University of Michigan Confidence survey came in a hair below expectations, with both one- and five-year inflation expectations above the 3% level. Dollar strength and lots of "commodities are overbought" commentary shaved around $1.50 off the price of front-month crude earlier this morning, although some of those losses have vanished as oil heads back over $72. Bond prices remain firm following yesterday's 30-year auction, aided by comments from Japanese Finance Minister Yosano.
- Shares of BlackRock opened down 2% and then dropped to -6% the morning after consummating its purchase of Barclays investment unit for $13.5B and becoming the world's largest money manager. Threats of Congressional subpoenas have benefited Bank of America, whose shares are outperforming those of the leading banks after a top Republican official on US House financial oversight panel threatened to drag Fed Chairman Bernanke and former Treasury Sec Paulson before the committee to testify on the BoA/Merrill Lynch deal.
- Troubled insurer Hartford Financial announced a share secondary yesterday evening. The firm plans to sell $750M in common equity, or about 16.4% of its current market cap. Hartford also commented that it would accept TARP funding, although an executive qualified this statement earlier this morning, saying that the firm was still "evaluating" participation in TARP. The exec also said Hartford might take "significantly less" than the $3.4B initial authorization from May. Shares of HIG are down 8% in early trading. Principal Financial Group said last night that it had decided not to take TARP funds, citing the stabilization of the financial systems and the firm's improved capital position. Shares of PFG are down a few percent in early trading.
- Landmark legislation granting the FDA the power to regulate tobacco passed the Senate yesterday afternoon in a 79-17 vote. A nearly identical version of the bill moves to the House today, with most commentators noting that passage is virtually assured. President Obama has pledged to sign the bill. Shares of tobacco companies have not really responded to the Senate action; most believe the legislation is a net positive for the industry. In other tobacco news, there was vague chatter making the rounds yesterday that Star Scientific had reached a settlement in its long-running patent infringement suit against Reynolds American. Shares of STSI have fallen this morning, trading down as much as 10% on the rumors.
- In other equity news, shares of National Semi are off 8% despite the company reporting a smaller-than-expected Q4 loss and beating revenue targets in its guidance for next quarter. Shares of Savient Pharmaceuticals are up 50% on chatter that FDA staff have released a positive report on drug candidate Krystexxa ahead of an advisory panel meeting next week.
- In currencies, the dollar is extending its rebound from weekly lows thanks to verbal relief from reserve diversification jitters. During the Asian session, Japan said its trust in US Treasuries was "unshakable." Softer Euro Zone Industrial Production data was also cited as behind the shift in sentiment, with the numbers pointing toward continued contraction and prolonged economic weakness. The Spanish Government cut its 2009 and 2010 GDP forecast and raised its 2010 budget deficit estimate to 7.9% of GDP from 4.8% prior, and the two main Spanish unions said the government had approved an additional â‚¬17B in unemployment aid. Events like this highlight the fragility of the current incarnation of the Maastrict stability pact, which dictates a 3% debt-to-GDP ratio for most members. Also note that position squaring ahead of the G8 finance ministers conference was also a factor in the USD's firm tone.
- EUR/USD has held below the 1.40 level for the bulk of the New York session while GBP/USD is 200 pips off its Asian highs of 1.6600. USD/CAD is 200+ pips higher, well above the 1.1220 level, while AUD/USD is off 100 pips from its Tokyo open to trade below 0.81. USD/JPY remains within striking distance of breeching its August downtrend line, with a close above 99.00 set to elect some further upside dollar momentum in the pair.
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."
Actionable trading levels delivered to YOUR charts in real-time.
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.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.
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.