- In equities news overnight: European equity markets snapped a 3-session
negative open trend in this morning's sessions. Following a lower Asian equity
trading session on the back of a stronger JPY negatively affecting Nikkei
listed exporters and rollover financial weakness from the NY session. European
futures trading initially pointed towards a lower open but as comments leaked,
and then were confirmed out of the Shanghai Cooperation Organization encouraged
USD weakness, futures and bonds turned direction. Comments from Russian PM
Putin that reserve currency, trade settlement and swap currency conversations
would be raised at SCO meeting rallied the EUR, GBP and JPY in its USD pair.
This translated into a equity rise of approx 0.20% across European bourses.
Initial sector performance saw real estate and property management names such
as Hammerson [HMSO.UK] trading higher following a positive JP Morgan note on
revised contracts and sector performance. A strong trading statement out of
Tesco [TSCO.UK] lifted the retail and grocer names in the UK,
France and Germany.
Lower than expected Swiss industrial production at 3:15EST accelerated an
equities retracement and bourses fell from their +.50% levels into negative
territory by 3:30EST. Equity markets bounced above and below the unchanged mark
through 4:00EST. Stronger than expected UK May CPI and RPI at 4:30EST halted a
market slide. The sessions key data point, German and EU ZEW survey's for June
beat expectations and provided a further equity lift. ZEW comments that slump
was near its bottom and that results provide a positive signal for future
results pushed the CAC and DAX out of negative territory. At this time, the
FTSE printed new session highs as financial and food retailers recovered their
earlier gains. Volumes on exchanges remained light averaging 20% below
-In individual equities: Tesco [TSCO.UK ] Provided Interim Trading Statement:
Q1 UK Like-for-Like Sales 4.3% in line with
analyst estimates. Group Sales +12.6% y/y, International sales were higher by
20.1% y/y. || Whitbread [WTB.UK] Provided Q1 interim statement with revenues up
2.5% y/y but its like-for-like sales down 2.7% y/y. || Punch Taverns [PUB.UK]
Announced Convertible Bond Tender for Â£275M in bonds due 2010. || EAD [EAD.FR]
Qatar Airways signed $1.9B order for 24 A320 aircraft. || Thales [HO.FR]
Australian unit was awarded contract for 14 Bushmasters from the Netherlands.
|| Deutsche Bank [DBK.GE] Deutsche Post seeking to cut stake held in firm by
Deutsche Bank to 0 in the course of the next few weeks. DPW provides no comment
on who might purchase stake currently held by DBK. || Fraport [FRA.GE] Reported
May traffic Passenger numbers 4.4M v 4.3M m/m, Aircraft movements 40.7K v 38.4K
m/m, Airfreight tons 146.3K v 135K m/m, Airmail tons: 6.6K v 6.5K m/m. || E.On
[EOAN.GE] Firm might cut 6K European based jobs, shift 3K to outside contractors
(approx 9.6% of workforce) -Die Welt. Article noted that job cuts would be part
of â‚¬1.5B cost savings initiatives. || Anheuser-Busch InBev [ABI.BE] Possible
suitors for the company's assets in Central Europe
included KKR, TPG and CVC Capital - FT.|| TNT [TNT.NV] Purchased stake in
regional mail units of Von Holtzbrinck Publishing Group. || (UK)
is working on a plan to use Northern Rock's own funds to buy back debt from the
bank's bondholders - London Times. The move could release billions of pounds of
capital for the lender. Northern Rock has about Â£2B in subordinated debt,
Granite (the bank's off-balance sheet funding program) has about Â£30B in
outstanding loans and the bank owes about Â£9B through its covered bonds
- Speakers: Russian President Medvedev to raise reserve currency issue at
today's BRIC meeting according to a Kremlin economic aide. The official noted
that the summit would discuss trade settlements in local currencies such as
Russian Ruble, Chinese Yuan, commodity currencies, and the precious metal of
gold. Noted that the IMF Special Drawing Rights (SDR) basket needs to be
expanded. The summit would also address reserve investments and FX swap
agreements as the global economy did not need 'currency turbulence'. The
official noted that a cautious approach would be needed for a world reserve
currency. The aide also noted that 2010 was too early for free float of Russian
Ruble currency and the decision depends would depend on an economic recovery
||| Russian President Medvedev commented that the global economy cannot rely on
single reserve currency and needs new reserve currencies ||| German DIHK
Business Survey cuts Germany's 2009 GDP view to -6.0% v -3.0% prior. It saw
exports dropping by 19.0% and imports falling by 10.0% y/y. It noted that the
industrial sector expectations were better than current conditions and added
that the sector might have hit 'rock bottom' but a bumpy recovery was likely.
|||NYU Economist Nouriel Roubini commented in a German newspaper interview that
he believes ECB was 'underestimates' the economic crisis and added that the
crisis was more severe in Europe than in US. Roubini
noted that he was "more skeptical than most" on economic recovery
prospects. Fed has acted more aggressively to counter economic crisis ||| Japan's
Fin Min Yosano reiterated his support for the USD. Remains convinced USD would
remain key reserve currency and saw US maintaining a strong dollar policy. ||
BoJ Gov Shirakawa commented that exiting temporary steps depend on market and
economic conditions. He noted that central banks agreed that maintaining
stimulus measures too long would distort markets. Japan
bond yield rise reflected market hopes of hitting an economic bottom. The BOJ
noted that both Commercial Paper and corporate bond issuances have improved
significantly . He urged caution of economy, price downside risks for a while.
The BOJ would watch the July Tankan survey to better assess the economic
- In Currencies: The EUR/USD tested the key 1.3740/50 level in Asia and moved
firmly back over the 1.38 pivot level following a Kremlin economic aide comment
that Russian President Medvedev would again raise the reserve currency issue at
today's BRIC meeting. Overall sentiment on FX trading seemed to believe that
range trading would prevail rather then new seeing any new price trends
develop. Lower volatility was also painting a similar picture. The EUR/USD
tested the 1.3880 level during the European morning on the back of the Russian
comment. Today's Russian comments contrast those of the Russian Finance
Minister Kudrin following the weekend G8 summit in Italy.
Dealers debated as to which comments are more important those of Medvedev (a
politician) or Kudrin (fin min). The German ZEW data beat expectations giving
the Euro further upside momentum in the session as EUR/USD tested 1.3920. The
hard economic data painted a different picture for the Euro-Zone, but remained
ignored for the time being. The German DIHK Business Survey cuts its Germany's
2009 GDP view to -6.0% v -3.0% prior while the French budget minister stated
that the 2009 deficit to GDP ratio could hit the at 6% level, which is
well-above the Maastrict Stability Pact term of 3%. Dutch 2010 Budget deficit
forecasted at 6.7% according to its Gov't Agency CPB. As the day moves into the
NY session, trading was likely to be choppy as "headline roulette"
would provide numerous conflicting comments out of the BRIC summit and key US
- The JPY was initially firmer during the European morning. Dealers too keen
interest in the observation that Japans public pension fund (worlds largest)
commented that it might sell JGBs to cover payments noting this could signal
the "beginning of the end" for Japan
as capital exporter. Thus Japan
seen keeping more of its money at home. USD/JPY tested 96.10 and EUR/JPY
declined to 132.70 before climbing back into positive territory for the
- The GBP maintained a form tone against the major pairs, aided by its higher
CPI and RPI inflation data, with both series exceeding expectations. GBP/USD
moved back above the 1.6450 level while it continued to advanced against the
Euro as the cross tested 0.8440 in the session for fresh six-month lows.
- In Energy: Russia
Gazprom [GAZP.RU] Guided 2010 gas output at 507 BCM compared to 550BCM seen in
2008. Company expected its output to remain depressed until through 2012 as it
guided510 bcm in 2011 and 523 bcm in 2012. ||| WSJ reported that Lukoil
[LKOH.RU] Executives to visit Iraq
to discuss Saddam era business deals. Article stated that no new deals were
expected at meeting, but seen as opening discussions regarding operations ||
China might adjust its domestic fuel prices at the end of June, if the
international crude oil price is at more than $70/bbl according to Chinese
- In Fixed Income Supply: Government Bonds have experienced a wild ride this
morning in Europe, swinging back and forth between gains and losses as the
session wore on. Gilts were aggressively offered following stronger than expected
UK CPI and RPI data, dragging Bunds and Treasuries down along the way. The
negative sentiment for bonds was further exacerbated by stronger than expected
Eurozone CPI numbers as well as the strongest reading in the German ZEW Survey
of Economic Sentiment since May of 2006, but healthy bidding returned to Gilts
and Bunds following an encouraging sale of â‚¬1B in 3 and 7year Irish supply.
Treasuries are weaker across the curve with the expectation of the Long Bond,
which has posted some decent gains in overnight trade. At the time of writing
the Long Bond yields 4.549%, down 1.2bps on the session, with futures T-Bond 2
ticks in the black at 115-06
- Credit crisis: WSJ: IMF recommended that Swedish banks increase their capital
bases to protect against further spillover from economic turmoil in the Baltics
Feature notes that the IMF concerns contrast Swedish Financial Supervisory
Authority, who last week said that local stress tests proved domestic banks
were adequately capitalized ||| Moody's reported that the global financial
crisis continues, the availability of reliable external funding continues to be
a question mark for many corporate issuers in Europe, the Middle East and
Africa (EMEA). Moody's noted that liquidity remained fragile for the EMEA corporates
despite significant bonds issuance to date. The report saw the next 12 months''
total debt maturities are estimated to be around $615B. Moody''s expected that
around 14% of investment-grade issuers and 20% of speculative-grade issuers
will not have sufficient internal and external committed liquidity sources to
cover their next 12 months'' cash outflows, including but not limited to debt
*** NOTES *** Big data day today UK,
- German ZEW data exceeds expectations; UK
inflation above estimates
- Russian President reiterates his call for a new global reserve currency ahead
of the BRIC summit. A comment contradicts its Finance Minister from the weekend
G8. Dealers ponder if Medvedev (politician) comments as less important than
Kudrin (fin min) or even those of the Russian Central bank.
Iran gets ugly.
- BoJ unanimously leaves interest rates unchanged at 0.10%. It upgraded its
assessment of the Japanese economy as it begun to stop worsening. It did hint
caution that economic risks remain high.
- Japans public pension fund, the worlds largest might sell JGBs to cover
payments. Dealers were noting that this could mark the beginning of the end for
- Iran might recount votes in disputed election
- Key pivotal levels remain in view among with 1.40 in EUR/USD, $70 crude and
4.00% in the 10-year note
***Looking Ahead: ***
- 8:00 (BR) Brazil April Retail Sales M/M: -0.1%e versus 0.3% prior; Y/Y:6.5%e
versus 1.8% prior
- 8:30 (CA) Canadian Q1 Labor Productivity Q/Q: -0.4%e versus -0.5% prior
- 8:30 (US) May PPI M/M: 0.6%e (0.3% prior) Y/Y: -4.4%e versus -3.7% prior
- 8:30 (US) May PPI Ex Food & Energy M/M: 0.1%e versus 0.1% prior; Y/Y:
3.2%e versus 3.4% prior
- 8:30 (US) May Housing Starts: 485Ke versus 458K prior; Building Permits:
508Ke versus 498k prior
- 9:15 (US) May Industrial Production: -1.0%e versus -0.5% prior; Capacity
Utilization: 68.4%e versus 69.1% prior
- 12:00 (TU) Turkey Central bank Base Rate Decision. A 25bps cut to 9.00% is
- Brazil, Russia,
India & China (BRIC) Summit
commences in Russia
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 18 Dec
10:00 EZ- final HICP Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
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.