- US equities opened lower for the third consecutive session this morning as caution ahead of earnings season keeps things subdued and volume remains very thin. Note that earnings season officially begins with Alcoa's second-quarter report after the close tomorrow. Front-month NYMEX crude has extended its slide, down $1 on the session to around $63. Treasury prices opened marginally lower in Chicago but have rallied back toward unchanged. The US benchmark yield is back at 3.5% while the 3-year offer 1.44% ahead of this afternoon's auction results.
- Healthcare stocks, particularly HMOs and hospitals, have been strong this morning as chatter circulates that Senate Democrats and the White House are moving closer to a deal on healthcare reform. The WSJ reported that the White House Chief of Staff reiterated the Administration is willing to be flexible on reform as long as the deal gets done. Senator Grassley did question the timing of any healthcare bill, cautioning that a Senate vote may not come before the August recess, but he still expect the legislation to pass this year.
- Discover Financial is down more than 10% this morning after announcing yesterday that it would offer $500M in common stock (9.8% of market cap) and reaffirmed that it would report a 8.5-9% managed net charge off rate for Q3. KeyCorp is up 4% after Keefe Bruyette raised the name to Outperform and the bank launched an offer to exchange $1.74B of preferred securities held by its various trusts for up to 158.5M shares of common stock (about 31.5% of shares outstanding). Note also that the American Bankers Association said that Q1 consumer loan delinquency rate hit 3.23%, for the highest reading on record. Late payments on home equity borrowings were 3.52% in Q1. The ABA said the effects of soaring US unemployment and an uncertain economic picture is driving delinquencies on credit card debt to all-time highs as a record number of consumers fell behind on their bills.
- Currency trading exhibited a reversal in price action from European moves during the New York session. The EUR/USD pair probed back above the 1.40 level aided by a comment from German Finance Minister Steinbrueck, who commented that interest rate hikes would be needed to mop up liquidity in Europe. Although he did not mention any timeframe for the moves, EUR/USD tested 1.4050 where it did encounter some decent euro sell orders to quell the upside momentum. The reserve currency issue remains on the front burner ahead of the G8 summit, impacting EUR/USD. Dealers have noted that Middle-Eastern names have been aggressively playing the recent range in the pair. The American Bankers Assoc (ABA) survey data was also a factor.
- As the morning wore on the risk aversion theme resurfaced, helping the USD and JPY off their session lows as the commodity and equities revered thei intial gains. USD/JPY moved back below the 95.00 level as some chatter circulated that the Bank of International Settlements (BIS) was on the offer in the pair. The EUR/CHF cross also getting attention as it drifted lower towards the 1.5150 level as dealers debated if any additional SNB currency intervention would prove effective as the market seems long the pair already. A move back toward 1.5000 could occur as weak market longs have been flushed out.
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.
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.