- In equities news overnight: European equity markets opened to a heavy tone as yesterday's gains were quickly erased as equities took a cue from the Euro/USD and EUR/JPY and looked set to print week on week declines (would be the 4th straight week of equity declines). Trading in Asia had been mixed with India outperforming following solid Q2 figures from major out-source firm Infosys [INFY]. European bourses opened lower and then bounced near their lows though the first 30min of trading. It should be noted this heavy trend ignored better than expected Industrial and Manufacturing figures out of France that displayed positive m/m growth. Renault [RNO.FR] Ghosn stating that FY2010 will be as difficult at FY2009 sent strong negative waves into the broad automotive sector with declines recorded on a pan-European basis. Auto' as a sector were the leading lag sector. Metal names continued their decline as the USD showed further strength affecting miners and energy names. Insurance sector names also led the downward trend following a bearish note in yesterday's session from Accenture. Equities attempted a rally past 4:00EST following the second consecutive better than expected industrial production number (Italian) and IEA statements boosting their 2010 oil demand outlook. On the back of these statements, bourses moved off their lows with the DAX outperforming and briefly touching the unchanged line. This uplift lasted for approx 30min before continued currency weakness in the Euro and continued circulation of poor performance regarding an under-subscription of a Japanese Toshin offer muted positive sentiment past 5:00EST. Trading volumes for European bourses remain strongly subdued with both the FTSE and CAC trading over 40% below their moving averages.
- Speakers: German Chancellor Merkel commented that China's FX proposal was of no practical relevance and was not an official summit topic. She did note that the EUR would supplement USD as a reserve currency |||SNB's Roth reiterated the view that the central bank does not want further appreciation in the Swiss Franc currency to avoid deflationary pressures. SNB will not provide specific currency target for the Swiss Franc but adds it has not risen further since it acted back in March. The SNB to stick to policy decidedly and is a long way from reversal point in interest rates. Risks to economy remain to the downside but some signs for some moderate growth in 2010 ||German Fin Min Steinbrueck made on Thursday recirculted back into the German press today. He reiterated Bundesbank might purchase corporate bonds if necessary and saw a potential threat of a credit crunch in H2 || China Premier Wen reiterated that China should maintain an appropriately loose monetary policy and to maintain an active fiscal policy. The recent 'good' economic trend does not imply difficulties are over as recovery is not yet on solid footing || Russian Central Bank (CBR) commented that future interest rate cuts depend on a number of factors including inflation outlook, lending activity in banking sector, ruble currency level and stock market. The CBR also noted that commercial lending rate remain high despite recent interest rate cuts || German DIW Institute marginally improved its Q2 GDP view for Germany to -0.7% from -0.8% prior. The think tank saw increasing signs that slump has bottomed || OECD comments that its leading indicator for May signals potential recovery emerging in France and Italy and possible Trough emerging in US, Canada, UK, China and India economies
- In Currencies: The USD was firmer ageist the European pairs as market participants analyst the G5 and China comments on reserve currencies. The FT article stresses that China "Attacks Dollars Dominance" but under the surface of the headline the story has no teeth. The official release of the Chinese trade data aided the risk aversion them as import and exports continue their downward trend in the data, EUR/USD back below the 1.39 level as the NY morning approached. USD/CHF back above 1.09 helped by renewed SNB verbal intervention.
- The JPY maintained its firm tone. Dealers commented that JPY strength was highlighted by recent 'lack of appetite' for Toshin issues. Dealers noted the Nikko/Pimco High Income Toshin attracted Â¥4.9B out of Â¥300B target. USD/JPY at 92.65, lower by 50 pips while EUR/JPY off almost 200 pips below the 129 handle.
- Continued softness in energy sector weighed upon the AUD currency as it moved back below the 0.78 level towards 0.7750. NYMEX Aug crude holding below $60/barrel despite some 'optimistic' view by the IEA for 2010 demand growth.
- In Energy: IEA modestly revised higher their 2010 global oil demand to an y/y growth rate of 1.7% versus their prior view for a 1.4% increase. Thus it sees 2010 oil demand to rise by 1.4M bpd. It saw 2010 non-OPEC supply higher by 400K bpd as new sources in Azerbaijan and Brazil come on-line. It did leave its 2009 demand growth forecast unchanged at 83.3M bpd || Russian oil export tax might rise to $220-224 per ton
- In Fixed Income: The ECB Announced its first covered bond purchases, as of July 9, with â‚¬23M settled. Gilts continue to underperform following yesterdays decision by the BoE not to employ the additional Â£25B worth of quantitative easing for which it is already has permission. The 10y Gilt yields 3.79% at the time of writing, a full 15bps higher than its pre quantitative easing levels, leading many to ponder where yields would be had the BoE chosen a different path. Treasuries are benefiting from the risk aversion bid, in line with USD strength in currency markets, with 10y year yields back to 3.34% in current trade. Bunds meanwhile are holding onto gains despite revelations from the German Finance Minister that the government expected total outstanding debt to reach a staggering â‚¬2T by 2013. The yield on the 10y European benchmark is about 1bps lower at 3.287%.
*** NOTES ***
- IEA slightly revises higher its 2010 oil demand to +1.7% from its prior view of a +1.4%
- China Jun Trade Balance: $8.3B v $15.5B expected
- Russia lowers its Refi rate by 50bps to 11.0%
- Commodities are also being pressure, NYMEX Aug back below $60/barrel
- SNB's Roth: reiterates that the central bank has no fixed currency target. Points out that the CHF currency not risen further
- Japan bond yields mark 4 year lows.
- Nikko/Pimco High Income Toshin attracted Â¥4.9B out of Â¥300B target.
- Handelsblatt: 10 Eastern European countries are negotiating with IMF for billions of urgently needed credit.
- 7:00 (CA) Canadian Jun Unemployment Rate: 8.7%e v 8.4% prior
- 7:00 (CA) Canadian Jun Net Change in Employment: -35.0K v -41.8K prior
- 8:30 (CA) Canadian May Int'l Merchandise Trade: -0.5B v -0.2B prior
- 8:30 (CA) Canadian May New Housing Price Index MoM: -0.5% e v -0.6% prior
- 8:30 (US) May Trade Balance: -$30.0B v -$29.2B prior
- 8:30 (US) Jun Import Price Index MoM: 2.0% e v 1.3% prior, YoY: -18.6% e v -17.6% prior
- 10:00 (US) July Preliminary U. of Michigan Confidence: 70 e v 70.8 prior
- 10:00 (US) Treasury Sec Geithner to testify before House on derivatives regulation
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.