US earnings continued to support equities. The S&P500 spent most of the session unchanged from yesterday, until a consensus beating JP Morgan result (28c vs 5c per share) pushed it into positive territory, and is currently up 0.8%. Oil hasn't fully participated in this week's bull moves, last night's 0.5% loss another example. Copper futures are flat. US10yr notes are 4bp lower from Sydney's close. US data was mixed - the Philly Fed survey disappointing, but headline jobless claims better (although seasonally distorted), as was housing data.
Currencies generally made further minor gains during London, but failed to follow through. EUR made a weekly high of 1.4165, sovereign names reportedly selling around there to push it back to 1.4100, but the JP Morgan result seeing it test 1.4150. GBP almost touched 1.6480 before resting at 1.6400 for another bounce. The IMF said Gordon Brown's fiscal plans risked pressuring the pound. USD/JPY fell to the 93.50 area.
AUD spiked to a weekly 0.8067 high at London, fell back to 0.8000, and jumped to 0.8050 an hour ago.
NZD was one which failed to make a weekly high last night, weighed by yesterday's surprise Fitch ratings warning (negative outlook), chopping around the 0.6450 level. AUD/NZD showed no direction, ranging between 1.2385 and 1.2455.
US Philadelphia Fed survey fell back to -7.5 in July, coming in very close to our low end -8 forecast (in the same way that Wednesday's NY Fed rose sharply to just shy of Westpac's top of the range forecast!). Although orders improved slightly, shipments turned negative again and the jobs measure actually weakened for the first month in four. This stark contrast with the surge in the NY Fed reverses the June situation when Philly soared but NY weakened. It does not, however, detract from the underlying trend improvement apparent in most US business surveys, as they move from deep recessionary levels to something approaching stabilisation or "bottoming out".
US initial jobless claims fell sharply again, down 47k to 522k last week, their lowest level since January this year. However the BLS reiterated that the fall in claims is due to a seasonality distortion caused by many/most of the usual annual auto sector layoffs for new model retooling not taking place this year because there have already been substantial layoffs in the industry due to the bankruptcies of GM and Chrysler. If this is the case, it means the dip in claims, which should be temporary, is a misleading signal of job market strength. In the previous week, continuing claims also plunged dramatically for the same reason.
US net capital inflows slowed in May but the detail showed China buying $38bn of Treasuries (vs a small fall the previous month) which adds weight tot the view that the Chinese aren't about to cease supporting the US bond market. Recent mostly successful Treasury auctions suggest that the TIC data should firm again in June.
US NAHB homebuilders' sentiment rose from 15 to 17 in July. This is the highest level since last September, although it remains at extremely depressed levels. Lower mortgage rates and a tax credit for first home buyers appear to have stirred up activity a little, but sales of new homes still face stiff competition from the overhang of recently-built and foreclosed homes.
Japanese May tertiary activity index. The May index contracted by 0.1% from April. That was lower than expectations of +0.4%, but is readily explicable as a reversal of the prior month's 2.2% rise and the generally embattled state of both Japanese consumers and non-manufacturing businesses.
The NZD remains supported by global sentiment, even after a credit rating warning. The bias today is positive, with 0.6550 providing strong resistance. Any dips should stall at 0.6400. Longer term, we hold our negative NZD view as long as 0.66 is not breached.
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
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.