- US equities are under a little pressure from dismal earnings out of US Steel, Deutsche Bank and Valero, as well as declining consumer confidence, with all three leading indices in negative territory. Another shot of positive housing data is raising hopes for stabilization in home prices, coming as it does on the heels of yesterday's increase in June new home sales yesterday. The May Case Shiller home price index logged a very small sequential increase, prompting commentators to trumpet that this is the index's first move upward since July 2006. Adding to the froth was a stronger than expected July Richmond Fed Manufacturing number, although the Commerce Department's July Consumer Confidence reading declined m/m and was weaker than expected. Front-month NYMEX crude is plummeting, wiping out three sessions worth of gains in early trading this morning. Gold prices are giving back 1.5% to trade below $940 for the first time in more than a week.
- Treasury prices are rebounding as a renewed bout of risk aversion works it why through US and European markets. The US 10-year note is up half a point in the cash market yielding 3.65%. The 2-year yield is unchanged holding above 1% in terms of yield ahead of this afternoon's $42B auction results.
- US Steel reported its second consecutive quarterly loss this morning, although the shortfall was smaller than analysts had projected. The company missed revenue targets. US Steel's CEO said there are signs destocking has ended in North American and Central European markets, although the firm's outlook remains opaque. Recall that mid-cap US steel names Nucor and Reliance both reported quarterly losses last week. Goldman Sachs is more optimistic about the sector, apparently, and raised the US Steel Industry to a buy from neutral overnight. It also offered a buy call on US Steel itself. US Steel opened down 4% and made a run for breakeven before heading back to the downside. Industry ETF SLX is down 2% in early trading.
- Office Depot's quarterly loss was almost twice the expected amount and the company's quarterly same-store sales were down 18%. Revenue was in line with expectations, however. On the conference call, ODP's CEO said he was "cautiously optimistic" that the economic decline has hit bottom. Retail names Supervalu and Group 1 Automotive both fared better in the quarter than ODP. Supermarket chain SVU reported in line and cut its full-year outlook, warning that it sees no near-term change in consumer spending patterns. Car and auto parts retailer GPI blew out earnings estimates and exceeded expectations in its full-year guidance, saying it believes that the automotive retail market has stabilized. Shares of ODP are down 15%, GPI is down 5% and SVU is up nearly 10%.
- Quarterly reports from Viacom and Interpublic Group shed some light on the media/advertising industry. Media conglomerate Viacom's earnings were in line, while revenue was well short of the consensus view. Domestic ad revenue was -6% and international advertising was -8%; in films, theatrical revenue was -27% and home entertainment was -29%. Advertising giant IPG missed top- and bottom-line targets, but executives struck a positive note on the conference call, saying the worst is behind the industry, which seems to be coming off a bottom.
- Other major earings included integrated oil name Valero, with a slightly smaller than expected loss and better-than-expected revenue. Health insurance firm Coventry Health was much better than Aetna's results yesterday, beating earnings and revenue targets and raising its 2009 forecast. Generic pharma name Teva offered solid results and reaffirmed its full-year guidance, noting that Barr integration is ahead of schedule. Shares of VLO are down 3%, TEVA is up 4% and CVH is up 10%.
- In currencies, the New York session saw the greenback hit the brakes and reverse earlier losses after hitting fresh eight-week lows above 1.4300. Overall dealers were noting that the urge to take profits was creeping into market sentiment after major option barriers were tested during the European morning, including 1.43 in EUR/USD and 1.0770 in USD/CAD. The failure of the USD/JPY cross to hold above its 21-day moving average was cited as a potential range breaker.
- More drama is emerging from the Baltic region, with chatter circulating among dealing desks that Latvia might have devalued its currency despite the recent agreement between it and the IMF for emergency funding. Dealers noted that despite the fact devaluation was not one of the IMF's conditions for the aid, Latvia might decide to devalue the Lat anyhow. The rumor hinged on sharp price movements in the EUR/SEK cross, which rallied 13 big figures from the European open, propelled by a market trying to find the news behind the move. But the overall market was caught massively short on EUR/SEK and USD/SEK as corporate buyers came in. Separately, the IMF noted that needs of emerging markets (ex China) could be in range of $1.3T to $2.0T over the next decade.
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.
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.