- US equity trading has been jumpy and erratic this morning, with investors evidently undecided whether the Q2 GDP reading is a positive or a negative. The Commerce Department released its preliminary view of annualized Q2 GDP at -1%, beating expectations for -1.5%, while the personal consumption component was much lower than expected. Nevertheless, the economy has been in negative territory for four quarters now, its longest stretch in the red since 1947. Commentators have been discussing the figures ad nauseam this morning. The IMF said it sees a gradual economic recovery in the US, but warned that growth will stay lower than past recovery trends and said near-term risks are to the downside. JP Morgan's chief economist raised his Q3 GDP forecast to +3% from +2.5%, but warned that unemployment would remain high for years to come.
- Treasuries opened marginally higher this morning and prices accelerated to the upside after the initial look at Q2 GDP. While the headline figure beat expectations, GDP still contracted in the second quarter at a rate of 1% keeping inflation hawks from crowing too much. Despite these "better" outcomes, traders seem to have picked up on another revision of the Q1 figure to down more than 6% and following the data money came out of stocks and into bonds. The long bond future has gained more than a point, pushing the cash yield below 4.4%, while the 10-year is up more than half a point. As we have seen for much of the week the curve is getting flatter and the benchmark spread is narrowing below 245 bps.
- Chevron and Total were the final two global energy giants to report second quarter results, following reports from Exxon, Shell, BP and Conoco earlier this week. Like Exxon, Chevron missed earnings targets while beating revenue estimates by a significant margin. Profit was down 71% y/y, and its downstream segment operated at a loss for the quarter. Total's quarterly profit was in line with expectations, revenue was much better than expected. Shares of CVX are struggling to keep in positive territory, while shares and ADRs of the other four supermajors are down in low single digits.
- Car retailer AutoNation has been much in the news this morning with all the talk about cash for clunkers. The company's CEO told CNBC that it has seen a 36% surge in traffic following the initiation of the cash for clunkers program. The firm beat expectations in its second-quarter report, but missed revenue targets by 10% or so. Shares of AN are down 3% or so; fellow auto retailer Sonic Automotive is up 3% and Ford is up 6% in early trading
- Energy firm Constellation beat top- and bottom-line expectations and guided higher for the year. On the conference call, the firm's CEO discussed the ongoing tie-up with EDF, noting that the merger does not need to be made "at all costs." The company expects power prices to stay weak in the near term and then bounce back in 2011 and 2012. Utilities Dominion Resources, American Electric Power and PSE&G all beat earnings estimates, while the former two names missed revenue estimates. PSE&G warned the abnormally cool weather conditions this summer would make it hard to achieve its 2009 earnings guidance.
- In currencies, New York trading has centered around the US and Canadian GDP numbers as well as month's end liquidity concerns. The better-than-expected US number was certainly welcome, but the lower benchmark revision for 2008 GDP (+0.4% instead of +1.1% as previously reported) curbed risk appetite just a bit. Dealers cited the narrower trade deficit and a surge in government spending as positive factors for GDP. In Europe, ECB sources told the press that the bank does not have a clear outlook for the economy and reiterated there is the possibility of another credit crunch. According to the sources, some in the ECB believe government bond purchases need to be added to the current covered bond program. If the Euro Zone economies weaken further, the bank would discuss further rate cuts. In its report, the IMF said the USD is moderately overvalued. EUR/USD ending the morning at its best level moving above 1.42.
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 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
John M. Bland, MBA co-founding Partner, Global-View.com
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.