- The nomination of Ben Bernanke for another term as chairman of the Fed, improved housing numbers and strong consumer confidence data sent US stock markets higher once again. The Conference Board's Consumer Confidence index rose to 54.1 this month from an upwardly revised 47.4 in July and far above the 47.5 reading analysts expected. But continuing skittishness over the sustainability of the recovery has pulled equities off their highs, with both the White House and Congressional Budget Office out with fresh FY09 Federal budget deficit estimates reminding everyone of the precarious situation the US government faces heading into the next decade. Front-month NYMEX crude spiked above $74.50 with the morning's peak in equities, then rapidly traded off to below $74. Treasury prices have stayed right around unchanged to slightly lower in the wake rising stock prices. The 2-year kicks off a week full of Treasury auctions this afternoon when the results of the $42B auction are announced. The when issued 2-year yield of 1.09% is roughly 6 basis points above the cash market.
- The June S&P/CaseShiller and June House Price Index indicated improvements in housing, although there has been lively debate over how the data should be interpreted. The S&P/CS home price index rose on a q/q basis for the first time in three years, prompting some to say housing has bottomed. The S&P/CS composite showed home prices declined less than expected and improved a bit over May levels (a second consecutive gain) in the 20 leading metropolitan areas in the US, but are still 16% lower than last year. The economists that developed the index, Karl Case and Robert Shiller gave contrasting interpretations of the data; Case said "the boat has turned" for US housing while Schiller warned that less positive data should reverse this trend soon. The Commerce Department's Homebuilders spike up in the mid single digits on the news, but have traded off with markets.
- Multiple consumer franchise names reported earnings before the bell. Staples came in line with expectations and once again refrained from offering any forward-looking guidance. Staples CFO told CNBC that while customers returning in larger numbers and back-to-school sales are looking up, average tickets remain flat. Shares of SPLS popped into the black just after the bell but have returned to negative territory mid morning - rivals ODP and OMX are both up 4% or so on their competitor's weakness. Burger King Holdings crushed EPS estimates and offered strong guidance for its FY10, although comps are still in negative territory. Shares of BKC are around +8% in early trading, leaving other fast-food names in the dust. Quarterly losses at bookseller Borders Group were higher than expected, although the CEO said the worst is behind the company, which should be able to drive better sales in the second half of the year. Shares of BGP rose 5% before the open, then dropped right into negative territory from the open. In other earnings, Medtronic met expectations and reiterated its 2010 outlook. Shares of MDT are down 1% on the day.
- The USD and JPY saw their pre-European gains all evaporate as the NY morning wore on aided by better US home price and as rumored consumer confidence data above the 50 level. Congressional Budget Office (CBO) painted a fresh picture on the US deficit front as it raised its FY09 budget deficit at $1.59 trillion compared to $1.8 trillion prior estimate and trimmed its 2010 deficit at $1.38T versus $1.4T prior estimate.
- The CBO slashed its 10-year deficit forecast to $7.14T from its prior view of $9.1T. Loan losses from the BMO were not as bad as feared. The USD maintained its composure at some critical levels, particularly against the EUR, CHF and CAD pairs. The initial euphoria over the data retraced as traders contemplated that tax credit for first-time homebuyers was probably temporarily fuelling US resale for the time being. The real test is looming after November when the tax credit expires.
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.