- US and European equity markets began the week under some pressure in the wake of fresh declines in Asia. The Shanghai Composite hit a new 3-month low while Nikkei whipsawed to a lower close after their election results. After the NY open the August Chicago PMI index reached 50 for the first time since September while the new orders and production indices signaled growth. The data did little in the way of providing upside momentum for stocks. The head of the NY Fed garnered some attention in a TV interview when he assured that he remained confident in the ongoing turnaround and the Fed's ability to keep future inflation in check, but that the banking sector still faces large credit losses. He also raised some eyebrows when expressing his view that new regulation of bank stocks in particular is critical to avoid a similar financial crisis in the future. Overall trading volumes remain light with UK markets closed for a holiday, but the tone is decidedly negative with decliners leading advancers by a wide margin on the NYSE.
- October crude is dipped back below $70, down 3.8% on the session amidst general commodity weakness. Natural Gas is back below $3 while gold is off nearly 8% hovering right at $950. Treasury prices are holding fairly steady with the 10-year note up fractionally yielding 3.44%. The long end is a little lower with T-bond futures down a quarter of a point in thin trade.
- There was some interesting M&A announced before the open with Disney making a play for Marvel in a $4B cash and stock deal. MVL has surged more than 25% to $49 while Disney stock has declined modestly. Over in the oil patch Baker Hughes offered $5.5B in cash and stock for BJ Services. BJS has rallied a fairly modest 7.5% to $16.60 while BHI is lower by nearly 7%. Though the deal has touched off the predicable chatter about "who is next" the OIH is lower by 3%.
- The NY currency action continued to consolidate from Asian market price action with the election of a new Japanese government and another strong sell-off in the Chinese equity markets. The USD initially held onto a portion of its gains against the European components. EUR/USD hovered just above the 1.43 level after the Chicago PMI data but has since popped towards 1.4350.
- The CAD was broadly weaker ahead of its GDP data for the month of June and its Q2. The MoM reading was positive for the first time since July 2008 but the number failed to beat consensus expectations. The USD/CAD pair approached the 1.11 handle and dealers were aware of the pairs downtrend line in effect since Mar with pivotal resistance currently seen at 1.1140 level.
- Some dealer chatter is focusing on the central bank front and noting that the CHF/JPY cross might best suit recent policy views by the respective central bankers. Touched off by the speculation surrounding the new Japanese government's possible stance on reserves, as well as the SNB desire to curb CHF appreciation. The 84 level is in sight as a potential momentum point for an additional move lower in this cross.
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.