User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday September 16, 2009 - 10:30:58 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

Forex Blog - European Market Update: Gold approaching all-time highs as former Fed's Greenspan talks inflation; Incoming Japanese Fin Min reiterates that strong JPY currency has benefits

Today 05:54am EST/09:54am GMT

European Market Update: Gold approaching all-time highs as former Fed's Greenspan talks inflation; Incoming Japanese Fin Min reiterates that strong JPY currency has benefits

 

*** ECONOMIC DATA ***

- (TU) Turkish Aug Consumer Confidence: 81.3 v 80.3e

- (SZ) Swiss July Retail Sales Y/Y: 1.0% v 0.7%e

- (SW) Swedish Average Hour Prices (SEK): 1.98Mv 1.88M prior

- (IT) Italian Aug Final CPI (NIC incl tobacco) M/M: 0.3% v 0.4%e; Y/Y: 0.1% v 0.2%e

- (IT) Italian Aug Final CPI - EU Harmonized: 0.2% v 0.3%e; Y/Y: 0.1% v 0.2%e

- (UK) Aug Claimant Count Rate: 5.0% v 5.0%e; Jobless Claims Change: 24.4K v 25.0Ke

- (UK) Average Earnings inc Bonus 3M/Y: 1.7% v 1.9%e; Y/Y: 2.2% v 2.3%e

- (UK) July ILO Unemployment Rate: 7.9% v 8.0%e

- (UK) Jul Manufacturing Unit Wage Cost 3M/Y: 4.3% v 6.4% prior

- (EU) Euro-zone Aug CPI M/M: 0.3% v 0.3%e; Y/Y: -0.2% v -0.2%e; Core Y/Y: 1.3% v 1.2%e

- (SZ) Swiss Sep ZEW Expectations Survey: 59.0 v 18.6 prior

- (IT) Italian Jul Current Account: €3.3B v -€1.1B prior



*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***

- In equities news overnight: European bourses opened to the positive and have traded broadly higher throughout the European morning. Equities have continued to trend higher following new low prints in the USD against a swath of European and Asian currencies. In addition to this macro trend, outperformance in equities has been seen specially within retailers, steel/industrial names, construction and technology sectors. Retail names have continued their lightness following yesterday's
US advance retail figures in addition to European retailers Next [NXT.UK] and Inditex [ITX.SP] reporting strong figures. Comments out of ArecllorMittal [MT.NV] as it holds its investor day has rallied steel names on its commentary on Chinese and emerging market demand. Goldman Sachs sector upgrades in European building and technology sectors have pushed those names higher as well through the first 2hrs of trade. Automotive names have continued to see heavy attention as the Frankfurt Auto Show continues. Notable auto commentary came from Fiat [F.IT] that stated it planned to provide an update on Chrysler by the end of November. M&A possibilities, specifically within the basic resource and mining sector has been kept alive by conference comments out of Chinalco, stating that it expected to see an acceleration of deals in the sector.

-In individual equities: AreclorMittal [MT.NV] CEO: See global steel demand growth to return to yearly average of 3-5% post crisis -Investor Day comments. Does not expect US and European steel markets returning to normal levels in 2010. Sees Chinese domestic demand increasing by 15% in 2009, this level will decline in 2010 but still continue to grow. || Inditex [ITX.SP] Reports H1 Net €375M v €350Me, Rev €4.9B v €4.8Be, SSS -2%. || Fiat [F.IT] Chairman: Confirms groups targets, 2010 is not expected to be as difficult at 2009; New Chrysler plan will be presented at by the end of Nov 2009. || Chinalco [ACH] Chairman: Will accelerate pace of international M&A. States that a new wave of action is seen coming in this sector. Have seen a recovery in demand levels to those seen during H1 2008. || Next [NXT.UK] Reports H1 Pretax £185.5M v £180Me, Rev £1.5B v £1.5Be; LFL sales -2.5%. Interim dividend per share 19.0p v 18.0p +5.6% y/y. || Lloyds [LLOY.UK] May be forced by the EU Commission to sell all or part of
Halifax's branch network - London Times. || Tollow Oil [TLW.UK] The company and Anadarko may establish a new oil field located off of the west coast of Africa - FT. || SAP [SAP.GE] Founder Plattner reportedly selling €240M shares over next year. To sell €15M per month through Dec 2010. Plattner Hasso currently has 10.5% stake in firm. || Deutsche Telkom [DTE.GE] Interested in buying Strato Unit of Freenet -Handelsblatt. || Total [FP.FR] Reaffirms FY09 Capex to be within $18B budget, maintains interim dividend at €1.14/shr. Net debt to equity ratio at 25%. ||

- Speakers: Japanese incoming Fin Min Fujii reiterated his view that strong JPY had merit for economy and that there was no need for currency intervention if moves are gradual. **Note: First 'official' comments after Hatoyama was elected as PM. Fujii noted that there were no plans to alter make up of
Japan's foreign reserves, which its total holdings of US Treasuries stood at $711.8B back in June according to US TIC data. || The new Japanese PM Hatoyama commented that the outlook for Japan was still unclear and it must stimulate consumer spending. The PM commented that it would reexamine the previous government's extra budget noting that prior spending had not aided regional economies. The PM stated that it could secure ¥7T in savings. To complete 2010/11 budget by year end East The Asia bloc to be expanded to Asia-Pacific but plan not to alienate the US or the dollar||Polish Central Banker Skrzypek commented that the crisis was entering a new phase. He noted that planned asset sales cannot be the only method on the budget || Polish Central Banker Wasilewska-Trenkner commented in an interview that a slow monetary policy tightening might be necessary as economy recovers. The next central bank GDP forecast to be 'less pessimistic'. High inflation mainly due to fuel prices and noted that the Polish Central Bank did not go too far with monetary easing cycle. || Russia First Deputy PM Shuvalov stated that the economy was slowing beginning to emerge from crisis and now entering a rebuilding period. He saw the economic recovery completed by 2012. New risks to economy are inflation, unemployment and decreasing demand || Russian Finance Ministry's Kudrin commented that it would seek to follow a more conservative budget direction. He noted that State debts would not exceed 16% of GDP levels in 2012 || (IN) Indian Weather Bureau provided update on monsoon season with the June 1-Sep 14 rains running 21% below normal compared to the 23% prior update. || RBA's Broadbent commented that the Chinese recovery was sustainable and should continue. Australia was well placed relative to peers || OECD forecasted the its region could lose 25M jobs from end-2007 through 2010. It saw unemployment rate hitting 10%. OECD's Gurria added that it was not the time to remove the fiscal stimulus

- In Currencies: The USD entered the European morning on shaky ground as former Fed Chair Greenspan commented that US lawmakers could hamper FED's ability to rein in its monetary stimulus and that inflation might "swamp" the bond market. Greenspan also noted that surge in Treasury issuance to hurt the dollar. The mention of inflation sent gold to fresh 18-month highs and feed into the weak dollar sentiment. The EUR/USD moved above the 1.47 level for the first time since last Dec. The recent USD price action suggests that the USD was becoming the new focal carry trade funding currency

- A historic day in
Japan as the change in government likely to result in a fundamental change in economic policies. Japanese incoming Fin Min Fujii commented that a strong JPY had merit for its economy and saw no need for currency intervention as long as the moves were gradual. The market took notice of the new government's official view and the JPY currency firmed across the board against the majors (perhaps again aided by Japanese repatriations for fiscal half-year end). Although Fujii previously made these comments over the last two weeks following this reiteration of his view on this topic but were his first 'official' comments after Hatoyama was elected as PM. USD/JPY probed towards the 90.00 level where option barriers were said to lurk. The EUR/JPY cross tested the mid-132 level while GBP/JPY moved below the 149 handle. Japanese PM Hatoyama commented that he would reexamine previous government's extra budget since spending had not aided regional economies. He also stated that the East Asia bloc would be expanded to Asia-Pacific but the plan did not seek to alienate the US or the dollar

- The GBP maintained a steady tone as its unemployment and claims data came in line with expectations. GBP/USD was entering the NY morning hovering around the 1.65 neighborhood.

- In Fixed Income: Government bonds have put in a strong performance this morning in
Europe, rallying in tandem with equities. Treasuries were buoyed following comments from the incoming Japanese Finance Minister Fuji, who commented that the new government had no plans to diversify its foreign reserves. Japan remains the US second largest creditor with Treasury holdings at $712B as of June, with fresh TIC data for July due out later in the NY morning. The US yield curve is flatter thanks to long end out performance. The yield on the Long Bond's is back below 4.25%, whilst 10y Notes yield 3.41% and the 2y Note is approaching the 0.90% level. Germany sold €4.1B in the second tap of the current on the run Bunds with moderate success, but Germany and UK government bonds have rallied nonetheless, partly dragged up by treasuries but also after the third successive negative reading in Euro zone inflation and on closer inspection, weak UK employment numbers The 2y Gilt yield remains anchored at all time lows below 0.73%, after yesterdays comments from the BoE's King on lowering the deposit rate. Corporate issuance has been light with UBI's €1B in covered bonds, priced at 60bps over swaps, the only offering of note. Austria's 3y USD offering has been indicated at flat to midswaps, or a 43bps risk premium over the 3y Note.

- In commodities: Spot gold hit fresh 18-month highs near the $1,020 level but remained below its all time highs of $1,032.40 made back in March 2008. Today's push higher being attributed to former fed Chairman Greenspan comments and concern about the
US debt limit and the potential that Congress would hamper Fed's effort to fight inflation.

- In the papers: WSJ discussed that the
US the government might take a step to help the Treasury avoid hitting the $12.1T debt ceiling, which is expected to be reached by mid-Oct. The article noted that since late last year, the Treasury had been selling special short-term securities and placing the proceeds in an account at the Fed. The program (Supplementary Financing Program) reached about $560B last in 2008, but has since fallen to about $200B. The Fed used the program to help finance rescues, as it was an alternative to printing money. Article noted that US Treasury Sec Geither has already requested Congress raise the debt limit, but lawmakers have not acted on that request.


*** NOTES ***

- Former FED Chair Greenspan: Concerned that lawmakers will hamper FED's efforts to rein in its monetary stimulus

- Incoming Japanese Fin Min Fujii: strong JPY has merits for Japanese economy; No need for currency intervention if moves are gradual

- PIMCO's Bill Gross raises holdings of govt debt to 44% from 25% prior; cuts mortgage bond holdings



***Looking Ahead: US TIC data….are the BRIC nations altering their US Treasuries?

- (RU) Russian Aug Producer Prices M/M: 1.4%e; Y/Y: -11.7%e

- 7:00 (US) MBA Mortgage Applications: No estimate versus 17.0% prior

- 8:30 (CA) Canadian Jul Manufacturing Sales M/M: 2.5%e v 1.9% prior

- 8:30 (US) Aug CPI M/M: 0.3%e v 0.0% prior, Y/Y: -1.7%e v -2.1% prior, Ex Food & Energy M/M: 0.1%e v 0.1% prior, Y/Y: 1.4%e v 1.5% prior

- 8:30 (US) Q2 Current Account Balance: -$92.0Be v -$101.5B prior

- 9:00 (US) Net Long-term TIC Flows: $60.0Be v $90.7B prior, Total Net TIC Flows: No estimates v -$31.2B prior

- 9:15 (US) Aug Industrial Production: 0.6%e v 0.5% prior, Capacity Utilization: 69.0%e v 68.5% prior

- 10:00 (US) DOE Crude/Gasoline/Distillate Inventories

- 13:00 (US) NAHB Housing Market Index: expected at 19 versus 18 prior

 

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

Forex Research

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 here.

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.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 11 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
  • POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI

  • POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
  • POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
  • POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
  • POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision


  • POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
  • POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
John M. Bland, MBA
co-founding Partner, Global-View.com EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

Retail Forex Brokerage Changing!

Are you 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.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

 
Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map


Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

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.

Forex News

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

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.

Forex Brokers

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 Trading

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.

FX Trading

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.

Forex Blog

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.

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105