- In equities news overnight: European markets look set to recover their losses from yesterday's session. Markets have trended broadly higher following a positive open that followed a mixed Asian session. With Japanese markets closed for public holiday again, Asian trading remained thin. Comments out of the Asian Development Bank, raising its 2009 GDP targets for China and India provided equities some running room ex-China. Chinese markets for the third straight session traded lower, closing down more than 2%. European sector performance was mixed, with all major sectors trading in the green. Oil and gas names led the Eurostoxx50, basic resource and mining names on the FTSE100 and mixed Industrials led the way on the DAX. Volume levels have remained light through the European morning.
-In individual equities: Cadbury [CBRY.UK] CEO: Possible Kraft merger makes "some strategic sense" - WSJ. Says company investors say "in absence of higher value, stay focused." || WPP Group [WPP.UK] CEO: Group is continuing to look for cost cutting options in the short term period -FT. || ITV [ITV.UK] ITV network license no longer sustainable by 2012 - OFCOM. Says the Channel 3 regional network licenses could be in deficit to the tune of Â£38-Â£64 million by 2012. Ofcom's response says that new funding will be required if regional news on Channel 3 is to be maintained. || Imperial Tobacco [IMT.UK] Overall performance and financial position is in line with management's expectations. Trading trends outlined in the Interim Management Statement on 23 July 2009 have continued. The Altadis integration is progressing well and is on track to deliver the expected synergies. || JD Sports [JD.UK] Reports H1 Net Â£7M v Â£6M y/y, Rev Â£324M v Â£289.9M y/y; 6-week LFL sales +0.8%. || Air France [AF.FR] Trimming long haul capacity 1.8%; overall capacity to decline 2% over winter season. Reducing medium haul capacity 2.9% y/y. || Sanofi-Aventins [SAN.FR] Awarded new order for swine (H1N1) flu vaccine from the US Govt. New order for approx 27M doses; bringing total to approx 75M. || Accor [AC.FR] Announces sale of 158 F1 hotel properties for â‚¬272M. Operation to reduce net debts by â‚¬187M in FY09. Operation will add â‚¬130M to cash reserves, have â‚¬5M net positive impact. || Heidelbergcement [HEI.GE] Determines capital measures; Sets offer price at â‚¬37/shr to rase â‚¬2.25B (41% of market cap). Reminder: On Sept 14 -Offering 62.5M in new common shares (50% of share outstanding). Action to be taken as part of broad refinancing program. Shares will be offered on 2 for 1 basis. || Deutsche Wohnen [DWNI.GE] To issue 55.4M new shares (2.1x shares outstanding) at â‚¬4.50/share. Shareholders will be able to acquire 21 shares for each 10 shares held. To use some of the proceeds to reduce the liabilities of the Deutsche Wohnen Group. || ABB Group [ABBN.SZ] Chairman: Demand is still subdued, confident current cost savings program will be sufficient. Current cost savings targets are put at $2B. Have seen positive effects from stimulus programs in China, still awaiting new orders from US. ||
- Speakers: ECB's Weber commented that the recent Euro price action was not out of line in respect to the with Euro-zone data versus other regions. The central banker then reiterated the standard ECB line on rates and growth.
Weber again noted that the 1.0% interest rates were currently at an appropriate level and that it was too early to exit "extremely loose" monetary policy. He did note that once the economy recovered, the ECB has an obligation to decisively counter long-term inflation risks and liquidity build-up. ||Polish Central Banker Skrzypek commented that there was a serious risk that the country's Debt-to-GDP ratio could exceed 55%. He noted that the Polish GDP needed stimulation || Polish Central Banks Noga commented that he saw Poland's Q3 GDP registering a positive reading and Q4 GDP seen around +1%. Noga noted that interest rate increases could be possible around the summer of 2010. He forecasted CPI moving back towards the 2.5% target by mid-2010 period but conceded it might take longer than prior estimates. He noted that further rate cuts in 2009 are unlikely || IMF commented that the Russian Ruble currency was fairly valued based on current level of oil prices. The IMF saw a 'fairly rapid economic recovery in H2 and reiterated that Russia's 2010 GDP was seen at up 1.5% || Moody's noted that there were some stabilization in Latvia and Hungary (and Iceland) but the situation was far from recovery || Italy raised its 2009 GDP forecast to -4.8% from -5.2% prior; it also amended its 2010 GDP to +0.7% from +0.5% prior || Swiss Gov't raised its GDP view for both 2009 and 2010 period. SECO now sees 2009 GDP -1.7% v -2.7% prior; 2010 GDP +0.4% v -0.4% prior view in June. The Swiss Gov't maintained its 2009 Unemployment view at 3.8% and improved its 2010 Unemployment seen at 5.2% v 5.5% prior || Chinese Min reiterated the official Gov't view that industries were at critical phase of recovery and that it was too early to remove stimulus
- In Currencies: The USD against entered the European morning on wobbly legs and under renewed pressure following the comments from the Canadian PM and Russian Deputy PM on Monday. The USD still the favored carry trade funding currency The Asian Development Bank raising its GDP for both China and India provided the backdrop of improved risk appetite during the session. The G20 meeting set for Sept 24th/25th also gained in significance as the issue of imbalances could provide the way for more bearish USD momentum. ECB's Weber provided a rare FX observation when he commented that recent currency market behavior was not out of line with Euro-zone economic data compared to other regions. The EUR/USD tested above the 1.4800 level for its best level in almost 12 months. USD/CHF tested 1.0230 for 14 months lows (July 2008 levels).
- The JPY currency was firmer for most of the session as dealers continue to try to figure out where Japan's Fin Min Fujii (and the new Japanese Gov't) stands on FX policy
- In Fixed Income: Government bonds are weaker this morning in Europe as equities and currencies enjoy a risk revival. Bunds have suffered under the weight of supply, with the Netherlands selling â‚¬2B in a variety of DSL's and Italy selling â‚¬2B in a reopening of the 2025 BTP. And the Bundesbank set a 2.5% coupon on the new 5y Bobl, of which up to â‚¬7B is expected to be auctioned off tomorrow. Ahead of the Treasury's $43B 2y Note auction, the existing 2y Note hit an overnight high yield above 1%, with the new notes trading about 5bps cheap in the when issued market. The 10-year note tested 3.50% and the Long Bond briefly reached 4.26%. In corporates, Anlgo American launched a â‚¬750M 4y , with pricing indicated at 180bps over swaps, whilst KPN has come to market with a â‚¬700M 15y as part of a refinancing operation. Finally, Aussie insurance name QBE is planning a 6y GBP offering, with price talk at 330bps over Gilts.
- In Energy: Saudi's ARAMCO CEO stated that he saw little chance of pumping oil from fields that were idled next year because the recovery in global demand had not started . he did not see a major shift in demand unless the economic recovery accelerates. Saudi Arabia had idled about 4M bpd (33% of total production capacity). || Iranian nuclear head stated that Iran had created new generation of centrifuges ||
- In the papers: FT opinion piece noting that "G7 should deal with the dollar" as the article noted that a dollar collapse would have grave consequences for the world. According to the article coordinated intervention has worked in the past in currency markets and should be considered again for the dollar by the G-7 nations. The opinion piece noted that officials at the Bank of Canada and the RBNZ have warned about developments in the currency markets.
*** NOTES ***
- Asian Development Bank (ADB): Raises 2009 China growth est to 8.2% from 7%; Raises India 2009 growth est to 6% from 5%
- Swiss government has raised its GDP forecasts
- Singapore's sovereign wealth fund GIC has reduced its stake in Citigroup to below 5% from 9%
- ECB's Weber: currency market behavior not out of line with Euro-zone economic data
- Expectations rising that G20 will call for gains in other currencies to help reduce global trade imbalances
- USD hits fresh 2009 lows against Euro and Swiss franc pairs
- 7:45 (US) ICSC/GS weekly chain store sales
- 8:00 (PD) Poland Aug Core Inflation M/M: 0.1%e v 0.4% prior, Y/Y: 2.9%e v 2.9% prior
- 8:30 (CA) Canadian Jul Retail Sales M/M: 0.7%e v 1.0% prior, Less Autos: 0.1%e v 1.0% prior
- (SA) South Africa Reserve Bank (SARB) Rate decisions: No change expected, current Base Rate is 7.0%
- 8:55 (US) Redbook weekly retail sales
- 10:00 (US) Richmond Fed Manufacturing Index: 16e v 14 prior
- 10:00 (US) July House Price Index: 0.5%e v 0.5% prior
- 12:30 (MX) Mexico to sell 2.5B in 5-year FRN and 2.0B in 20-year bonds; to sell 30-year Inflation-linked
- 13:00 (US) Treasury's $43B 2 year note auction
- 15:30 (MX) Mexico Aug Unemployment rate: 6.0% expected versus 6.1% prior
- 16:30 (US) API Crude Oil/Gasoline/Distillate Inventories
- 17:00 (US) Weekly ABC Consumer Confidence: No estimate versus -49 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
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.
Tue 19 June 2018 A 12:30 US- House Permits/Starts Wed 20 June 2018 A 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude Thu 21 June 2018 AA 11:00 GB- Bank of England Decision A 12:30 US- Weekly Jobless Fri 22 June 2018 AFlash PMIs
John M. Bland, MBA co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
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.