User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday October 13, 2009 - 10:00:59 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - European Market Update: German ZEW improves but below market expectations; UK CPI registers lowest M/M reading ever

Tuesday, October 13, 2009 5:52:12 AM

 European Market Update: German ZEW improves but below market expectations; UK CPI registers lowest M/M reading ever


- (FR) French Sept CPI M/M: -0.2% v -0.1%e; Y/Y: -0.4% v -0.2%e
- (FR) French Sept CPI-EU Harmonized M/M:-0.2% v 0.0%e; Y/Y: -0.4% v -0.2%e
- (HU) Hungarian Sept Consumer Prices M/M: -0.1% v 0.0%e; Y/Y: 4.9% v 5.2%e
- (SP) Spain Aug House Transactions Y/Y: -9.9% v -20.3% prior
- (SZ) Swiss Sept Producer & Import Prices M/M: 0.2% v 0.1%e; Y/Y: -4.9% v -4.9%e
- (SW) Swedish Sept CPI-Headline Rate M/M: 0.3% v 0.4%e; Y/Y: -1.6% v -1.4%e
- (SW) Swedish Sept CPI-Underlying Inflation M/M: 0.4% v 0.5%e; Y/Y: 1.4% v 1.5%e
- (NV) Dutch Aug Industrial Production M/M: 0.9% v 0.4%e, Y/Y: -8.2% v -9.2%e; Industrial Sales Y/Y: -21.8% v -24.1% prior
- (UK) Sept CPI M/M: 0.0% v 0.3%e Y/Y: 1.1% v 1.3%e; Core CPI Y/Y: 1.7% v 1.7%e; lowest m/m reading on record, lowest annual reading since Sept 2004
- (UK) Sept RPI M/M: 0.4% v 0.3%e; Y/Y: -1.4% v -1.5%e; Ex Mortgage Int Payments: 1.3% v 1.2%e
- (UK) Aug DCLG UK House Prices Y/Y: -5.6% v -4.9%e
- (GE) German Oct ZEW Survey-Econ Sentiment: 56.0 v 58.8e; Current Situation: -72.2 v -69.0e
- (EU) Euro-zone Oct ZEW Survey -Econ Sentiment: 56.9 v 61.2e

- In equities news overnight: European equity markets opened mixed but rapidly aligned in negative territory. This movement was in contrast to a broadly positive Asian trading session and a positive close in NY on Monday. Markets have attempted to move out of negative territory but have been cut short. Most profoundly, a slight equity rally into 4:30EST was cut short by disappointing ZEW survey figures out of both
Germany and the Euro-zone. Equity movers to the downside have been dominated by financial names Deutsche Bourse [DBK.GE], Lloyds [LLOY.UK] and Credit Agricole [ACA.FR] the leading lagers on their respective bourses. A rating cut on Goldman Sachs [GS] by Meredith Whitney, profit taking before earnings, and overall continued questions regarding costs, exposures and earnings power have been cited as motivation behind today's movements. A notable sector standout has been European steel names that are trading higher in sympathy with a Goldman Sachs sector call on Asian steel names to 'Maximum Bullish.' ThyssenKrupp [TKA.GE] and AreclorMittal [MT.NV] are both outperforming in the wake of this call. Into 5:30EST, equities have pressed their trading range lows on mixed volumes, (strong on the FTSE100 and light on both the CAC and DAX)

-In equities: Analysts at Goldman Sachs raise Asian Steel sector to Maximum Bullish; State 'buy steel and buy in now.' || Whitbread [WTB.UK] Reports H1 Pretax £106M v £109Me, Rev £703M v £691Me. || ITV [ITV.UK] Announces £120M (7% of market cap) convertible bond offer; Provides trading update. || Old Mutual [OML.UK] Launches £500M senior bond (9% of market cap). || BAE Systems [BA.UK] According to Daily Telegraph, company's 3-yr contract with Saudi Air Force for Typhoon fighters may be worth over £500M. || Lloyds LLOY.UK: Exit fee from
UK toxic asset protection scheme (APS) may be more than £2B vs the £1B previously reported - London Telegraph. || Orpea [ORP.FR] Raises FY09 Rev target to €840M v €840Me; Sees FY11 Rev well above €1B v €1.1Be. || Fraport [FRA.GE] Reports Sept traffic figures; Frankfurt Passengers -4.7% y/y at 4.6M. || Merck [MRK.GE] Acquires private bioscience company in India. ||

- Speakers: WTO's Lamy: No significant signs of protectionism at this time, global contraction in trade appears to have reached a bottom. Exit strategies from special measures must rely on fiscal consolidation complemented by sustained GDP growth ||
China end Jun foreign debt at $360.6B, down 3.8% y/y - SAFE || ZEW Economists commented positive signals were now weakening but noted that the Expectations survey remained well above historical average but conceded that the German economy would improve only gradually. It cautioned that the recent decline in exports would likely to have weakened expectations and was uncertain how private consumption would develop. Increase in incoming orders should have had a positive impact || France PM Fillon reiterated the view that the worst of crisis had passed. Consumption to be maintained in coming months but unemployment to continue to rise into 2010 || Norway Government saw 2010 budget of NOK148.5B in non-oil structural deficit, structural deficit to increase by 0.5%. 2010 budget to show 1.75% real increase in expenditures with the 2010 budget overall surplus seen at NOK172B Expect oil fund at NOK2.824T at end of 2010 || Russian Econ Min commented that its 2009 inflation could be between 10.5% to 11.0% compared to Gov't official view of 11.0% to 12.0% || China Vice PM Wang commented ahead of the European morning that China could expand local currency settlement with Russia and establish bilateral currency deal with Russia. Russia says working on CNY and RUB currencies for trade settlement and not use either USD or EUR for the transactions. || German Dep Fin Min commented that inflation to stay low for the next few years

- In Currencies: The recent benign neglect in the USD and GBP currencies continue to remain in effect against the major pairs and commodity currencies and this was reflected in most outright commodity prices. Spot gold registered a fresh al-time high above the $1,065.40 level and NYMEX crude approached the $74.00 level. The GBP continued its soft tone and hit fresh multi-month lows against the USD and Euro pairs. The
UK inflation data indicated that BoE would continue to pursue its ultra-easy policy stance. GBP/USD tested 1.5710 before consolidating, while EUR/GBP hit six-month highs above the 0.94 handle.

- The EUR/USD retested the 1.48 level during the European morning but could not capitalize too much on the strength in commodity prices. The German ZEW survey took some of the luster out of the Euro but its losses were limited ahead of the NY morning. The data did stress that ECB monetary policy would remain accommodative for some time to come with the participants not expectation any ECB rate move over the next six months.

- In Fixed Income: Government bonds have exhibited a firm tone in European trade following weaker than expected data from
Germany and the UK. Ahead of tomorrow's reopening, the 2y Schatz is outperforming the rest of the German yield curve after the October ZEW survey undershot market expectations. It's a different story in the UK, where despite the lowest monthly reading in UK CPI, and lowest annual reading in half a decade, the short dated Gilt yields are higher, suggesting flatteners or at least steepener unwinds. Treasuries have seen good buying across the curve in the overnight session, with 5 and 7 year notes the best performers in current trade. The 10year Note has made up lost ground against both Bunds and Gilts with yield spreads a touch wider at -27bps and +5bps respectively.

- In commodities: Spot Gold hits fresh all-time highs at $1,065.40 per ounce || China Iron & Steel Association (CISA) to lead 2010 iron ore talks, seeks to set
China specific iron ore price (separate from prices agreed by other Asian steel makers) || Analysts at Citi commented on European Mining sector and remained positive on the sector due to continued global restocking. Continue to see recovery driven by China and global supply constraints. Saw sector becoming increasingly political as states with large resources attempt to play their advantage in the market

*** NOTES ***
- US Corporate earning seasons starts to heat up with financial sector to highlight the remainder of the week. Meredith Whitney lowers Goldman Sachs to Neutral
- German ZEW improved but did not meet expectations; Positive signals are now weakening
- UK inflation data keeps the door open to the possibility of additional BOE quantitative easing
- Goldman Sachs raise Asian Steel sector to "Maximum Bullish"

***Looking Ahead
- 8:00 (PD) Polish Aug Current Account: -€15Me v -€565M prior, Trade Balance: -€250Me v -€551M prior
- 8:30 (CA) Canadian New Housing Price Index M/M:0.2%e v 0.3% prior
- 9:00 (UK) BoE's Bean
-10:00 (US) IBD/TIPP Economic Optimism: 52.5e v 52.5 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."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

John M. Bland, MBA
co-founding Partner,

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.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

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.

Request a TRIAL of Max's Forex Service.


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

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 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 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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

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