- A raft of very strong corporate earnings, led by JP Morgan, helped US equity indices gain considerably during the premarket this morning, with the DJIA once again within striking distance of 10,000. A smaller-than-expected decline in retail sales for September underpinned the market's early advance. Gold has come off fresh all time highs overnight while, generic crude futures made new highs for the year. Investors increasing risk appetite has them moving money out of bonds with yields rising on both sides of the Atlantic. The US long bond yield approached 4.25% while the 10-year neared 3.4% briefly before both backed off.
- Tier one financial names are on fire this morning thanks to JP Morgan, which beat top- and bottom-line estimates handily. JP Morgan citied broad-based strength across its businesses for its solid results, while also warning that dark clouds have not entirely cleared yet. CEO Dimon said corporate lending continues to trend around all time lows and noted that extended credit lines continue to be drawn at very light levels. In addition, JP Morgan said the dividend could move to $0.75-$1.00 in early 2010. JP Morgan is up around 3%, with the rest of the majors not far behind. Note that a Forbes article from last night was cautious on the outlook for some US banks, with results of Citigroup, Wells Fargo and Bank of America expected to underperform those of JP Morgan and Goldman
- Intel opened for trade up 3.5% but has traded off a percent or so in the early going as the JP Morgan effect on broader markets wears off. Note that Intel delivered the better-than-expected revenue growth investors were waiting for, but lukewarm comments heard on the conference call may also be sinking in. On the call, an Intel exec said overall enterprise spending remains weak while inventory in channel is still below normal levels. Rail name CSX gained 5% in the premarket after a largely in line repot, but spiked down from the open. Shares of CSX regained nearly all these losses after an exec said on the conference call that despite the challenging environment, YTD operations are still ahead of 2007 levels. In other earnings, EPS from insurance name Progressive, manufacturer WW Grainger's and hotelier Host Hotels were better than expected and revenue totals were more or less in line with expectations. PGR and HST are up in the low single digits, while GWW is in the red after announcing an acquisition.
- In currencies, EUR/USD continued to linger around 1.4900 throughout the New York morning with dealers surmising a good offer is keeping the cross below the 1.4925 area for the time being. The dollar managed to hold a steady tone despite another round of earnings providing more fuel for the risk appetite that was prevalent throughout the Asian and European sessions. Dealers still believe the 1.50 level is in the crosshairs, although plenty of option barriers are lurking ahead of that key psychological level. Note also that ECB Gov Bini Smaghi said there is no case for pre-emptive interest rate hikes due to higher asset prices. German Chancellor Merkel remains optimistic on German economic growth but cautioned that a credit crunch could still impede the recovery.
- The JPY was initially softer against the major pairs but maintained a firmer tone overall compared to its opening levels in Asia. The yen remained below some key chart levels during the NY morning with 90.10 holding in USD/JPY and 133.80 intact for the EUR/JPY pairs, both represents respective two-month downtrend lines.
- Sterling was weaker with the price action being led by the EUR/GBP cross and the support at 0.9290. BOE's Fisher added to the pound's downward momentum when he noted that the central bank debate on extension of quantitative easing continued and he declined to comment on the appropriate level for the pound.
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.