User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday October 21, 2009 - 10:16:41 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European market Update: Key US earnings continue to flow; BOE stands united in holding its QE measures at £175B

Wednesday, October 21, 2009 5:56:58 AM

 European market Update: Key US earnings continue to flow; BOE stands united in holding its QE measures at £175B

 

*** ECONOMIC DATA ***
- (TH) Thai Central Bank leaves Interest rate unchanged at 1.25%; as Expected
- (SZ) Swiss Sept Money Supply M3 Y/Y: 7.8% v 7.4% prior
- (SZ) Swiss Q3 Real Estate Index Family Homes: 365.9 v 362.3 prior
- (NV) Netherlands Oct Consumer Confidence: -16e v -17 prior
- (UK) BoE Minutes: MPC voted 9 to 0 to maintain both Quantitative Easing at £175B and interest rates at 0.5%
- (SP) Spain Q3 Business Confidence: -21.5 v -19.0 prior

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
-In equities: European markets opened well bid but this positive momentum had waned with markets turning negative by 4:00EST. In corporate news, some long-standing epics came to a close with Ferrovial [FER.SP] BAA unit coming to an agreement to divest its Gatwick airport. In other sagas, a new page was turned as Cadbury [CBRY.UK] raised the stakes with its Q3 report by reporting increased sales and higher 2009 guidance. Deutsche Bank [DBK.GE] surprised the market with a limited Q3 pre-release, putting its net well ahead of expectations. DBK, after opening higher, quickly turned negative as pundits and traders questioned the necessity of the release with speculation running rampant as to what the bank was planning. In another Baltic banking miss, SEB [SEB.SW], like its rival Swed Bank [SWEDA.SW] missed its targets and traded lower. In other notable releases, BHP [BHP.AU] provided a Q1 production update that lacked FY09 iron ore targets. Auto firm Peugeot [UG.FR] reported its Q3 and likewise failed to provide any full year guidance. Equity markets continue to anticipate a wave of US reports expected during the NY morning including BA, NOV, WFC and MS. In sector movements, Industrials, Financials and Basic Materials led the EuroStoxx lower into 5:30EST on mixed volumes.

-In individual equities: Deutsche Bank [DBK.GE] Reports prelim Q3 Net €1.4B v €822Me, Pretax €1.3B v €1.15Be. Expects to see Tier 1 cap ratio at 11.7% v 11.0% q/q. || SEB Bank [SEBA.SW] Reports Q3 Net SEK38M v SEK419Me (unclear if comp); Rev SEK9.74B v SEK10.5Be. Credit loss provisions at SEK9.29N v SEK5.95B q/q. || Cadbury [CBRY.UK] Reports Q3 Sales +7% y/y , raises FY guidance. || BHP BHP.AU : Reports Q1 iron ore output 30.1M tons (record output) v 29.8M y'y; believe
China restocking of commodities is essentially complete; Sees restocking in developed economies, especially in steel. || Home Retail [HOME.UK] Reports H1 Rev £2.8B v €2.8Be. LFL sales at Argos -2%, LFL at Homebase +3%. ||Sainsbury [SBRY.UK] Qatar Holdings may increase 26% stake - FT. || Peugeot [UG.FR] Reports Q3 Rev €11.8B v €12.8B y/y. || PPR [PP.FR] Reports Q3 Rev €4.6B (-8.0% y/y). ||

- Speakers: (RU) Russia Central Banker Ulyukayev: Sees scope for additional interest rate cuts before end of 2009 and in 2010. Believed that 2009 Inflation could be below 10% and certainly below 11%. Russian Q4 Net capital inflow between $15 to $20B. Stated that the Russian Central Bank (CBR) purchased $1.5B in Forex markets on Tuesday ||
India PM Economic Panel forecasted FY09/10 growth at 6.5% with the trade deficit at $117B. Change in monetary policy to be determined by growth, inflation pressures. Accommodative monetary policy to continue until FY09/10 year-end in March. The panel saw a need for monetary policy tightening to come after inflation picks up and forecasted FY09/10 yr-end inflation around 6%. The panel acknowledged that short term challenge was to manage inflation, especially in food items. Lastly it saw encouraging signs of revival in capital flows. || BoJ Dep Gov Nishimura commented that thre was a "Bumpy road" ahead for Japan's economic recovery and noted that the global economy was unlikely to suffer a double dip recession. However, he noted that the BOJ must watch overall markets when deciding its monetary policy || Turkish Central Banker Yavas commented that there was plenty of room for additional interest rate cuts and stated that it could lower rates below the 5.3% inflation rate. He added that he did not expect full blown economic recovery in the short term || BoE Minutes: MPC voted 9 to 0 to maintain both Quantitative Easing at £175B and interest rates at 0.5%. There was no compelling reason to change QE measures but MPC had differences of view on medium term inflation outlook. It noted that the Nov meeting was an opportunity to assess QE more fully and that developments over the last month 'generally positive'. QE measures likely aided the LIBOR fall and rise in asset prices and that higher asset prices and GBP decline might aid growth in future. The BOE believed Q3 GDP growth would be close to Aug forecast || Swiss State Secretary Gerber commented that recent CHF currency gains were not due to fundamentals . He did note that deflation risks were dwindling at this time. The Swiss economy still could face a double dip recession. Swiss Govt was on track with economic forecasts || Chinese State Council stated that it had seen stronger than expected economy in YTD period

- In Currencies: The GBP was the primary driver in the currency market this session. The GBP/USD was firmer in European morning and initially tested its June 2008 down-trend line at 1.6500 level on vague dealer chatter circulating reports of ongoing interest from an oil company ahead of a large dividend payment that is providing a bid in GBP. Also continued chatter of Mid-East names preparing for a possible stake build in Sainsbury continued for a second day as well.
Qatar's royal family has cut its stake in banking group Barclays yesterday, refueling speculation it is gearing up for a takeover bid for Sainsbury's [SBRY.UK]. However, the unanimous decision by the BOE to maintain its £175B Quantitative Easing measure lifted the GBP against the major pairs further.
- Forex markets seem to be biding their time until option barriers at EURUSD 1.50 and above run off . The EUR/USD continues to set its sight on the 1.50 level with continued chatter of option barriers lurk. Question remains as to exactly when these options expire and the resulting price action. The EUR/CHF cross was back testing the 1.51 handle where prior speculation of SNB intervention was 'suspected' . Some ket technical levels are again appearing on the horizon with the 1.5040 level and 1.5000 mentioned as 'key'.
- The CAD continued its soft tone following the BOC rate decision and comments from Tuesday. USD/CAD was approaching the mid 1.05 level as the NY morning approached. Central Banks tend to believe that currency intervention is not successful under most conditions but dealers would note that if the technical alignment was advantageous then intervention has the potential to be 'effective'. Thus USD/CAD above the 1.06 level would start to set such ideal 'conditions'

- In Fixed Income: Government bonds are selling of in tandem with equities this morning in
Europe. Gilt markets were searching for clues on the direction of quantitative easing in the BoE Minutes and with asset purchases set to expire in less than a fortnight that BoE's statement that is saw no compelling reason to extend QE in Oct was taken on face value as relatively dovish. As a result, UK yields have probed their highest levels of the month, the 10-year Gilt is higher by 10bps at 3.64% in current trading. A more sober assessment would note that, the BoE added a caveat a more complete evaluation of QE could be taken in November. Bunds and Treasuries were dragged down in the knee-jerk selling despite weakness in equity bourses. The belly of the curve is under the most pressure in Treasuries while the long end is sagging in Germany. The UK opened books on a new syndicated 50year Gilt, with order books said to be in the vicinity of an extremely healthy £8B

- In Energy:
China's State-owned Assets Supervision and Administration Commission (SASAC) to increase its supervision of the hedging activities of state-owned companies according to Far east press accounts. The SASAC wants state-owned companies to scrutinize their hedging deals more closely while signing derivatives contracts.

*** NOTES ***
- Fed's Plosser: Need for a dividing line between Fed's monetary and fiscal policies
- Currency participants awaiting option barriers to roll off in EUR/USD

***Looking Ahead:
- More key US corporate earnings before the bell with Boeing [BA], Eli Lilly [LLY], Manpower [MAN], Altria [MO], Morgan Stanley [MS], Northrop Grumman [NOC], US Bancorp [USB] and Wells Fargo [WFC] expected
- (SP) Spain Aug Trade Balance: No estimates versus -€3.2B prior
- 7:00 (US) MBA Mortgage Applications w/e Oct 16th: No estimates v -1.8% prior
- 8:00 (PD) Sept Core Inflation M/M: 0.2%e v 0.0% prior Y/Y: 2.9%e v 2.9% prior
- 10:30 (US) DOE Crude Oil/Gasoline/Distillate Inventories: CRUDE: +1.5ME; GASOLINE: -1.2ME; DISTILLATE: -1.2ME; CAPACITY UTILIZATION: 81.3%E
- 12:00 (US) Fed's Lacker
- 13:00 (US) Fed's Tarullo
- 14:00 (US) Fed's Beige Book
- 15:30 (MX) Mexican Unemployment Rate: 6.3%e v 6.3% prior
- (BR) Brazil Central Bank SELIC Target Interest Rate Decision: No change expected from the current rate of 8.75%

 

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 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.



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