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Monday November 23, 2009 - 16:31:58 GMT
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Forex Blog - US Market Update (Trade the News)

Monday, November 23, 2009 11:17:12 AM

 US Market Update

 

Dow +151 S&P +18 NASDAQ +35.7
- Equities and commodities are surging once again following and overwhelming return of investors' risk appetite. Relatively thin holiday conditions, strong historical performance during the Thanksgiving week, and continued supportive Fed speak have emboldened the bulls. The euro surged just ahead of the European stocks open, gold is at fresh all-time highs above $1,170, front-month crude is back at the high end of its six-week range, testing $80. October existing home sales were +10% from September levels, adding fuel to the fire. Treasury markets are only slightly lower. The 2-year yield is up off of last week's 14 months lows to trade at 0.73%. This afternoon $44B in 2-year notes kicks off crammed auction calendar ahead of the Thursday break.

- Tech Data is up 3% after solidly beating top- and bottom-line estimates. The firm noted that there are clear signs of an improving outlook for the company's business. Tyson is more or less unchanged after a decent Q4 report and upbeat comments about 2010. Valspar Corp is off nearly 3% after missing revenue targets.

- In other news, Hershey is very close to launching a $17B friendly bid for Cadbury, topping Kraft's $16.8B offer launched back in early September. The offer, which is not ready for prime time quite yet, would reportedly include $10B in cash. Cadbury is said to be much more agreeable to a Hershey offer. Kraft is reportedly ready to raise its bid in response.

- The greenback remained vulnerable throughout the
New York morning but managed to stay below the 1.50 level despite continued strength in crude and gold. Comments supportive of the dollar continue to emanate from global officials, although they are having less and less impact on markets. ECB Chief Trichet may have reiterated yet again that he appreciate US support for a strong dollar, but the comments bounced right off EUR/USD. There was unconfirmed chatter that China was discussing a possible investment in Greek debt in the background. Dealers noted that rumors suggest that China might buy 25% of outstanding Greek debt; which if true could mean a €80B investment.

- Note that in gold the market remains fixated on a December gold option expiration with a $1200 strike price. Traders noted that options settle at 1:30pmET, although exchanges give traders the rest of the afternoon to manually exercise options even if they're out of the money.

 

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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.

 

 

 

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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.

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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."



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12:30 US- Housing Starts & Permits
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Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

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  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

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



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



John M. Bland, MBA
co-founding Partner, Global-View.com

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