User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday November 24, 2009 - 11:17:46 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - European Market Update: German IFO survey hits 15 month highs; European bourses shakes off initial concerns over financial sector (Trade the News)

Tuesday, November 24, 2009 5:57:00 AM

 European Market Update: German IFO survey hits 15 month highs; European bourses shakes off initial concerns over financial sector


- (MA) Malaysia Central Bank Interest rate maintains its overnight Rate at 2.00%; as expected
- (RU) Russian Central Bank cuts its Refi rate by 50bps to 9.0%; In line with views
-(FI) Finland Oct Unemployment Rate: 8.2% v 8.1%e
- (GE) Germany GDP SA Q/Q: 0.7% v 0.7%e; Y/Y: -4.8% v -4.8%e;
GDP NSA Y/Y: -4.7% v -4.7%e
- (GE) German Q3 Final Private consumption: -0.9% v -0.4%e; Government Spending: 0.1% v 0.3%e; Imports: 5.0%e v 3.55e; Exports: 3.4% v 4.1%e
- (SZ) Swiss Oct UBS Consumption Indicator: 0.867 v 0.671 prior
- (FR) France Nov Business Confidence Indicator: 89 v 91e; Production Outlook: -9 v -9e; Own-Company Production: -3 v 1e
- (FR) French Oct Consumer Spending M/M: 1.1% v 0.4%e; Y/Y: 3.5% v 2.3%e
- (SP) Spain Oct Producer Prices M/M: 0.0% v 0.8%e; Y/Y: -4.2% v -3.1%e
- (SZ) Swiss Q3 Employment Level Y/Y: 0.2% v -0.8%e; 3.96M 3.94Me
- (NV) Netherlands Nov Producer Confidence: -5.6 v -6.5%e
- (SW) Sweden Oct PPI M/M: -0.4% v -0.1%e; Y/Y: -1.8% v -1.6%e
- (GE) Germany Nov IFO Business Climate: 93.9 v 92.5e (15 month high); Current Assessment: 89.1 v 88.0e; Expectations Survey: 98.9 v 97.3e
- (NO) Norway Q3 GDP Q/Q 0.9% v 0.8%e; Mainland
GDP Q/Q: 0.5% v 0.8%e
- (UK) Q3 Total Business Investment Q/Q: -3.0% v -5.0%e; Y/Y: -21.7% v -22.9%e
- (UK) BBA Loans for House Purchase: 43.2K v 44Ke
- (SA) South Africa Q3 GDP Annualized: 0.9% v 0.5%e; Y/Y: -2.1% v -2.6%e
- (EU) Euro-Zone Sept Industrial New Orders M/M; 1.5% v 1.0%e; Y/Y: -16.5% v -17.3%e

- Equities: Following a strong Monday session in which a three day downward trend was snapped, European markets gapped down in line with their Asian peers. Asian trading, specifically out of mainland
China, was broadly negative as rebuttals from financials regarding capital raise speculation failed to restore confidence. Commentary from the Chinese Academy of Social Sciences supporting stronger capital controls fueled concern. Follow-through from this concern has hit the European financial sector with the large cap banks leading the downward trend. A notable stand out to this rotation has been Lloyds [LLOY.UK] that has traded positive after pricing the largest UK secondary offering of all time at 13.5B. On the back of concern out of China, mining, industrial and vehicle names sought to give back their gains from yesterday. Individual stand outs included Carrefour [CA.FR] after a bullish note from JPMorgan and Swatch [UHR.SZ] following a similar themed note from UBS. Better than expected German IFO business climate data at 4:00EST lifted markets and European bourses have trended off their opening lows into 5:30EST. Commentary from BoE's King through 5:00EST further rallied markets on the back of statements regarding asset price reaction to QE operations.

-In equities: Lloyds [LLOY.UK] Confirms terms of share placement: Proposes 1.34 for 1 rights issue of 36B new shares at 37p/share for expected proceeds of 13.5B (54% of market cap). || Aquarius Platinum [AQP.UK] Launches $250M 5 year convertible bond offering. || SSL [SSL.UK] Reports H1 Net 38M v 31Me, Pretax 51.9M v 47Me, Rev 391M v 388Me. || Vivendi [VIV.FR] Acquires 10% stake in Canal+ for 744M currently owned by TF1. ||

- Speakers: BOE's King commented in his quarterly inflation report to parliament that the
UK economy faced significant challenges ahead and still expected inflation to rise sharply in coming months to above target. He again noted that the depreciation of GBP currency would aid its economic. Inflation was likely to rise sharply in the coming months, from its current level of 1.5% to above the target of 2.0%. He conceded that powerful forces were continuing to restrain spending in the economy. Banks are actively trying to reduce their leverage. There is a long way to go in that process. Lower level of spending had opened up a significant margin of spare capacity in the economy and spare capacity would continue to act as a drag on inflation in the medium term. King added that he expected buoyant growth rate after recession. The rate of UK debt reduction depended on path of economy. He did not foresee an immediate risk to UK's AAA sovereign rating, however longer it takes for credible plan to reduce deficit the greater the risk to rating. The UK needs a credible plan to bring down deficit over the lifetime of parliament. Kong added that UK tax revenues were likely to be lower for up to a decade || BoE's Sentence commented that it was appropriate to slow rate of asset purchases and added there were signs of stabilization and recovery in UK economy || BoE's Posen stated that the BOE was coming to the end of large scale Quantitative easing measures but added there were no guarantee that QE measures were effective . If QE were ineffective there is a case to purchase private sector assets (non-Gilts). He noted that the lack of private assets made QE exit easier ||Indian Gov Advisor commented that the currency appreciation in the Rupee has been orderly to date and added that he did not see the level as cause for concern. The advisor did not expect to see strong measures to control capital inflows and the 2009/10 capital inflows are seen at a manageable level between $57-60B. The advisor commented that he expected stimulus measures to continue through 2009/10; could see some slowdown in 2010/11 period || German BDA employer's federation: Sees risk of acute broad risk of a credit crunch

- Currencies: Risk aversion crept back into the market as Asian equities slumped over capital raising fears helping the dollar and JPY firm against the European and commodity-related currencies. Comments from Chinese Academy of Social Sciences researcher Zhang Ming that China should make its capital controls stronger to deal with speculative inflows related to low US interest rates and comments from bank of China [3988.HK] that its was studying different ways for capital raise sent the Shanghai Composite lower by 3.5% in the session. The EUR/USD tested below the 1.49 handle as a series of Euro sell-stops were elected ahead of the European morning. However, the initial concerns over the financial sector receded following the improvement in the German November Ifo survey, which increased to 93.9 from 92.0 in October for a 15 month high. The EUR/USD managed to regain most of its session losses and probed back towards the mid 1.49 area as the NY morning approached. Risk appetite also was aided by BOE's King comment that he was not surprised by recent moves in asset prices, adding that it was not helpful to call every move in asset prices a bubble. Spot gold and oil recovered
-The GBP was lagging the European currencies as the session wore on. The BOE's King again BoE Governor King reiterated commented that the depreciation of sterling would help boost economic demand. GBP/USD tested the 1.6500 while EUR/GBP probed the 0.9050 area. The Russian Central bank continued its easing mode and cited that the Ruble appreciation was a factor in the rate cut today.

- Fixed Income: Government bonds opened bid across the curve this morning in
Europe only to move steadily lower as the session progressed. A 15 month high in the IFO Survey of expectations got the ball rolling, while a number of comments from the BoE's King that were bond negative or at least risk supportive, added further pressure. King noted that the longer it takes for the government to come up with a credible fiscal plan, the greater the risk to the UK's credit rating, and consistent with a number of comments from FOMC members last week, King noted that he was not surprised by recent moves in asset prices. But relatively strong 13y Gilt auction has helped stem the tide and mving into the NY morning Bunds and Gilts remain in positive territory with Treasuries broadly unchanged. Greek debt remains under pressure with 10y yield spreads widening out to near 4 month highs at Bunds +173bps. Corporate issuance picked up with offerings from Telefonica, Volkswagon and Vivendi all in the works . Ahead of the $42B auction, the new 5y notes have traded within a 2bps range in the when issued market overnight, to yield 2.20% at the time of writing.

- In the papers: UK telegraph Ambrose Evans-Pritchard article noting that S&P gave warning that most global bank were still unsafe as they lack sufficient capital to cover trading and investment exposure, risking further downgrades over the next 18 months unless they move swiftly to beef up their defenses. Every single bank in
Japan, the US, Germany, Spain, and Italy included in S&P's list of 45 global lenders fails the 8% safety level under the agency's risk-adjusted capital (RAC) ratio. Most fall woefully short
-WSJ: HSBC has told retail clients to remove their gold holdings from its vault located under the firm's tower in
New York City. HSBC is trying to make room for the gold holdings of its institutional clients.

- German IFO survey hits a 15 month high
- BOE's King: not surprised by recent moves in asset prices
- Rising concerns over banks renewed funding needs causing some trimming in risk appetite.
- Chinese Academy of Social Sciences researcher Zhang Ming: China should make its capital controls stronger to deal with speculative inflows related to low US interest rates
- Standard & Poor's has given warning that nearly all of the world's big banks lack sufficient capital to cover trading and investment exposure, risking further downgrades over the next 18 months unless they move swiftly to beef up their defenses
- Traders noting that they 'can just feel market liquidity getting thinner".

***Looking Ahead:
- 7:00 (BR) Brazil Oct Current Account: -$2.5Be v -$2.3B prior; Foreign Investment: $1.7Be v $1.8B prior
- 7:45 (US) ICSC/UBSW Chain Store Sales: No estimate versus -0.1% prior
- 8:30 (US) Q3 Preliminary GDP Annualized: 2.8%e v 3.5% prior; Personal Consumption: 3.2%e v 3.4% prior
- 8:30 (US) Q3 Preliminary GDP price Index: 0.8%e v 0.8% prior; Core PCE Q/Q: 1.4%e v 1.4% prior
- 8:55 (US) Redbook Retail Sales: No estimate versus +1.8% prior
- 9:00 (US) Sept S&P/Case Shiller Composite-20 Y/Y: -13.0%e v -14.2% prior; Home price index: 146.90e v 146.00 prior
- 9:00 (US) S&P Case Shiller Q3 House price index Y/Y: -10.3%e v -14.9% prior; Index: No est v 132.6 prior
- 9:00 (BE) Belgium Nov Business Confidence: -13.0e v -14.2 prior
- 10:00 (US) Nov Consumer Confidence: 47.5e v 47.7 prior
- 10:00 (US) Nov Richmond Fed Manufacturing Index: 8e v 7 prior
- 10:00 (US) Q3 House Price Purchase Index Q/Q: 0.3%e v -0.7% prior
- 10:00 (EU) ECB's Mersch
- 13:00 (US) Treasury's 5-year $42B note auction
- 14:00 (US) Minutes of FOMC Nov 4th policy meeting
- 15:30 (MX) Mexico Oct Preliminary Trade Balance: -$1.3Be v -$1.1B prior
- 15:30 (MX) Mexico Oct Unemployment Rate: 6.3%e v 6.4% prior
- 16:30 (US) API Crude Oil/Gasoline/Distillate Inventories


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