User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday December 2, 2009 - 11:08:21 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European Market Update: Currency Intervention watch gathers steam after Japan's top finance official pays Washington a visit (Trade the News)

Wednesday, December 02, 2009 5:56:30 AM

 European Market Update: Currency Intervention watch gathers steam after Japan's top finance official pays Washington a visit

 

*** ECONOMIC DATA ***
- (TH) Thai Central Bank kept its Benchmark Rate unchanged at 1.25%; as expected
- (BR) Brazil Nov FIPE CPI: 0.3% v 0.3%e
- (FI) Finland Sept Final Trade Balance: -272M v 0.0e
- (NO) Norway Dec PMI: 48.5 v 47.5e
- (HU) Hungary Sept Final Trade Balance: 477.1M v 485.6M prior
- (SP) Spain Nov Unemployment Net M/M: 60.6K v 98.9K prior
- (SW) Swedish Q3 Current Account (SEK) 53.1B v 67.9B prior
- (SA) South Africa Nov Naamsa Vehicle Sales Y/Y: -12.1% v -16.9% prior
- (UK) Nov PMI Construction: 47.0 v 46.9e
- (EU) Euro-zone Oct PPI M/M; 0.2% v 0.0%e; Y/Y:-6.7% v -6.8%e

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
- Equities: Following yesterday's strong global equity session, European markets have been more reserved. Equities have hovered above and below the unchanged mark in erratic trading that have been driven by an assortment of news flows. Macro themes continue to be dominated by the on-going upward trend in precious and industrial metals. Reduced contagion concerns from Dubai (as the UAE celebrates unity day) have settled financial sector names who look to give back some of their recovery from Tuesday. Mid East exposed banks are trading the lowest, more on profit taking from yesterday's surge than over continued loss fears. Equity movers included French listed Bouygues [EN.FR], Neopost [NEO.FR] and UK listed Sage Group [SGE.UK] following earnings releases. European auto names have moved lower following yesterday's November US sales figures. In IPO news, looking ahead to tomorrow's launch of PPR's [PP.FR] CFAO [CFAO.FR] unit, pricing has been reported at 26/share, just below the mid-point of its indicated range. Overall sentiment has been flat with equities at 5:30EST just ahead of the unchanged line as markets await commentary from Nokia [NOK1V.FH] in its capital day, and US ADP employment figures seen in the NY morning.

-In individual equities: Sage Group [SGE.UK] Reports FY09 Pretax 267M v 293Me, Rev 1.4B v 1.4Be. || Barclays [BARC.UK] To record a gain of 900M more than expected related to sale of Barclays Global Investors unit to BlackRock - FT. || Neopost [NEO.FR]: Reports Q3 Rev 215M v 221Me. || Bouygues [EN.FR]: Reports Q3 net 477M v 430Me, Rev 8.4B v 8.4Be; Reaffirms FY09 Rev target 31.2B v 31.4Be. || PPR [PP.FR] Reportedly CFAO spin-off to be priced at 26/share. ||

-Individual stocks:

- Speakers: Japan PM Hatoyama stated in a speech that a strong Yen currency cannot be left "as is". The Prime Minister added that he was unsure whether the strength was a temporary or lasting phenomenon || Japanese Gov Spokesperson Hirano tried to clarify the PM's currency comment and noted that Hatoyama did not state that Japan was ready to intervene in currency markets but meant officials were watching markets closely. || BOJ Gov Shirakawa commented about his meeting with PM Hatoyama and explained recent currencies price action with him. The two officials discussed about markets, economy and prices . The BOJ stated that Hatoyama did not call for more policy easing. BOJ shares Gov't view on deflation and the central bank pledged to maintain in contact with Gov't and meet when necessary || Japan's Banking Min Kamei stated that Japan should ask the U.S. and Europe to take coordinated action to weaken the yen currency

- Currencies: The session was all about the JPY as various comments from the Tokyo open prompted possible intervention moves as numerous meeting took place over the last 24 hours. The speculation swirled after dealer took notice that Japan's top financial official Tamaki met with US Treasury officials in Washington DC to exchange views on wide range of issues. Tamaki declined to elaborate on the exact nature of the meeting. Intervention gather a bit more momentum after Japan PM Hatoyama commented in a speech that a strong Yen currency cannot be left "as is" but did concede that he was unsure whether the strength was a temporary or lasting phenomenon. The USD/JPY was firmly above the 87 handle throughout European morning but yet to take out the Tuesday high of 87.53 (made after the announcement of an emergency BOJ meeting). The key level for the short-term prospects for the pair is the 88.00, which acted as support throughout the summer period. (TTN duly notes that 'effective' intervention (particularly coordinated) would occur when the technical picture was 'favorable'. The successful intervention in USD/JPY back in 1995 occurred at the 95 level and was already 15 big figures off the all-time low of 79.80 made in April of that year). The USD/JPY would need to move above the 88 handle to offset some of the bearish technical forces currently seen in the pair. Most central bankers would note that currency intervention is not effective unless the circumstances are ideal.
- Dealers are preparing for Thursday's ECB meeting and noting that a lot of confusion on the ECB's exit strategy could result from the post decision press conference. Particularly the market is preparing how to interpret what the implications are for changes in the tender operations. Markets might latch onto something simple like an upgrade in growth and inflation forecasts. For today's session renewed chatter of a binary option barrier with 1.4850 to 1.5150 parameters was the discussion with Friday expiration being circulated. || China's PBoC Hu Xiaolian commented that gold prices were at high levels adding that markets should be worried about potential asset bubbles. The official noted that PBoC must keep in mind the long-term effects when considering what to use as our reserves (response to question whether China had plans to increase its gold holdings) || Canadian Govt provided stimulus updates: 97% of stimulus committed; warns its provinces to use or lose funds

- Fixed Income: Government bonds are softer this morning in Europe with bear steepening a constant theme in all three major markets. Gilts have underpeformed on a relative basis with the UK 10 year now 40bps cheap to the Bund and 30bps cheap to Treasuries. European peripherals are firmer against the core and Greek 10y has led the away again, shedding another 10 bps on the session to sit back below pre Dubai levels at Bunds +160bps. The UK sold 2.25B in 30yr Gilts with a 0.2bps tail and a strong cover of 1.74. In corporates, Credit Suisse launched a 3yr EUR floater while a 12yr sterling denominated offering from Australia's NAB is also in the works.

- Energy: Russia reported Nov Oil production at 10.07M bpd v 10.04M bpd m/m. It Gas output at 1.93Bcm/d v 1.76Bcm/d m/m with Gazprom Nov gas output at 1.57Bcm/d v 1.45Bcm/d m/m

- Commodities: Spot gold holds above $1,200/oz. || NY Post article makes the case for silver noting that it like the metal as a long-term investment over gold. Article noted that Silver has a "one-two punch" in being a a precious metal and industrial uses (citing batteries, dentistry and as an electricity conductor).

- In the papers: WSJ commented on OPEC's Nov production levels, which rose to an avg of 26.7M bpd. This is the highest level of production since Dec 2008 and come as OPEC becomes more confident that oil demand will recover with the global economy. Also, some OPEC members are still producing above their quota levels

***Notes:
- Equities: New month, new money entered markets. Thus what goes up, goes up further is the sentiment
- Japan's Tamaki: Met with US Treasury officials to exchange views on wide range of issues; declined to elaborate
- US job picture to unfold as the week progresses. Talk of a potential positive reading in Nonfarm Payrolls since Dec 2007 (23 months ago)
- ECB interest Rate decision and press conference on Thursday. Focus will be on 12-month repo (LTRO)

***Looking Ahead:
- 7:00 (US) MBA Mortgage Applications q/e Nov 27th: No est v -4.5% prior
- 7:30 (US) Challenger Job Cuts YoY: No est v -50.7% prior; 55.7K prior
- 8:15 (US) ADP Employment Change: -150Ke v -203K prior
- 8:30 (SI) Singapore Nov Purchasing Managers Index: 50.0e v 50.2 prior; Electronic Sector Index: No est v 49.6 prior
- 9:30 (US) Tsy Sec Geithner to testify before Senate on OTC Derivatives
- 10:30 (US) DoE Inventory report: Crude: 0.0E; Gasoline: +750KE; Distillate: -500KE; Capacity Utilization:80.8%E
- 12:00 (US) TALF Announcement
- 12:30 (US) Fed's Lacker speaks in NC
- 14:00 (US) Fed's Beige Book

 

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 18 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.


  • POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

  • POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
  • POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude

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