User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday December 17, 2009 - 11:09:00 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European Market Update: Weaker UK retail sales data adds to Europe's woes; Dollar benefits from safe-haven flows and year-end liquidity conditions

Thursday, December 17, 2009 5:58:45 AM

 European Market Update: Weaker UK retail sales data adds to Europe's woes; Dollar benefits from safe-haven flows and year-end liquidity conditions

 

*** ECONOMIC DATA ***
- (PH) Philippines Central bank leaves Overnight borrowing Rate unchanged at 4.00%; as expected
- (FI) Finland Nov PPI M/M: 0.6% v 0.1% prior, Y/Y: -5.6% v -8.4% prior
- (HK) Hong Kong Nov Unemployment Rate: 5.1% v 5.2%e
- (NV) Netherlands Nov Unemployment Rate: 5.3% v 5.3%e
- (SW) Swedish Nov Unemployment Rate: 8.0% v 8.2%e
- (RU) Russian Gold & Forex reserves: $443.7B v $451.2B prior; first decline in 10 weeks
- (IT) Italian Q3 Unemployment Rate : 7.8% v 7.7%e; highest since Q3 2005
- (NO) Norwegian Dec Unemployment Rate: 2.7% v 2.7%e
- (SA) South Africa Nov PPI M/M: 0.8% v 0.2%e; Y/Y: -1.2% v -1.8%e
- (UK) Nov Retail Sales M/M -0.3% v 0.5%e; Y/Y: 3.1% v 3.7%e; first MoM decline in 6 months
- (UK) BoE Quarterly Inflation attitudes survey: 1 year CPI expectations at 2.4% v 2.4%
- (GR) Greek Q3 Unemployment Rate: 9.3% v 8.9% prior
- (SZ) Swiss Dec ZEW Survey: No est v 56.4 prior
- (EU) Oct Construction Output M/M: No est v -1.1% prior, Y/Y: No est v -8.0 % prior
- (BR) Brazil Dec FGV Inflation M/M: -0.1%v 0.0%e

- 5:30 (BR) Brazil COPOM Monetary policy minutes: Decision to hold rates steady consistent with non-inflationary recovery

*** SPEAKERS/FIXED INCOME/FX/C
OMMODITIES/ERRATUM ***
- Equities: European equity markets opened under selling pressure and have remained offered through the morning session. Equity weakness has been a reflection of USD strength against a broad spectrum of international currencies. USD outperformance began in the NY session on Wednesday on the back of FOMC comments and accelerated through the Asian trading session. Citigroup [C] formalized the pricing of its secondary offering as part of its TARP repayment plan after the NY close at $3.15/share. Aftermarket and
Frankfurt trade in Citi has been to the downside following that pricing and the announcement that the US Treasury would not sell a planned $5B stake at that price (reminder UST bought in at a conversion price of $3.25/share). Speculation the ECB was nearing a final decision requiring further detailed collateral information from European banks furthered financial sector weakness. Disappointing UK NOV retail sales figures at 4:30EST, reading a m/m reduction for the first time in six months spread weakness in the retail sector. Equity traders are looking ahead to earnings in the NY premarket from key names including Rite Aid [RAD], Fedex [FDX] and Discover [DFS]. Trading volumes have hovered around their moving averages.

-In individual equities: Arriva [ARI.UK]: Provides trading statement: Performance in line with expectations; Cost reduction programs in all three divisions. || Rio Tinto [RIO.UK] Announces first iron ore sale to
India equal to 160K tons. || Axa [CS.FR] Axa Asia Financial AXA.AU: NAB agrees to buy Australia and NZ unit for A$4.6B or A$6.43/share in cash (or a combination of A$1.59 in cash and 0.1745 NAB shares) vs the joint bid from Axa SA and AMP of A$6.22/share. || EADS [EAD.FR]: French Defense Minister: Company must cover the bulk of extra costs from delay of A400M planes; Confident Kuwait will order Dassault Aviation's Rafale fighters - La Tribune. || E.On [EOAN.GE]: May reach new natural gas delivery agreement with GazProm by the end of 2009 -Die Welt. || Roche [ROG.SZ]: Taspoglutide meets primary endpoints in Phase III studies with insulin glargine (Lantus(R). || VTB [VTBR.RU]: Reports Q3 Net loss RUB15B v loss RUB8Be; See provision charges as having peaked. ||

- Speakers:
China PBoC's Zhu commented that the USD depreciation process to continue due to rising deficits. He added that it was getting hard for foreign Gov't to purchase US Treasuries. The central banker commented that the global financial markets still yet to stabilize as the recent Dubai and Greek situation suggest. The central banker noted that the majority of global growth in 2009 was from China and the country would overtake Japan as the world's second largest economy in 2010 ***German Chancellor Merkel reiterates views expressed by ECB members that each Euro member was responsible for its own sound finances. She also stressed that Germany must cut deficit to under 3% of gdp by 2013 as per Maastrict Stability pact. The G20 summit did discuss global transaction tax (Tobin tax) and she foresaw tough negotiations before joint G20 exit strategy ** Basel Committee issued proposals on Bank regulation and to introduce leverage ratios. It suggested to raise quality of Tier 1 cap ratios and sought to raise quality, consistency and transparency of capital bases. It would introduce measures to promote capital building in 'good times'. To introduce a global minimum liquidity standard including a 30-day coverage ratio requirement *** UK's OFCOM commented that the UK mobile sector was serving consumers well and saw no need for wider probe. OFCOM did note that Mobile coverage in UK was an area of concern ***

- Currencies: The USD maintained its form tone against the major pairs that began following the FOMC statement in which the Fed painted a slightly more optimistic economic outlook. The dollar gained sharply in
Asia after the alleged 1.4500 option barrier was breeched electing some stop loss selling went through EUR/USD (and triggering a broad adjustment across the G10 currency regime). The safe-haven flows away from peripheral debt weighed upon the Euro currency. Dealers also noted that year end repatriation flows also aiding the dollar sentiment. EUR/USD was testing below 1.4350 ahead of the NY morning.


- The rush to safe havens was also weighing on the EUR/CHF cross but remain above the 1.500 level (which it has held since the SNB intervention back in march). Dealers are noting that recent SNB action to began its slow exit from expansionary policy aiding the CHF a bit, SNB's Roth confirmed that the SNB will act to avoid a fortified appreciation of the CHF,

- The GBP exhibited weakness following its negative MoM retail sales data as the UK recession prompted consumers to spend less at clothing and department stores in the approach to Christmas. GBP/USD slumped over 100 pips in the aftermath to test below 1.61. A stronger dollar weighed upon the energy and metal sectors, which in turned prompted a weaker CAD and AUD sentiment.

- Fixed Income: Government bonds are enjoying a bid this morning in
Europe. Treasuries were firmly bid throughout Asia, rallying in tandem with the USD ignoring the recent theme where the greenback has tracked yields. Risk aversion following Citi's failed pricing, post FOMC buying, year end position squaring and illiquidity were all offered up as examples - ultimately momentum has been maintained in the European session, with yields lower across the curve and US 2s10s oscillating around all time highs at 275bps. Trading in European govts has been characterized by a rotation out of the periphery and into the core, with spreads uniformly wider against Bunds, led again by Greece after yesterday's downgrade at S&P. The Greek 10y hit fresh 7-month highs at Bunds+260bps, a staggering 30bps wider on the session. The benchmark 10y Bund yield is 5bps lower and below 3.15%, while the 2y Schatz is testing 1.15% - despite an upward revision to the MoF's issuance forecast for 2010. Not to be completely outdone, Gilts have enjoyed a bid thanks to underwhelming retail sales data (including the first m/m decline in 6 months). The benchmark 10y shed 1.5bps to yield 3.87% as we go to press.

- Energy: Qatar Oil Min stated that OPEC would discuss compliance issues at Angola Dec OPEC meeting and did not expect any change in the output production ***Sinopec [SNP] forecasted 2009 crude imports at 138M tons or 2.8M bpd

***Notes:
- USD stronger on safe-haven flows led by yesterday's S&P downgrade of Greece's sovereign rating and warned it could be dropped further. Intra-European gov't bond spread widen
- UK Retail Sales MoM fall for the first time since May

***Looking Ahead:
- (RU) Russian Nov Unemployment Rate: 7.8%e v 7.7% prior
- (RU) Russian Retail Sales M/M: 0.7%e v 3.2% prior, Y/Y: -6.0%e v -8.5% prior
- 7:00 (CA) Canadian Nov CPI M/M: 0.3%e v -0.1% prior , Y/Y: 0.8%e v 0.1% prior
- 7:00 (CA) Nov CPI Core M/M: 0.2%e v 0.1% prior, Y/Y; 1.3%e v 1.8% prior
- 7:30 (BR) Brazil Nov Current Account: -$3.465Bv -$2.91B prior
- 8:00 (PD) Poland Nov PPI M/M: 0.1%e v 0.3% prior, Y/Y: 2.4%e v 2.0% prior
- 8:00 (PD) Poland Sold Industrial Output M/M: -5.6%e v 1.09% prior; Y/Y: 6.8%e v -1.2% prior
- 8:30 (CA) Canadian Oct International Securities Transactions: C$6.00Be v C$13.59B prior
- 8:30 (US) Initial Jobless Claims w/e Dec 12th: 465Ke v 474K prior, Continuing Claims: 5.170Me v 5.157M prior
- 9:00 (US) Oct RPX Composite 28 day Y/Y: No est v -10.02% prior, Index: No est v 193.96 prior
- 10:00 (US) Nov Leading Indicators: 0.7%e v 0.3% prior
- 10:00 (US) Dec Philly Fed: 16.0e v 16.7 prior
- 12:00 (TU) Turkish Central Bank Rate Decision: no change expected, current Base Rate is 6.50%

 

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