Equity Markets Flatten Out Ahead of U.S. Retail Sales Report
Equity markets are flat as traders await this morningâ€™s U.S.
Retail Sales Report.Based on previously
released new motor vehicles sales and December Chain-Store Sales, traders
should expect a healthy report.Look for
retail sales to grow by 0.4% and retail sales less autos to increase by 0.2%.
Todayâ€™s jobless claims report should show an increase of 3K with a range of
400K to 450K.
A bullish report is likely to trigger an upside breakout over
this weekâ€™s highs.The March E-mini
S&P 500 is currently in a position to take out its recent minor top at
1148.00.A weaker report may trigger a
set-back to 1129.00, but investors are likely to step in to buy this break.
March Treasury Bonds sold off sharply yesterday as traders
dumped safe assets in favor of higher risk assets.A bullish Retail Sales Report is likely to
pressure T-Bonds today as traders will once again begin to factor in the
possibility of a Fed rate hike.A weak
report should be supportive if investors sell off higher risk assets.116â€™05 should act as a pivot price today.
The weaker Dollar is helping to support February Gold.Traders also appear to have shaken off the
negative news from China
from earlier in the week.On Tuesday, China made a
decision to raise reserve requirements. Traders believe this will lead to a
drop in demand for commodities, causing gold to lose its appeal as a hedge
against inflation.Technically, a new
short-term range has been created at $1163.00 to $1118.50. This range creates a
retracement zone at $1140.70 to $1146.00 which is the next upside target.
March Crude Oil is trading a little better overnight
following a late session short-covering rally on Wednesday.Yesterday, the market found support at a
major 50% price at 78.99.Breaking this
level will trigger a further decline to 77.70.Oversold conditions could trigger a retracement rally to 81.63. A
surprise gain in U.S.
distillates and crude stocks were the catalysts behind yesterdayâ€™s weakness.
The March Euro is trading flat as Forex traders await this
monthâ€™s European Central Bank policy decision. Investors are looking for the
ECB to leave interest rates at the historically low 1% level.At the same time, the market will be looking
for comments on the debt problems in Greece,
Portugal and Spain.Expect the language of the report to be
dovish in tone.
After the release of the ECB policy statement, central bank
President Trichet is expected to comment on the European Union debt issues, the
European banking system and the sluggishness of credit in the Euro Zone
region.Trichetâ€™s comments are likely to
be market moving especially if he comes down hard on the countries experiencing
Technically, the Euro is trading in a range. The main trend
is down, but this market still has the potential to rally to 1.4680, to
complete a major 50% retracement.On the
downside, 1.4386 remains a short-term target.
Demand for riskier assets is helping to give the pressure
the March Japanese Yen.With risk
sentiment back on, the Yen has room to fall. Traders are shifting once again to
a risk demand environment because the stock market continues to remain strong
and the prospects for a rate hike by the Fed diminished.
Overnight reports, which led to the drop in the Japanese
Yen, highlight the countryâ€™s reliance on exports. Last nightâ€™s reports showed
that producer prices fell for the 12th straight month and machine orders
unexpectedly dropped. These reports indicate that the government is likely to
take more action to combat deflation in an attempt to revive economic
growth.Look for the Japanese government
to implement more monetary easing and fiscal policies to fight deflation.This means that it would be in the countryâ€™s
best interest to promote a softer Yen at this time.
The fear of an intervention by the Swiss National Bank and
less demand for lower risk assets are the conflicting stories keeping the March
Swiss Franc inside of a tight trading range. For the third straight day, the
currency is ping-ponging inside a 50% price at .9806 and a .618 price at .9873.
Technical factors are building which suggest that traders are likely to â€śgo the
way of the moveâ€ť.This means a break-out
to the upside is likely to trigger a rally to .9910 and an acceleration to the
downside could drive this market to .9645.
The March Canadian Dollar is trading flat overnight.Greater demand for gold, copper and natural
gas, three commodities which provide almost half of Canadaâ€™s export revenue are helping
to support the Canadian Dollar. Look for this currency to remain strong as long
as there is demand for raw materials.
The inability of the Canadian Dollar to rally further is a
direct result of the comments from Canadian Prime Minister Harper who earlier
in the week said he was concerned about the rise in the Canadian Dollar and its
negative effects on the economy.Traders
seem reluctant to challenge the PM at this time out of fear of possible
intervention by the Bank of Canada.
The March British Pound is trading flat to lower ahead of
the New York
opening.The British Pound turned the
main trend to up on the daily chart earlier in the week when it crossed a main
top at 1.6240.This move was primarily
driven by a Bank of England memberâ€™s call for higher interest rates later in
the year.Furthermore, traders are
beginning to believe that the need for further stimulus has dissipated.The first upside objective is a 50% level at
1.6355, followed by 1.6478.A weaker
market today could trigger a short-term retracement to 1.6104.
Forex Trading News
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
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.
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.
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.
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 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.
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 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.
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.
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.