Stocks Called Lower; Traders Await Housing, Consumer Confidence
equity markets are expected to open lower as risk sentiment wanes a little
following a drop in the Euro. Investors appear to be taking risk off the table
over concerns about debt issues in Europe and a slow down in the U.S.
economy.Traders will be focusing on the
Case-Shiller Housing and Consumer Confidence Reports for direction. Investors
are also uncertain about the Fedâ€™s next interest rate play now that they have
raised the discount rate. The great debate remains, will they or wonâ€™t they
raise rates in 2010?
Aversion to risk and oversold conditions are helping to give
Treasury futures a boost. While the stronger Dollar and weaker Euro is
pressuring April Gold and April Crude Oil.
The U.S. Dollar is trading higher against all major
currencies except the Japanese Yen as risk sentiment has shifted back toward
safety.Investors are buying the Dollar
and the Yen as they scale back their appetite for more risky investments.
traders will focus on the S&P Case-Shiller HPI and Consumer Confidence
Reports. Economists are predicting that home prices probably declined at the
slowest pace since May 2007. The Consumer Confidence Report could show a
decline as consumers may be reacting to the current bleak employment outlook.
The lack of jobs growth most likely also contributed to a drop in confidence.
It is believed that the strength of the U.S. economic recovery will depend
on improvements in the labor market. Housing prices are expected to remain down
as long as consumer confidence is down.
The March Euro rallied overnight, but has since backed down
as more concerns have been raised over Greeceâ€™s ability to handle its
ballooning budget deficit. This market has reversed course after retracing into
a resistance zone at 1.3615 to 1.3656. A new two-day main bottom has been
formed at 1.3443. The main top and change in trend point remains 1.3788.
News that German Business Confidence unexpectedly weakened
in February also pressured the Euro along with reports that the outlook for Spain
remains bleak following reports that bad loans are likely to continue to rise
as the labor situation deteriorates. And the hits just keep on coming!
The March British Pound is down sharply this morning. This
weakness is expected to continue into the New York session. The charts are indicating
more downside potential is likely. Combined with the weak fundamentals, the
Pound remains one of the weakest currencies.
The signs are there that the U.K. economy is still at risk for a
protracted recovery. Additional pressure is coming from dovish comments from
the Bank of England during its testimony before Parliament.
Overnight, BoE Governor Mervyn King said that the BoE stands
ready to take appropriate measures to shore up the economy. He also stated that
there still are downside risks to the economy. Finally, he reiterated that
inflation was likely to fall below 2%.Many traders feel that this indicates the BoE is leaning toward
expanding and extending its quantitative easing program.
Treasury adviser Roger Bootle said the U.K. economy is entering a â€śvery
grave stageâ€ť and the Bank of England should expand its bond-buying program.
According to BoE Deputy Governor Charles Bean â€śa weaker currency will boost
Both of these statements pointed toward a lower British
Pound. This bearish scenario is likely to continue throughout the day.
The March Swiss Franc is trading weaker overnight. Talk is
circulating that the Swiss National Bank intervened once again when the Euro
weakened. The SNB is trying to prevent appreciation in the Franc. A higher
priced Swiss France hurts exportersâ€™ sales abroad. This could be crippling to
the economy since exports make up at least half of Switzerlandâ€™s GDP.
The March Japanese Yen is trading better as aversion to risk
is up. Traders are jittery about holding on to higher risk assets and are
seeking shelter in the lower yielding Japanese Yen.
The commodity-linked Canadian Dollar is feeling pressure
because of the drop in gold and crude oil. Both precious metals and energy make
up a large portion of the Canadian GDP so lower prices will adversely affect
the economy. The overall picture indicates the currency is likely to remain
Falling demand for higher risk is pressuring the higher
yielding Australian and New Zealand Dollars. Overnight both currency pairs
rallied, only to run into resistance and selling pressure. Both are also in
positions to post daily closing price reversal tops which could trigger 2 to 3
day corrections of at least 50% of the last major rally.
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.
POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
POTENTIAL PRICE RISK: HIGH- Wed -- 15:00 GMT-- CA- Bank Of Canada Decision
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.