User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday March 24, 2010 - 10:31:39 GMT
Trade the News Staff -

Share This Story:
| | Email

European Market Update: Euro ignores better economic data to test 10-month lows against the dollar on possible IMF involvement for Greece; UK set to unveil its budget; Fitch cuts Portugal sovereign r

Wednesday, March 24, 2010 6:21:18 AM

 European Market Update: Euro ignores better economic data to test 10-month lows against the dollar on possible IMF involvement for Greece; UK set to unveil its budget; Fitch cuts Portugal sovereign ratings


- (GE) German Jan Real Construction Orders M/M: -8.7%; Y/Y: -5.2%
- (SA) South Africa: Feb CPI (all items) M/M: % v 0.6%e; Y/Y: % v 5.7%e
- (CZ Czech Mar Business Confidence: 3.7 v 4.1 prior; Consumer Confidence: -11.0 v -9.8 prior; Consumer&Businesss Confidence: 0,7 v 1.3 prior
- (FR) France Mar Preliminary PMI Manufacturing: 56.3 v 54.6e; PMI Services: 53.0 v 54.8e
- (SW) Sweden Mar Consumer Confidence: 15.5 v 13.2e; Manufacturing Confidence: 3 v 5e; Economic Tendency: 107.0 v 109.0e
- (GE) Germany Mar Preliminary PMI Manufacturing: 59.6 v 56.8e; PMI Services: 54.7 v 52.2e
- (IT) Italy Mar Consumer Confidence: 106.3 v 107.9e
- (GE) Germany Mar IFO Business Climate:98.1 v 95.8e; Current Assessment: v 91.0e ; Expectations Survey: v 100.9e
- (IC) Iceland Mar CPI M/M: % v 1.1% prior; Y/Y: % v 7.3% prior
- (EU) Euro Zone Mar Preliminary PMI Manufacturing: 56.3 v 54.0e ; PMI Services: 53.7 v 52. ; PMI Composite: 55.5 v 53.8e
- (IT) Italy Q4 Unemployment Rate: 8.2% v 8.3%e
- (PD) Poland Feb Unemployment Rate: 13.0% v 13.0%e
- (PD) Poland Feb Retail Sales M/M: -4.0% v -1.1%e; Y/Y: 0.1% v 3.8%e
- (NO) Norway Jan AKU Unemployment Rate: 3.3% v 3.4%e
- (EU) Euro Zone Jan Industrial New Order M/M: -2.0% v 1.8%e; Y/Y: 7.0% v 13.9%e

- Equities: European equity markets printed new 18-months highs on a late rally Tuesday afternoon. These positive trading levels were sharply cut at 6:00EST with Fitch cutting its sovereign ratings on Portugal. Ahead of the UK's pre-election PBR and US durable goods data, equities opened positive with leadership in the financial and tech sector. Pre-market earnings commentary from UK listed names TUI Travel [TT.UK] and Smiths Group [SMIN.UK] was greeted positively while Man Group [EMG.UK] rotated lower and grocer Sainsbury [SBRY.UK] traded nearly flat. In Germany, solars put in a strong opening following final figures from Aleo [AS1.GE] and bullish guidance from Q-Cells [QCE.GE] that rallied the sector. Monthly order deliveries from truck manufacturer Volvo [VOLVB.SW] should a m/m and y/y increase, with continued slow signs of recovery in N American markets. These figures moved Renault [RNO.FR], MAN [MAN.GE] and Scania [SCVB.SW] higher. WTO statements after the close on Tuesday added further confusion to a continued EU/US, EADS [EAD.FR]/Boeing [BA] battle. Both firms claimed a victory from the results, despite the WTO upholding a ruling on unfair launch aid for the A380, EADS traded higher on the news. Equity markets paired back initial gains in the morning session before sharply pulling back into 6:00EST following Fitch action on Greece, with the sovereign cut, European financials rolled over sharply with the return of debt concerns in equity markets. Volume levels have recovered from earlier lows but still remain lower than their earnings seasons skewed averages.

- Individual equities: Q-Cells [QCE.GE]: Guides FY10 Rev €1-1.2B v €1Be; will accelerate switch to photovoltaic operations from solar cell. || Sainsbury [SBRY.UK]: Trading statement: Reports Q4 LFL ex fuel +1.7% v +1.4%e; total sales +7.1% y/y. || BG [BG.UK]: Confirms deal with CNOOC for Australian LNG. || Tui Travel [TT.UK]: Trading Statement: Seeing a significant recovery in consumer demand for leisure holidays resulting in strong. || Man Group [EMG.UK] Trading Statement: Funds under Management at 31 March 2010 currently estimated at $39.1B v $42.4B as of Dec 31, 2009. || Havas [HAV.FR]: Reports final FY09 Rev €1.44B v €1Be; proposes FY09 final dividend of €0.08/share v €0.04 y/y; proposes share buyback program. || Volvo [VOLVB.SW]: Reports Feb truck sales at 11.9K v 9.4K m/m (v 10.8K y/y). ||

- Speakers: Fitch lowered the Portuguese sovereign ratings to "AA-" from "AA" and maintained a negative outlook. The downgrade reflected significant budgetary underperformance in 2009. The general government deficit in that year was 9.3% of GDP, versus 6.5% of GDP forecast by Fitch last September. It noted that Portugal planned deficit adjustment was "Back-loaded"***German Fin Min Schauble commented in a FAZ interview that Germany would not to be involved in any EU commission loan to Greece but would act If Greece becomes insolvent. He did note that bilateral aid for Greece was not against the 'no bailout' clause but direct IMF for EMU must remain an exception. He sought tougher Masstrict Stability Pac*** ECB's Bini Smaghi commented that IMF involvement with Greece would hurt the euro's image and added that should not leave the fate of the euro to market forces. He stated that any Greece's insolvency would impact all European banks but the IMF should not lead any Greek rescue*** Former Japanese MoF Official Sakakibara commented that the JPY was undervalued against the USD and forecasted that the yen would gradually rise to 85.00. He added that the BOJ should not intervene in currency market. ***Poland Central Bank Kazimierczak wrote a piece in Dziennik that Poland was delaying its budget cuts due to elections and not doing enough to reduce its budget deficit. He added that Poland was conducting 'astronomical' debt sales. Poland needed 4.5% growth to trim its budget deficit and this type of growth is a long way off and added that 2012 was deemed too optimistic for Poland to exit the economic crisis (third week in a row of record amounts)*** China's PBoC to issue CNY160B in 3-month T-Bills on Thursday Mar 25th ***Fed's Evans commented that the US economic recovery was primary due to inventory adjustments. He noted that inflationary conditions remained contained and the monetary policy to remain accommodative. US 2010GDP growth to be modest, in range of 3-3.5% *** IFOs Nerb commented that there was no inflationary threat which implied that the ECB did not need to adjust its interest rates

- Currencies: The Euro ignored better European economic data through the session and continued to post fresh 10 month lows as it approached the 1.3350 level after French and German leaders stated that any aid package for Greece would require help from the IMF thus denting confidence in the European Union. Dealers reacting to sentiment such as expressed by ECB's Constancio on Tuesday that sending Greece to IMF would hurt the euro. The German IFO Business Sentiment hit it highest reading since June 2008 and aided by its export sector*** The JPY was broadly weaker as dealers took notice of a press report that Japanese insurance companies would increase their USD buying to invest in overseas bonds. Dealers also cited the interest rate factor adding to the firm tone in USD/JPY pair as US 2-year rates move back above the 1.02% level while the corresponding JGB yields less than 0.2%. USD/JPY testing one-month highs above 91.10 ***The GBP will focus on the unveiling of the UK budget later this morning. Overall the market will focus as to whether the Labour government will refrains from pre-election sweeteners and signals quicker fiscal tightening than set out in December by the Treasury. GBP/USD holding below the 1.50 handle. The issue will be Darling scales back borrowing plan aided by better tax receipts.

Geo-Political: Majority Dubai World owned DP World [DPW.UA] reported FY09 Net adj $333M v $482M y/y, Rev $2.82B v $3.3B y/y. The global port operator put its FY09 throughput at 25.6M TEU v 27.8M y/y, with 2010 ytd volume at +4% y/y, along with stating that it has seen positive signs of a macro recovery. DP World CEO stated: We are seeing positive signs of recovery, however it is still too early in 2010 to confirm sustainability as the macroeconomic environment and global trade patterns remain unpredictable. We will continue to focus on increasing market share and driving efficiencies through our terminals to generate revenue whilst maintaining tight cost control measures.

- Fitch lowers Portugal sovereign rating and risk aversion rises ahead of the NY morning
- Korea Intl Trade Assoc:: China will scrap the USD currency peg after June but likely limit gains to 5% annually.
- Japanese insurance companies increasing USD buying to invest in overseas bond
- Fed's Yellen: Will support rate hikes when the time comes.
- Euro at 10-month lows on European peripheral concerns; ignores better PMI and IFO data

***Looking Ahead:
- 7:00 (EU) EU Deficit Report on 10 nations
- 7:00 (US) MBA Mortgage Applications w/e Mar 19th: No est v -1.9% prior
- 7:30 (GE) German Gov't briefing on EU Summit
- 8:30 (UK) Exchequer Darling presents UK Budget Report
- 8:30 (US) Feb Durable Goods Orders: 0.7%e v 2.6% prior; Durables Ex Transportation: 0.6%e v -1.0% prior

- 9:00 ECB's Ordonez
- 9:00 (NO) Norway Central Bank (Norges) Interest Rate Decision: Consensus expectations are for the Deposit rate to remain unchanged at 1.75%
- 10:00 (EU) EU's Van Rompuy
- 10:00 (US) Feb New Home Sales: 315Ke v 309K prior; Sales M/M: 1.9%e v -11.2% prior
- 10:00 (TU) Turkey Mar Capacity Utilization Rate: No est v 67.8% prior
- 10:30 (US) DOE Weekly energy inventories: Crude +1.3Me; Gasoline: -1.5Me; Distillate: -1Me; Utilization: 80.6%e
- 10:45 Fed's Hoenig
- 11:00 ECB's Stark
- 11:00 (MX) Mexico Feb Preliminary Trade Balance: -2M v -333M prior
- 12:00 (SZ) SNB's Jordan
- 12:15 (US) US Tsy Wolin
- 12:45 (CA) Bank of Canada's Gov Carney
- 13:00 (FR) France Feb Net Change Total Jobseekers: No est v 19.5K prior; Total Jobseekers: No est v 2.66M prior
- 13:00 (US) US to sell $42B in 5-year notes
- 14:00 (US) Fed's Braunstein



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

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

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