***Economic Data*** - (US) MBA Mortgage Applications w/e Mar 19th: % v -1.9% prior - (US) Feb Durable Goods Orders: 0.5% v 0.6%e; Durables Ex Transportation: 0.9% v 0.6%e - (NO) Norway Central Bank (Norges) maintained the Deposit Rate at 1.75%; as expected but lowered it GDP forecast for 2010. Interest Rates to increase later than previously expected; - (US) Feb New Home Sales: 308K v 315Ke; Sales M/M: -2.2% v 1.9%e; lowest reading on record - (TU) Turkey Mar Capacity Utilization Rate: 67.9% v 67.8% prior - 10:30 (US) DOE Weekly energy inventories: Crude: +7.2M v +1.3Me; Gasoline: -2.7M v -1.5Me; Distillate: -2.4M v -1Me; Utilization: 81.1% v 80.6%e
- Heavy news flow out of Europe and the February new homes sale data in the US are factors in trading this morning. Fitch downgraded Portugal's sovereign ratings just as the first US traders were getting to their desks. Germany and France continue to exchange comments over how to arrange any Greek sovereign bailout. In addition, the UK government laid out its 2011 budget assumptions (with its AAA ratings now under the magnifying glass). With sovereign jitters once again front and center, the dollar is benefitting while commodities and US equities opened lower. US new home sales fell to their lowest level ever in February, following on the heels of yesterday's downbeat existing home sales data. Keep in mind that the Fed withdraws support for the housing market at the end of next week when it ends it MBS buying plan. Note that Fed vice-chairperson candidate Yellen offer thoughts on interest rates last night, saying it is not necessary to wait for full employment before acting on policy and that the "extended period" statement does not imply a specific timeframe. Front-month crude is down $1.30 after the weekly DoE inventory data registered its eighth straight increase in crude stockpiles; the contract is trading around $80.60 mid morning. US Treasury markets hit some stiff headwinds on the open of pit trade sending the 10-year yield back above 3.75% and the 2-year towards 1.05% for the first time since January.
- More details are emerging about the Obama Administration's latest foreclosure prevention effort. This morning CNBC reported that Bank of America had agreed to forgive loan principle of up to 30% on certain mortgages. Note that the WSJ reported earlier in the week that the White House was talking with banks about ways to address the problems of underwater mortgages. At the end of 2009, there were about 11.3M US households that were underwater, about 24% of total US households. Shares of BAC are up 2% on the news. Meanwhile, shares of mortgage insurers are racking up gains on the news, with PMI up 18%, RDN up 14%, MTG up nearly 10% and GNW up 5%. Note also that JP Morgan is negotiating to receive a $1.4B tax refund for losses in 2009 at its Washington Mutual unit.
- Earnings from General Mills were a bit ahead of expectations, while it also increased its full year guidance by a hair. GIS is down 1% or so, in line with markets. Jabil Circuit's earnings met expectations, although revenue was a bit soft. Investors are punishing JBL, with shares of the firm down 8%. Shares of Darden Restaurants are up 2% after declining around 2% just after the open after its Q3 report. Darden increased its guidance for 2010 earnings and comps. The firm also said that its Q3 was its first quarter of positive same-restaurant sales in nearly two years, and other casual dining names are keeping in the black this morning with DRI. After the open homebuilder Lennar spiked as much as 7% before dropping back to +5% on a much smaller than expected quarterly loss and better than expected revenue. Other homebuilders are up 1-2% on the news (HOV is up 3%), helping them weather the poor housing data. Starbucks popped 2% after announcing its first dividend payments and incrementally increasing its stock buyback plan. Note that Conoco also discussed plans to increase its dividend, buy back shares and sell more assets. The firm's existing plans to sell $10B in assets over the next two years will help fund the bigger payouts to shareholders.
- In currency trading, the greenback was off its best levels against the major pairs in the later New York morning, although European sovereign issues and higher interest rates versus Japan all helped strengthen the dollar. Sterling tested two-week lows around 1.4870 following Chancellor Darling's budget speech. Although he highlighted that UK budget deficits would be smaller than previously forecasted (overall debt level nearly Â£100B lower by 2013-14 versus expectations in last year's budget), the comments failed to convince markets that Labour would tackle the UK's dire fiscal situation. Major rating agencies will now review the budget to see if Britain's "AAA" ratings can be maintained. Note that an EU deficit report stated that the UK was a bit over optimistic on its economic forecasts. USD/JPY hit five week highs just under the 92 handle as a combination of interest rate differentials and Japanese plans to invest in overseas bonds at the start of its new fiscal year.
***Looking Ahead*** - 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
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."
Actionable trading levels delivered to YOUR charts in real-time.
Tue 19 June 2018 A 12:30 US- House Permits/Starts Wed 20 June 2018 A 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude Thu 21 June 2018 AA 11:00 GB- Bank of England Decision A 12:30 US- Weekly Jobless Fri 22 June 2018 AFlash PMIs
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.