U.S. Equity Markets firm after EU agrees on Financial Aid Package
stock markets are trading higher after the European Union, led by France and Germany,
agreed on a bailout plan to help Greece. The news spread quickly
throughout the equity markets as traders covered short positions initiated
after Thursday reversal to the downside. The early reaction to the upside could
set the tone for the day as it may be an indication that traders will be
looking for risk today, now that the fear of a breakdown in the Euro has been
June Treasury Bonds are trading higher and inside of
yesterdayâ€™s range. Overnight this market found support at a .618 retracement
level at 115â€™06. Further selling pressure could force a challenge of an old
main bottom at 114â€™15. Yields have risen quite a bit this week because of the
increased supply of government debt hitting the markets. Not only is the
government looking to borrow, but corporation have also begun to look for
investors. This increase in competition for debt is encouraging the investor to
ask for a higher yield. Todayâ€™s T-Bond auction results could move this market
as well as the stock market this afternoon.
The weaker Dollar is helping to trigger a rally in June
Gold. The main trend is down, so donâ€™t expect this market to rally too high.
Based on the short-term range, expectations are for this market to run into
resistance in a retracement zone at $1109.30 to $1115.10.
June Crude Oil is trading firm this morning because of the
weaker Dollar and stronger Euro. The main trend turned down earlier in the
week, but there was no follow-through to the downside to trigger further
weakness. Traders are ignoring the bearish fundamentals at this time and
instead are focusing on the direction of the Dollar and events out of the Euro
Zone. Look for this market to remain rangebound unless 83.80 is taken out on
the upside or 79.77 is violated on the downside.
Although the Euro Zone situation will be on the minds of
traders throughout the day, this morning, U.S. GDP and Consumer Sentiment could
be an early session catalyst.Economists
are looking for GDP growth for the fourth quarterâ€™s second estimate to be up
5.9%.The University of Michiganâ€™s
Consumer Sentiment Index is expected to come in at 73.0. A downward revision
will reflect the negative attitude of consumers without jobs. In addition,
higher gasoline prices may weigh on the index.
After falling to take out Thursdayâ€™s low, the June Euro
strengthened on the news that Euro Zone leaders agreed on a financial aid
package for cash-strapped and debt-laden Greece. In keeping with its mandate
not to provide direct bailout aid to a European Union member, the EU nations
agreed to provide approximately $30 billion in loans should Greece have problems borrowing
money to service its high debt levels.
Although this news has triggered a short-covering rally in
the Euro overnight, traders are approaching the news with caution. The initial
reaction is that the deal could ease tensions and calm fears that Greeceâ€™s
sovereign debt problems will spread to other Euro Zone nations. Most traders do
believe that this deal is enough to stop the slide in the Euro, but not enough
to turn the bearish trend around.
At Thursdayâ€™s New
York session close, such a bailout deal looked pretty
remote. The Euro was breaking into the close of the session, driven lower by
comments from European Central Bank President Trichet saying that a bailout
from the International Monetary Fund would be bad for the Euro. His feeling was
that help from the IMF would make the EU look weak and unable to take care of
its own financial problems. Going home after the U.S. close, traders felt that a
deal was far from being made.
Traders became more optimistic about the prospects of a deal
when a plan endorsed by France
was agreed upon. The new deal calls for a mix of IMF and bilateral loans.Afterwards, Trichet embraced the proposal
saying he was â€śextraordinarily happy that governments of the Euro area found
out a workable solution.â€ťHis statement
amounted to an about face from a statement earlier in the day when he said that
an IMF role in the funding of a rescue plan for Greece would be â€śvery, very
Trichetâ€™s acceptance of the plan was mostly responsible for
the overnight short-covering rally. His acceptance of the proposal helped ease
concerns that Euro Zone officials would be unable to resolve the fiscal
problems in Greece.
Whether a turnaround in the Euro today marks a major bottom
is really up to the hedge funds at this time. Recent data suggests that hedge
funds and large speculators remain net short the Euro in a big way. Until these
large traders are forced to cover shorts or turn into buyers, expectations for
a rally will be limited. The whole process of debating about financial aid for Greece
has shaken investor confidence in the entire Euro Region.
Although the bailout news is triggering a short-covering
rally overnight, the Euro has not yet even reached the old bottom at 1.3440.
Regaining this price could trigger more short-covering, but unless this market
finishes over last Fridayâ€™s close at 1.3529 to produce a weekly closing price
reversal bottom, the Euro doesnâ€™t look very strong yet.
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 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.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.