User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday April 12, 2010 - 09:57:17 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European Market Update: Greek Aid package sooths risk appetite

Monday, April 12, 2010 5:54:00 AM

 European Market Update: Greek Aid package sooths risk appetite

 

*** ECONOMIC DATA ***
- (CH) China Mar Foreign Exchange Reserves: $2.447T v $2.500Te
- (CH) China Mar New Yuan Loans: CNY510.7B v CNY709.0Be
- (IN) India Feb Industrial Production Y/Y: 15.1% v 16.0%e
- (TU) Turkey Feb Current Account: -$2.6B v -$2.8Be
- (DE) Denmark Mar CPI M/M: 0.6% v 0.5%e; Y/Y: 2.2% v 2.1%e
- (DE) Denmark Mar CPI EU Harmonized M/M: 0.7% v 0.5%e; Y/Y: 2.1% v 1.9%e
- (IT) Italy Feb Industrial Production M/M: 0.0% v -0.3%e; Y/Y: 2.7% v -1.0%e; Ind Prod WDA Y/Y: 2.7% v 2.8%e

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
- Equities: Equity markets in Europe opened strongly positive following the release of terms regarding a €45B bailout package for Greece (if or when it elects to use it). Confirmation of the package continued an upward trade that developed late on Friday as first reports of the program began to be leaked. Other macro flows that pushed markets higher on the open included trade data from China that showed continued builds in demand for energy and raw material inputs. Financials, miners and energy names led the initial upward rotation on these factors. A Q1 pre-released from UBS [UBSN.SZ] provided pre-tax figures and a continued slow down in client redemptions. The figures were greeted positively and further boosted the sector. Weekend news flows have set off new M&A speculation across the retail sector in the UK. Reports that Wal-Mart's [WMT] ASDA arm was looking to make sector buys as part of an accelerating campaign against Tesco [TSCO.UK] moved local rivals higher, Reports that Debenhams [DEB.UK] was interested in Stockmann's [STCBV.FH] have been watered down, but interest in related Russian retail plays continues. Despite the solid open, in continued weak trading volumes, markets have slid lower throughout the session with the FTSE100 briefing blipping into negative territory. European bourses bounced off the unchanged mark past 4:00EST and have been holding limited gains since that time.

- Individual equities: UBS [UBSN.SZ]: Reports Prelim Q1 pretax profit at least CHF2.5B v CHF2.2Be; Q1 money outflows substantially lower than Q4 (q/q). || Ladbrokes [LAD.UK]: Enters into agreement for sale of Italian business for apprx €5.25M. || CGG Veritas [GA.FR]: Reports Q1 Vessel availability rate at 90% v 86% q/q; v 93% y/y. || Heidelberg Cement [HEI.GE]: CFO Naeger: Believes that future refinancing rates charged to firm will continue to come down -Boersen-Zeitung. || Rusal [486.HK]: Reports FY09 Net profit $821M v $574Me, R$8.2B v $8.4Be; Names Vladislav Soloviev as first Deputy CEO. || Anglo American [AAL.UK]: South African Coal unit Exec: Prices expected to be maintained at approx $85/ton. || Orco [ORC.FR]: Raised €7.1M capital through private placement (9% of market cap)t; Remain in talks with investors regarding additional capital operations. ||

- Speakers: IMF's Strauss-Kahn commented in a magazine interview that the financial crisis might be over but economic impact continues to be felt. Growth in Europe must be more balanced in the future and stated that it needed joint European economic policy. Deflation was the only effective option to solve the Greek situation and must discuss how high inflation should be at some future point ***ECB's Bini Smaghi commented in a report that the Greece agreement was a guarantee of stability for Euro . Greece's deal had avoided in Europe what happened in the US after Lehman's failure. He noted that without a deal there could have been a contagion to other countries and institutions. The Greek deal gave assurances that Europe including Germany were prepared to act and the EU council would work on reform to reinforce governance of public finances and structural divergences. *** German's Fin Min Spokesperson commented that conditions on Greece's aid package should not be automatic but Germany would contribute €8.4B (28%) to Greece's aid if the package was activated ***Thai Central Bank expressed concerns over recent political protests and its impact on both investors and consumer confidence. The central bank also noted that the recent violent protests raised the risk of a possible sovereign rating cut. ***Poland's Economic Adviser Filar: Polish rate panel has legal problems without a governor . he reiterated the view that both the central bank and government agreed on the recent Zloty currency intervention. Too fast Zloty appreciation could weaken the Polish economic recovery *** *** ECB released a European Financial Market Integration report and stated that European markets gradually returning to pre-crisis state . It noted that the ECB active presence in markets remained essential as full market functionality has yet to be restored. Spreads on credit default swaps show investors have repriced sovereign risk in the euro region and CDS spreads have decreased considerably since March 2009, but remained far above the pre-crisis levels at the end of 2009 *** Japan Fin Min Kan commented that currency rates and JGB yields should be set by market forces and that a weakening JPY trend was desirable for companies. He added that monetary easing might have limited effect against deflation

- Currencies/Fixed Income: Euro was broadly higher surged at the expense of the USD and JPY ahead of the European morning following the agreement by euro zone members to offer a €30B loan to Greece. The news did surface during Friday's session and set the tone in Asia. The rise in risk appetite underpinned commodities and equity markets as well. Bunds and Gilts declined in early trade as risk appetite picked up. EUR/USD succumbed to profit taking after it fell just short of 1.3700, which was cited as a 23.6% fib retracement level of 1.5143 to 1.3267 range. The 10-year spread on the Greek/German bonds narrowed to below 330bps after hitting a post euro launch record over 440bps last week. Credit-default swaps on Greek sovereign debt tumbled almost 70 bps to move below 360 bps ***The JPY was softer on rising risk appetite but also helped by comments out of Japan. Fin Min Kan commented that currency rates and JGB yields should be set by market forces and that a weakening JPY trend was desirable for companies. USD/JPY at 93.50 area.

- Geo-political: Polish equity and bond markets remain open with the Central Bank maintaining its commitment to continuing regular business operations. The decisions follows the crash of Polish Special Aviation Regiments Tu-154M that was carrying the President, Central Bank Gov, Chief of the General Staff of Polish Military, Head of National Security, three senate members and 15 Parliament members on Saturday. The delegation was flying to a memorial service for the 20K+ Polish citizens murdered at Katyn and other sites throughout the USSR in 1940 *** A month-long political rally/protest by the 'red shirts' in Thailand turned deadly over the weekend with 21 protesters killed. Government authorities have disputed the circumstances of the deaths, stating the police were armed with non-lethal weapons. Protestors have occupied various government and media outlets in an increasingly bold campaign to dispose the current administration. *** Hungary completed first round parliamentary elections with Viktor Orban's center right Fidsez taking 52.8% of the vote. The ruling Socialist party took 19.3% of the vote and conceded defeat. Disturbingly, the far right Jobbik Party took 16.7% of the vote on a xenophobic platform. Regional run-off election will be held on April 25 for contested districts.

- In the Papers: Telegraph's Ambrose Evans-Pritchard commented on rise in Greek bond yields above 700bps vs the Bund as indication that Greece cannot get credit at "bearable cost". The article noted that the latest package by EU/IMF "achieves nothing", as Greece needs €110B to get out of fiscal crisis considering that "default and devaluation" are not an option.

***Notes/Observations:
- Bond investors' response will determine whether Greece needs to tap the aid; 10-year Greek/German spread at 330bps versus 440bps last week
- China New Yuan loans below market expectations

***Looking Ahead***
- 8:15 (CA) Canada Mar Housing Starts: 200.0Ke v 196.6K prior
- 10:00 (MX) Mexico Jan Gross Fixed Investment: -4.5%e v -4.1% prior
- 10:00 (MX) Mexico Feb Industrial Production Y/Y: 4.4%e v 3.6% prior
- 10: 30 (CA) Canada Q1 Business Outlook Future Sales: No est v 49.0 prior; BOC Senior Loan Officer Survey: No est v -8.7 prior
- 14:00 (US) Mar Monthly Budget Statement: -$105.0Be v -$191.6B prior

 

 

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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 18 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook


Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

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.

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105