User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday May 3, 2010 - 10:15:28 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European market update: ECB suspended the minimum rating threshold on Greek debt

Monday, May 03, 2010 5:49:06 AM

 European market update: ECB suspended the minimum rating threshold on Greek debt

 

***Economic Data***
- (SW) Sweden Swedbank Apr PMI Survey: 64.0 v 60.0e
- (TH) Thailand Consumer Price Index M/M: 0.5% v 0.7%e; Y/Y: 3.0% v 3.2%e ; CPI Core Y/Y: -0.5% v 0.6%e
- (TU) Turkey Apr Consumer Prices M/M: 0.6% v 0.9%e; Y/Y: 10.2% v 10.5%e
- (TU) Turkey Apr Producer Prices M/M: 2.4% v 0.9%e; Y/Y: 10.4% v 8.9%e
- (TU) Turkey Apr Manufacturing PMI: 56.0 v 54.9 prior
- (NO) Norway Apr PMI: 51.9 v 49.7 prior
- (IR) Ireland Apr Manufacturing PMI: 53.4 v 53.0 prior
- (HU) Hungry Apr Manufacturing PMI: 51.6 v 54.4 prior
- (SP) Spain Apr Manufacturing PMI: 53.3 v 51.8 prior; highest since Jun 2007
- (SZ) Swiss Apr SVME Purchasing Manager Index: 65.9 v 64.5e
- (DE) Denmark Mar Retail Sales M/M: 2.9% v 0.4% prior; Y/Y: 8.1% v -0.8% prior
- (CZ) Czech Apr Manufacturing PMI: 57.3 v 56.8 prior
- (IT) Italy Apr PMI Manufacturing: 54.3 v 54.5e; highest since May 2007
- (FR) France Apr Final PMI Manufacturing: 56.6 v 56.7e; highest reading since Jul 2006
- (GE) Germany Apr Final Manufacturing PMI: 61.5 v 61.3e; highest reading on record since survey began in 1996
- (EU) Euro-Zone: Apr Final PMI Manufacturing: 57.6 v 57.5e; highest since Jan 2006
- (HK) Hong Kong Mar Retail Sales Value Y/Y: 19.0% v 27.7%e; Retails Sales Volume Y/Y: 17.2% v 24.1%e
- (SA) South Africa Apr Kagiso PMI: 55.2 v 55.6 prior
- (DE) Denmark PMI Survey: 51.6 v 53.9 prior

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
- Equities: In line with the declines seen in Asian equities, European stocks are mostly weaker led by declines in the CAC 40 and IBEX 35 indices. Equities are being weighed down by various factors including, concerns about Germany's parliament approving the €110B Greek aid package, China's surprise decision to raise the required reserve ratio for banks and continuing concerns about the regulatory outlook for Goldman Sachs. In Greece, the ASE index opened higher by more than 1%, as banks benefited from the aid package for Greece, in addition to the decision by the ECB to suspend the minimum rating threshold on Greek bonds until further notice. Additionally, Greek equities are tracking the sharp rally being seen in Greece government bond prices. In terms of European earnings, shipping firm TNT [TNT.NV) reported better than expected Q1 results. However, the company's shares have moved lower after initially gaining.

- In Individual Stocks: Altran Technologies [ALT.FR]: Reports Q1 Rev €351.6M v €371.4M y/y: Expects material improvement in the group's operating margin compared with 2009 || TNT [TNT.NV]: Reports Q1 Net €143M v €134Me, Rev €2.75B v €2.6Be; Express volumes, revenues and results are expected to be well above 2009 levels; Mail volumes and results are expected to be below 2009 levels || Fuchs Petroleum [FPE.GE]: Reports Q1 Net Income €40.6M v 16.2M y/y, Rev €330.4M v €278.5M y/y; In the following quarters increasing prices for raw materials will also make it difficult to repeat the above-average earnings before interest and tax (EBIT) recorded in the first quarter of 2010.|| Ipsen [IPN.FR]: Reports Q1 Rev €266.2M v €260Me, reaffirms 2010 sales targets || Latecoere [LAT.FR]: Reports final FY09 Op loss €102.8M v profit €31.9M y/y, Rev €449.5M v €683.9M y/y; Guides 2010 Rev in line with 2009 levels and expects a return to growth in 2011. || Audi [VOW3.GE] Audi reports Q1 Op profit €478M v €363M y/y, Rev €8.26B v €6.7B y/y; reiterates 2010 plans to increase operating profit and revenue; Guides FY10 Car sales more than 1M units || DTE.GE: CEO: sees no impact from the Greek situation on OTE; Greek results in line with expectations - AGM || XTA.UK: Glencore may be interested in merger with Xstrata valued around £55B; To propose "reverse takeover" of company

- Speakers: ECB suspended the minimum rating threshold on Greek debt. The suspension would last until further notice and would relate to all bonds guaranteed by Greek government. ECB stated that the Greek deficit reduction plan for aid was appropriate. ***(GE) Reportedly German draft bill estimated Greek aid at a max of €22.4B over 3 years and not to exceed €14B in the first year.***ECB's Bini-Smaghi commented that inefficiencies delayed the
Greece rescue plan. He added that the crisis in the Euro-zone area had political consequences and the Greek situation was the result of violation of EU principles *** German Fin Ministry commented that it did not expect Greece would need any additional assistance beyond the weekend aid package. Further Fin Min Schaeuble commented that the Maastricht Stability Pact had proven to be insufficient. He added that Germany's net borrowing remained "exuberantly" high and sought to reduce Federal deficit by €10B anually from 2011 *** ECB's Orphanides labeled the Greek deficit reduction plan as 'ambitious' but the country's fiscal consolidation plan was adequate enough to stabilize its fiscal situation. He further rnoted that the ECB's suspension of collateral rules for Greece was part of the overall aid package to Greece. *** Sweden Central Bank (Riksbank) Minutes: Appropriate to leave repo rate unchanged but factors might weight in favor of a July rate hike versus Sept. *** German Econ Min Bruederle: Cannot delay on Greece or risk credit crunch

- Currencies/Fixed Income: Quiet European morning with dealers noting almost as many countries out as were in today. The currency markets experienced narrow trading ranges asa result of the thin conditions. EUR/USD dealers noted that the CTFC futures showing record Euro shorts outstanding complemented by a string of five successive monthly declines suggested that it might be hard to garner and further downside in the pair at this time especially with a key 8-year uptrend line at 1.3070 area. For nor the upside seemed limited to short covering rallies with 1.3400 cited as a key level. ***The Swedish Riksbank minutes suggest a July rate hike and this aided the SEK in session.

- Geopolitical: UK's race will come to an end on May 6th but in the meantime support for the Labour Party fell to a 92-year low at 24% after the candidate debates and Brown's gaffe calling a supporter a "bigot". According to a Harris Interactive poll support for Conservative Party is seen at around 33% and that of Liberal Democrat Party at 32%. An article from FT speculates on the possibility of a hung parliament. Article argues that Conservatives which are leading Liberal Democrats may have to form a coalition with smaller parties or form a minority government. On the other hand, Conservative leader Cameron does not want to raise CVAT but acknowledges that current plans do not sufficiently address UK's "record peacetime deficit." ***The most populated state of Germany, North Rhine -Westphalia is headed for elections on May 9th and a You-Gov poll shows support for Merkel's CDU party is about 35%, which is in line with the support for the opposition Social Democrats party. Furthermore, in the poll, the SPD-Green alliance was two percentage points ahead of the ruling CDU-FDP coalition. A Bild am Sonntag survey, again from North Rhine-Westphalia,shows CDU received 38% of votes, FDP received 8%. opposition Social Democrates received 33% and Greens received about 11%. The survey shows that about 62% of German voters are "unhappy" with Chancellor Merkel's CDU-FDP coalition. *** Australia will impose a 40% tax on mining companies effective in 2012-2013 which is expected to yield A49B in additional tax revenue by 2013-14. According to an article on FT, analysts expect
BHP's earnings to be cut to about 19% and Rio Tinto's could see earnings cut at 30%. CEO of BHP sees the tax as threatening to Australia's competitiveness, "jeopardize future investments and will adversely impact the future wealth and standard of living of all Australians

***Notes/Observations:
- United/Continental confirm 'merger of equals'
- Greek rescue package done with €110Bb over 3 years. The break down seen with €80B from Euro Zone members and €30B from IMF. First payment before May 19th Greek bond redemption
- China raises Reserve Requirement Ratio (RRR) by another 50 bps to 17.00%. (third hike in 2010)
- Australia plans a 40% super tax on miners
- Key event week with RBA rate hike likely on Tuesday, UK elections on Thursday and US payrolls on Friday

***Looking Ahead***
- 8:30 (US) Mar Personal Income: 0.3%e v 0.0% prior; Personal Spending: 0.6%e v 0.3% prior
- 8:30 (US) Mar PCE Core M/M: 0.0%e v 0.0% prior; Y/Y: 1.3%e v 1.3% prior; PCE Deflator Y/Y: 2.0%e v 1.8% prior
- 9:00 (BR) Brazil Apr PMI Manufacturing: No est v 55.4 prior
- 10:00 (BR) Brazil Apr Trade Balance: No est v $668M prior
- 10:00 (US) ISM Manufacturing: 58.8e v 59.6 prior; Prices Paid: 74.0e v 75.0 prior
- 10:00 (US) Mar Construction Spending M/M: -0.5%e v -1.3% prior
-12:00 (IT) Italy Apr New Car Registrations Y/Y: No est v 19.6% 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 11 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
  • POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI

  • POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
  • POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
  • POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
  • POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision


  • POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
  • POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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