User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday May 14, 2010 - 10:14:24 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

(EU) European Market Update: Continued Sovereign Risks pushes Euro to record lows not seen since March 2009

Friday, May 14, 2010 6:00:03 AM

 (EU) European Market Update: Continued Sovereign Risks pushes Euro to record lows not seen since March 2009

 

***Economic Data***
- (FI) Finland March GDP Indicator: -0.3% V -0.7% Prior
- (FI) Finland April CPI M/M: 0.3% V 0.2%e; Y/Y: 0.9% V 0.7%e
- (IN) India April Wholesale Prices: 9.6% V 9.50%e
- (SP) Spain April CPI M/M: 1.1% V 1.1%e; Y/Y 1.5% V 1.5%e
- (SP) Spain April CPI Core M/M: 0.9% V 1.1%e; Y/Y: -0.1% V 0.1%e
- (SP) Spain April Final CPI-EU Harmonized M/M: 1.1% V 1.1%e; Y/Y: 1.6% V 1.6%e
- (HU) Hungary March Final Industrial Output M/M: -0.4% V -0.4% Prior; Y/Y: 2.8% V 2.8% Prior
- (FI) Finland March Current Account: -€310M V €0.6BE
- (CZ) Czech Central Bank: Guides FY10 Fiscal Gap at 5.5% of GDP v 5.9% prior; FY11 5.9% v 6.5% prior
- (IT) Italy April Final CPI (Nic Incl Tobacco) M/M: 0.4% v 0.4%e; Y/Y: 1.5% v 1.5%e
- (IT) Italy April Final CPI-EU Harmonized M/M: 0.9% v 0.9%e; Y/Y: 1.6% v 1.6%e
- (HK) Hong Kong Q1 GDP Q/Q: 2.4% v 2.0%e; Y/Y: 8.2% v 8.3%e


*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***

- Equities: European equities opened the session to the downside and losses has worsened as the session has progressed. The declines have been correlated with the widening in the bond spreads for the EU perpheral countries. Today weakness is being driven by banking shares in Italy, Spain and France. As of 5:40 EST, the FTSE 100 is lower by 1.5%, DAX -1.2%, CAC -2.7%, FTSE MIB -3.4%, IBEX -4.2%.

- In Individual Stocks: EADS [EAD.FR]: Reports Q1 Net €103M above figures from a year ago of €170M, EBIT €83M below estimates of 120.7M and Rev €9.0B v €8.8Be ; confirmed 2010 outlook of EBIT at about €1B, of Airbus orders at 250-300 units; guided FY10 revenues to be roughly stable in 2010 as compared to year-end of €42.8B. Exec remained cautiously optimistic.|| Iberia [IBLA.SP] Reported Q1 Net loss €52M in line with estimates EBIT loss €75.5M slightly better than estimates of a loss €81Me, Rev €1.05B slightly above analysts estimates of €1.1Be.|| Wolseley [WOL.UK]: Provided interim update and reported Revenue £3.25B below year-ago figures of £3.5B. Guided FY10 trading profit to exceed the current analysts' consensus forecast of £374M.|| Severstal [CHMF.RU]: Reported Q1 Revenue of $3.1B below last quarter's number $3.39B and EBITDA figure at $492M below last's quarter figure of $620M.

- Speakers: Spain Finance Minister Salgado stated that market turbulence of the past two weeks has shifted the focus in Europe to "fiscal consolidation" from growth *** Poland's Finance Minister Rostowski noted that Euro adoption is not the highest priority; and targeted 2015 as appropriate time for Euro adoption . Poland budget was not at a risk from volatility of its currency.*** Following CPI release Spain Dep Fin Min Campa noted that negative core inflation was temporary and due to seasonal effects. Expected budget cut to affect GDP mostly in 2011***ECB's Constancio stated that bond sterilization will be done in the near future and that details will be given soon. Noted that Spain and Italy have a high savings rate compared with a falling savings rate in Greece and Portugal. Constancio expected Portugal's growth to be weak and called for accelerating reforms in the country. Said budget consolidation has to be tough and abrupt.

- Currencies/Fixed Income: European calendar was quiet on the data front with the only highlights from Spanish and Italian CPI data, which were both in line with expectations. Euro volatility and selling pressure increased over the open. EUR/JPY has declined and as of the time of writing is trading below ¥116. EUR/USD pulled back from $1.2560 and moved below $1.25 for the first since March 2009.EUR/CHF traded at 1.4000, CHF being helped by bearish sentiment on EUR. European sovereign concerns will continue to pressure the euro's upside. Caution is likely to persist over the weekend on USD, JPY and CHF as austerity measures lie ahead for European peripherals. Cable traded at lows of 1.4555 in earlier session, which are the softest levels in a week due to planned budget cuts and tax increases combined with BoE's dovish stance against inflation.

- Geopolitical: Portugal indicated further austerity measures Thursday including an increase of 1% on VAT to 21%, 5% pay cut for top government officials and 2.5% on large companies and bank profits. Portugal's Prime Minister Socrates forecasts the measures will trim the deficit to 7.3% of GDP this year, 4.6% next year versus 6.6% prior. He said measures to stay in affect until end of next year. Note Portugal government additional austerity measures approved yesterday. ***Spanish unions have continued to react unfavourably towards Spanish Prime Minister Zapatero's austerity measures. Spain's trade union General Union of Workers (UGT) announced civil strike on 2 June and demonstrations on 20 May; Reportedly the Workers' Commissions (CCOO) have also threatened to strike, targeted tax increases as an alternative. Spanish unions have reportedly rules out a general strike. Similarly, yesterday the Greece Public power union called for 48 hour strike on May 25. ***An article in the Wall Street Journal commented on Italy noting that the country's lack of growth makes its debt burden heavier further noting that it is the EU's most in debt country. *** In the UK: Newly appointed Foreign Secretary Hague to visit Washington today criticized Iran's behaviour over nuclear proliferation as unacceptable and that it was the priority of the newly formed coalition government to deal with Iran's nuclear program. He is to discuss various topics with Afghanistan likely to be the key issue. Note his trip immediately follows Afghan president Hamid Karzai's visit to the US ***According to a Times articles, economists estimate that VAT needs to be increased by 2.5% to 20% to support Lib Dems proposed £17B tax cut. This reflects the coalition deal in which the Tories agreed to raise income tax threshold for low income individuals. Other provisional budget measures from introductory cabinet meeting, new ministers to take 5% pay cut and pay freeze for rest of parliament reportedly to save £3M over five-year term of current parliament.

- In Papers: WSJ reported that SEC and state authorities launched investigations into municipal CDS trades made by banks. Investigation was concerned with whether banks used their own funds to short against the bonds sold to investors*** El Pais reported that France's President Sarkozy threatened to pull France out of country over the weekend if Germany does not help with Greek situation. According to Les Echos, which picked up El Pais report, Sarkozy stated that "there should be a general commitment to help Greece, or France will examine its situation in the euro". This and a dramatic gesture by the French president prompted Germany's Merkel to accept the aid for Greece.

***Looking ahead***
- 7:00 (IS) Israel April Consumer prices M/M: 0.7%e v 0.1% prior; Y/Y: 2.9%e v 3.2% prior
- 7:00 (BZ) Brazil May FGV Inflation IGP-10 M/M: 0.8%e v 0.63% prior
- 8:00 (PD) Poland April CPI M/M: 0.4%e v 0.3% prior; Y/Y: 2.3%e v 2.6% prior
- 8:00 (PD) Money Supply M3 M/M: 1.1%e v 0.9% prior
- 8:30 (CA) Canada New Motor Vehicle Sales M/M: -4.0%e v 8.1% prior
- 8:30 (CA) Canada Manufacturing Sales M/M: 1.0%e v 0.1% prior
- 8:30 (US) April Advance Retail Sales: 0.2%e v 1.9% prior; Less Autos: 0.4%e v 0.9% prior; Ex Autos & Gas: 0.3%e v 0.7% prior (Range of analysts estimates for Advance Retail Sales from -0.8% to +0.75; for Ex autos from -0.5% to 0.4%)
- 9:15 (US) April Industrial Production: 0.7%e v 0.1% prior; Capacity utilization: 73.8%e v 73.2% prior
- 9:55 (US) May Preliminary University of Michigan Confidence: 73.5e v 72.2 prior
- 10:00 (US) March Business Inventories: 0.4%e v 0.5% prior
- (CO) Colombia Central Bank Monetary Policy Minutes
- (GR) Greece to submit deficit cutting progress report to EU
- 13:40 Fed's Evans speaks in Illinois

 

 

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 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


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



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