User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday May 24, 2010 - 09:53:54 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European Market Update: The dawning of the Age of Austerity

Monday, May 24, 2010 5:50:39 AM

 European Market Update: The dawning of the Age of Austerity

 

***Economic Data***
- (CZ) Czech Apr Business Confidence: 8.8 v 6.6 prior; Consumer Confidence: -11.0 v -5.8 prior; Business&Consumer Confidence: 4.8 v 4.6 prior
- (TT) Taiwan Apr Unemployment Rate: 5.4% v 5.6%e
- (TT) Taiwan Apr Industrial Production Y/Y: 31.4% v 29.0%e; Commercial Sales Y/Y: 13.0% v 12.7%e

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
- Equities: European equities opened the session higher, with the exception of Italy's FTSE MIB, tracking the sharp gains seen in China on the Shanghai Composite, amid speculation that China would delay further tightening measures due to the EU debt crisis. Additionally, the positive equity open coincided with the tightening of the EU peripheral debt spreads. Currently, equities are off by their best levels on factors including the possibly of a labor strike in Spain and concerns about Spanish banks, after it was reported over the weekend that Spanish savings bank CajaSur (€19B in assets) was placed into receivership by the Bank of Spain. As of
5:43 EST, FTSE 100 is flat, DAX -0.50%, IBEX -0.90%, FTSE MIB -1.8%, CAC +0.47%.

- In Individual Stocks: BP [BP.UK) issued an update on the Gulf of Mexico oil spill in which it said oil collection estimates ranged from 1,360 bpd to 3,000 from 5,000 bpd on May 20th. || Deutsche Bank [DBK.GE] CFO the weekend said the bank might increase its dividend in coming years on the expectation that earnings will improve. || Invensys [ISYS.UK] reported FY10 results (Reports FY10 Net £147M v £130M y/y, Rev £2.24B v £2.28B y/y). || Chloride [CHLD.UK] issued FY10 results and said it sees positive signs in its end markets and order intake trends. || British Airways [BAY.UK] cabin crew started its 5-day strike today, following the break down in talks with management.

- Speakers: The BOJ May monthly report noted that the Japanese economy was starting to recover moderately amid overseas demand and improved capital spending and reiterated views that capital expenditure indicated signs of recovery and that private demand was expected to continue to improve. *** Japan Finance Min Kan stated that he would not label the current economic recovery as sustainable. He also noted that the direct impact from
Greece situation on Japan was limited and that the MOF had no gaps in its views on economy with BoJ. *** White House official commented that measures taken by South Korea to punish North Korea 'entirely appropriate. President Obama had ordered review policies towards North Korea. Sec of State Clinton commented that the US was working hard to avoid escalation of the 'precarious' situation on the Korean Peninsula *** UK Chancellor Osborne: Deficit needs to be dealt with or else economic consequences to be severe. He added that the deficit needed to be dealt with or else economic consequences would be severe. The UK should not build economy on 'shifting sands of debt' *** China Commerce Ministry (MOFCOM) stated that the US High Tech exports were at the core of trade imbalance issue and added that it was tough to balance trade without US lifting high-tech exports restrictions. China was concerned over the European debt crisis and was monitoring the developments there. China hopes and believes that Europe would overcome its crisis but note d the global impact was 'not too big' at this time. *** PBoC Zhou commented that it mainly considered domestic factors in deciding on monetary policy and noted that the US and China discussed yuan currency issue in speeches. He noted that the pace of global recovery would continue amid EU crisis. ***BoE's Miles commented that inflation to fall towards target during next 6 months and that higher inflation caused by external influence in the UK . he noted that the Euro Area problems were a risk to the UK ***

-Currencies/Fixed income: Risk appetite initially received a reprieve as speculation that China would delay or perhaps lessen measures to rein in its stimulus measures due to the euro area debt crisis. The European and commodity currencies were steady in the early going. However, the dawning of the age of austerity weighed upon sentiment as the session progressed. Comments from
Spain's largest union talks about moving towards a general strike sent the European bourses into negative territory and the USD and JPY pairs firmer. The European peripheral situation remained precarious with a Spanish T-Bill auction set for Tuesday and a Portuguese auctions mid-week. ***The GBP/USD probed suspected Sterling buy-stops orders above the 1.45 level in early trading to test above its 200-hour moving average for the first time in over three weeks. The confirmation of £6.2B in spending cuts in the UK by Chancellor Osborne weighed upon risk appetite. He added that the debt situation was a 'huge risk' to UK economy and stressed that the deficit needed to be dealt with or else economic consequences would be severe. ***The JPY moved off its worst levels as the European morning wore on. The BOJ monthly report noted that the economic activity was picking up steadily, but kept its assessment unchanged in its May report. It was cautious because of the risk from overseas economies***

- In the Papers: FT article noting that
Germany sought to cut its budget by €10B annually until 2016. The purpose of the cuts would be to set an example for the EU and to comply with budget deficit rules in the constitution. The cuts could be made through tax increases and reduced spending and the article noted that Germany could target lower subsidies for Germany's federal states. ***

***Notes/Observations:
- Whit Monday holiday in
Europe limiting market liquidity conditions .
- Chinese equities surged over 3% on Chinese denials regarding property tax implementation.
- Spanish saving bank Cajasur seized by regulator.
-
UK unveils over £6B in spending cuts as age of austerity dawns.

***Looking Ahead****
- 8:30 (US) Apr Chicago National Activity Index: No est v -0.07 prior
- 9:30 (TU) Turkey May Capacity Utilization: No est v 72.2% prior; Industrial Confidence: No est v 118.8 prior
- 10:00 (US) Apr existing Home Sales: 5.65M v 5.35M prior
- 10:00 (MX) Mexico Apr preliminary Trade Balance: $21.5Me v $237.3M prior
- 10:30 (IS) Israel Central Bank Interest Rate Decision: No change expected in the base rate from the 1.50% current level

 

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