User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday May 26, 2010 - 10:55:11 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European Market Update: OECD raises 2010 and 2011 GDP estimates on Far East prospects (Trade the News)

Wednesday, May 26, 2010 5:38:47 AM

 European Market Update: OECD raises 2010 and 2011 GDP estimates on Far East prospects

 

***Economic Data***
- (GE) Jun GFK Consumer Confidence: 3.5v 3.6e
- (FR) France May Business Confidence: 97 v 97e; Production Outlook: -3 v 8e; Own-Company Production: 4t v 6 prior
- (FR) France Apr Consumer Spending M/M: -1.1% v -0.5%e; Y/Y: 1.1% v 1.4%e
- (SP) Spain Mar Mortgages on House Y/Y: 2.4% v 8.5% prior; Mortgages Capital Loaned Y/Y: -4.0% v -9.3% prior
- (SW) Sweden Apr Trade Balance (SEK): 6.9B v 7.0Be
- (PD) Poland Apr Unemployment Rate: 12.3% v 12.5%e
- (PD) Poland Apr Retail Sales M/M: -5.6% v -0.5%e; Y/Y: -1.6% v 4.2%e
- (UK) Apr BBA Loans for Home Purchases: 35.7K v 37.0Ke
- (SA) South Africa CPI (all items) M/M: 0.2% v 0.4%e; Y/Y: 4.8% v 5.0%e
- (GE) German Bobl Tap Auction for €5.445B, 2.25% Apr 2015, Bid-to-Cover 1.1x v 1.5x prior
- (PO) Portugal Debt Agency (IGCP) sold €1.0B in 3.35% Oct 2015 OTs; avg yield 3.701% v 3.498% prior; bid-tocover 1.8x v 1.8x prior


*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
- Equities: European equities opened the session higher, led by gains in the peripheral countries. Today's advances have been led by basic material and banking shares. Additionally, earnings from retailer Burberry have supported the FTSE 100. Overall, the best gains have been seen in the peripheral European equity markets.

- In Individual Stocks: Shaftesbury [SHB.UK]: Reported H1 profit of £122.7M comparing favorably to loss of £159.9M a year ago, adj Pretax £11.1M slightly below year-ago of £11.3M; Property Revenues at £35.6M below year ago level of £36.9M. Saw weakening of sterling as beneficial for domestic and overseas tourism II Burberry [BRBY.UK]: Reported Prelim FY10 Pretax profit £166M comparing favorably to year-ago loss of £16.1M and Revenues of £1.28B slightly below estimates of £1.3B. Raised dividend by 17% II Hogg Robinson [HRG.UK]: Reported prelim FY Op profit £28.4M comparing favorably to year-ago figures of £24.7M and Revenues,of £326.8M below year-ago figures of £351.3M. Company expected an an increase in travel activity from existing client base as businesses generally begin to benefit from any economic recover II British Petroleum [BP.UK]: Provided update on continuing subsea efforts over the GoM oil spill saying it was focusing on progressing options to stop the flow of oil from the well through interventions via the blow out preventer (
BOP), and to collect the flow of oil from the leak points. It was reported that the US govt could issue penalties up to $60B II Kloeckner & Co [KCO.GE]: During its AGM reiterated FY10 forecast of Revenue growth of more than 25%. Company was positive on Q2 trading, particuarly price and volume developments. Noted that overcapacity could put pressure on steel prices but that decline would be limited.

- Speakers: OECD Chief Economist Padoan commented in a French press interview that the Euro currency overvalued for too long. He noted that a weaker euro currency was good news for the Euro region in the short-term and saw no risk of double-dip recession in Euro-zone. He also stated that a gradual appreciation of Chinese Yuan currency was also desirable *** ECB's Noyer commented that recent interventions by the central bank on markets did not point to a new policy and that measures must remain exceptional. Markets can expect resolute action from central banks when turbulence threatened its normal monetary policy. He reiterates that main priority remained price stability and that central banks need to be seen as acting independently. Noyer noted that he never comments on short term currency moves but noted that the area in which euro was moving wa close to long-term average. *** ECB's Liikanen commnented that the ECB bond buying operation did not reflect any monetary policy change. He reiterated that current monetary policy was appropriate and that bond buy proceeds will be drained. There were signs that the financial system was slowly recovering but fiscal imbalances put financial stability at risk *** ECB's Gonzalez-Paramo reiterates ECB bond buys were temporary measure and would be sterilized *** S&P Analyst commented that Italy's extra budget measures put public finances on more sustainable footing *** OECD April economic outlook revises 2010 global GDP growth forecast higher to 4.6% from 3.4% prior. It now saw 2011 growth at 4.5% versus 3.7% prior back in Nov.Global economy was recovering faster than expected from recession with
Asia leading the way. Biggest challenge the advanced economies faced right now was cutting post-recession debts and containing financial market instability. It noted that unemployment might have peaked at around 8.5% compared to its Nov forecast of 10%. Forecasted 2010 US GDP growth at 3.2% versus 2.5% prior. It saw 2010 Japan GDP growth at 3.0% v 1.8% prior; 2011 growth at 2.0% v 2.0% prior. For Europe the OECD saw 2011 GDP at 1.2% v 0.9% prior; 2011 growth at 1.8% v 1.7% prior. *** Italy's ISTAT Chief commented that the country's austerity budget might hurt consumer spending

- Currencies/Fixed income: Risk aversion sentiment had thawed from levels seen just 24 hours ago with a decent rebound on Wall Street on Tuesday complemented by a rally in Asian equities. FX chat focused on equities with dealer taking note of a Morgan Stanley strategist who called for bottom in risk assets on Tuesday (this analyst recommended selling risk in early May). The capitulation seemed to be characterized by heavy NYSE volume which was almost 50% higher than its 2010 average. The EUR/USD tested below 1.2270 on the back of comments from OECD economist about the benefits of a weak euro but the rise in risk appetite provided the EUR/USD some consolidation capabilities thanks to the rise in stocks and commodity prices in the session. The German 5-year Bobl auction saw a weak bid-to-cover but the historic low yields seem to be the driver for the lackluster demand and not any indication of flight from German debt . EUR/USD holding above 1.2330 area ahead of the NY morning. The Portuguese bond auction would be seen as the true test of the session's sentiment just ahead of the NY morning.

- Geo-Political: Members of Spain's parliament to take a 10% pay cut in order to reduce budget gap following last week's budget announcement to cut government wage and 'freeze' in pensions. *** An article in the Financial Times featured polling data on approval rating for various EU politicians.
Spain's Zapatero's approval rating fell to 33.7% after announcement of austerity measures two weeks ago at 37.5%. The article further noted that Zapatero is also facing the possibility of a call for early elections from the opposition, with conservative party polling above the ruling Socialists by 42.8% to 33.7% margin.

***Notes/Observations:
- Traders ponder if equity capitulation occurred on Tuesday with NYSE volume about 50% above 2010 avg
- Germany's 5-year Bobl auction bid-to-cover 1.1x v 1.5; More about the historic low yields not any indication of flight from German debt
- OECD raises 2010 and 2011 global GDP growth estimates
- Banks downgraded by market forces as swaps soar

***Looking Ahead***
- (BR) Brazil Apr Central Gov't Budget: $12.0Be v -$4.6B prior
- 7:00 (US) MBA Mortgages Applications w/e May21st: No est v -1.5% prior
- 7:00 (BR) Brazil May FGV Construction Costs M/M: No est v 1.2% prior
- 8:30 (US) Apr Durables Goods Orders: 1.3%e v -1.2% prior (revised); Durables Ex Transportation: 0.3%e v 3.7% prior (revised)
- 8:30 (EU) EU's Barroso
- 9:00 (US) US Treasury Sec Geithner with UK's Osborne
- 9:00 (BE) Belgium May Business Confidence: -2.8e v -2.4 prior
- 9:00 (CA) Canada Apr House Price Index Y/Y: No est v 9.9 prior
- 9:30 (BR) Brazil Apr Total Outstanding Loans (BRL): No est v 1.45T prior; Private Banks Lending: No est v 845B prior
- 10:00 (US) Apr New Home Sales: 425Ke v 411K prior
- 10:30 (US) Weekly DOE energy inventories
- 10:00 Fed's Alvarez testifies on AIG rescue
- 13:00 (US) US Treasury to sell $ 40.0B in 5-year notes
- 15:00 (AR) Argentina Apr Shop Center Sales Y/Y: No est v 36.9% prior
- 16:15 Fed's Lacker

 

 

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 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


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: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing 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