User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday June 2, 2010 - 10:00:16 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European Market Update: Portugal 3-month T-Bill auctions shakes off another wave of risk aversion concerns; Euro getting verbal support (Trade the News)

Wednesday, June 02, 2010 5:56:45 AM

 European Market Update: Portugal 3-month T-Bill auctions shakes off another wave of risk aversion concerns; Euro getting verbal support

 

- (SP) Spain May Net Unemployment M/M: -76.2K v -45.0Ke
- (HU) Hungary Mar Final Trade Balance: €653.3 v €653.1M prior
- (SZ) Swiss Apr Real Retail Sales Y/Y: 1.3% v 4.0% prior (revised)
- (SW) Sweden Q1 Current Account (SEK): 63.6B v 40.8B prior
- (TH) Thailand Central Bank Interest Rate leaves Benchmark Rate unchanged at 1.25%; As expected
- (SP) Spain May Consumer Confidence: 65.1% v 78.2% prior
- (BR) Brazil May FIPE
CPI: 0.2% v 0.3%e
- (UK) Apr Net Consumer Credit: -£0.1B v £0.3Be; Net Lending: £0.5B v £0.6Be
- (UK) Apr Mortgage Approvals: 49.9K v 49.5Ke
- (UK) Apr Final M4 Money Supply M/M: 0.0% v 0.0% prior; Y/Y: 3.3% v 3.3% prior
- (UK) May PMI Construction: 58.5 v 58.0e
- (EU) Euro Zone Apr PPI M/M: 0.9% v 0.7%e; Y/Y: 2.8% v 2.6%e
- (SA) South Africa May Naamsa Vehicle Sales Y/Y: 28.6%v 26.6% prior

Fixed income:
- (UK) DMO sold £4.25B in conventional tap 2.75% 2015 Gilts auction; avg yield 2.274%; Bid-to-cover: 2.34x v 2.33x prior
- (PO) Portugal sold €560M in 3-month Bills; avg yield 1.861%; Bid-to-cover: 3.5x v 2.4x prior
- (DE) Denmark Sold DKK3.6B in 4.0% coupon 2019 bonds; avg yield 2.67%; bid-to-cover 2.4x
- (SW) Sweden sold SEK3B in 6.75% coupon 2014 Bonds; avg yield 1.8%; Bid-to-cover: 3.4x

*** SPEAKERS/
FIXED INCOME/FX/COMMODITIES/ERRATUM ***
- Equities: Following the negative leads from the US and Asia, European equity markets opened the session lower across the board. Today's equity weakness has coincided with the widening in peripheral debt spreads, as Spanish spreads hit fresh record highs. Additionally, BP's credit defaults swaps moved to record highs for the second consecutive session. The declines on today's session are being led by resources stocks, as BP continues to ease. Additionally declines in shares of banks have weighed on indices.

- In Individual Stocks: Nothumbrian Water [NWG.UK]: Reported FY revenue of £704.7M comparing favorably to year-ago figures of £694.1M. Profit before interest was £275.8M slightly above year-ago figures of £273.6M.// Topps Tiles [TPT.UK]: Reported H1 operating profit of £10.3M below year-ago number of £10.9M. Revenues were £91.4M above year-ago revenue of £87.6M. Also reported that its like-for-like revenues increased 2%. Company noted uncertainty uncertainty over the economic environment and weak consumer confidence and expected trading in the retail sector to remain challenging. Lukoil [LKOH.RU]: Reported Q1 Net $2.05B comparing favorably to year-ago figure of $905M. Revenues were also higher than year ago figures at $23.9B vs $14.7B. Compamy noted the particular economic uncertainty present in the Russian Federation.// Prudential [PRU.UK]: Confirmed it ended talks with
AIG over AIA. Estimated costs incurred are £450M which include break-up fee, arrangement and underwriting fees. During the session London Telegraph mentioned that currency hedges by Prudential could help cover costs as pound fell against the dollar.

- Speakers: German Cabinet approved a bill to extend ban on naked short-selling and the ban included ALL stocks. The ban on currency derivatives only optional. German Fin Min Schaeuble commented that high deficits were main cause of financial crisis and stated that new rules were urgently needed***UAE Oil Minister Hamli commented that current oil prices were 'reasonable' and that there was no shortage of oil in the market. He cautioned that the Sovereign debt crisis would affect outlook on oil prices. ***EU's Barroso reiterated that the euro was a strong and credible currency ***Poland Central Bank's Glapinski reiterated view that the rate panel might need to raise interest rates by 50bps by end of 2010 or early next year ***France Fin Min Lagarde commented that the EU needed to accelerate new credit default swap (CDS) rules. She stressed that the sovereign debt issue would not just concern
Europe and the topic would be discussed at the Korean G20 meeting later this week. She noted that budget consolidation was imperative but stressed that it was important not to curb economic growth and momentum. *** Japan Finance Min Kan confirmed intension to run for the DPJ Presidency ***Brazil Fin Min Mantega commented that Brazil had been the 'biggest victim' of the weak USD trend. The official added that a revaluation of Chinese yuan currency could assist in global currency stability *** Central banks in Brazil, India, Russia Japan and South Korea commented in separate interviews ahead of the G20 summit that they would NOT stop investing in euros, as there are few alternatives to both the Euro and USD dollar ***

-Currencies/Fixed income: The session was once again plagued by the potential contagion of the sovereign debt issue as the peripheral spread drifted higher as equity prices waned. Rumors circulating that
Portugal had delayed a vote on its austerity measures. The spread between the 10-year Spain/German Gov't Bonds at post Euro launch highs of over 170bps in sympathy of the rumor. The Hungary Central Bank raised the radar on the Central European effect after it commented that the country was set to miss its 2010 budget deficit goal of 3.8% without measures and added that the deficit could hit 4.5% this year. French Fin Min commented that sovereign debt issue would not just concern Europe and the topic would be discussed at the Korean G20 meeting later this week. The EUR/USD maintained a foothold above the 1.22 handle for the bulk of the morning with dealers noting of 'solid bids' on the approach of 1.2150. The Euro received some verbal support as central banks in Brazil, India, Russia Japan and South Korea commented that they would not stop investing in euros (nor dollars), as there are few alternatives to those currencies. There was dealer chatter of DNT option barrier between 1.21 to 1.25 circulating but no mention of the expiration. The EUR/USD heading into the NY morning just off its best level of 1.2270 following a solid Portugal 3-month T-Bill auction. The JPY was initial mixed against the major pairs as the positioning for the next Japanese PM took form following Hatoyama's resignation earlier today. USD/JPY just off its best level and holding above 91.90 as the NY morning approached.

- Geo-Political: Australian Treasurer Swan commented that the mining tax may be informally discussed at G20 meeting with any pre-election tax deal dependant on mining companies. He claims that according to miners, the tax raises sovereign risk are nonsense. He also denies that
China's visit this week is an attempt to talk down the impact of the mining tax. Australia Resources Minister said he was confident the government can reach an agreement with the mining industry on the mining tax, and that the 40% headline tax rate is not negotiable.

***Notes/Observations:
- Portugal Bill auction calms early phase of risk aversion in session
- Japan PM Hatoyam resigns; Fin Min Kan front runner ro replace him
- ECB's Noyer reiterates view that Euro is by no means unusually low
- Various Central banks in Brazil, India, Russia Japan and South Korea commented in separate interviews ahead of the G20 summit that they would NOT stop investing in euros (nor dollars)
- Slower growth concerns weigh on equities in Europe; Commodities lower led by drop in industrial metals following signs of manufacturing slowdowns

***Looking Ahead***
- 7:00 (US) MBA Mortgage Applications w/e May 28th: No est v 11.3% prior
- 7:30 (US) May Challenger Job Cuts Y/Y: No est v 38.3K prior; No est v -71.1% prior
- 7:45 (US) ICSC Weekly Chain Store Sales
- 8:55 (US) Weekly Redbook Retail sales
- 9:00 (BR) Brazil Apr CNI Capacity Utilization: 82.45e v 82.6% prior
- 9:30 (SI) Singapore may Purchasing Managers Index: 51.3e v 51.9 prior: Electronic Sector: 51.3e v 51.8 prior
- 10:00 (US) Apr Pending Home Sales M/M: 5.0%e v 5.3% prior; Y/Y: 21.0%e v 23.5% prior
- 11:30 EU's Monetary & Affairs Commissioner Rehn in Germany

 

 

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."



Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 9 July 2018
AA 12:00 EZ- Draghi EU Parliament Testimony
Tue 10 July 2018
AA 08:30 GB- Ind/Prod Output, Trade
AA 09:00 DE- ZEW Survey
Wed 11 July 2018
A 12:30 US- PPI
A 14:00 CA- Bank Of Canada Decision
A 14:30 US- EIA Crude
Thu 12 July 2018
AA 12:30 US- CPI
Fri 13 July 2018
A 14:00 US- Prelim University of Michigan
John M. Bland, MBA
co-founding Partner, Global-View.com


Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube



Max McKegg's Daily Forex Trading Forecasts

Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.


Request a TRIAL of Max's Forex Service.


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.

By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

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