***Economic data*** - (IS) Israel Q1 Preliminary GDP Annualized: 3.6% v 3.3% prior - (US) MBA Mortgage Applications w/e Jun 11th: +17.7% v -12.2% prior - (BR) Brazil Jun FGV Inflation IGP-10 M/M: 1.3% v 1.5%e - (BR) Brazil Apr Retail Sales M/M: -3.0% v -1.5%e; Y/Y: 9.1% v 10.1%e - (PD) Poland Apr Current Account: -â‚¬424M v -â‚¬650Me; Trade Balance: -â‚¬ v -â‚¬410Me - (US) May Producer Price Index M/M: -0.3% v -0.5%e; PPI Ex Food&Energy M/M: 0.2% v 0.1%e - (US) May Housing Starts: 593K v 648Ke; Building Permits: 574K v 625Ke - (US) May Industrial Production: 1.2% v 0.9%e; Capacity Utilization: 74.7% v 74.5%e - (US) DOE Weekly energy inventories: Crude: +1.7M v -1.2Me; Gasoline: -630K v +500Ke; Distillate: +1.8M v +1Me; Utilization: 87.9% v 89.1%
- US equity indices opened lower this morning after two consecutive days of higher opens. Mixed economic data is providing both bulls and bears with ammunition. The May industrial production data was better than expected, and capacity utilization rose to its highest level since October 2008. However, the May housing starts fell more than expected, to a five-month low, confirming expectations that the first-time homebuyer tax credit expiration would have a significant impact on the industry. FedEx and Nokia weighed on equity sentiment early but prices are holding up fairly well led by gains in the financial and energy sectors. EUR/USD has broken above 1.23 after a flurry of rumors regarding negotiations toward an EU debt support plan for Spain. After slipping down towards the $76 handle before the open, front month crude is headed back toward $77 and the unchanged mark though weekly DOE inventory data did producing some selling initially. Treasury prices have been giving back some early gains as equity markets have managed to hold onto most of the last two session's advances. The 10-year yield is moving back towards 2.3% after dipping below 3.25% earlier.
- Selected banking names gained slightly this morning (before dropping into the red) following news that Senator Lincoln confirmed yesterday evening that she would be "open to suggestions" on her bank derivatives business proposals. It appears likely that some form of Lincoln's amendment requiring banks to spin off derivatives desks will make it into the final financial regulatory overhaul; looks like any "compromise" would involve extending the deadline by which banks would have to divest their derivative desks. Also note that GSEs Fannie Mae and Freddie Mac have finally delisted their shares from the NYSE, cancelling what had become a sort of casino table game for day traders.
- FedEx reported in-line Q4 earnings results this morning, with revenue a bit ahead of the Street's expectations. However, the firm's guidance for next quarter was well below par, while its initial look at FY11 was also soft. Executives did not dwell on the firm's weak guidance on the conference call, noting only that they expect a "very good year" in 2011. More guidance calls from major names are moving the market. US-listed ADRs of Nokia are down 10% this morning after cut its devices sales outlook for Q2 below its prior guidance. The firm cited a much sharper competitive environment, particularly at the high-end of the market, and shifts in product mix towards somewhat lower gross margin products. Scotts Miracle Grow trimmed its revenue outlook for the full year on tighter consumer demand, sending shares of SMG down 5%. Fast food name Sonic offered disappointing full-year earnings projections and a broadly negative SSS outlook for the second half of the year on weakening consumer conditions. On the positive side, PPG Industries guided above estimates for its Q2 earnings on strong volume growth, especially in emerging markets. Shares of PPG opened up 4%, before dropping to 2%.
- Rumors that the EU was preparing some sort of large financing package for Spain made the rounds early in the European session, prompting denials from a broad range of Spanish and European officials. Then just before the US open, a German press article stated that ECB Chief Trichet was demanding a clear commitment from EU government for aid to Spain in case its access to capital markets stumbles. EUR/USD has been hovering around the 1.23 area, within its recent retracement highs made earlier this week. USD/JPY locked in a 91 to 92 range.
***Looking Ahead*** - 11:35 (CA) Bank of Canada's Carney - 12:00 (CL) Chile Central Bank Monetary Policy Report - 13:15 ECB's Bini Smaghi speaks in NY - 13:30 EU Socialists and Conservatives hold separate per-EU Summits - 14:15 (US) Fed's Plosser speaks in NY - 15:45 (UK) BOE's King speaks in London ** Reminder: EU Summit in Brussels on Jun 17th-18
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
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
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.
POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
POTENTIAL PRICE RISK: HIGH- Wed -- 15:00 GMT-- CA- Bank Of Canada Decision
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.
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.
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 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.
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 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.
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.
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.