***Economic data*** - (HU) Hungary Central Bank maintained Base Rate at 5.25%; as expected.
- China's announcement that it plans to gradually let the yuan appreciate is the story this morning. US equity markets are up modestly on the news, following in the wake of strength seen on Shanghai and European indices. The PBOC said the yuan's trading band would remain in effect, and FX analysts are waiting to see how much the yuan is allowed to move over the next several day to see whether China's announcement will turn out to be more than a token gesture. US Congressmen have reacted to China the news with caution and skepticism, with China critic Senator Schumer (D-NY) calling the news "vague and limited" and a "typical response" from China. Resource names have been a primary beneficiary of the news, with miners and metal names making strong upward moves. The USD/JPY had been another beneficiary, with USD/JPY earlier probing 91.45. Front month crude is up $1.30, to trade around $78.50.
- Shares of Anadarko traded down 3% in the premarket after the company and BP exchanged threatening rhetoric over the weekend. Last Friday a BP spokesperson warned that BP had a right to seek a contribution for paying oil spill damage claims from its partners (Anadarko owns a 25% stake in the leaking oil well). The following day, Anadarko's CEO stated the weekend Deepwater Horizon incident was "preventable and the direct result of BP's reckless decisions," and further stated that BP's behavior and actions likely represent gross negligence or willful misconduct and thus affect the obligations of the parties under the operating agreement. There were press reports that BP is preparing to sue APC for its share of cleanup costs, although analysts have written that APC will likely have very limited liability for the spill. In addition, BP said it has no immediate plans to issue new bonds, contradicting reports last week that it would seek to raise $5-10B through a corporate debt offering as soon as this week.
- It has been yet another merger Monday, with multiple deals announced this morning. Valeant Pharmaceuticals plans to merge with with Biovail in a stock and cash deal. Under the terms of the agreement, Valeant shareholders will receive a one-time special cash dividend of $16.77 per share and 1.7809 shares of Biovail common stock for each share of Valeant common stock they own. Biovail stockholders will own approximately 50.5 percent and Valeant stockholders will own approximately 49.5 percent of the shares of the combined company, which will be called Valeant Pharmaceuticals International, Inc. American Italian Pasta is being acquired by Ralcorp for $53/share in cash (a 25% premium to Friday's close), in a $1.2B deal. Ralcorp is off more than 5% after noting that its Q3 earnings would miss expectations by a wide margin due to the deal. In other equity news, shares of California Pizza Kitchen are down about 9% after cutting Q2 expectations.
- EUR/USD was consolidating at the level end of its session range at 1.2370 area. The euro lost some luster after Germany's Bundesbank June Report highlighted that a weaker euro could help offset fiscal tightening on Germany growth. Also S&P raised its cumulative credit losses on Spanish banks for the 2008/11 period to 6.1% from its prior forecast of 5.2% prior. S&P now sees a protracted economic adjustment for Spain and lowered its forecasts of the average real growth to 0.7% through 2016 from its prior view of 1.0% annual growth.
***Looking Ahead*** - (SZ) SNB Hildebrand speech - (BR) Brazil May CAGED Formal Job Creation: 250.0Ke v 305.1K prior - (AR) Argentina closes $18.3B debt restructuring
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.