User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday June 24, 2010 - 09:58:31 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European Market Update: Peripheral concerns and geopolitical risks provide a headwind for risk appetite (Trade the News)

Thursday, June 24, 2010 5:52:24 AM

 European Market Update: Peripheral concerns and geopolitical risks provide a headwind for risk appetite

 

***Economic Data***
- (RU) Russia Gold & Forex reserves w/e Jun 18th: $458.5B v $454.5B prior
- (FR) France May Consumer Spending M/M: 0.7% v 0.4%e; Y/Y: 1.9% v 1.4%e
- (CZ) Czech Jun Business Confidence: 8.6 v 8.8 prior; Consumer Confidence: -7.5 v -11.0 prior; Consumer&Business Confidence: 5.4 v 4.8 prior
- (HU) Hungary Apr Retail Trade Y/Y: -5.0% v -2.7%e
- (AS) Austria Apr Industrial Production M/M: 2.5% v -2.1% prior; Y/Y: 6.9% v -2.8% prior
- (NV) Netherlands Q1 Final GDP Q/Q: 0.3% v 0.2%e; Y/Y: 0.6% v 0.1%e
- (IT) Italy Apr Retail Sales M/M: -0.3% v -0.1%e; Y/Y: -0.5% v 2.1%e
- (PD) Poland May Retail Sales M/M: 3.1% v 2.0%e; Y/Y: 4.3% v 3.3%e
- (PD) Poland May Unemployment Rate: 11.9% v 12.0%e
- (HK) Hong Kong May Trade Balance (HKD): -25.1B v -28.0Be; Exports Y/Y: 24.4% v 23.0%e; Imports Y/Y: 29.7% v 29.8%e
- (EU) Euro Zone Apr Industrial New orders M/M: 0.9% v 1.6%e; Y/Y: 22.1% v 21.8%e
- (SA) South Africa Q1 Current Account (ZAR): -116.1B v -85.7Be; C/A to GDP ratio: -4.6% v -3.9%e
- (TT) Taiwan Central Bank raised the Benchmark Interest Rate by 12.5bps to 1.375%; Not expected
- (IT) Italy Q1 Unemployment Rate: 8.4% v 8.6%e
- (SA) South Africa May PPI M/M: 0.2% v 0.5%e; Y/Y: 6.8% v 7.2%e

Fixed income:
- (IT) Italy Debt Agency (Tesoro) €1.5B in 2.1% index-linked 2021 BTP; avg yield 2.72%; Bid-to-cover 1.3x
- (HU) Hungary Debt Agency sold
HUF40B in 12-month Bills; avg yield 5.41% v 5.35% prior

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
- Equities: European equities opened the session higher on slight gains in mining related shares on hopes that Australia's new incoming PM Gillard might makes concessions regarding the country's proposed mining tax. However, as the session progressed equities moved into negative territory as declines in commodity prices started to weigh on resource companies. Additionally, banks have declined as
Greece's debt spreads have widened out to record levels. ***As of 5:15 Euro Stoxx 50 Index -1.0% at 2,678; DAX Index -0.7% at 6,160; CAC-40 Index -1.1% at 3,602 and FTSE 100 Index -0.9% at 5,131.

- In Individual Stocks: Axa [CS.FR] and Resolution [RSL.UK] both confirmed the acquision of AXA's
UK unit for £2.75B. Axa expected an exceptional capital loss of €1.4B in 2010. Resolution will finance the acquisition with £2.06B rights issue and £400M facility.Axa shares opened up by 1.4%. || Hennes & Mauritz opened down 0.7% following lower than expected earnings results. Net profit was SEK5.2B slightly below estimates of SEK5.3B. Revenues were also lower at SEK27B compared to SEK27.7B. May SSS were down by 4% worse than expectations of a decrease of 2%. || DSG International [DSGI.UK]: Reported FY10 EBIT at £133.2M better than year-ago figures of £83M. Revenues were £8.5B slightly lower than estimates of £8.6B. Group expected consumer spending to remain pressured in the coming year due to fiscal tightening but group profitability would continue to improve. Shares opened up by 1.2%. || DS Smith [SMDS.UK]: Reported FY10 pretax profit at £68.3M lower than year-ago figures of £72.5M. Revenues was £2.1B higher than estimates of £2.0B. Group noted increasing sales volumes due to the continuing recovery in market conditions.|| Go-Ahead [GOG.UK]: In its trading update, company expected to meet its expectations for FY with a profit arounf £34M lower than year-ago figure of £61.5M. Noted that next year outlook would be difficult to predict and saw lower profit margin next year for the business unit. Shares opened lower by 1.9%

- Speakers:
China PBoC's adviser Li Daokui commented that the Yuan currency could rise 3% against the USDr by end of 2010 if euro stabilized. He added that Yuan reform had limited impact on interest rate decisions. ***German Fin Min Scheauble commented in a FT opinion piece that Germany was on course for 'expansionary consolidation'. He stated the need to reduce its deficit to ensure sustainable economic growth. He added that Gov't should not be addicted to borrowing and that stimulus exits must be considered carefully. He noted that Germany was not acting prematurely in cutting its deficit and that the measures equate to less than 0.5% of GDP ***ECB's Trichet commented in an Italian newspaper interview that the ECB was evaluating Italy's budget and believed Italy is going in the right direction. He reiterated the view that the Euro was a very credible currency. He stated that the threat of deflation was unlikely to materialize and reiterated the stance that inflation expectations were well anchored. Austerity measures were unlikely to trigger stagnation and the cooperation among the ECB, IMF and EU Commission remained excellent. Trichet also reiterated the view that Governments need to implement credible measures to consolidate their finances to correct divergent paths *** Swiss Gov't forecasted 2011 budget deficit of CHF600M and saw one-time items of CHF2B in 2011 for the national railways, pension fund and infrastructure. The Gov't noted that the budget had improved considerably and aided by lower spending and economic growth. *** Fitch commented that it did not anticipate further downgrades for Spain at this point. Spanish bank stress tests supported market confidence and to show that core banking system was strong. The rating agency added that fiscal adjustments had been aggressive *** Greece Debt Chief Christodoulou commented that the country's deficit plan remained on target and that the EU rescue package gave the country time to consolidate its fiscal situation. He stated that the agency could tap the markets if sentiment returned. And declined to comment on any timing when Greece would issue bonds again. He reiterated that the gov't was not looking any bond restructuring. ***Fitch commented that there have been no massive deterioration in Greece since April but again stressed that the country needed 'very significant' fiscal consolidation in 2011-12 period *** S&P's Kraemer reiterated that it saw no serious risks of Euro region break up and noted that the EU rescue package would give nations room to implement fiscal changes ***Portugal Treasury Secretary Costa comented that the country was in a good position to achieve its fiscal targets and has been able to fund the deficit without major problems. He noted that it was possible to combine fiscal consolidation with economic growth objectives *** Italy Confindustria revised Italy's 2010 and 2011 GDP growth forecasts higher. It now saw 2010 GDP growth at 1.2% compared to 1.1% prior and forecasted 2011 GDP at 1.6% versus 1.3% prior view.

- Currencies/Fixed Income: Peripheral concerns coupled with geopolitical risks undermined the trading sentiment during the European morning and provided a firm tone to the JPY and aised the USD to recover from its post FOMC lows. Dealers cited a last weekend's report of an American fleet passing through the
Suez Canal, triggering fears that the United States and Israel were preparing for an attack on Iran, with Egypt's cooperation. An Israeli press article today that IAF helicopters were recently unloaded complemented that weekend speculation. European peripherals continued to widen throughout the morning The Greece 5-year Credit Default Swaps (CDS) widens above 950bps while the spreads between the 10-year Greek/German Gov't Bonds widens to over 800bps in the session. EUR/USD retested the 1.2260 area while USD/JPY elected stops below 89.50 area. EUR/CHF also highlighted the safe-haven sentiment as it tested the 1.3550 level. However, spot gold did not respond and was lower in the session below the $1,235/oz level. Some of the risk aversion flows did ebbed as Taiwan central bank raised its interest rates citing the rebound in the global economic activity. GBP/USD managed to retest the 1.50 handle for the first tiime in over a month.

- Geo-Political: Following recent cuts in gas flow to
Belarus, Russia's Gazprom resumed gas supplies having received outstanding payments in full. Note yesterday European officials blamed Belarus for the reduction in gas supplies. Gazprom's CEO commented that issues with Belarus continue to remain, referencing the transit payment requested by Belarus. ***The British government is expected to confirm its plans to increase the pension age for men to 66 beginning in 2016 compared to the prior government's policy to raise it to 66 in 2024 with women to follow few years later. Note the Office of Budget Responsibility (OBR) announced this week that beginning next April, state pension are to go up by the increase in average earnings, or in line with prices or by 2.5% (if either of the two are greater). Before, the increase of 2.5% was every April, or the level of the Retail Prices Index from prior September.

***Notes/Observations:
- European peripherals remain stubbornly wide
- Geo-political concerns re-surface in the Mid-East over Iran
- Fed tweaked opening paragraph to slightly downgrade its growth and inflation outlook relative to April's statement
- Leadership change in Australia
- Taiwan Central Bank feels confident in the global recovery and raises interest rates

***Looking Ahead***
- 8:00 (BR) Brazil May Unemployment Rate: 7.1%e v 7.3% prior
- 8:30 (US) May Durable Goods Orders: -1.4%e v 2.8% prior (revised); Durables Ex-Transportation: 1.0%e v -1.1% prior (revised)
- 8:30 (US) Initial Jobless Claims: 463Ke v 472K prior; Continuing Claims: 4.550Me v 4.571K prior

- 9:00 (US) Apr RPX Composite 28-day Y/Y: No est v 2.2% prior
- 9:30 (TU) Turkey Jun Industrial Confidence: No est v 115.1 prior; Capacity Utilization: No est v 73.4% prior
- 10:00 (MX) Mexico May Unemployment Rate: 5.2%e v 5.4% prior
- 12:00 (CO) Colombia Q1 GDP Y/Y: 3.5%e v 2.5% prior
- 12:00 (FR) France May Net Change Jobseekers: No est v 15.7K prior; Total Jobseekers: No est v 2.68M prior
- 13:00 (US) Treasury to sell $30B in 7-year Notes

- (UK) BOE Financial Stability Report

 

 

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 18 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook


Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



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