***Economic data*** - (US) Q1 Final GDP Q/Q Annualized: 2.7% v 3.0%e; Personal Consumption: 3.0% v 3.5%e - (US) Q1 Final GDP Price Index: 1.1% v 1.0%e; Core PCE Q/Q: 0.7% v 0.6%e - (US) Jun Final University of Michigan Confidence: v 75.5e
Indices opened broadly mixed to slightly higher following key rumors overnight. Greece is still facing new difficulties as its CDS move to fresh records. The Guardian subsequently overnight saw Greece potentially selling various islands as part of its plan to divest assets to raise capital. Some estimates place the value of some smaller islands at close to â‚¬2M. Other sovereign chatter circulated concerning the difficulties of discussions within the US Federal Reserve. Bernanke is currently facing arguments from some regional governors who are calling for fresh stimulus within the economy due to indications of risk for a deflationary spiral. Speculation has these governors pressuring Bernanke to OK an increase in the Fed's balance sheet to $5T from $2.4T.
Several stocks are making notable moves after earnings reports last night. RIMM is down 5% after reporting disappointing revenues. Several analysts cut their price targets on RIMM this morning. ORCL is up 4% after once again reporting solid earnings and in-line revenues. ACN is also higher this morning after beating earnings consensus by 4 cents. BP traded lower in the early pre market on rumors of a possible bankruptcy filing, yet reversed course following company statements to the contrary.
Financial stocks traded higher in the early going after the US Congress' conference committee completed negotiations on the Financial Regulation (FinReg) reform bill, sticking to the planned schedule. Despite the added regulation, financials are higher this morning as the uncertainty of the process has been removed. As expected, the bill includes a version of the Volcker rule limiting trading activities and a consumer protection agency housed at the Fed, and will give President Obama a showpiece to present to his fellow leaders at the G20 conference this weekend in Toronto. In other legislation, Congress failed to pass the "Tax Extenders" legislation which would have extended unemployment benefits, while increasing taxes on some fund managers and energy companies. US Senator Reid commented yesterday that assuming Congress failed to reach an agreement yesterday the legislation would no longer be pursued.
The market managed to shrug off the surprise downward revision in the Q1 GDP report to 2.7% from 3.0% and focused on the 'sweeping' Wall Street overhaul bill agreed upon by lawmakers. The currencies were subdued with the market participants encountering the usual rhetoric ahead of a G20 Summit to pledge of maintaining global economic recovery. A Chinese PBOC Adviser noted that he expected Euro to rebound in the medium-long term horizon and noted that markets had over-reacted to the European debt woes. EUR/USD hovering around the 1.23 handle all session while USD/JPY drifts towards the lower spectrum of the 89 handle. EUR/CHF cross continued to hit fresh life-time lows as it tested below 1.35 during the NY morning
***Looking Ahead*** - 15:00 (AR) Argentina Apr Economic Activity Index M/M: No est v 1.0% prior; Y/Y: 7.1%e v 8.1% prior - G8/G20 Summit in Canada this weekend
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.
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.