User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday July 1, 2010 - 10:03:50 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European Market Update: New month starts off with the same old concerns (Trade the News)

Thursday, July 01, 2010 5:50:54 AM

 European Market Update: New month starts off with the same old concerns

 

***Economic Data***
- (GE) Germany May Retail Sales M/M: 0.4% v 0.4%e; Y/Y: -2.4% v -0.6%e
- (IN) India May Trade Balance: -$11.3 v -$10.4B prior; Exports Y/Y: 35.1% v 36.2% prior; Import Y/Y: 38.5% v 43.3% prior
- (SW) Sweden Jun Swedbank PMI Survey: 62.4 v 64.0e
- (FR) France May Producer Prices M/M: 0.0% v 0.2%e; Y/Y: 4.3% v 4.5%e
- (IR) Ireland Jul NCB Manufacturing PMI: 51.8 v 54.1 prior
- (TU) Turkey June Manufacturing PMI: 53.2 v 56.5 prior
- (PD) Poland June Manufacturing PMI: 53.3 v 52.2 prior
- (NO) Norway Jun PMI: 51.2 v 50.5e
- (HU) Hungary Jun PMI: 49.5 v 49.6 prior
- (RU) Russia Gold & Forex Reserve w/e Jun 25th: $461.4B v $458.5B prior
- (SP) Spain June Manufacturing PMI: 51.2 v 51.5 prior
- (SW) Sweden Central bank (Riksbank) raised interest rates by 25bps to 0.50%; as expected
- (SZ) Swiss Jun SVME-Purchasing Managers Index: 65.7 v 65.7e
- (CZ) Czech June Manufacturing PMI: 57.6 v 57.6 prior
- (DE) Denmark May Unemployment Rate: 4.1% v 4.1%e
- (DE) Denmark May Retail Sales M/M: 3.7% v 0.0%e; Y/Y: 0.3% v -7.1% prior
- (IT) Jun PMI Manufacturing: 54.3 v 53.8e
- (FR) France Jun Final PMI Manufacturing: 54.8 v 54.9 prior
- (GE) Germany Jun Final PMI Manufacturing: 58.4 v 58.1e
- (EU) Euro Zone Jun Final PMI Manufacturing: 55.6 v 55.6e
- (UK) BOE Quarterly Credit Conditions survey: Mortgage demand unexpectedly declined in Q3
- (UK) Jun PMI Manufacturing: 57.5 v 57.5e
- (SA) South Africa Jun Kagiso PMI: 48.4 v 52.8e v 51.1 prior
- (DE) Denmark Jun PMI Survey: 49.3 v 48.5 prior
- (RU) Russia Q1 Current Account: $33.3B v $32.2Be

Fixed income Results:
- (SP) Spain Debt Agency (Tesoro) sold €3.5B in 3% 2015 Bonos; avg yield 3.657% v 3.532% prior; Bid-to-cover: 1.7x v 2.4x prior
- (FR) France Debt Agency (ATF) sold total €7.5B in OATs via three trances (2018, 2020, 2026)
- Sold €1.34B in Oct 2018 Oats; avg yield 2.76% v 3.72% prior; Bid-to-cover: 3.3x v 1.7x prior
- Sold €2.0B in Apr 2020 Oats avg yield 3.04% v 3.18% prior; Bid-to-cover: 3.5x v 1.5x prior
- Sold €4.1 in new Apr 2026 Oats; avg yield 3.54%; Bid-to-cover: 1.5x
- (EU) ECB allots €111.2B in 6-day refi operation at fixed rate 1.0%
- (UK) DMO to sell £800M in 0.75% Index-Linked 2047 Gilts; avg yield 0.666% v 0.826% prior; Bid-to-cover: 2.4x v 2.8x prior
- (HU) Hungary Debt Agency to sell Bonds

- Sold HUF25B in 2013 Bonds; avg yield 7.15%
- Sold HUF15B in 2016 Bonds; avg yield 7.50%
- Sold HUF5B in Floating rate Notes

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM **
- European equities are lower by more than 1% across the board, tracking the earlier declines in the US and Asia. Today's declines have been driven by China's weaker than expected PMI data for June [CHINA JUN PMI MANUFACTURING: 52.1 V 53.2E (4-month low)] and Moody's decision to place Spain's AAA rating on review for a possible downgrade. As of 5:45 Euro Stoxx 50 Index 1.5% at 2,5348; DAX Index 1.0% at 5,904; CAC-40 Index -1.9% at 3,377 and FTSE 100 Index -1.2% at 4,855

***Top Press Headlines****
- (EU) ECB allots €111.2B in 6-day refi operation at fixed rate 1.0%
(- SP) Spain Debt Agency (Tesoro) sold €3.5B in 3% 2015 Bonos; avg yield 3.657% v 3.532% prior; Bid-to-cover: 1.7x v 2.4x prior
- (SW) Sweden Central bank (Riksbank) raised interest rates by 25bps to 0.50%; as expected
- (AU) Australia govt, miners might announce mining tax compromise on Friday - Australia Business Spectator
- (GE) Germany VDMA: May Plant, Equipment orders +61% y/y; highest reading on record
- (GE) German bankers prepare for possibility of emergency capital injections - FT

Industrials
- Chloride will enter in talks with Emerson after Swiss group ABB decided against pursuing takeover offer. Emerson had raised its offer by 37% from 275p/shr to 275p/shr. ABB had offered 325p/shr.
- John Woods in its trading update noted that overall performance was in line with expectations.
- Alhstrom to increase prices on filtration material globally by up to 10%

Consumer discretionary
- Debenhams reported gross transaction volume +8.9%; like-for-like sales -0.4% over the 42 weeks. Gross margin for the year is expected to exceed previous guidance. Remained positive Q3 performance.
- Greene King reported prelim FY pretax profit £123M v £125Me, Rev £984M v £968Me
- Hornbach Holding reports Q1 Net €37.8M v €37.1M y/y, Rev €779.9M v €774.8M y/y
- CH2M Hill will not proceed with acquisition of Scott Wilson Group. URS has made an offer of 210p/shr but had considered raising it to 245p/shr after CH2M Hill made an offer for the group.

Financials
- Barclays entered into JV in Japan with with Sumitomo Mitsui and Nikko Cordial which would provide wealth management services to high net worth individuals in Japan.
Consumer Staples
- Tate & Lyle will sell EU sugar refining operations for £211M in cash Technology
- According to unconfirmed report Gartner lowers outlook for IT spending forecast due to EU sovereign debt concerns


- Speakers:
- BoE Miles: Says there is no need for interest rate hike at this time despite inflation being uncomfortably high
- BOE Quarterly Credit Conditions survey: Mortgage demand unexpectedly declined in Q3
- Japan Senior Fin Min Ikeda: Weak JPY is generally positive; Will try to prevent excessive JPY currency strength
- Germany VDMA: May Plant, Equipment orders +61% y/y; highest reading on record
- German Econ Min Bruederle: Reiterated view that German recovery to continue in 2011; sees encouraging signs in the global economy
- German Bundesbank Zeitler: Spreads show that markets remain fragile
- Sweden Central Bank stated that it Lowered its rate path due to slower economic growth abroad. In the longer term the repo rate will not need to be raised as much as previously announced
-BOJ's Morimoto: JPY appreciation to impact corporate sentiment and profits; concern about European situation is rising. To watch fx movements closely.

- Currencies/Fixed Income: A new month provided the same anxieties despite yesterday's ECB 3-month LTRO operation. The ECB managed to calm nerves but dealers noted it did not change the overall picture and awaited the results of the 6-day refi operation to gain 'better clarity. A weaker than expected China PMI manufacturing provided another flush of risk aversion sentiment and hit Asian equities and commodity prices. The peripherals continued to take center stage following Wednesday Moody's joined S&P and Fitch in downgrading Spain's credit rating. The result of the Spanish 5-year bond auction sold the upper end of its desired amount but a lower bid-to-cover tempered the Euro's upward momentum. The German Yield curve flattened significantly ahead of the 6-day refi operation but retreat from a portion of the move after the ECB allotted €11.2B in the 6-day MRO. EUR/USD hovering below the 1.23 area as the NY morning approached. Dealers noting that EUR buy-stops building above the 1.2350 area. The USD/JPY remained above the pivotal 88.00 level with rumors resurfacing that Kampo was again on the bid down there. The GBP hovered around the 1.49 level and maintained a soft tone attributed to BOE member Miles comments made in late Asia.

- Geo-Political:
- US Trade Representatives confirm the US won WTO case regarding EU subsidies to Airbus.
- The UK trade union National Union of Rail, Maritime and Transport Workers (RMT) may call strike action over the recently assessed UK treasury data.
- (GE) London Telegraph's Ambrose Evans-Pritchard comments on Wednesday's presidential elections in Germany; Noted, after it was reported that Chancellor Merkel's candidate for president, Wulff, lost the first two rounds of voting in the electoral college, equity markets declined, as the development was an effective no confidence ruling in the Christian Democrat-Liberal coalition.

***Looking Ahead***
- 7:30 (US) Jun Challenger Job Cuts Y/Y No est v -65.10% - -
- 8:00 (BR) Brazil May Industrial Production M/M: 1.5%e v -0.7% prior; Y/Y: 17.9e v 17.4% prior
- 8:30 (CL) Chile Central Bank Meeting Minutes
- 8:30 (US) Initial Jobless Claims: 455Ke v 457K prior; Continuing Claims: 4.550Me v 4.548M prior
- 9:00 (BR) Brazil Jun PMI Manufacturing: No est v 52.4 prior
- 10:00 (BR) Brazil Jun Trade Balance (FOB) : $2.9Be v $3.4B prior - -
- 10:00 (MX) Mexico May Remittances: $2.0Be v 1.8B prior
- 10:00 (US) Jun ISM Manufacturing: 59.0e v 59.7 prior; Prices paid: 70.0e v 77.5 prior
- 10:00 (US) May Construction Spending M/M: -0.7%e v -2.7% prior
- 10:00 (US) May Pending Home Sales M/M: -14.0%e v 6.0% prior; Y/Y: No est v 24.6% prior
- 10:00 (US) Treasury Sec Geithner testifies to Senate Committee on G20 meeting with China
- 10:00 (GE) GermanFin Min Schaeuble speech
- 11:00 (EU) ECB member Stark speech
- 12:00 (IT) Jun New Car Registrations Y/Y: No est v -13.8% prior
- 14:00 (IT) Italy Jun Budget Balance: No est v -8.1B prior; Budget Balance (Year to date) No est v -50.1B prior

 

 

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 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


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



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