Dow -96 S&P -12.4 NASDAQ -25 ***Economic data*** - (US) Jun Challenger Job Cuts Y/Y: 39.4K v 38.8K prior; -47.1% v -65.1% prior - (BR) Brazil May Industrial Production M/M: 0.0% v 1.5%e; Y/Y: 14.8% v 17.8e - (CL) Chile Central Bank Meeting Minutes: Voted unanimously to raise interest rates by 50bps back on Jun 15th - (US) Initial Jobless Claims: 472K v 455Ke; Continuing Claims: 4.616M v 4.550Me - (BR) Brazil Jun PMI Manufacturing: 52.7 v 52.4 prior - (RU) Russia Jun Reserve Fund: $39.3B v $39.3B prior; Wellbeing Fund: $85.5B v $85.8B prior - (BR) Brazil Jun Trade Balance: $2.3B v $2.9Be; Exports: $17.1B v $17.8Be; Imports: $14.8B v $14.9Be - (MX) Mexico May Remittances: $2.1B v $2.0Be - 10:00 (US) Jun ISM Manufacturing: 56.2 v 59.0e; Prices paid: 57.0 v 70.0e - 10:00 (US) May Construction Spending M/M: -0.2% v -0.8%e - 10:00 (US) May Pending Home Sales M/M: -30.5%% v -14.2%e; Y/Y: -15.6%% v 24.6% prior - (US) EIA Natural Gas Inventories: +60 bcf v +60 to +70 bcf estimate range
- Equity markets around the world continue to gather negative momentum, as weak economic data from various corners of the globe are giving the skeptics plenty of ammunition. Challenger jobs data showed private employers eliminated more jobs in June than they did in May, while the labor department's weekly claims numbers were worse than expected. These reports, plus yesterday's ADP data and a string of weaker than expected reports out of China and Brazil namely, had the bears driving on the NY open. After the opening bell the June ISM manufacturing index was much weaker than expected, hitting its lowest level in six months, while the key prices paid component plummeted to an almost one-year low. After the data the S&P500 briefly traded towards 1010.The S&P cash market has not traded below 1000 in nearly a year. Traders are dumping the dollar, sending EUR/USD straight up through the 1.24 handle. Gold has plummeted this morning, with August gold approaching two-week lows. Front-month crude is down more than three bucks, with the contract holding just above the $72 handle. US Treasury yields continue to plunge as demand for bonds remains strong despite some of the lowest yields in more than a year. The long bond yield now offers less than 3.85% and the 10-year is below 3.9%. The curve continues to flatten with the 2-10 year spread narrowing towards 230 basis points.
- In earnings, wine and liquor name Constellation Brands is down 3% after missing revenue expectations in its Q1 report. Note that Constellation did increase its 2011 forecast, although the range was quite broad and merely met analysts estimates. Competitor Fortune Brands is down 2% on the news. For-profit education name Apollo Group is in the black after a moderately strong Q3 report, and competitor Corinthian is also up in sympathy.
- Earnings season is just around the corner and more profit warnings were out this morning. Taser slashed its revenue outlook for its Q2, warning that revenue has been impacted by delays of a number of large international orders. TASR is down 5%. Renesola was up as much as 6.5% after boosting its Q2 revenue outlook considerably and raising its shipment guidance for the quarter.
- Two names are gaining on various takeover rumors making the rounds. Speculation and rumors continue to boost US-traded ADRs of BP, which is up 4% or so today. During yesterday's sesson, analysts talked about Exxon being a preferred candidate to take out BP. Today reports are making the rounds that a Chinese oil company CNOOC is looking a big stake in the firm's Argentina operations, leading to more pregnant speculation. Shares of discount retailer BJs are up 14% after Leonard Green disclosed a 9.5% stake in the firm and his plans to discuss further options with management.
- The greenback is under pressure as the market focuses on the string of softer US data over the last few sessions. Today's initial jobless claims have shown no sign of any downtrend while the weaker ISM Manufacturing is only adding concerns that the phrase "double-dip" is returning to the market's vocabulary. EUR/USD tested 1.2450 by midmorning in New York as a series of stops were elected at various points. Mid-East sovereign names are said to have been aggressive buyers of euro. USD/JPY hit fresh 2010 lows below the pivotal 88.00 level and now eyes the critical 85.00 level (said to be a possible BoJ currency intervention trigger point among JPY watchers).
***Looking Ahead*** - (EU) ECB member Stark speech - (IT) Jun New Car Registrations Y/Y: No est v -13.8% prior - (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
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.
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.