European Market Update: US Payroll data to provide vital clue for sustainability of global recovery (Trade the News)
Friday, July 02, 2010
European Market Update: US Payroll data to provide vital clue for sustainability of global recovery
***Economic Data*** - (SP) Spain May Industrial Output NSA Y/Y: 5.1% 2.9% prior; Industrial Output WDA Y/Y: 3.3% v 2.6%e - (SP) Spain Jun Net Unemployment M/M: -83.8K v -65.0Ke - (NO) Norway Jun Unemployment Rate: 2.8% v 2.8%e - (HU) Hungary Apr Final Trade Balance: â‚¬504.7M v â‚¬526M prior - (IT) Italy Q1 Deficit to GDP (year to date): 8.7% v 5.2% prior - (HK) Hong Kong May Retail Sales Value Y/Y: 19.7% v 17.3%e; Retail Sales Volume Y/Y: 16.2% v 13.8% e - (UK) Jun PMI Construction: 58.4 v 58.5e - (EU) Euro Zone May PPI M/M: 0.3% v 0.3%e; Y/Y: 3.1% v 3.1%e - (SA) South Africa Jun Naamsa Vehicle Sales Y/Y: 20.7% v 28.6% prior - (EU) Euro-Zone May Unemployment Rate: 10.0% v 10.1%e - (IT) Italy May Unemployment Rate: 8.7% v 9.0%e
*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ** ***Top Press Headlines*** - (CH) People's Daily comments on demand for the Agricultural Bank of China's IPO; According to the report, the IPO has been more than 10 times oversubscribed by institutional investors. - (AU) Australia government reaches agreement with miners; Tax to be 30% for iron ore and coal, to be cut to 29% from 2013-14 but no further - Various European unemployment data better-than-expected in session (Spain, Italy and Eurozone) - China PBoC continues to honor pledge and sets Yuan higher again
- European equities are mostly higher, but well off of the session's best levels, as the focus now shifts to the US monthly payrolls report. As of 5:45 Euro Stoxx 50 Index +0.2% at 2,523 ; DAX Index +0.2% at 5,870; CAC-40 Index +0.1% at 3,343 and FTSE 100 Index 0.4% at 4,824
Consumer Discretionary - UK Retailer John Lewis reports weekly LFL sales 13.3% for the week ending 26th June - Lagardere to pursue IPO for Canal + France unit following failure to reach agreement with Vivendi regarding Lagardare's 20% stake sale - Travis Perkins provided trading update: H1 revenue +4.7% y/y; like-for-like +3.4% - Marshalls provided trading update H1 Rev Â£170M v Â£166M y/y
Industrials - Chloride board intends unanimously to recommend acceptance of the cash offer by Emerson. - Novolipetsk Steel reported Q1 Net $132M v loss $193.6M y/y, Rev $1.7B v $1.3B y/y - Daimler reitereates target to exceed 100K unit sales in China for FY10; could have record sales volumes in June for US
Materials - Akzo Nobel plans to double current revenue in China within a 5-year period (implies $3B)
Energy - Areva wins Sellafield Storage facility contract; total project budget to exceed Â£250M. Contract awarded in a consortium with Amec and Balfour Beatty. - Total reported that traces of asbestos were found at Lindsey refinery fire. Lindsey capacity is at 223K bpd
- Speakers: - (EU) Monetary & Affairs Commissioner Rehn: Does not rule out the orderly insolvency of Euro states - German press - (GE) Germany Finance Min Schauble: There is agreement in G20 that there must be restructuring process for financial firms - Poland Central Bank revised 2010 and 2011 GDP and inflation forecasts higher - China end of March foreign debt: $443.2B (+3.4% q/q) - SAFE - China's SAFE: To "optimize" currency composition of fx reserves; has dollar, euro, yen and emerging market currencies in fx portfolio - (PH) Philippines Central Bank Guinigundo: Country's monetary policy continues to remain appropriate but heading towards tightening
- Currencies/Fixed Income: Overall the session was quiet ahead of the key US employment data. More than 200K temporary census jobs are expected to roll off in the June data, so the focus will again likely be on the Change in Private Payrolls. The CHF was broadly weaker against the majors. A RBS analyst called for a 'tactical retreat' from the recent euro lows among its major pairs and some model-related funds appeared to have agreed on the view. EUR/CHF continued with it's rebound from fresh all-time lows set on Thursday at 1.3070 and rallied above 1.3350 today. EUR/USD hovering around the 1.25 handle. European peripherals spreads continue to narrow after finding some relief in the recent ECB 3-month LTRO and 6-day MRO operations. USD/JPY loitering at the pivotal 88.00 neighborhood (now acting as resistance)
- Geo-Political: - Germany's lower house approved legislation extending the naked short selling ban. - Spain Prime Minister Zapatero is to meet with the IMF Chief Economist today. - - UK Deputy Prime Minister Clegg announced 5th May of 2011 as the date to vote for referendum on electoral system.
- In The Papers: -London's Telegraph Ambrose Evan's Pritchard: Debt crisis may force country to tap the EU-IMF rescue fund over the next 2-3 months. Article cited a 'confidential report' by Bank of America Merrill Lynch analyst and implied that the potential request for aid could lead to political turmoil. - WSJ says part of the reason why the UK government's budget cuts have been well received is that the reductions have not been clearly spelled out - (US) The recent slowing in the US economy has led to speculation that the US dollar could have passed its peak - London Telegraph; According to a currency analyst at Saxo Bank "today could be a turning point for the dollar, as concerns about the US economy and US deficit might finally trump concerns regarding fiscal problems in Europe."
***Looking Ahead*** - (RU) Russia Jun Official Reserve Assets: $459.0Be v $456.4B prior - (BE) Belgium May Unemployment Rate: No est v 8.2% prior - (US) Jun Change in Nonfarm Payrolls: -130Ke v +431K prior; Change in Private Payrolls: +110Ke v +41K prior; Change in Manufacturing. Payrolls: +25K e v +29K prior - 8:30 (US) Jun Unemployment Rate: 9.8%e v 9.7% prior - 8:30 (US) Jun Avg Hourly Earning M/M: 0.1%e v 0.3% prior; Avg Weekly Hours: 34.2e v 34.2 prior - 10:00 (US) May Factory Orders: -0.5%e v 1.2% prior - 17:00 (CO) Colombia Jun Producer Price Index M/M: No est v 0.5% prior; Y/Y: No est v 1.3%
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."
Actionable trading levels delivered to YOUR charts in real-time.
Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
John M. Bland, MBA co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
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.