***Economic Data*** - (CZ) Czech Republic sells CZK8.12B 5% 2019 bond; avg yield 3.818%; Bid-to-cover: 2.7x - (US) MBA Mortgage Applications w/e Jul 16th: +7.6% v -2.9% prior - (CA) Canada May Wholesale Sales M/M: -0.2 v 0.4% - (MX) Mexico May Retail Sales: 5.0% v 3.4%e - (US) DOE weekly energy inventories: Crude +360K v -1Me; Gasoline: +1.2M v +1Me; Distillate: +3.9M v +1.6Me; Utilization: 91.5% v 90.2%e
- Investors bid up equities before the bell, however, all three of the leading indices pushed into the red within the first 30 minutes of trading and remain lower on the day. Fed Chairman Bernanke is due to provide his semi-annual monetary policy report to the Senate Banking Committee later this afternoon and there seems to be some cautious sentiment ahead of his remarks. Recall that yesterday's spurious rumor that the Fed would cut interest paid on reserves; traders seem to be wary follwoing yesterday's run up. Oil prices turned lower after an unexpected build in crude inventories and a much larger than expected addition to distillate stockpiles. Sep crude is now below $77 while heating oil futures are down more. Gold is well off yesterday's eight-week lows, trading round $1,192. Front month copper has moved up 3% to approach a one month high near $3.10. US Treasury prices remain firm as even any notable equity strength seems to have little effect on underlying demand these days. The 10-year yield is still near 3.92% within ten basis points from the lows of the year.
- Morgan Stanley is bucking the trend seen among the other major US banks during earnings season so far. Shares of MS are rocketing, up as much 9% after the firm crushed earnings estimates and grew revenue from equity trading over last quarter's totals (fixed income trading was flat). The bank's Smith Barney brokerage unit was another big profit generator, with income up sharply from last year. Shares of large retail banks US Bancorp and Wells Fargo were also up sharply after the firms beating earnings estimates. Like most other banks reporting so far this quarter, both WFC and UBS saw more incremental improvements in credit quality. WFC's CEO said he expects this trend will continue over the coming year, and is seeing plenty of signs of continued improvement in the credit landscape.
- Dow components Coca Cola and United Technologies both offered largely in line results. Coca Cola's CEO warned that the state of the global economy remains uncertain in many regions, affected by ongoing deficit concerns in Europe, recent downward revisions to China's economy and weakened consumer confidence. The company is seeing very strong growth in emerging markets. UTX nudged up its FY10 guidance a bit. KO is up 2% and UTX is up 1%.
- Shares of tech darling Apple rose another 4% before the open on earnings and revenue outperformance. The firm offered its usual conservative guidance for next quarter. On the conference call Apple's CFO reiterated that the company still can't meet demand for the iPhone 4. Yahoo's results were a bit ahead of expectations. Yahoo's CEO said search is stabilizing and revenues are trending in the right direction. Nevertheless, Citigroup cut the name to a Hold from Buy, and shares of YHOO are down more than 8% this morning. Computer hardware manufacturers Altera and Seagate reported in line results. Altera guided revenue higher than expectations for next quarter, while Seagate's revenue guidance was a bit soft. ALTR is down 3%, while STX is -9%.
- Quarterly results from pharma names Abbott, Boston Scientific and Gilead held few surprises, with results more or less meeting expectations. Abbot said its full-year revenue would be up in double digits and offered plenty of positive commentary on the conference call. ABT is up nearly 4%. Boston Scientific fell as much as 5% despite relatively strong guidance. Shares of Gilead fell more than 3% after the firm trimmed its 2010 sales guidance, although they have bounced back. Genzyme is around even despite missing targets for its Q3 and full year guidance.
- The greenback maintained a firm tone midway through the New York session morning, with EUR/USD hovering around the 1.2800 level as traders wait to see whether Fed Chairman announces any changes in its excess reserves policy. There is technical support around the 1.2750 area with a break below could set up attest of 1.2430 neighborhood. Dealers noted that the greenback typically has not fared well during Fed testimony in recent years.
***Looking Ahead*** - 14:00 (US) Fed's Bernanke monetary report to Senate banking panel (Note: the time changed from 10:00am ET due to earlier signing of Financial Services Regulation - (BR) Brazil Central Bank (COPOM) Interest Rate Decision: Consensus expectations to raise the SELIC Target by 75bps to 11.00%
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.
Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
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.