***Economic Data*** - (US) July Import Price Index M/M: 0.2% v 0.3%e; Y/Y: 4.9% v 5.4%e - (US) Initial Jobless Claims: 484K v 465Ke (highest level since mid February); Continuing Claims: 4.452M v 4.54Me - EIA Natural Gas Inventories: +37bcf vs +30 to +40 bcf estimated range
- Aversion to risk was ratcheting up again in premarket trading this morning with US equity indices deep in the red for the third consecutive session. US weakness follows big drops in both Asia and Europe; note that in Japan the Nikkei was down nearly 3% on the session at one point, before recovering. Volume in US trading has picked up from the low levels seen earlier in the week. Comments from Cisco and the weekly jobless claims are among the major catalysts, especially the latter, as initial claims hit their highest level since mid-February. PIMCO's El-Erian warned that the prospect of deflation was unsettling markets and believes that there will be more downward revisions of growth and revenue forecasts among analysts. Front-month crude continues its week-long slide, with the Sept contract trading just shy of the $77 handle.
- Shares of Cisco dropped appox 10% in after hours trading in the wake of the firm's Q4 earnings and conference call. The firm's quarterly results were not bad, with earnings and revenue more or less in line with expectations, although the firm typically beats by a wider margin. On the conference call, Cisco offered a revenue outlook for its Q1 that was below the consensus, and CEO Chambers warned that the company is seeing mixed signals from customers, with business softening in June and July. However, Chambers also said that order growth returned to very strong levels in late July. Shares of CSCO have hardly recovered in early trading, although they are off their worst levels.
- General Motors reported its second consecutive post-crisis quarterly profit. GM earned $1.3B in its Q2, up from $865M in Q1, for its best quarterly profit since 2004. Note that on the conference call, executives warned profits might not be as strong in the second half of the year as in the first half. There was speculation this week that GM's IPO filing could come as early as Friday. Kohl's met analysts' projections in its Q2 report, but missed estimates considerably in its Q3 guidance and narrowed its full year earnings view by a bit. Kohl's said on the conference call that August comps are below the quarterly average so far. Both Wendy's and Brinker International missed expectations in their quarterly reports. Wendy's cut its profit guidance slightly due to the "challenging economic environment." Brinker warned that comps in the firm's FY11 would be challenging. Shares of Estee Lauder lost 9% following weak guidance for the current quarter, although shares popped up to -3% following market chatter that the company may be looking at strategic alternatives.
- In currency trading safe haven flows have benefited the Swiss Franc and gold plays during the New York session, as spot gold tests above $1,215/oz and EUR/CHF probes below 1.35. Peripheral spreads began widening out, with the spread between Spain/German 10-year Gov't bonds above 160bps hitting its widest level in three weeks. The dollar came off its best levels by mid-morning as the EUR/USD probed 1.2850 area; earlier in the session, the pair tested three-week lows of 1.2781. USD/JPY was inching back towards session highs following vague chatter that the Japanese Postal system (Kampo) was selling JPY.
***Looking Ahead*** - (US) Treasury to sell $16B in 30-year bonds - (CO) Colombia Jun Trade Balance: $392.0Me v $507.7M prior - (CL) Chile Central Bank Interest rate Decision:
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.