US equities failed to recover from the body blow from yesterday's disappointing Japanese GDP report. That plus a mixed bag of US data resulted in a choppy equities session in which the S&P500 posted a fresh four-week low but is currently only 0.3% down on the day. One bright spot among the data was an easing of bank lending standards. A report on cross-border US financial flows in June told us foreign investors continued to shun corporate debt and equities in favour of treasuries and agencies. Commodities were mixed, the CRB down 0.3%, as was oil, but copper gained 0.8%. Funding cost indicators (LOIS and TED spreads) continued to normalize, US 3mth Libor nudging another 0.7bp lower to 0.362%. US 10yr treasury yields plunged 10bp to 2.57% (last seen in March 2009), lingering risk aversion and speculation that Fed stimulus targeted at small business lending is in the pipeline the observed likely factors.
The US dollar consolidated below yesterday's high. EUR rose to 1.2870 around Europe before slipping back to 1.2810. News that ECB funding to Portugese banks rose to a record high of EUR49bn helped cap gains. Greek 10yr treasury yields widened 27bp over German equivalents. The Swiss franc and the yen outperformed, USD/JPY falling from 86.00 to 85.22 despite poor local data.
AUD firmed on the day, dipping after the Sydney close to 0.8890 before peaking at 0.8994 during the NY session. NZD similarly dipped to 0.7007 before peaking at 0.7105. AUD/NZD firmed to 1.2690.
US NY Fed factory index rises from 5.1 to 7.1 in August. However this 2 pt improvement in the "headline" question re general business conditions masked major weakness in some of the key activity components. Orders and shipments both tuned negative for the first time this year (orders down 13 pts to -3; shipments down 18 pts to -12), indicating that current and future output in the northeast may actually be contracting, rather than just showing slower growth as was the case up until July. There was some positive news: the jobs component rose 6 pts to 14.
US TICS capital flow data for June. Net long term flows posted a fairly typical $44.4bn inflow, but the broader total net flows showed a $6.7bn outflow, the first since January, and consistent with the turnaround in the dollar's fortunes in June, when European sovereign concern-driven safe have status started to wane. The report also showed a further decline in Chinese holdings of US Treasuries.
US NAHB housing market index fell from 14 to 13 in Aug, the third monthly decline and the weakest result since early 2009. This is the payback in homebuilder sentiment following the end of the tax rebate for homebuyers in April which saw activity pulled forward into 2009 and early 2010 and slump thereafter.
Japanese Q2 GDP well below expectations at 0.1%qtr. Export volumes were strong at 5.9%qtr, outstripping robust imports (+4.3%), driving a 0.4ppt net export contribution. That balanced a negative contribution from domestic demand, as consumption fell to zero growth as fiscal stimulus letdown came into play. The main downside surprises came in inventories (subtracting 0.2ppt vs expectations they would add to growth) and public investment (-3.4%). We expect that when more source data on inventories and business investment come to hand, GDP will be revised up substantially.
Japanese tertiary activity index declined by 0.1% in June as expected. This follows a revised 0.8% decline in May (previously -0.9%).
Euroland CPI confirmed at 1.7% yr in July, in line with the flash estimate and up from 1.4% yr in June. July saw the fastest CPI annual pace since late 2008. However the core rate just edged up from 0.9% yr to 1.0% yr, just 0.2 ppts above the cyclical low of 0.8% yr recorded earlier in 2010.
UK Rightmove house (asking) prices fell 1.7% in Aug. That followed a 0.6% fall in July, and adds to growing evidence that the housing market may be softening again. However the annual pace rose 0.6ppts to 4.3%yr due to base effects.
AUD/USD and NZD/USD outlook next 24 hours: AUD support at 0.8850-0.8900 has held, and a minor corrective bounce is likely over the next day or two. Similarly, NZD support is around 0.7000, a further correction to the 0.7150 area likely before the larger degree selloff resumes.
.Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 13 August 2010. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpacâ€™s
financial services guide by calling +612 9284 8372, visiting www.westpac.com.au or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without
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.