***Economic data*** - (US) MBA Mortgage Applications w.e Sept 10th: -8.9% v -1.5% prior - (CA) Canada July Manufacturing Sales M/M: -0.9% v 0.2%e - (US) Aug Import Price Index M/M: 0.6% v 0.2%e; Y/Y: 4.1% v 3.7%e - (US) Sept Empire Manufacturing: 4.1 v 8.0e - (BE) Belgium Jun Trade Balance: +â‚¬317M v -â‚¬3.4B prior - (PD) Poland Aug Budget Level (PLN): -2.0B v 1.6B prior; Budget Level YTD: -36.9B v -34.9B prior - (US) Aug Industrial Production: 0.2 v 0.2%e; Capacity Utilization: 74.7% v 75.0%e - (US) DOE weekly Energy Inventories: Crude -2.5M v -2.5Me; Gasoline -690K v -1Me; Distillate -340K v +250Ke; Utilization 87.6% v 86.7%e
- Equity weakness in Shanghai and European trading carried through to the US premarket this morning, with the major indices heading lower early on. The September Empire Manufacturing report contributed to the downbeat tone after the data came in well below expectations, although the new order sub index did show a return to growth after August's decline and the employment sub index sustained the strength seen in August. Buyers stepped in after the open, driving US equity indices back into positive territory. Analysis of Japan's first currency intervention in six years is hot and heavy this morning, with commentators around the world weighing in on the effort. PIMCO's El-Erian stated that he believes intervention will likely be ineffective, noting that the effort was initially successful due only to the element of surprise. Meanwhile, EU Commissioner Juncker said unilateral action is not an appropriate way of dealing with FX imbalances. Gold is only slightly off yesterday's all-time highs. Crude oil is down 2% well off the $78 mark touched yesterday. US Treasury markets opened under some pressure but reversed course after the weaker data and US equity open. The benchmark 10-year yield now down on the day after trading up 6 basis points before the open. The 10-year note future is more than half a point from its lows.
- Following Nucor's Q3 guidance yesterday morning, Steel Dynamics and AK Steel both updated their outlooks for the third quarter of 2010. Steel Dynamics offered an earnings outlook that was more than 50% lower than the consensus view, warning that margins were being hit by lower prices and sales volume. AK Steel said it is seeing higher raw material and operating costs in Q3, plus some costs from an environmental remediation project.
- In other equity news, Beazer Homes warned that new home orders could fall in its Q4 due to the expiration of the government's new homebuyer tax credit. BZH is -4% in early trading. China appeared to back off of an approach for Potash Corp. The Chinese Commerce Minister said the ministry was not talking to Chinese companies about bidding for the Canadian firm and warned that overseas resource acquisitions are "complicated." Meanwhile, China's prime bidding candidate Sinochem called Potash a bad deal, given what BHP is bidding. Pall Corp is up nearly 9% on better than expected earnings. Genpact is up 12% on press reports that Cognizant Solutions is conducting due diligence on the company.
- Japan's intervention is preoccupying FX markets this morning. USD/JPY remains above the BoJ's key 85 level in US session trading, up from 82.90 seen just before intervention began. Currency analysts believe that the BoJ's next goal should be to break the key daily trend line at 85.99. Word is that the Japanese will undertake subsequent rounds of yen selling to knock out stops over 86 during the US session and continue selling yen later this week. According to the FT, the BoJ is said to have sold a total of $11-12B worth of JPY in the market, citing traders and brokers in Tokyo. The FT also notes that there are strong rumors that the BoJ has another $117B to back up its efforts. The euro weakened a bit as intervention went on; EUR/USD trading has been choppy, with the cross continuing to test above the 1.30 level. Sterling has been very strong, with GBP/USD heading out to three-week highs after some moderately hawkish comments from the BofE's Miles.
***Looking Ahead*** - 11:30 (IS) Israel Aug Consumer Prices M/M: 0.3%e v 0.5% prior; Y/Y: 1.6%e v 1.8% prior - 15:00 (AR) Argentina Aug Consumer Price Index M/M: No est v 0.8% prior; Y/Y: No est v 11.2% prior - 15:00 (AR) Argentina Aug Wholesale Price Index M/M: No est v 0.8% prior; Y/Y: No est v 15.1% 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.