***Economic data*** - (US) Aug Durable Goods Orders: -1.0%e v 0.3% prior; Durables Ex Transportation: 1.0 v -3.8% prior - (TU) Turkey Sept Industrial Confidence: No est v 111 prior; Capacity Utilization: No est v 73.4% prior - (MX) Mexico Central Bank Interest Rate Decisions: Expected to maintaint the Overnight Rate unchanged at the current 4.5% level - (US) Aug New Home Sales: 295Ke v 276K prior
- Investors' risk appetite is ravenous this morning sparking speculation of large asset allocation trades. With risk on, the dollar is heading lower to the benefit of the usual major FX pairs. Gold is just below fresh all-time highs of $1,300 while crude is above $76. There has been much focus on the revisions to the July durables data: some analysts believe that with the revisions, today's better data and assumed normal seasonal increase in September, Q3 GDP could be quite strong. In a related comment, Appaloosa's David Tepper called the current market situation a no lose situation for equities. By Tepper's reasoning, if the economy improves, stocks go up, while if the economy sours, the Fed will likely open the liquidity floodgates with QE2 (the so-called Bernanke put). Government bond prices are moving lower pushing rates up. The US 10-year is now more than 10 basis points off yesterday's intraday lows below 2.5%, while the UK 10-Gilt has popped back above 3%.
- In equities, all 30 DJIA components opened higher this morning, with both HPQ and BA up nearly 4% on the risk on theme. Nike is up 4.5% after beating earnings expectations, although executives did warn that commodity costs would pressure margins moving forward. Homebuilders are all higher, although KB Homes is well off its highs of the morning, at around +2%. The company drastically narrowed its Q3 loss against expectations and beat revenue assumptions. In the firm's quarterly metrics were some bad signs, including a net new homes number that was almost half the amount from its Q2, plus a much smaller backlog. In other movers, Terex is up almost 6% on a proposed amendment to its standing credit agreements. Shares of Dollar Thrifty are down 3% after Hertz refrained from raising its $50.25/shr offer to meet Avis's improved $53/shr offer.
- With risk on the euro is heading even higher this morning, with EUR/USD at five-month highs around 1.3470. Note that while the good German September IFO is aiding euro strength, peripheral debt worries are a minor theme. The Spanish government approved a much reduced 2011 budget that cuts spending by 16% and hikes taxes on the rich. The bill goes to parliament next week. In neighboring Portugal, the opposition Social Democrats have held up passage of an austerity budget, sending the spread between Portugal and German 10-yr debt higher. Spreads on Irish 10-year debt remain elevated after yesterday's Anglo Irish debt default dustup, even as govt officials brushed off concerns. USD/JPY is back at its pre-intervention lows near 84.30 following an apparent intervention episode (during which the cross pushed out to 85.40), although Japanese govt officials refused to confirm or deny they were in markets.
***Looking Ahead*** - (FR) France Aug Net Change in Jobseekers: -5.0Ke v -14.4K prior; Net Change Total Jobseekers: No est v 2.68M - (AR) Argentina Aug Industrial Production M/M: No est v -0.6% prior; Y/Y: 8.2%e v 7.6% 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.