User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday September 28, 2010 - 10:25:34 GMT
Trade the News Staff -

Share This Story:
| | Email

European Market Update: Euro pares earlier losses on supportive comments out of China (TTN)

Tuesday, September 28, 2010 6:14:17 AM

 European Market Update: Euro pares earlier losses on supportive comments out of China


***Economic Data***
- (GE) Germany Oct GfK consumer confidence: 4.9 V 4.2E
- (SZ) Swiss Aug UBS consumption indicator: 1.954 V 1.860 PRIOR
- (FI) Finland Aug prelim retail sales volume Y/Y: 5.4% V 5.5% PRIOR
- (FR) France Aug consumer spending M/M: -1.6% V -0.2%E; Y/Y: 1.2% V 0.9%E
- (RU) Russia Central Bank (Rossi) maintains refi rate unchanged at 7.75% ( as expected)
- (HU) Hungary July unemployment rate: 11.0% V 11.0%E
- (GE) Germany Sept CPI Saxony m/m: 0.1% v 0.0% prior; y/y: 1.5% v 1.1% prior
- (IT) Italy Sept consumer confidence: 107.2 V 104.1E
- (SW) Sweden Aug retail sales M/M: 0.0% V 0.5%E; Y/Y: 4.4% V 4.0%E
- (GE) Germany Sept CPI Brandenburg M/M: -0.3% V 0.0% PRIOR; Y/Y: 1.0% V 1.0% PRIOR
- (IT) Italy Aug hourly wages M/M: 0.0% V 0.1% P
RIOR; Y/Y: 2.2% V 2.2%E
- (GE) Germany Sept CPI Hesse M/M: -0.1% V 0.1% PRIOR; Y/Y: 1.1% V 0.7% PRIOR
- (UK) Q2 Final
GDP Q/Q: 1.2% v 1.2%e; Y/Y: 1.7% v 1.7%e; Current Account -£7.4B v -£8.2Be
- (UK) Q2 Final Total Business Investment Q/Q: +0.7 % v -1.6%e; Y/Y: 1.8% v 1.9%e
- (GE) Germany Sept CPI North Rhine Westphalia M/M: -0.2% v +0.2% prior; Y/Y: 1.1% v 1.0% prior
- (IC) Iceland Sept CPI M/M: 0.0% V 0.3%E; Y/Y: 3.7% V 4.0%E
- (BE) Belgium Sept CPI M/M: 0.32% V 0.06% PRIOR; Y/Y: 2.91% V 2.3% PRIOR
- (UK) Sept CBI reported sales: 49 V 25E

Fixed Income:
- Italy sold €1.4B Sept 2021 BTPei
- (SP) Spain Debt Agency (Tesoro) sells total €2.979B in 3- and 6-months bills v €2.5-3.5B indicated
- Sells €1.174B in 3-month bills, avg yield 0.685% v 0.692% prior, Bid-to-cover 3.0x v 2.2x prior
- Sells €1.805B in 6-month bills, avg yield 1.180% v 1.037% prior, Bid-to-cover 2.0x v 3.9x prior


- As of 06:10 FTSE -0.33%, DAX +0.27%, CAC40 0.0%
European equities remained in negative territory during most of today's session as risk aversion returned to markets prompted by European debt concerns. Chatter on the market speculated that Moody's may downgrade
Spain as it ends its 3-month review and may lower its rating to Aa1 which is the same level as Fitch. Furthermore, Anglo-Irish costs also ignited the risk aversion as S&P noted that costs may exceed €35B. French name and the world's second largest tire maker Michelin [ML.FR] dropped 8% as it announced the launch of €1.2B rights issue priced at €45/shr. AkzoNobel [AKZA.NV] also lost about 4% after its strategy update. Company set a target of €20B in sales in the medium term and remained cautious on consumer, construction and housing markets. Qcells [QCE.GE] traded down by 5% after it announced an issuance of 58M shares.
UK names Daily Mail & General [DMGT.UK] noted that trading was in line with expectations and revenue trends were overall positive. Company also announced that its director of Finance would retire.

- (CH) China PBoC Shanghai unit official Yang: Many operating conditions for companies still weak
-(CH) China official: To keep positive attitude on euro-area bonds
- (EU) EU Committee of European Insurance and Occupational Pensions (
CEIOP): Possible that some insurers need to raise capital for solvency II rules
- (EU) ECB's Stark: Likely have seen the turning point for credit growth; a number of non-standard measures will mature in Q4 and not be renewed
- (EU) ECB's Liikanen: Key interest rates are appropriate and monetary policy stance is supportive of growth; many advanced countries could face lower growth
- (EU) ECB's Mersch: Sees inflation around 1.5% in the coming years; ECB to maintain inflation rate at 2% for the medium-term; ECB monetary stance to continue.
- (EU) ECB's Qauden: Need to introduce new regulations in a timely manner
- (EU) ECB's Tumpel-Gugerell: Phasing in Basel III is realistic, and significant step forward
- (FI) Finland Central Bank: Raises 2010 GDP growth forecast to 2.6% from 1.6%; Economy is recovering from deep recession; Overall growth is not seen as strong.
- (GE) Germany Industry Association (BDI): Sees 2010 GDP significantly above 3%
- (IR) S&P: Ireland's cost of Anglo Irish recapitalization could exceed €35B, which could trigger further rating downgrades; still uncertainty on Anglo cost: Note: S&P previously stated that the cost of Anglo Irish could be €35B, about 20% of Irish GDP.
- (IR) Ireland Fin Min Spokesman: Reiterates that there will not be a default on Anglo-Irish bank's senior debt
- (IR) OECD head economist: Problems in Ireland are known ones, and not seen leading to a crisis
- Qatar Oil Min: Does not believe that OPEC will change supply policy at the Oct meeting

Currencies/Fixed Income:
- EUR/USD movements were driven by renewal of Eurozone debt concerns and QE iniatives following an article appearing on WSJ which suggested that Fed may consider smaller scale buying. While German GfK consumer confidence came in much better than expected,
France's consumer spending missed the estimates significantly. Furthermore, risk aversion came back to the markets as European debt concerns resurfaced. Markets expect Moody's to downgrade Spain as its 3-month review comes to an end this week. Also, Anglo-Irish's costs may be more than the €35B expected, suggests an S&P report. EUR/USD headed lower at 1.3400 during the session dropping from yesterday's NY session highs of 1.3506. It is now trading a little higher at 1.3490 following supportive rhetoric from China that stated they were positive on eurozone debt. ECB was also spotted buying Irish bonds. Cable continued to rally from 1.5800 level spiking at 1.5890 following the narrowing of UK account balance.

In the Papers-Geopolitical
- S&P made comments on the possible recapitalization projections of Anglo Irish Bank. With uncertainty surrounding the costs, analyst state that it could exceed €35 billion, which could trigger further rating downgrades. S&P had previously stated the cost of around €35 billion, about 20% of Irish
- In the Irish Independent, it was reported that
Ireland will pay back, in full, senior debt holders of Anglo Irish Bank. Though the report did not cite sources, there had been intense debate in government circles on whether senior bondholders could be asked to share the burden of Anglo's wind-down.
- Telegraph's Ambrose Evans-Pritchard made critical comments regarding the Fed's pledge to provide additional accommodation if necessary. He noted a large scale quantitative easing (QE) may not be justified, and that if the
US is not in deep trouble the Fed should not be thinking of extra QE.

- Peripheral bond spreads in focus as Irish and Portugal 10-yr spreads hit record wide levels
- Equity markets lower ahead of event risk due later this week including US data points, China data, Irish government's estiamte of the costs to bail out Anglo Irish and Moody's report on Spain.
- British pound supported by Q2 current account data

*** Looking ahead***
- 7:45 (US) ICSC/GS weekly chain store sales
- 8:00 (PD) Poland Q2 Current Account: -€2.3Be v -€1.1B prior
- 8:55 (US) Redbook Retail Sales
- 9:00 (CL) Chile Aug Industrial Production Y/Y: 4.3%e v 3.3% prior; Industrial Sales Y/Y: 1.3%e v 1.3% prior
- 9:00 (US) July S&P/CaseShiller Home Price Index: No est v 147.97 prior; S&P/CS Composite-20 Y/Y: 3.1%e v 4.23% prior
- 9:00 (CL) Chile Aug Total Copper Production (tons): No est v 454.2K prior
- 10:00 (US) Sept Richmond Fed Manufacturing Index: 6.0e v 11 prior
- 10:00 (US) Sept Consumer Confidence: 52.3e v 53.5 prior

Fixed income
- 5:45 (TU) Turkey Debt Agency to sell 2017 Floating Rate Notes (FRNs) and 2015 Fixed Rate Bonds 3
- 6:00 (NE) Netherlands Debt Agency to sell Bonds
- 7:00 (EU) ECB 7-day Term Deposit Tender


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

Forex Research

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 here.

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.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 23 July 2018
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
AFlash PMIs
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final University of Michigan

John M. Bland, MBA
co-founding Partner,

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.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

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.

Request a TRIAL of Max's Forex Service.


Retail Forex Brokerage Changing!

Are you 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.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map

Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

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.

Forex News

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

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

Forex Brokers

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 Trading

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.

FX Trading

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.

Forex Blog 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 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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105