User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday October 12, 2010 - 10:01:03 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

European Market Update: Corrective phase summarizes session (TTN)

Tuesday, October 12, 2010 5:46:37 AM

 European Market Update: Corrective phase summarizes session

 

***Economic Data***
- (IN) India Aug Industrial Production Y/Y: 5.6% v 9.5%e
- (GE) Germany Sept Final Consumer Price Index M/M: -0.1% v -0.1%e; Y/Y: 1.3% v 1.3%e
- (GE) Germany Sept Final CPI EU Harmonized M/M: -0.2% v -0.2%e; Y/Y: 1.3% v 1.3%e
- (GE) Germany Sept Wholesale Price Index M/M: 1.0% v 0.4%e; Y/Y: 7.6% v 6.3%e
- (FR) France Aug Current Account: -€4.0B v -€2.2B prior
- (HU) Hungary Sept Consumer Prices M/M: -0.1% v 0.0%e; Y/Y: 3.8% v 3.9%e
- (SW) Sweden Sept CPI Headline M/M: 0.8% v 0.8%e; Y/Y: 1.4% v 1.3%e;
CPI Level: 304.60 v 304.72e
- (SW) Sweden Sept CPI Underlying M/M: 0.8% v 0.7%e; Y/Y: 1.8% v 1.7%e
- (NE) Netherlands Aug Trade Balance: €3.0 v €3.1B prior
- (UK) Aug DCLG House Prices Y/Y: 8.3% v 8.1%e
- (UK) Sept CPI M/M: 0.0% v 0.0%e; Y/Y: 3.1% v 3.1%e; Core CPI Y/Y: 2.7% v 2.6%e
- (UK) Sept RPI M/M: 0.4% v 0.1%e; Y/Y: 4.6% v 4.4%e;
RPI Ex Mortages Y/Y: 4.6% v 4.4%e
- (UK) Aug Visible Trade Balance: -£8.2B v -£8.1Be; Total Trade Balance: -£4.6B v -£4.4Be; Trade Balance Non EU: -£4.7B v -£4.4Be


Fixed income:
- (NE) Netherlands Debt Agency sold €1.815B in 3.75% 2042 DSLs; avg yield 2.913%
- (IT) Italy Debt Agency (Tesoro) sold total €6.5B vs €6.5B indicated in 12-month Bills; avg yield 1.441% v 1.428% prior; Bid-to-cover: 2.16x v 1.90 prior
- (GR) Greece Debt Agency (
PDMA) sold €1.17B in 26-week Bills; avg yield 4.54% v 4.82% prior; Bid-to-cover: 4.22x v 4.54x prior
- (SA) South Africa sold total ZAR2.1B in R207 and R213 Bonds
- (HU) Hungary sold
HUF40B vs. HUF40B targeted in 3-Month Bills; avg yield 5.24% v 5.28% prior
- (BE) Belgium Debt Agency sold approx €2.8B in 3-month and 12-month Bills
- Sold €804M in 3-month Bills; avg yield 0.593% v 0.563% prior; Bid-to-cover: 3.38x v 4.46x prior
- Sold €2.0B in 12-month Bills; avg yield 0.910% v 0.760% prior; Bid-to-cover: 2.03x v 2.12x prior

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM **
Notes/Observations:
- Corrective price action overall theme in session
- China's FX regulator: China's warning that it may have to curb hot money flows
- German reiterates its opposition towards extending Greece's repayment schedule

Equities:
- FTSE100 -0.86% at 5623.70, CAC40 -0.51% at 6277, CAC40 -1.25% at 3722, EuroStoxx -0.90% at 2764

- European shares fell at the open and remained in negative territory throughout the session following Asian decline. Following a correction in technicals, commodities prices and miners declined after their recent rally, depressing markets further. German steelmaker
Salzgitter fell as Posco cut its guidance. Bankers were also lower denoting a weaker risk appetite. Traders are awaiting FOMC minutes today from which they expect to gauge the likelihood of new QE in November.
- Belgium bank Dexia [DEXB.BE] opened down 1% following its investor update where the company set long-term targets and announced it would focus more on retail banking, especially in the fast-growing Turkish market.
- Beverages distributor C&C group [GCC.IR] reported a strong increase in revenue and operating profit on a yearly basis and affirmed that its EBIT outlook was in line with market consensus. Company remained appropriately cautious in the outlook. Shares are trading higher by 1.5%
- Soco International [SIA.UK] fell 17% after announcing that its Te Giac Den appraisal well, TGD-2X, would be plugged and abandoned.
- Safran [SAF.FR] fell -2.4% at the open following news that Areva would sell 15.4M shares bringing its stake to 1.99%
Swiss pharmaceutical Roche [ROG.SZ] traded down after a research report that AVASTIN is effective in women with ovarian cancer, but the impact of the drug peaks at 12 months.

Speakers:
- Germany Finance Ministry reiterated its opposition towards extending
Greece's repayment schedule of its current three-year €110B EU/IMF rescue package that was approves last May
- ECB's Noyer commented that massive direct interventions in bond markets needed to be exceptional. He added that the market problems seen back in May had potentially disastrous consequences butcentral banks' role of buyer of last resort might not extend to insolvent issuers. Central banks needed efficient markets to fulfill mandates
- BoE Miles: Risks of tightening policy are too tight and too slow. Credit supply for both business and households continued to be seriously hampered he noted that in normal economic times the upturn in data would suggest removing of easing policy but this did not feel like a typical recovery. UK Inflation was uncomfortable above the target and the Jan 2011 VAT increase to keep this trend intact longer. There was a risk in not doing enough to bring down inflation but CPI could either be appreciably above or below the
CPI target in a few years time. Quantitative easing (QE) remains a potentially powerful tool
- Swedish Govt provided updated budget outlook since winning an election last month. Back on Sept 19th the government coalition won the election but lost its parliament majority. The gov't revised its 2010 budget deficit at -1.3% v -1.1% prior view and announced SEK13B Reforms. The gov't stated that revenues would not overtake 20008 levels until 2011 but the sale of its shareholding to improve budget balance by SEK25B annually. It did note that the Swedish economic recovery was broad and fast and the country emerged in better shape compare to others.
- Japan Business Assoc Head: Yen extremely high given the country's economic situation
- Hungary PM reiterated that the country would keep 2010 budget deficit target of 3.8%, 2011 deficit to conform with EU's 3% ceiling
- IEA's Tanaka reiterated that a delay to new offshore deep water drilling projects might have significant impact on oil market

Currencies: USD continued to retrace its recent losses and hit one-week high against the major European currencies. The JPY currency maintained its firm tone up against the majors despite the renewed verbal intervention by Japanese authorities. The current retracement mode began on Monday after the China PBoC indicated it would again raise the Reserve Requirement ratio for the six largest commercial banks by 50bps to 17.50%. Germany Finance Ministry continue to voice its opposition in any extension of the current three-year €110B Greek rescue repayment schedule. EUR/USD tested below the 1.38 level while the GBP/USD dipped below the 1.58 handle following its Trade balance and CPI data. BOE member Miles express dovish sentiments and stated that Quantitative easing (QE) remained a potentially powerful tool. USD/CHF over 150 pips from its all-time lows made last week and tested the 0.97 level.

Geopolitical/ In the papers:
- In the Wall Street Journal, it was reported that
Ireland is under pressure to end its low corporate tax policy. Currently its corporate tax rate of 12.5% is the lowest in the euro region, excluding of Bulgaria and Cyprus. Note that on the 1st of October, the Irish Finance Ministry expects corporate tax rates to remain unchanged despite current fiscal situation.
- According to
Raffeisen, Hungary requires a solid 2011 budget in order to improve confidence in the market. Earlier during the month, the Hungarian Economic Ministry stated that the 2011 Draft Budget will not contain any austerity measures, and that it would be less than 4% deficit. The official budget is to be submitted to the cabinet by 15th of October.
- British Investor Sir Philip Green commented that the interest rates in the
UK may remain near record low levels for the next two years. He was cautious on the outlook for the UK consumer.

***Looking Ahead ***
- 7:00 (SA) South Africa Aug Manufacturing Production M/M: No est v 0.7% prior; Y/Y: No est v 7.5% prior
- 7:00 (EU) ECB to drain €63.5B in 7-day term Deposit tender
- 7:30 (US) Sept NFIB Small Business Optimism: No est v 88.8 prior
- 7:45 (US) ICSC Retail Sales
- 8:00 (IC) Iceland Sept Unemployment Rate: No est v 7.3% prior
- 8:00 (PD) Poland Aug Current Account: -€1.2Be v -€1.5B prior; Trade Balance: -€689Me v -€865M prior
- 8:55 (US) Redbook Retail sales
- 10:00 (US) Oct IBD/TIPP Economic Optimism: No est v 45.3 prior
- 10:00 (MX) Mexico Aug Industrial Production Y/Y: No est v 5.4% prior
- (BR) 2010 Brazil Fall Summit
- 11:45 (US) Fed's Hoenig to Speak at NABE in Denver on U.S. Economy
- 12:20 (EU) ECB's Trichet Speaking in New York
- 13:00 (US) Treasury to Sell 3-Year Notes
- 14:00 Minutes of Sept 21st FOMC Meeting
- 17:00 (US) ABC Consumer Confidence w/e Oct 10th: No est v -47 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

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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

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.

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