***Economic Data*** - (BR) Brazil Sept Industrial Production M/M: -0.2% v 0.1%e; Y/Y: 6.3% v 7.1%e - (BR) Brazil Sept CNI Capacity Utilization: 81.9% v 82.4%e - (CZ) Czech Central Bank left its Repo Rate unchanged at the 0.75%; As Expected - (UK) BoE maintained both its Interest Rate and Asset Purchase Target (APT) at the current levels of 0.50% and Â£200B respectively (as expected) - (US) Q3 Preliminary Nonfarm Productivity: 1.9% v 1.0%e; Unit Labor Costs: -0.1% v +0.6%e - (US) Initial Jobless Claims: 457K v 442Ke; Continuing Claims: 4.340M v 4.378Me - (EU) ECB left its Main Refi Rate unchanged at 1.00%; as expected - (CA) Canada Oct Ivey Purchasing Managers Index: 56.7 v 65.0e - (US) Weekly EIA Natural Gas Inventories: + 67 bcf vs. +65 to +70 bcf estimated range
- Equity markets are gaining sharply worldwide this morning after Fed Chairman Bernanke's $600B gunshot. Initial commentary about Bernanke's move has been mixed, and in rate decisions this morning both the BoE and the ECB pointedly declined to expand their own bond buying programs. ECB Chief Trichet stated that he does not believe that the US is pursuing a weak dollar policy, although commentary from China and Brazil has been less kind, with officials from both nations criticizing the move as dangerous to their economies. The dollar has weakened sharply in the wake of the decision, with EUR/USD heading right for 1.43. Crude remains at levels last seen in early June, above the $86 handle. Gold has turned around as well, with the yellow metal right back near all-time highs, around $1,380. The US Treasury curve continues to morph around the nuts and bolts of QE2. The long end continues to dramatically underperform, especially relative to the belly where much of the Fed purchases are going to take place. The 5-year yield continues to make new all time lows just above 1.02% currently while the 10-30 spread is holding a fresh all time highs above 155 basis points. The US benchmark 10-year yield is down 11 basis points on the day to 2.46%, while GILT and BUND yields are higher.
- Prudential Financial is off its best levels after strong Q3 results, but still up 2%. Note that the firm's assets under management jump appreciably on a y/y and q/q basis. Note that in France, both BNP and Societe Generale reported strong quarterly results. Both banks confirmed they would not have to raise capital in order to meet new Basel III capital requirements.
- Leading independent energy exploration and production firms have reported decent third quarter results. Apache's refsults were up sharply from year-ago levels, although bottom-line profits slightly missed expectations. After a string of acquisitions this year, the company said its 2010 production would be up more than one third y/y. Chesapeake Energy beat top- and bottom-line expectations, and projected strong natural gas production growth for the 2010-12 period. Murphy Oil was the laggard, with both earnings and revenue missing the Street's expectations. Troubled oil services name Transocean missed consensus goals and said it was increasing expenses associated with the Gulf of Mexico oil spill.
- A raft of major media names have reported results. News Corp is up a few percent after profits beat the consensus view. On the conference call, News Corp executives said they are seeing no signs of advertising spending getting weaker (as AOL's CEO asserted yesterday). Time Warner Cable beat on earnings handily and launched a huge $4B share buyback, sending shares of TWC up 6%. Cablevision missed slightly. DirectTV was right in line with expectations. DTV and CVC have spent most of the morning slowly crawling out of negative territory.
- There were some ugly parts to today's October same-store sales reports: key mall chains and department stores missed estimates, sometimes by wide margins, with comps slowing noticeably from September levels. However there were plenty of bright spots as well, and many executives cited more difficult y/y comps for some of their issues. Apparel chains American Eagle, Abercrombie and Aeropostale all missed by very wide margins. Bon-Ton, JC Penny and Kohls all reported comp declines that were notably lower than expected. Not everything was terrible among apparel names, and The Limited, Gap and TJX all managed to surprise to the upside. Discount warehouse names BJs and Costco also reported very strong comp store sales. Luxury department store Saks crushed expectations. Despite the issues, nearly all the leading retail names opened strong, and most remain well bid, in line with the broader equity markets.
- The dollar maintained a soft tone across the major and commodity-related pairs as the markets continued to react to the official launch of the Fed's QE2 measure. Weekly claim data did not inspire confidence in the greenback either as the pace of firings continue to linger in the mid-450K range despite over a year of enduring a modest US economic recovery. There were no surprises in any of the European rate decision as the Czech, BOE and ECB all maintained rates at current levels. ECB press conference saw the EUR/USD moved to fresh 9-month highs of 1.4282 and GBP/USD approached the 1.6300 handle as no fresh measures of the Asset Purchase Target fueled further momentum for the sterling. The market all but ignored the continued widening of peripheral spreads ahead of the publication of the Irish 2011/14 budget outlook. A weaker reading in the Canadian Ivey PMI failed to dent much into the USD/CAD as it continues to hover around parity.
***Looking Ahead*** - 11:00 (US) Fed to Purchases Notes/Bonds - 12:30 (IR) Ireland Finance Ministry to publish 2011/14 Budget outlook - 13:00 (SZ) SNB's Danthine Speaks in Geneva - 13:00 (US) Treasury to sell 10-Year TIPS Reopening - 17:00 (CO) Colombia Oct Producer Price Index M/M: No est v -0.6% prior; Y/Y: No est v 2.3% prior - 20:30 (AU) RBA Quarterly Monetary Policy Statement
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.
POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
POTENTIAL PRICE RISK: HIGH- Wed -- 15:00 GMT-- CA- Bank Of Canada Decision
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.