***Economic Data*** - (PO) Portugal Sept Industrial Sales M/M: 19.9% v -18.8% prior; Y/Y: 7.4% v 15.3% prior - (GE) Germany Sept Factory Orders M/M: -4.0% v 0.4%e; Y/Y: 14.0% v 19.0%e - (CA) Canada Oct Net Change in Employment: +3.0K v +15.0Ke; Unemployment Rate 7.9% v 8.0%e - (CL) Sept Economic Activity Y/Y 6.5% v 6.4%e - (US) Oct Change in Nonfarm Payrolls: +151K v +60Ke; Change in Private Payrolls: +159K v +80Ke; Change in Manufacturing Payrolls: -7K v +5Ke - (US) Oct Unemployment Rate: 9.6% v 9.6%e - (US) Oct Average Hourly Earnings M/M: 0.25 v 0.2%e; Average Weekly Hours: 34.3 v 34.2e - (CA) Canada Sept Building Permits M/M: +15.3% v +2.5%e
- Investors are treating the October jobs report with a certain amount of caution this morning, pausing to consolidate gains after yesterday's big run up. On Thursday the DJIA gained 220 points, bringing the index to levels last seen before the mid-September 2008 meltdown. The headline October nonfarm payrolls number surprised everybody, showing their first gain since May, while revisions to the September and October data uncovered an additional 110K jobs were created. Key commentators have highlighted the fact that the duration of joblessness among the unemployed is going in the wrong direction and are suggesting a wait-and-see for the November results to see if the overall unemployment rate will budge from 9.6%. On the QE2 front, more negative reviews rolled in from Asia and Europe overnight. BOJ Gov Shirakawa warned the effort does not immediately remove economic uncertainty in the US. German Finance Minister Schaeuble said QE2 will have the same effect as China's currency manipulation and called the measures "clueless." Fed dissident Hoenig accused the Fed of monetizing the debt. Crude is near yesterday's highs, at $86. Gold tested fresh all-time highs again this morning, around $1,398. The US long bond yield climbed to the highest level since June following the payrolls figures and prices remain lower across the curve but off their worst levels.
- AIG continues to lose very large amounts of money on a quarterly basis. The government ward's third quarter loss was $2.4B, driven by pre-tax losses racked up on the sale of American General Finance and its Japanese life insurance businesses. AIG said it is on track with a recapitalization plan and would still be able to repurchase the Treasury's stake in the firm early next year. Elsewhere in the financial sector, it's worth noting that JP Morgan, Bank of America and Morgan Stanley are all up around 8% since the Fed launched QE2. Goldman Sachs is up about 5% over the same period. Shares of the big banks are being helped by word from the Fed that it will shortly announce plans for allowing them to raise their dividends.
- Starbucks and Kraft reported quarterly results and also ended a key retail coffee distribution agreement. In its fourth quarter, Starbucks beat earnings estimates, reported impressive 8% comp store growth and raised its 2010 outlook. Kraft's Q3 results were more or less in line with Street estimates. Starbucks announced that it would end an arrangement whereby Kraft distributed its coffee to grocery stores. Kraft responded by warning Starbucks that the agreement requires it to pay Kraft the fair market value of the business and possible a premium. Shares of SBUX are up 4%, while KFT is down 2%.
- Share of CBS are down 2%, but off their worst levels. Profits at the media conglomerate were a bit better than expected, although revenue was soft and down a bit on a y/y basis. CBS broadcast advertising marketplace remains strong both nationally and locally, with robust pacing increases across the board. Activision Blizzard's Q3 earnings were very strong thanks to better-than-expected results among its key game franchises, although revenue was still a bit soft and the firm's guidance for Q4 was also subpar. Shares of ATVI are down 3%. DISH Networks may have beat earnings targets, but its net subscriber losses are starting to steepen, frightening investors. Shares of DISH are around even.
- Among industrial names, engineering firm Fluor racked up a big quarterly loss thanks to some significant charges and named a new CEO. Auto parts manufacturer Magna crushed expectations, cranked up its dividend and announced a stock split. Quarterly results from refiner Tesoro were strong on a big gain in refining margins, although executives said high unemployment in California continues to keep gasoline demand weak. TSO is up 3%. Shares of road freight name YRC Worldwide is down 10% after a big quarterly loss and a 12% y/y decline in total shipments. Beazer Homes also lost more than expected, and the firm's metrics looked shaky. BZH is up 4%.
- Nonfarm payrolls has helped the greenback capitalize on some earlier jitters from the European peripheral countries. EUR/USD tested 1.4035 at its lows while USD/JPY retested the pivotal 81.50 level but failed to break the post BOJ-FX intervention hourly downtrend line from Sept 15th. CAD recovered from its initial weakness after its tepid employment gains and focused on the better than expected Canadian Building Permits to retest parity.
***Looking Ahead*** - 11:00 (MX) Mexico Oct Consumer Confidence: 89.4e v 91.6 prior - 11:15 (US) Fed's Fisher Moderates Panel at Jekyll Island, Georgia - 12:30 (US) Sept Pending Home Sales M/M: 3.0%e v 4.3% prior; Y/Y: No est v 2.5%e - 13:20 (US) Fed's Bullard Moderates Panel at Jekyll Island, Georgia - 14:00 (US) Fed Gov Bernanke Speaks with College Students in Florida - 15:00 (US) Sept Consumer Credit: -$3.0Be v -$3.3B prior - 16:15 (US) Fed's Lacker Moderates Panel - 20:00 (CO) Colombia Oct Consumer Price Index M/M: 0.0%e v -0.1% prior; Y/Y: 2.4%e v 2.3% 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.