User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday December 3, 2010 - 10:47:33 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

TradeTheNews.com European Market Update: Risk appetite rising ahead of Key US payroll data; Policymakers manage to stabilize the contagion situation

Friday, December 03, 2010 5:42:03 AM

 TradeTheNews.com European Market Update: Risk appetite rising ahead of Key US payroll data; Policymakers manage to stabilize the contagion situation

 

***Economic Data***
- (IR) Ireland Nov NCB Services PMI: v 50.9 prior
- (NO) Norway Nov Unemployment Rate: 2.7% v 2.7% prior
- (SP) Spain Oct Industrial Output WDA Y/Y: -1.9% v -2.0%e; Industrial Output NSA Y/Y: -3.8% v -1.0% prior
- (TU) Turkey Nov Consumer Prices M/M: 0.0% v 1.0%e; Y/Y: 7.3% v 8.2%e
- (TU) Turkey Nov Producer Prices M/M: -0.3% v +0.3%e; Y/Y: 8.2% v 9.9% prior
- (SP) Spain Nov Services PMI: 48.3 v 46.5 prior; fourth consecutive reading below the 50 level
- (SZ) Swiss Nov CPI M/M: 0.2% v 0.1%e; Y/Y: 0.2% v 0.1%e
- (IT) Italy Nov PMI Services: 54.5 v 51.4e
- (FR) France Nov Final PMI Services: 55.0 v 55.7e
- (GE) Germany Nov Final PMI Services: 59.2 v 58.6e

- (EU) Euro Zone Nov Final PMI Services: 55.4 v 55.2e; PMI Composite:55.5 v 55.4e
- (SP) Spain Nov Consumer Confidence: 70.0 v 67.1 prior
- (UK) Nov PMI Services: 53.2 v 53.2e
- (UK) Q3 New Construction Orders Q/Q: -4.0% v -14.0% prior; Y/Y: -14.0% v -9.0% prior
- (EU) Euro-Zone Oct Retail Sales M/M: 0.5% v 0.2%e; Y/Y: 1.8%
- (MA) Malaysia Oct Trade Balance (
MYR): 6.9B v 8.0Be v 7.0B prior; Exports Y/Y: +1.3% v -1.4%e; Imports Y/Y: 12.5% v 5.3%e

Fixed Income:
- (SA) South Africa bond auction results: Sold total ZAR500M in 2017, 2022 and 2028 indexed linked bonds

*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
Equities:

Eurostoxx50 at 2790, +0.3%
, FTSE at 5771, +0.1%, CAC40 at 3,765, +0.5%, DAX at 6884 unch at6,954

- European equities opened the session lower on mild profit-taking following yesterday's sharp gains and ahead of the US monthly payrolls report. However, as of the time of writing, equities have moved off of the session's worst levels, after the ECB's Nowotny acknowledged that the central bank's bond buying program (SMP) had been "energetic" during the week, which inspired a move up in the Euro. In terms of the European banking sector, most companies are trading higher, adding to the gains seen during the prior session. However, mixed trading has been seen for
UK banks, as both Lloyds and Barclays are currently trading in negative territory. Most of the European drug names are trading lower, after the EU Commission announced that it had conducted raids of various pharmaceutical companies on concerns that the firms may have sought to delay the launch of generic drugs. Basic materials names are mostly higher, tracking the weakness in the US dollar.
- In specific
UK equity movers, companies gaining include Sthree [STHR.UK] (trading update), Burberry [BRBY.UK] (analyst commentary), Chemring [CHG.UK] (analyst commentary) and Berkeley Group [BKG.UK] (earnings). One of the biggest losers in the UK is Promethean World [PRW.UK], which is trading lower by over 30%, following its profit warning. In France, Carrefour [CA.FR] is lower (analyst commentary, credit rating placed on watch negative at Moody's), while STM Microelectronics [STM.FR] is higher (broker upgrade). In Germany, most of the banking and auto sectors are gaining, while Axel Springer [SPR.GE] has been supported by an analyst upgrade. Other gainers in Europe included Adecco [ADEN.SZ] (announced a Chinese jv) and Pharming [PHARM.NV] (received a €16.1M investment).

Notes/Observations:
- China to implement "prudent" monetary policy from "moderately loose'; Maintain "proactive" fiscal policy
- China Nov Non-Manufacturing PMI at nine-month low
- China PBoC Advisor Xia BinChina should consider adding to gold reserves (currently around 1.9% of its total reserves)
- S&P places Greece BB+ long term sovereign rating on Watch Negative
- ECB confirms the more aggressive steps in its gov't bond buying program
- Optimism over US Non-Farm payroll data

Speakers:
- Brazil Central Bank raises reserve requirements for Deposits. It raised Demand Deposits to 12.0% from 8.0% and increased Term Deposit to 20.0% from 15%. The central bank noted that the moves to reduce liquidity by BRL61B
- ECB's Trichet stressed that there was NO crisis of the Euro Currency. He reiterated that EU members must take all steps to meet 2011 budget targets. Trichet believed that austerity measures would NOT move the countries in the Euro region into recession.
- ECB's Nowotny commented that the global economic conditions were staging a recovery but its rebound could slow in coming months. He reiterated the view that European GDP growth will be uneven and bumpy. He conceded that the region had a set of problem countries due to budgets and Balance of Payments issues. He expected slower
GDP growth in Southern Europe in 2011and added that Germany 2011 GDP forecasted at 2.1. He noted that fast economic growth in China was viewed as a positive and not as a threat.
- ECB Nowotny confirmed that ECB stepped up its gov't bond buying program and labeled the recent purchases at an 'energetic' pace. He added that the ECB would intervene when imbalances are determined
-
Germany's Bundesbank released its biannual economic projections with 2011 GDP growth seenat 2.0% with exports remaining the main driver of Germany's growth engine. It did note that risks associated with public finances could increase volatility
- Spain Fin Min Salgado reiterated that
Spain did not require a bailout as country's fundamentals were good
- Hungary Central Bank Gov Simor noted that the MPC had commenced on a tightening cycle as it had concerns over secondary impact on
CPI from food prices. He added that the size and timing of next rate increase would be determined by future data
- Poland Central Bank Gov Belka commented that a lack of a common EU budget puts the euro's future "in doubt"

Currencies:
- Continued improvement in the European peripherals again aided by renewed ECB buying provided the risk appetite theme to continue ahead of the key US employment data. Better EU retail sales data and constructive economic projections from the German Bundesbank all combined for higher stock prices, weaker USD and firmer metal prices. EUR/USD tested one-week highs above the 1.3265 level. ECB's Nowotny confirmed that the ECB gov't bond buying program had been 'energetic' this week and added that the central bank did not have a fixed budget for bond purchases. Dealers noted that the ECB was in again during the European session today adding to its appetite for peripheral debt to calm the markets.
- Portugal'S OUTRIGHT 10-year gov't yield at one-month lows below 6.15% level while the peripheral spreads to the 10-year Bunds tightened from the getgo and further aided by renewed round of ECB purchases

Geopolitical/In the papers:
- According to the Telegraph, during the financial crisis, British banks borrowed over £640 billion from the US Federal Reserve, which equates to approximately one third of the $3.3 trillion lent by the Fed. The report further noted that Barclays borrowed $863 billion, with most of the funds being in the form of overnight loans through the Primary Dealer Credit Facility, though it has since repaid the loans, adding that most of the borrowing was related to the acquisition of Lehman Brothers. In terms of other British banks, Royal Bank of
Scotland borrowed $446 billion and HSBC borrowed less than $10B.
- The Telegraph's Evans-Pritchard noted the ECB rejected calls for it to commit to large purchases of peripheral government bonds amid opposition from
Germany. ECB's Trichet said the central bank had not made a decision to increase purchases of peripheral bonds. However, the article did further detail that some traders believed the ECB purchased bonds of some of the weaker EU countries on Thursday. In southern Europe there are concerns that the markets may become worse despite the actions by the ECB unless more is done. With Germany's opposition to the ECB bond purchases, some in the country have renewed calls for Greece, Portugal and Ireland to undergo debt restructuring, under which bond holders would take haircuts.

***Looking Ahead ***
- (IN) India to sell INR110B in 2017, 2022 and 2040 Bonds
- 7:00 (CA) Canada Nov Net Change in Employment: 19.8Ke v 3.0K prior; Unemployment Rate: 7.9%e v 7.9% prior
- 8:30 (US) Nov Average Hourly Earning M/M: 0.2%e v 0.2% prior; Average Weekly Hours: 34.3e v 34.3 prior
- 8:30 (US) Nov Change in Nonfarm Payrolls: 150Ke v 151K prior; Change in Private Payrolls: 158Ke v 159K prior; Change in Manufacturing. Payrolls: +5Ke v -7K prior
- 8:30 (US) Nov Unemployment Rate: 9.6%e v 9.6% prior
- 10:00 (MX) Mexico Nov Consumer Confidence: 90.1e v 89.2 prior
- 10:00 (US) Nov ISM Non-Manufacturing: 54.8e v 54.3 prior
- 10:00 (US) Oct Factory Orders: -1.2%e v 2.1% prior
- 11:00 (US) Fed to purchase $6-8B in notes/bonds
- 11:15 (FR) French President Sarkozy to meet ECB's Trichet
- 16:00 (CO) Colombia Nov Producer Price Index M/M: No est v -0.4% prior; Y/Y: No est v 2.7% prior
- 19:00 (CO) Colombia Nov Consumer Price Index M/M: No est v 0.1% prior; Y/Y: No est v 2.3% prior
- (CO) Colombia Central Bank Monetary Policy Minutes

 

 

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