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Tuesday January 22, 2013 - 11:05:34 GMT
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TradeTheNews.com EU Market Update: Euro recovers from initial weakness aided by solid Spanish bill auction and better German ZEW Survey results

Tuesday, January 22, 2013 5:46:16 AM
 TradeTheNews.com EU Market Update: Euro recovers from initial weakness aided by solid Spanish bill auction and better German ZEW Survey results
***Notes/Observations*** >- BoJ policy decision was mostly as anticipated. 2% inflation asap. Additional asset purchases only begin in 2014. Interest on reserves unchanched
- BoJ and Govt joint statement: will overcome deflation and achieve growth
-Eurogroup: Netherlands FinMin Dijsselbloem confirmed as new Eurogroup head; decision not unanimous as Spain objected for procedural reasons, nothing personal
- Outgoing Eurogroup chief Juncker: Cyprus bailout could be agreed in March (after their presidential elections); Juncker: denied last week reports he said the euro FX was "dangerously high"; was misunderstood
- Eurogroup approves 9.2 B tranche for Greece
- Irish FinMin Noonan: Ireland & Portugal request a maturity extension on EFSF/ESM loans; Eurogroup made no objections to examining the idea
- S&P affirms Portugal at BB; outlook still negative
- US: House Republicans say they will introduce a vote on Weds to extend debt limit to May 19th
- Spain Bill auction was solid; selling above indicated range at lower yields and higher bid-to-cover ratios >- German ZEW Economic Sentiment Survey registers 2nd straight positive reading and highest level since May 2010

***Economic Data***
- (ZA) South Africa Nov Leading Indicator: 131.5 v 130.1 prior
- (FI) Finland Dec Unemployment Rate: 6.9% v 7.5%e
- (DK) Denmark Dec Retail Sales M/M: -0.1% v +0.6% prior; Y/Y: -3.5% v -0.5% prior
- (EU) ECB: 1.0B borrowed in overnight loan facility vs. 1.0B prior; 207.1B parked in deposit facility vs. 196.4B prior
- (UK) Dec Public Finances (PSNCR): 1.3B v 6.5Be; PSNB ex Interventions: 15.4B v 15.2Be; Public Sector Net Borrowing: 13.2B v 13.0Be >- (DE) Germany Jan ZEW Economic Sentiment: 31.5 v 12.0e; Current Situation: 7.1 v 6.2e
- (EU) Euro Zone Jan ZEW Economic Sentiment: 31.2 v 7.6 prior
- (GR) Greece 2012 Central budget deficit: 15.7B vs. 16.3B target; primary deficit 3.5B vs target 4.6B
- (ES) Spain Q4 House Price Index Q/Q: -2.2% v -2.4% prior; Y/Y: -9.8% v -9.3% prior

Fixed Income:
- (ZA) South Africa sold total ZAR2.1B vs. ZAR2.1B indicated in 2026, 2031 and 2041 bonds
- (DK) Denmark sold DKK1.8 in 1.5% 2023 Bonds; Yield 1.67% v 1.56% prior
- (NL) Netherlands Debt Agency (DSTA) sold total 2.085B vs. 1.5-2.5B indicated range in 2014 and 2042 DSL bonds
- (ES) Spain Debt Agency (Tesoro) sold total 2.81B vs. 1.5-2.5B indicated range in 3-Month and 6-Month Bills
- Sold 1.21B in 3-month Bills; Avg Yield: 0.441% v 1.195% prior; Bid-to-cover: 4.18x v 2.92x prior; Max Yield: 0.460% v 1.270% prior; Tail: bps v bps prior
- Sold 1.6B in 6-month Bills; Avg Yield: 0.888% v 1.609% prior; Bid-to-cover: 3.85x v 2.57x prior; Max Yield: 0.920% v 1.688% prior; Tail: bps v bps prior
- (EU) ECB allotted 125.3Bt in 7-day Main refi Tender at fixed 0.75% vs. 130Be
- (CH) Switzerland sold CHF979M in 3-Month Bills: Yield -0.103% v -0.099% prior
- (HU) Hungary Debt Agency (AKK) sold HUF50B vs. HUF50B indicated in 3-Month Bills; Avg Yield 5.43% v 5.45% prior; Bid-to-cover: 1.82x v 1.73x prior
- (DE) Germany sold 810M in 0.1% I/L 2023 Bunds; Real Yield -0.19% v -0.38% prior; Bid-to-cover: 2.1x v 1.5x prior
- (UK) DMO sold 1.75B in 4% 2022 Gilts; Avg Yield 1.897% v 2.222% prior; Bid-to-cover: 2.91x v 1.92x prior; Tail: 0.1bps v 0.2bps prior
- (ES) Spain Debt Agency (Tesoro) opened order book for 10-year Euro-denominated bond via syndicate; guidance seen +365 over mid-swaps; Order book was over 17B

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

***Equities*** >Indices: FTSE 100 flat at 6,179, DAX -0.40% at 7,715, CAC-40 -0.30% at 3,752, IBEX-35 -0.30% at 8,642, FTSE MIB +0.50% at 17,723, SMI -0.20% at 7,322, S&P 500 Futures +0.10% at 1,481

- After Monday's gains, European equity markets are broadly lower, tracking the weakness in the Nikkei 225 following the BoJ's interest rate decision. Today's weakness has been led by the DAX, amid losses in shares of heavyweights including Deutsche Bank and Daimler. Markets have pared losses, amid better than expected ZeW data out of Germany and Spanish debt auction results. European banks are mostly lower led by declines in shares of Deutsche Bank and Banca Monte Paschi. Resource-related firms are mixed, in line with what has been seen for commodity prices. In terms of US corporate earnings, companies due to report later today include AMD, Delta, Dupont, Freport McMoran, Google, Johnson & Johnson and Verizon Communications.

- Germany movers [Deutsche Bank -3% (renewed concerns about Q4 outlook, interest rate probe), RWE -2% (broker commentary) Wincor Nixdorf -2% (ex-dividend), E.ON -1% (broker commentary)]
- UK movers [Optos -3% (Q1 sales),Bumi Plc -2.5% (update on Indonesia probe), Fresnillo -2.5% (Q4,FY12 production update), Marston's -1.5% (sales update), LSE -0.50% (broker commentary); Abcam +5.5% (H1 sales guidance),Ocado +5% (confirmed new Chairman),SABMiller +0.50% (Q3 sales) ]
- France movers [EAD.FR +1.5% (CEO comments); Michelin -35 (Dec sales),Suez Environmental -1% (CEO comments), Alstom -1% (Q4 sales) ]
- Italy movers [Banca Monte Paschi -4% (concerns related to derivatives contracts),]
- Switzerland movers [Roche -0.90% (broker commentary)]

Speakers: >- German Bundesbank refuted rumors that Central bank head Weidmann would step down from ECB
- ECB's Asmussen: Disorderly developments in Cyprus could undermine progress made in 2012 to stabilize the Euro area
- BOJ gov Shirakawa's post rate decision press conference just noted that the board meeting set bold monetary easing and he would like to hit the 2% inflation target asap. Prices must sustainable meet BoJ's target for it to consider a policy shift. Enhanced cooperation with Govt was key to implementing mission on economy and prices. Inflation without economic growth could invite a spike in long term rates; 2% Inflation target could influence inflation expectations. He was aware of rate-rise risk if BOJ seen as financing public debt. Must monitor currency impact on economy. BOJ independence has been preserved
- Japan PM Abe commented that he wanted the BOJ to take responsibility for 2% inflation target and that the Econ advisory panel would review BOJ policy quarterly
- German Bundesbank President Weidmann warned Japan not to "politicize" its exchange rate by pursuing an overly aggressive monetary policy. Japan's government as well as Hungary's "were intervening heavily in the duties of the central banks, pressuring for a more aggressive monetary policy
- German ZEW Economists commented that uncertainty over Europe had diminished and this helped survey sentiment and could fuel delayed investments. Germany to grow at a moderate pace in 2013 and saw a good chance the Bundesbank would revise 2013 GDP forecast higher. Over 80% survey respondents expect ECB to hold rates steady over the next 6 months. Lastly it noted that could be the turning point in the EMU crisis if some banks give back LTRO funds this could be a sign that the crisis was not worsening
- EU Commission: The Spanish bad bank and the recap of the Tier 2 banks is helping to rebalance the industry
- Sweden Fin Min Borg reiterated that his country would not join financial transaction tax but would not block the proposal so it can proceed
- Germany's Constitutional Court said to have ruled that interest rate cartel fines are legal
- India Fin Min Chidambaram: Would like to see moderate interest rates but up to RBI to determine policy. He saw FY14 GDP growth approaching 7%. He saw no case to downgrade India's sovereign rating
- Japan Econ Min Amari: Yen currency correction progressing, stocks are recovering

Currencies:
- The BoJ decision, which broadly met expectations. It delivered open-ended asset purchases and a 2% inflation target. The market was a bit disappointed that the scheme starts from January 2014. JPY began the session slightly firmer in early Europe as dealer noted that the vote at today's BOJ was not unanimous; vote was 7-2 on 2% inflation target. EUR/JPY tested 117.35 while USD/JPY dipped to test 88.37 before consolidating.
- Dealers were looking for reasons behind initial Euro weakness in session as the EUR/USD pair dipped below 1.33 level at one point. Talk of Far Eastern names, BIS sell the euro circulated coupled with fresh rumors of a pending resignation of ECB's Weidmann were all cited as possible factors. There were even rumors of German bank profit warning. The weakness in Euro corresponded to the German Dax being down over 1%. However, a solid Spanish bill auction coupled with a stronger German ZEW Survey helped the Euro recover from earlier lows.
- The GBP started the session on a softer note. Technical charts suggested that more downside momentum could take place in the GBP/USD pair with a double-top formation in play from its Sept price action. The neckline was seen at 1.5830 with 1.53 as a price objective. The GBP followed the Euro (at a lagging pace) as it recovered just ahead the NY morning.

Political/ In the Papers:
- (EU) ESM's Regling: EFSF board to formally approve aid for Greece in a week; Spain second disbursement to be much lower than initially expected - financial press; EFSF to stop bill auctions when ESM takes over; Sees long-terms issuance of 55-60B in 2013.
-(EU) Outgoing Eurogroup chief Juncker; Spain's 1.8B disbursement expected early in Feb.
- (EU) Incoming-Eurogroup Chief Dijsselbloem: Confident in raising collective decision making; Euro area needs harmonized deposit guarantees - financial press; Irish Bank issues probably discussed in March.
- (EU) France Fin Min Moscovici: Reiterates that Europe should pursue growth in 2013; Direct bank recaps are second stage of union and is a priority.
- (EU) EU President Van Rompuy: Confident that new Eurogroup chief Dijsselbloiem has broad support form Eurogroup - financial press
- (EU) EU's Rehn: Complex issues remain on ESM direct bank recapitalization - financial press
- (EU) ECB's Coeure (France): ECB actions addressed deflation and currency fears, cannot replace structural reforms
- (EU) ECB's Noyer: 2012 was a turning point in the EMU crisis with decisions bringing lasting solutions to reinforce the region
- (IE) Ireland Fin Min Noonan: To request maturity extension for EFSF, EFSM with Portugal; sees cost savings in the billions - financial press
-(PT) S&P affirms Portugal sovereign ratings at BB; Outlook remains Negative
- (US) House Republicans propose suspending debt ceiling to May 19, as expected

***Looking Ahead***
***All times listed for economic events are denominated in Eastern Standard Time (Add 5 hours for GMT equivalent)
- (PT) Portugal Nov Current Account: No est v -268.8M prior
- 06:00 (UK) Jan CBI Industrial Trends Total Orders: -11e v -12 prior; Selling Prices: 16e v 17 prior; Business Optimism: -10e v -12 prior
- 06:00 (IE) Ireland Dec Property Prices M/M: No est v 1.1% prior; Y/Y: No est v -5.7% prior
- 06:00 (EU) OECD Q3 Employment at No est v 65.0% prior
- 06:00 (EU) ESM to sell up to 2B in 6-month bills; Avg Yield % v -0.0053% prior; Bid-to-cover: x v 2.5x prior (Nov 20th under EFSF)
- 06:30 (US) Daily Libor fixing
- 07:00 (EU) ECB allotment in 7-day Term Deposit Tender to offset govt bond purchases under SMP; To drain 208.5B
- 07:00 (TR) Turkey Central Bank Interest Rate Decision: Expected to leave the Benchmark Repo Rate unchanged at 5.50%; Overnight Lending Rate unchanged at 9.00%; Overnight Borrowing Rate unchanged at 5.00%
- 07:30 (RO) Romania to sell 3-Years Bond
- 08:15 (DE) German Chancellor Merkel, France President Hollande, EU's Schulz take Part in Elysee Treaty Event
- 08:30 (CA) Canada Nov Retail Sales M/M: 0.0%e v 0.7% prior; Retail Sales Less Autos M/M: 0.1%e v 0.5% prior
- 08:30 (US) Dec Chicago Fed National Activity Index: No est v 0.10 prior
- 09:00 (EU) Weekly ECB Forex Reserves
- 10:00 (MX) Mexico Weekly International Reserves
- 10:00 (US) Jan Richmond Fed Manufacturing Index: 4e v 5 prior >- 10:00 (US) Dec Existing Home Sales: 5.10Me v 5.04M prior
- 10:00 (BR) Brazil to sell I/L 2018 and 2022 Bonds
- 11:00 (EU) ECB member Nowoty on panel discussion in Vienna
- 11:00 (US) Fed to purchase $1.00-1.50B in Notes
- 11:30 (US) Treasury to sell $60B in 3-Month and 6-Month Bills
- 13:00 (EU) ECB chief Draghi speaks at Industrie-Handelskammer in Frankfurt
- 14:45 (UK) BOE Gov King speech at CBI Northern Ireland dinner
- 19:00 (AU) Australia Q3 Consumer Prices Q/Q: 0.4%e v 1.4% prior; Y/Y: 2.4%e v 2.0% prior
- (IS) Israel Holds National Elections

- Source TradeTheNews.com

Tuesday, January 22, 2013 5:46:16 AM

 TradeTheNews.com EU Market Update: Euro recovers from initial weakness aided by solid Spanish bill auction and better German ZEW Survey results

***Notes/Observations*** </
>- BoJ policy decision was mostly as anticipated. 2% inflation asap. Additional asset purchases only begin in 2014. Interest on reserves unchanched
- BoJ and Govt joint statement: will overcome deflation and achieve growth
-Eurogroup: Netherlands FinMin Dijsselbloem confirmed as new Eurogroup head; decision not unanimous as Spain objected for procedural reasons, nothing personal
- Outgoing Eurogroup chief Juncker: Cyprus bailout could be agreed in March (after their presidential elections); Juncker: denied last week reports he said the euro FX was "dangerously high"; was misunderstood
- Eurogroup approves 9.2 B tranche for Greece
- Irish FinMin Noonan: Ireland & Portugal request a maturity extension on EFSF/ESM loans; Eurogroup made no objections to examining the idea
- S&P affirms Portugal at BB; outlook still negative
- US: House Republicans say they will introduce a vote on Weds to extend debt limit to May 19th
- Spain Bill auction was solid; selling above indicated range at lower yields and higher bid-to-cover ratios </
>- German ZEW Economic Sentiment Survey registers 2nd straight positive reading and highest level since May 2010

***Economic Data***
- (ZA) South Africa Nov Leading Indicator: 131.5 v 130.1 prior
- (FI) Finland Dec Unemployment Rate: 6.9% v 7.5%e
- (DK) Denmark Dec Retail Sales M/M: -0.1% v +0.6% prior; Y/Y: -3.5% v -0.5% prior
- (EU) ECB: 1.0B borrowed in overnight loan facility vs. 1.0B prior; 207.1B parked in deposit facility vs. 196.4B prior
- (UK) Dec Public Finances (PSNCR): 1.3B v 6.5Be; PSNB ex Interventions: 15.4B v 15.2Be; Public Sector Net Borrowing: 13.2B v 13.0Be </
>- (DE) Germany Jan ZEW Economic Sentiment: 31.5 v 12.0e; Current Situation: 7.1 v 6.2e
- (EU) Euro Zone Jan ZEW Economic Sentiment: 31.2 v 7.6 prior
- (GR) Greece 2012 Central budget deficit: 15.7B vs. 16.3B target; primary deficit 3.5B vs target 4.6B
- (ES) Spain Q4 House Price Index Q/Q: -2.2% v -2.4% prior; Y/Y: -9.8% v -9.3% prior

Fixed Income:
- (ZA) South Africa sold total ZAR2.1B vs. ZAR2.1B indicated in 2026, 2031 and 2041 bonds
- (DK) Denmark sold DKK1.8 in 1.5% 2023 Bonds; Yield 1.67% v 1.56% prior
- (NL) Netherlands Debt Agency (DSTA) sold total 2.085B vs. 1.5-2.5B indicated range in 2014 and 2042 DSL bonds
- (ES) Spain Debt Agency (Tesoro) sold total 2.81B vs. 1.5-2.5B indicated range in 3-Month and 6-Month Bills
- Sold 1.21B in 3-month Bills; Avg Yield: 0.441% v 1.195% prior; Bid-to-cover: 4.18x v 2.92x prior; Max Yield: 0.460% v 1.270% prior; Tail: bps v bps prior
- Sold 1.6B in 6-month Bills; Avg Yield: 0.888% v 1.609% prior; Bid-to-cover: 3.85x v 2.57x prior; Max Yield: 0.920% v 1.688% prior; Tail: bps v bps prior
- (EU) ECB allotted 125.3Bt in 7-day Main refi Tender at fixed 0.75% vs. 130Be
- (CH) Switzerland sold CHF979M in 3-Month Bills: Yield -0.103% v -0.099% prior
- (HU) Hungary Debt Agency (AKK) sold HUF50B vs. HUF50B indicated in 3-Month Bills; Avg Yield 5.43% v 5.45% prior; Bid-to-cover: 1.82x v 1.73x prior
- (DE) Germany sold 810M in 0.1% I/L 2023 Bunds; Real Yield -0.19% v -0.38% prior; Bid-to-cover: 2.1x v 1.5x prior
- (UK) DMO sold 1.75B in 4% 2022 Gilts; Avg Yield 1.897% v 2.222% prior; Bid-to-cover: 2.91x v 1.92x prior; Tail: 0.1bps v 0.2bps prior
- (ES) Spain Debt Agency (Tesoro) opened order book for 10-year Euro-denominated bond via syndicate; guidance seen +365 over mid-swaps; Order book was over 17B

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

***Equities*** </
>Indices: FTSE 100 flat at 6,179, DAX -0.40% at 7,715, CAC-40 -0.30% at 3,752, IBEX-35 -0.30% at 8,642, FTSE MIB +0.50% at 17,723, SMI -0.20% at 7,322, S&P 500 Futures +0.10% at 1,481

- After Monday's gains, European equity markets are broadly lower, tracking the weakness in the Nikkei 225 following the BoJ's interest rate decision. Today's weakness has been led by the DAX, amid losses in shares of heavyweights including Deutsche Bank and Daimler. Markets have pared losses, amid better than expected ZeW data out of Germany and Spanish debt auction results. European banks are mostly lower led by declines in shares of Deutsche Bank and Banca Monte Paschi. Resource-related firms are mixed, in line with what has been seen for commodity prices. In terms of US corporate earnings, companies due to report later today include AMD, Delta, Dupont, Freport McMoran, Google, Johnson & Johnson and Verizon Communications.

- Germany movers [Deutsche Bank -3% (renewed concerns about Q4 outlook, interest rate probe), RWE -2% (broker commentary) Wincor Nixdorf -2% (ex-dividend), E.ON -1% (broker commentary)]
- UK movers [Optos -3% (Q1 sales),Bumi Plc -2.5% (update on Indonesia probe), Fresnillo -2.5% (Q4,FY12 production update), Marston's -1.5% (sales update), LSE -0.50% (broker commentary); Abcam +5.5% (H1 sales guidance),Ocado +5% (confirmed new Chairman),SABMiller +0.50% (Q3 sales) ]
- France movers [EAD.FR +1.5% (CEO comments); Michelin -35 (Dec sales),Suez Environmental -1% (CEO comments), Alstom -1% (Q4 sales) ]
- Italy movers [Banca Monte Paschi -4% (concerns related to derivatives contracts),]
- Switzerland movers [Roche -0.90% (broker commentary)]

Speakers: </
>- German Bundesbank refuted rumors that Central bank head Weidmann would step down from ECB
- ECB's Asmussen: Disorderly developments in Cyprus could undermine progress made in 2012 to stabilize the Euro area
- BOJ gov Shirakawa's post rate decision press conference just noted that the board meeting set bold monetary easing and he would like to hit the 2% inflation target asap. Prices must sustainable meet BoJ's target for it to consider a policy shift. Enhanced cooperation with Govt was key to implementing mission on economy and prices. Inflation without economic growth could invite a spike in long term rates; 2% Inflation target could influence inflation expectations. He was aware of rate-rise risk if BOJ seen as financing public debt. Must monitor currency impact on economy. BOJ independence has been preserved
- Japan PM Abe commented that he wanted the BOJ to take responsibility for 2% inflation target and that the Econ advisory panel would review BOJ policy quarterly
- German Bundesbank President Weidmann warned Japan not to "politicize" its exchange rate by pursuing an overly aggressive monetary policy. Japan's government as well as Hungary's "were intervening heavily in the duties of the central banks, pressuring for a more aggressive monetary policy
- German ZEW Economists commented that uncertainty over Europe had diminished and this helped survey sentiment and could fuel delayed investments. Germany to grow at a moderate pace in 2013 and saw a good chance the Bundesbank would revise 2013 GDP forecast higher. Over 80% survey respondents expect ECB to hold rates steady over the next 6 months. Lastly it noted that could be the turning point in the EMU crisis if some banks give back LTRO funds this could be a sign that the crisis was not worsening
- EU Commission: The Spanish bad bank and the recap of the Tier 2 banks is helping to rebalance the industry
- Sweden Fin Min Borg reiterated that his country would not join financial transaction tax but would not block the proposal so it can proceed
- Germany's Constitutional Court said to have ruled that interest rate cartel fines are legal
- India Fin Min Chidambaram: Would like to see moderate interest rates but up to RBI to determine policy. He saw FY14 GDP growth approaching 7%. He saw no case to downgrade India's sovereign rating
- Japan Econ Min Amari: Yen currency correction progressing, stocks are recovering

Currencies:
- The BoJ decision, which broadly met expectations. It delivered open-ended asset purchases and a 2% inflation target. The market was a bit disappointed that the scheme starts from January 2014. JPY began the session slightly firmer in early Europe as dealer noted that the vote at today's BOJ was not unanimous; vote was 7-2 on 2% inflation target. EUR/JPY tested 117.35 while USD/JPY dipped to test 88.37 before consolidating.
- Dealers were looking for reasons behind initial Euro weakness in session as the EUR/USD pair dipped below 1.33 level at one point. Talk of Far Eastern names, BIS sell the euro circulated coupled with fresh rumors of a pending resignation of ECB's Weidmann were all cited as possible factors. There were even rumors of German bank profit warning. The weakness in Euro corresponded to the German Dax being down over 1%. However, a solid Spanish bill auction coupled with a stronger German ZEW Survey helped the Euro recover from earlier lows.
- The GBP started the session on a softer note. Technical charts suggested that more downside momentum could take place in the GBP/USD pair with a double-top formation in play from its Sept price action. The neckline was seen at 1.5830 with 1.53 as a price objective. The GBP followed the Euro (at a lagging pace) as it recovered just ahead the NY morning.

Political/ In the Papers:
- (EU) ESM's Regling: EFSF board to formally approve aid for Greece in a week; Spain second disbursement to be much lower than initially expected - financial press; EFSF to stop bill auctions when ESM takes over; Sees long-terms issuance of 55-60B in 2013.
-(EU) Outgoing Eurogroup chief Juncker; Spain's 1.8B disbursement expected early in Feb.
- (EU) Incoming-Eurogroup Chief Dijsselbloem: Confident in raising collective decision making; Euro area needs harmonized deposit guarantees - financial press; Irish Bank issues probably discussed in March.
- (EU) France Fin Min Moscovici: Reiterates that Europe should pursue growth in 2013; Direct bank recaps are second stage of union and is a priority.
- (EU) EU President Van Rompuy: Confident that new Eurogroup chief Dijsselbloiem has broad support form Eurogroup - financial press
- (EU) EU's Rehn: Complex issues remain on ESM direct bank recapitalization - financial press
- (EU) ECB's Coeure (France): ECB actions addressed deflation and currency fears, cannot replace structural reforms
- (EU) ECB's Noyer: 2012 was a turning point in the EMU crisis with decisions bringing lasting solutions to reinforce the region
- (IE) Ireland Fin Min Noonan: To request maturity extension for EFSF, EFSM with Portugal; sees cost savings in the billions - financial press
-(PT) S&P affirms Portugal sovereign ratings at BB; Outlook remains Negative
- (US) House Republicans propose suspending debt ceiling to May 19, as expected

***Looking Ahead***
***All times listed for economic events are denominated in Eastern Standard Time (Add 5 hours for GMT equivalent)
- (PT) Portugal Nov Current Account: No est v -268.8M prior
- 06:00 (UK) Jan CBI Industrial Trends Total Orders: -11e v -12 prior; Selling Prices: 16e v 17 prior; Business Optimism: -10e v -12 prior
- 06:00 (IE) Ireland Dec Property Prices M/M: No est v 1.1% prior; Y/Y: No est v -5.7% prior
- 06:00 (EU) OECD Q3 Employment at No est v 65.0% prior
- 06:00 (EU) ESM to sell up to 2B in 6-month bills; Avg Yield % v -0.0053% prior; Bid-to-cover: x v 2.5x prior (Nov 20th under EFSF)
- 06:30 (US) Daily Libor fixing
- 07:00 (EU) ECB allotment in 7-day Term Deposit Tender to offset govt bond purchases under SMP; To drain 208.5B
- 07:00 (TR) Turkey Central Bank Interest Rate Decision: Expected to leave the Benchmark Repo Rate unchanged at 5.50%; Overnight Lending Rate unchanged at 9.00%; Overnight Borrowing Rate unchanged at 5.00%
- 07:30 (RO) Romania to sell 3-Years Bond
- 08:15 (DE) German Chancellor Merkel, France President Hollande, EU's Schulz take Part in Elysee Treaty Event
- 08:30 (CA) Canada Nov Retail Sales M/M: 0.0%e v 0.7% prior; Retail Sales Less Autos M/M: 0.1%e v 0.5% prior
- 08:30 (US) Dec Chicago Fed National Activity Index: No est v 0.10 prior
- 09:00 (EU) Weekly ECB Forex Reserves
- 10:00 (MX) Mexico Weekly International Reserves
- 10:00 (US) Jan Richmond Fed Manufacturing Index: 4e v 5 prior </
>- 10:00 (US) Dec Existing Home Sales: 5.10Me v 5.04M prior
- 10:00 (BR) Brazil to sell I/L 2018 and 2022 Bonds
- 11:00 (EU) ECB member Nowoty on panel discussion in Vienna
- 11:00 (US) Fed to purchase $1.00-1.50B in Notes
- 11:30 (US) Treasury to sell $60B in 3-Month and 6-Month Bills
- 13:00 (EU) ECB chief Draghi speaks at Industrie-Handelskammer in Frankfurt
- 14:45 (UK) BOE Gov King speech at CBI Northern Ireland dinner
- 19:00 (AU) Australia Q3 Consumer Prices Q/Q: 0.4%e v 1.4% prior; Y/Y: 2.4%e v 2.0% prior
- (IS) Israel Holds National Elections

 

 

 

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  • POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
  • POTENTIAL PRICE RISK: Medium Wed -- 15:00 GMT US- final University of Michigan Survey
  • POTENTIAL PRICE RISK: Medium Wed -- 15:30 GMT US- EIA Crude
  • POTENTIAL PRICE RISK: HIGH Wed -- 19:00 GMT US- FOMC Policy Minutes. Key policy release


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..

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

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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

 
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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.

 

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