User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday February 12, 2013 - 11:26:26 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

TradeTheNews.com EU Market Update: G7 statement on currencies supports Japan action to deflate deflation; European bond market results were mixed in session

TradeTheNews.com EU Market Update: G7 statement on currencies supports Japan action to deflate deflation; European bond market results were mixed in session
Tue, 12 Feb 2013 5:51 AM EST

***Notes/Observations***
- North Korea conducts its third nuclear test since 2006 and first since Kim Jong Un took power; more tests could come
- Russia Central Bank (CBR) left its key rates unchanged (as expected)
- US Undersecretary for International Affairs Brainard: US supported Japan efforts to reinvigorate growth and end deflation. JPY hit fresh 33-month lows against the greenback; Nikkei end up almost 2%
- G7 issues standard statement on FX re-emphasizing commitment to market determined currency rates; seemed supportive of Japan's move to combat deflation
- GBP hits 6-month lows against the USD, trade below 1.55.75 ahead of Wed quarterly inflation report
- European debt auctions mixed at best
- Spain sold upper end of range at lower bid-to-cover ratios
- Italy 12-month yield at 2-month highs with lower bid-to-cover
- Greece 13-week auction was solid

***Economic Data***
- (ID) Indonesia Central Bank left its Reference Rate unchanged at 5.75%; as expected

- (FR) France Dec Current Account: -3.6B v -3.5Be
- (EU) ECB: 42M borrowed in overnight loan facility vs. 0.0M prior; 159.2B parked in deposit facility vs. 157.2B prio
- (CH) Swiss Jan CPI M/M: -0.3% v -0.3%e; Y/Y: -0.3% v -0.3%e
- (RU) Russia Central Bank (CBR) left its key rates unchanged (as expected) with Refinancing Rate unchanged at 8.25%; Overnight Deposit Rate unchanged at 4.50%; Overnight Auction-Based Repo unchanged at 5.50%
- (CZ) Czech Dec Current Account (CZK): -24.3B v -13.0Be
- (UK) Jan PPI Input M/M: 1.3% v 0.9%e; Y/Y: 1.8% v 1.0%e
- (UK) Jan PPI Output M/M: 0.2% v 0.2%e; Y/Y: 2.0% v 2.0%e
- (UK) Jan PPI Output Core M/M: 0.2% v 0.1%e; Y/Y: 1.4% v 1.4%e
- (UK) Dec ONS House Price Y/Y: 3.3% v 2.0%e
- (UK) Jan CPI M/M: -0.5% v -0.5%e; Y/Y: 2.7% v 2.7%e; CPI Core: 2.3% v 2.4%e
- (UK) Jan RPI M/M: -0.4% v -0.5%e; Y/Y: 3.3% v 3.2%e; RPI- Ex`Mortgage Interest Payments (RPIX): 3.3% v 3.2%e; Retail Price Index: 245.8 v 245.6e


Fixed Income:
- (NL) Netherlands Debt Agency (DSTA) sold 2.685B 3.0B in 1.25% 2018 DSL bond; Avg Yield 0.884% v 0.861% prior
- (ZA) South Africa sold total ZAR2.1B vs. ZAR2.1B indicated in 2036, 2041 and 2048 Bonds
- (ES) Spain Debt Agency (Tesoro) sold total 5.55B vs. 4.5-5.5B in 6-Month and 12-Month Bills
- Sold 2.55B in 6-month Bills; Avg Yield: 0.859% v 0.888% prior; Bid-to-cover: 2.88x v 3.85x prior; Max Yield: 0.880% v 0.920% prior; Tail: bps v 3.2bps
- Sold 3.02B in 12-month Bills; Avg Yield: 1.548% v 1.472% prior; Bid-to-cover: 1.97x v 2.21x prior; Max Yield 1.580% v 1.520% prior; Tail: bps v 4.8bps prior
- (IT) Italy Debt Agency (Tesoro) sold 8.5B vs. 8.5B in 12-month Bills; Avg Yield 1.094% v 0.864% prior; Bid-to-cover: 1.38x v 1.79x prior
- (GR) Greece Debt Agency (PDMA) sold 1.3B vs. 1.0B indicated in 13-week bills; Avg Yield 4.05% v 4.07% prior; Bid-to-cover: 1.76x v 1.75x
- (CH) Switzerland sold CHF1.239B in 3-Month Bills: Yield: -0.091% v -0.090% prior
- (EU) ECB allotted 128.7B vs. 129Be in 7-day Main Refi Tender at fixed 0.75%
- (EU) ECB allotted 7.7B vs. 10Bein 1-month MRO at fixed 0.75%
- (HU) Hungary Debt Agency (AKK) sold HUF 50B vs. HUF50B indicated 3-Months Bills; Avg Yield 5.28% v 5.30% prior; Bid-to-cover: 1.94x v 1.75x prior
- (DE) Germany sold 953M in 0.75% I/L April 2018 Bobl; Avg Yield -0.780% v -0.860% prior; Bid-to-cover:1.9 x v 1.5x prior
- (BE) Belgium Debt Agency sold total 3.01B vs. 2.8-3.3B indicated in 3-month and 12-month Bills
- Sold 1.52B in 3-month Bills; Avg Yield 0.39% v +0.038% prior; Bid-to-cover: 2.5x v 2.42x prior
- Sold 1.49B in 12-month Bills; Avg yield 0.1654% v 0.110% prior; Bid-to-cover: 1.8x v 2.06x prior
- (UK) BOE allotted 270M vs. 2.5B target in 6-month Extended Collateral Term Repo (ECTR) Lending Program

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

***Equities***
Indices: FTSE 100 +0.10% at 6283,
DAX -0.30% at 7,608, CAC-40 -0.10% at 3,648, IBEX-35 +0.10% at 8,087, FTSE MIB -0.50% at 16,454, SMI -0.10% at 7,403, S&P 500 Futures -0.20% at 1,511

- Equity markets are currently mixed. Italy's FTSE MIB and Germany's DAX have underperformed, while slight gains have been seen in the UK and Spain. In terms of the banking sector, UK banks are leading the gains, following results out of Barclays. Banks in Germany, Italy and Spain have underperformed. Resource related firms are mostly lower, in line with the declines in commodity prices. Big movers on today's session include Barclays (+4%), Finmeccanica (-8%), L'Oreal (+4%), Rexel (+5%) and TomTom (-7%).

- UK movers [Barclays +3% (FY results, cost cutting measures)]
- Germany movers [ThyssenKrupp -1.5% (Q1 results),Continental -1% (Michelin earnings)]
- France movers [L'Oreal +4.5% (FY12 results, buyback),Rexel +4% (FY12 results); Michelin -3.5% (FY12 results),Danone -1.5% (broker commentary), Faurecia -0.50% (FY13 outlook), Hermes flat (FY12 sales)]
- Italy movers [Finmeccanica -10% (CEO arrested as part of corruption probe), RCS Media -2.5% (capital raise speculation),Ansaldo -2% (Finmeccanica probe), Telecom Italia -0.50% (ratings downgrade)]
- Spain movers [Colonial +4% (debt refinancing talks)]
- The Netherlands movers [TomTom -8% (FY13 sales outlook)]
- Norway movers [Norsk Hydro +1.5% (Q4 results), Yara International +0.20% (Q4 results)]

Speakers:
- G7 issued its standard statement on currencies which stated that currency rates should be determined by the market and be in an orderly manner.
It warned against excess FX volatility in terms of disorderly movements. G7 stated that it would not target exchange rates and would cooperate as appropriate on foreign exchange markets. It noted that monetary policies would remain focused on domestic objectives (**Note support for Japan)
- Japan Fin Min Aso stated after the G7 statement that it too supported market-determined exchange rates and that G7 understood that Japan was taking steps to fight deflation and not targeting its exchange rate
- Japan Vice Fin Min Nakao: No comments on specific FX level; markets should determine currency rates
- ECB's Constancio commented that banking union was essential to strengthen the EU and needed an orderly resolution of cross border banks. European deposit guarantee scheme was not essential in the short-term but could be useful for depositor confidence. He noted that he did not see any current currency war at the moment, but it needed to be avoided. He reiterated that ECB saw downside risks regarding growth with no "major" changes to ECB staff forecasts in March.
- ECB's Liikanen: Banking reforms had not gone far enough and needed to take more steps for excessive risk taking. He later noted that slow economic growth period won't be over anytime soon
- SNB President Jordan commented that rebound in global confidence had been seen in markets and that currency markets showed risk perception has improved. Improvement in China economy was seen boosting world economy. He noted that Swiss Q4 economic growth was slower but still positive
- Ireland Fin Min Noonan: Too soon to be arguing that Euro is too strong; Currencies would be an issue at the upcoming G20 meeting this week in Moscow
- France Fin Min Moscovici: Need coordinated approach to Euro exchange rate; Opposed erratic movements in exchange rates; not pressuring ECB to intervene in FX markets, will have currency discussion at G20
- Spain Fin Min de Guindos: Euro strength is not hurting Spanish exports but the currency should avoid excessive volatility
- Spain PM Rajoy commented that its focus for Spain was on economic growth at this time as doubts over public financing had been removed. Spain deficit cuts in 2012 were unprecedented and he reiterated that it saw an economic recovery at the end of 2013/early 2014 period
- Italy PM Monti commented that Italy did not need new austerity measures
- France State auditor commented that France's 2012 deficit might be above 4.5% and would unlikely to meet 3.0% deficit target in 2013 due to economic headwinds. It believed that its believed 2013 tax receipt forecast was too favorable'
- German DIHK Survey reaffirmed German 2013 GDP growth of +0.7% and noted that business sentiment was seen stable in winter
- IMF commented on Hungary and expressed concern over its low growth outlook. It noted that the country needed to speed up structural reforms (with or without any IMF loan)
- S&P: Hungary policy mix made its debt reduction difficult and high level of private debt was a constraint on its sovereign rating
- Iran govt official: Iran is converting about 20% of enriched uranium to fuel for Tehran research reactor

Currencies:
- The JPY currency did hit fresh 33-month lows during Asia aided by comments from U.S. Treasury's Brainard which supported Japan's efforts to reinvigorate economic growth and end deflation. The G7 statement had a note that was supportive of Japan's attempt to combat deflation. The USD/JPY stayed above the 94 handle throughout the bulk of the European session.
- The EUR/USD remained contained within tight range after eurogroup noted that it did discuss the Euro currency on Monday but as expected it deferred the issue to the upcoming G20 meeting as the appropriate platform for further discussion. The Euro was aided by cross-related flows against the GBP and AUD pairs.
- The GBP maintained a soft tone ahead of tomorrow's BOE inflation report that would likely cut its GDP growth forecast. The GBP/USD hit a 6-month low below 1.5575 in the session.
- The CHF was a touch softer after SNB chief Jordan reiterated that it was prepared to issure further measures to combat deflation

Political/ In the Papers:
- (JP) Treasury's Brainard: Supportive of Japan's attempts to end deflation and boost growth; FX intervention should only be used in rare circumstances and focused on excess volatility or movements
- (EU) France Fin Min: Should act if see excessive FX volatility; markets should set the rates; EMU will have a common currency policy at the G20 meeting
- (EU) Italy Econ Min: Other countries need to follow market exchange rates; euro is built to be a strong currency; Exchange rate market distortions are a cause for concern.
- (EU) ECB's Weidmann: Data does not indicate Euro is overvalued; Concerned about the politicization of monetary policy
- (IE) S&P revises Ireland outlook to Stable from Negative; affirms BBB+ rating
- (ES) A dozen high ranking Popular Party (PP) officials who are being implicated in the Barcenas scandal in Spain will publish their personal financial documents in the coming days- El Pais
-(US) Fed's Yellen (voter, dovish): Notes the gradual depreciation of the USD has helped reduce our trade deficit; It is appropriate for the Fed to continue to push for maximum employment

***Looking Ahead***
***All times listed for economic events are denominated in Eastern Standard Time (Add 5 hours for GMT equivalent)
- 06:00 (TR) Turkey to sell Zero 2014 Bonds
- 06:00 (NO) Norway to sell Bonds
- 06:30 (US) Daily Libor Fixing
- 06:30 (EU) EFSF to sell up to 1.0B in 2.25% Sept 2022 bond; Avg Yield % v % prior; Bid-to-cover: x v x prior
- 06:30 (CL) Chile Central Bank's Economist Survey
- 07:00 (EU) ECB drains vs. 205.5B target in 7-day Term Deposit Tender to offset Govt Bond Purchases`(SMP)
- 07:00 (FI) Finland PM Katainen
- 07:30 (US) Jan NFIB Small Business Optimism: 89.5e v 88.0e prior
- 07:45 (US) ICSC Chain Store Sales
- 08:00 (PL) Poland Dec Current Account: -885Me v -1.5B prior; Trade Balance: -624Me v -394M prior; Exports: 11.0Be v 13.0B prior; Imports: 11.6Be v 13.4B prior
- 08:45 (CA) Bank of Canada Gov Carney in Ottawa
- 08:55 (US) Weekly Redbook Retail Sales
- 09:00 (EU) ECB weekly Forex Reserves
- 09:30 (ES) ECB Chief Draghi in Spanish Parliament
- 10:00 (MX) Mexico weekly International Reserves
- 10:00 (US) Dec JOLTs Job Openings: No est v 3.676M prior
- 10:00 (MX) Mexico Jan Vehicle Production: No est v 180.6K prior; Vehicle Domestic Sales: No est v 110.9K prior; Vehicle Exports: No est v 154.7K prior
- 10:30 (US) Congressional Budget Office (CBO) budget and economic outlook hearing
- 10:30 (UK) DMO to announce size of 1.75% 2022 Gilt for Feb 22nd auction
- 11:00 (US) Fed to buy $2.75-3.50B in bonds
- 11:30 (US) Fed's George
- 11:30 (US) Treasury to sell $45B in 4-Week Bills
- 12:00 (US) DOE Short-Term Crude Outlook
- 12:30 (DE) German Bundesbank member Dombret
- 13:00 (US) Treasury to sell $32B in 3-year notes
- 13:30 (US) Fed's Lockhart in Madrid
- 14:00 (DE) German Chancellor Merkel at CDU Ash Wednesday event
- 14:00 (US) Jan Monthly Budget Statement: -$2.0Be v -$260M prior
- 16:00 (KR) South Korea Jan Export Price Index M/M: No est v -0.5% prior; Y/Y: No est v -6.2% prior
- 16:00 (KR) South Korea Jan Import Price Index M/M: No est v -1.1% prior; Y/Y: No est v -8.8% prior
- 16:30 (US) Weekly API U.S. Crude Oil Inventories
- 18:00 (US) Fed's Plosser
- 20:00 (US) President Obama gives State of the Union Address

 

 

 

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 21 November 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:


Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
Thu 23 Nov
US/JP- Holiday
All Day flash PMIs
13:30 CA- Retail Sales
Fri 24 Nov
All Day flash PMIs
09:00 DE- IFO Survey
US- Early Closes

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


  • POTENTIAL PRICE RISK: HIGH Tue -- 13:30 GMT US- Existing Homes Sales. Top Housing Statistic

  • POTENTIAL PRICE RISK: HIGH Tue -- 23:30 GMT US- Yellen Speech. Early evening. Looking for anything on policy


  • 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..

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