User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday March 13, 2013 - 10:42:51 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

TradeTheNews.com EU Market Update: Italy pays higher yield at BTP auction as Ruling Govt has yet to be decided

Wednesday, March 13, 2013 6:27:27 AM

 TradeTheNews.com EU Market Update: Italy pays higher yield at BTP auction as Ruling Govt has yet to be decided

***Notes/Observations***
- (CY) Cyprus and Troika said to be negotiating smaller bailout package at around 10B vs 17B previously
- Japan govt to upgrade economic assessment for 3rd consecutive month (**in line with BOJ's view)
- Australia march consumer confidence rose to 110.5; home loan approvals fell for a third month by 1.5% m/m
- PBoC Gov Zhou hints that the next rate move is higher </
>- ECB Weidmann warns against negative interest rates
- Italy auction not as solid as hoped; 3-year bid-to-cover lowest since Jan 2012

***Economic Data***
- (FR) France Q4 Final Non-Farm Payrolls Q/Q: -0.3% v -0.2%e
- (FR) France Feb Consumer Price Index M/M: 0.3% v 0.5%e; Y/Y: 1.0% v 1.2%e; CPI Ex Tobacco Index: 124.72 v 124.92e
- (FR) France Feb CPI EU Harmonized M/M: 0.3% v 0.4%e; Y/Y: 1.3%e
- (ES) Spain Feb Consumer Price Index M/M: 0.2% v 0.1%e; Y/Y: 2.7%e
- (ES) Spain Feb CPI EU Harmonized M/M: 0.0%e; Y/Y: 2.8%e
- (ES) Spain Feb CPI Core M/M: 0.0% v -1.6% prior; Y/Y: 2.3% v 2.1%e
- (EU) ECB: 16M borrowed in overnight loan facility vs. 24M prior; 149.6B parked in deposit facility vs. 131.6B prior
- (EU) Euro Zone Jan Industrial Production M/M: -0.4% v -0.1%e; Y/Y: -1.3% v -2.0%e

Fixed Income:
- (IN) India sold total INR120B vs. INR120B indicated in 3-month and 6-month Bills
- (IE) Ireland Debt Agency (NTMA) opened book to sell Mar 2023 bonds; guidance seen +245bps over mid-swaps which would yield 4.20%; Order book approx 7B
- (RU) Russia sold RUB1.89B vs. RUB8.4B indicated in 10-year OFZ bond; Yield: 6.87% v guidance of 6.82-6.87%
- (EU) ECB allotted $0.0M in 7-Day USD Liquidity Tender at fixed 0.66% vs. $25M prior
- (SE) Sweden sold SEK5B in 3-month bills; Yield 0.9589%
- (CH) Switzerland sold total CHF431M in 2022 and 2042 bonds
- (IT) Italy Debt Agency (Tesoro) sold total 5.32B vs. 4.0-5.5B indicated range in 2015 and 2028 BTP bonds
- Sold 3.32B vs. 2.5-3.5B indicated range in 2.75% Dec 2015 BTP; Avg Yield 2.48% v 2.30% prior; Bid-to-cover: 1.28x v 1.37x prior
- Sold 2.0B vs. 1.5-2.0B indicated range in Sept 2028 BTP; Avg Yield 4.90% v 4.805% prior; Bid-to-cover: 1.28x
- (IT) Italy Debt Agency (Tesoro) sold 1.67B vs. 1.0-1.75 indicated in 2017 and 2018 CCUeu (Floaters)
- Sold 1.03B in Floating 2017 CCUeu; avg yield 2.95% v 2.55% prior, bid to cover: 1.5x v 1.39x prior
- Sold 642M in Floating 2018 CCUeu; avg yield 3.03%, bid to cover: 1.84x

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

***Equities*** </
>Indices: FTSE 100 -0.80% at 6,458, DAX -0.20% at 7,952, CAC-40 -0.40% at 3,823, IBEX-35 -0.60% at 8,484, FTSE MIB -1% at 15,871, SMI -0.50% at 7,766, S&P 500 Futures -0.10% at 1,545

- European equity markets are mostly lower, as dealers assess the bond auction results out of Italy. Additionally, markets have tracked the declines seen in Asia. Banks are broadly lower led by shares of Commerzbank and Standard Chartered. Resource related firms are mostly lower, tracking the declines in copper prices.

- UK movers [Thomas Cook +13% (cost cutting measures), Ferrexpo +3.5% (special dividend), Prudential +1.5% (FY results above ests, raised dividend); Balfour Beatty -2.5% (broker commentary), Direct Line -2% (share placement)]
- France movers [Inter Parfums +2.5% (special dividend); Biomerieux -4% (FY profits declined y/y)]
- Germany movers [Infineon -2% (broker commentary), Commerzbank -6% (renewed capital raise speculation)]
- Switzerland movers [Cytos +7.5% (data presenstation); Adecco -4% (Q4 results below ests, cautious outlook)]
- Spain movers [Inditex -4% (FY profits below ests)]
- Italy movers [Enel -4% (impairment charge, profits down y/y)

Speakers: </
>- ECB's Weidmann: Adjusting the voting structure of the European Central Bank is not the answer to addressing the redistributed risk to taxpayers in the euro area; He reiterated view that there was no end to EMU crisis in sight at this time and that Central Banks had become 'political actors'
- India Fin Min Chidambaram: Reiterates that high food prices driving CPI; cannot remain unaffected by global economic troubles
- China PBoC Statement reiterated it would continue prudent monetary policy and increase policy flexibility. It would ensure stable and appropriate growth in both money and credit supply and promote differentiated housing credit policy. The PBoC to promote bi-lateral currency-swap arrangements and maintain its policy to diversified investments in FX Reserve Management
- (PBoC) Gov Zhou Xiaochuan press conference noted that China needed to be on high alert against inflation and hoped to stabilize inflationary expectations. He saw carryover effect in CPI and noted that PBoC's overall monetary policy focused on CPI. He added that monetary policy was no longer loose and the prudent monetary policy meant exit from its relaxed stance (**Note PBoC cuts its key 1-year rates on two occasions in 2012 which were the first cuts since Dec 2008). The lower M2 target signaled emphasis on price stability; M2 target of 13% is tighter than actual 2012. High M2 level was not necessarily the cause of inflation as high savings rates drove high M2 levels. He did not know if he would stay on as PBoC Gov (*8Note there has been rumors he would be replaced under the new govt). Lastly he noted that needed to pay attention to local govt vehicle debt and did not underestimate or over-react to its risk.
- China PBoC Vice Gov Yi Gang commented that China did care about monetary easing in reserve currency countries and the effect it has on capital flows . He hoped nations would stand by G20 commitment on currencies and that countries avoid competitive devaluations. The PBoC should focus on domestic economic conditions for its monetary policy but would take into account other countries monetary policies
- Spain PM Rajoy: Will persevere with economic policy - comments in Parliament
- Spain Deputy PM de Guindos: Spain Jan exports seen growing strongly
- Italy's Five Star Movement leader Grillo commented in the German press that Italy was 'already de facto' outside the euro area
- Sweden Central Bank member Wickman-Parak: SEK currency (Krona) strength was not large enough to affect inflation yet and the cntral bank had no Krona target
- Sweden Central Bank (Riksbank) member Ekholm: Keeping macro-prudential policy separate from monetary policy was important. He reiterated that the cost of using repo rate to influence house prices was too high and inflation below target was a problem
- Turkey Central Bank Gov Basci commented that it would continue to support balanced economic growth prospects for the country and that financial stability was important for balanced growth
- Poland Central Bank member Chonja-Duch (dove) commented that the recent 50bps rate cut should increase GDP growth. The next rate move depended on GDP and CPI and added that another Base Rate cut was possible this year. Central bank forecast showed sustained fall in CPI and could see 1.3-1.4% in April
- Morgan Stanley lowered its 2013 Euro area GDP forecast to -0.7% from -0.5% prev
- Philippines Planning Sec Balisacan commented that the Govt was closely watching PHP currency FX rate and the Govt might review FX rate assumptions
- IEA Monthly Oil Report trimmed its 2013 global demand increase by 20K bpd to 820K bpd and noted that sluggish economy continued to weigh on oil demand growth. IEA commented that it should not underestimate oil supply risks ahead - especially on Venezuela and warned of risks to OPEC supply from Libya, Nigeria due to militant activity. Saudi output was steady at 9.25M bpd in Feb but saw the kingdom ramping up output slowly

Currencies:
- The macro picture still painted limited upside for European currencies as the USD had benefited recently on better US fundamentals. US retail sales data will be in focus and give a snapshot of spending habits into the US automatic spending cuts, which kicked in from the start of the month and the effects from the payroll tax increase
- The JPY moved off multi-year lows ahead of uncertainty some uncertainty ahead of the BOJ nominee votes later this week. Dealers continue to believe there was enough momentum to see Kuroda installed as governor and Iwata and Nakaso to the deputy governor roles

Political/In the Papers:
-(BE) Belgium govt has found 338M for the budget reducing the budget shortfall to 2.46B - De Tijd
-(EU) ECB's Liikanen (Finland): OMT program will not have ex-ante limits, OMT targets can better transmit monetary policy
- IMF's Lipton: Global financial market conditions improved; Economic conditions still subdued
-(IT) Italy PD party chief Bersani: Some of the proposals put forth by the Five Star Movement are unacceptable
- (PT) S&P: Portugal's economy will contract more than previously expected, continue to hamper bank performance
- (ES) Spain Debt Agency (Tesoro) to hold special auction for Thurs, Mar 14th to sell 2029, 2040, and 2041 Bono bonds; Only primary dealers may participate; No issuance target to be announced before the auction
-(UK) PM Cameron said to have ended plan for minimum alcohol price of 45p/unit following pressure from the Treasury - financial press
- (JP) Japan LDP official Sata: Confirms lower house vote on BoJ nominations to occur on Mar 14th - financial press

***Looking Ahead***
***All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- IMF Lipton in Washington
- (CH) Basel Committee meeting on capital rules for banks
- (RU) Russia to sell RUB4.21B in 5-year OFZ bond; Yield guidance seen between 6.21-6.26%
- 06:30 (IS) Bank of Israel Gov Fischer speaks in Herzliya
- 06:30 (DE) Germany to sell Add'l 5.0B in 0.25% 2015 Schatz
- 06:30 (UK) DMO to sell 1.5B in 3.75% 2052 Gilt
- 07:00 (ZA) South Africa Jan Retail Sales M/M: 0.6%e v 1.0% prior; Y/Y: 3.6%e v 2.3% prior
- 07:00 (US) MBA Mortgage Applications: No est v 14.8% prior
- 07:00 (EU) OECD G20 Q4 GDP Q/Q: No est v 0.6% prior
- 07:30 (CL) Chile Central Bank Traders' Survey
- 07:30 (US) Daily Libor Fixing
- 08:00 (UK) Prime Minister's question time in House of Commons
- 08:30 (US) Feb Import Price Index M/M: 0.6%e v 0.6% prior; Y/Y: -0.6%e v -1.3% prior </
>- 08:30 (US) Feb Advance Retail Sales: 0.5%e v 0.1% prior; Retail Sales Less Autos: 0.5%e v 0.2% prior; Retail Sales Ex Auto & Gas: 0.2%e v 0.2% prior
- 09:00 (HU) Hungary Central Bank Minutes
- 10:00 (US) Jan Business Inventories: 0.5%e v 0.1% prior
- 10:30 (US) Weekly DOE U.S. Crude Oil Inventories
- 10:45 (UK) BOE to buy 1.1B in 7-year to 15-year Gilts
- 11:00 (PT) Portugal PM Coelho in Parliament
- 11:00 (US) Fed to purchase $1.25-1.75B in Notes
- 12:00 (CA) Canada to sell 30 Year Bonds
- 13:00 (US) Treasury to sell $21B in 10-Year Notes Reopening
- 14:00 (US) Feb Monthly Budget Statement: -$205.0Be v -231.7B prior
- 15:00 (AR) Argentina Feb Consumer Price Index M/M: 0.7%e v 1.1% prior; Y/Y: 11.1%e v 11.1% prior
- 15:00 (AR) Argentina Feb Wholesale Price Index M/M: No est v 1.0% prior; Y/Y: No est v 13.2% prior
- 16:00 (NZ) RBNZ Monetary Policy Statement
- 16:00 (NZ) New Zealand Central Bank (RBNZ) Interest Rate Decision: Expected to leave the Official Cash Rate unchanged at 2.50%
- 19:00 (NL) Netherlands Central Bank releases annual report
- 20:30 (AU) Australia Feb Employment Change: +10.0K v +10.4K prior; Unemployment Rate: 5.5%e v 5.4% prior

 

 

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 20 November 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:


Mon 20 Nov
14:00 EZ- Draghi Speech
15:00 US- Leading Indicators
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