User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday June 6, 2013 - 10:35:22 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

TradeTheNews.com EU Market Update: ECB's Draghi seen as key for hints of any future rate cuts

 

TradeTheNews.com EU Market Update: ECB's Draghi seen as key for hints of any future rate cuts
Thu, 06 Jun 2013 5:40 AM EST

***Notes/Observations***
- Australian Apr Trade Balance registers a slight miss but scores its 2nd straight surplus
- (JP) Japan investors sold net 1.17T in Foreign Bonds last week (3rd straight week of net sells);
- Japan 30-year JGB auction seen as strong (bid-to-cover: 4.06x v 3.57x prior)
-EU considering handing LIBOR oversight to ESMA
- Spanish and French bond actions see mixed results in both yields and bid-to-cover
- Key European rate decisions; Both BOE and ECB expected to hold steady
- ECB press conference seen as key for Euro with markets looking for clues of future rate cuts


***Economic Data***
- (FR) France Q1 ILO Unemployment Rate: 10.8% v 10.8%e; Mainland Unemployment Rate: 10.4% v 10.4%e; Mainland Unemployment Change: +95Ke v +124K prior

- (IE) Ireland NCB Services PMI: 52.7 v 55.2 prior; 10th straight month of growth
- (UK) May Halifax House Prices M/M: 0.4% v 0.2%e; 3M/3M: 2.6% v 2.5%e
- (HU) Hungary Q1 Final GDP Q/Q: 0.7% v 0.7% prelim; Y/Y: -0.9% v -0.9% prelim
- (CZ) Czech Apr Trade Balance (CZK): 33.0BB v 21.1Be
- (EU) ECB 23M borrowed in overnight loan facility vs. 34M prior; 89.6B parked in deposit facility vs. 101.4B prior
- (CH) Swiss May CPI M/M: 0.1% v 0.1%e; Y/Y: -0.5% v -0.6%e
- (CH) Swiss May CPI EU Harmonized M/M: 0.0 v -0.1% prior; Y/Y: -0.2 v -0.4% prior
- (NL) Netherlands May CPI M/M: 0.0% v -0.1%e; Y/Y: 2.8% v 2.5%e
- (NL) Netherlands May CPI EU Harmonized M/M: 0.0% v -0.1%e; Y/Y: 3.1% v 3.0%e
- (UK) May New Car Registrations Y/Y: 11.0% v 14.8% prior
- (UK) Llyods May Employment Confidence: -37 v -41 prior
- (IS) Iceland May Preliminary Trade Balance (IS): -6.6B v +4.9B prior
- (CY) Cyprus May Consumer Price Index M/M: 0.0% v -0.5% prior; Y/Y: -0.7% v -0.3% prior
- (GR) Greece Mar Unemployment Rate: 26.8% v 26.7% prior (revised record high)

Fixed Income:
- (ES) Spain Debt Agency (Tesoro) sold total 4.03B vs. 3.0-4.0B indicated range in 2015, 2016, and 2023 Bonds

- Sold 1.53B in March 2.75% 2015 Bono bond; Avg Yield 1.903% v 2.275% prior; Bid-to-cover: 3.0x v 4.0x; Maximum Yield 1.928% v 2.306% prior; Tail 2.5bps v 3.1bps prior
- Sold 1.01B in 3.3% April 2016 Bono; Avg Yield 2.706% v 2.442% prior; Bid-to-cover: 2.39x v 2.24x prior; Max Yield 2.732% v 2.472% prior ; Tail: 3.0bps v 3.0bps prior
- Sold 1.49B 4.40% 2023 bond; Avg Yield: 4.517% v 4.452% prior syndicate; Bid-to-cover: 2.52x v 3.0x prior; Max Yield: 4.536%; Tail: 1.9bps
- (FR) France Debt Agency (AFT) sold total 7.99B vs. 8.0B in 2020, 2023 and 2027 Oats
- Sold 1.825B in 3.5% Apr 2020 OAT; Avg Yield 1.30% v 1.26% prior; Bid-to-cover: 2.22x v 2.86x prior
- Sold 3.84B in 1.75% 2023 Oat; Avg Yield 2.04% v 1.81% prior; Bid-to-cover: 1.61x v 2.0 prior
- Sold 2.323B in 2.75% 2027 Oats; Avg Yield 2.58% v 2.71% prior; Bid-to-cover: 2.56x v 2.52x prior
- (PL) Poland sold total PLN4.61B total in 2018 and 2019 bonds
- (HU) Hungary Debt Agency (AKK) sold HUF4.5B in 2019 floating rate Bond; Avg Price 95.5500 v 96.2700 prior
- (HU) Hungary Debt Agency (AKK) sold HUF45B vs. HUF50B in 12-Month Bills; Avg Yield: 4.16% v 4.00% prior; Bid-to-cover: 1.20x v 1.54x prior

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

***Equities***
FTSE 100 +0.10% at 6,426,
DAX +0.20% at 8,215, CAC-40 +0.40% at 3,867, IBEX-35 +0.90% at 8,362, FTSE MIB -0.10% at 16,943, SMI +0.10% at 7,751, S&P 500 Futures +0.40% at 1,613

- Equity markets in Europe are trading mixed as traders wait today's European central bank decisions (ECB and BoE) and monthly US payrolls data due to be released on Friday. Spain's IBEX-35 has outperformed, while Italy's FTSE M IB has lagged. European banks are mostly lower, led by declines in shares of Barclays. Resource related companies are trading mixed, in line with what has been seen with commodity prices.

- UK movers [Johnson Matthey +6% (raised dividend), RSA +2% (broker commentary); Barclays -1.5% (share placement)]
- Germany movers [Air Berlin +3% (monthly traffic data); Cewe Color -3% (ex-dividend), Kuka -2% (ex-dividend), Stada -1.5% (ex-dividend)]
- France movers [Danone +2% (broker commentary), EDF +1% (broker commentary)]
- Italy movers [Telecom Italia +2.5% (shareholder Fossati not planning to sell stake)]
- Spain movers [Colonial +13% (takeover speculation)]
- Switzerland movers [Santhera +20% (licensing agreement)]

Speakers:
- Portugal Secretary of State for Finance Rodrigues
reiterated view that Portugal won't need a new aid plan, wants to gain full market access and eligibility for OMT
- Finland PM Katainen stated that Europe would emerge from the economic crisis stronger than ever
- Hungary Central Bank's Balog commented that it might raise GDP to 1.8% due to funding for growth plan. Depending on composition of loans issued the impact of growth might reach 1.0-1.8%
- Hungary Econ Min Varga commented that the Base Rate could fall further to hit 3.50% (**Implies another 100bps of cuts) and save govt HUF100B
- South Africa Central Bank (SARB) Gov Marcus commented that it was unclear which way the global crisis would go. She noted that markets were over-reacting to possibility US FED might roll back QE
- BOJ Board said to be split on measures to quell bond market volatility. Board said to be divided about whether to offer 2-year loans to banks (currently offers 1 year loans) and divided on J-REIT purchases.
- Japan Chief Cabinet Sec Suga stated that Japan would not accept Taiwan's proposal for 3-way talks over disputed islands
- Japan Govt Panel Draft Medium Term Fiscal plan in which it would pursue economic growth and fiscal consolidation simultaneously. It expected Japan to near 2% inflation in FY14 and make decision on raising sales tax during the fall. The panel reiterated seeking to halve primary balance deficit ratio by FY15
- India Economic Panel Advisor chief Ahluwalia commented that gold imports would be lower y/y in FY13/14
- India Fin Min Chidambaram commented that he would like to see banks lower lending rates, as real rates turn positive as inflation eases. He added that decline in INR currency (Rupee) was not a concern as foreign currency inflows remain strong
- World Gold Council (WGC): India gold duty to limit bullion supplies
- China Gold Assoc: Apr Gold Production at 33.0K metric tons; YTD at 122.9K metric tons, +12.2% y/y
- NHC: Tropical Storm Andrea update: Storm a touch stronger and heading towards Florida big bend

Currencies/Fixed Income:
- The USD was a touch on the defensive against the major pairs during the European morning ahead of the BOE and ECB rate decisions.
- The EUR/USD held above the 1.31 handle but dealers eyeing the 1.3170 as the key pivot pint for momentum. The EUR's direction would hinge on what ECB chief Draghi says at the press conference. Dealers will look for hints of potential future rate cuts. The ECB will also issue new staff projections.
- USD-JPY was looking vulnerable around 99.00 as the Nikkei closed in on 'bear market territory' after falling 0.9% in today's session. The pair again managed to find some footing below the 99 handle for the 3rd consecutive session

Political/In the Papers:
-(DE) German Fin Min Schaeuble: German GDP is mainly supported by domestic demand - comment from Berlin; Reiterates that monetary policy cannot be permanently overstretched.
- (DE) Germany regional states said to be threatening to block the fiscal pacts assuming they do not receive additional funding - press
-(IT) Italy PM Letta plans cabinet meeting for 1300 local time on Thursday for discussion of constitutional reforms; Govt will try to avoid raising VAT in July.
- (IT) Italy's Berlusconi (PDL): The govt needs to make economic decisions as it sees fit, regardless what other EU countries think - Italian press
- (US) Fed's Beige Book: Economy expanded at a "modest to moderate" pace except Dallas which reported strong economic growth (versus "moderate" pace prior); Hiring increased at a measured pace in several District
-(US) Fed's Fisher: Seeing the markets currently starting to discount the possibility of tapering QE; Would be disruptive to markets to abruptly halt bond purchases
-(JP) Japan Chief Cabinet Sec Suga: Yen depreciation generally good for economy; may not be good for some importers

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (EU) EU's Barroso with EU's Tajani
- G20 Finance Ministers and central bank dep gov meeting
- (IL) Israel May Foreign Currency Balance: No est v $77.1B prior
- (US) Retailers Report May Sales
- 06:00 (DE) Germany Apr Factory Orders M/M: -1.0%e v +2.2% prior; Y/Y: +0.9%e v -0.4% prior
- 06:00 (PT) Portugal Apr Industrial Sales M/M: No est v 7.7% prior; Y/Y: No est v -8.3% prior
- 06:00 (IE) Ireland May Live Register Monthly Change: No est v -0.1K prior; Unemployment Rate: No est v 14.0% prior
- 06:00 (PL) Poland to sell Bonds
- 06:00 (CZ) Czech Republic to sell 9-month Bills
- 06:30 (US) Daily Libor Fixings
- 06:45 (FI) Finland PM Katainen with Greece PM Samaras
- 07:00 (IT) Italy PM Letta in Rome at conference
- 07:00 (UK) Bank of England (BOE) Interest Rate Decision: Expected to leave both Interest Rates and Asset Purchase Target (APT) unchanged at 0.50% and 375b respectively
- 07:00 (ZA) South Africa Apr Electricity Production Y/Y: No est v -0.5% prior; Electricity Consumption Y/Y: No est v -3.0% prior
- 07:00 (RU) Russia Gold & Forex Reserve w/e May 31st: No est v $513.7B prior
- 07:00 (BR) Brazil May FGV Inflation IGP-DI: +0.2%e v -0.1% prior
- 07:30 (US) May Challenger Job Cuts: No est v 38.1K prior Y/Y: No est v -6.0% prior
- 07:30 (BR) Brazil Central Bank (COPOM) Monetary Policy Meeting Minutes
- 07:30 (US) Jun RBC Consumer Outlook Index: No est v 50.2 prior
- 07:45 (EU) ECB Interest Rate Decision: Expected to leave the main Refi Rate unchanged at 0.50%; Leave Deposit Rate unchanged at 0.00%
- 08:00 (US) Fed's Plosser Speaks on Economy in Boston
- 08:30 (US) Initial Jobless Claims: 345Ke v 354K prior; Continuing Claims: 2.974Me v 2.986M prior
- 08:30 (EU) ECB'S Draghi holds post rate decision press conference
- 08:30 (US) Net Export Sales
- 08:45 (CA) Bank of Canada Gov Poloz in Parliament
- 09:00 (DE) German Chancellor Merkel at construction event in Berlin
- 09:00 (MX) Mexico Mar Gross Fixed Investment: -4.5%e v +0.5% prior
- 09:00 (RO) Romania to sell Bonds
- 1000: (HU) Hungary May YTD Budget Balance (HUF): No est v -528.6B prior
- 10:00 (CA) Canada May Ivey Purchasing Managers Index Seasonally Adj: 56.0e v 52.2 prior; PMI Unadj: No est v 50.9 prior
- 10:30 (US) IMF's Rice press conference
- 10:30 (CH) Swiss Parliament committee debate on US tax agreement
- 10:30 (US) Weekly EIA Natural Gas Inventories
- 10:30 (MX) Mexico May Vehicle Production: No est v 238.8K prior; Vehicle Domestic Sales: No est v 83.5K prior; Vehicle Exports: No est v 185.5K prior
- 10:30 (BR) Brazil to Sell 2013, 2015 and 2017 Bills
- 11:00 (US) Treasury refunding announcement
- 12:00 (US) Q1 Net change in household wealth Q/Q: No est v $1.174T prior
- 12:00 (CO) Colombia Central Bank official Meisel
- 15:30 (CO) Colombia Central Bank official Uribe
- 17:00 (CO) Colombia Apr Exports: No est v $4.6B prior
- 19:00 (KR) South Korea Q1 Final GDP Q/Q: No est v 0.9% prelim; Y/Y: No est v 1.5% prelim

 

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