User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday July 22, 2013 - 10:25:05 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

TradeTheNews.com EU Market Update: Quiet start to week ahead of key economic releases

TradeTheNews.com EU Market Update: Quiet start to week ahead of key economic releases
Mon, 22 Jul 2013 5:34 AM EST

***Notes/Observations***
- Japan PM Abe ruling coalition (LDP, Komeito parties) won an absolute majority in the upper-house and could make it; could make it easier for economic reforms to get passed
- China's interest rate action from Friday impact will be more symbolic than anything else (banks were already allowed to price loans up to 30% below the benchmark level
- Portugal's main political parties failed to reach a "national salvation pact"; President rules out snap elections
- G20 placed on growth over austerity but this has been a theme of the G20
- Taiwan Jun export orders dropped (-3.5% v +0.6%e)

***Economic Data***
- (JP) Japan Jun Supermarket Sales Y/Y: +2.7% v -1.2% prior
- (CH) SNB Sight Deposits for Week Ended July 19th (CHF): 322.4B v 323.8B prior
- (CH) Swiss Jun M3 Money Supply Y/Y: 11.6% v 9.7% prior
- (EU) ECB 18M borrowed in overnight loan facility vs. 17M prior; 76.4B parked in deposit facility vs. 82.9B prior - Daily Eurosystem Liquidity Conditions
- (NL) Netherlands Jun House Price Index M/M: -0.6% v -1.2% prior; Y/Y: -9.6 v -8.2% prior
- (TW) Taiwan Jun Export Orders Y/Y: -3.5% v +0.6%e
- (HK) Honk Kong Jun CPI Composite Index Y/Y: 4.1% v 4.1%e
- (EU) Eurozone Q1 Govt Debt to GDP Ratio: 92.2% vs. 90.6% q/q


Fixed Income:
- (DE) Germany sold 2.43B in 12-month BuBills; Avg Yield: 0.0513% v 0.1229% prior; Bid-to-cover: 1.9x v 1.88x prior

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

***Equities***
FTSE 100 +0.10% at 6,638
, DAX +0.30% at 8,353, CAC-40 +0.3% at 3,936, IBEX-35 +0.6% at 7,989, FTSE MIB +0.70% at 16,233, SMI +0.3% at 7,951, S&P 500 Futures +0.1% at 1,691

- Equity markets in Europe are broadly higher, led by Portugal's PSI, as the country's President rejected calls for snap elections. Gains have been seen across the European banking sector, led by Portuguese financials. Shares of UBS and Julius Baer have also outperformed on better than expected financial results. Resource related firms are mostly higher on analyst commentary and the gains in commodity prices. In terms of European corporate earnings, notable companies which have reported on today' session include UBS, Julius Baer and Philips. US companies due to report later today include Halliburton and McDonalds.

- UK Movers [Polymetal +4.5% (broker commentary), Fresnillo +3.5% (broker commentary), Randgold +3% (broker commentary), Mothercare +3% (speculation related to Royal baby), African Barrick Gold +2.5% (broker commentary), Essar Energy +2% (broker commentary); Hibu -20% (speculation related to debt restructuring)]
- Germany movers [IVG +25% (update on talks with lenders), Air Berlin +2% (labor agreement), RWE +1.5% (speculation related to additional cost cuts), Aixtron +1.5% (Q2 results from Philips); Prosieben -3% (broker commentary), Hochtief -2% (tracked declines in Leighton Holdings), SAP -1% (to revise CEO structure)]
- Switzerland movers [Julius Baer +5% (H1 results rose y/y), UBS +3% (guided Q2 results higher y/y)
- Italy movers [Risanamento +8% (offer for certain assets), Saipem +2.6% (broker commentary)]
- The Netherlands movers [Philips +3% (Q2 results above ests)]
- Belgium movers [Mobistar -30% (cut FY outlook, suspended dividend)]

Speakers:
- Italy's Regional Relations Min Del Rio
said the gov't was close to canceling the property tax, but the timing has yet to be decided. One of the main sticking points is whether the cancel the IMU payments due in Dec or only in 2014.
- ZEW economic research institute Survey: 1.2000 floor likely to be scrapped within two years
- SNB President Jordan: No intention to change or scrap the EUR/CHF floor at 1.20000; Would maintain policy for as long as necessary
- Japan PM Abe commented after the LDP election victory in the upper house that it must speed up policymaking even further and could not return to old LDP ways or otherwise lose trust. He reiterates to seek on concentrating on getting Japan out of deflation. He also stress to realize bold tax measures to spur CAPEX in Autumn Parliament session
- S&P commented on Japan: Coalition victory in upper house elections has no direct impact on sovereign ratings
- China Vice premier Zhang reiterated view to maintain prudent monetary policy and fine tune measure when necessary. China was committed to economic restructuring and quality of growth. Must ensure to complete economic development tasks in 2013
- China FX regulator SAFE commented that it was not seen any signs of capital flight. It noted that the market believed yuan currency rate was currently balanced. H2 capital flows will be in balance, weaker yuan rise expectations to hurt inflows.
- Australia Treasurer Bowen: there are some headwinds in global economy. To release economic statement before election and include PNG costing in it.
- India drops plans to issue soveriegn bonds abroad; To raise offshore debt via select companies
- Syria govt and opposition are said to be ready to hold peace talks

Currencies/Fixed Income:
Quiet start to the week in FX.
- The EUR/USD was slightly firmer but dealers noted that upside could be limited upon political uncertainty in Portugal after the government was unable to reach an agreement on the salvation deal but the coalition was still expected to remain intact and continue with its bailout reforms. The 1.3200 area remained key technical resistance for the time being
- The USD/JPY hovered around the parity level as-expected LDP Upper House election victory
The Portugal 10-year gov't yield lower in session by almost 25bps to 6.57% after Portugal President Cavaco Silva stated on Sunday that Govt had parliamentary majority and should remain in office despite the failure to sign any national salvation agreement

Political/In the Papers:
-(EU) ECB's Weidmann (Germany): not yet time for Europe to exit from its expansive monetary policy; global central banks will probably exit easy monetary policy at different times; Germany's economic growth will be strong in Q2, a little more moderate in Q3.
- (EU) ECB's Constancio: Comfortable with market behavior with regard to ECB guidance; not expecting the US Fed exit from stimulus to create problems; Communication would be adjusted before increase in rates
-(EU) ECB's Noyer: Market reaction seen following the discussions of the US QE 'taper' were unjustified; ECB guidance will be in conjunction with forecast, forecast is for low rates for a certain period
- (G20) Communiqu: nations agree to focus on strengthening growth and creating jobs
-(EU) Euro zone residential property prices decline to 7-yr lows - FT; Ireland house prices at lowest level since 2011, Spain since 2003.
-(PT) Portugal opposition Socialist party leader Seguro: Social democrats party blocked the salvation agreement; socialists are fighting to preserve pensions; Talks will not continue with the coalition at this time; major obstacles included the 4.7B in planned spending cuts.
- (PT) Portugal President Cavaco Silva: Rejecting calls for snap elections.
-(UK) Economists expect that Q2 GDP grew by about 0.6% v 0.3% prior - London Telegraph
- (UK) According to Ernst & Young, Q2 profit warnings by UK firms declined - London Telegraph
- (US) According to US financial press poll, economists have lowered their view for Q2 annualized GDP growth to about 1.5% from 1.9% prior
-(CN) China PBOC advisor Song: central bank unlikely to make dramatic policy changes, will focus on fine tuning; removing lending rate floor this week was a "very cautious" policy step toward loosening; Removing the lending rate floor is a "reflection that policy makers are a bit concerned about growth."
-(CN) China Fin Min Lou Jiwei: Clarifies he still expects China 2013 GDP at 7.5% - financial press
-(CN) China banks end-June net forex purchase position at CNY27.4T, -CNY41.2B m/m - financial press; June net forex sales CNY41.2B (First net sale since Nov); The net fx sales could indicate that China had capital outflows in June, as fx purchases are sometimes used to sterilize inflows.
-(CN) PBoC reform on lending rate may have great impact on city banks; may drive bank margin down; banks could have to raise up to $100B in the next 2 years - Chinascope
-(CN) China is expected to issue program to curb environment pollution by last July or early August - Chinese press
- (CN) Some analysts believe the trend which China's GDP deflator could suggest the economy is moving towards deflation - Telegraph's Ambrose Evan's Pritchard

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (AR) Argentina July Consumer Confidence Index: No est v 44.49 prior
- (MX) Mexico Banamex Survey of Economists
- (BR) Brazil Govt to announce budget cuts
- 06:00 (IL) Israel to sell Bonds
- 06:30 (US) Daily Libor Fixing
- 07:30 (BR) Brazil Central Bank Weekly Economists Survey
- 08:00 (RO) Romania to sell RON300M in Bonds
- 08:30 (US) Jun Chicago Fed Nat Activity Index: 0.0e v -0.3 prior
- 08:50 (FR) France Debt Agency to sell combined 7.7B in 3-month, 6-month and 12-month Bills
- 09:00 (DE) German Chancellor Merkel holds Election Rally in Baltic Town of Zingst
- 09:00 (MX) Mexico May Retail Sales: 1.0%e v 2.5% prior
- 09:30 (BR) Brazil Jun Tax Collections (BRL): 86.1Be v 87.9B prior
- 09:30 (EU) ECB calls for bids in 7-Day Main Refinancing Tender
- 09:30 (EU) ECB announces prior settlements in SMP program to offset bond purchases
- 10:00 (US) Jun Existing Home Sale: 5.25Me v 5.18M prior
- 11:00 (DE) German Chancellor Merkel holds Election Rally on Baltic Island of Usedom
- 11:00 (EU) EU meets Foreign Ministers from 6 Eastern Countries
- 11:00 (US) Fed to purchase $1.25-1.75B in Notes
- 11:30 (US) Treasury to sell combined $55B in 3-Month and 6-Month Bills
- 13:00 (DE) German Chancellor holds Election Rally on Baltic Island of Ruegen

 

 

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