User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday September 2, 2014 - 10:26:11 GMT
Trade the News Staff -

Share This Story:
| | Email EU Market Update: Summer might be over but not the Euro currency downtrend

Tue, 02 Sep 2014 5:23 AM EST

- Support for Scottish independence gaining momentum ahead of the Sept 18th referendum
- Pending Japanese Cabinet reshuffle seen paving the way for GPIF pension reform (yen and Nikkei225 at 7-month highs)
- Swiss GDP misses expectations and come in flat QoQ
- Spain Aug Net Unemployment rises for the first time in six months but better than expected

***Key Economic Data in session***
- (CH) Swiss Q2 GDP Q/Q: 0.0% v 0.5%e; Y/Y: 0.6% v 1.6%e
- (RU) Russia Aug Sovereign Wealth Fund Balances: Reserve Fund: $91.7B v $86.6B prior; Wellbeing Fund: $85.3B v $86.5B prior
- (ES) Spain Aug Net Unemployment M/M: +8.1K v +21.8Ke (first rise in 6 months)
- (HU) Hungary Jun Final Trade Balance: 584.1M v 609.7M prior
- (EU) ECB 300M borrowed in overnight loan facility vs. 917.0M prior; 31.6B parked in deposit facility vs. 30.9B prior - Daily Eurosystem Liquidity Conditions
- (SW) Sweden Q2 Current Account Balance (SEK): 48.7B v 63.2B prior
- (UK) Aug Construction PMI: 64.0 v 61.5e; (16th month of expansion and highest since Jan)
- (EU) Euro Zone July PPI M/M: -0.1% v -0.1%e; Y/Y: -1.1% v -1.1%e

Fixed Income:
- (ZA) South Africa sold total ZAR1.35B in 2032, 2041 and 2044 Bonds
- (GR) Greece Debt Agency (PDMA) sold 1.1375B vs. 875M indicated in 26-week Bills; Avg Yield: 2.00% v 2.02% prior; Bid-to-cover: 2.50x v 3.03x prior
- (NO) Norway sold NOK2.0B vs. NOK2.0B indicated in 3% 2024 Bond; Yield: 2.27% v 2.35% prior; bid-to-cover: 2.26x
- (EU) ECB allotted 111.2B in 7-Day Main Refinancing Tender at fixed 0.15% vs. 113. 5B

Indices [Stoxx50 +0.7%,
FTSE 100 +0.3% at 6,844, DAX +0.9% at 9,562, CAC-40 +0.5% at 4,401, IBEX-35 +0.7% at 10,816, FTSE MIB +1.1% at 20,571, SMI +0.2% at 8,767, S&P 500 Futures +0.2% at 2005]

- Market Focal Points/Key Themes: European markets opened broadly higher following strength in Japanese markets on the back of news that PM Abe is likely to appoint LDP dep policy chief Yasuhisa Shiozaki as Health Minister. Shiozaki has been outspoken on GPIF pension reforms. Markets rallied further into the morning on hopes of an announcement of stimulus by the ECB at its meeting later this week. Miners lead the way higher after Australia reached an agreement to repeal the mining tax (MRRT). The macro data front was light as analyst recommendations dominated the tape. The Tuesday after the US Labor day holiday has traditionally signaled the end of summer (back to work) and is one of the heaviest days of the year for broker upgrades and downgrades.

By Sector
- Consumer Discretionary
[LUX.IT -0.9% (names new co-CEOs), EVD.DE +2.9% (upbeat FY15 outlook, named Olympics ticket provider)]
- Industrials [AF.FR +2.8% (sees lower FY mid-haul losses), VOW3.DE +1.3% (upgrade), WEIR.UK +2.8% (upgrade), FR.FR -0.4% (downgrade), SLOG.CH +1.8% (awarded order), EO.FR -1.7% downgrade), VK.FR +4.7% (upgrade)]
- Healthcare [NOBN.CH -0.6% (downgrade), NOVOB.DK -0.2% (To discontinue R&D into inflammatory disorders)]
- Technology [QPP.UK +6.4% (RAC JV restructuring), LR.FR +4.3% (upgrade)]
- Materials [AKZA.NL +0.6% (could buy Axalta from Carlyle), DRD.ZA -5.5% (below expected gold production)]

- French President office
stated that France's Hollande and ECB's Draghi agreed that weak growth and deflation were threats to the EU economy and needed to work together on demand in Europe
- Greece new Fin Min Hardouvelis said to be seeking to persuade its international creditors that country is entitled to a 2015 tax after years of austerity
- Senior Greece official stated that it would begin preliminary talks with EU and IMF inspectors this week in Paris with potential debt relief talks starting in Oct after Sept Troika review
- Italy Foreign Min Mogherini stated that a new Russian sanction package to be finalized on Wed, Sept 3rd with decision to be taken on Friday (**Reminder: On Aug 30th EU leaders requested the executive body prepare details on further Russia sanctions that could be imposed within a week unless Russia de-escalated the crisis in Ukraine)
- Russia Foreign Min Lavrov: Monday's Minsk meeting with Ukraine was the first talk on political settlement with separatists' rebels and might have marked shift towards compromise from demands
- Russia to have new military doctrine on security threats by end 2014 with the revised doctrine to include effort to reduce imports. Stated that upcoming NATO Summit to consider new bases in Eastern Europe
- Russia Foreign Policy aide Ushakov stated that Putin comment that Russia could 'take Kiev in 2 weeks' to EU's Barosso was taken out of context. The aide also reiterated the official view of no Russian troops inside Ukraine
- Germany Chemicals Industry (VCI) cut its 2014 outlook and now saw sales growth at 1.0% vs. 1.5% prior view. It saw a modest recovery in demand in 2H, unless geopolitical crisis worsens
- Bank of Korea (BOK) FX official Heon stated that it was closely monitoring the fast decline in the JPY currency against the KRW (won)

Currencies/Fixed Income:
- The Euro continued to remain under pressure after yesterday's August manufacturing PMI surveys throughout Europe showed weakness
. EUR/USD not far from fresh 12-month lows as the NY morning approached and was holding above the 1.31 level
- The USD/JPY hit a 7-month high just under the 105 handle after reports that Japan PM Abe to offer LDP dep policy chief Yasuhisa Shiozaki the Health Minister cabinet post. This had sparked hopes of early GPIF pension reform. Shiozaki has been the LDP's largest proponent of GPIF pension reform including diversification into more domestic equities and foreign securities and away from domestic bonds.
- The GBP currency was softer after a YouGov poll suggested that support for Scottish independence had risen eight points over the past month. Thus momentum for Scottish independence gaining support for the Sept 18th vote. Dealers also pointed out that significant GBP risk event could unfold as UK economic data also started to soften across the board. Sterling could not sustain any gains after Aug Construction PMI beat expectations. GBP/USD was at 1.6535 just ahead of the NY morning (lowest level since March).

Political/In the Papers:
- YouGov poll suggested support for Scottish independence had risen eight points over the past month. Poll found 47% of respondents would vote for independence vs 53% to vote no (ex undecided)
- (ES) Spain Debt Agency (Tesoro) sold 1.0B in 4% coupon 50-year bonds via private placement (**Note: First ever 50-year bond sale for Spain)
- (PL) On Aug 30th the EU Summit made some high level appointments. Poland premier Tusk to replace Herman Van Rompuy as the EU President (Poland ruling party would require new leader after Dec 1st)
- (CN) China press reporting big four banks in China had CNY125B in new loans during Aug 1st-28th, comparing to CNY210B in month of July. Deposit in big four banks said to have fallen CNY450B, comparing to fall of CNY1.5T in July. China big four banks continue to report disappointing lending data, after month of July China reported overall lending data well below expectations. Reminder earlier in the month, CICC speculated China Aug new loans at CNY600-700B, on stronger new loans from joint-stock banks.
- (JP) Japan PM Abe said to offer LDP dep policy chief Yasuhisa Shiozaki the Health Minister cabinet post; sparking hopes of early GPIF pension reform (**Note: USD/JPY at 7-month high above 104.50 and Nikkei225 re-approach its Jan highs)

**Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)
- (NL) ECB's Knot (Netherlands) Hofstad Lecuture in The Hague
- (IR) Iran meets P5+1 powers in NY
- (CA) Canada Arctic Economic Council begins 2-day Meeting
- (ID) Indonesia Aug Foreign Reserves: No est v $110.5B prior
- 05:30 (HU) Hungary Debt Agency (AKK) to sell 3-month Bills
- 05:30 (SE) Belgium Debt Agency to sell combined 2.5B in 3-Month and 12-Month Bills
- 05:30 (UK) DMO to sell new 2020 Gilts

- 06:45 (US) Daily Libor Fixing
- 07:00 (FI) Finland Parliament reconvenes after Summer Break
- 08:00 (BR) Brazil July Industrial Production M/M: +0.5%e v -1.4% prior; Y/Y: -3.7%e v -6.9% prior
- 08:15 (US) Baltic Dry Bulk Index
- 09:00 (BE) Belgium Q2 Final GDP Q/Q: No est v 0.1% prelim; Y/Y: No est v 1.0% prelim
- 09:00 (EU) Weekly ECB Forex Reserves
- 09:30 (SG) Singapore Aug Purchasing Managers Index: 51.0e v 51.5 prior; Electronics Sector Index: 51.89 v 52.4 prior
- 09:30 (CA) Canada Aug RBC Manufacturing PMI: No est v 54.3 prior
- 09:45 (US) Aug Final Markit Manufacturing PMI: 58.0e v 58.0 prelim
- 10:00 (US) Aug ISM Manufacturing: 57.0e v 57.1 prior; Prices Paid: 58.8e v 59.5 prior
- 10:00 (US) July Construction Spending M/M: +1.0%e v -1.8% prior
- 10:00 (US) Sept IBD/TIPP Economic Optimism: 45.5e v 44.5 prior

- 10:00 (DE) Denmark Aug Foreign Reserves (DKK): No est v 440.9B prior
- 10:00 (MX) Mexico Central Bank Economist Survey
- 10:00 (MX) Mexico Weekly International Reserves data
- 10:30 (UK) DMO to announce size of upcoming auctions
- 11:00 (US) Fed to purchase $2.0-2.50B in notes
- 11:30 (US) Treasury to sell 3-Month and 6-Month Bills
- 12:00 (IS) Iceland Q2 Current Account Balance (DKK): No est v -12B prior
- 16:00 (US) Crop Condition Report
- 17:00 (CO) Colombia July Exports: $4.8Be v $4.7B prior
- 19:01 (UK) Aug BRC Shop Price Index Y/Y: No est v -1.9% prior
- 21:00 (CN) China Aug Non-manufacturing PMI: No est v 54.2 prior
- 21:30 (AU) Australia Q2 GDP Q/Q: 0.4%e v 1.1% prior; Y/Y: 3.0%e v 3.5% prior

- 21:35 (JP) Japan Aug Services PMI: No est v 50.4 prior
- 21:45 (CN) China HSBC Aug Services PMI: No est v 50.0 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."

Actionable trading levels delivered to YOUR charts in real-time.

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 3 Dec 2018
A All Day Final Mfg PMIs
Tue 4 Dec 2018
A 04:30 AU- Reserve Bank Decision
Wed 5 Dec 2018
A All Day Final SVC PMIs
A 04:30 AU- CPI
A 13:15 US- ADP Jobs
A 13:30 US- Productivity
A 15:00 CA- Bank Of Canada Decision
A 15:30 US- EIA Crude
B 19:00 US- Beige Book
Thu 6 Dec 2018
AA 12:45 EZ- ECB Decision
AA 13:30 US/CA- Trade
A 13:30 US- Weekly Jobless
Fri 7 Dec 2018
A 10:00 EZ- GDP
AA 13:30 US/CA- Employment
A 15:00 US- Final Univ of Michigan

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.

Request a TRIAL of Max's Forex Service.


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

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 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 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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105