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Wednesday September 12, 2007 - 18:43:04 GMT
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Forex market News - Trade the News - U.S. Market Update

U.S. Market Update   10:44 EDT

Dow -3 S&P -1 NASDAQ -5

- U.S. equity markets opened a little lower but have made a run at positive territory despite higher oil prices. The front month crude contract has made new all-time highs briefly trading above $79 following weekly inventory data from the DOE. Oil names are making little headway though. Airline names have moved noticeably lower after DOE crude inventories showed a draw of some 7M barrels and tropical activity heats up in the Gulf. CAL -2.2% AMR -2.4% LCC -4% NWA -2.5%. Amgen and JNJ are feeling healthy after getting good news from the FDA regarding anemia drugs. CRDC has added 21% after receiving a European CE mark for their C-Port flex system. RIMM has added $2.50 to its stock prices following positive comments at TD Newcrest before the open. Steel names have been weighing on the S&P after Nucor lowered guidance before the open. NUE -1% STLD -2.2% X -2% Texas instruments is off of its worst levels but still down 1% after a somewhat disappointing mid-Q update. Treasury yields have been trying to inch higher. The benchmark is approaching 4.4% for the first time since blowing through that level post Friday's jobs data. December gold looks to be attempting to consolidate recent gains around the $715 level.

- The USD has been weaker against the major European pairs and commodity-related pairs. The EUR/USD hits its best level since its 1999 launch at it broke above the 1.3850 level during the European session. Overall the US Dollar Index hit fresh 15- year lows below 79.45. GBP/USD tested 2.0366, but off its best level on EUR/GBP flows. USD/CHF tested its Aug lows of 1.1820 before consolidating in the latter NY morning. USD/JPY maintained its recent range of 113.70 to 114.30-40 with large UK clearers and talk of Far Eastern names keeping the currency range bound in the session. The CAD was firm against the major pairs as higher commodity prices and hawkish comments from BOC's Dodge helped the USD/CAD to break below 1.04. Dodge noted that there was no risk that recent market turmoil would distract the central bank from its inflation target. Dodge also added that the Canadian banking sector is well placed to handle credit market adjustment. Lastly the US economy is weaker and Canada's is stronger since July. CAD also aided by the Nymex Front month crude futures hitting all-time highs above $78.90 level. AUD/USD was also firmer by 60 pips, dealing at .8380 level. European bourses moved into positive territory late in the session as it followed the US equity markets. The DAX is flat at 7545, CAC up 0.3% to 5495 and the FTSE up 0.2% at 6290. European fixed income futures were lower as Dec Bunds were at 114.50 (off 25 ticks) and Dec Gilts unchanged at 107.99

 

 

 

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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.

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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."



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12:30 US- Housing Starts & Permits
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  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



John M. Bland, MBA
co-founding Partner, Global-View.com

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