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Obama Names Next Treasury Secretary

info@fxknight.com (fxKnight.com) — Fri, 21 Nov 2008 21:35:32 GMT

Timothy F. Geithner has just been tapped by President-Elect Barack Obama to replace Henry Paulson as the next US Treasury Secretary. This announcement comes right on the heels of his appointment of his former rival, Senator Hillary Clinton, to be the next Secretary of State. Mr. Geithner is the 9th president of the New York Fed and Vice Chairman of the FOMC. He is a Senior Fellow in the international economics department of the Council on Foreign Relations, and has previously

The Trading Week: Nov. 24 - Nov. 28

trader@allthingsforex.com (AllThingsForex) — Fri, 21 Nov 2008 20:59:45 GMT

Nov. 21, 2008 (Allthingsforex.com) – The U.S. housing and economic growth data will take the center stage in the Thanksgiving holiday-shortened trading week ahead. In preparation for the new trading week, here is a quick look at the most important economic events that every currency trader should pay attention to. Monday, Nov. 24 will begin with the first spotlight event of the week- the German IFO Institute Business Climate and Expectations Index, an early indicator of

The week in few words

support@forexsurvivor.com (ForexSurvivor) — Fri, 21 Nov 2008 18:31:37 GMT

1 minute with ForexSurvivor A. (21 November US) Latest Impact: The week in few words This week was a no way to go with any dollar invested, no trend, no sustainable rallies, lots of false breaks, and high volatility, all of no more a concern – we adapted to the new environment of low volume that will last for many months. Next week highlights Thanksgiving Day and banking

Citigroup volatility makes for option day-traders heaven - financials remain pressured

info@interactivebrokers.com (Interactive Brokers LLC) — Fri, 21 Nov 2008 17:34:24 GMT

VIX – CBOE VIX Index – Proving that it’s hard to actually turn on a dime at least as far as investor sentiment goes a promising 20-point rally in the S&P 500 index has given way to an eight point loss. The earlier optimism vanished into thin-air and financial stocks remained under pressure. The VIX is lower by three points at 77.6 but no one is giving options away today at a discount. Remember, intraday swings like this earn the VIX its stripes and until we stop the samba-like moves,

Today's Live Show

trader@allthingsforex.com (AllThingsForex) — Fri, 21 Nov 2008 17:04:06 GMT

Forex traders, join the daily All Things Forex broadcast- a live one hour program covering Forex and major economic events, trend developments, research, analysis, ideas, education, live traders forum, interviews with some of the most respected names in the trading world, and much more.. In the broadcast today: Will next week's economic data bring further USD strength? We analyze recent trend developments, we discuss new forecast changes from UBS, and prepare for the trading week ahead. Live

Time for another rescue package

danskeresearch@danskebank.com (Danske Bank A/S) — Fri, 21 Nov 2008 15:45:52 GMT

The financial crisis continued to escalate in the past week. US equity markets have fallen to their lowest levels since 1997, credit spreads are widening and Emerging Markets are under renewed pressure. The latest problems started on 12 November, when US Treasury Secretary Hank Paul-son announced a change in how the remaining money from the USD 700bn TARP rescue package would be spent. Paulson stated that the Treasury would use the rest of the money (USD 400bn) to support the ailing Asset

Stock markets continue weakening

forex@fxstreet.com (FXstreet.com) — Fri, 21 Nov 2008 15:29:29 GMT

This past week we have seen inflation declining at a well sharper than expected pace in the United States aswell as in Canada. In the US Consumer prices posted the largest monthly drop in 61 years which has arisen concerns about deflation adding pressutre to the actual global crisis. In Switzerland, the Swiss National Bank approved a surprising 1.0% rate cut on Thursday, leaving the Libor Rate at 1%, while the Bank of Japan kept rates on Hold at 0.30% Stock indexes have declined for four days

ECB to ease aggressively - yields will fall further

danskeresearch@danskebank.com (Danske Bank A/S) — Fri, 21 Nov 2008 15:28:15 GMT

Latest market developments: Given the very bleak economic news lately, we have decided to revise our forecast for the ECB, which is now expected to ease more aggressively in the coming months (see Flash Comment Euroland: Very weak PMI should spur ECB to cut rates dramatically). This also means new esti-mates for long yields. Movements on the equity market often set the agenda for the fixed income market, and the combination of falling equity prices and bleak economic news has added extra

London Gold Market Report

info@bullionvault.com (BullionVault.com) — Fri, 21 Nov 2008 15:19:27 GMT

Gold Jumps to One-Month High, Third Weekly Gain, as New Coin Orders Refused Until January THE SPOT PRICE OF GOLD jumped to a one-month high at the US opening on Friday, heading for their third weekly gain on the trot as a rally in Asian stock markets failed to stick in Europe. US equity futures bounced hard after sinking to an 11-year Low on the S&P Index at Thursday's close. Crude oil dipped below $50 per barrel. "A weaker US Dollar and stronger crude stimulated buying interest in gold,"

Euroland: Very weak PMI should spur ECB to cut rates dramatically

danskeresearch@danskebank.com (Danske Bank A/S) — Fri, 21 Nov 2008 15:17:32 GMT

Overview: Yet again, flash PMI for Euroland fell unexpectedly sharply from the previous all time low, and our below-consensus estimate proved too optimistic. This is clearly worrying - the composite PMI is now signalling close to -0.4% growth q/q (-1.6% annualised). It is clear that Euroland is facing a recession that will last well into 2009.

Currency Currents

jcrooks@blackswantrading.com (Black Swan Capital) — Fri, 21 Nov 2008 14:50:59 GMT

Key News • S&P 500's Worst-Ever Year Leaves 64 Industries, 483 Companies With Losses (Bloomberg) • Putin Sparks Parlor Game on Whether He'll Oust Medvedev, Retake Presidency (Bloomberg) • Volcker Tells Baseball Owners He Foresees Extended Economic Slump in U.S. (Bloomberg) Quotable "The natural reaction to market breakdown is to add layers of protection and regulation. But trying to regulate a market entangled by complexity can lead to unintended consequences, compounding

Currencies also sidelined although some Yen crosses dipped below October's low

Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank) — Fri, 21 Nov 2008 14:39:46 GMT

Overview More investors and different markets are reacting to the ‘credit crunch’ and are beginning to really understand the ramifications of unwinding the ‘carry trade’. Central bankers are coming round to the fact that a ‘zero interest rate policy’ is probably warranted, maybe ‘quantitative easing’ as well, and in a surprise move Switzerland halved their target rate to 1.00% from 2.00%. The rush into Treasuries continues, the yield on three-month TBills dropping to just 1 basis point,

Currencies also sidelined although some Yen crosses dipped below October's low

Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank) — Fri, 21 Nov 2008 14:39:46 GMT

Power up!

info@alaron.com (Alaron) — Fri, 21 Nov 2008 14:21:46 GMT

Oil got caught up in a massive power struggle but not just the usual battle between the bulls and the bears but the power struggle that has broken out on Capitol Hill. The Democrats seem to be eating their own as they try to position themselves for a power grab of the power positions on the Hill. Things are getting so testy that instead of having red and blue states in this country I think we have red, navy blue and powder blue states. Yesterday the market seemed to get caught up in the drama

Rating cycle turning decisively negative

danskeresearch@danskebank.com (Danske Bank A/S) — Fri, 21 Nov 2008 14:08:47 GMT

As the global credit crisis has intensified, the credit rating agencies have changed their view on the central and eastern European countries' ratings in a decisively more negative direction. The rating cycle in CEE turned negative more than a year ago, but the negative ratings action has intensified in recent months as a number of CEE countries have been downgraded. Hardest hit are the countries that also have been the hardest hit by the global credit crisis: Ukraine, Hungary, Kazakhstan,

Sterling looks for relief

tim.clayton@investica.co.uk (Investica Ltd) — Fri, 21 Nov 2008 14:08:04 GMT

The UK currency was unable to regain the 1.50 level against the dollar on Thursday and weakened to lows below 1.48. Sterling also weakened to lows beyond 0.8450 against the Euro as confidence remained extremely fragile. There will still be strong expectations of a further Bank of England interest rate cut of at least 0.50% at the December meeting, especially with global central banks still looking to cut rates aggressively to alleviate the severe conditions. The strong downward trend in global

The drag on the real economy is enormous

hvbgroup@hvbgroup.com (HVB Group) — Fri, 21 Nov 2008 14:04:42 GMT

Contagion. What began as a US housing crisis and dragged the global financial sector into the abyss is increasingly wreaking havoc on the real economy. The industrialized countries are sliding ever deeper into recession. The first (unrelated) victim is the auto industry. The big three US automakers are on the verge of collapse (pages 4-7 & chart below). Crisis. Sales of the "Detroit Three" are plummeting, unwanted inventories soaring, and losses piling up. Their plight is, however, more

Crude oil received a great deal of attention yesterday

sam.bullard@wachovia.com (Wachovia) — Fri, 21 Nov 2008 14:04:08 GMT

U.S. equity markets traded sharply lower yesterday afternoon for the second day in a row, with the S&P 500 Index plunging to its lowest level in 11 years. Sentiment towards the broader global economy continued to deteriorate, giving the dollar strong support. Overnight; however, Asian and European markets managed to ignore the U.S. selloff and some actually advanced. With foreign equity markets flat to slightly higher, the yen is trading weaker against most of its trading partners from

Currency Majors Technical Analysis

forex@mataf.net (Mataf.net) — Fri, 21 Nov 2008 14:00:06 GMT

American Session EUR/USD - Euro Dollar 1,2584. EUR USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is high. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bearish configuration. The price should continue to move in 1,2430 / 1,2690 range. We won't take a position. Resistances 1,2620 - 1,2690 Supports 1,2485 - 1,2430 more information on EUR/USD - Euro Dollar Click Here GBP/USD - British Pound Dollar 1,4993. GBP USD broke 1,4890

Matsys D Trade Signals

info@fxwintrades.com (Fxwintrades) — Fri, 21 Nov 2008 13:46:54 GMT

Dollar Bulls Are Still in Control But for How Long?

analyst@fxstreet.com (FXstreet.com Independent Analyst) — Fri, 21 Nov 2008 13:44:46 GMT

Another week is finishing today, with Asian markets gaining overnight and European session trading mixed after earlier rumors that Citigroup is up for sale. The bank lost heavily this week with the stock price falling to 15 year low. Investors have lost their confidence in the bank and they already have priced in the worse which would be a bank failure and bankruptcy. However, after yesterday’s losses it was made known today the board of directors are meeting later to discuss options for the

Mid-Day Forex Technical Report - Dollar and Yen Continue to Retreat as Improved Sentiments

contact@actionforex.com (ActionForex.com) — Fri, 21 Nov 2008 13:12:58 GMT

Action Insight Mid-Day Report Dollar and Yen Continue to Retreat as Improved Sentiments Economic data takes a back seat again today as investors sentiment turned follow the speculations of Citigroup's sale. Asian stock markets shrugged off a lower open and rebounded strongly. The strength carried on to European markets which could pass on to the US markets too. Dollar and yen retreat from yesterday's rally following rebound in the stock markets. Though, from a short term point of view, the up

The US auto makers are in severe distress

danskeresearch@danskebank.com (Danske Bank A/S) — Fri, 21 Nov 2008 13:11:38 GMT

Despite relatively limited newsflow, the credit market has been extremely weak with spreads moving considerably wider. Also a number of CDSs on sovereigns have moved substantially wider, which illustrates the challenging technical situation in the market. The US auto makers are in severe distress and we are currently awaiting news on whether the Federal Government will provide aid to them. It has been a rough week for credit (and equity) investors even though the newsflow has been relatively

EURUSD: Break Out Of The Symmetrical Consolidation To Triangle Seen

m.isah@fxtechstrategy.com (FXTechstrategy) — Fri, 21 Nov 2008 12:05:06 GMT

HIGHLIGHTS: EURUSD: Break Out Of The Symmetrical Consolidation To Triangle Seen - While EUR remains trapped in its triangle pattern as well as the 1.2330 and 1.3298 levels, break out of the mentioned triangle continues to dominate the pair’s price action... USDCAD: Looks To Take Out The 1.3018 Level -Our call for a return to the 1.3018 level, representing its YTD high continues to pan out Thursday with further strength pushing the pair through the 1.2379 levels, its Oct 31’08 high and its Nov

USD Buoyed Again

info@swissetrade.com (Swiss e Trade AG) — Fri, 21 Nov 2008 11:32:41 GMT

After some minor downward correction yesterday, the dollar traded more strongly versus the major pairs during all of Asian trading, especially against the Swiss franc where a 100 basis points cut in interest rates weakened the CHF against the euro as well. The Greenback was given additional support by oil prices dropping below $50 / barrel. Short term in overbought condition now, the USD started a downward correction in early European trading, which might well continue in today’s trading

Is Ackman tinkering with Target's call options?

info@interactivebrokers.com (Interactive Brokers LLC) — Fri, 21 Nov 2008 11:24:55 GMT

Today's tickers: VIX, TGT, C, JPM, GE, HPQ, PRU & FDO VIX – CBOE VIX Index - Implied option volatility as measured by the VIX or so-called market fear gauge rose back to those uncomfortable levels associated with a complete evaporation of investor confidence. Fatigued by relentless selling, led by intense pressure on key financial stocks, option sellers raised premiums today boosting the value of the VIX close to 80 for a gain of 7%. Looking at some of the jumps in implied volatility at

Forex - Currency market remains nervous about $25 billion automakers request

support@ac-markets.com (ACM - Advanced Currency Markets) — Fri, 21 Nov 2008 11:20:29 GMT

Forex News and Events: The Dollar dropped against Yen on Thursday, pushed by Wall Street's plunge as fears of a worldwide downturn that was much deeper than initially thought made investors shift in the safer assets. Meanwhile, Dollar and Yen rose against the Euro and other high yielding currencies as investors sold risky assets such as stocks and commodities financed by loans denominated in the Dollar and the Japanese unit. Currency investors continued to track movements in the US stock

EUR/USD

fxquestions@forex-trends.com (Forex-Trends.com) — Fri, 21 Nov 2008 10:58:37 GMT

EURUSD is trying hard to be on the positive side, but every time there is no luck. And todays another attempt could be good opportunity for bears. To encourage the bulls price should firmly present itself above negative trend line. For a moment we are still in the negative territory.

US Dollar Shows Stability as Economy worries Grow

support@finotec.com (Finotec Group Inc.) — Fri, 21 Nov 2008 10:33:41 GMT

The greenback and yen rose against the euro and currencies of nations with high interest rates, like the Australian and New Zealand dollars, as investors sold risky assets such as stocks and commodities financed by loans denominated in the U.S. dollar and the Japanese unit. Currency investors continued to track movements in the U.S. stock market, with the S&P 500 index sliding to an 11-1/2 year. The Dollar is trading around the levels of 1.2540 against the Euro, around the levels of 95.05

The Beast

info@alaron.com (Alaron) — Fri, 21 Nov 2008 10:28:17 GMT

Japan: BoJ leaves interest rates unchanged

danskeresearch@danskebank.com (Danske Bank A/S) — Fri, 21 Nov 2008 10:13:35 GMT

The Bank of Japan (BoJ) as expected left its leading O/N target rate unchanged at 0.3% in a unanimous decision by its board members. In its statement the BoJ said that the economy has been increasingly sluggish. In addition it stressed the increasing downside risk due to both bleak outlook for he global economy and financial conditions in general. On the other hand, the BoJ believes that upside risk on prices has decreased.

CE forex markets calmer now, How long will it last?

piet.lammens@kbc.be (KBC Bank) — Fri, 21 Nov 2008 10:13:19 GMT

Headlines Currencies: CE forex markets calmer now. How long will it last? Fixed Income: CNB extends liquidity-providing repo operations to 3 months Currencies The Polish PM came short of back stepping from previously made declarations regarding the 2012 euro adoption date yesterday. Donald Tusk indicated that he was open for discussion (with the opposition) on the precise timeline, but reiterated that Jan 1 st. 2012 remained a fully realistic target. The meeting with the MPC and NBP board

Stop taken in short EUR/CHF - raise stop in long GBP/CAD

danskeresearch@danskebank.com (Danske Bank A/S) — Fri, 21 Nov 2008 10:10:57 GMT

- We recommended three FX strategies earlier this week, see FX Strategy: Go short EUR/USD, EUR/CHF - long GBP/CAD, 18 November - The stop has been met in our short EUR/CHF recommendation and we are taking a loss of 1.32% (including carry). - The CHF weakened after the SNB's surprising 100bp rate cut but it was not before early this morning the pair saw a short-lived spike, triggering our stop. - We still believe that EUR/CHF will adjust downwards but prefer to stay on the sidelines as long as

Base metals remain under pressure

piet.lammens@kbc.be (KBC Bank) — Fri, 21 Nov 2008 10:08:06 GMT

Headlines WTI slips below 50$/b level Lower gold price attracts interest

Asian Session - Slight Rally in Risky Assets

support@ac-markets.com (ACM - Advanced Currency Markets) — Fri, 21 Nov 2008 10:03:30 GMT

Market Brief The Usd was mixed in the Asian Session, as equities rallied and risk appetite increased. Markets are watching the potential divergence between Usd and stock markets. Yesterday, the S&P fell by more than 6%, while the EurUsd gained, just adding support to the divergence theory. For the last 4 months, the tight correlation has had significant effect on traders positioning and, should decoupling continue, it will leave markets without a perceived critical driver. In Asia, the

Currency Technical Report

trading@fxgreece.gr (FXGreece) — Fri, 21 Nov 2008 09:49:24 GMT

Resistance: 1,2560/ 1,2600-10/ 1,2650/ 1,2690-2710/ 1,2755/ 1,2800-10/ 1,2865/ 1,2930 Support : 1,2480/ 1,2430/ 1,2390-00/ 1,2330-50/ 1,2280 Comment : Euro’s consolidation continues and the outlook remains the same during November. The rise in the beginning of the Us session met bears at 1,2600, who led euro to the ranges of the consolidation. Bulls gained momentum in these level, as expected. There is nothing new to add to our previous analysis. The Bollinger Bands in the 4 hour chart are

Eurodollar Future – Dec 2008

Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank) — Fri, 21 Nov 2008 09:40:49 GMT

Comment: The message is sinking in and investors are moving out along the Treasury yield curve, benchmark thirty-year yields collapsing by 82 basis points in just 4 days and ten-year TNotes yielding just 175 basis points more than JGB’s, the narrowest since 1993. Three-month TBills yield 2 basis points and one wonders whether they could go to negative as they did in Switzerland years ago. Three-month Libor is 2.13% today and many now seem to be happy with a variety of currencies and maturities

Technical Summary for Majors

customerservices@windsorbrokersltd.com (Windsor Brokers Ltd) — Fri, 21 Nov 2008 09:39:38 GMT

EURUSD Remains poised for test of 1.2388, 13 Nov low, following decline from Wednesday's failure ahead of 1.2857, 13 Nov lower high. Meantime, a negative falling wedge drawn off 1.3300, 30 Oct recovery high unfolds, while losing 1.2329/1.2301 low may see acceleration to 1.2134 next. Back over Thursday's 1.2595 high to hint basing instead. Res: 1.2566, 1.2600, 1.2618, 1.2659 Sup: 1.2423, 1.2388, 1.2329, 1.2300 GBPUSD Bearish shooting star was left in the wake of decline from 1.5249, 19

The BOJ hold interest rates as expected steady at 0.3 % after rate decision today

info@varengold.de (Varengold Wertpapierhandelsbank AG) — Fri, 21 Nov 2008 09:23:43 GMT

Good morning from Hamburg. Yesterday crude oil prices dipped below 50 USD, which is the lowest level since May 2005. Euro zone prices may fall for one or two months next Year, but the region is not facing deflation, said ECB governing council member Mersch in an interview. Market review The BOJ hold interest rates as expected steady at 0.3 % after rate decision today. The USD/JPY edged up 0.3 % on USD demand from Japanese importers before the long weekend in Tokyo. Short –term speculators also

Recent Recommended Trades

cs@acetrader.com (AceTrader) — Fri, 21 Nov 2008 09:19:29 GMT

*************************************************** Update Time: 21 Nov 2008 08:00GMT INTRA-DAY EUR/CHF CROSS OUTLOOK - +1.5400+ Despite intra-day breach of 1.5366, current re- treat fm 1.5390 suggests consolidation below there wud be seen n 1.5321 must hold for prospect of an- other rise, abv said res wud extend to 1.5400 but loss of momentum wud cap price at 1.5424. Trade fm long side with stop as indicated, break wud signal top is possibly made, 1.5280/90...