FXstreet.com: Fundamental: Fundamental Analysis Reports

US Session News Summary

support@ecpulse.com (ecPulse.com) — Fri, 20 Nov 2009 21:13:42 GMT

US Stock Market The U.S stocks end this week closing in red despite the current gains in health-care and consumer shares as fears are spread throughout overall markets concerning a global recovery while that huge U.S huge high-tech corporation; Dell Inc, posted its earnings that came in worse than forecasts, reporting EPS of $0.23 a share down from $0.27 reported in the prior quarter. The Dow Jones Industrial Average index shed 14.28 points or 0.14% to close at 10318.16, The

Different Pace, Different Shape

sam.bullard@wachovia.com (Wells Fargo Investments, LLC) — Fri, 20 Nov 2009 19:37:07 GMT

U.S. Review Economic Recovery: Different Pace, Different Shape The leading economic index signals modest growth will continue into next year. Yet, the pace of that growth is consistent with a below-average recovery compared to the first year of prior recoveries as well as a possible longer-term downshift in trend growth. Housing starts were clearly disappointing to the “V”-shaped recovery crowd. “Core” retail sales are up modestly compared to the first year of the 2002 recovery, and the

Energy sector option player predicts slippage with butterfly combo

info@interactivebrokers.com (Interactive Brokers LLC) — Fri, 20 Nov 2009 18:15:00 GMT

XLE – Energy Select Sector SPDR – The exchange-traded fund, which mirrors the performance of the Energy Select Sector of the S&P 500 Index, popped up on our ‘most active by options volume’ market scanner after a butterfly spread unfurled its wings in the December contract. Shares of the XLE are off 1.5% to stand at the current price of $56.30. The spread indicates one bearish investor expects shares of the fund to gravitate lower by expiration next month. The trader established the

Squaring positions

danskeresearch@danskebank.com (Danske Bank A/S) — Fri, 20 Nov 2009 16:50:15 GMT

Global update Year-end position squaring is widening sovereign spreads in peripheral Euroland countries. In combination with the abundance of liquidity this is driving short bond yields to very low levels. OECD has revised up its 2010 outlook. US October data have been mixed, but with important signs of more progress among consumers. Unusually bad weather has probably had some temporary negative impact. In summary data continue to point to a solid Q4. Japan published very strong Q3 GDP growth

European Central Bank Jean-Claude Trichet Gradually Exits Stimulus

support@ecpulse.com (ecPulse.com) — Fri, 20 Nov 2009 14:15:51 GMT

As the end of the week is here, we see that ECB President, Jean-Claude Trichet, once again states that the central bank is going to exit the stimulus programs gradually before it triggers inflation on the long run, and this factor is faced by other central banks around the world. The central bank said that it is not going to continue its 12-month loans, after the third time in December; while the central bank council member stated that the bank is going to provide lower three and six

London Gold Market Report

info@bullionvault.com (BullionVault.com) — Fri, 20 Nov 2009 14:02:50 GMT

Gold Hits New UK High, Threat of Rising Rates Only for "Jokers & Smokers" Says Bond-King Bill Gross THE PRICE OF GOLD slipped for the second day running for Dollar investors early in London on Friday, nearing the weekend 1.7% above last week's finish as commodities fell, government bonds rose, and world stock markets dropped. Gold priced in British Pounds hit a new all-time record at the AM Gold Fix of £690.83 per ounce. Agreed as a clearing and benchmark price twice each day, the Fix has

Markets Set for Bearish Wave as Dell Earnings Fail to Meet Expectations; Trichet Signals ECB Will Withdraw Cash from Markets

support@ecpulse.com (ecPulse.com) — Fri, 20 Nov 2009 13:43:43 GMT

The U.S. economy lacks economic fundamentals today, however, we still should expect a hectic day for stock markets; Dell Inc reported earnings that failed to meet expectations and accordingly stock future indexes dropped ahead of the U.S. session; meanwhile, the U.S. dollar gained momentum against majors after ECB Chairman, Trichet, signaled that the ECB will start to gradually withdraw liquidity from markets. The ECB is rather known for its conservative approach when it comes to the monetary

Trichet comments spur risk aversion rally

info@interactivebrokers.com (Interactive Brokers LLC) — Fri, 20 Nov 2009 13:27:41 GMT

The ECB’s omnipresent desire to avoid the pitfalls of inflation caused by excessive money growth caused its president, Jean Claude Trichet to serve up a warning earlier this morning that it must pursue an exit strategy. His words, while not exactly new, turned a mediocre equity market recovery on its head and have caused a surge in the value of the dollar at the prospect of a further amelioration of growth. The euro tumbled half a penny to $1.4808 while dollar gains are evident across the

Czech Republic

danskeresearch@danskebank.com (Danske Bank A/S) — Fri, 20 Nov 2009 13:22:35 GMT

In the following we present an updated outlook on the Czech economy given the latest economic releases for September and October. The Czech economy has begun to recover following the sharp economic downturn due to the collapse of foreign demand for Czech exports and the plunge in investments. Economic activity dropped significantly in Q1 and Q2 this year, but we believe the worst is now over and the Czech economy should recover in the coming quarters, albeit gradually. We expect GDP to

Rising inflation rates once again, but no inflationary pressure at all!

communication@unicreditgroup.eu (UniCredit Group) — Fri, 20 Nov 2009 13:10:34 GMT

Passé. The deep global recession in conjunction with the free fall in oil prices last year sent inflation plunging and has even seen inflation rates slide into negative territory. The deflationary intermezzo is, however, now over (pages 3-5 & 6-8). EMU. As early as the turn of this year, consumer price inflation should spike again to 1%. But the sole reasons for this are the again rising oil price and the reversal of the once so beneficial base effect of the oil price decline. This does

Greece releases its final 2010 budget

sales@tradethenews.com (TradeTheNews.com) — Fri, 20 Nov 2009 11:34:52 GMT

European Market Update: Greece releases its final 2010 budget; Capital flows controls continue to simmer ECONOMIC DATA - (GE) German Oct Producer Prices M/M: 0.0% v 0.1%e; Y/Y: -7.6% v -7.5%e - (JP) Japan Oct Convenience Store Sales: -5.5 v -5.6% prior - (TT) Taiwan Q3 Current Account Balance: $8.6B v $8.5Be - (DE) Denmark Nov Consumer Confidence Indicator: -2.4 v 0.3e - (NV) Netherlands Nov Consumer Confidence: -14 v -17e - (IT) Italy Sept Industrial Orders M/M: 5.2% v 5.0%e; Y/Y: -20.4% v

In November, the eurozone inflation rate will turn again positive

communication@unicreditgroup.eu (UniCredit Group) — Fri, 20 Nov 2009 11:27:56 GMT

We finalize today our eurozone inflation forecasts for November. Next Friday, with the German data already available, we will refine our call, if needed. In November, the eurozone inflation rate will turn again positive. We confirm our estimate of +0.5% yoy (+0.4% yoy on the extobacco index), and see broadly balanced risks to this forecast. The flash estimate is due on November 30. The rise in the inflation rate will be entirely an energy story. We think energy prices will be up around 1.5%

GoldCore Update: Gold and Silver Set For Parabolic Move Like 1970s?

info@goldcore.com (GoldCore) — Fri, 20 Nov 2009 11:13:04 GMT

Gold Gold was unchanged yesterday and remained near record nominal highs as equities fell and the dollar staged a moderate rally. Gold appears to be attempting to consolidate at these higher levels and the unchanged close will encourage the bulls and support is now at $1,130/oz. Gold has moved back up to $1,144.70/oz and remains near record nominal highs in euro and sterling - €770/oz and £690/oz. It is interesting to note that while government mints are working flat out to provide investors

US: Philly Fed surprised on the upside in November

piet.lammens@kbc.be (KBC Bank) — Fri, 20 Nov 2009 09:28:40 GMT

In November, the Philly Fed manufacturing index surprised on the upside of expectations rising from 11.5 to 16.7, while the consensus was looking for a figure of 12.2. The breakdown shows that both new orders (14.8 from 6.2) and shipments (15.7 from 3.3) rose significantly in November. Also inventories (-17.3 from -31.8), number of employees (-0.5 from -6.8) and average workweek (2.0 from -4.7) improved, while unfilled orders and delivery time deteriorated somewhat. Prices paid dropped from

We mention only a speech of ECB Weber on "after the crisis"

piet.lammens@kbc.be (KBC Bank) — Fri, 20 Nov 2009 08:42:49 GMT

Markets: Fixed Income On Friday, Global bonds profited from a correction in equity markets, but only cautiously though. Gains were indeed modest, as yield changes illustrate. US yields fell by 2-to-4 basis points, the short end favoured because of the equity losses. In EMU, German yields were down around 1.5-to-2 basis points. Indeed, technicals (resistances 119-29 T-Note future and 122.44 Bund future), stronger data and the fact that equities plunged sharply after the US opening, but steadied

Bank of Japan upgrades view on economy, sending JGB yields higher

sales@tradethenews.com (TradeTheNews.com) — Fri, 20 Nov 2009 08:01:19 GMT

Asian Market Update: Bank of Japan upgrades view on economy, sending JGB yields higher; PBOC governor notes manufacturing overcapacity, not concerned over USD levels ECONOMIC DATA - (NZ) New Zealand Oct Credit Card spending M/M: 0.2% v -1.0% prior; Y/Y: -0.4% v -2.3% prior - (TH) Thailand Oct Trade Balance: $1.8B v $1.5B; Exports: -3.0% v -5.0%e; Imports: -17.5% v -16.5%e - (JP) Bank of Japan leaves interest rates unchanged at 0.10% SPEAKERS/PRESS - Asian equity markets are trading lower in

The End of Panic

info@alaron.com (Alaron) — Fri, 20 Nov 2009 07:12:01 GMT

Have you been worried about the dramatic drop in the dollar? Are you worried that the dollar is falling because of our ballooning deficit or the fact that this country is printing money like there is no tomorrow? Well if the Fed is not worried maybe you shouldn’t be either. Panic time is over! The President of the Philadelphia Fed, Charles Plosser, says the drop in the dollar reflects the end of panic. In fact he even says its drop in value should not be a surprise and was even expected. Well

Cash on the Sidelines?---Don't Believe It

info@comstockfunds.com (Comstock Partners Inc.) — Fri, 20 Nov 2009 07:05:30 GMT

When making our bearish case for stocks we're amazed at how often our audience brings up the old "cash on the sidelines" argument as a reason to doubt that the current rally can tank. We have been in this business for a while and don't remember a time when this fairy tale wasn't trotted out as a reason to be super bullish. In fact we don't recall any point where observers ever said that the market was going down because there was not enough cash on the sidelines. A relatively recent example

Bank of Japan leaves rates steady and says that the economy is "recovery"

support@ecpulse.com (ecPulse.com) — Fri, 20 Nov 2009 06:57:50 GMT

The Bank of Japan held interest rates steady at 0.1% today for the eleventh consecutive time, meeting markets' expectations. While at the same time the bank upgraded their assessment to the economy, as the economy is said to be "recovering" from the worst post-war crisis. The BoJ referred this progress to the provided monetary easing and stimulus packages from the bank and the government that managed to support the economy. In the accompanying statement, policy makers noted that economic

Option trader prescribes bullish risk reversal on CVS

info@interactivebrokers.com (Interactive Brokers LLC) — Fri, 20 Nov 2009 06:34:38 GMT

CVS - CVS Caremark Corp. – Shares of the pharmacy retail chain are up 1.5% to $31.11 perhaps due, in part, to the ‘buy’ rating it received at UBS today. Optimistic options activity took place in the December contract as one investor initiated a bullish risk reversal. It appears the trader sold 4,400 puts at the December 31 strike for an average premium of 94 cents apiece in order to finance the purchase of the same number of calls at the higher December 32 strike for 63 cents each. The

The EMEA FX markets were on the soft side on Thursday

danskeresearch@danskebank.com (Danske Bank A/S) — Fri, 20 Nov 2009 06:17:18 GMT

Review Polish industrial production in October came out better than expected when it fell by just 1.2% y/y in October, which was much less than we and the consensus expected. October’s industrial production numbers consequently confirmed continued recovery in the Polish manufacturing sector. The Czech central bank board member, the Vice Governor Miroslav Singer, who voted for further reduction in interest rates at the last two monetary policy setting meetings, said on Thursday that

Leading Index – Underscores U.S. Economy Will Continue to Grow

webmaster@ntrs.com (Northern Trust) — Thu, 19 Nov 2009 22:06:56 GMT

Leading Index – Underscores U.S. Economy Will Continue to Grow The Conference Board’s Index of Leading Economic Indicators rose 0.3% in October, after a 1.0% increase in the prior month. On a year-to-year basis, the leading index moved up 4.7% in the fourth quarter of 2009 (based on October data). The year-to-year change in the leading index has held in the positive territory for two consecutive quarters. Historical record of the leading index supports expectations of continued growth of real

US Session News Summary

support@ecpulse.com (ecPulse.com) — Thu, 19 Nov 2009 21:11:27 GMT

Canada Wholesales inclined The Canadian economy released its Wholesales sales report, which inclined in the month of September to 0.2% from the previous -1.4% which was revised to -1.5%, beating markets expectations of 0.1%. Canada Leading Indicator The Canadian economy released its leading indicator for the month of October coming in lower than the previous 1.1% which got revised to 1.2%, to reach 0.7% in line with markets expectations. US Initial Jobless Claims US released its Initial

GAO report boosts fortunes of credit card companies – options fly

info@interactivebrokers.com (Interactive Brokers LLC) — Thu, 19 Nov 2009 18:12:26 GMT

ETFC – E*Trade Financial Corp. – A bearish risk reversal in the January 2011 contract on E*Trade today indicates long-term pessimistic sentiment on the online brokerage firm. ETFC’s shares were down this morning, but rebounded by noon (EDT) to stand 2% higher at $1.72. One bearish investor established a risk reversal by selling 10,000 calls at the January 2011 2.5 strike for 30 cents premium apiece, spread against the purchase of 10,000 puts at the same strike for 1.14 each. The net cost of

Fed officials see logical dollar trade off

info@interactivebrokers.com (Interactive Brokers LLC) — Thu, 19 Nov 2009 14:27:22 GMT

Overnight comments in Asia from two Fed officials served to expand upon Monday’s keynote speech at the Economic Club of New York in which chairman Bernanke discussed the falling dollar. Dallas Fed president, Richard Fisher noted that the value of the dollar was but one of the inputs when setting policy and that a gradual decline was not likely to lead to inflationary pressures. His fear for a sub-3% growth rate next year was compounded by a more optimistic OECD assessment for global growth,

London Gold Market Report

info@bullionvault.com (BullionVault.com) — Thu, 19 Nov 2009 14:18:03 GMT

Gold Dip "Offers Buying Opportunity" as Zero Rates Seen Until End-2010 THE PRICE OF GOLD slipped early Thursday in London, losing almost 2% from yesterday's new Dollar record as global stock markets also fell despite a report from the OECD which doubled 2010 growth forecasts for the world's richest economies. The US Dollar rose sharply on the forex market, but the drop in gold outpaced the drop in non-Dollar currencies, helping the gold price in Sterling retreat 1.1% from Wednesday's 9-month

More Data from the U.S. Economy Should Signal Recovery is Undergoing

support@ecpulse.com (ecPulse.com) — Thu, 19 Nov 2009 13:26:58 GMT

The U.S. economy continues to show more mixed signals, as activity is yet to be fully restored in the world’s largest economy, where several sectors continue to show signs of stabilization, and accordingly sectors are still showing that the recovery will be bumpy. Meanwhile, more data will be released today from the United States, and expectations signal that recovery is still undergoing in most economic sectors. The U.S. Labor Department will release the weekly initial jobless claims for the

GoldCore Update: Gold Back Near Record Nominal Highs in EUR and GBP

info@goldcore.com (GoldCore) — Thu, 19 Nov 2009 12:06:36 GMT

Gold Gold reached new record nominal highs in dollars yesterday and reached $1,146/oz overnight and has since pulled back slightly. Gold is currently trading at $1,136/oz. In EUR and GBP terms it is trading at €764/oz and £680/oz respectively. The poor housing data from the US and President Obama’s warning regarding the surging US public debt led to falls in equities, bonds and the dollar yesterday as gold reached new record nominal highs at over $1,150/oz. Importantly and significantly, gold

Concerns over capital flows reverberate around the markets

sales@tradethenews.com (TradeTheNews.com) — Thu, 19 Nov 2009 11:31:52 GMT

European Market Update: Concerns over capital flows reverberate around the markets; OECD raises its 2010 GDP forecast to +1.9% from +0.7% prior view from June ECONOMIC DATA - (RU) Russian Gold & Forex Reserves w/e Nov 13: $441.7B v $433.9B prior - (SZ) Swiss Oct Trade Balance: CHF2.5B v CHF1.91B prior; Exports M/M: 0.1% v -1.9% prior; Imports M/M: 0.6% v 3.2% prior - (SZ) Sweden Oct Unemployment Rate: 8.1% v 8.4%e - (NV) Netherlands Unemployment Rate: 5.2% v 5.3%e - (IT) Italian Sept Total

UK retail sales beat estimates while budget deficit worsens

support@ecpulse.com (ecPulse.com) — Thu, 19 Nov 2009 11:06:25 GMT

Britons are finally taking advantage of discounted merchandise, where they boosted retail sales. Today, we saw UK retail sales, on an annual basis, climbe to a 17-month high, while government budget deficits continue to be affected from the ongoing recession. The Office for National Statistics released retail sales for October at 0.4% inline with revision, yet worse than the expected 0.5%; while yearly they rose to 3.4%, higher than the revised prior reading of 2.9% from 2.4% and higher than

Services: the great reform

estudios@lacaixa.es (La Caixa) — Thu, 19 Nov 2009 11:04:07 GMT

The hullaballoo caused by indicators and news on the economic crisis prevents us from hearing a murmur that is faint but will nonetheless play a vital role in how the economy evolves over the next few years. This murmur is caused by the reform of services, a sector that contains around two thirds of the value added of developed economies. At the end of 2006, and after a long, complex negotiation, the European Parliament and the Council passed the Services or Bolkestein Directive, named after

Europe Ahead: UK's Retail Sales are expected to rise in October

support@ecpulse.com (ecPulse.com) — Thu, 19 Nov 2009 08:52:21 GMT

The British economy showed improvement in the previous period, more specifically starting from the second quarter, but still there are some signs showing that the economy may suffer to escape the recession. The pace of contraction eased in the second quarter to 0.6% then 0.4% in the third quarter which is considered a progress compare with the 2.4% contraction witnessed in the first 3 months of the year. However, the economy failed to emerge from recession like other major economies which

US: Housing starts and permits drop for the second straight month

piet.lammens@kbc.be (KBC Bank) — Thu, 19 Nov 2009 11:52:07 GMT

In October, both US housing starts and permits dropped for the second consecutive month, while the consensus was looking for a slight increase. Housing starts fell by a sharp 10.6% M/M from an upwardly revised 592 000 to 529 000, while a figure of 600 000 was expected. The decline was led by multi-family starts (-36.4% M/M), but also the less volatile single family starts dropped (-6.8% M/M). Building permits dropped by 4.0% M/M in October, from a revised 575 000 to 552 000, while an outcome

The decline in headline prices eases

e.economicos@bbva.bancomer.com (BBVA Bancomer) — Thu, 19 Nov 2009 08:16:08 GMT

Rising energy prices contribute 1pp to headline inflation Downward pressures on core inflation remain prevalent Prices of new and used vehicles support core inflation Core inflation remains stable Headline inflation rose 0.3% in October, following a 0.2% increase in September. The difference is credited to stronger growth in energy prices, which rose 1.5%, compared to 0.6% in the previous month. Rising prices of both household energy and gasoline contributed equally to the increase. Food

The short end saw its yields even somewhat lower in a daily perspective

piet.lammens@kbc.be (KBC Bank) — Thu, 19 Nov 2009 11:44:53 GMT

Markets: Fixed Income On Wednesday, European bonds traded essentially sideways, closing nearly unchanged. US Treasury trading was dominated by curve positioning and the presence of technical resistance (119-29 T-Note future), leaving the curve steeper in the close, unwinding part of the flattening that took place in previous days. US 2-year yields dropped 1.6 basis points, while 5-year yields were up 2.7 basis points and the 10- & 30-year yields increased 4 basis points. Intra-EMU yield

Singapore officials see 3-5% GDP recovery in 2010, higher inflation

sales@tradethenews.com (TradeTheNews.com) — Thu, 19 Nov 2009 07:24:07 GMT

Asian Market Update: Singapore officials see 3-5% GDP recovery in 2010, higher inflation; Korea outperforms again as Fin Min sees upside in growth; AUD falls to 2-week lows on risk aversion, RBA uncertainty ECONOMIC DATA - (SI) Singapore Q3 Final GDP q/q: 14.2% v 14.0%e; Y/Y: 0.6% v 0.5%e - (AU) RBA FX Transactions: A$307B v A$830M prior - (AU) Australia Aug Average weekly wages q/q: 0.9% v 1.2% prior; Y/Y: 5.2% v 6.1% prior - (JP) Japan Sept All Industry activity index: -0.6% v 0.0%e (first

The Turkish rate decision later today is the key event of the day

danskeresearch@danskebank.com (Danske Bank A/S) — Thu, 19 Nov 2009 06:35:28 GMT

Review Polish wages grew by only 2.0% y/y, much less than expected. Such weak wage growth further limits private consumption, thereby negatively affecting growth. As private consumption continues to weaken, we see inflation falling below 2% in H1 2010. South African retail sales in September fell slightly more than expected, by 5.1% y/y, but the pace of decline was smaller than the revised 6.5% y/y fall in August. The Czech central bank board member, Vice Governor Mojmir Hampl, who voted for

Nothing Bearish So Long as 50 DMA Holds

info@advicetrade.com (AdviceTrade.com) — Thu, 19 Nov 2009 06:15:39 GMT

Harry Boxer, On a Dozen Charts to Watch (TheTechTrader.com) Today I'm going talk about several stocks on the long side that had significant movement on Tuesday. One of them is A-Power Energy Generation System, Ltd. (APWR). The kind of rising wedge or coil it was in was broken Tuesday with a price-volume surge and breakaway gap after a contract announcement today. This stock had a significant breakout to new nearly 6-month highs, and is about to test that area in the 14 1/2 zone or thereabouts.

Hi-ho long-term silver bulls

info@interactivebrokers.com (Interactive Brokers LLC) — Thu, 19 Nov 2009 05:52:49 GMT

SLV - iShares Silver Trust ETF – A bull call spread in the January 2011 contract on the silver ETF today suggests shares of the SLV may rally significantly over the next year and two months time. Shares of the SLV are currently up 0.5% to $18.23. The silver-bull purchased a ratio call spread by buying 3,000 calls at the January 23 strike for an average premium of 1.93 apiece, and selling 6,000 calls at the higher January 30 strike for about 90 cents each. The net cost of the transaction is

Asian Session News Summary

support@ecpulse.com (ecPulse.com) — Thu, 19 Nov 2009 05:49:15 GMT

Singapore's economy expanded in 3Q Singapore's GDP final reading grew 0.6% in the third quarter from a year earlier compared with a previous contraction by 3.3% in the second quarter and the reading came more than analyst's estimates of 0.5%. On quarterly basis, gross domestic product expanded 14.2% from a preliminary 14.9%, while forecasts referred to 14.0%. The Trade Ministry said the economy is expected to shrink between 2.0% and 2.5% this year before it expand between 3% and 5% in 2010,