The dollar relinquished its earlier gains against the majors, slipping back beneath the1.50-level versus the euro and remaining mired past the 1.66-handle against the British pound. The Dow Jones and S&P 500 were higher on the session, while crude oil held steady above the $80 per barrel mark. The initial catalyst for the greenback’s reprieve was speculation overnight that China would soon mitigate its economic stimulus packages, tempering the shift to riskier assets.
There was a barrage of G7 economic reports released on Thursday. The US data included weekly jobless claims, the September leading economic indicators index and August monthly home prices. Weekly jobless claims unexpectedly crept higher to 531k from an upwardly revised 520k in the previous week. The August monthly home price index revealed further declines, down 0.3% versus a 0.3% increase in July and lower by 3.6% compared with a year earlier at -4.2%. Lastly, the September leading economic indicators index beat consensus estimates, climbing to 1.0% from a downwardly revised 0.4% from August.
Monday, November 9, 2009
Dollar Edges Higher by Korman Tam
The dollar was mixed against the majors, climbing higher against the euro to 1.4628 but sliding versus the British pound past the 1.64-level to 1.6419. Spot gold rose to a new record high above the $1,080-mark to $1,083.50 per ounce while crude oil continued to trade beneath $80-per barrel.
The US economic reports released earlier today saw September durable goods and factory orders. The headline durable goods orders increased by 1.4% in September versus 1.0% previously, while the ex-transportations figure rose by 1.2% from 0.9% in August. Meanwhile, factory orders reversed the 0.8% decline in August, increasing by 0.9%.
The key highlight on Wednesday will be the ADP private sector payrolls, which are seen improving to reflect a loss of 188.0k jobs in October from 254.0k jobs a month earlier. Also due out tomorrow will be the October non-manufacturing ISM report, estimated to improve to 51.8 from 50.9 in September.
The US economic reports released earlier today saw September durable goods and factory orders. The headline durable goods orders increased by 1.4% in September versus 1.0% previously, while the ex-transportations figure rose by 1.2% from 0.9% in August. Meanwhile, factory orders reversed the 0.8% decline in August, increasing by 0.9%.
The key highlight on Wednesday will be the ADP private sector payrolls, which are seen improving to reflect a loss of 188.0k jobs in October from 254.0k jobs a month earlier. Also due out tomorrow will be the October non-manufacturing ISM report, estimated to improve to 51.8 from 50.9 in September.
USD Edges Up Ahead of Jobs by Korman Tam
The dollar was higher by the afternoon Thursday session as traders took to the sidelines ahead of tomorrow’s key US labor report. The greenback rebounded from a near one-week low against the euro around 1.4917 to bounce toward the 1.48-figure.
The economic reports released this morning included weekly jobless claims, Q3 productivity and Q3 labor costs. The weekly jobless claims improved to 512k versus an upwardly revised 532k in the previous week. Meanwhile, Q3 productivity blew away consensus estimates for a decline to 6.4%, instead surging to 9.5% from 6.9% in the previous quarter – its highest level in the third quarter since 2003. The preliminary reading for labor costs in Q3 declined by more than expected, falling by 5.2% compared with a 6.1% drop in the previous quarter.
Traders will look ahead to Friday’s key economic reports, consisting of the October unemployment rate, non-farm payrolls, September wholesale inventory and sales, and consumer credit. Consensus estimates are looking for the unemployment rate to climb to new multi-decade high at 9.9% from 9.8% in September. Meanwhile, non-farm payrolls are seen improving to 175.0 jobs lost in October compared with 263k jobs shed in the previous month.
The economic reports released this morning included weekly jobless claims, Q3 productivity and Q3 labor costs. The weekly jobless claims improved to 512k versus an upwardly revised 532k in the previous week. Meanwhile, Q3 productivity blew away consensus estimates for a decline to 6.4%, instead surging to 9.5% from 6.9% in the previous quarter – its highest level in the third quarter since 2003. The preliminary reading for labor costs in Q3 declined by more than expected, falling by 5.2% compared with a 6.1% drop in the previous quarter.
Traders will look ahead to Friday’s key economic reports, consisting of the October unemployment rate, non-farm payrolls, September wholesale inventory and sales, and consumer credit. Consensus estimates are looking for the unemployment rate to climb to new multi-decade high at 9.9% from 9.8% in September. Meanwhile, non-farm payrolls are seen improving to 175.0 jobs lost in October compared with 263k jobs shed in the previous month.
Thursday, October 29, 2009
Pound Pares Losses After Exaggerated Rally
The pound reverted its losing trend from last week’s end, specially versus the euro, as traders interpreted the winning streak as inadequate, as U.K. could be starting its first signs of economic recovery.
The pound has been facing extreme volatility as investors remain confused regarding the directions it may take in currency markets, considering the actual conjecture of the British financial scenario. Today, the pound rose specially versus the euro, as even if the U.K. posted negative growth numbers last week, analysts suggest that next quarter will bring back optimism towards the United Kingdom’s economy.
EUR/GBP traded at 0.9109 as of 21:45 GMT from a previous rate of 0.9235 yesterday.
Yen Trading Higher as Stocks Tumble
The Japanese currency ranked among the best performers in currency markets after several days of losses as stocks declined worldwide, attracting traders to the safety provided by yen-priced assets, and favoring also safer bets in financial markets globally.
The South Korean won was one of the biggest losers versus the yen after climbing sharply due to a report showing a significant quarterly growth for the Asian emergent nation, in a movement that can be understood as a correction by traders. One of the biggest winners today, but still losing against the Japanese currency was the Australian dollar, that benefited from side effects of a Chinese official statement suggesting that industrial production is growing massively in the country, which is good for the South Pacific nation since Australia is a major provider of commodities to China. The Swedish krona also lost significantly versus the yen as the country is still suffering from central bank statements last week that affirmed that interest rates will remain low until next year.
Most analysts concord that financial markets are having a moment of correction this week after stocks and higher-yielding currencies touched the highest levels in 2009 last week. Even if this Tuesday is producing rather negative numbers, most of traders are still expecting gains in riskier assets towards the end of the year.
EUR/JPY traded at 136.47 as of 14:00 GMT from a previous rate of 138.49 in the intraday. GBP/JPY traded near stability at 150.35.
Canadian Dollar Strengthens on Decline Speculations
The Canadian dollar had the first session of recovery versus the greenback and several other major currencies after traders speculated that the current losing streak was not reflecting the present status of the Canadian economy, which is being one of the most resilient among wealthy nations.
Even if Bank of Canada policy makers are constantly stressing on the fact that loonie rates should go down to ensure a fast recovery for the Canadian economy, the loonie gained today after several days of negative performance, after investors interpreted BOC statements as not-so-relevant compared to fundamental data regarding the Canadian economy during the past quarter, which is indicating a solid and resilient economy. The loonie gained today versus almost all major traded currencies except the yen, which gained significantly as investors opted for safety in a day of bearish performance in equities and commodities markets.
Analysts agree that even if policy makers are affecting the loonie’s perform in the short-term, the sentiment towards the Canadian currency remains very positive, as it’s back by crude oil rates, one of the main Canadian exports to the U.S., as also on the North American national economic fundamentals, which are better than most economic regions throughout the world.
USD/CAD traded at 1.0647 as of 20:43 GMT from 1.0716 hours earlierSweden’s Krona Down Further on Economic Outlook
The Swedish currency has been one of the biggest losers in the European currency market as producer prices declined again in September, raising concerns towards the economic recovery in the country.
Since Riksbank affirmed that interest rates in Sweden will continue at record low levels to stimulate the economic growth in the Nordic country, the krona has been having negative sessions which aggravated today after producer prices fell in September, evidencing the fragility of the Swedish economy.
USD/SEK closed today at 6.9705 from an opening rate of 6.8691.
Pound Extends Gains on Retail Sales
Speculations that retail sales would post another month of gains were confirmed providing support for the pound to regain terrain versus the euro and several other currencies, changing the negative outlook for the British currency to a better trajectory.
The pound gained versus most of 16 traded currencies as retail sales in the U.K. touched the highest level in 2 years in October, bringing confidence back towards pound-priced assets, after rather turbulent weeks that shunned away investors from the British currency in foreign-exchange markets.
EUR/GBP traded at 0.9039 as of 21:36 GMT from a previous rate of 0.9118 in the intraday.
Canadian Dollar Down Another Day on Stocks
This week is being one of the most negative for the Canadian currency in months, as stocks and commodities declined significantly, and considering the loonie one of the most influenced currencies by these movements, today’s drop set the Canadian currency to the lowest level in 3 weeks versus the greenback.
The Canadian dollar posted a decline versus more than half of 16 main traded currencies today as stocks and commodities faltered once again around the world as risk aversion rose after a U.S. home sales report that indicated an unexpected fall in its monthly figures for September, affecting the higher-yielding Canadian dollar profile as traders return to the safety of its U.S. counterpart. A part from volatility in financial markets, the Canadian dollar has been affected by a downturn in its sentiment as the Bank of Canada has been repeatedly affirming that a strong currency is unwanted for the economic moment the nation is passing through, as its economy need to recover, and a weaker currency can promote this process more quickly.
The sentiment regarding the Canadian currency suffered a huge shift after the national central bank started to stress on the fact that a strong rally for the loonie would be halted by policy makers, shunning risk seeking investors from assets in Canada towards commodity linked currencies in other global economic regions, which set the loonie to the worst rate in weeks this Wednesday.
Thursday, October 22, 2009
CAD Slumps on BoC by Korman Tam
| 10/20/2009 2:40 PM: EUR/$..1.4928 $/JPY..90.71 GBP/$..1.6366 $/CHF..1.0124 AUD/$..0.9221 $/CAD..1.0488 CAD Slumps on BoC by Korman Tam The dollar was mixed in the Tuesday session, climbing sharply higher against the Canadian dollar past the 1.05-figure while sliding versus the euro just shy of the 1.50-level. The US economic reports released earlier today were largely disappointing. The September housing starts figure missed consensus estimates for an increase to 610k units from 598k units, instead dropping to 590k units. The September building permits reading also disappointed, falling to 573k units versus 580k units a month earlier. Meanwhile, the headline PPI figures for September were weaker than anticipated, declining by 0.6% m/m and 4.8% y/y. The core PPI readings also missed forecasts, declining by 0.1% m/m and edging up by 1.8% on an annualized basis. The Bank of Canada left interest rates unchanged at 0.25% when it announced its monetary policy decision earlier in the session. Although the BoC sounded an optimistic tone in its subsequent policy statement, acknowledging that “a recovery in economic activity is under way in Canada”, it cautioned that “heightened volatility and persistent strength in the Canadian dollar are working to slow growth and subdue inflation pressures”. Further, the Bank said “the current strength in the dollar is expected, over time, to more than offset the favorable developments since July”. | ||
Dollar Tumbles to Fresh 14-mth Lows by Korman Tam
The dollar sold off sharply across the board in the Wednesday session despite a dearth of US economic data earlier in the morning. The greenback plunged to a fresh 14-month low against the euro past the psychologically key 1.50-level to 1.5040, a new 15-month low versus the Swiss franc at 1.0038 and 14-month low against the Australian dollar at 0.9326. A shift into riskier assets continues to be detrimental for the US dollars as traders price in improving conditions in the global economy. Crude oil prices climbed higher today, rallying above the $81 per barrel level by afternoon trading.
The Fed’s Beige Book provided an optimistic assessment of the US economy, saying conditions have stabilized or improved modestly in many sectors since its last report. The Fed said that reports of gains in economic activity outnumber the declines, though the improvements are small and scattered. However, it tempered its assessment by saying adding that labor markets are typically characterized as weak or mixed, albeit with pockets of improvement.
The economic calendar for Thursday will see weekly jobless claims, August home prices and the September leading economic indicators index. Weekly jobless claims are estimated to edge up slightly to 515k from 514k in the previous week. Meanwhile, the leading economic indicators index is forecasted to improve to 0.80% from 0.60% in August.
The Fed’s Beige Book provided an optimistic assessment of the US economy, saying conditions have stabilized or improved modestly in many sectors since its last report. The Fed said that reports of gains in economic activity outnumber the declines, though the improvements are small and scattered. However, it tempered its assessment by saying adding that labor markets are typically characterized as weak or mixed, albeit with pockets of improvement.
The economic calendar for Thursday will see weekly jobless claims, August home prices and the September leading economic indicators index. Weekly jobless claims are estimated to edge up slightly to 515k from 514k in the previous week. Meanwhile, the leading economic indicators index is forecasted to improve to 0.80% from 0.60% in August.
Sunday, October 11, 2009
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The above educational video is for FXCM Standard accounts. However, account types referenced on this video and execution details may differ from existing account types offered currently by FXCM.
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Tuesday, September 29, 2009
Forex Software|Forex Blueprint System Review
Day after day there are new forex trading system has been revealed. Traders become more and more skeptical in using one trading system to another. Many forex trading gurus claimed that what they have is going to be the next holy grail. But they are just giving people something that are not really that effective. Then suddenly I came across Forex Blueprint system, at first I taught that this is just another one of the many forex trading scam. I really loved reviewing new forex trading system just to help people who really don't know where to start in this largest market. That is why I grab my pen and search and search and finally write my own review of the system.What is Forex Blueprint System? If you are just a beginner in forex trading or merely looking for an extra money online forex trading will be a very good choice. Why? Because a lot of people are already earning substantial income from this kind of business. Now, to be able to copy their trading success you really should have gain access to the right information and tools. And this is Forex Blueprint all about. It is a trading manual that was so easy to use and understand. You can imagine yourself holding the exact trading success blueprint, and to earn substantial income all you have to do is copy what is already written there. This is something that you can use to make sure profit from forex trading.
What I like about Forex Blueprint System? This system is so unique, it doesn't made any promises that was so hard to believe. Plain simple but effective. I like this forex trading manual because it doesn't involved any forex trading indicator or graphs that I found more confusing and complicated for trader to understand. It doesn't promised that it will make you thousands of dollars in just a week but it promise something that is achievable. The system aims to make $120 PIPS per week which will be higher of course depending on how much you are willing to invest. The trading manuals are well explained and really easy to grasp and understand by anyone.
What will you get from Forex Blueprint System? This system will open your eyes to the secret of short term trading. This secrets has long been ignore but I found very effective in making profits. The system will give you complete forex trading information that you really need to start making real money from forex. You will learn here paper forex trading and basically how to start everything from scratch. Forex Blueprint is really your complete guide to forex.
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Wednesday, September 9, 2009
GBP/USD: Trading the Bank of England Interest Rate Decision
The Bank of England is widely expected to hold the benchmark interest rate at 0.50% and is likely to maintain its GBP 175B asset purchase program as the board anticipates economic activity to improve throughout the second-half of the year, and the central bank may adopt a neutral policy stance going forward as the extraordinary efforts work their way through the real economy.
Trading the News: Bank of
What’s Expected
Time of release: 09/10/2009 11:00 GMT, 07:00 EST
Primary Pair Impact : GBPUSD
Expected: 0.50%
Tuesday, August 11, 2009
Karachi Stock Exchange KSE
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Friday, August 7, 2009
What is the DailyFX Volatility Index:
The DailyFX Volatility Index measures the general level of volatility in the currency market. The index is a composite of the implied volatility in options underlying a basket of currencies. Our basket is equally weighed and composed of some of the most liquid currency pairs in the Foreign exchange market.
Dollar Makes a Critical Bearish Break but Risk Appetite Provides Little Follow Through
The sharp rally that opened this week seemed to confirm that the next wave of a five-month bull trend was underway. However, this optimistic outlook was immediately deflated when momentum failed support the transition. What is the source of this hesitation? Fundamentals.
US Non-Farm Payrolls (NFPs) to Serve as Gauge of US Dollar Link to Risk Trends
The US dollar has come under pressure recently as increasing risk appetite drove up demand for higher-yielding currencies and equities. However, the July reading of NFPs is projected to show that the pace of job losses slowed, and the last time we saw a dramatic improvement, the US dollar ignored risk trends and rallied in response. Will we see a similar reaction on Friday?
Trade this news report live with DailyFX Currency Strategist John Kicklighter tomorrow morningArguments for an Improvement in Non-Farm Payrolls
1. Initial jobless claims (4-week avg) fell to a 27-week low of 555,250 during the week ending 8/1
2. Continuing claims (4-week avg) eased to 6,278,750 during the week ending 7/25, from 6,769,000 in the week ending 6/27
3. ADP employment fell by the least since October 2008, coming in at -371,000 in July
4. Challenger job cuts fell 5.7 percent in July from a year earlier, marking the second straight decline
5. ISM manufacturing employment component rose to 45.6 from 40.7, signaling that the pace of job losses slowed
Arguments for a Deterioration in Non-Farm Payrolls
1. Conference Board, University of Michigan consumer confidence both fell during July to 3 and 4-month lows, respectively
2. ISM non-manufacturing employment component fell to 41.5 from 43.4, signaling a steeper drop in jobs
GBP Tanks on BoE, Mkt Eyes NFP by Korman Tam
The dollar rallied sharply against the sterling, advancing by over 270-pips to 1.6759 while pushing the euro lower to 1.4336. Weekly jobless claims improved by more than expected, falling to 550k and larger than the expected drop to 580k from 584k a week earlier.
Traders will closely scrutinize tomorrow’s July labor report, due out at 8:30 AM. The unemployment rate is seen edging up to its highest level in over 20-years at 9.7%. Meanwhile, the non-farm payrolls reading is expected to improve sharply, posting a loss of 320k jobs, versus 467k jobs lost in June.
Traders will closely scrutinize tomorrow’s July labor report, due out at 8:30 AM. The unemployment rate is seen edging up to its highest level in over 20-years at 9.7%. Meanwhile, the non-farm payrolls reading is expected to improve sharply, posting a loss of 320k jobs, versus 467k jobs lost in June.
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MetaTrader 4 Client Terminal has been created to provide trade operations and technical analysis in real time mode, when working at Forex, CFD, Futures financial markets. A wide range of orders allows flexible management of trading activities.
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Thursday, July 30, 2009
Greenback Drifts Lower on Shift to Risk
The dollar fell against the majors at the start of the week, sliding to a 6-week low against the euro at 1.4248 and a one-month low versus the Canadian dollar at 1.1023. The greenback came under pressure amid gains in the US stock market, which was prompted by news that troubled lender CIT would be bailed out by bond holders and thus avert bankruptcy.
The economic calendar saw the release of the June leading economic indicators, which declined by less than expected to 0.7%, beating calls for a decline to 0.5% versus 1.2% in May. The data slated for release this week will see May home prices, weekly jobless claims, June home sales and the July University of Michigan consumer sentiment survey.
The major fx pairs are likely to remain confined within range in the upcoming week with only a handful of reports slated for release. The key highlight will be Fed Chairman Bernanke’s Congressional testimony, which begins on Tuesday. Markets will be looking to Bernanke’s comments to Congress on how the FOMC will begin to rein in quantitative easing in order to quell nascent inflationary fears.
The economic calendar saw the release of the June leading economic indicators, which declined by less than expected to 0.7%, beating calls for a decline to 0.5% versus 1.2% in May. The data slated for release this week will see May home prices, weekly jobless claims, June home sales and the July University of Michigan consumer sentiment survey.
The major fx pairs are likely to remain confined within range in the upcoming week with only a handful of reports slated for release. The key highlight will be Fed Chairman Bernanke’s Congressional testimony, which begins on Tuesday. Markets will be looking to Bernanke’s comments to Congress on how the FOMC will begin to rein in quantitative easing in order to quell nascent inflationary fears.
Global Equity Slump Props USD
US economic reports released this morning saw durable goods orders decline sharply in June, posting a monthly decline of 2.5% versus a downwardly revised increase of 1.3% from May. The excluding transports durable goods orders improved to 1.1% compared with a downwardly revised 0.8% increase a month prior. The Fed’s Beige Book revealed the pace of economic decline had moderated or stabilized at a low level in most districts adding that the manufacturing sector remained subdued but slightly more positive than in the past. The Fed said there was still slack in the labor markets, with most sectors reducing jobs or holding steady and net employment falling.
Meanwhile, NY Fed President Dudley expressed optimism over the economy, saying he expects moderate growth in the second half of this year, albeit considerably slower than in past recoveries. Dudley said “the balance of risks is still tilted toward weakness in growth and employment and not toward higher inflation”, suggesting that the Fed will likely maintain low interest rates for some time to come. Lastly, he said that “if the recovery does, in fact, turn out to be lackluster, the unemployment rate is likely to remain elevated and capacity utilization rates unusually low” in the near-term.
Tuesday, July 14, 2009
USD/CAD Mid-Day Outlook
USD/CAD's fall extends further today and at this point, intraday bias remains on the downside as long as 1.1469 minor resistance holds. As discussed before, a short term top is formed at 1.1723 after USD/CAD formed a small diagonal triangle with bearish divergence condition in 4 hours MACD and RSI. Deeper decline should be seen that send USD/CAD through 38.2% retracement of 1.3063 to 1.0784 at 1.1655. Nevertheless, fall from 1.1723 is viewed as a correction to rise from 1.0784 only and hence, downside is expected to be contained by 1.0940/1289 support zone, probably by 61.8% retracement at 1.1143 to complete the correction. On the upside, above 1.1469 will turn intraday outlook neutral first but break of 1.1723 high is needed to confirm rally resumption. Otherwise, consolidation is still in progress..
In the bigger picture, fall from 1.3063 is treated as correction to impulsive rally from 0.9056 to 1.3063 and has met target support zone of 1.0297/0819 already. We're slightly favoring the case that such correction has completed at 1.0754 already, considering that daily MACD is now positive too. Break of mentioned 1.1475/1.1814 resistance zone will confirm this case and should at least bring strong rally to key cluster resistance at 1.2191 (61.8% retracement of 1.3063 to 1.7084 at 1.2192). On the downside, below 1.1542 indicates a short term top is formed, but considering the possible five wave structure of the rise from 1.0784 to 1.1723, we'd expect following price actions are corrective in nature and be contained by 1.0940/1289 support zone and bring rally resumption.
Mid-Day Report: Strong Rebound in Commodity Currencies, Euro in Range
Dollar and yen are generally lower against commodity currencies today but remain steadily in range against Euro and Swiss. The improvement in investor sentiments is not carried through to early US session. Stocks in US open flat despite strong earnings report from Goldman Sachs and solid retail sales report. Canadian dollar's rise today is impressive consider nearly 100pts gain against dollar. Nevertheless, it's viewed as a catch up of major's rebound against dollar and anticipation of further recovery in oil prices, rather than a reversal in recent trend. Overall, we'd maintain the view that yen crosses are in consolidation only, so are dollar majors.
US headline retail sales rose for the second consecutive month by 0.6% in June and beat expectation of 0.4%. Ex-auto sales, though rose less than expected by 0.3%. PPI surged sharply by 1.8% mom in Jun and pushed yoy rate from -5.0% to -3.6%. Core PPI also rose much more than expected by 0.5% mom and sent yoy rate up from 3.0% to 3.3%.
German ZEW investor confidence unexpectedly fell for the first time in nine months from 44.8 to 39.5 in June, badly missed expectation of a rise to 47.8. Current situation gauge improved slightly from -89.7 to -89.3 though. Eurozone ZEW, on the other hand, also missed expectation by dropping from 42.7 to 39.5. Eurozone industrial production also rose less than expected by 0.5% mom only in May.
UK CPI slowed to 1.8% yoy in June, below BoE's target of 2% for the first time in nearly two years. Core CPI was unchanged at 1.6%. RPI met expectation by slowing to -1.6% yoy. UK RICS house price balance improved significantly from -43.8% to -18.1%, suggesting that the number of respondents saying prices dropped exceeded those reporting gains by 18.1 percentage points, which is the best reading since Sep 07. DCLG house price improved more than expected from -13.0% yoy to -12.5% yoy in May. BRC Sales Monitor rose 1.4% in Jun, up from 0.8% a month ago.
From Australia, NAB Business Confidence jumped from -2 to 4 in Jun, the first positive reading in 18 months.
Thursday, July 9, 2009
TradingSolutions: Trade with intelligence!
U.S. Treasury and the Dollar
For complete assessment of this relationship, please see "Foreign Exchange Markets: A Practical Guide", an innovative approach to covering FX fundamental and technical analysis.
Forex Trading Guides
The forex trading guides help to understand the essential fundamentals and practical factors impacting key forex rates. They identify pertinent officials, institutions and economic indicators most likely to move the FOREX market.
To learn about all the factors guiding the pairs listed below, please see "Foreign Exchange Markets: A Practical Guide", an innovative approach to covering FX fundamental and technical analysis.
Factors Affecting USD/JPY
Factors Affecting EUR/USD
Factors Affecting GBP/USD
Factors Affecting USD/CHF
Factors Affecting AUD/USD
Factors Affecting USD/CAD
FOREX RATES
FOREX RATES | ||
Currency | Buying | Selling |
| Australian Dollar | 63.30 | 64.50 |
| Canadian Dollar | 69.65 | 70.95 |
| China Yuan | 11.25 | 12.00 |
| Euro | 113.00 | 115.00 |
| Japanese Yen | 0.8690 | 0.8790 |
| Saudi Riyal | 21.65 | 21.85 |
| U.A.E Dirham | 22.15 | 22.35 |
| UK Pound Sterling | 131.50 | 133.50 |
| US Dollar | 81.85 | 82.15 |
Tuesday, July 7, 2009
U.S. Forex Market Commentary
EURO
The euro extended recent gains vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4115 level and was supported around the $1.3980 level. The common currency has been well-bid from the $1.3890 level during yesterday’s North American session and was higher again today on China’s latest call to lessen its reliance on the U.S. dollar by advocating a new supranational currency. Data released in the U.S. today saw May personal income rise 1.4% while May personal spending up 0.3%. These data suggest U.S. consumers have raised their marginal savings rate substantially, to the detriment of countries like China that export heavily into the U.S. Despite China’s latest calls for a new global currency and despite the unprecedented level of debt being sold by the U.S., recent Treasury auctions have performed very well with a high percentage of indirect bidders – suggesting China may still be recycling its massive current account surplus back into U.S. assets. The May PCE deflation was up 0.1% and final June University of Michigan consumer sentiment printed at 70.8, up from 68.7 in May. The improvement in consumer sentiment took confidence levels to their highest level since September. In eurozone news, German consumer prices were unexpectedly higher in June, up 0.4% m/m and 0.1% y/y. Bank of Italy reported the eurozone’s economic contraction eased in June with the EuroCoin indicator falling to -0.61 from -0.89 in May – the fourth consecutive increase. France’s finance ministry reported it expects more joblessness over the next several quarters. Euro bids are cited around the US$ 1.3435 level.
STERLING
The British pound appreciated sharply vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.6560 level and was supported around the $1.6365 level. Cable came within 60 pips this week of establishing a multi-month high dating to November 2008. Cable bids are cited around the US$ 1.6125 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ₤0.8505 level and was capped around the ₤0.8570 level.
SWISS
The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0795 level and was capped around the CHF 1.0945 level. Data released in Switzerland saw the June KOF leading indicator climb to -1.65 from -1.85 in May. U.S. dollar offers are cited around the CHF 1.1165 level. The euro and British pound came off vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5210 and CHF 1.7850 levels, respectively.
Sunday, July 5, 2009
Best Forex Trading Robots Review - Learn to Avoid Scams While Choosing Best Forex Trading Software
If you are looking for the best forex trading robots review then you have come to the right place. Here you will learn how you can select the best possible trading software which suits your own need and compliments your investment style.
Recently the surge of forex robots has made it easier for new people to invest and earn in forex business. Now we can easily trade and earn by investing in foreign exchange trading over the internet and from the comforts of our homes.
The introduction of forex robots have made all the difference to the people who want to take less risk and want more returns on their investment. The creators of these robots have claimed that the end user of this system need not learn all the intricacies of studying the complex algorithms and currency movement charts. Only thing you need to learn is basic operation of this software and you are good to go.
Now many people think that these programs can be scams and in reality few of them are scams. In fact the programs which offer huge return on investment in very short period of time are most likely a scam. There are some critical points you need to remember if you want to get the most out of these programs. That’s why it is very important that you first read and study all the forex robots reviews available online from the experts in this field.
Now major advantages of using forex robots are ease of use and savings of your time and money. But there are certain facts which you need to take into account when going for any kind of automated forex trading software like:
1) Volatility of forex market: We all know that foreign exchange market is very dynamic and volatile in nature. This market has a very less correlation between its past trades and future trades.
2) Many external factors affecting market movements: There are several external factors or events which causes continuous low and high movements of currency exchange rates. Sometimes study of these movements can be very complex to analyze.
And that’s where these forex robots come into the picture. They play a very crucial role in analyzing the complex movements. Because of these reasons the software which you are going to purchase should be very reliable and should have past results to prove its authenticity.Forex Trading Education - Extremely Important Tips To Get Started
The Foreign Exchange, also known as the FX market or forex market is a market where buying and selling of currencies takes place. Not just local currencies, but currencies from all over the world. How can you make money off of the forex market?
For example, a broker might buy a Japanese yen when the yen to dollar ratio increases, then sell the yens and buy back American dollars for a profit.
What are some of the differences between the stock market and the forex market? Well, first of all, the stock market is where stocks are sold and bought whereas the forex market involves trade of currencies. The forex market is much larger than the stock exchange. Almost two trillion dollars are traded daily in the forex market. The forex market is one that involves governments, banks, financial institutions and those similar types of institutions from other countries.
One characteristic that differentiates the forex market from the stock market is that what is traded, bought and sold on the forex market is something that can easily be liquidated. This means that it can be turned back to cash fast, or often that it is actually going to be cash.
Another difference between the stock market and the Forex is that Forex trading has a much higher leverage than the stock market. When someone decides to invest in the Forex, they can expect much higher profits than the stock market, especially as their level of experience increases.
Being a global market, the forex exchange operates at twenty four hours a day. This is because the various countries involved in currency trade are located in so many different time zones. The stock exchange on the other hand is only open during the business day, and closes on banking holidays and weekends.
This are just some of the many differences between the stock and forex markets. For those who want to get started in the forex trade, some brokers provide the service of trading using the mini-forex system. It requires a smaller initial deposit usually of around $100, therefore you have less chances of losing a lot of money.
For a novice trader,the forex can be a complex jungle of terminologies and symbols. It is therefore a good idea to use an experienced broker to transact your investments as well as educate you on what this terminologies mean. Such brokers will provide excellent advice since they have invaluable experience gathered over time. Some names in the forex market are indicated using symbols. In such cases, the first half of the symbol indicates one currency, and the other half is the second currency that is being used. The symbol “usdjpy” means “US dollars” and Japanese yen. It is important to learn what currency symbols mean when learning about the Forex. There are many books and websites dedicated on teaching traders about using the Forex.
Before choosing a broker to transact your deals in the forex market, certain factors should be considered. Choose a broker that offers low spreads. The spread is calculated in pips, or the difference between the price at which currency can be purchased and the price it can be sold at any given time. Forex brokers don’t charge a commission and only make their money off of the spreads.
UPDATE: Asian Shares Mostly Fall; Kospi Up On Samsung Elec
UPDATE: Asian Shares Mostly Fall; Kospi Up On Samsung Elec
(Adds information, quotes, updates/adds market levels)
By Rosalind Mathieson
Of DOW JONES NEWSWIRES
SINGAPORE (Dow Jones)--Asian shares were mostly lower Monday in quiet trade after a U.S. holiday Friday, with some caution creeping in as the U.S. corporate earnings season drew closer. Oil, commodity and shipping stocks were leading decliners though Samsung Electronics supported in Seoul after some reassuring comments on its second quarter performance.
Japan's Nikkei 225 was down 1.6% with Australia's S&P/ASX 200 off 1.5% and New Zealand's NZX-50 down 0.6%, with Hong Kong's Hang Seng Index down 1.3% and Taiwan's main index 0.5% lower. South Korea's Kospi Composite was up 0.2% but off its initial highs.
"Sentiment isn't great at the moment. The market may have run a bit hard in the second quarter. This is just a retracement and not unexpected," said Macquarie Private Wealth senior private client adviser Marcus Droga.
U.S. stock futures were down 0.8%-0.9% in screen trade, with front-month Nymex crude oil futures down $2.02 at $64.71 a barrel on Globex after Friday's holiday.
The U.S. earnings season kicks off on Tuesday with Alcoa reporting its second quarter results.
"Some of our clients have become a bit more risk adverse in recent days. They have either been selling or not buying," said ABN Amro head of Asia research Daphne Roth in Singapore.
Oil, shipping and steel stocks were lower for another day. "The market is now aware that its economic recovery expectations had been too high," said Yumi Nishimura, a market analyst at Daiwa Securities SMBC.
Inpex was down 2.9% with Nippon Yusen off 3.4% and JFE Holdings down 1.9% in Japan, while in Sydney, BHP Billiton was off 2.4%, Origin down 1.7% and Santos off 2.8%.
Rio Tinto fell 1.2% in Sydney. The company said it would sell its Alcan Packaging Food Americas division to Bemis Company for US$1.2 billion.
Blue-chip exporter stocks were also lower in Tokyo on strength in the yen, with Sony off 1.8% and Honda Motor down 1.7%.
Samsung Electronics gained 4.5% and was helping the broader technology space in Korea, with LG Electronics up 2.5%. The world's biggest memory-chip maker by revenue said it expected second-quarter sales to come in higher than a year earlier, while its operating profit was expected to be between KRW2.2 trillion and KRW2.6 trillion.
Samsung Engineering added 3.6% after news it had signed a $2.6 billion, three-year contract with Algerian state-owned Sonatrach to modernize an oil refinery.
The Shanghai Composite was showing some resilience, up 0.7% with gains in toll-road operators before Sichuan Expressway's A-share offer. Jiangxi Ganyue Expressway was up 3.5%.
Sichuan Expressway was 2.1% higher in Hong Kong trade.
Taiwan construction stocks were supported by a report in the Commercial Times the government would speed up its urban renewal plans. Founding Construction and Development was up by its daily 7.0% limit.
Flat-panel makers gained in Taipei, too, with an Economic Daily News report that panel prices were rising. AU Optronics added 2.1% and Chi Mei Optoelectronics rose 2.2%.
Malaysian shares were down 0.2% with Singapore stocks off 0.5%, Indonesian shares of 1.1% and Philippine shares flat.
There was choppy trade in currency markets after the U.S. holiday with the Japanese yen making some gains as regional stock markets fell.
The euro was at $1.3974, from $1.3985 late in North America on Friday, and at Y133.04, from Y134.25. The U.S. dollar was at Y95.27, from Y95.99, for its lowest level since June 29.
Traders were looking ahead to the week's meeting in Italy of the Group of Eight leading nations and for any further discussion on the U.S. dollar's status as the main global reserve currency.
Analysts at Calyon said "we doubt the G8 meeting will conclude with anything that is destabilizing to the U.S. dollar over the short term, even if the longer term role of the dollar is at risk. We look for the dollar to maintain a firmer bias in a generally lethargic market environment this week."
Brown Brothers Harriman added "the bottom line is a new international reserve currency cannot be artificially created overnight, or even in a decade."
The U.S. dollar was pushing up against Asian currencies like the Korean won and Malaysian ringgit.
Japanese government bonds ticked higher with the lead futures up 0.10 at 138.54 points and the yield on the 10-year note down one basis point at 1.31%.
Spot gold was down $2.15 from London Friday, at $930.10 a troy ounce, with all eyes on the U.S. dollar. "Gold prices are vulnerable to a deeper correction in the short-to-medium-term," said James Moore of TheBullionDesk.com.
LME three-month copper was down $36 at $4,944 a metric ton.
Markets as a whole were still closely watching oil prices with David Moore, commodities strategist with Commonwealth Bank of Australia, saying Nymex crude may drift lower in the coming week. The market for now was shrugging off an announcement by Nigerian rebels Sunday they had launched a fresh attack on an oil facility run by Royal Dutch Shell PLC in the Niger Delta.
-Rosalind Mathieson, Dow Jones Newswires; +65-6415-4140; rosalind.mathieson@dowjones.com
TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackAsia@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=LVdV5gwrn7Smgxd4%2BQpfyg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
July 05, 2009 23:04 ET (03:04 GMT)
Copyright 2009 Dow Jones & Company, Inc.
(Adds information, quotes, updates/adds market levels)
By Rosalind Mathieson
Of DOW JONES NEWSWIRES
SINGAPORE (Dow Jones)--Asian shares were mostly lower Monday in quiet trade after a U.S. holiday Friday, with some caution creeping in as the U.S. corporate earnings season drew closer. Oil, commodity and shipping stocks were leading decliners though Samsung Electronics supported in Seoul after some reassuring comments on its second quarter performance.
Japan's Nikkei 225 was down 1.6% with Australia's S&P/ASX 200 off 1.5% and New Zealand's NZX-50 down 0.6%, with Hong Kong's Hang Seng Index down 1.3% and Taiwan's main index 0.5% lower. South Korea's Kospi Composite was up 0.2% but off its initial highs.
"Sentiment isn't great at the moment. The market may have run a bit hard in the second quarter. This is just a retracement and not unexpected," said Macquarie Private Wealth senior private client adviser Marcus Droga.
U.S. stock futures were down 0.8%-0.9% in screen trade, with front-month Nymex crude oil futures down $2.02 at $64.71 a barrel on Globex after Friday's holiday.
The U.S. earnings season kicks off on Tuesday with Alcoa reporting its second quarter results.
"Some of our clients have become a bit more risk adverse in recent days. They have either been selling or not buying," said ABN Amro head of Asia research Daphne Roth in Singapore.
Oil, shipping and steel stocks were lower for another day. "The market is now aware that its economic recovery expectations had been too high," said Yumi Nishimura, a market analyst at Daiwa Securities SMBC.
Inpex was down 2.9% with Nippon Yusen off 3.4% and JFE Holdings down 1.9% in Japan, while in Sydney, BHP Billiton was off 2.4%, Origin down 1.7% and Santos off 2.8%.
Rio Tinto fell 1.2% in Sydney. The company said it would sell its Alcan Packaging Food Americas division to Bemis Company for US$1.2 billion.
Blue-chip exporter stocks were also lower in Tokyo on strength in the yen, with Sony off 1.8% and Honda Motor down 1.7%.
Samsung Electronics gained 4.5% and was helping the broader technology space in Korea, with LG Electronics up 2.5%. The world's biggest memory-chip maker by revenue said it expected second-quarter sales to come in higher than a year earlier, while its operating profit was expected to be between KRW2.2 trillion and KRW2.6 trillion.
Samsung Engineering added 3.6% after news it had signed a $2.6 billion, three-year contract with Algerian state-owned Sonatrach to modernize an oil refinery.
The Shanghai Composite was showing some resilience, up 0.7% with gains in toll-road operators before Sichuan Expressway's A-share offer. Jiangxi Ganyue Expressway was up 3.5%.
Sichuan Expressway was 2.1% higher in Hong Kong trade.
Taiwan construction stocks were supported by a report in the Commercial Times the government would speed up its urban renewal plans. Founding Construction and Development was up by its daily 7.0% limit.
Flat-panel makers gained in Taipei, too, with an Economic Daily News report that panel prices were rising. AU Optronics added 2.1% and Chi Mei Optoelectronics rose 2.2%.
Malaysian shares were down 0.2% with Singapore stocks off 0.5%, Indonesian shares of 1.1% and Philippine shares flat.
There was choppy trade in currency markets after the U.S. holiday with the Japanese yen making some gains as regional stock markets fell.
The euro was at $1.3974, from $1.3985 late in North America on Friday, and at Y133.04, from Y134.25. The U.S. dollar was at Y95.27, from Y95.99, for its lowest level since June 29.
Traders were looking ahead to the week's meeting in Italy of the Group of Eight leading nations and for any further discussion on the U.S. dollar's status as the main global reserve currency.
Analysts at Calyon said "we doubt the G8 meeting will conclude with anything that is destabilizing to the U.S. dollar over the short term, even if the longer term role of the dollar is at risk. We look for the dollar to maintain a firmer bias in a generally lethargic market environment this week."
Brown Brothers Harriman added "the bottom line is a new international reserve currency cannot be artificially created overnight, or even in a decade."
The U.S. dollar was pushing up against Asian currencies like the Korean won and Malaysian ringgit.
Japanese government bonds ticked higher with the lead futures up 0.10 at 138.54 points and the yield on the 10-year note down one basis point at 1.31%.
Spot gold was down $2.15 from London Friday, at $930.10 a troy ounce, with all eyes on the U.S. dollar. "Gold prices are vulnerable to a deeper correction in the short-to-medium-term," said James Moore of TheBullionDesk.com.
LME three-month copper was down $36 at $4,944 a metric ton.
Markets as a whole were still closely watching oil prices with David Moore, commodities strategist with Commonwealth Bank of Australia, saying Nymex crude may drift lower in the coming week. The market for now was shrugging off an announcement by Nigerian rebels Sunday they had launched a fresh attack on an oil facility run by Royal Dutch Shell PLC in the Niger Delta.
-Rosalind Mathieson, Dow Jones Newswires; +65-6415-4140; rosalind.mathieson@dowjones.com
TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackAsia@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=LVdV5gwrn7Smgxd4%2BQpfyg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
July 05, 2009 23:04 ET (03:04 GMT)
Copyright 2009 Dow Jones & Company, Inc.
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