Everybody knows that the Internet is the best place to make money – much it and smart. Nevertheless not many have grasped the idea or actually exhausted the time and force to employ its right. Forex enterprise is an exclusive course that lets you tap into this exciting gold source of opportunity on the Internet. It is entirely tranquil to brush away any claims of making money on the internet as a fad or poorer still a trick. Nevertheless Forex Enterprise is truly a true syllabus that facility, and mechanism darn well too!
The maker of Forex Enterprise Mr. Nick Marks has put in his existence of explore and clear marketing wits behind this cast. His dreams can make an opportunity to pioneer earning manifold streams of profits from sort of sources. This online currency traded sphere is exclusive in every way. What tipped the scales hugely in my improve is the splendid testimonials I got to consider from my contacts and colleagues who had worn this organism. They are hardnosed promotion people and for them to go ga-ga over Nick’s exciting thought means there must be something to it.Yes, Forex Enterprise is audaciously clean and backed up with numerous existence of study and proven strategies that it offers you great sample and play compatibility right from day one. It is intended to convey outcome closer, quicker and steadily. Now that is important. Because, it is no big pact if you make money in 15 resume of fusion the plan, but 2 – 5 time down the line what is the state? You can see that Nick’s Forex Enterprise plant on a long period source and is then truly an attractive proposition.
Among many stuff that are bundled with this magnificent present, Forex Enterprise offers you nothing gamble investment strategies. These strategies propose the best currency talk charge so you situate to advantage –minus the risks! He keeps offering updates of new and proven techniques so you don’t view a fate to mislay even among one of the many streams of profits outlined in the practice. All you have to do is just chart the march-by-footstep instructions. It is so unadorned to use and you’ll be amazed how valuable it is.
The best part of Forex Enterprise approach is you don’t have to be a tech nerd to profit from the thoughts. You don’t have to know something about web wily or java scripts, but still you continue to allowance from all these almost directly –expenses only few hours in a day! Including in the Forex Enterprise packet is a website with liberated hosting from where you could vend over 1000 harvest! Since there are over a million best promotion goods from top label names it is tranquil to make your website a virtual superstore!
Forex Enterprise also teaches you how to shot passage to your website. Just blindly chart it and you’ll see a swell in website transfer almost directly! The divide on e-currency transactions is what pulled me into the logic. Nick teaches you to the DXINONE logic – the most required after scheme for e-currency barter world over. If you have to take a standalone course on this order isolated, you’ll end costs 100s of dollars! Nevertheless you get it almost for unbound!
Forex Enterprise also understands that if you are on the close resources to open with you could explore unfussy inexpensive means of adwords and transfer generation. This Forex scheme offers you 100% money back agreement and you have almost 3 months to try out if the technique will work for you or not. With so many guarantees and testimonials of long name fallout and profits, Forex Enterprise may be the right plan for you. As for me, I’m unbound to take that Caribbean cruise – kindly recommended by Nick!
Everybody knows that the Internet is the best place to make money – much it and smart. Nevertheless not many have grasped the idea or very useless the time and effort to bind its warrant. Forex enterprise is a sole syllabus that lets you tap into this exciting gold colliery of opportunity on the Internet. It is quite plain to brush away any claims of making money on the internet as a fad or shoddier still a cheat. Nevertheless Forex Enterprise is sincerely a genuine code that factory, and workings darn well too!
The inventor of Forex Enterprise Mr. Nick Marks has put in his living of inquiries and earnest marketing brain behind this mission. His ideas can make an opportunity to pioneer earning manifold streams of profits from category of sources. This online currency traded trade is exclusive in every way. What tipped the scales hugely in my kindness is the amazing testimonials I got to hear from my links and colleagues who had used this technique. They are hardnosed dealings people and for them to go ga-ga over Nick’s exciting thought means there must be something to it.Yes, Forex Enterprise is audaciously simple and backed up with the existence of seek and proven strategies that it offers you complete sample and play compatibility right from day one. It is designed to supply outcome sooner, quicker and steadily. Now that is important. Because, it is no big split if you make money in 15 record of union the course, but 2 – 5 years down the line what is the place? You can see that Nick’s Forex Enterprise workings on a long label root and is therefore actually an attractive proposition.
Among many stuff that are bundled with this magnificent present, Forex Enterprise offers you zilch gamble investment strategies. These strategies propose the best currency replace rate so you park to payment –minus the risks! He keeps offering updates of new and proven techniques so you don’t rest a hazard to evade even among one of the many streams of takings outlined in the usage. All you have to do just admire the action-by-footstep instructions. It is so simple to use and you’ll be stunned how operative it is.
The best part of Forex Enterprise scheme is you don’t have to be a tech nerd to profit from the ideas. You don’t have to know anything about web conniving or java scripts, but still you support to benefit from all these almost instantly –costs only few hours in a day! Including in the Forex Enterprise present is a website with liberated hosting from where you could advertise over 1000 products! Since there are over a million best selling products from top label names it is tranquil to make your website a virtual superstore!
Forex Enterprise also teaches you how to crusade passage to your website. Just blindly result it and you’ll see a pitch in website travel almost instantly! The section on e-currency transactions is what pulled me into the logic. Nick teaches you to the DXINONE order – the most sought after structure for e-currency swap world over. If you have to take a standalone course on this routine isolated, you’ll end payments 100s of dollars! Nevertheless you get it almost for free!
Forex Enterprise also understands that if you are on a strong budget to jerk with you could explore simple inexpensive means of adwords and transfer generation. This Forex practice offers you 100% money back warrant and you have almost 3 months to try out if the system will work for you or not. With so many guarantees and testimonials of long label results and profits, Forex Enterprise may be the right encode for you. As for me, I’m free to take that Caribbean cruise – highly recommended by Nick!
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BSE Picks Up 15% in United Stock Exchange
forex enterprise
Everybody knows that the Internet is the best place to make money – much it and smart. Nevertheless not many have grasped the idea or actually exhausted the time and force to employ its right. Forex enterprise is an exclusive course that lets you tap into this exciting gold source of opportunity on the Internet. It is entirely tranquil to brush away any claims of making money on the internet as a fad or poorer still a trick. Nevertheless Forex Enterprise is truly a true syllabus that facility, and mechanism darn well too!
The maker of Forex Enterprise Mr. Nick Marks has put in his existence of explore and clear marketing wits behind this cast. His dreams can make an opportunity to pioneer earning manifold streams of profits from sort of sources. This online currency traded sphere is exclusive in every way. What tipped the scales hugely in my improve is the splendid testimonials I got to consider from my contacts and colleagues who had worn this organism. They are hardnosed promotion people and for them to go ga-ga over Nick’s exciting thought means there must be something to it.Yes, Forex Enterprise is audaciously clean and backed up with numerous existence of study and proven strategies that it offers you great sample and play compatibility right from day one. It is intended to convey outcome closer, quicker and steadily. Now that is important. Because, it is no big pact if you make money in 15 resume of fusion the plan, but 2 – 5 time down the line what is the state? You can see that Nick’s Forex Enterprise plant on a long period source and is then truly an attractive proposition.
Among many stuff that are bundled with this magnificent present, Forex Enterprise offers you nothing gamble investment strategies. These strategies propose the best currency talk charge so you situate to advantage –minus the risks! He keeps offering updates of new and proven techniques so you don’t view a fate to mislay even among one of the many streams of profits outlined in the practice. All you have to do is just chart the march-by-footstep instructions. It is so unadorned to use and you’ll be amazed how valuable it is.
The best part of Forex Enterprise approach is you don’t have to be a tech nerd to profit from the thoughts. You don’t have to know something about web wily or java scripts, but still you continue to allowance from all these almost directly –expenses only few hours in a day! Including in the Forex Enterprise packet is a website with liberated hosting from where you could vend over 1000 harvest! Since there are over a million best promotion goods from top label names it is tranquil to make your website a virtual superstore!
Forex Enterprise also teaches you how to shot passage to your website. Just blindly chart it and you’ll see a swell in website transfer almost directly! The divide on e-currency transactions is what pulled me into the logic. Nick teaches you to the DXINONE logic – the most required after scheme for e-currency barter world over. If you have to take a standalone course on this order isolated, you’ll end costs 100s of dollars! Nevertheless you get it almost for unbound!
Forex Enterprise also understands that if you are on the close resources to open with you could explore unfussy inexpensive means of adwords and transfer generation. This Forex scheme offers you 100% money back agreement and you have almost 3 months to try out if the technique will work for you or not. With so many guarantees and testimonials of long name fallout and profits, Forex Enterprise may be the right plan for you. As for me, I’m unbound to take that Caribbean cruise – kindly recommended by Nick!
Everybody knows that the Internet is the best place to make money – much it and smart. Nevertheless not many have grasped the idea or very useless the time and effort to bind its warrant. Forex enterprise is a sole syllabus that lets you tap into this exciting gold colliery of opportunity on the Internet. It is quite plain to brush away any claims of making money on the internet as a fad or shoddier still a cheat. Nevertheless Forex Enterprise is sincerely a genuine code that factory, and workings darn well too!
The inventor of Forex Enterprise Mr. Nick Marks has put in his living of inquiries and earnest marketing brain behind this mission. His ideas can make an opportunity to pioneer earning manifold streams of profits from category of sources. This online currency traded trade is exclusive in every way. What tipped the scales hugely in my kindness is the amazing testimonials I got to hear from my links and colleagues who had used this technique. They are hardnosed dealings people and for them to go ga-ga over Nick’s exciting thought means there must be something to it.Yes, Forex Enterprise is audaciously simple and backed up with the existence of seek and proven strategies that it offers you complete sample and play compatibility right from day one. It is designed to supply outcome sooner, quicker and steadily. Now that is important. Because, it is no big split if you make money in 15 record of union the course, but 2 – 5 years down the line what is the place? You can see that Nick’s Forex Enterprise workings on a long label root and is therefore actually an attractive proposition.
Among many stuff that are bundled with this magnificent present, Forex Enterprise offers you zilch gamble investment strategies. These strategies propose the best currency replace rate so you park to payment –minus the risks! He keeps offering updates of new and proven techniques so you don’t rest a hazard to evade even among one of the many streams of takings outlined in the usage. All you have to do just admire the action-by-footstep instructions. It is so simple to use and you’ll be stunned how operative it is.
The best part of Forex Enterprise scheme is you don’t have to be a tech nerd to profit from the ideas. You don’t have to know anything about web conniving or java scripts, but still you support to benefit from all these almost instantly –costs only few hours in a day! Including in the Forex Enterprise present is a website with liberated hosting from where you could advertise over 1000 products! Since there are over a million best selling products from top label names it is tranquil to make your website a virtual superstore!
Forex Enterprise also teaches you how to crusade passage to your website. Just blindly result it and you’ll see a pitch in website travel almost instantly! The section on e-currency transactions is what pulled me into the logic. Nick teaches you to the DXINONE order – the most sought after structure for e-currency swap world over. If you have to take a standalone course on this routine isolated, you’ll end payments 100s of dollars! Nevertheless you get it almost for free!
Forex Enterprise also understands that if you are on a strong budget to jerk with you could explore simple inexpensive means of adwords and transfer generation. This Forex practice offers you 100% money back warrant and you have almost 3 months to try out if the system will work for you or not. With so many guarantees and testimonials of long label results and profits, Forex Enterprise may be the right encode for you. As for me, I’m free to take that Caribbean cruise – highly recommended by Nick!
The maker of Forex Enterprise Mr. Nick Marks has put in his existence of explore and clear marketing wits behind this cast. His dreams can make an opportunity to pioneer earning manifold streams of profits from sort of sources. This online currency traded sphere is exclusive in every way. What tipped the scales hugely in my improve is the splendid testimonials I got to consider from my contacts and colleagues who had worn this organism. They are hardnosed promotion people and for them to go ga-ga over Nick’s exciting thought means there must be something to it.Yes, Forex Enterprise is audaciously clean and backed up with numerous existence of study and proven strategies that it offers you great sample and play compatibility right from day one. It is intended to convey outcome closer, quicker and steadily. Now that is important. Because, it is no big pact if you make money in 15 resume of fusion the plan, but 2 – 5 time down the line what is the state? You can see that Nick’s Forex Enterprise plant on a long period source and is then truly an attractive proposition.
Among many stuff that are bundled with this magnificent present, Forex Enterprise offers you nothing gamble investment strategies. These strategies propose the best currency talk charge so you situate to advantage –minus the risks! He keeps offering updates of new and proven techniques so you don’t view a fate to mislay even among one of the many streams of profits outlined in the practice. All you have to do is just chart the march-by-footstep instructions. It is so unadorned to use and you’ll be amazed how valuable it is.
The best part of Forex Enterprise approach is you don’t have to be a tech nerd to profit from the thoughts. You don’t have to know something about web wily or java scripts, but still you continue to allowance from all these almost directly –expenses only few hours in a day! Including in the Forex Enterprise packet is a website with liberated hosting from where you could vend over 1000 harvest! Since there are over a million best promotion goods from top label names it is tranquil to make your website a virtual superstore!
Forex Enterprise also teaches you how to shot passage to your website. Just blindly chart it and you’ll see a swell in website transfer almost directly! The divide on e-currency transactions is what pulled me into the logic. Nick teaches you to the DXINONE logic – the most required after scheme for e-currency barter world over. If you have to take a standalone course on this order isolated, you’ll end costs 100s of dollars! Nevertheless you get it almost for unbound!
Forex Enterprise also understands that if you are on the close resources to open with you could explore unfussy inexpensive means of adwords and transfer generation. This Forex scheme offers you 100% money back agreement and you have almost 3 months to try out if the technique will work for you or not. With so many guarantees and testimonials of long name fallout and profits, Forex Enterprise may be the right plan for you. As for me, I’m unbound to take that Caribbean cruise – kindly recommended by Nick!
Everybody knows that the Internet is the best place to make money – much it and smart. Nevertheless not many have grasped the idea or very useless the time and effort to bind its warrant. Forex enterprise is a sole syllabus that lets you tap into this exciting gold colliery of opportunity on the Internet. It is quite plain to brush away any claims of making money on the internet as a fad or shoddier still a cheat. Nevertheless Forex Enterprise is sincerely a genuine code that factory, and workings darn well too!
The inventor of Forex Enterprise Mr. Nick Marks has put in his living of inquiries and earnest marketing brain behind this mission. His ideas can make an opportunity to pioneer earning manifold streams of profits from category of sources. This online currency traded trade is exclusive in every way. What tipped the scales hugely in my kindness is the amazing testimonials I got to hear from my links and colleagues who had used this technique. They are hardnosed dealings people and for them to go ga-ga over Nick’s exciting thought means there must be something to it.Yes, Forex Enterprise is audaciously simple and backed up with the existence of seek and proven strategies that it offers you complete sample and play compatibility right from day one. It is designed to supply outcome sooner, quicker and steadily. Now that is important. Because, it is no big split if you make money in 15 record of union the course, but 2 – 5 years down the line what is the place? You can see that Nick’s Forex Enterprise workings on a long label root and is therefore actually an attractive proposition.
Among many stuff that are bundled with this magnificent present, Forex Enterprise offers you zilch gamble investment strategies. These strategies propose the best currency replace rate so you park to payment –minus the risks! He keeps offering updates of new and proven techniques so you don’t rest a hazard to evade even among one of the many streams of takings outlined in the usage. All you have to do just admire the action-by-footstep instructions. It is so simple to use and you’ll be stunned how operative it is.
The best part of Forex Enterprise scheme is you don’t have to be a tech nerd to profit from the ideas. You don’t have to know anything about web conniving or java scripts, but still you support to benefit from all these almost instantly –costs only few hours in a day! Including in the Forex Enterprise present is a website with liberated hosting from where you could advertise over 1000 products! Since there are over a million best selling products from top label names it is tranquil to make your website a virtual superstore!
Forex Enterprise also teaches you how to crusade passage to your website. Just blindly result it and you’ll see a pitch in website travel almost instantly! The section on e-currency transactions is what pulled me into the logic. Nick teaches you to the DXINONE order – the most sought after structure for e-currency swap world over. If you have to take a standalone course on this routine isolated, you’ll end payments 100s of dollars! Nevertheless you get it almost for free!
Forex Enterprise also understands that if you are on a strong budget to jerk with you could explore simple inexpensive means of adwords and transfer generation. This Forex practice offers you 100% money back warrant and you have almost 3 months to try out if the system will work for you or not. With so many guarantees and testimonials of long label results and profits, Forex Enterprise may be the right encode for you. As for me, I’m free to take that Caribbean cruise – highly recommended by Nick!
BSE Picks Up 15% in United Stock Exchange
The Bombay Stock Exchange (BSE) has revealed that it has purchased 15% stake in the United Stock Exchange (USE), a new entrant in the currency derivatives space.The sources said that the company, which is having a paid up capital of Rs 150 crore, will now function as a BSE group company. BSE's investment will be Rs 22.5 crore, a 15% of the paid-up capital.
The sources further added that HDFC, Bank of Baroda, Federal bank, Union Bank of India, Allahabad Bank and Bank of India are existing shareholders of USE.
Investment Dictionary: Forex - FX
The foreign exchange (also known as "forex" or "FX") market is the place where currencies are traded. The overall forex market is the largest, most liquid market in the world with an average traded value that exceeds $1.9 trillion per day and includes all of the currencies in the world.
Investopedia Says:
There is no central marketplace for currency exchange, rather, trade is conducted over-the-counter. The forex market is open 24 hours a day, five days a week, with currencies being traded worldwide among the major financial centers of London, New York, Tokyo, Zürich, Frankfurt, Hong Kong, Singapore, Paris and Sydney - spanning most time zones.
The forex is the largest market in the world in terms of the total cash value traded, and any person, firm, or country may participate in this market.
Related Links:
Learn how the largest and fastest growing market can work for you. The Forex Market
Find out how this tool magnifies both gains and losses. Forex Leverage: A Double-Edged Sword
Moving from equities to currencies requires you to adjust how you interpret quotes, margin, spreads and rollovers. A Primer On The Forex Market
Before entering this market, you should define what you need from your broker and from your strategy. Getting Started In Forex
We go over the ground rules and available resources needed for this undertaking. Wading Into The Currency Market
Learn the pros and cons of trading forex through these two types of brokers. Trading Through A Market Maker Vs. An ECN
Stocks are not the only securities underlying options--learn how to use FOREX options for profit and hedging. Getting Started In Forex Options
Here we go over a framework from which to build your own personalized but profitable strategy. Devising A Medium-Term Forex Trading System
Find out how these investments can diversify your portfolio. Venturing Into Non-Dollar Currencies
Investopedia Says:
There is no central marketplace for currency exchange, rather, trade is conducted over-the-counter. The forex market is open 24 hours a day, five days a week, with currencies being traded worldwide among the major financial centers of London, New York, Tokyo, Zürich, Frankfurt, Hong Kong, Singapore, Paris and Sydney - spanning most time zones.
The forex is the largest market in the world in terms of the total cash value traded, and any person, firm, or country may participate in this market.
Related Links:
Learn how the largest and fastest growing market can work for you. The Forex Market
Find out how this tool magnifies both gains and losses. Forex Leverage: A Double-Edged Sword
Moving from equities to currencies requires you to adjust how you interpret quotes, margin, spreads and rollovers. A Primer On The Forex Market
Before entering this market, you should define what you need from your broker and from your strategy. Getting Started In Forex
We go over the ground rules and available resources needed for this undertaking. Wading Into The Currency Market
Learn the pros and cons of trading forex through these two types of brokers. Trading Through A Market Maker Vs. An ECN
Stocks are not the only securities underlying options--learn how to use FOREX options for profit and hedging. Getting Started In Forex Options
Here we go over a framework from which to build your own personalized but profitable strategy. Devising A Medium-Term Forex Trading System
Find out how these investments can diversify your portfolio. Venturing Into Non-Dollar Currencies
Forex: EUR/USD: Expect a burst higher to 1.4600 or, eventually, 1.5000 - Mizuho
FXstreet.com (Barcelona) - The Euro has been trading in a tiny range from 1.4370 to 1.4400 after it rally from 1.4100 was capped at 1.4445 year high, however, according to Nicole Elliott, technical analyst at Mizuho Corporate Bank, the Euro could explore higher levels before the end of the week.Elliott affirms that the Euro is not overbought and that the pair could burst higher: "Surprisingly the Euro is not overbought so expect another burst higher hopefully by the end of this week."On its way up, the Euro could hit levels around 1.4600 or even 1.5000, says Elliott: "Our measured targets are 1.4600 and eventually the psychological 1.5000."
Forex: GBP/USD: Pound needs a corrective dip to 1.6800 - DailyFX
FXstreet.com (Barcelona) - The Pound has risen to 2009 highs at 1.7000 from levels around 1.6400, to enter on a flat trading range from 1.6900 to 1.7000 and, according to the Daily FX Research Team, the pair could move down before going higher.Sterling is overbought on intra-day studies, says the Daily FX Research Team, and a dip towards 1.6800 is needed: "The overbought intraday studies are the primary catalyst here, with the daily ATR also well exceeded. We will hold the position into to the close and look to reassess. There is definitely the need for a material corrective pullback towards 1.6800 at a minimum over the coming hours."
Forex: GBP/USD: Pound needs a corrective dip to 1.6800 - DailyFX
FXstreet.com (Barcelona) - The Pound has risen to 2009 highs at 1.7000 from levels around 1.6400, to enter on a flat trading range from 1.6900 to 1.7000 and, according to the Daily FX Research Team, the pair could move down before going higher.Sterling is overbought on intra-day studies, says the Daily FX Research Team, and a dip towards 1.6800 is needed: "The overbought intraday studies are the primary catalyst here, with the daily ATR also well exceeded. We will hold the position into to the close and look to reassess. There is definitely the need for a material corrective pullback towards 1.6800 at a minimum over the coming hours."
Forex: AUD/USD: Aussie losses strength after hitting 0.8470 10 mth. high
FXstreet.com (Barcelona) - Australian Dollar rally from Jul 13 low at 0.7700 reached its peak on Tuesday at 0.8470, the highest level since late September, and the pair has remained consolidating at levels above 0.8385 ever since.According to the E-Forex Team, Australian Dollar rally has lost strength, and intra.day momentum turned to negative: "Intra-day momentum is losing strength and became negative, favoring further downside price action towards the first support eyed at .8385 then lower, at .8330 which initially served as resistance."Aas long as potential correction holds above 0.8300, says the E-Forex Team, the pair would be prone to test new highs: "As long as the Aussie dollar holds gains above .8300, short-term momentum will remain intact and a corrective cycle would provide new buying opportunities."
Germany Purchasing Manager Index Services rises to 48.1 in Jul from 45.2 in Jun
FXstreet.com (Barcelona) For more information, read our latest forex news.
EU Purchasing Manager Index Services up to 45.7 in Jul from 44.7 Jul
FXstreet.com (Barcelona) For more information, read our latest forex news.
Euro Zone Services PMI's slightly above forecasts; Euro unchanged
FXstreet.com (Barcelona) - Euro Zone services PMI Index has risen to 45.7 in July from 44.7 in June, somewhat above the 45.6 reading forecasted by market analysts, while German services PMI rose from 45.2 to 48.1 in July.The Euro has not been affected by the improvement in services sector´s Activity, and the pair moves right in the middle of the 1.4370 to 1.4430 range.
DATA SNAP: Euro-Zone Output Decline Eases Further In July
DATA SNAP: Euro-Zone Output Decline Eases Further In July By Nicholas Winning Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The contraction in euro-zone economic output eased more than expected in July to its weakest rate for 11 months, another sign that the severe slump in the 16-nation currency area is bottoming out, data from Markit Economics showed Wednesday. The final reading of the euro-zone composite output index -a closely-watched gauge of economic activity -rose to 47.0 in July from 44.6 in June. Nevertheless, it remained below the neutral 50.0 level, indicating that output has contracted for a 14th consecutive month. A reading below 50 indicates a drop in output while a reading above indicates an expansion. Markit also said the services business activity index rose to a 10-month high of 45.7 in July from 44.7 in June. On Monday it said the purchasing managers' index for the manufacturing sector had recovered to an 11-month high of 46.3 in July from 42.6 in June. Economists were expecting the composite measure to increase to 46.8 in July, in line with the flash estimate, according to a Dow Jones Newswires survey of economists last week. -By Nicholas Winning, Dow Jones Newswires, +44 207 842 9498; nick.winning@dowjones.co -0-
(MORE TO FOLLOW) Dow Jones NewswiresAugust 05, 2009 04:24 ET (08:24 GMT)Copyright 2009 Dow Jones & Company, Inc.
(MORE TO FOLLOW) Dow Jones NewswiresAugust 05, 2009 04:24 ET (08:24 GMT)Copyright 2009 Dow Jones & Company, Inc.
United Kingdom: Purchasing Manager Index Services rise to 53.2 in Jul vs 51.6 in Jun
FXstreet.com (Barcelona) For more information, read our latest forex news.
United Kingdom Manufacturing Production rises 0.4% in Jun; 11.7% down on year
FXstreet.com (Barcelona) For more information, read our latest forex news.
United Kingdom Industrial Production rises 0.5% in jun; -11.1% on year
United Kingdom Industrial Production rises 0.5% in jun; -11.1% on year
DATA SNAP: UK July Services PMI 53.2 Vs 51.6 In June
DATA SNAP: UK July Services PMI 53.2 Vs 51.6 In June
By Ilona Billington
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--The U.K.'s dominant services sector expanded for the second straight month in July, with the Purchasing Managers Index for the sector rising to a 17-month high. Research group Markit Economics and the Chartered Institute of Purchasing and Supply Wednesday said the services PMI rose to 53.2 in July from 51.6 in June. The size of the increase came as a surprise as economists surveyed by Dow Jones Newswires last week had forecast the PMI would increase to just 52.0. A reading above 50.0 indicates the sector is expanding, while a reading below 50.0 indicates it is contracting. -By Ilona Billington and Nicholas Winning, Dow Jones Newswires; +44 20 7842 9452; ilona.billington@dowjones.com 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=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 04:39 ET (08:39 GMT)Copyright 2009 Dow Jones & Company, Inc
By Ilona Billington
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--The U.K.'s dominant services sector expanded for the second straight month in July, with the Purchasing Managers Index for the sector rising to a 17-month high. Research group Markit Economics and the Chartered Institute of Purchasing and Supply Wednesday said the services PMI rose to 53.2 in July from 51.6 in June. The size of the increase came as a surprise as economists surveyed by Dow Jones Newswires last week had forecast the PMI would increase to just 52.0. A reading above 50.0 indicates the sector is expanding, while a reading below 50.0 indicates it is contracting. -By Ilona Billington and Nicholas Winning, Dow Jones Newswires; +44 20 7842 9452; ilona.billington@dowjones.com 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=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 04:39 ET (08:39 GMT)Copyright 2009 Dow Jones & Company, Inc
FXstreet.com (Barcelona) - UK services sector's activity has expanded in July for second consecutive month, while industrial production posted the lar
CURRENCIES: Dollar Slips Vs. Rivals In Asian Trading By Lisa Twaronite The dollar edged down against major counterparts in Asian trading Wednesday, as investors awaited U.S. employment data. One dollar bought 95.01, down from 95.25 yen in late North American trading on Tuesday. The dollar index (DXY), which tracks the U.S. unit against a trade-weighted basket of six major currencies, was at 77.671, down from 77.720 late Tuesday. "Major currencies remain vulnerable to risk on/off in sympathy of cyclical recovery expectations," said Tomoko Fujii, a rates and currency strategist at Bank of America Securities-Merrill Lynch Japan. "Wednesday's focus should be the U.S. ADP employment survey results, which should offer indications of Friday's official nonfarm payroll jobs data," she said in emailed comments. The euro was buying $1.4404, up from $1.4399 late Tuesday, and the British pound was at $1.6977, up from $1.6932. The Aussie dollar was buying 84.23 U.S. cents, up from 84.15 U.S. cents Tuesday, when the Reserve Bank of Australia kept its policy cash rate steady at 3.0% and abandoned its easing bias. 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=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 04:43 ET (08:43 GMT)Copyright 2009 Dow Jones & Company, Inc.
Forex: GBP/USD: Pound tests 1.7000 after upbeating UK data
FXstreet.com (Barcelona) - UK services sector's activity has expanded in July for second consecutive month, while industrial production posted the largest monthly improvement since October 2007; The Pound rose to test 1.7000 resistance.GBP/USD has risen from levels around 1.6950 before uk manufacturing and services data, to test 1.7000 psychological resistance, reaching an intra-day high at 1.7008, although, so far, the Pound has failed to hold above 1.7000.UK services PMI has risen to 53.2 level in July, from 51.6 in June, the second consecutive month at expansion levels, and the highest level in 17 months.UK manufacturing activity was also brighter than expected. Manufacturing Output rose 0.4% month on month, the largest increase since January 08, and Industrial output increased 0.5% on the month, the largest increase since October 07. Year on year Manufacturing output fell 11.7%, while Industrial production fell 11.1%
Currency Rates Of Coffee Producing, Consuming Countries
Currency Rates Of Coffee Producing, Consuming Countries
LONDON (Dow Jones)--U.S. dollar exchange rates as of 09:45 GMT August 5, compared with 09:18 GMT August 4.
Producers:
05/08/09 (04/08/09) Angolan Kwanza AON 77.805 (77.805) Bolivian Boliviano BOB 7.02 (7.02) Brazil Real BRL 1.8168 (1.825) Burundi Franc BIF 1216.05 (1216.05) *CFA Franc XOF 455.15 (455.15) Colombian Peso COP 2044.5 (2009.5) Costa Rican Colon CRC 585.95 (585.95) Cuban Peso CUP 0 (0) Dominican Republic DOP 36 (36.05) Ecuadorean Sucre ECS 0 (0) El Salvador Colon SVC 8.7475 (8.7475) Ethiopian Birr ETB 11.337 (11.336) Guatemala Quetzal GTQ 8.1415 (8.1415) Guinea Franc GNS 4848.15 (4895.8) Haiti Gourde HTG 40.25 (40.25) Honduras Lempira HNL 18.925 (18.925) Indian Rupee INR 47.625 (47.635) Indonesian Rupiah IDR 9920 (9880) Kenyan Shilling KES 76.25 (76.35) Malawi Kwacha MWK 143.05 (142.05) Mexican Peso MXN 13.145 (13.132) Nicaragua Cordoba NIC 19.8815 (19.872) Papua New Guinea Kina PGK 2.635 (2.6261) Peruvian New Sol PES 2.97337 (2.98628) Philippines Peso PHP 47.835 (47.785) Venezuelan Bolivar VEB 0 (0) Vietnam Dong VND 17815 (17815) Zambian Kwacha ZMK 5075.5 (5075.5) Zimbabwe Dollar ZWD 365.4 (365.4025) CONSUMERS: Danish Krone DKK 5.1749 (5.1728) #Euro EUR 1.4391 (1.4395) Japanese Yen JPY 95.185 (94.835) Norwegian Krone NOK 6.0323 (6.046) Swedish Krona SEK 7.1385 (7.1543) Swiss Franc CHF 1.0626 (1.0612) * = The CFA Franc is the common currency of 14 African countries which are members of the Franc zone: XOF = Benin, Burkina, Ivory Coast, Guinnea Bissau, Mali, Niger, Senegal and Togo under the Central Bank of the West African States. XAF = Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon, under the Bank of the Central African States. # = Currencies that are quoted in U.S. dollars per unit of currency. All other currencies are quoted in units of currency per U.S. dollar. Source: OANDA Corp and yahoo.com. -By Caroline Henshaw, Dow Jones Newswires; 4420-7842-9372; caroline.henshaw@dowjones.com 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=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 04:46 ET (08:46 GMT)Copyright 2009 Dow Jones & Company, Inc.
LONDON (Dow Jones)--U.S. dollar exchange rates as of 09:45 GMT August 5, compared with 09:18 GMT August 4.
Producers:
05/08/09 (04/08/09) Angolan Kwanza AON 77.805 (77.805) Bolivian Boliviano BOB 7.02 (7.02) Brazil Real BRL 1.8168 (1.825) Burundi Franc BIF 1216.05 (1216.05) *CFA Franc XOF 455.15 (455.15) Colombian Peso COP 2044.5 (2009.5) Costa Rican Colon CRC 585.95 (585.95) Cuban Peso CUP 0 (0) Dominican Republic DOP 36 (36.05) Ecuadorean Sucre ECS 0 (0) El Salvador Colon SVC 8.7475 (8.7475) Ethiopian Birr ETB 11.337 (11.336) Guatemala Quetzal GTQ 8.1415 (8.1415) Guinea Franc GNS 4848.15 (4895.8) Haiti Gourde HTG 40.25 (40.25) Honduras Lempira HNL 18.925 (18.925) Indian Rupee INR 47.625 (47.635) Indonesian Rupiah IDR 9920 (9880) Kenyan Shilling KES 76.25 (76.35) Malawi Kwacha MWK 143.05 (142.05) Mexican Peso MXN 13.145 (13.132) Nicaragua Cordoba NIC 19.8815 (19.872) Papua New Guinea Kina PGK 2.635 (2.6261) Peruvian New Sol PES 2.97337 (2.98628) Philippines Peso PHP 47.835 (47.785) Venezuelan Bolivar VEB 0 (0) Vietnam Dong VND 17815 (17815) Zambian Kwacha ZMK 5075.5 (5075.5) Zimbabwe Dollar ZWD 365.4 (365.4025) CONSUMERS: Danish Krone DKK 5.1749 (5.1728) #Euro EUR 1.4391 (1.4395) Japanese Yen JPY 95.185 (94.835) Norwegian Krone NOK 6.0323 (6.046) Swedish Krona SEK 7.1385 (7.1543) Swiss Franc CHF 1.0626 (1.0612) * = The CFA Franc is the common currency of 14 African countries which are members of the Franc zone: XOF = Benin, Burkina, Ivory Coast, Guinnea Bissau, Mali, Niger, Senegal and Togo under the Central Bank of the West African States. XAF = Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon, under the Bank of the Central African States. # = Currencies that are quoted in U.S. dollars per unit of currency. All other currencies are quoted in units of currency per U.S. dollar. Source: OANDA Corp and yahoo.com. -By Caroline Henshaw, Dow Jones Newswires; 4420-7842-9372; caroline.henshaw@dowjones.com 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=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 04:46 ET (08:46 GMT)Copyright 2009 Dow Jones & Company, Inc.
GLOBAL MARKETS: European Stocks Flat; Data To Set Direction
GLOBAL MARKETS: European Stocks Flat; Data To Set Direction
By Ishaq Siddiqi
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--European stock markets have floated around the flat-line Wednesday, with investors dissecting the latest corporate results for clues about the extent of the economic recovery. "The market is pausing for breath, awaiting further direction. Traders have taken money off the table but are poised to get back in if the market breaks one way or the other," said Manoj Ladwa, trader at ETX Capital. At 0830 GMT, the Dow Jones Stoxx 600 index was up 0.1% at 228.10, while London's FTSE 100 index was down 0.2% to 4565.51, Frankfurt's DAX index was down 0.4% at 5395.7, and the CAC-40 index in Paris was 0.1% higher at 3482.7. The next few days are likely to be important in terms of giving the market a guide to the next direction, given the key economic data pieces scheduled for release. The U.S. ADP employment data Wednesday at 1215 GMT will offer a gauge at the current state of the U.S. labor market ahead of Friday's key U.S. nonfarm payrolls figure for July . "A less downbeat ADP employment survey could temper profit-taking in stocks ahead of nonfarm payrolls," said Kenneth Broux, market economist at Lloyds Banking Group. Also, Thursday's main economic agenda will be set around the policy meetings by the Bank of England and European Central Bank. "If these (data pieces) are all benign and we continue to get good earnings results then I think the market will continue its upward trend," added Ladwa. And there is no denying that there is value in the market, said Owen Ireland, sales broker at ODL Securities, "but many investors need to be aware that the markets have recovered eerily quickly considering the quagmire we were in less than a year ago." On the corporate front, banking stocks were in vogue again following earnings from France's Societe Generale SA (GLE.FR) and the U.K's Lloyds Banking Group PLC (LYG). Societe Generale returned to profit in the second quarter as revenues almost doubled at its corporate and investment banking unit. But Lloyds Banking Group reported that loan impairments rose more than five-fold in the first six months of the year. Still, shares in Lloyds pushed 5.6% higher, after it said it expected loan impairment charges to come down significantly from GBP13.4 billion in the first half. Shares in Societe Generale shares were 5.1% higher, and the pan-European Dow Jones Stoxx 600 banks index added 0.9%. On Wall Street Tuesday, the Dow Jones Industrial Average increased 33.63 points, or 0.4%, to 9320.19, marking its fourth straight day higher and the Standard & Poor's 500 tacked on 3.02, or 0.3%, to 1005.65. Still, Asian stock markets edged lower Wednesday with investors wary about whether recent upwards momentum can be sustained. Japan's Nikkei 225 closed 1.2% lower, South Korea's Kospi Composite ended down 0.4% and the Hang Seng index in Hong Kong closed 1.4% lower. "Players are worried that markets are becoming increasingly immune to positive cues, while any negative cues may trigger profit-taking," said Investrust CEO Hiroyuki Fukunaga. In foreign exchange markets, investors seemed to continue the previous session's trend of profit taking amid subdued equities, said Ashley Davies at UBS, and "the EUR/USD pair has hugged the $1.4400 level fairly precariously." At 0910 GMT, the euro stood at $1.4387, while sterling stood at $1.6981. The dollar traded at Y95.16. Elsewhere, spot gold was trading at $963.50 per troy ounce, around $2 below its close in New York. The front-month September Nymex crude oil futures contract was also a touch lower as trading entered a lull ahead of data expected to show a growing oil surplus. At 0910 GMT, the contract stood 43 cents lower at $70.99 a barrel on Globex, after settling at $71.42 a barrel, down 16 cents. Analysts expect oil inventories to rise by 500,000 barrels in the week ended July 31, while distillate stocks are seen increasing by 900,000 barrels, according to a Dow Jones Newswires survey, with the data from the U.S. Department of Energy due at 1430 GMT. Meanwhile, European government bonds are marginally weaker Wednesday, steadying after Tuesday's late price sell off following stronger-than-expected U.S. pending home sales data. At 0910 GMT, the September bund contract stood at 121.57, 0.02 higher. -By Ishaq Siddiqi, Dow Jones Newswires; +44-20-7842-9488; ishaq.siddiqi@dowjones.com 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=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 05:15 ET (09:15 GMT)Copyright 2009 Dow Jones & Company, Inc.
By Ishaq Siddiqi
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--European stock markets have floated around the flat-line Wednesday, with investors dissecting the latest corporate results for clues about the extent of the economic recovery. "The market is pausing for breath, awaiting further direction. Traders have taken money off the table but are poised to get back in if the market breaks one way or the other," said Manoj Ladwa, trader at ETX Capital. At 0830 GMT, the Dow Jones Stoxx 600 index was up 0.1% at 228.10, while London's FTSE 100 index was down 0.2% to 4565.51, Frankfurt's DAX index was down 0.4% at 5395.7, and the CAC-40 index in Paris was 0.1% higher at 3482.7. The next few days are likely to be important in terms of giving the market a guide to the next direction, given the key economic data pieces scheduled for release. The U.S. ADP employment data Wednesday at 1215 GMT will offer a gauge at the current state of the U.S. labor market ahead of Friday's key U.S. nonfarm payrolls figure for July . "A less downbeat ADP employment survey could temper profit-taking in stocks ahead of nonfarm payrolls," said Kenneth Broux, market economist at Lloyds Banking Group. Also, Thursday's main economic agenda will be set around the policy meetings by the Bank of England and European Central Bank. "If these (data pieces) are all benign and we continue to get good earnings results then I think the market will continue its upward trend," added Ladwa. And there is no denying that there is value in the market, said Owen Ireland, sales broker at ODL Securities, "but many investors need to be aware that the markets have recovered eerily quickly considering the quagmire we were in less than a year ago." On the corporate front, banking stocks were in vogue again following earnings from France's Societe Generale SA (GLE.FR) and the U.K's Lloyds Banking Group PLC (LYG). Societe Generale returned to profit in the second quarter as revenues almost doubled at its corporate and investment banking unit. But Lloyds Banking Group reported that loan impairments rose more than five-fold in the first six months of the year. Still, shares in Lloyds pushed 5.6% higher, after it said it expected loan impairment charges to come down significantly from GBP13.4 billion in the first half. Shares in Societe Generale shares were 5.1% higher, and the pan-European Dow Jones Stoxx 600 banks index added 0.9%. On Wall Street Tuesday, the Dow Jones Industrial Average increased 33.63 points, or 0.4%, to 9320.19, marking its fourth straight day higher and the Standard & Poor's 500 tacked on 3.02, or 0.3%, to 1005.65. Still, Asian stock markets edged lower Wednesday with investors wary about whether recent upwards momentum can be sustained. Japan's Nikkei 225 closed 1.2% lower, South Korea's Kospi Composite ended down 0.4% and the Hang Seng index in Hong Kong closed 1.4% lower. "Players are worried that markets are becoming increasingly immune to positive cues, while any negative cues may trigger profit-taking," said Investrust CEO Hiroyuki Fukunaga. In foreign exchange markets, investors seemed to continue the previous session's trend of profit taking amid subdued equities, said Ashley Davies at UBS, and "the EUR/USD pair has hugged the $1.4400 level fairly precariously." At 0910 GMT, the euro stood at $1.4387, while sterling stood at $1.6981. The dollar traded at Y95.16. Elsewhere, spot gold was trading at $963.50 per troy ounce, around $2 below its close in New York. The front-month September Nymex crude oil futures contract was also a touch lower as trading entered a lull ahead of data expected to show a growing oil surplus. At 0910 GMT, the contract stood 43 cents lower at $70.99 a barrel on Globex, after settling at $71.42 a barrel, down 16 cents. Analysts expect oil inventories to rise by 500,000 barrels in the week ended July 31, while distillate stocks are seen increasing by 900,000 barrels, according to a Dow Jones Newswires survey, with the data from the U.S. Department of Energy due at 1430 GMT. Meanwhile, European government bonds are marginally weaker Wednesday, steadying after Tuesday's late price sell off following stronger-than-expected U.S. pending home sales data. At 0910 GMT, the September bund contract stood at 121.57, 0.02 higher. -By Ishaq Siddiqi, Dow Jones Newswires; +44-20-7842-9488; ishaq.siddiqi@dowjones.com 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=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 05:15 ET (09:15 GMT)Copyright 2009 Dow Jones & Company, Inc.
European stocks mixed; Euro and Pound, rangebound
FXstreet.com (Barcelona) - European markets are mixed at very low levels the first hours of trading on Wednesday, as investors assimilate the latest string of quarterly earnings to make assessments about the pace of economic recovery: Euro and Pound remain floating within tight ranges.Eurostoxx 50 Index remains practically unchanged two hours after the opening bell, while German Dax Index drops 0.27%, and French CAC Index trades 0.27% above its opening level. In the UK, the FTSE Index sheds 0.21%.On the macroeconomic domain, Eurozone and Germany's services sector's activity has continued contracting in July, although at a substantially slower pace than in previous months, while UK services sector's activity grew for its second consecutive time.Following with UK, manufacturing activity rose 0.4% month on month in June, the largest increase since January 08, and Industrial output increased 0.5% on the month, the largest increase since October 07. Year on year Manufacturing output fell 11.7%, while Industrial production fell 11.1%.Euro and Pound remain trading in rangeGBP/USD launched an attack to the 1.7000 resistance level after UK manufacturing and services data was released, although the Pound turne3d down after hitting a fresh intra-day high at 1.7008.EUR/USD remains trading in a range from 1.4370 to 1.4430. The Euro picked up on early European session but turned down at 1.4400 after disappointing EU retail sales data, and trades around 1.4385 at the moment of writing.USD/JPY decline from 95.40 Asian session high find support at 94.87 ahead of the European session opening, and the Dollar rose to levels above 95.00, reaching 95.15 at the time of writing
Polish Labor Minister Sees July Unemployment Rate At 10.8%
Polish Labor Minister Sees July Unemployment Rate At 10.8% WARSAW (Dow Jones)--Poland's unemployment rate rose slightly in July to 10.8% from 10.78% in June, Polish Labor Minister Jolanta Fedak said Wednesday The Central Statistics Office, or GUS, is due to issue official July unemployment data at the end of August.
Labor ministry website: www.mps.gov.pl
-By Marynia Kruk, Dow Jones Newswires; 48-22 447-2430; marynia.kruk@dowjones.com 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=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 05:27 ET (09:27 GMT)Copyright 2009 Dow Jones & Company, Inc
Labor ministry website: www.mps.gov.pl
-By Marynia Kruk, Dow Jones Newswires; 48-22 447-2430; marynia.kruk@dowjones.com 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=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 05:27 ET (09:27 GMT)Copyright 2009 Dow Jones & Company, Inc
UPDATE: Euro-Zone Economic Output Slump Eases Further In July
UPDATE: Euro-Zone Economic Output Slump Eases Further In July (Adds data, Markit and economist comment) By Nicholas Winning Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The contraction in euro-zone economic output eased to its weakest rate for 11 months in July, fueling hopes that the 16-nation currency area could emerge from recession before the end of the year, data from Markit Economics showed Wednesday. The final reading of the euro-zone composite output index -a closely-watched gauge of economic activity -rose to 47.0 in July from 44.6 in June. The headline figure, which combines both the manufacturing and services sectors, remained below the neutral 50.0 level, indicating that output has contracted for a 14th consecutive month. A reading below 50 indicates a drop in output while a reading above indicates an expansion. But it was higher than the flash July reading and the market consensus estimate of 46.8 from a Dow Jones Newswires survey of economists. "This will raise hopes that the euro-zone economy could stabilise in the second half of the year, led by manufacturing, where production recorded only a marginal fall in July," Chris Williamson, chief economist at Markit, said in a statement. "Services continue to lag, however, largely due to weak domestic consumption as employment continued to fall, which will most likely act as a drag on any recovery," added Williamson. Markit said the services business activity index rose to a nine-month high of 45.7 in July from 44.7 in June -beating economists' expectations of 45.6. The purchasing managers' index for the manufacturing sector which recovered to an 11-month high of 46.3 in July from 42.6 in June. "To put this level of the composite PMI into context, it is consistent with gross domestic product contracting by around a quarter of a percentage point quarter-on-quarter on the basis of past relationships," Ken Wattret, an economist at BNP Paribas, said in a note. Euro-zone GDP posted a record 2.5% quarterly contraction between January and March. On an annual basis, GDP fell 4.9% in the first quarter. Germany saw the weakest drop in output of the big four euro nations in July following a record jump in its composite index to its highest rate since September. By contrast, France saw an increased rate of decline in July following four straight months of easing. Euro-zone employment continued to fall, but at the weakest rate since January, Markit said. Manufacturing continued to report a steeper rate of job cuts than in the services sector. Incoming new business posted the smallest deterioration since last August. Rates of decline slowed sharply in Germany and Italy and eased marginally in Spain, but France saw a slight increase in the rate of loss of new business. -By Nicholas Winning, Dow Jones Newswires, +44 207 842 9498; nick.winning@dowjones.co 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=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 05:29 ET (09:29 GMT)Copyright 2009 Dow Jones & Company, Inc
ECB Allots $40.236 B In TAF 7-Day Tender At 1.16%
ECB Allots $40.236 B In TAF 7-Day Tender At 1.16% FRANKFURT -(Dow Jones)- The European Central Bank Wednesday allotted $40.236 billion in funds to the banking system through a seven-day term auction facility. The funds were allotted at a fixed rate of 1.16%. As in previous auctions, the ECB satisfied all bids. There were eight bidders. The tender will be settled Thursday and the funds mature Aug. 13. Web site: http://www.ecb.int -By Geoffrey T. Smith, Dow Jones Newswires; (+49 69) 29725-520; geoffrey.smith@dowjones.com 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=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 05:39 ET (09:39 GMT)Copyright 2009 Dow Jones & Company, Inc
EUR/USD Follows Gold South
The EUR/USD has crumbled beneath July 23rd lows and our 1st and 2nd tier uptrend lines. The EUR/USD’s pullback is picking up momentum after German Prelim CPI came in negative (-0.1%) along with mixed data with a negative tint from the U. S., Britain, and Japan. Meanwhile, gold is dropping like a rock, dragging on the EUR/USD due to their negative correlation.
USD / JPY Technical Forex Analysis for Forex Traders
Dr Sivaraman
The pair has consolidated just above the former support level at 94.60. This has created a flag formation. This formation is a continuation pattern indicating further declines, although a push higher is still a possibility.
Support is at 94.50 and a sustained break below would confirm another swing down. Conservative target is 94.20-94.00 with a more aggressive target being 93.80. Strong support is also at 94.00.
Resistance is at 94.90 with a break above likely to erase some of the earlier declines. Further resistance is at 95.20, 95.60 and 95.80.
Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check Forexpros. com
The pair has consolidated just above the former support level at 94.60. This has created a flag formation. This formation is a continuation pattern indicating further declines, although a push higher is still a possibility.
Support is at 94.50 and a sustained break below would confirm another swing down. Conservative target is 94.20-94.00 with a more aggressive target being 93.80. Strong support is also at 94.00.
Resistance is at 94.90 with a break above likely to erase some of the earlier declines. Further resistance is at 95.20, 95.60 and 95.80.
Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check Forexpros. com
EURO USD Forex Trading Tips and Analysis for Day Traders
After testing the 1.4000 level the pair made a surge to test the highs of the former range at 1.4300. A break above 1.4320 signals another swing higher. Initial resistance is at 1.4340 with targets beyond of 1.4400, 1.4450 and ultimately 1.4600 (not necessarily today).
Support is at 1.4200, 1.4150 and 1.4100.
Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check Forexpros. com
Support is at 1.4200, 1.4150 and 1.4100.
Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check Forexpros. com
Pound Higher On Barclays, HSBC Earnings And Expansion in Manufacturing, Will BoE Add To QE?
The Pound surged over a 100 pips to as high as 1.6880 after positive earnings from Barclays and HSBC helped add to prevailing optimism. Barclays, U.K.’s second biggest lender, saw profits of 10% while Europe’s largest bank HSBC posted an unexpected profit.Full Article
Rupee trades lower compared to US dollar
The reports of heavy purchase of foreign currency by importers declined Indian Rupee for the first time in four days. The import oriented firms generally make payments in foreign currency to settle month-end payments, thus pushing dollar rates at the month's end.India pays a huge sum as oil import bill and thus refiners are the largest buyers of US dollars for import bill payouts.
Ravindra Babu, a Mumbai-based foreign-exchange trader with Andhra Bank, said, "With importers' dollar demand strengthening ahead of the month's end, the rupee is expected to keep a weakening bias."
Gold Adds onto Yesterday’s Swift Selloff
Gold is at it again Wednesday, following through on gold’s technical selloff on Tuesday. The precious metal has dropped below the safety of the bottom end of the 7/15-7/20 trading range. Gold continues to drop faster than the Dollar appreciates while crude finally tags along to the downside. The size of gold’s pullback is incredible, and we still haven’t found the driving force. Many analysts are attributing gold’sdecline to the Dollar’s appreciation.
Crude Futures Tumble after Large Inventories and Low DGO
Crude futures have crashed through all of our previous uptrend lines and the psychological $65/bbl level. Both of the data points we highlighted yesterday came in worse than expected, sending crude futures sharply lower. Weekly inventories not only continued their uptrend, but bolted to a surplus of 5.1 mill. vs. a shortage of -1.8 mill. last week.
USD/JPY Climbs to the Psychological 95 Level
The USD/JPY has battled back above our 1st tier uptrend line, and is trading just below our 2nd tier downtrend line as the trend lines approach their inflection point. The USD/JPY’s rise is impressive considering the large declines taking place in gold and the EUR/USD. Investors are paying more attention to the worse than expected retail sales from Japan late Tuesday coupled with relative stability in the S&P futures.
GBP/USD Bounces Between our 1st and 2nd Tier Uptrend Lines
The Cable slipped through our 2nd tier uptrend yesterday as the currency pair followed gold and the EUR/USD lower following negative CBI realized sales data. However, the Pound continued to flex its muscles, and the GBP/USD exerted its relative strength by bouncing off of our 1st tier uptrend line, avoiding an immediate-term protracted selloff like the EUR/USD.
EUR/USD Follows Gold South
The EUR/USD has crumbled beneath July 23rd lows and our 1st and 2nd tier uptrend lines. The EUR/USD’s pullback is picking up momentum after German Prelim CPI came in negative (-0.1%) along with mixed data with a negative tint from the U. S., Britain, and Japan. Meanwhile, gold is dropping like a rock, dragging on the EUR/USD due to their negative correlation.
FastBrokersFX
The EUR/USD has crumbled beneath July 23rd lows and our 1st and 2nd tier uptrend lines. The EUR/USD’s pullback is picking up momentum after German Prelim CPI came in negative (-0.1%) along with mixed data with a negative tint from the U. S., Britain, and Japan. Meanwhile, gold is dropping like a rock, dragging on the EUR/USD due to their negative correlation.
EURO USD Forex Trading Tips and Analysis for Day Traders
The pair did make a move higher yesterday above a prior swing high, and just fell short of the 95.40.
95.40-95.50 is a major resistance area. A break above indicates a swing higher. 96.00 and 96.40 are the targets (not necessarily today).
Support is at 94.90, 94.60 and 94.30. A sustained break back below of 94.60 would indicate short-term weakness.
Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check Forexpros. com
95.40-95.50 is a major resistance area. A break above indicates a swing higher. 96.00 and 96.40 are the targets (not necessarily today).
Support is at 94.90, 94.60 and 94.30. A sustained break back below of 94.60 would indicate short-term weakness.
Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check Forexpros. com
USD / JPY Technical Forex Analysis for Forex Traders
The pair did make a move higher yesterday above a prior swing high, and just fell short of the 95.40.
95.40-95.50 is a major resistance area. A break above indicates a swing higher. 96.00 and 96.40 are the targets (not necessarily today).
Support is at 94.90, 94.60 and 94.30. A sustained break back below of 94.60 would indicate short-term weakness.
Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check Forexpros. com
95.40-95.50 is a major resistance area. A break above indicates a swing higher. 96.00 and 96.40 are the targets (not necessarily today).
Support is at 94.90, 94.60 and 94.30. A sustained break back below of 94.60 would indicate short-term weakness.
Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check Forexpros. com
Crude Cruise Towards our 3rd Tier Uptrend Line
Crude futures had no problem participating in yesterday’s strong rally in U. S. equities. Crude finally left the psychological $65/bbl level behind on climbing volume, stepping over our 2nd tier downtrend line in the process. The futures are presently walking along our 3rd tier uptrend line as they creep back into the June trading range while setting its sights on the psychological $70/bbl level. Crude futures may have a little more gas in the tank even though the S&P futures are waning after negative earnings from AMZN, AXP, and MSFT.
S&P Sits Near Par After Surge
The S&P futures made the confirmation we were looking for on Thursday, propelling from our 2nd tier uptrend line well beyond the psychological 950 level. The futures are leveling off today as investors take some profits amid disappointing earnings from the likes of MSFT, AXP, and AMZN. The markets have also received some disconcerting results from WFC and MS this, week along with fast food giant MCD.
Gold Sticks Above $950/oz
Gold failed to participate in the S&P’s surge yesterday, opting to sink towards our 2nd tier uptrend line on climbing volume. Thursday’s movement in gold shows us the precious metal is more positively correlated with the Dollar than U. S. equities, aiding investors in further correlative deviations between the greenback and equities.
S&P Sits Near Par After Surge
The S&P futures made the confirmation we were looking for on Thursday, propelling from our 2nd tier uptrend line well beyond the psychological 950 level. The futures are leveling off today as investors take some profits amid disappointing earnings from the likes of MSFT, AXP, and AMZN. The markets have also received some disconcerting results from WFC and MS this, week along with fast food giant MCD.
USD/JPY Jogs between our Trend Lines While Playing with 95
Japan’s trade balance came in below analyst expectations late Wednesday, yet surging U. S. equities trumped the disappointing data point as we anticipated. A recovery in U. S. corporate performance implies greater demand for Japanese exports in the future, weakening the Yen and improving prospects of a global economic recovery. Even though Japan’s trade balance was shy of expectations, we’re pretty encouraged by the swift recovery over the past two releases from recession lows. The data reveals export prospects are picking up as stimulus packages ultimately prop up demand for Japanese exports. Employment markets in the developed economies are improving along with consumption, bringing life back to the Japanese manufacturing sector.
Rupee trades lower compared to US dollar
The reports of heavy purchase of foreign currency by importers declined Indian Rupee for the first time in four days. The import oriented firms generally make payments in foreign currency to settle month-end payments, thus pushing dollar rates at the month's end.
India pays a huge sum as oil import bill and thus refiners are the largest buyers of US dollars for import bill payouts.
Ravindra Babu, a Mumbai-based foreign-exchange trader with Andhra Bank, said, "With importers' dollar demand strengthening ahead of the month's end, the rupee is expected to keep a weakening bias."
India pays a huge sum as oil import bill and thus refiners are the largest buyers of US dollars for import bill payouts.
Ravindra Babu, a Mumbai-based foreign-exchange trader with Andhra Bank, said, "With importers' dollar demand strengthening ahead of the month's end, the rupee is expected to keep a weakening bias."
EUR/USD Hits a Wall after Disappointing EZ INO Data
The EUR/USD has hit a wall and is consolidating with a downward slope after the Euro Zone’s industrial new orders data showed slight contraction while analysts were expecting a swing to growth (-0.2% vs. 1.9%). The Euro is also digesting the fact that French consumer spending came in higher than expected. However, we believe the EZ INO number is more prevalent since we’ve seen French CS flutter between growth and contraction. Hence, the EU continues to display a theme of disappointing data. Over the past week and a half investors have received discouraging data concerning EU economic sentiment, pricing, and now manufacturing. The economic data shows that although the peak of the crisis may be behind us, the economic return to growth could be a long, steep road.
S&P Futures Stare Down 2009 Highs and 950
The S&P futures are on the cusp of a large near-term breakout should they decide to topple our 2nd tier uptrend line, the psychological 950 level, and 2009 highs. However, the futures are shedding earlier gains in consolidation amid psychological hesitation. Regardless, the S&P’s correlations are taking the lead with gold and the EUR/USD busting out from our previous downtrend lines on aggressive movements to the upside. Meanwhile, the 30 Year T-Bond futures continue their slide lower from their near-term uptrend line. Hence, it appears investors are gaining more confidence in the economic recovery, willing to put more money into higher-risk investment vehicles.
Orexigen Obesity Drug Trials Successful in 3 Studies
Orexigen Therapeutics Inc. said Monday that in three large late-stage studies its obesity-drug candidate Contrave met its main goals and also surpassed a Food and Drug Administration requirement for effectiveness. The San Diego-based company said it plans to seek FDA approval for Contrave in early 2010.
EMCO sells its arm to GMR Energy
Thane-headquartered EMCO Limited has informed that it has sold its wholly owned subsidiary EMCO Energy Limited to GMR Energy Limited, which is a wholly owned subsidiary of GMR Infrastructure Limited.
At present, EMCO Energy is in the process of implementing 300 MW thermal power project (Phase 1) at Warora, Maharashtra, as part of the Group's power generation strategy.
CRISIL Risk and Infrastructure Solutions Limited acted as advisors to EMCO Limited for this transaction.
The share of EMCO closed on Friday at Rs 86, while scrip of GMR Infrastructure settled the day at Rs 141 on BSE.
At present, EMCO Energy is in the process of implementing 300 MW thermal power project (Phase 1) at Warora, Maharashtra, as part of the Group's power generation strategy.
CRISIL Risk and Infrastructure Solutions Limited acted as advisors to EMCO Limited for this transaction.
The share of EMCO closed on Friday at Rs 86, while scrip of GMR Infrastructure settled the day at Rs 141 on BSE.
US Dollar on the Brink of a Trend Defining Plunge Ahead of 2Q GDP
Written by John Kicklighter, Currency Strategist
It was a tenuous week; but the dollar was able to ultimately hold its own through the close. However, just because momentum behind the earnings-driven rally in risk appetite has stalled does not mean that the world’s most liquid currency has avoided a collapse all together.
US Dollar on the Brink of a Trend Defining Plunge Ahead of 2Q GDP
Fundamental Outlook for US Dollar: Bearish
- Fundamentals support a recovery in US and global growth, but how does risk appetite factor in?
- Bernanke sees signs of stabilization, calls focus on the deficit
- Do technicals call for a dollar collapse or recovery?
It was a tenuous week; but the dollar was able to ultimately hold its own through the close. However, just because momentum behind the earnings-driven rally in risk appetite has stalled does not mean that the world’s most liquid currency has avoided a collapse all together. Sentiment winds have died down; but they can easily jostle the safe-haven dollar should another economic catalyst surface. This makes for an uncertain future when combined with the fundamental influence that the 2Q GDP report will have on the currency. Now, not only do traders have to interpret the data, they will also have to judge whether it has a greater impact on risk appetite or growth considerations for the beleaguered dollar.
Looking ahead to next week, the most immediate threat to the greenback’s stability is the intensity and direction of risk appetite. While this currency is deeply mired in speculation surrounding the economy’s leading or lagging growth potential, interest rate expectations, and deficit projections among other influences; risk appetite has proven itself to be insuperable. With the Federal Reserve vowing to keep the benchmark lending rate at levels that insure a carry status when conditions do turn around and politicians ensuring the economy will struggle with record levels of debt for years to come, there seems little doubt that the dollar will maintain its position on the opposite of risk appetite. But, considering the stalled progress most of the dollar and yen crosses saw last week; is there a strong shift in sentiment in the works? With EURUSD and GBPUSD just off of key levels of resistance, the pressure is growing. However, the primary source of momentum this past week – the second quarter earnings season – is already on the decline. If left up to the markets alone, equities have already forged new highs for the year; but commodities, fixed income and risk-sensitive currency pairs have not pushed to comparable levels. Oddly enough, one of the most likely catalysts for risk going forward also happens to be the most attention grabbing indicator on the US docket: GDP.
According to economists forecasts, the world’s largest economy contracted at a 1.5 percent on an annualized pace through the second quarter. This would be a marked improvement from the 5.5 percent and 6.3 percent rate of the recession through the first quarter of 2009 and fourth quarter 2008 respectively. This would certainly confirm policy officials expectations for a return to positive growth by the end of this year or beginning of the next; but through the near-term it is still a call for speculation to rank the economy’s performance against that of its major counterparts. China recently reported a sharp advance to a 7.9 percent pace of expansion while the UK printed a record 5.6 percent contraction. And, then there are still those economies that have yet to report their numbers. Japan suffered a record-breaking 14.2 percent slump through the first quarter, but is expected to snap back according to BoJ and Cabinet officials. The Euro Zone awaits it August 13th release, but the Bundesbank has already stated Germany saw only a ‘slight contraction’ through the second quarter. This will increasingly become a consideration of nuance.
The other facet of the US 2Q GDP release is that it will be accepted as a gauge of global growth. This further complicates the issue. Should the reading be good, the influence on risk appetite could outweigh the implications for US returns and actually drag the dollar down; and vice versa. Another important consideration is the timing of this release. Due Friday, speculators may decide to move the dollar before the data crosses the wires. If this is the case, the GDP report could factor into long-term projections but not short-term volatility. –JK
For more timely FX market analysis, visit our newly-launched Forex Stream Service.
The EUR/USD has hit a wall and is consolidating with a downward slope after the Euro Zone’s industrial new orders data showed slight contraction while
The EUR/USD has hit a wall and is consolidating with a downward slope after the Euro Zone’s industrial new orders data showed slight contraction while analysts were expecting a swing to growth (-0.2% vs. 1.9%). The Euro is also digesting the fact that French consumer spending came in higher than expected. However, we believe the EZ INO number is more prevalent since we’ve seen French CS flutter between growth and contraction. Hence, the EU continues to display a theme of disappointing data. Over the past week and a half investors have received discouraging data concerning EU economic sentiment, pricing, and now manufacturing. The economic data shows that although the peak of the crisis may be behind us, the economic return to growth could be a long, steep road.
EUR/USD Hits a Wall after Disappointing EZ INO Data
The EUR/USD has hit a wall and is consolidating with a downward slope after the Euro Zone’s industrial new orders data showed slight contraction while analysts were expecting a swing to growth (-0.2% vs. 1.9%). The Euro is also digesting the fact that French consumer spending came in higher than expected. However, we believe the EZ INO number is more prevalent since we’ve seen French CS flutter between growth and contraction. Hence, the EU continues to display a theme of disappointing data. Over the past week and a half investors have received discouraging data concerning EU economic sentiment, pricing, and now manufacturing. The economic data shows that although the peak of the crisis may be behind us, the economic return to growth could be a long, steep road.
S&P Futures Stare Down 2009 Highs and 950
The S&P futures are on the cusp of a large near-term breakout should they decide to topple our 2nd tier uptrend line, the psychological 950 level, and 2009 highs. However, the futures are shedding earlier gains in consolidation amid psychological hesitation. Regardless, the S&P’s correlations are taking the lead with gold and the EUR/USD busting out from our previous downtrend lines on aggressive movements to the upside. Meanwhile, the 30 Year T-Bond futures continue their slide lower from their near-term uptrend line. Hence, it appears investors are gaining more confidence in the economic recovery, willing to put more money into higher-risk investment vehicles.
Short-term Technical Analysis
Cross Spot level Previous day move (in pips) Supp. Res. Daily target
USD/CHF 1.0729 0.0080 1.0715 1.0780
Daily chart 1.0655 1.0800
Short-term chart 1.0620 1.0860
Comments
As expected, yesterday proved to be a day of range trading on the dollar. The USD/CHF edged up to 1.0769 before US figures were published and then dipped back down to its support zone at 1.0634. Market activity is likely to be stable as we head into the weekend. We remain neutral on the pair and expect to be trading in a range between 1.0600 and 1.0750.
EUR/USD 1.4175 -0.0061 1.4115 1.4215
Daily chart 1.4095 1.4265
Short-term chart 1.4050 1.4290
Comments
Yesterday’s trading saw the EUR/USD seesaw between a low of 1.4120 and a high of 1.4292. The publication today of Germany’s IFO business climate index and of a revised Michigan Sentiment reading in the US is unlikely to disrupt the summer tranquillity on the markets. We will be continuing to play a range between 1.4100 and 1.4250 on the EUR/USD.
USD/JPY 94.81 0.63 94.55 95.40
Daily chart 94.10 95.70
Short-term chart 93.90 95.85
Comments
The EUR/CHF cross rose back above the 1.5200 mark yesterday, on the back of significant acquisitions by Swiss companies. Volatility was considerably higher during the session, with the trading range between a low at 1.5160 and a high at 1.5244. We are expecting to close this week in a range between 1.5175 and 1.5225. We are awaiting publication this morning of the German IFO index.
EUR/CHF 1.5208 0.0045 1.5180 1.5255
Daily chart 1.5150 1.5280
Short-term chart 1.5135 1.5325
Comments
Boosted by the uptick on equity markets, a weakened dollar and strong retail sales growth in the UK, sterling continued its advance against the greenback, breaking past the 1.6500 barrier to reach a high of 1.6585. The top of our range is still 1.6600, and another positive day for equity markets should take us there. Today sees publication of the University of Michigan consumer confidence reading for July.
GBP/USD 1.6502 0.0022 1.6455 1.6535
Daily chart 1.6430 1.6560
Short-term chart 1.6390 1.6605
Comments
Boosted by the uptick on equity markets, a weakened dollar and strong retail sales growth in the UK, sterling continued its advance against the greenback, breaking past the 1.6500 barrier to reach a high of 1.6585. The top of our range is still 1.6600, and another positive day for equity markets should take us there. Today sees publication of the University of Michigan consumer confidence reading for July.
USD/CHF 1.0729 0.0080 1.0715 1.0780
Daily chart 1.0655 1.0800
Short-term chart 1.0620 1.0860
Comments
As expected, yesterday proved to be a day of range trading on the dollar. The USD/CHF edged up to 1.0769 before US figures were published and then dipped back down to its support zone at 1.0634. Market activity is likely to be stable as we head into the weekend. We remain neutral on the pair and expect to be trading in a range between 1.0600 and 1.0750.
EUR/USD 1.4175 -0.0061 1.4115 1.4215
Daily chart 1.4095 1.4265
Short-term chart 1.4050 1.4290
Comments
Yesterday’s trading saw the EUR/USD seesaw between a low of 1.4120 and a high of 1.4292. The publication today of Germany’s IFO business climate index and of a revised Michigan Sentiment reading in the US is unlikely to disrupt the summer tranquillity on the markets. We will be continuing to play a range between 1.4100 and 1.4250 on the EUR/USD.
USD/JPY 94.81 0.63 94.55 95.40
Daily chart 94.10 95.70
Short-term chart 93.90 95.85
Comments
The EUR/CHF cross rose back above the 1.5200 mark yesterday, on the back of significant acquisitions by Swiss companies. Volatility was considerably higher during the session, with the trading range between a low at 1.5160 and a high at 1.5244. We are expecting to close this week in a range between 1.5175 and 1.5225. We are awaiting publication this morning of the German IFO index.
EUR/CHF 1.5208 0.0045 1.5180 1.5255
Daily chart 1.5150 1.5280
Short-term chart 1.5135 1.5325
Comments
Boosted by the uptick on equity markets, a weakened dollar and strong retail sales growth in the UK, sterling continued its advance against the greenback, breaking past the 1.6500 barrier to reach a high of 1.6585. The top of our range is still 1.6600, and another positive day for equity markets should take us there. Today sees publication of the University of Michigan consumer confidence reading for July.
GBP/USD 1.6502 0.0022 1.6455 1.6535
Daily chart 1.6430 1.6560
Short-term chart 1.6390 1.6605
Comments
Boosted by the uptick on equity markets, a weakened dollar and strong retail sales growth in the UK, sterling continued its advance against the greenback, breaking past the 1.6500 barrier to reach a high of 1.6585. The top of our range is still 1.6600, and another positive day for equity markets should take us there. Today sees publication of the University of Michigan consumer confidence reading for July.
UK Retail
UK retail sales were up 1.2% between May and June and by 2.9% from one year before.
The latest US unemployment figures were stable, with first-time jobless claims up 554,000 from the previous week (compared to consensus forecasts of a 550,000 increase). The four-week average of new claims for unemployment benefits declined to 566,000 last week, its lowest level since January.
Also in the US, sales of previously owned homes rose by 3.6% in June to an annual rate of 4.89 million units. This notwithstanding, house prices were down 15.4% from one year before
The latest US unemployment figures were stable, with first-time jobless claims up 554,000 from the previous week (compared to consensus forecasts of a 550,000 increase). The four-week average of new claims for unemployment benefits declined to 566,000 last week, its lowest level since January.
Also in the US, sales of previously owned homes rose by 3.6% in June to an annual rate of 4.89 million units. This notwithstanding, house prices were down 15.4% from one year before
Forex reserves fall to $11.844 billion
KARACHI: The country's foreign exchange reserves declined to $11.844 billion on the week ending on July 18, 2009 as compared with $12.239 billion last week, data released by the State Bank of Pakistan showed on Thursday.
Total reserves showed a decrease of $395 million during the week. However, the State Bank's reserves witnessed a major decline of $433 million to $8.428 billion, as compared to $8.861 billion last week.
The reserves held by the banks (other than SBP) witnessed an increase of $38 million to reach $3.416 billion, as compared to $3.378 billion last week. Foreign reserves had hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November of last year, largely because of a soaring import bill.
Pakistan agreed in November to an International Monetary Fund (IMF) emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves. The fund recently reviewed the country's performance under the deal, and its board is set to meet next month to decide on a third loan tranche of roughly $875 million. The country has also requested about $4 billion in additional financing from the IMF as ‘insurance’ against the economic crisis. staff report
EUR/USD Hits a Wall after Disappointing EZ INO Data
The EUR/USD has hit a wall and is consolidating with a downward slope after the Euro Zone’s industrial new orders data showed slight contraction while analysts were expecting a swing to growth (-0.2% vs. 1.9%). The Euro is also digesting the fact that French consumer spending came in higher than expected. However, we believe the EZ INO number is more prevalent since we’ve seen French CS flutter between growth and contraction. Hence, the EU continues to display a theme of disappointing data. Over the past week and a half investors have received discouraging data concerning EU economic sentiment, pricing, and now manufacturing. The economic data shows that although the peak of the crisis may be behind us, the economic return to growth could be a long, steep road.
»
EUR/USD Hits a Wall after Disappointing EZ INO Data
The S&P futures are on the cusp of a large near-term breakout should they decide to topple our 2nd tier uptrend line, the psychological 950 level, and 2009 highs. However, the futures are shedding earlier gains in consolidation amid psychological hesitation. Regardless, the S&P’s correlations are taking the lead with gold and the EUR/USD busting out from our previous downtrend lines on aggressive movements to the upside. Meanwhile, the 30 Year T-Bond futures continue their slide lower from their near-term uptrend line. Hence, it appears investors are gaining more confidence in the economic recovery, willing to put more money into higher-risk investment vehicles.
Forex Update S&P Futures Stare Down 2009 Highs and 95
The S&P futures are on the cusp of a large near-term breakout should they decide to topple our 2nd tier uptrend line, the psychological 950 level, and 2009 highs. However, the futures are shedding earlier gains in consolidation amid psychological hesitation. Regardless, the S&P’s correlations are taking the lead with gold and the EUR/USD busting out from our previous downtrend lines on aggressive movements to the upside. Meanwhile, the 30 Year T-Bond futures continue their slide lower from their near-term uptrend line. Hence, it appears investors are gaining more confidence in the economic recovery, willing to put more money into higher-risk investment vehicles.
USD / JPY Technical Forex Analysis for Forex Traders
USD/JPY The pair has retreated back into the middle of a range which has developed over the last week.
Minor support is at 93.75 followed by 93.50. A drop below this would shift the bias downwards. 93.20 is the support level beyond.
Minor resistance is likely at 94.20. 94.60 and 94.80 are more significant.
Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check forexpros. com
Minor support is at 93.75 followed by 93.50. A drop below this would shift the bias downwards. 93.20 is the support level beyond.
Minor resistance is likely at 94.20. 94.60 and 94.80 are more significant.
Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check forexpros. com
Energy Advisor presents POL price formula
ISLAMABAD: Advisor to Prime Minister for Energy Dr. Asim Hussain said Sunday that Pakistan import bill will decrease by $5 million daily as a result of Iran-Pakistan gas pipeline project. Addressing a news conference, he said the gas pipeline project can save Pakistan $1.70 billion in annual import bill. On the occasion, Dr Asim made public the formula for determination of price of petroleum products, adding the formula is aimed at conveying in transparent manner to the people the modus operandi of price specification. He said the petrol ex-refinery price is Rs36.59/lit. He said if the current trend of international crude oil prices continues then there is a good chance of local POL prices to be reduced by Rs 3 to Rs 3.50 per litre.
GST to be converted into VAT by July 2010: FBR
LAHORE: Chairman Federal Board of Revenue (FBR0 Suhail Ahmed has said that General Sales Tax (GST) will be converted into Value Added Tax (VAT) by July 1, 2010 with a view to bring more sectors in the tax net. He said this while talking to reporters on the occasion of his visit to Directorate of Income Tax in Lahore on Monday. Chairman FBR said the implementation of VAT will result in the additional revenue of Rs400 billion. He said the tax collection target for the current financial year is Rs380 billion and expressed confidence that it will be achieved despite economic crisis being faced by the country.
Oil companies to set up 200 ethanol pumps by 2010
ISLAMABAD: Oil Marketing Companies will establish 200 ethanol petrol pumps across the country by 2010 at a cost Rs4 billion. According to oil OMCs� sources, Pakistan State Oil (PSO) has practically initiated the work in this regard. PSO will set up 30 E-10 filling stations in various cities of the country. The company has started selling from one of its petrol pumps E-10 fuel which is Rs2.40 per litre cheaper than the regular fuel. In order to promote the new brand of fuel, the government has already exempted the E-10 fuel from sales tax.
British economy to shrink 4.5% in current year
LONDON: The British economy is expected to record the biggest single year contraction since 1945, the Ernst Young ITEM Club said Monday. In its latest economic outlook, the think tank is forecasting the economy to shrink 4.4% in 2009, worse than the 3.5% decline predicted in April. The group sees recovery in 2010 with a 0.5% growth. According to the ITEM Club, hopes of recovery are running ahead of reality and sees no sustainable improvement until world trade begins to pick up. The main risks remain on the downside and include the threat posed by the H1N1 swine flue virus, which could reduce a further 3% from GDP this year and 1.7% in 2010. Companies should review their plans for this kind of contingency. New home-working and video-conferencing facilities offer a way to cope with this, while retail and industrial units should check their stock levels and supply chains. Peter Spencer, chief economic adviser to the Ernst Young ITEM Club said, "Economic patient has been in trauma, but thanks to the paramedics at the Treasury and the Bank of England who pumped billions of pounds worth of medicine into the economy, the patient has been stabilized for now." But he said, "it remains unclear how quick and complete recovery will be and there is still a serious chance of a relapse." The short term outlook stays gloomy as credit remains constrained and the lack of competition in the banking sector indicates lending to consumers and corporates would continue to be expensive and restricted with no further stimulus available to work through the system. Further, the think tank forecasts no change in the 0.5% interest rate well into next year, with the significant degree of spare capacity that exists ensuring that policy would need to be tightened only very gradually after that. Company cut-backs in employment and earnings continued to put pressure on consumer recession. But, rise in unemployment was not bad as was originally feared. Still, the think tank expects unemployment around 8.8% of the labor force by next spring. Disposable incomes were under severe pressure and consumer spending would possibly weaken again over the second half of this year. Hampered by a weak housing market, consumer spending will shrink 3.2% in 2009 and a further 0.2% next year. Meanwhile, disposable income is set to rise only 1% in 2009 and again in 2010. The report said business investment would fall by 10.5% this year with an additional decline of 1% in 2010. At the same time, private housing investment would plunge 27% in 2009.
Oil prices up in Asian markets
SINGAPORE: Oil prices rose in Asian trade today, lifted by positive US housing construction data that suggested the crisis-hit housing market was over the worst, analysts said. New Yorks main futures contract, light sweet crude for delivery in August, gained 21 cents to USD 63.77 a barrel. Brent North Sea crude for September delivery climbed 27 cents to USD 65.65. Data released Friday by the US Commerce Department showed construction starts on privately owned homes rose 3.6 per cent in June to a seasonally adjusted rate of 582,000, the fastest pace since November. The jump in housing starts was much stronger than the 530,000 pace expected by most analysts and followed a revised 562,000 starts in May, up 30,000 from the initial estimate. "Oil prices drew support from the US housing starts data," the Commonwealth Bank of Australia said in a report.
Pakistan Open Market Forex Rate
| Currency | Symbol | Buying | Selling | Charts |
 Australian Dollar | AUD | 65.45 | 66.6 |  |
 Bahrain Dinar | BHD | 216.1 | 219 | |
 Canadian Dollar | CAD | 73.4 | 74.6 | |
 China Yuan | CNY | 12 | 13.5 | |
 Danish Krone | DKK | 15.4 | 15.8 | |
 Euro | EUR | 115.2 | 117.2 | |
 Hong Kong Dollar | HKD | 10.48 | 10.68 | |
 Indian Rupee | INR | 1.7 | 1.8 | |
 Japanese Yen | JPY | 0.86 | 0.87 | |
 Kuwaiti Dinar | KWD | 281.6 | 284 | |
 Malaysian Ringgit | MYR | 23 | 24.5 | |
 NewZealand $ | NZD | 52.6 | 53.6 | |
 Norwegians Krone | NOK | 12.7 | 13 | |
 Omani Riyal | OMR | 211.75 | 214 | |
 Qatari Riyal | QAR | 22.4 | 22.6 | |
 Saudi Riyal | SAR | 21.7 | 21.9 | |
 Singapore Dollar | SGD | 56.15 | 57.35 | |
 Swedish Korona | SEK | 10.4 | 10.8 | |
 Swiss Franc | CHF | 75.8 | 76.8 | |
 Thai Bhat | THB | 2.2 | 2.4 | |
 U.A.E Dirham | AED | 22.23 | 22.5 | |
 UK Pound Sterling | GBP | 133.2 | 135.2 | |
 US Dollar | USD | 82.2 | 82.6 | |
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