Trade #035
BUY - EUR/JPY (H1)
Entry = 157.76
Exit = 158.13
Profit = 37 pips
Total = + 2003 pips (35 trades)
Live Trade Journal: journal Here
Tuesday, February 5, 2008
Dollar Charges Ahead Versus Euro And Sterling Despite Grim Outlook For US Economy
(RTTNews) - The dollar gained on the euro and sterling but gave back its early gains versus the yen on Tuesday in New York. Markets worldwide were roiled when US data from the Institute of Supply Management revealed that activity in the service sector unexpectedly contracted for the first time since March of 2003.
The ISM said that its index of activity in service sector fell to 41.9 in January from a revised 54.4 in December, with a reading below 50 indicating contraction in the sector. Economists had expected the index to edge down to 53.9. The data prompted many analysts to predict that the US economy was entering a prolonged period of recession.
The dollar raced higher versus the euro on Tuesday, jumping almost 2 cents to 1.4622. Euro-zone retail sales edged down 0.1% in December compared to a 0.5% fall in November. Economists were looking for an increase of 0.2%.
The dollar hit a 2-week high versus the sterling on Tuesday, extending Friday's significant gains. The greenback rose to 1.9603, up more than a cent from its overnight levels.
Versus the yen, the dollar advanced to a 10-day high of 107.73 before racing lower on risk aversion after the ISM data. The dollar fetched 107 at 3 pm ET, having come off its mid-day low near 106.70.
Source: Nasdaq.com
The ISM said that its index of activity in service sector fell to 41.9 in January from a revised 54.4 in December, with a reading below 50 indicating contraction in the sector. Economists had expected the index to edge down to 53.9. The data prompted many analysts to predict that the US economy was entering a prolonged period of recession.
The dollar raced higher versus the euro on Tuesday, jumping almost 2 cents to 1.4622. Euro-zone retail sales edged down 0.1% in December compared to a 0.5% fall in November. Economists were looking for an increase of 0.2%.
The dollar hit a 2-week high versus the sterling on Tuesday, extending Friday's significant gains. The greenback rose to 1.9603, up more than a cent from its overnight levels.
Versus the yen, the dollar advanced to a 10-day high of 107.73 before racing lower on risk aversion after the ISM data. The dollar fetched 107 at 3 pm ET, having come off its mid-day low near 106.70.
Source: Nasdaq.com
Dollar Adds To Early Gains Versus Sterling
Dollar Adds To Early Gains Versus Sterling
(RTTNews) - The dollar extended its early gains against the sterling Tuesday afternoon in New York, rising to 1.9609 from an overnight level near 1.97. With the advance, the dollar moved further away from last week's monthly low of 1.9957.
Source: Nasdaq.com
(RTTNews) - The dollar extended its early gains against the sterling Tuesday afternoon in New York, rising to 1.9609 from an overnight level near 1.97. With the advance, the dollar moved further away from last week's monthly low of 1.9957.
Source: Nasdaq.com
Trade #034
Trade #034
BUY - EUR/USD (H1)
Entry = 1.4727
Exit = 1.4770
Profit = 43 pips
Total = + 1966 pips
Great Day !!!!!!!!!
Lests go Skyson !!!!!!!!!!
Live Journal Here
Monday, February 4, 2008
UK Darling: Must Resist Heavy-Handed Financial Regulation
Mon, Feb 4 2008, 19:31 GMT
http://www.djnewswires.com/eu
UK Darling: Must Resist Heavy-Handed Financial Regulation
LONDON -(Dow Jones)- The U.K. will resist any disproportionate reaction to the recent troubles in financial markets, Chancellor of the Exchequer Alistair Darling said Monday.
The troubles at U.K. mortgage lender Northern Rock (NRK.LN) and elsewhere have "meant that the regulatory system has been under intense scrutiny over recent months here and throughout the world," Darling said in a speech to a banking group.
"To revert to more heavy-handed or mechanistic regulation, to put process before substance would not fulfill our objectives and would stifle innovation. So we will not let that happen," he added.
Darling said that despite the recent financial market turmoil, the U.K. economy remains "strong and stable."
He also said that the government's policies mean the U.K. has low debt and historically low interest rates.
"We are able to do what is right to support growth in these uncertain times," he said.
Source: Fxstreet.com
http://www.djnewswires.com/eu
UK Darling: Must Resist Heavy-Handed Financial Regulation
LONDON -(Dow Jones)- The U.K. will resist any disproportionate reaction to the recent troubles in financial markets, Chancellor of the Exchequer Alistair Darling said Monday.
The troubles at U.K. mortgage lender Northern Rock (NRK.LN) and elsewhere have "meant that the regulatory system has been under intense scrutiny over recent months here and throughout the world," Darling said in a speech to a banking group.
"To revert to more heavy-handed or mechanistic regulation, to put process before substance would not fulfill our objectives and would stifle innovation. So we will not let that happen," he added.
Darling said that despite the recent financial market turmoil, the U.K. economy remains "strong and stable."
He also said that the government's policies mean the U.K. has low debt and historically low interest rates.
"We are able to do what is right to support growth in these uncertain times," he said.
Source: Fxstreet.com
World Bank cuts China growth forecast
World Bank cuts China growth forecast
By JOE McDONALD -- AP Business Writer
Published: Monday, February 4, 2008
BEIJING (AP) The World Bank cut its 2008 economic growth forecast for China to 9.6 percent from 10.8 percent on Monday due to cooling global export demand and said storms battering southern China should have little long-term impact.
Growth should be buoyed by expected strong demand from China's own consumers, though a possible U.S. slowdown might hurt the country's large export sector, the bank said in a quarterly report.
Economists have slashed forecasts for China's fast-growing economy amid worries that a U.S. recession could cut American imports and hurt other Chinese markets such as Europe and Japan.
"The world economy is going to be weaker, and this will have an impact on China," said Louis Kuijs, a bank economist who was the report's chief author. Still, he said, "China is in a relatively strong position."
Growth of 9.6 percent was "still robust," Kuijs said.
Snowstorms that have wrecked crops and disrupted trains and trucking in southern China will hurt industrial output and push up prices of vegetables and other perishable goods, but there should be little long-term effect, the bank said. The government has reported storm damage so far at 53.8 billion yuan ($7.5 billion).
"There is no doubt it is going to affect industrial production and economic activity in the short term," Kuijs said. "We do think, though, that most of this impact is going to be temporary."
The slowdown in global demand will hurt China's manufacturers and exporters, Kuijs said. The government says exports rose 25.7 percent in 2007 to $1.2 trillion.
But Chinese consumer spending and corporate profits are "still strong" and Beijing is moving ahead with investment plans that should help to shore up growth, Kuijs said.
The bank warned that China still faces potential problems as it tries to manage rapid growth, control a surge in inflation and cope with a flood of export revenues that are straining the central bank's ability to contain pressure for prices to rise.
Inflation so far is limited to food, but if it continues, "the risk remains that it will be fed through into general inflation," Kuijs said.
The central bank has raised interest rates repeatedly over the past year, and Kuijs said regulators were right to focus on such a "relatively tight" monetary stance.
Beijing has responded to the surge in food costs by imposing price controls and trying to increase supplies by boosting subsidies to pig farmers and curbing grain exports.
David Dollar, director of the World Bank's Beijing office, said such controls could help in the short run. But he echoed warnings by other economists who say they could hurt the economy by eliminating incentives to expand output.
If pork or grain prices are set below what it costs farmers to produce them, "then you are discouraging production of exactly what is in short supply," he said.
Dollar said that over time, Beijing might consider easing controls and instead paying food subsidies to poor families.
Chinese regulators also could face challenges if the United States responds to an economic slowdown by cutting interest rates further, Kuijs said. That could make China, with higher rates, more attractive to foreign investors, attracting more money at a time when Beijing is trying to curb the export-driven flood of cash pouring through the economy.
Links by inform.com
From : Pressofatlanticcity.cim
By JOE McDONALD -- AP Business Writer
Published: Monday, February 4, 2008
BEIJING (AP) The World Bank cut its 2008 economic growth forecast for China to 9.6 percent from 10.8 percent on Monday due to cooling global export demand and said storms battering southern China should have little long-term impact.
Growth should be buoyed by expected strong demand from China's own consumers, though a possible U.S. slowdown might hurt the country's large export sector, the bank said in a quarterly report.
Economists have slashed forecasts for China's fast-growing economy amid worries that a U.S. recession could cut American imports and hurt other Chinese markets such as Europe and Japan.
"The world economy is going to be weaker, and this will have an impact on China," said Louis Kuijs, a bank economist who was the report's chief author. Still, he said, "China is in a relatively strong position."
Growth of 9.6 percent was "still robust," Kuijs said.
Snowstorms that have wrecked crops and disrupted trains and trucking in southern China will hurt industrial output and push up prices of vegetables and other perishable goods, but there should be little long-term effect, the bank said. The government has reported storm damage so far at 53.8 billion yuan ($7.5 billion).
"There is no doubt it is going to affect industrial production and economic activity in the short term," Kuijs said. "We do think, though, that most of this impact is going to be temporary."
The slowdown in global demand will hurt China's manufacturers and exporters, Kuijs said. The government says exports rose 25.7 percent in 2007 to $1.2 trillion.
But Chinese consumer spending and corporate profits are "still strong" and Beijing is moving ahead with investment plans that should help to shore up growth, Kuijs said.
The bank warned that China still faces potential problems as it tries to manage rapid growth, control a surge in inflation and cope with a flood of export revenues that are straining the central bank's ability to contain pressure for prices to rise.
Inflation so far is limited to food, but if it continues, "the risk remains that it will be fed through into general inflation," Kuijs said.
The central bank has raised interest rates repeatedly over the past year, and Kuijs said regulators were right to focus on such a "relatively tight" monetary stance.
Beijing has responded to the surge in food costs by imposing price controls and trying to increase supplies by boosting subsidies to pig farmers and curbing grain exports.
David Dollar, director of the World Bank's Beijing office, said such controls could help in the short run. But he echoed warnings by other economists who say they could hurt the economy by eliminating incentives to expand output.
If pork or grain prices are set below what it costs farmers to produce them, "then you are discouraging production of exactly what is in short supply," he said.
Dollar said that over time, Beijing might consider easing controls and instead paying food subsidies to poor families.
Chinese regulators also could face challenges if the United States responds to an economic slowdown by cutting interest rates further, Kuijs said. That could make China, with higher rates, more attractive to foreign investors, attracting more money at a time when Beijing is trying to curb the export-driven flood of cash pouring through the economy.
Links by inform.com
From : Pressofatlanticcity.cim
Dollar Will Likely Fall Further Before Rising in 2008
Dollar Will Likely Fall Further Before Rising in 2008
We remain comfortable with the view that EUR/USD will end the year significantly lower than it is now, though in the near term the dollar may not rally. We have centred our call on a bounce in the dollar against the EUR and the GBP this year on the thesis that risk-aversion would spike so high as the US falls into a recession that fear-motivated bond flows would perversely support the dollar, just as they did in 2000-01. This thesis has partly worked so far this year, as the sharp erosion in the USD’s yield premium should have been extremely damaging for the dollar but the dollar has not collapsed with the FFR. We still feel comfortable with the ‘Dollar Smile’ framework.
Written by Stephen Roach, Head Economist, Morgan Stanley
Source: http://www.dailyfx.com/story/other/free_third_party_research/Dollar_Will_Likely_Fall_Further_1202143349612.html?engine=rss&keyword=article
We remain comfortable with the view that EUR/USD will end the year significantly lower than it is now, though in the near term the dollar may not rally. We have centred our call on a bounce in the dollar against the EUR and the GBP this year on the thesis that risk-aversion would spike so high as the US falls into a recession that fear-motivated bond flows would perversely support the dollar, just as they did in 2000-01. This thesis has partly worked so far this year, as the sharp erosion in the USD’s yield premium should have been extremely damaging for the dollar but the dollar has not collapsed with the FFR. We still feel comfortable with the ‘Dollar Smile’ framework.
Written by Stephen Roach, Head Economist, Morgan Stanley
Source: http://www.dailyfx.com/story/other/free_third_party_research/Dollar_Will_Likely_Fall_Further_1202143349612.html?engine=rss&keyword=article
Tuesday, January 29, 2008
Trade # 032
Trade #032
BUY - GBP/USD (H1)
Entry = 1.9585
Exit = 1.9620
Profit = 35 pips
Total = + 1893 pips (32 trades)
Real Time Journal = http://www.forexfactory.com/showthread.php?t=64768
Thursday, January 24, 2008
England, Wales corporate insolvencies down 7.3 pct in 2007 vs 2006
LONDON (Thomson Financial) - Corporate insolvencies in England and Wales fell by 7.3 pct in 2007 compared with 2006, despite the effects of the credit crunch during the last few months of the year, figures from PricewaterhouseCoopers showed.
A total of 11,147 businesses across England and Wales entered into insolvency last year, against 12,031 in 2006.
Mike Jervis, partner in the Business Recovery Services practice at PricewaterhouseCoopers attributed the improvement to "the growing sophistication amongst management teams of distressed businesses and other stakeholders and the fact that techniques to avert insolvency are now very well developed".
"Businesses, banks and their advisers now have a track record of spotting problems early and acting quickly to put in place financial and operational restructurings," he said.
However, he said 2008 could be a different story as companies face the problems associated with the credit crunch, slower economic growth, and reduced consumer spending power.
"While the UK economy has shown resilience over the last twelve months, there remain substantial risks going forward... this is not the right moment to relax," he said.
The details of the release revealed some differing trends across sectors. While manufacturing and retail insolvencies fell by 14.8 pct and 6.4 pct respectively over 2007, insolvencies in the hospitality and leisure sector jumped by 22 pct.
Jervis said the troubles in the hospitality and leisure sector have been largely due to the smoking ban, increased competition from supermarkets, rising costs and a general slowdown in consumer expenditure. These insolvencies, however, have "tended to be at the smaller end of this market", he said.
Source: http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=638d0b9f-f013-43d7-a948-ad866a0d55f8
A total of 11,147 businesses across England and Wales entered into insolvency last year, against 12,031 in 2006.
Mike Jervis, partner in the Business Recovery Services practice at PricewaterhouseCoopers attributed the improvement to "the growing sophistication amongst management teams of distressed businesses and other stakeholders and the fact that techniques to avert insolvency are now very well developed".
"Businesses, banks and their advisers now have a track record of spotting problems early and acting quickly to put in place financial and operational restructurings," he said.
However, he said 2008 could be a different story as companies face the problems associated with the credit crunch, slower economic growth, and reduced consumer spending power.
"While the UK economy has shown resilience over the last twelve months, there remain substantial risks going forward... this is not the right moment to relax," he said.
The details of the release revealed some differing trends across sectors. While manufacturing and retail insolvencies fell by 14.8 pct and 6.4 pct respectively over 2007, insolvencies in the hospitality and leisure sector jumped by 22 pct.
Jervis said the troubles in the hospitality and leisure sector have been largely due to the smoking ban, increased competition from supermarkets, rising costs and a general slowdown in consumer expenditure. These insolvencies, however, have "tended to be at the smaller end of this market", he said.
Source: http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=638d0b9f-f013-43d7-a948-ad866a0d55f8
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