Euro supported by rate comments
2008-04-12 09:14:00
The euro gained on the US dollar and the pound on Friday after an official of the European Central Bank assured that interest rates would not drop in the Eurozone in comments ahead of a meeting to G7 finance ministers and central bankers in Washington, D. C.In late morning trade in New York, the euro was worth $1.5823 while the pound traded at 80.23p to the euro after hitting a new low at 80.33p to the shared currency.Consumer confidence that hit its lowest level in 26 years in the United States hurt the dollar, while the pound suffered from the assumption that the Bank of England will likely continue to cut interest rates while the ECB seems determined to hold Eurozone rates steady.The South African rand was higher versus the greenback after yesterday’s move by the central bank there to
Pound weaker on house price report
2008-04-08 20:02:00
The pound was weaker on Tuesday after a new report
from mortgage lender Halifax showed that house price
s fell by 2.5 percent in March.The price declines made it more likely that the Bank of England will cut interest rates soon.At around 11 a.m. in New York, the pound traded at 79.81p to the euro and at 50.81p to the US dollar, while it took ¥201.8488 or SFr1.9953 to buy a pound.The US dollar was slightly weaker versus the euro and the yen ahead of the release of the minutes from the most recent meeting of the Federal Reserve, due to be released later on Tuesday afternoon.The greenback was trading at $1.5696 to the euro and was worth ¥102.6450 in late morning trade in New York.Speculation that the South African Reserve Bank will hike interest rates to 11.25 percent later this week send th
Read more: Pound
Yen, Swiss franc decline on risk appetite
2008-04-07 20:35:00
The yen and the Swiss
franc
both saw declines Monday as global equities markets rallied, encouraging investors to enter into risky carry trades in which they borrow money where interest rates are low in order to buy high-yield currencies.At nearly noon in New York, the yen traded at ¥102.7200 to the US dollar, at ¥161.4757 to the euro, at ¥13.215 to the South African rand and at ¥81.855 to the New Zealand dollar.The Swiss franc was at SFr1.0148 to the greenback,a t SFr1.5925 to the euro, and at SFr2.0159 to the pound.Meanwhile, the pound was lower versus the US dollar on the possibility that the Bank of England will cut interest rates this month at the same time as both the European Central Bank and the Bank of Japan are expected to hold rates steady.In late morning trade in New York,
Read more: appetite
USD weakens on jobs data
2008-04-06 19:51:00
The US dollar was weaker versus the euro and the yen on Friday after the Labor Department reported that 80,000 jobs were lost in the United States in March, more than had been expected by analysts.At just before noon in New York the dollar was trading at $1.5730 to the euro while it was at ¥101.7450 in relation to the yen.The yen was helped by a retreat from carry trades as investor sentiment was hurt by the US jobs report.The yen traded at ¥160.0398 to the euro.The pound was down in relation to the euro and the greenback on worries that recession in the US could hurt economic growth in the UK.In late morning trade in New York the pound traded at 78.82p to the euro and at 50.11p to the dollar.Meanwhile, the South African rand declined versus major currencies on the avoidance of carry tra
Yen, pound strengthen versus US dollar
2008-03-04 19:23:00
The US dollar weakened versus
the yen on Tuesday for the sixth session in a row on increasing sentiment that the Federal Reserve will cut US interest rates by three-quarters of a percentage point this month, to 2.25 percent.Declines for the dollar also came after Fed chairman Ben Bernanke urged banks to write down more mortgage debt and forgive those debts to homeowners at risk of defaulting on their home loans.The yen also gained on the euro during the day’s session, trading at ¥156.5302 to the euro and at ¥102.8350 to the dollar in late morning trade in New York.The pound also gained on the greenback as analysts cut back on their estimates of how much the Bank of England will cut interest rates this year, going as high as $1.9891 to the pound before slipping back to $1.9859 to the po
More declines for USD versus euro
2008-03-03 19:52:00
The US dollar hit another record low versus
the euro on Monday on fears that there will be more losses for banks due to US economic declines.After going as low as $1.5275 to the euro, the dollar traded at $1.5173 to the euro in late morning trade in New York.A report from Goldman Sachs indicates that the euro could strengthen to as much as $1.57, based on the analysis of trading patterns and prices.The dollar was also lower versus the yen, dropping as low as ¥102.62 before trading at ¥103.7000 at around 11:30 a.m. in New York as equities markets declined and investors fled risk.The dollar was hurt by new data showing that manufacturing activity contracted in the US in February, with the Institute for Supply Management’s manufacturing index dropping to 48.3 in February after being at 50
Oil Hits All-Time High: $103 Per Barrel
2008-03-01 06:22:00
The weakness of the U.S. dollar and the possibility of lower interest rates have drawn fresh investment to the oil market, driving the price of oil to over $103 per barrel for the first time.An energy analyst said such conditions tend to drive investment away from currency and toward commodities, such as oil, which retain an intrinsic value while currency markets fluctuate. He said, however, that a bubble is emerging.The analyst, Victor Shum of Purvin & Gertz, said investors are ignoring market fundamentals that indicate steady increases in U.S. crude oil supply, while forecasters predict slower growth in oil demand due to the stagnant economy. Source: news.yahoo.com
Read more: Barrel
Dollar at new lows versus euro, Swiss franc
2008-03-01 06:19:00
The US dollar weakened Thursday to new lows versus
the euro and the Swiss
franc
and to near a two-and-a-half-year low versus the Japanese yen, while Federal Reserve chairman Ben Bernanke made more comments which have analysts expecting more interest rate cuts soon.Meanwhile, in a press conference, US President George W. Bush insisted that while the US economy has slowed, it is not headed into a recession and that his administration does not support any further steps to stimulate the economy.The dollar touched $1.5196 to the euro in morning trade, a new record low, before recovering slightly to $1.5182 to the shared currency and traded at $1.9884 to the pound while a dollar was worth ¥105.5600 and SFr1.0524, also a record low.The South African rand was weaker versus the yen, the Swiss fran
Read more: Dollar
USD falls on Bernanke comments
2008-02-27 18:58:00
The US dollar was lower versus the euro on Wednesday on comments from US Federal Reserve chairman Ben Bernanke
, who said in testimony before the House Financial Services Committee that the Fed is “ready” to do what is necessary to protect the US economy.Many analysts took this to meant that more interest rate cuts are coming in the US, and some traders expect the cuts to amount to 2 more percent by the middle of the year.The main US interest rate now stands at 3 percent.The dollar also declined on new Commerce Department data which showed that durable goods orders in the US fell 5.3 percent in January, more of a decline than had been expected.At around 11:30 a.m. in New York, the dollar was trading at $1.5122 to the euro and at $1.9910 to the pound, while it took ¥106.4100 or SFr1.064
Euro breaches 1.50-dollar mark for first time on US recession fears
2008-02-26 18:48:00
WASHINGTON (Thomson Financial) - The euro broke the 1.50-dollar mark for the first time ever Tuesday following US economic reports that renewed fears the American economy could be falling into a recession.The European currency reached 1.5047 dollars at 2230 GMT Tuesday before falling back to 1.5017 dollars.Analysts say the euro was given a sudden boost from a better-than-expected German business indicator, which stood out amid a series of lackluster macroeconomic indicators in the United States.The greenback has come under pressure as traders believe sluggish economic reports could pressure the Federal Reserve to keep cutting US interest rates.Speculators generally prefer to invest or hold currencies in countries where interest rates are rising or expected to increase in they hopes they ca
Read more: breaches
British Gas Break Into Couple's House Over Non-Existant Debt
2008-02-25 19:28:00
British energy giant, British Gas
, have broken into the wrong house. Couple David Houghton and Abby Simpson came home from holiday to find their locks picked by the company, a perfectly legal thing for British Gas to do if the couple had owed money.Houghton has been fighting British Gas since he cancelled the contract his flat had with the company, and switched to EDF. British Gas continued to bill him from then on, but Houghton received an apology from the CEO, and thought the matter resolved.British Gas switched the couple's metre to a pay-as-you-go unit, and left a note. The couple nextdoor were actually the one to owe British Gas money. The company has apologised, reimbursed the couple and blamed the mix up on Royal Mail. Source: www.dailymail.co.uk
Read more: British
, Break
, House
British Gas Profits 600% Higher Than Last Year
2008-02-24 08:28:00
British Gas, having recently come under fire for raising gas and electricity priced by 15%, has reported annual profits of £571m up from the previous year's £95m. It's parent company, Centrica, also reported a 40% rise in it's profits to £1.95bn.Chairman Roger Carr said: "Centrica delivered very strong financial results during another challenging year for UK energy retailers."The average gas bill for British Gas customers has risen by 76.7% since 2003 - bringing them up to an average of £653. Electricity bills have risen by 74.3% to £413.Source: news.bbc.com
Read more: British
, British Gas
, Higher
Understanding Forex Quotes
2008-02-17 08:28:00
Reading a foreign exchange quote may seem a bit confusing at first. However, it's really quite simple if you remember two things:1. The first currency listed first is the base currency and2. The value of the base currency is always 1.The US dollar is the centerpiece of the Forex
market and is normally considered the 'base' currency for quotes. In the "Majors," this includes USD/JPY, USD/CHF and USD/CAD.For these currencies and many others, quotes are expressed as a unit of $1 USD per the second currency quoted in the pair. For example, a quote of USD/JPY 120.01 means that one U.S. dollar is equal to 120.01 Japanese yen.When the U.S. dollar is the base unit and a currency quote goes up, it means the dollar has appreciated in value and the other currency has weakened.If the USD/JPY quote we
Read more: Understanding
, Quotes
Weak US Data Drags USD
2008-02-16 16:04:00
The dollar eased further versus the euro and sterling following another round of weak US economic data, falling to 1.4708 and 1.9722, respectively. A key indicator of consumer confidence fell to its lowest level in 16-years with the University of Michigan preliminary sentiment survey dropping to 69.6, versus 78.4 from January. Industrial output in January crept up marginally to 0.1% versus a flat reading in December. Meanwhile, capacity utilization also increased slightly to 81.5% from 81.4% a month earlier. Also released was the December net capital flows (TIC), which more than halved to $60.4 billion, versus a revised $150.8 billion a month prior.The string of soft US data reinforces fears that the economy is headed toward a recession, thereby prompting the Fed to aggressively ease rates
Sony, Nokia, Nike, Hewlett Packard, Others Will Fight Global Warming
2008-02-16 16:03:00
Leaders of some of the world's largest corporations made an urgent call for companies around the globe to reduce their impact on human-induced climate change and embrace a "low carbon lifestyle." A dozen corporations were represented in the call."There is no doubt that climate change is one of the most important issues of our time," said Sony
CEO Howard Stringer. Sony hosted the event, along with the environmental group WWF. Business leaders said governments aren't doing enough.The companies, which have already pledged themselves to their own environmental goals, will push business partners and other firms to do the same. WWF official James Leape said, "We are moving into a carbon constrained world ... a new economy."Source: news.yahoo.com
Read more: Nokia
, Hewlett
, Packard
, Others
, Global
, Fight Global
Flash GDP in the euro area: 0.4% in the forth quarter
2008-02-14 10:52:00
According to flash estimates of Eurostat, the Statistical Office of the European Communities, euro area GDP rose by 0.4% in the forth quarter
2007. The data was below GDP index in the third quarter, when euro area economy rose by 0.8%, but slightly above analysts’ estimates as they expected increase by 0.3%.Compared with the same quarter of the previous year, euro area GDP increased by 2.3%, after 2.7% in the third quarter. The analysts expected increase by 2.2%.Eurostat also reported of GDP growth of its major partners, USA and Japan. US GDP was 0.2% in the forth quarter, after increase by 1.3% in the third quarter. GDP in Japan increased by 0.9% in the forth quarter, after 0.3% in the third quarter. Compared with the same quarter of the previous year, GDP grew in the forth quarter by 2
Read more: Flash
U.S. weekly initial jobless claims fall 9,000
2008-02-14 10:48:00
Initial U.S. jobless claims
dropped for the second consecutive week, after a large jump last month, the Labor Department reported Thursday. Claims for the week ended Feb. 9 fell 9,000 to 348,000. The prior weekly claims level was revised to 357,000. The four-week moving average of new claims gained 12,000 to 347,250. U.S. continuing jobless claims fell 9,000 to 2.76 million.
Exxon Mobil Seeks Compensation from Chavez
2008-02-12 15:23:00
The recent move by Venezuela's socialist leader Hugo Chavez
to nationalize the energy sector has prompted some of the companies to seek compensation, Exxon
Mobil in a stunning move took the battle to court.The state run company PDVSA is barred from selling assets and Venezuela cannot withdraw $300 million from a US bank account, such a move could prevent Chavez from spending money of his so called 'social projects'.An energy expert named Dino Barajas said "It makes the actions you took a year ago fairly pricey," referring to Chavez.
Read more: Compensation
, Exxon Mobil
Casinos win up despite economy
2008-02-12 15:13:00
Nevada casinos posted a 1.8 percent gain in winnings during 2007 despite
a soft economy
, hanging onto $12.85 billion of the nearly $170 billion bet by gamblers during the year, according to a state report released Tuesday.While the win was the lowest since 2002 and down from the 8 percent gain in 2006, Gaming Control Board analyst Frank Streshley said an increase during tough economic times shows the gambling industry's resiliency.'It says something about the industry when you are able to market the casino properties and increase revenues during these slow times,' Streshley said.The win is what was left in casino coffers from the nearly $170 billion bet during calendar 2007. That means the clubs held onto 7.6 percent of all money wagered.'Win' is a gross figure, with no operating costs or
Forex Fundamental Analysis
2008-02-11 19:23:00
Forex fundamental analysis involves examining the intrinsic value of a nation’s currency based on economic news releases that reflect the strength, or weakness, of a country’s economy.Fundamental
traders follow these news announcements, known as “fundamental indicators,” because they paint a picture of a currency's strength in relation to other countries.Fundamental indicators are reports that include statistical data on things such as employment, gross domestic product (GDP), international trade, retail sales, housing, manufacturing, and interest rates.The stability, growth, or decline in any of these sectors may have an effect – direct or indirect – on the value of a country’s currency.Central banks play a key role in the Forex market because they have the responsibility of
Read more: Forex
, Analysis
History of the Forex Market
2008-02-10 06:22:00
The Foreign Exchange market, also referred to as the "Forex
" or "FX" market is the largest financial market in the world, with a daily average turnover of well over US$1 trillion -- 30 times larger than the combined volume of all U.S. equity markets."Foreign Exchange" is the simultaneous buying of one currency and selling of another. Currencies are traded in pairs, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY).There are two reasons to buy and sell currencies. About 5% of daily turnover is from companies and governments that buy or sell products and services in a foreign country or must convert profits made in foreign currencies into their domestic currency.The other 95% is trading for profit, or speculation.For speculators, the best trading opportunities are with
Read more: History
, Market
Cashing In On Discounted Loans
2008-02-09 15:58:00
When looking for sources of credit in this tight credit market, you might want to take a look at discount payday loans. These types of loans are set up for people who may not be able to get credit under other conventional means either due to bad credit or other factors. You do want to read the loan information provided by the lender that you choose, as the terms can differ across lenders.Generally, the cash advance (as it is sometimes called) is provided upon verifying employment. Initial loans, for new borrowers, can be discounted payday loans in that they waive the $30 fee associated with the loan. Your credit history will not be checked. The initial loans are sometimes limited to smaller amounts like $300. After you understand the process, you can take out loans for a greater amount, ho
Read more: Discounted
, Loans
Hedging
2008-02-08 19:31:00
Hedging is a way of reducing some of the risk involved in holding an investment. There are many different risks against which one can hedge and many different methods of hedging. When someone mentions hedging, think of insurance. A hedge is just a way of insuring an investment against risk. Consider a simple case. Much of the risk in holding any particular stock is market risk; i.e. if the market falls sharply, chances are that any particular stock will fall too. So if you own a stock with good prospects but you think the stock market in general is overpriced, you may be well advised to hedge your position. There are many ways of hedging against market risk. The simplest, but most expensive method, is to buy a put option for the stock you own. It's most expensive because you're
Read more: Hedging
Retail Giant Calls for Action on Global Warming
2008-02-07 19:31:00
The chief executive of Australian supermarket giant Woolworths wants his nation's business community to stop "navel gazing" about global warming and start fighting to curb greenhouse gas emissions. Michael Luscombe spoke at a business panel talk.The panel of large Australian company executives agreed that cutting their output of greenhouse gases would save money and reduce waste. They also said that "the business opportunities" of the green movement "far outweigh the negative side.""My advice to companies is just get out there and do it," Luscombe said. "You might not get it all right, but you will learn a hell of a lot along the way." Woolworths has been "going green" for about a year and a half, aiming for stringent goals.
Read more: Global
, Retail
, Action
, Global Warming
US to resume military aid to Thailand
2008-02-06 19:04:00
The United States said Wednesday it would resume military aid to Thailand
suspended in the wake of the 2006 coup, after a democratically elected government was unveiled in Bangkok. Deputy US Secretary of State John Negroponte "has determined and certified to Congress that a democratically elected government has taken office in Thailand, removing legal restrictions on assistance to the Government of Thailand imposed following the September 2006 coup," said Tom Casey, a State Department spokesman. Thailand's newly elected Prime Minister Samak Sundaravej on Wednesday unveiled his cabinet, sworn in by King Bhumibol Adulyadej during a brief ceremony inside his Bangkok palace. "We congratulate Thailand's new cabinet on its inauguration, and the Thai people on their success in re-establishing
Ron Paul Slams Federal Reserve For Destabilizing The World By Printing Money
2008-04-19 15:21:00
US congressman Ron Paul
has launched a scathing attack against the US Federal
Reserve
, which the Congressman claims is printing money in order to manipulate interest rates and undermine workers wages and old people’s savings.Paul, one of the few politicians with an insight into fiat money wrote "The greatest threat facing America today is the disastrous fiscal policies of our own government, marked by shameless deficit spending and Federal Reserve currency devaluation."The Texan congressman went on to write in his column that the Federal Reserve “is the strangest, most dangerous advantage ever placed in the hands of a special privileged class by any Government that ever existed." Source: www.lankabusinessonline.com
Read more: World
, Printing
, Money
Scalping - When Is The Best Time Of The Day To Scalp The Forex Markets?
2008-04-27 18:34:00
Scalping can mean different things to different traders, but I personally take scalping to mean very short-term trading, ie trades generally last just a few minutes and no longer than about an hour at most.Most of my trades last longer than this, but saying that I do still dabble in very short-term trades occasionally and generally do okay, although it is slightly more stressful and you do need quick fingers at times.However, what I've noticed is that there is definitely one period of the day that is a lot more predictable, and therefore profitable, and that is the start of the London trading session between 8.00 and 9.00 UK time.I first noticed this when trading the FTSE because having always made pretty good profits trading this index between 8.00 and 9.00, I also noticed that the major
Read more: Scalping
, Scalp
, Forex
, Markets
Scalping - When Is The Best Time Of The Day To Scalp The Forex Markets?
2008-04-29 18:25:00
Scalping can mean different things to different traders, but I personally take scalping to mean very short-term trading, ie trades generally last just a few minutes and no longer than about an hour at most.Most of my trades last longer than this, but saying that I do still dabble in very short-term trades occasionally and generally do okay, although it is slightly more stressful and you do need quick fingers at times.However, what I've noticed is that there is definitely one period of the day that is a lot more predictable, and therefore profitable, and that is the start of the London trading session between 8.00 and 9.00 UK time.I first noticed this when trading the FTSE because having always made pretty good profits trading this index between 8.00 and 9.00, I also noticed that the major
Read more: Scalping
, Scalp
, Forex
, Markets
An Endgame for the Euro?
2008-04-28 20:14:00
Days after the dollar touched a new nadir against the euro -– indeed, one euro briefly fetched $1.60, a symbolic milestone -– the beleaguered buck is enjoying a bounce.Some even saw a parallel to politics. “Just like Hillary Clinton, when all seemed bleak, USD staged an almost improbable recovery,” wrote David Watt, a currency strategist at RBC Capital Markets late Thursday.By this morning, one euro bought about $1.56.Of course, the dollar has had many such minor rebounds, and they always turn out to be short-lived. Several currency experts, however, see a hint that something different might be happening this time around.Much of the euro’s recent invincibility stems from two factors. One, economic growth in the euro zone has been remarkably impervious to events in the U.S. Two, t
Read more: Endgame
USD gains on euro in April
2008-04-30 21:20:00
The US dollar gained slightly on the euro Wednesday morning in New York, putting it on track to its first monthly gain versus the euro this year.The greenback was helped by the possibility that an expected rate cut from the Federal Reserve today will be the last cut for the time being.At just past 11 a.m. in New York, the dollar traded at $1.5563 to the euro while it had also gained in relation to the yen, to ¥104.4950.The yen was weaker on the session as the Bank of Japan held interest rates at 0.5 percent and gains
in US equities markets increased investor interest in carry trades financed by the low-yielding yen.The yen traded at ¥162.6255 to the euro, while its biggest declines were in relation to the Brazilian real and the Canadian dollar, to ¥61.598 and ¥103.3683 respectively.The
Read more: April
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