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Dont you just hate those little boxes with red x in them

I don't know if you can access Photobucket, Jeffie, but here's the URL of the piccie if you are able.

http://i106.photobucket.com/albums/m279/cerisenoiregirl/eurusdtargets.gif

No, but thanks Hils

Oh well. It was a screenshot of a H4 fiber chart with De Mark trendlines and targets showing. The 3 upside targets are

1.4290
1.4290
1.4350

Message to Trichet, Juncker, etal:
October 1, 2008

News wires loaded with comments from Juncker, Trichet as well as Russian FinMin Kudrin urging the US Congress to pass TARP, aka the Bailout, as it is their Duty to the world at large.
And by the way also claiming they are powerless to do so on their own turf.

Best to keep your urgings and preachings to yourself, lest the voters of the United States begin hearing they need to bail out Europe, Russia and who knows else.

The mood of voters is vile enough without suggestions it is their duty to foot the bill to bail out foreign institutions who gobbled up these assets. No one held a gun to their collective heads forcing these firms to buy. It was greed for higher returns that motivated them.

I wonder who's going to bail us out if our business fails - I don't think it's going to fail - we rarely borrow so have no need in that respect, but nothing is guaranteed these days....

Just about to fix my mortgage - if anyone will!

The market certainly didn't like this .......

Europeans to have “crisis meeting” Saturday
October 1, 2008

Germany, France , Italy and the UK are set to meet with Trichet and company on Saturday, raising hopes that the ECB will do it’s part and cut rates, perhaps as soon as tomorrow. EUR/USD is selling off, trading back in the 1.4070s now from above 1.4100.

Hils,

Maybe your EURO short targets on the earlier chart, circa 1.31 may come into play with the news :O)

Hope so I'm short on both Euro & Cable :-)

I had 2 Euro longs and 1 sterling long on the go, Foxey, which I'd been running for most of the morning. The Euro longs weren't too bad as my stops were up quite tight underneath them and it was starting to look like make or break time anyway.

It was a major struggle to get out of my cable long though and my stop was still about half a cent under the bid.

Daisy are you still emall address @sky.com

Hils, hope you got out for not too much damage.

Indeedy Doris, and I've just seen your email. My spam detector can be a bit overzealous sometimes.

I do have one suggestion for you. I'll try to get back to you either later today or in the morning.

Well the air was blue for a minute or two, Foxey, but they took it after about 4 requotes.

Shame, I was long EurUsd, and was in profit at one point ... now do I go short?!

edit - perhaps a bit late

Futures traders see a more than 90 percent chance of a half- point reduction in the benchmark interest rate at or before the Federal Open Market Committee's next meeting Oct. 28-29. That's an increase from 32 percent odds a week ago.

NEW YORK (Dow Jones)--The dollar is set for another step higher next week after hitting a 13-month peak against the euro Friday, but the greenback's moves will remain at the whim of fearful investors.

The U.S. currency isn't rising because traders are betting on a stronger U.S. economic outlook in the midst of a global slowdown. The nation may already be in recession, according to several economists, and currency traders are hesitant to take any fundamental positions in this frenzied market.

Rather, the dollar is getting shoved to fresh highs - including a one-year high against the Brazilian real and a three-week high against the U.K. pound Thursday - by the massive liquidation of emerging market investments and the conversion of other currency holdings into dollars to feed cash demands. Analysts also point to a surge in Federal Reserve custody holdings, particularly Treasurys, by foreign official and international accounts in the latest money supply data.

Top market-maker banks say most foreign exchange business is now about carrying out customer orders. Those orders have reached such levels of intensity that currency trading platforms have reported record forex market volumes, despite almost zero trading interest at banks.

That dollar demand is causing the greenback's exchange rate to rise against most major counterparts - not just in spite of the weak U.S. economic outlook, but because of those very fears of recession.

"The client flow is very strong," said Hans Redeker, global head of foreign exchange strategy at BNP Paribas, "due to the liquidation out of existing assets."

David Woo, global head of foreign exchange strategy in London, says risk aversion, plummeting U.S. stocks and market uncertainty are perhaps the best assets the dollar now has.

In fact, if the government's financial market rescue plan fails to stabilize markets, analysts forecast that the dollar will do well against European rivals and emerging market currencies.

"[There] will be further equity repatriations back to the U.S. from emerging markets, the oil price will continue its decline, [the] U.S. household saving rate is likely to rise significantly, and other central banks will be forced to cut interest rates," said Woo. This will likely bolster the U.S. balance-of-payments position, which is a dollar positive, he said.

By contrast, the success of the government's rescue plan will result in total disaster for the U.S. currency, many analysts say.

But by next week, financial market risk aversion and money market strains are unlikely to be resolved. Markets still appear undecided about whether the bailout plan will work. The upshot will be a stronger dollar against the euro, with more rangebound trading against the yen.

The euro is seen trading from Friday's intraday high of $1.3905 towards $1.3300. Against the yen, the dollar will likely stay near Y104.0 and struggle to rise above Y106.0, according to analysts.

Friday afternoon in in New York, the euro was at $1.3818, up from $1.3796 late Thursday. The dollar was at Y105.94, up from Y105.21, according to EBS. The euro was at Y146.33, up from Y145.14. The U.K. pound was at $1.7769, up from $1.7627, and the dollar was at CHF1.1297, down from CHF1.1374 Thursday.

"The yen does still behave as a safe-haven currency," said Tom Fitzpatrick, global head of currency strategy at Citigroup in New York. "You don't have the same stresses in the Japanese system," he said, and very low interest rates leave limited space for them to go lower.

It is "feasible," said Fitzpatrick, for the dollar to decline to Y102.0 on the less-risky status of Japan's economy and the potential for additional U.S. equity market losses.

The dollar is also supported in the near term on fears of a protracted euro-zone slowdown and divisiveness among European policy makers.

"What's becoming obvious is the European currency does not have a structure behind it as the United States does," said Fitzpatrick.

"The U.S. dollar has the Fed, Treasury, government bonds, all centralized under a federal umbrella," he said. "In Europe, there are different decisions being made in different countries."

That challenges the ability of euro-zone monetary leaders to tackle financial market woes with the same force as U.S. leaders.

In addition, the European Central Bank said Thursday after leaving its key lending rate unchanged that inflation risks have declined, indicating to market watchers that the bank is closer to cutting interest rates - a euro negative.

The Bank of England meets next week, and market watchers say they wouldn't be surprised if the Monetary Policy Committee votes to cut rates considering the slew of recent disappointing data. That would leave the U.K. pound at even-greater risk.

Carry trade RIP

Jamie says ......

In 1998, during the LTCM meltdown, USD/JPY fell from 136 to 111 in one day. The Fed came in for the BOJ that day and bought USD/JPY. Todays episode has not reached that level yet, but a little well-timed intervention could perhaps steady all the markets. DO NOT BE SHORT USD/JPY DOWN HERE!

Jamie also says ........

Dealers fear the potential for the BOJ to intervene but they have no fear of intervention from the ECB. In this environment, a weaker Euro is a godsend for Europe.

Who is Jamie ???