Forex rebates on every trade - win or lose!

Hil: Are you going to adjust the Fed rate or do you want to leave it to the hired help :)

I thought that adjusting interest rates was pretty much down to Alan Greenspan, MM. It's not in my job description, I'm afraid.

:o)

Oh. You mean in the header.

And I thought you could do anything, Hil.

Forex trading volumes hit record levels
By Jennifer Hughes and Krishna Guha, FT
Published: September 28 2004 15:59 | Last updated: September 28 2004 19:53

Trading on the world's foreign exchange markets has leapt to a record $1,900bn a day, driven by renewed interest in currencies as an asset class and the return of hedge funds specialising in currency bets.

Turnover in currency and interest rate derivatives sold by banks also soared to new record levels, according to a three-yearly survey by the Bank for International Settlements.

The rapid growth in financial market transactions - far in excess of the growth in world trade - is a sign of growing integration of global capital markets and increasingly sophisticated risk management by companies and investors.

After slumping amid the introduction of the euro, which eliminated the currencies of some of the world's biggest economies, trade in foreign exchange bounced back between 2001 and 2004.

The BIS said investors disappointed by equity returns and low bond yields were searching out new forms of investment, including currencies.

Macro hedge funds - specialising in big currency bets - were back in business after having been eclipsed by funds betting on equities.

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Guess I'll have to add my billions to their trillions then....

Prospect of the greenback breaking through falling resistance against the European majors at some stage today. Oil backing off and GDP at 1:30pm could be the catalysts for the next Dollar up-leg.

Closed my GBP/USD long yesterday , now looking for a pullback from here

Nice call, Dilbert. Will you be a support buyer again at around 18020 or are you looking to short it down from here towards a retest of the 17750?

Cable looking really sick, atm. CHF and EUR have been whipsawing against the Dollar all day for some reason????

Off out soon Hils , Ebboo V Pontypool local derby , stop left at 1.80

Had a small long on Cable last night, stop at 17983 with it moving very slowly - a range of less than 20 points in the previous three hours - and out of nowhere comes a 16-point spike down (which of course takes me out). I'm becoming more and more suspicious of these spikes. How can it happen in the normal course of dealing????

Stopped out ... but Ebbooo won Hils

I'm so pleased for you, Dilbert. It was obviously an important match.

Maggot,

I really don't think that Cable is worth trading in late US and Asian trade. The bulk of the volume goes through between 7am and 2pm. You either run the trade for a few days or weeks and don't lose sleep during the overnight hours, or you daytrade and close your position each day once your strategy knocks you out, whenever that might be.

buy under 1.81 or stochastics crossing up?

Personally, I see Cable as a sell atm, hodgins. Just my opinion. Have you looked at the 1 hour chart?

heading down, get below horizontal support on hourly?

The Pound is very weak generally today. As well as being 1.5 Cents off against the Dollar, it's also 1 Cent off against the Euro.

It's a GBP bearishness scenario, rather than USD bullishness.

great call, pound didn't like the figures, only really watched here though.
G7/8 looms?

If cable can break 1.78, you can turn the lights out and go home imo.

I've got to say that I really don't understand this sometimes.

I'm short Cable and have been for a few days based upon the chart. However, when the price of oil started to consume all earlier in the summer, the USD weakened considerably across the board and the interest rate differential was brushed aside. Now though, oil is hitting fresh highs and yet the oil part of the equation seems to be being ignored as the Dollar strengthens. Why?

The only conclusion that I can draw is that it simply shows just how fickle the market actually is.