Forex rebates on every trade - win or lose!

Would that be long around 8736 GFI as a matter of interest?

yea,and just done another one!

gfi....I hope you're right.

Apparently, Blair made a little slip in his TUC speech yesterday suggesting that unemployment figs will be better than expected.

We'll all know in less than 15mins.

I'm not sure what impact that will have on the market if true. Any thoughts anyone?

My take is that if unemployment fig's are good then cable ought to go up but I could be wrong.

That's the theory, Bakko, but the market already reacted to Blair's comments yesterday afternoon so that's probably already in the price and earnings have just come in below concensus.

Notwithstanding, I still see it as a long for the time being.

Me too Hilary but that resistance around 60 then further resistance at 75 area may hold it back today in my view. Hope I'm wrong though.

Thanks Hilary

Yes, H, but it's also getting support from the rising uptrend line in place since Monday afternoon.

One or the other will give soon.

Bounce off the 78.6% Fib Goforit?

Morning folks, have been quietly trading cable intermittently. Good stuff on the thread, I'm long from 733.

Morning Seymour - a better entry level than I :-)

Fwiw, I saw the break of rising support at around 1.8730 as cue to exit long. I don't really see it as a trade for the moment until a better clue as to direction is given. It could go either way, imo.

edit. I'm leaning towards it being a short but not just yet.

Developing the forex market is China's priority, not band widening - official
AFX


XIANGHE, HEBEI (XFN-ASIA) - Developing an onshore foreign exchange market is the Chinese government's priority, not widening the yuan-US dollar trading band or setting any particular level for the yuan exchange rate, an ex-governor of the People's Bank of China said.

Dai Xianglong, who headed the bank from 1998 until 2002, also told a business forum it is too early to talk of a freely-floating exchange rate given China's under-developed interest rate regime and relatively closed capital account.

Despite market rumors of an imminent announcement on widening the yuan-dollar trading band, Dai said that development of the onshore market remains the key for policy makers.

'The priority for foreign exchange reform at present isn't widening the trading band or adjusting (the exchange rate) to any level, but building up a market based on demand and supply,' he said.

He said that Tianjin, the eastern port city of which he became mayor following his stint at the People's Bank of China (PBoC), is proceeding with a trial program allowing for greater yuan convertibility under the capital account.

'Yuan reform will be pushed forward along with other foreign exchange management reforms and Tianjin has received approval to carry out trial foreign exchange management reform,' he said.

Dai said the central government had approved seven trial projects allowing companies partial capital account convertibility and full yuan current account convertibility.

The government has slowly opened the capital account in recent years. In April it launched a Qualified Domestic Institutional Investor program which will eventually see tens of billions of dollars of Chinese capital leaving the country for the global capital markets.

Dai said that 'the rapid growth of foreign exchange reserves and pressure for the yuan to rise is one of the key problems for China's financial system.'

He said the rise in foreign exchange reserves - which officially hit 954.5 bln usd at the end of July and are expected to pierce the 1 trln usd mark sometime this month - has created difficulties in managing foreign exchange risk, in reserve management and in carrying out domestic monetary policy.

zxin@marketnews.com

[10:22 GMT September 13] UK August retail sales will be disclosed at 08:30GMT
tomorrow. Forecast: +0.3% m/m, +4.1% y/y. August"s RICS UK house price balance
will be unveiled ahead, at 00:01BST. US August retail sales figures are also due
tomorrow, with US August inflation statistics following on Friday.
GBP/USD scaled an intra-day peak of 1.8766 in a knee-jerk reaction to August"s
3.9k drop in UK claimant count unemployment. However, its GBP-positive impact
was lessened by yesterday"s Blair "leak" to the TUC, with a near half cent
retreat to lows circa 1.8720 ensuing. UK annualized average earnings rose by a
lower-than-expected 4.4% in the three months to July. 4.6% was forecast.
1.8710 (today"s Asian session base), and 1.8695 (yesterday"s Asian session
peak), are support points south of 1.8720. Touted resistance levels north of
1.8766 include 1.8773 (yesterday"s high), 1.8790, 1.8800, 1.8830, and 1.8850.
The big-picture sterling story is gain consolidation from Monday"s 7-week low of
1.8601, with the expectation that the BoE will hike the UK base rate by another
25bp to 5.0% in November helping underpin.

Pretty much falls in with my chart expectations, Hils.
I have a rising support line from the June low just below 1.81, currently giving support around 1.8620

Closed +10, can't watch all day and am still learning, so happy to take a profit, however small :-)

.

Harlosh, sorry about that, mate rang up and I slipped of for a quick nine holes. Just back, watching another now, probably of for a siesta in a mo

interesting, just tried to trade that one, got out for -4.