Forex rebates on every trade - win or lose!

Thanks Hils, determined to crack this Fx game. I am NOT giving up.

SC....Sorry to hear about your recent trades.

I'm still a novice at this and feel that I've finally turned the corner after 7-8 months. It certainly feels like a very big corner and after many depressing trades at the beginning I am glad to have stuck it out.

So hang on in there SC!

Thanks Bakko. I had a spell last year when I looked at Fx and it scared me silly, couldn't get my head around it, mainly because of being too short term but I'm much calmer now, and can see that it's highly tradeable. I don't mind some losing trades if it comes right in the end.

Really need to widen those stops a bit and get on the right side of the trend.

Hil: With Brent crud a snip at $59.98 for yer barrel, perhaps I should buy oil with it instead?

Nice idea, MM. Could you buy enough to fill my Skoda up?

[07:52 GBP/USD: Weighed Down by Dovish Blanchflower Comments] London, September
27. Dovish comments from BoE MPC member David Blanchflower have weighed on cable
to a new six-day low of 1.8917. Blanchflower expects a rise in UK jobless, and a
fall in jobs, and suggests that ONS figures overestimate UK wage rises (DJ). He
also sees a higher risk of a spending slowdown, and believes inflation
expectations have leveled off.
Minutes from this month"s MPC meeting revealed that Blanchflower is "minded to
seek a reversal" of August"s 25bp UK base rate hike "in due course".
Blanchflower was the lone committee member to vote against August"s rate rise.
1.8930 (yesterday"s low) now represents a rebound resistance level. Upper
obstacles include 1.8943, 1.8960, and 1.8970.

Thanks Hilary. Amazing how moods swing on these stories!

I have a support line drawn at 1.8910 tying up the high of 14th September and the low of 29th August, will watch and wait to see if we go through or go for reversal.

Not a good start to the day. Had to close out yesterday's long as it fell below my rising support line :-(

Off to work now :-(

Seymour,

The easiest thing in the world is to "fit" the news to the chart retrospectively. This movement has been in the chart since the end of last week.

Agreed Hilary, I have this amazing gift of hindsight.....

[08:32 UK ECON: Aug Mortgage Approvals 71,278 - BBA]

[08:31 UK ECON: Q2 C/A Deficit GBP 6.986bn, Lower-Than-Expected]


[08:30 UK ECON: Q2 GDP Revised Down to +0.7% q/q. Unexpected] Annualized UK Q2 GDP has been left unrevised, +2.6% y/y.

I guess the US figs weren't too hot!

Scalped +17 off that, no long term position yet though.

Nice one SC.

I could have got out of my long flat if I'd left it alone.

Giving it back as we speak :-S

Another 50 down from here (1.8893) should hit some support imo.

Cable's a bit on the choppy side so watching and waiting instead.

US home figs out later too.

Morning All

Cable very weak this morning in reponse to this article in the FT

http://www.ft.com/cms/s/dd487e34-4e56-11db-bcbc-0000779e2340.html

Just shorted at 31 so hoping the trend will be my friend today

I was just about to make a comment on the damage that's been wreaked over the last 15 years because of Brussels when I saw this:

ECB's Tumpel-Gugerell says EU growth disappointing since euro launch
AFX


BERLIN (AFX) - European Central Bank board member Gertrude Tumpel-Gugerell said EU economic growth has been disappointing in the period since the launch of the euro.

'A fair assessment of the last seven and a half years of economic developments in Europe cannot avoid mention of the fact that, despite the success of EMU, output growth has been disappointing and below that of Europe's main competitors,' she said in a speech.

Average growth in the EU's 25 member states has been about 2.3 pct since 1995, compared with about 2.7 pct in non-EU industrial countries and 3.3 pct in the US, she said.

This growth gap is one of the main arguments for structural reforms to make the EU economy more flexible, innovative and competitive, she said.

Increased innovation can play a particularly important role in boosting growth, she said.

A 1 percentage point increase in research and development as a share of GDP is estimated to increase the long-run growth rate of productivity by 0.6 percentage points, she said.

A key factor in fostering economic growth through innovation is the availability of financing opportunities, she said.

At the recent informal Ecofin meeting in Helsinki, EU finance ministers stressed the importance of creating an environment conducive to private capital investment in innovation and invited the ECB to assess the institutional features that hinder the efficient functioning of the financial system, she noted.

Tumpel-Gugerell said financial integration will also be positive for growth.

'Progress in EU financial integration since the introduction of the euro...has generally improved financing conditions for European firms, with substantial benefits expected for Europes growth performance,' she said.

But she added: 'Based on the evidence available, financing opportunities for investment in innovation appear to be more constrained at the level of small and medium-sized enterprises and individual entrepreneurs.'

And EU citizens do not yet appear to appreciate the benefits of financial integration and of monetary union, she said.

'The rejection of the European constitution by the people of the Netherlands and France...sent quite a strong signal that European citizens do not fully perceive and reap all the potential benefits of EMU or of the financial integration process it has triggered,' she said.

While financial integration in Europe has increased, the EU banking market remains fragmented, which reduces its efficiency, she said.

In contrast, banking deregulation in the US has had positive effects on growth and productivity, she said.

steve.whitehouse@afxnews.com

Gertrude Tumpel-Gugerell - you couldn't make it up :)

Nice one Bak :) I especially liked this bit:
"ONS officials explained they had been trying to eliminate a smaller problem related to VAT fraud from the national accounts."
Would that be the 80 billion or so story that government officials have gagged the media from exploiting any further?