Forex rebates on every trade - win or lose!

60/25* hodgins - it's plastered all over our charts ;)
Harlosh uses summat else on his 4 hourly, and I can see why he ran into a spot of bother with cable today.

*: That's a Hils FMS special :)

Hils - how d'you do the tidgy TM thingie after FMS?

There are a lots of WAGS on E Wing but I don't think it means the same. I'm not going to go anywhere near them.

I see it had a bit of a go at getting up to 11900 in the early hours/JPY opening - and subsequently fell back. I think I'll keep an eye on it today/tomorrow.

Thanks C

Forex - Yen makes sustained gains against dollar, euro
AFX


LONDON (AFX) - The Japanese yen made broad gains against major currencies, marking its strongest levels against the dollar in eight weeks.

The dollar fell below resistance at 118.0 level yen, while the euro fell below 156.0 yen, raising speculation that an unwinding in carry trades -- when investors borrow in countries with low interest rates to invest in higher-yielding economies -- may have started.

'The Japanese yen gains bring the carry trade back in to question,' said Russell Bloom at Thomson IFR Markets.

However, he cited some investment sources who claimed that only some short-term positions in the yen are being liquidated rather than the long-term carry trades.

Also, Japanese government officials were also quoted as saying that the yen strengthening is not a true unwinding of the carry trades, and that a real liquidation of such trades would have a much larger effect on the yen.

Meanwhile, the euro-dollar remained in a range after euro zone inflation this morning came in at a benign 1.8 pct for February but was offset by a continued rise in the manufacturing PMI.

Investors will look to US data this afternoon for more direction in the dollar.

The manufacturing ISM is expected to rise to 50 in February from 49.3 the previous month, with a fall in the indicator likely to hurt the dollar as it would suggest a continued contraction in the manufacturing sector.

Elsewhere, the pound was firmer against the dollar and euro after a raft of robust economic data this morning.

The manufacturing PMI jumped to 55.4 in February, its highest level since July 2004 and well above expectations for a reading of 53.0, and included a record high output prices component. Data on the retail sector by the Confederation of British Industry also showed retailers expecting to raise prices, while mortgage approvals remained robust and money supply growth high.

'This morning's UK data suggested that activity in the economy remains firm while pipeline price pressures are intensifying, supporting the case for another interest rate hike -- which we think could come as soon as next week,' said Vicky Redwood at Capital Economics.



Imo if the $ doesn't find support around 117 now, it's going to get ugly.

Still sticking to cable here...
Feel its looking for a reason to come off swiftly

hopefully with accelerate if gets below 1.9470 area.
Certainly another test of 1.9500 on the cards

Seeing as folk are looking at Yen crosses, here's a chart
of the Yen Index.

Not posting much at the moment, as a bit of health trouble.
at Chez Melnibone. Mrs Mel's a bit under the weather and I'm
playing Nursey again. Also, she's just found out that her Mum
may have inoperable cancer in her head.

Never rains but it pours, does it. :-(

Oh dear Mel. What can I say? Really really sorry to hear that news. I hope things work out for Mrs Mel. Life must be very difficult for you all just now. Keep us posted please.

And thanks for taking the time to post that chart.

H.

I'm so sorry to hear that Mels. Totally rotten.
Blimey and I came home fed up just now, having spent hours with the police at my mother's house, which has been burgled. I blame myself, because I find it so hard to go there. Anyway, I brought the photo albums home.

Well, still no $ bearskins here yet - long yen (kicked in at 117) and short cable, as ever.
Oh and long the old loonie since Monday :)

Cable has been so exciting of late.
I am now looking at the daily charts...
Still expecting a test of support at 1.9530-40 (soon)

then 1.9480 which if broken opens up 1.9250-75 area
(not holding my breath on that one though)

Mel
Sorry to hear about you family's problems. As you say, these things always seem to come together. Best wishes to you and your family.

choc - excellent entry on the USD/JPY - but the graph says NOT YET - hils will be admonishing you - naughty girl !!

mg - you mean "computer says no"

That's what I said ...... "hilary says no......"

Dons tin hat and hides under bunk

Interesting to see the $ strengthening against the and Euro but weakening against the Yen. The effect of the Yen carry trade perhaps?

Chocatastic... you looking for a big fall in cable...couple of supports just below here but above 1.9400

Been wondering if we will test/ break them today.

Mel poor you - rotten luck.

Sorry to be dim, but waht happened about Miss Mel's job? (I haven't been reading the thread recently - with moving & building works - can anyone update?

closed my short at 9482 for now...

Joined chocs on a USD/YEN long from 11700.

Wish I'd been playing the bloody cable - nice picking you short guys.

Thanks for the thoughts, guys.

Sue, ref Miss Mel's job. Just after her final interview, the company
managed to close a deal on an acquisition they were working on.

So now there's a hiring/ firing freeze on whilst they sort out what
they're doing with workforce.
Typical, eh! :-(

So whilst she's waiting she's put three more irons in the fire, one
in the same industry, one in a sorta related high profile venture,
and one in an entirely different industry that she already has a wealth
of experience in.

Oh, and her old professor contacted her, trying to get her to take the
next step up from her degree so that she can teach it. He's that impressed
with her.

So we'll see what comes out in the wash. I'll support her, whatever she
decides.

Thanks for the update Mel - hope she gets something she wants.

Mel
Shame about Miss Mel's offer.

For gawd's sake try and persuade her not to get schmoozed by the academics - I know a lot of 'em and it's a different planet they inhabit - and it also offers a limited financial return. Obviously it'll be her decision but there's a lot of smoke and mirrors that they use to hook people in - and intellectual flattery is always good for the ego - if not the pocket. I nearly said intellectual masturbation - but I'm too polite to suggest such a thing - although most are guilty of it.

Plenty of time to return to the cloisters after she's made her millions (and looked after mum and dad ;))

Just my two penneth