Forex rebates on every trade - win or lose!

Hils
I am keeping an eye on the USDX and am conscious that it could easily start to bounce without actually reaching the 5th Dec low. Am away for a week from tomorrow so will probably close out sometime today. Currently sitting with 4 open (short) positions - at or about the average they were triggered. Looking to try and get 19700 - but I think I may be out of luck - unless the hourly MACD keeps on falling :(

late rally to 1.9850? Cable

Euro nudging highs...

Japanese housewives play Forex markets

1.9920 today..cable...?

why $ so weak anyone...any special trigger...

USD Tumbles Ahead of Data, G7

The dollars weakness against the Aussie, euro and sterling extended into the early Friday session, hitting fresh multi-year lows. Sentiment for the currency remains weak on a combination of global central bank outlooks with the ECB, BoE, and RBA seen further tightening policy, while the FOMC is likely to remain on hold, if not cut rates and growing suspicions about a US soft landing scenario. The greenback tumbled to a new two-year low against the euro at 1.3523 and a fresh 16-year low versus the Aussie at 0.8321. While we caution against profit taking later on in the session ahead of the G7 Finance Ministers meeting, we believe the prevailing trend will be for further dollar weakness.

Fresh on traders minds was a downward revision by the IMF in its forecast for US economic growth in the current year to 2.2% versus 2.9%, attributing it to softness from the housing market. However, the IMF said, A growth pause is more likely than a recession. The downgrade effectively places US growth behind that of the Eurozone, UK and Japan which is seen continuing to weigh on the dollar.

In the session ahead, markets will digest several key US indicators including the March PPI, February trade deficit and the April University of Michigan sentiment survey. The producer price index for March is forecasted to ease to 0.7% versus 1.3% from a month prior and the core PPI is expected to slip to 0.2% from 0.4%. The February trade deficit is seen expanding to $60.0 billion, up from the January deficit of $59.12 billion. Lastly, the April University of Michigan sentiment survey is also forecasted to worsen, falling to 87.5 compared with 88.4. For the most part, the economic data will likely be dollar negative. However, given the sharp losses in the currency this week, we anticipate some reprieve in the selling as profit taking ahead of this weekends G7 Finance Ministers meeting sets in.

Euro Adds to Gains

The euro powered ahead to a fresh all-time high against the yen at 160.84, a new two-year high versus the dollar at 1.3523 and remains buoyed near a 9-year high against the Swiss franc at 1.6420. Markets continue to reward the single currency on the yield play, with the ECB expected to raise rates again at its June meeting. Bank President Trichet refrained from using the word vigilance in his press conference yesterday, but used language to suggest another rate hike over the coming months, most likely in June. Accordingly, carry trades rallied to fresh highs with EUR/JPY and EUR/CHF favored by speculators.

In the coming session, Eurozone industrial production for February is expected to continue to reflecting improving economic fundamentals with the monthly figure seen reversing the prior months 0.4% decline, rising 0.2% and on an annual basis, advancing to 4.2% from 3.7% previously.

useful Choccy thanks for posting that...


Not many posters here given the large moves inthe last 24 hours...

Enjoy the ride, foale.
Just the weather for it too - hot, hot, hotter :)

Still long here from yesterday.

lol I am choccy....


so which come first... USD/ Yen 118.00 or Cable 1.9900

I am around, but really struggling with my internet connection. It currently takes about 5 minutes to open any web page.

I'm ditching Pipex Broadband in favour of Sky who reckon they can push 13.2MB down my line as they're already inside my local exchange which compares to the 2MB I'm allegedly getting at the moment. I'm not a great conspiracy theorist, but I think that Pipex are a bit miffed by it, and have done something to my connection out of spite.

D,

The calendar's in html again. I'll mail you a JPG over the weekend sometime if that's OK.

H, sure thing, I'll stuff it up an IST webserver and link it. Time to write that Kathy another stiff memo, methinks. I'll see if I can buy a copy of that XLS -> GIF converter.

PS on edit: Re Pipex: they were our ISP (via multiple mergers over the years) at IST. We dropped them because of their disinterest in keeping our microwave link working. We now use Easynet Surestream which uses two SDSL lines but which has a degree of redundancy in it. At home I use Zen Internet.

LONDON (Thomson Financial) - Gold climbed to a seven-week high this morning, adding to last week's gains, as the dollar continued to wilt against other major currencies, with continued strength in the oil market also buoying prices.

At 10.18 am, spot gold was trading at 687.40 usd per ounce, up from 684.80 usd seen in late New York trade on Friday, having earlier hit 688.10 usd, its highest level since February 27.

'If you look at the last two weeks, there has been downward momentum in the US dollar and the gold price has reacted to that,' said Michael Widmer, an analyst at Calyon.

Gold, which is a popular alternative investment to the dollar, is particularly sensitive to fluctuations in the US currency.

The dollar has weakened against the major currencies in recent weeks on concerns over flagging US growth, which were heightened on Friday by a fall in the latest University of Michigan consumer confidence survey.

The index slumped to an eight-month low of 85.3 index points in April from 88.4 in March, raising fears US consumer spending levels are likely to fall as confidence is knocked back by a faltering housing market.

The precious metal posted gains last week as the dollar sank to 2-year lows against the euro, but struggled until Friday to breach the 680-682 usd barrier as investors took profits.

With that resistance level now broken, traders expect gold to continue its climb, with further resistance seen at 690-700 usd.

'Given the bearish dollar sentiment and the breach of chart resistance last week, gold looks set for another week of solid gains,' said James Moore, analyst at TheBullionDesk.com.

The precious metal was also underpinned by continued strength in the price of oil, which has risen on ongoing concerns over dwindling US gasoline stocks and as violence ahead of the Nigerian elections raised fears over supply disruptions.

The metal benefits from positive sentiment towards the commodities sector sparked by rising oil tariffs, and is seen as a hedge against oil-led inflation.

Among other metals, platinum rose to 1,282 usd per ounce, its highest level since it spiked to 1,390 usd on November 21 last year, against a high of 1,275 in late Friday trade.

The white metal was buoyed by rumours that a new exchange-traded fund (ETF) for platinum will be launched by Swiss bank.

"Short term target 1.9900 then 2.0100" - Nicole Elliott, Mizuho Corporate Bank at 07:30 this morning.

That would be very nice :)

Chocco: depends where you earn your money :(

Are we nearly there yet :)

15 pips to go . . . sit still and be quiet in the back.

I have it hitting 2.0003 before backing off. An easy target now.

so tell me all you whizzes, where do you see Cable topping out? ...... My guess is 2.03 but I sure would not be selling $ with rate already very close to 2.00.

At least my (company's) May position taken at 1.9450 is very nicely profitable!