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Long USDJPY 123.03

Added to Cable short at 93, although not sure it's gonna work this time :S

Hmm, wasn't convinced about USD JPY so closed it too early :-(

Added to cable short @988

Slightly concerned it's made a higher high this morning, would like to see 9960 dumped and then we could really be in business! Got the feeling I should have been trading this both ways as well, but the minute I go long it will probably tank. (Mind you, same could be said of being short).

I'm long the Jap @ 95 and 05

Bounced off rising resistance, the original trendline support from the last move. Problem is that it's rising resistance. Short from 72 looking a bit bereft, doesn't seem to want to come off this time :(

Edit: Had that line in the wrong place, resistance at 20030

Stopped out :-(

Still in SC, but I think for not much longer :(

fwiw

IG's Trading Central, has Cable as a short below 20013, long above. Not sure how good their 'experts' are though?

Closed both Cable positions for -21 :(
Could have been a lot worse. At least I can go out now.

Despite earlier intentions to remain flat for the afternoon, shorted Cable prior to going out and whilst at me Mums, just closed for +36 so quite a reasonable day trading afterall. Will take another look in the morning and see where we go from here.

Having read all sorts of analyst comments over the weekend and the last two days I was rather of the impression that weak data throughout was expected this week putting considerable pressure on the Dollar. Thus far this doesn't appear to be the case; thought cable was going to break through $2 with considerable momentum this afternoon, but has once more fallen back. Still nervous about short positions, but I'm beginning to wonder if we are due a sharp downward correction to offset the seemingly relentless slow climb from 19650 to 20000?

Quiet here this morning. Shame I closed last night, but hey ho. Scratching my head a bit now, although I did wonder last night about a sell off, I certainly wasn't sure. Had also considered the Gold sell off yesterday and whether that would strengthen the $, perhaps it has?

Thinking cap back on :)

pth

Rates too low, Bank deputy says

The Bank is expected to raise rates at its next meeting
UK interest rates are too low and are helping to drive demand for loans and credit, Sir John Gieve, deputy governor of the Bank of England, has said.
Speaking in Guildford, Surrey, Sir John explained why he was one of four rate setters who voted to raise interest rates at the Bank's last meeting.

Analysts are forecasting that the Bank will raise interest rates to 5.75% next week, after holding them in June.

Rates have hit their highest level in six years as inflation has picked up.

'Sharper slowdown'

Some analysts predict that interest rates will hit 6% by the end of the year. One of the main forces behind price growth has been the low cost of loans and debt, which has helped to finance spending by consumers and companies.

"I voted for a further increase earlier this month partly because I was not convinced that current rates would be sufficient to bring credit growth and nominal demand back to their long-term sustainable path," Sir John said.

"I also felt that the impact of moving too slowly on the credibility of the regime and thus the future prospects for the economy was of greater concern, given the robust rate of growth, than an unnecessary slowdown in activity," he added.

Sir John noted that there was a risk that "we may increase interest rates too fast or push them up too far, with an unnecessary loss of growth".

However, he also warned that "we may raise rates too slowly with a cost in higher inflation and potentially higher interest rates and a sharper slowdown in the end".

The yen is now banging down towards 122 after a big move overnight. My partner has 120 as the target although he stil feels yen is way under valued against the dollar.

yen has moved a lot in last 48 hours...might not be a straight line but agree will probably get there

that dollar looking a bit sick....

Cable...anyone for 2:01?


Hils is your FXtrek still ok...mine not working last couple of days

Where have all the Forex traders gone...

Dunno foale, so few posts, so stopped posting myself :S
+60 off GBP/YEN from yesterday, apart from that haven't done very much.

nice one pt...took similar myself

It's a little quiet, but we get spells of that here. Also, Chocolat is hors de combat at the moment. Get well soon, Choccie, your public needs you :)