Forex rebates on every trade - win or lose!

"STERLING/DOLLAR: The pound doing better than some currencies but lagging this week's stars: the rand and the Canadian dollar. Implied volatility below 5.00 percent is among the lowest of the last decade.

Cable is not too overbought and momentum has turned bullish. All and any dips are seen as buying opportunities for a subsequent squeeze to $2.0064/75 late this week/early next week."

- Nicole Elliott, Mizuho Corporate Bank

D,

Yes my Intellichart is fine, but it was playing up earlier this week. It seemed to be locked on fiber.

Just closed a cheeky little long on Cable for +22 (double contract) so actually worth +44 :)

A little long on cable @ 50 to run into next week.

Closed + 36 a few minutes ago :-))

GBP / Yen might be interesting today...given where Cable and dlr/Yen is today..

well that was nice a 100 basis points fall since my last post.

I've removed last week's calendar from the header, but I've got PC problems which are preventing me from being able to sort out this week's calendar. I hope to have it resolved in the next day or so.

As the content-producing half of the FX IT department has an equipment problem, it was left to the hosting techie to produce the content. So I've done my best, stop complaining and put your reading glasses on.

I feel a business opportunity here....

Of course.

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Thanks MM
Anyone got a pair of binoculars?

For users of the Dr Clearly's Patent Forex Spectacles which enable you to display and view the entire content of the Oxford English Dictionary on one monitor an extract from today's Rockefeller Briefing :

Y e n S a g a : While the market is swaggering around all but boasting that it has more money than the BoJ, it is at the same time mindful of actual money flows. Bloomberg reports this morning that The yen also rose on speculation Japanese investors will bring back money invested in German Bunds. Germany will pay more than 16 billion euros ($21.7 billion) in coupon and principal on government debt July 4, according to data compiled by Bloomberg. In our experience, these giant payouts in various bond issues, including American ones, have only the most fleeting of effects, so we are not convinced--but you never know when a seemingly small event gets built into a bigger Event. The yen was already rising Friday afternoon from 123.50 at 10 am ET in New York to 122.95 at the close, and it proceeded to 122.38 after Europe came in (after a flat Asian session). This is only about 100 points but clearly the US and European traders see something that Asian traders do not.

In Japan, they take the too-weak yen more seriously. Major exporters are complaining to Bloomberg that they see trade friction ahead, meaning complaints from the US, particularly car-makers. The head of the Japan Chamber of Commerce and Industry and chairman of a petrochemicals company, Mr. Yamaguchi, had said last week that The yen's excessive weakness could lead to instability. One possible response would be yen-buying intervention.'' This is the first press report of the word intervention that we have seen. Also, Japanese traders see the BoJ raising rates in August regardless of Fridays drop in even the Tokyo CPI. According to Bloomberg, 14 of 31 economists are predicting the hike then--after the Parliamentary elections but before the end-Sept half-year results. We say that if the BoJ does raise rates in August, it means a new spirit of cooperativeness between the MoF and BoJ and evidence of focus on the yen. Historically, every time this happens we get a big yen move. Carry-traders can be accidental by-standers.

Bloomin 'eck. I can't read that.

Anyone got a bigger pair of binoculars?

That's better - found my specs. I recommend them.

I have, of course, no connection with the supplier of the specs, well, not much, oh alright, quite a lot really.

Some selling into the highs this am on Cable...

Agreed, D.

Delboy,

I emailed you yesterday in reply to your email. It's been returned undelivered this morning as it seems to be queued on your server.

Hil, Mail sent. Power outage at IST Galactic HQ knocked out our Sun servers and delayed mail -- we may have lost some, although I don't think so.

Now that Hil has remembered her little attachment, a new, non-eye straining calendar has been stuffed and mounted.