Forex rebates on every trade - win or lose!

Oh Jolly Hockeysticks. Out for a quick half-cent. That's one and a half cents off cable for the day, plus the others. There's life in the old girl yet.

:o)

Edit: Ordinarily I'd have left it to run a bit longer, but I've been at the screens since before 7am, so I'm a bit tired and have had enough for the day.

Nice trades Hils. I'll get trying harder. He who trades Rodney....

16 trades in 3 pairs/crosses today, Seymour. Only 3 whipsaws and some tasty legs in between.



Exactly how Delboy likes it.

:o)

Tasty, very tasty.

I'm nore of a tantric trader Hils - none of this quick in and out for me - makes me dizzy :)

Love n' Peace Kinky Boots

Might be furrily premature - but I'm long cable from that last dip to 330.

Oh well, not tonight then :)

"The dollar was also underpinned by stock market gains earlier, and lost that support when stocks turned around in afternoon trading." (Marketwatch)

Hmm - but not versus sterling.

Traded like a twonk today and broke a few rules. This thinking lark really is a bind.
Left everything on the boil and set limits on 4 trades. Turns out my limit was hit on the nose this afternoon before cable turned down again. Trouble is, I forgot to tick the boxes when I set the limits :(

We still seem to have a problem with the calendar. The URL that I had been using for the last few months was an address which had all of the headers and tabs removed to make it "printer friendly". When DailyFX went down this week, they seem to have removed that URL completely from their website which is why it had been reverting to their homepage.

I've put up a different calendar in its place which covers all of the currencies for that day only. It will refresh automatically each day giving the news as it happens. Unfortunately it has all of the headers there to clutter it up. A weekly calendar is available on their website in PDF or XLS format which can be downloaded and printed if anyone requires.

Thanks for all that Hilary.

I'm still here watching and trading but have had a series of health issues to deal with so not around a great deal.

Thanks for your efforts though.

No problem, H. Hope you feel better soon.

Still long EUR/GBP from 0.6917 target 0.71+ ... stop loss added today at .6975.

Nice wellies Hils .... shame about the legs :-)

Fed minutes dodge issue of next rate cut

The latest minutes from the Fed for its September 18 policy meeting indicate that the Fed decisively cut the fed funds target rate by 50 basis points due both to concerns about instability in the financial markets and over the credit crunchs likely impact of weakening economic growth. Nonetheless, the bottom line from the minutes is that the Fed remains concerned about too weak economic growth and also the risk of high inflation. But as noted with the anti-inflation bias that ended up in the latest FOMC statement, currently the greater of these worries is inflation. But both the minutes and more recent Fed Speak leave the door wide open for the Fed to decide to either cut rates on October 31 or leave them unchanged and neither the minutes nor recent Fed Speak tip their collective hand on which is likely.

What tipped the balance and motivated the Fed to cut rates on September 18? The minutes of the FOMC meeting show that the Fed was clearly concerned about subprime credit problems leading to more adverse effects on the economy. The Fed was particularly concerned about how financial markets essentially were seizing.
"Short-term financial markets came under pressure over the intermeeting period amid heightened investor unease about exposures to subprime mortgages and to structured credit products more generally. The result was that some issuers of subprime mortgages found it difficult to roll over maturing mortgage-backed assets. As a result, asset-backed commercial paper outstanding contracted substantially. Investors sought the safety and liquidity of Treasury securities, and yields on Treasury bills dropped sharply for a period; trading conditions in the bill market were impaired at times. The Fed noted that banks became cautious and took measures to conserve their liquidity. Along with loosening lending practices at the discount window (extended lending periods), the Fed primarily cut rates to unseize the credit markets and to limit the impact of subprime lending problems and also housings decline on the rest of the economy.

Basically, the Fed saw the risks of not cutting rates greater than cutting rates. In effect, the rate cut was an insurance policy to keep the economy growing.

But how does the Fed see the economy in coming quarters? The Fed lowered its outlook for real growth in the fourth quarter slightly but still sees growth rebounding thereafter due to a strong international sector and business investment while the consumer continues to contribute positively.

The FOMC members remain cautious on inflation risks, however. The Fed acknowledged recent improvement in core inflation but is taking a longer-term focus. The Fed still sees upside risks from "rising unit labor costs," high resource utilization, and a decline in the dollar. Notably, the FOMC apparently never did believe that labor markets were as weak as indicated by the initially reported decline in August payrolls.

But net, the markets are seeing the combination of the Fed minutes position on whether there will be a rate cut as being data dependent. More recent, healthy-on-average economic data suggest that there will be no rate cut on Halloween afternoon but that rate cuts will be more spread out than believed immediately after the September 18 cut. Additionally, Fed officials this past week generally reiterated that markets should not assume a rate cut on October 31 and that the decision is still data dependent.


Ben Bernanke Speaks! Monday - Oct 15, 2007

7:00 PM ET : Federal Reserve Chairman Ben Bernanke delivers a speech on the economic outlook to the Economic Club of New York. Q&A expected .

The calendar is back at last.

The FXCM website has been up the proverbial for several days. Pleased to have it back to normal. Edit. Hmmn. Not fully up to speed yet. Daily Fx still stuffed.

Is it just me, or do ChartStation and Intellichart both have problems this morning?

Chartstation seems OK here Hils - using powerchart.

Yes, it's back now Seymour. Ta.

Japan and China Lead Flight from Dollar

I pinched this from the Day Traders Thread

From the Fool:

Dangers of the diving dollar