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Sunday, April 13, 2008

Forex And Forex Trading Related News

Our Featured Forex training Article

Some Quick Forex Information

foreign exchange converter

The learning curve for Forex investing is not too steep, but you still must use dilligence when approaching the subject. There are a number of technical issues you must address, and these will take your undivided experience.

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For those interesting in being involved with Forex trading, a basic understanding of how the system works is essential. Understanding both forecasting systems and how they can predict the market trends will help Forex traders be successful with their trading. Most experienced traders and brokers involved with the Forex use a system of both technical and fundamental information when making decisions about the Forex market. When used together, they can provide the trader with invaluable information about where the currency trends are headed.
More info on a great Forex system

foreign exchange program

Canada has been climbing on the list of the world's oil producers for years, and is currently the ninth largest exporter of oil worldwide. Since the year 2000, Canada has been the largest supplier of oil to the U.S., and has been getting considerable attention from the Chinese market. It's predicted that by 2010, China's import needs for oil will double, and match that of the U.S. by 2030. Currently, Canada is positioned to be the largest exporter of oil to China. This puts Canada's dollar in an excellent position from a trading perspective.

foreign exchange converter

In short, EUR/GBP and GBP/CHF are leading indicators for EUR/USD and USD/CHF, and GBP/JPY, EUR/JPY and CHF/JPY are leading indicators for USD/JPY. EUR/JPY plays a very important role in EUR/JPY direction too, while GBP/JPY plays the same role for GBP/USD. For example, yesterday?s EUR/USD weakness largely started from EUR/JPY sales keeping EUR/USD and USD/JPY downwards. As a rule of thumb, if EUR/USD does not move but EUR/GBP moves first, it is a good indicator that someone is maneuvering in EUR/USD front in the same direction later, and when EUR/USD moves but EUR/GBP does not move first or in tandem, then it is highly likely EUR/USD move is countered by its opponent and the opposite move is highly likely soon. Same applies in USD/JPY and EUR/JPY, GBP/JPY front in the same fashion. Imho. Good trades.

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European Mid Morning Update 11th April 2008

Fri, 11 Apr 2008 03:59:54 -0400
The market wiles away the hours till dawn doth cometh

Releases from Europe:

March Forecast Actual
German WPI (MoM) +0.5% +1.6%
German WPI (YoY) +6.0% +7.1%

German wholesale prices confirm no let up in inflationary pressures. This is something central bankers say are temporary but have an underlying upward trend that doesn’t look exhausted. The ECB will remain therefore between a rock and a hard place with interest rates set to remain firm for some months to come.

Europe has taken over from Europe and without too much surprise has sold into the overnight recovery in the Dollar. It doesn’t surprise but whether it makes it to yesterday’s lows is doubtful as the market awaits stronger signs from G7.

The following economic releases are due today:

March
U.S. Import Price Index (MoM) +1.9%
U.S. Import Price Index (YoY) 13.6%

April
University of Michigan Confidence 69.0

"The time has come," Paulson said,
"To talk of many things:
Of recession and growth and inflation
Of cabbages and kings
And why the credit market is boiling hot
And whether central bankers have wings."

Stagflation? Who mentioned stagflation?

And the next question is whether the “S” word will be uttered at all at the G7 meeting. To be honest it’s probably a bit early. Maybe not. Already the FOMC is conceding that H1 will see contraction. The IMF forecast the entire year to be soft.

House prices remain soft and inflation remains uncomfortably high. OPEC countries are squeezing every cent they can from dwindling oil resources and farmers are milking the benefits of growing crops to be used as alternative fuels which will keep food prices elevated for some while to come.

So do finance ministers and central bankers really have the resources to control these issues? Clearly not and this reduces their capability to cope with the global economic environment as it stands now. The risks remain high.

And what will G7 say, or perhaps do?

The chance that Juncker’s pressure on President Bush over tea and cakes on Wednesday will actually amount to anything but the usual bland statements is very high. They talk of exchange rates reflecting economic fundamentals but definitions of economic fundamentals can vary between people and institutions. For example, the IMF still feel the Dollar is over valued.

A market is all about whether people want to own something. If they don’t want to own it, then they sell it and the resultant supply and demand causes prices to move. That’s fundamental. A central banker can’t force them to own something they don’t want…

If they suddenly find out they were wrong then the market will adjust very quickly. At the moment there is nothing to suggest that anyone really wants to own Dollars…

Note important support and resistance areas:

USDJPY EURUSD USDCHF GBPUSD
Res: 102.93-25 1.5943-86 1.0125-51 1.9842-48
Res: 102.24-45 1.5860-12 1.0060-90 1.9770-90

Spt: 101.33-58 1.5755-00 0.9933-66 1.9694-04
Spt: 100.72-03 1.5693-24 0.9846-70 1.9605-46