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Prices Are Relative in Forex Trading

2012-01-10T12:15:00.000-08:00

Let’s pick up where we left off in the last article on the basic happenings of the foreign exchange market. We mentioned that people buy and sell currencies for one another, but we need to establish how these prices are set.

In forex, prices for currencies are relative to one another.

How forex prices work

It’s hard to imagine giving a price for a currency in another currency. That just doesn’t make sense; it’s much easier to understand currency value as what we can exchange it for.

We can easily know that 1.25 US Dollars is enough to buy a soda–a Coca-Cola. However, how can traders know that $1.25 is equal to 1 Euro, .80 Pounds, or 10 Mexican Pesos?

It’s the economy!

In many ways, the value of each currency is tied to the performance of the economy it represents.

When the American economy is performing well, the dollar is likely to rise in value against other currencies. Thus, holding dollars is very much like investing in every person, company, and government in America, since the value of the dollar is dependent on everyone’s success.

Isn’t it great we all benefit from the success of everyone else? A strong economy almost always leads to a stronger national currency.

Taking that point to its logical conclusion, it would make sense that when the US economy is strong, so too is the dollar. Thus, the dollar’s value rises against other, weaker economies. A new perspective: if the US economy is growing and Mexico was experiencing a recession, the US dollar would likely be a stronger investment than the Mexican Peso. The market would reflect this, and it would take more Pesos to buy a dollar.

Investors who notice this trend can profit by speculating on the changes in currency values. If the dollar is soon to rise against the Peso, a trader could exchange Pesos for dollars through a currency broker. This trader would make a profit after the exchange rates change in his or her favor.

For example: Assume that we borrow 10 Mexican Pesos and trade them for 1 US Dollar.

If the currency rates change so that now it takes 11 Pesos to buy 1 US Dollar, we can exchange our US Dollar for 11 pesos, pay back the 10 pesos we borrowed, and enjoy a 1 peso profit. That one peso profit, at the current exchange rate of 11:1, is worth $.09. We made a 9% return on our dollars!

This is the very simple core of the foreign exchange market. When traders speak of buying and selling currencies, they’re really just talking about swapping one currency for another to make a profit. Of course, the full story is slightly more complicated, but keep reading and we’ll share all the nitty-gritty details.

What is Forex?

2012-01-10T12:11:00.000-08:00

To put it in very simple terms, the foreign exchange market is a currency market, where investment banks, institutions, commercial companies, and individual investors go to buy, sell, and ultimately swap one currency for one another.

Different currencies are used in different places around the world. In the United States, we use the US dollar, which is our currency. In Australia, the official currency is the Australian Dollar. In Great Britain, they use the Pound. Europe uses the Euro.

All of these currencies have a different value, which is dependent on other currencies.
So what is forex?

Forex is the foreign exchange market. The foreign exchange market is a virtual market where investors buy and sell currencies for other currencies.

If you’ve traveled out of your home country before, you’ve interacted with the foreign exchange market and you didn’t even know it.

If you were to travel from the United States to Canada, you would trade your US Dollars for Canadian dollars at a bank, airport teller, or any currency exchange service. In trading your US dollars for Canadian Dollars, you participated on the global forex market.

But we’re just small fry in this massive global market.

You see, we’re just individuals. We don’t have tons and tons of money like banks, institutional investors, hedge fund managers, or mega-corporations. In comparison to these oversized professionals, we’re merely a drop in the bucket.

Mega-corporations rely on the foreign exchange market to trade in their currencies that they earn all around the world. Walmart, one of the largest retail companies in the world, has stores in 44 countries around the globe, even though it is based in the United States.

When it earns money in France, the company isn’t paid in dollars. Walmart gets paid in Euros. The company has to trade its Euros in for dollars to account for profits and losses.

Naturally, Walmart participates in the foreign exchange market to convert its foreign currencies into its home currency.

You Don’t Have to Be Big to Trade Forex

But you don’t have to be a Fortune 500 company to trade on the foreign exchange market. In fact, many traders make money in foreign exchange in buying and selling currencies for a profit. We’ll get to this in the following tutorials, but the point needs to be made that:

There are many reasons currencies are swapped for one another
You don’t have to be a millionaire or billionaire to trade forex

By now you’re probably wondering how we establish a price for money. We’ll get to that in the next tutorial…

forexonlinelearning

Why Rewards Credit Cards?

2011-08-10T11:39:00.000-07:00

Why Rewards Credit Cards?

We all already use credit cards. They’re a part of our daily lives. If you’re like most people, chances are, you even have more than one. Given that we’re all already using credit cards in our daily lives, rewards cards are an optimal means to get extras out the plastic cards we use unthinkingly. Rewards cards provide all the convenience and benefits of a typical credit card with the chance to capitalize on free flights, hotels, meals and more.

Creditors offer rewards cards for every lifestyle. Frequent flyer mile cards are the most well known rewards credit cards. For regular travelers, miles cards offer a great means of accruing free flights and travel benefits. For those that stay closer to home, many rewards programs offer points that can be redeemed for gift cards, merchandise and services such as rental cars or hotel stays. There’s always the option of a cash back rewards card too—they typically refund 1% of all purchases you make with the card.

Rewards benefits and limitations vary from card to card, but there are some disadvantages of rewards cards to consider. Many rewards cards require that you pay an annual fee. Additionally, rewards cards don’t typically offer the low APRs of standard cards. Be sure to read the fine print before you commit to any rewards credit card.

On the whole though, rewards cards are a sound alternative to typical credit cards. We’ve taken a look at leading rewards credit cards and compiled our top ten picks. With side-by-side feature comparisons and in-depth reviews, we’re confident you can find the card that is right for you.
What to Look for in a Rewards Credit Card

Depending on your credit rating, lifestyle and desired rewards type, there are many features to consider as you select the best rewards credit card. For our top ten rewards card selections, we considered the benefits of their respective awards programs first and foremost. Our reviews also account for interest rates, annual fees, customer support and extras. A good rewards card should excel in the following categories:

Rewards Features: Rewards programs typically operate on a point-based system where one dollar spent earns you one rewards point. A good rewards card will offer bonuses such as double points at selected retailers or on certain types of purchases. Expiration dates and point limits are important elements of a rewards program.

APR
While rewards programs are a nice bonus, we still expect rewards cards to offer reasonable interest rates to applicants with good credit ratings.

Fees/charges
Many rewards programs charge annual fees. We looked for rewards credit cards with low or no annual fees. Further, we considered international transaction fees, late fees and other fees for our rankings.

Key features
Trustworthy creditors provide cardholders with zero liability coverage in the event of unauthorized transactions. We also expect to see good online banking options, free account alerts and travel insurance benefits with rewards credit cards.

Customer support
From telephone customer support to emergency card replacement. Good customer support is a must.

U.S. futures sharply lower as Fed rally short-lived; Dow drops 1.5%

2011-08-10T11:35:00.000-07:00

Forexpros – U.S. stock futures pointed to a broadly lower open on Wednesday, after rallying sharply the previous day on the Federal Reserve's pledge to keep rates at ultra-low levels “at least” through mid-2013.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a loss of 1.5%, the S&P 500 futures fell 1.3%, while the Nasdaq 100 futures dropped 1.9%.

The Federal Reserve pledged on Tuesday to keep its benchmark interest rate at an all-time low, adding that it will maintain a loose monetary policy until “at least through mid-2013.”

In a statement, the Fed said growth was much slower than expected and the labor market had deteriorated, underlining concerns over the U.S. economic outlook.

The Fed also indicated that it “discussed the range of policy tools available to promote a strong economic outlook recovery in a context of price stability” and said it was prepared to employ the tools “as appropriate”.

Meanwhile, shares in Walt Disney tumbled 4.3% after the company reported restructuring and impairment charges totaling USD34 million in the third quarter.

On the upside, department store operator Macy’s saw shares climb 3% after reporting a 64% increase in second quarter profit. The upbeat results prompted the company to raise its full-year earnings forecast.

Clothing retailer Polo Ralph Lauren saw shares surge 10.2% after it said fiscal first quarter net income rose 52% to USD184.1 million. Revenue in the quarter rose 28% to USD1.49 billion, above expectations for revenue of USD1.43 billion.

Other notable earnings scheduled for Wednesday include, technology firm Cisco Systems and media giant News Corp., which were both slated to report results after the closing bell.

Meanwhile, shares in Bank of America could be active, as chief executive Brian Moynihan was scheduled to face an investor conference call later in the day with Fairholme Capital, which owns around 92 million shares in the bank.

Across the Atlantic, European stock markets posted sharp losses, as mounting fears over sovereign debt contagion weighed. The EURO STOXX 50 tumbled 1.7%, France’s CAC 40 fell 1.5%, Germany's DAX shed 0.5%, while Britain's FTSE 100 edged 0.25% lower.

During the Asian trading session, Hong Kong’s Hang Seng Index jumped 2.1%, while Japan’s Nikkei 225 Index rose 0.9%.

A report from China’s National Bureau of Statistics showed that China’s trade surplus widened to USD31.5 billion in July, the highest level in more than two years. Analysts had expected China’s trade surplus to widen to USD27.4 billion.

Later in the day, the U.S. was to produce data on the federal budget balance as well as reports on crude oil stockpiles and wholesale inventories.

U.S. federal budget balance falls less-than-expected

2011-08-10T11:33:00.000-07:00

Forexpros - The U.S. federal budget balance fell less-than-expected last month, official data showed on Wednesday.

In a report, Department of the Treasury said that U.S. federal budget balance fell to a seasonally adjusted -129.4B, from -43.1B in the preceding month.

Analysts had expected U.S. federal budget balance to fall to -140.0B last month

Forex - EUR/USD down on economic data

2011-08-10T11:31:00.000-07:00

Forexpros - The Euro was lower against the U.S. Dollar on Wednesday after the release of U.S. data on Federal Budget Balance.

EUR/USD was trading at 1.4226, down 1.04% at time of writing.

The pair was likely to find support at 1.4070, Friday’s low, and resistance at 1.4426, Monday’s high.

Earlier in the day, official data showed that The U.S. federal budget balance fell less-than-expected to a seasonally adjusted -129.4B last month from -43.1B in the preceding month.

Analysts had expected U.S. federal budget balance to fall to -140.0B last month.

Meanwhile, the Euro was down against the British Pound and the Japanese Yen, with EUR/GBP shedding 0.14% to hit 0.8798 and EUR/JPY falling 1.26% to hit 109.24.

Forex: Commodity currencies erased daily losses

2011-08-06T23:37:00.000-07:00

FXstreet.com (Córdoba) – High-yield currencies moved considerably during the American session, as initially reached fresh highs against the Dollar but then turned lower, to new monthly lows to then bounced sharply back to the upside erasing losses. The Kiwi is outperforming the Loonie and the Aussie on Friday.

Commodity currencies are moving in line with Wall Street main stock indexes. The Dow Jones bottomed earlier at 11,140, the lowest level since early December but then jumped more than 300 points and currently is rising 97 points or 0.86%.

AUD/USD bottomed at 1.0375, fresh 4-month lows but then rebounded sharply to test daily highs at 1.0525. Currently it is struggling to close the week above 1.0500.

NZD/USD reached the lowest level on Asian hours at 0.8275 but currently is testing levels on top of 0.8420.

USD/CAD is trading at 0.9780/85, just a few pips below the price it had at the beginning of the day after peaking at 0.9852, the strongest level since June 29.

Market sentiment improved after reports suggested that the ECB was willing to buy Italian bond and following a press conference where Italian Premier, Silvio Berlusconi, announced a G-7 meeting of Finance ministers and also said that the budget will be balanced by 2013.

S&P downgrades US credit rating to AA-plus

2011-08-06T23:32:00.000-07:00

FXstreet.com (Barcelona) - The United States lost its AAA debt rating, on late Friday, from Standard & Poor’s for the first time in history. The credit-rating agency said the political system of the world’s top economy has become less stable and is still concerned about the government's budget deficit and rising debt burden.

"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," S&P said in a statement.

The outlook on the new U.S. credit rating is "negative," S&P added, which means another downgrade is possible in the next 12 to 18 months.

US government says S&P is wrong

The White House reacted with indignation to Standard & Poor's credit rating downgrade from AAA to AA-plus. A government spokeswoman said to media that S&P was wrong in its calculation, the debt value was overestimated by 2 billion, she stated.
Republicans asked President Obama division.

Global Trade Desk- Bull or Bear? It Does Not Matter

2011-07-24T09:59:00.000-07:00

Daily Client Note

Global Markets Review

Bull or Bear? It Does Not Matter

The topsy-turvy world of global trade continues its path of one day up and one day down, in reaction to breaking news sentiment. The unique set of fundamental circumstances unfolding as a consequence of years of miss-directed fiscal policies and institutional investment faux pas is likely to continue throughout the summer.

Wall Street opened lower which dragged the USD higher, while bullion was bought in the daily tango of global trade. It will be a relief to get the push-me pull-you farcical debt issues out of the way so that focus can switch to mid-term momentum reads.

Patience is required as the mid-term global charts go through a sideways spiral. We have been here before, many times, but this period of trade does seem to be going on forever.

Whether equity bull or bear, bullion buyer or seller, or a bond investor on the long or short end of the curve, the outlook remains the same; intra-day volatility as fair value is sought in milliseconds rather than historically over a period of days and weeks.

There are near-term trade opportunities in all markets when buying at the low of the previous session and selling at the high. These trades are available as a strategy because of the lack of mid-term chart directional sentiment and momentum.

The USD/S&P 500 inverse correlation remains strong, with equity and bond markets dominating intra-day direction across all global asset classes. Gold and Oil have started to form a near-term inverse correlation, with gold buying being met with oil selling, and vice versa. Silver trade does not yet have the strength of upside momentum seen in gold, but that may be more to do with Exchange floor margin requirement threats more than anything else.

The trade desk has highlighted over the last four years the changes that have happened in regard to electronic trading dominance, and the increase in algorithm trade that tracks momentum, headlines, price action, and sentiment. Who would have thought that Buy-and-Hold would so quickly cover just few days as a strategy, rather than the previous connotation that buying-and-holding could last decades.

Traders and investors have not been in such reactive market arenas before, which is a pure reflection of the technical advancements globally that has all aspects of daily life impacted by the speed in which information now travels.

The relentless desire to get information quicker than yesterday, in an effort to respond sooner, has transposed itself into traded markets that are truly 24-hours and are so completely globalized now that regional 9-to-5 trading is virtually obsolete.

Those looking for a flowing bell curve effect on their investment portfolio will not get it by trading and investing in regional markets only; gaps in closing/opening prices due to global momentum swings are prevalent. The long-term investor will have to introduce a near-term mix of global exposure to their portfolio.

Global exposure can be achieved via futures trade, which most see as specialized market verging on the dark side of the moon, via overseas accounts, which the US administration is determined to end, or via currency trading which remain the most liquid of all global traded markets.

As a balance to equities and bonds held over the longer term, exposure to forex offers easy access, low margin requirements, and access to global momentum. Equity and bond sentiment leads, and historically forex follows, creating a tradable balance to the buy-and-hold swings and dips.

Whether equity markets go on a bull run that has S&P 500 breaking 1350 and 1370, or has a bearish reversal that tests 1295 and 1275 is literally a coin-flick in the current headline-dominated trading environment. The reaction to either move however is tradable, via the currency markets that will track both bull and bear equity trade with a high daily correlation.

USD/JPY: finished the week lower amid a weaker USD

2011-07-24T09:55:00.000-07:00

EUR/USD

The pair finished the week higher after Eurozone leaders put forward plans that will permit the financial rescue fund to take advantage of new powers to prevent contagion and help Greece overcome its debt crisis. The move higher came in spite of somewhat mixed macro-economic data releases, as well as less than impressive demand for government debt sales.

In terms of technical levels, support levels are seen at the 21DMA line at 1.4283 and then at the 10DMA line at 1.4178. On the other hand, resistance levels are seen at 1.4400/40 and then at 1.4496.

GBP/USD

Despite the release of dovish BoE minutes from the most recent monetary policy meeting, the pair finished the week higher following renewed risk appetite as investors speculated that policy makers on both sides of the pond will put their differences aside and provide the much needed clarity on debt problems.

Finally, technical studies indicate that supports are seen at the 21DMA line at 1.6074 and then at 1.6069. On the other hand, resistance levels are noted at 1.6344 and then at the 61.8% Fibonacci retracement level of the 1.6747-1.5781 move.

USD/JPY

Despite the renewed sense of optimism over the state of the peripheral Eurozone, the pair finished the week lower amid a weaker USD, which fell around 1.5% as policy makers in the US failed to agree to debt reduction plans. Of note, DPJ's Naoshima said that government efforts to counter JPY strength have been "inadequate".

In terms of technical levels, supports are seen at 78.22/00 and then at the historic low at 76.25. On the other hand, resistance levels are seen at 78.74, 79.03 and then at 79.32, which is also the Tenkan Line.

Forex Flash: EUR/USD looks set to recover lost ground – Commerzbank

2011-07-24T09:53:00.000-07:00

FXstreet.com (Córdoba) - Greek insolvency has been averted for now, sparking relief in the FX markets, so the euro looks set to recover lost ground in the week ahead, according to the Commerzbank analyst team.

"With only a few days left to reach a breakthrough in the US debt limit stalemate, however, it is still too early to sound the all-clear, as a failure by Congress to hike the debt ceiling would result in default on the other side of the Atlantic", said the Commerzbank team. "Against this backdrop, the focus of the FX markets should shift towards the US dollar in the coming days, which will benefit the euro".

The Commerzbank team expects EUR/USD will trade higher in the week ahead. "The only risk to the euro's recovery could be particularly weak US data and a renewed sparking of recession fears – with regard to the USA in particular but also for the world as a whole. Ironically, the subsequent increase in global risk aversion and the resulting flight into safe-haven investments would then send the dollar higher", they added.

Tug of War: Growth vs. Inflation

2011-07-23T09:55:00.000-07:00

FXstreet.com's analyst Valeria Bednarik says in the article below that the UK "monetary independence is both a blessing and a curse", good point given the problems over the Eurozone periphery. It seems to be accepted by the market that the BoE is focused on inflation and not the recovery, as the BoE´s governor Mervyn King and Chancellor George Osborne have been busy these last six months.

Looking at the numbers, year-over-year inflation was up around 4.2% in June, leading to speculation of a rate hike which could threaten the economic recovery, as growth remains stagnant with the quarterly GDP at mere 0.5% in Q1.

What happened during the first half of 2011? Too much news and too many decisions from the market, What will happen in the second half? Valeria tell us in the article below “TUG OF WAR: Growth vs. Inflation”. This is the fifth issue of our FXstreet.com mid-year check up series, today delving into the situation in the UK with the Pound as the main character.

Tug of War: Growth vs. Inflation

By Valeria Bednarik, Forex Analyst for FXstreet.com

With the crisis the world is living through right now, if there is something to say about the UK it is that their monetary independence is both a blessing and a curse. Back in 2008 when the financial world collapsed following the US housing mortgage crisis, that economic independence had let the UK act in proper manner, and the BOE quickly reacted by cutting rates, creating the assets purchase facility program, and in general favoring a re-balancing of the economy. Problem is, things haven´t gone according to the plan, despite the huge devaluation the UK is still struggling to recover.

And with growth still remaining mostly stagnant, the recovery path seems harder day after day with overwhelming negative fundamental data and rising inflation.

At one point, we may wonder whether the UK is actually advancing or at the verge of a another financial collapse. Especially if things remain unchanged and Chancellor George Osborne continues to insist that the government hold its nerve by not deviating from his plans to cut borrowing, despite the increasing evidence that this policy may be damaging growth.

Economic Growth Stagnant

The United Kingdom GDP expanded just 0.50% over the first quarter of 2011, compared to the previous quarter. From 1955 until 2010 the UK´s average quarterly GDP Growth was 0.59% reaching a historical high of 5.30% in March of 1973 and a record low of -2.50% in March of 1974.
While among the worlds' most developed economies, it´s growth has never been close to outstanding, as we see from the previous figures, yet the main reason of the latest disappointing results may be found in a stalling manufacturing sector, a contraction in construction, and a sharp drop in oil and gas extraction. If something is giving support to the Pound these days, it is the strong oil near $100 a barrel. The bottom line is that when it comes to economic growth, the risk remains to the downside in the UK.

When it comes to the labor sector, the unemployment rate was 7.7% back in May. That's barely above the 7.22% average from 1971 to 2010, so despite it being not a positive figure, at least the sector is among one of the better all things relative. The latest reading in June showed the unemployment rate was down 0.1% over the quarter and 0.1% on the year. Still the report showed there where 1.52 million people claiming unemployment allowances which was an increase of 24,500 from May. In particular, the number of men claiming allowances increased by 15,000 to reach 1.03 million and the number of women claimants increased by 9,500 to reach 493,900, the highest figure since August 1996.

The Minister for Employment Chris Grayling said this month: "There continue to be some encouraging signs in the labor market figures, particularly with the continued rise in private sector employment. It's really important that we continue to support the economy and encourage businesses to invest and create jobs. However, we do not underestimate the scale of the challenge that we face to help people into employment.”

Inflationary Pressure on the Rise

While the UK has cut down their interest rate benchmark to 0.50% where it has remained steady since March 2009, inflation keeps rising above the BOE´s tolerance limit and was last reported at 4.2% in June over the year. From 1989 until 2010, the average inflation rate in the United Kingdom was 2.72% reaching a historical high of 8.50% in April 1991 and a record low of 0.50% in May of 2000.

While back in May this year, the BOE's governor Mervyn King said that inflation was “uncomfortably high,” and officials signaled they may need to raise interest rates later this year even as the economy struggles to build momentum. Interestingly however, the fact is that just one month later the central bank turned back towards it´s prior dovish stance, with 7 out of 9 members voting to keep rates on hold. The flip from hawkish to dovish, has come after the committee lost its hawkish member, Andrew Sentance, in May this year.

And while the idea of keeping rates low to jump-start growth remains, inflationary pressure keeps rising. The thing is that the BOE would rather focus on containing inflation, rather than stimulating employment or growth. If inflation keeps rising towards 5.0% as Governor King expects, the BOE will may have no choice but to rise the benchmark in an attempt to control it. At the same time, economic growth will hardly gain traction without the help of the central bank, while the UK continues applying their assets purchase program, or QE, as they can't remove it but only extend it: the quantitative easing program is another inflation generator for the economy. Up to this point, the tug of war the bank is trapped in will not result in a positive outcome no matter which side wins.

The BOE will have no choice but to sacrifice growth to contain inflation. While a rate hike may be expected by the end of this year, and we usually understand rate hikes as positive for a currency, I won't be expecting too much strength for the Pound, not even after a rate hike. Unless some signs of recovery start improving the sentiment over the UK economy, the Pound is set to extend its losses over the second half of 2011.

Repeat: China Offl PMI Seen Resilient Despite Weak HSBC

2011-07-23T09:51:00.000-07:00

Repeat: China Offl PMI Seen Resilient Despite Weak HSBC

BEIJING (MNI) - A sub-50 reading for a China flash purchasing managers index released Thursday doesn't mean the government's index due for release on August 1 will also suggest that Chinese industry is in contraction.

While it wasn't a vote of confidence for the health of the Chinese economy, analysts said the weakness seen in the HSBC flash PMI today probably won't be reflected in the PMI that is issued by the China Federation of Logistics and Purchasing.

Risk currencies and equities sold off immediately after HSBC said its flash purchasing managers index for July fell to a 28-month low of 48.9 and points to a reading under 50 when the UK-based bank reports the final reading on August 1.

The official PMI, a collaboration between CFLP and the National Bureau of Statistics, dropped to 50.9 in June from 52.0. Its last sub-50 reading was in February 2009 and fell to as low as 38.8 in November 2008, at the height of the global financial crisis.

Markets would likely react negatively again on August 1 if CFLP announces the first reading below 50 in 28 months (the PMI is released at 0900 Beijing-time 0100 GMT.)

But analysts said that's unlikely to happen, arguing that the official PMI tends to survey larger state-owned firms, which are in better health than their smaller, often-privately held, peers captured by Markit, which compiles the PMI for HSBC.

"We don't believe that the official PMI would fall below 50 in July," said Ken Peng, a Beijing-based economist with BNP Paribas.

Even HSBC urged caution and dismissed concerns about a hard landing. Economist Qu Hongbin acknowledged that 70% of the HSBC survey panel comprises small and medium-sized firms and argued that the reading below 50 still points to industrial output growth of around 13%.

"Don't panic. Despite the slowing of manufacturing activity, resilient consumer spending and continued investment in thousands of infrastructure projects will continue to support GDP growth rate of almost 9% for the rest of this year," he told clients in a note.

At the same time that HSBC was releasing its survey, Ministry of Industry and Information Technology spokesman Zhu Hongren was telling reporters that industrial output will grow by 13% to 15% in the second half of this year, compared with 14.3% in the first six months.

He acknowledged that small enterprises faced "outstanding difficulties" owing to financing problems, but denied there were waves of closures in southern China.

Today's data revived concerns about a hard economic landing in China, just a week after the government said the economy grew by a stronger-than-expected 9.5% y/y in the second quarter, powered by 15.1% jump in industrial output in June.

Both HSBC's Qu and BNP's Peng said the June data reflected easing electricity supply after the government allowed tariffs to rise. Peng said slightly easier credit conditions and better trade numbers also helped quarterly growth.

"Both the power and the trade boost should fade in coming months and that could tighten business environment further," he said, arguing that data support selective policy easing.

Despite the industry ministry's bullish outlook, pressure is mounting on the central government to further relax at least some of the slew of measures it has introduced since October to battle inflation.

Today's PMI reading may reflect seasonality -- Societe Generale's Wei Yao noted that the PMI last July also fell below 50 -- but it is also evidence of the pain being felt in more vulnerable parts of the economy as liquidity dries up and financing becomes increasingly hard to come by.

The credit availability index in the Market News International China Business Sentiment Survey fell to 33.33 in June, the third lowest on record (the China Business Sentiment Flash Survey is scheduled for release at 0935 Beijing time, 0135 GMT on July 22 and the final survey on July 29.)

Analysts said that Beijing could be forced to respond if the CFLP reports a lower-than-expected reading on August 1.

"No doubt, the growth momentum continues to soften. We expect the official PMI to come in at 50," said SG's Yao. "If official PMI comes in below 50, PBOC will probably be very cautious in tightening further."

beijing@marketnews.com ** Market News International Beijing Newsroom: 86-10-5864-5274 **

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2011-07-20T12:27:00.000-07:00

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3. You will not receive a backlink report because we use a private network to build the links and the terms and conditions of this network does not allow us to report.

Okay… it’s time to take action NOW.…

So, click on the “BUY NOW” button below . . .

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Best Wishes,
Steven Carter

I will verify USA paypal account instantly for $10.0

2011-07-19T13:29:00.000-07:00

Verify your US PayPal Account Today with vccandbank.com! It's easy. Are you tired looking where to buy a VBA for US PAYPAL VERIFICATION? Well, you are in the right place. Our accounts work no matter what your name is. You will get the following details delivered to your email: Bank Details, this bank works with any name and address on paypal account NAME OF THE BANK TYPE OF ACCOUNT ACCOUNT NUMBER BANK ROUTING NUMBER

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I will give complete coffeeCup bundle for $100.0

2011-07-19T13:06:00.000-07:00

I will give an Internet pioneer in Web design-coffeecup bundle

I will sell you the registration key for tweet adder unlimited profiles for $5.0

2011-07-19T12:44:00.000-07:00

do you have the software twitter adder but just have the free version want to upgrade get the registration key today and upgrade instantly to unlimited profiles. Order with confidence.

http://www.buckspaid.com/Social-Marketing/291/sell-you-the-registration-key-for-tweet-adder-unlimited-profiles-

I will give you one of my 11 PDF romance novels for $5.0

2011-07-15T13:33:00.000-07:00

I have been writing for many years, always romance until recently. I've added children's books. But 5 of my books are published now, and I am willing to send to your email a PDF of one of my 11 novels. They are not hot, spicy, but romantic and will keep you turning the pages. You might choose Texas Prisoner or The Love Withing for a first. See my blog at:

http://www.buckspaid.com/Ebook-Forex/259/give-you-one-of-my-11-PDF-romance-novels

I will send you my Adsense manuals which will help you to earn double figure from Google Adsense daily for $5.0

2011-07-15T13:31:00.000-07:00

I will send you my Adsense manuals which will help you to earn double figure from Google Adsense daily. This Is The Opportunity To Discover How You - Or Anyone - Can Earn A Comfortable Living From Adsense by using my Adsense manuals. You can View the list here:-

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I will teach you how to make money on Ebay by selling nothing for $5.0

2011-07-15T13:29:00.000-07:00

I will teach how to meake real money on ebay by selling nothing. Take money from the big business.

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I will give you 36 Google Adwords Coupon for your website advertising for $5.0

2011-07-14T10:46:00.000-07:00

I have a $36 Coupon. Never used. Expires: on July 30, 2011...Hurry! For availability, please contact me before placing your order. With Google AdWords, you can advertise to people searching for products and services that your business offers. Make your company or message stand out!

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I will Send you Desktop Computer Build Videos for $10.0

2011-07-14T10:43:00.000-07:00

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I will Send you Desktop Computer Repair Videos for $10.0

2011-07-14T10:41:00.000-07:00

Don't pay to repair your desktop computer. Invest just $10.00 to download over 4 hours of videos. See how to identify every computer in the desktop computer. See how to install these components. And then see how to make most major repairs on your computer yourself and save. Videos can be downloaded and/or viewed online. Don't let the PC Tech see you coming.Fix your desktop yourself and save. The Video course have 3 videos, over one hour long

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I will Send you Laptop Computer Repair Videos for $10.0

2011-07-14T10:39:00.000-07:00

Laptop dragging the ground, creeping like a snail. Have Lcd problems? Need to upgrade your Hard Drive? Want to add more Memory? Its all here in our Laptop Repair and Maintenance video. The 45 minute video can be downloaded and/or viewed online. See it all in accurate, detailed, and up to date laptop repair training. See what to do should your laptop overheats, re-boot on its own and so much more. Don't let the PC Tech see you coming. You fix it

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I will sell you my eBook Top Five Fivver Gigs for $5.0

2011-07-12T12:13:00.000-07:00

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http://www.buckspaid.com/Advertising/98/promote-and-deliver-at-least-10000-unique-views-to-your-YouTube-channel

2011-07-12T12:12:00.000-07:00

I'll give your YouTube channel 10,000 unique visitors for $15. I will use my personal resources (my band's social media profiles and my personal pages) to promote your YouTube channel. I have a large fan base and you'll get well over 10,000 views on your channel. NOTE: THIS IS FOR CHANNEL VIEWS!

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I will give you an e-book where you can buy brand new laptop as low as $200 for $10.0

2011-07-12T12:07:00.000-07:00

NOTE: The Laptop has a webcam and Bluethoot 250GB Hard drive & 3GB RAM The Price still Remains N28,000 only Finally we've come to the end of the Guru's Kit Set up Congratulations to all those who took part in this Great offer

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I will provide you 1000 Twitter Followers for $5.0

2011-07-12T12:05:00.000-07:00

I will provide you 1000 Twitter Followers for $5. I will use simple follow-back method to provide you quality Followers. I will require your log in details. XOXO

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I will Give you the 2 milion WORKING email list (United States) for $10.0

2011-07-12T12:02:00.000-07:00

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visit at: http://www.buckspaid.com/Social-Marketing/242/Give-you-the-2-milion-WORKING-email-list-%28United-States%29

I will Give you the Tap iPhone and iPad Magazine July 2011 for $10.0

2011-07-12T11:58:00.000-07:00

Tap iPhone and iPad Magazine July 2011

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I will Give you the Google Sniper 2.0 for $10.0

2011-07-12T11:55:00.000-07:00

ou’ll see $534k made without ANY traffic generation & a huge traffic giant everyone just *FORGOT* about.. If you are the kind of person who wants to break free from the daily grind of a regular job and finally get what you desire in life then Google Sniper 2 will set you free.

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I will get you Thumbs up CTR Theme v1.4.0 updated - The Ultimate AdSense Wordpress theme for $10.0

2011-07-09T15:31:00.000-07:00

CTR Theme version 1.4.0 nulled updated CTR Theme (for WordPress) makes it easy to build informational websites monetized with AdSense that get awesome click-through rates (CTR). AdSense provides hands-off recurring income, but usually these sites leave a lot of money on the table by having bad designs or underoptimized ad placement.

visit at: http://www.buckspaid.com/Social-Marketing/221/get-you-Thumbs-up-CTR-Theme-v140-updated---The-Ultimate-AdSense-Wordpress-theme-

I will put your link with an annotation to your link on you tube video page which has about 500-1000 views daily for 10 days for $10.0

2011-07-09T15:13:00.000-07:00

I will put your link with an annotation to your link on you tube video page which has about 500-1000 views daily for 10 days for $10. That's about 5000-10000 potential views for 10 days.

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I will send you MagicTrafficBot for $5.0

2011-07-09T15:05:00.000-07:00

AutoSearch & Ping as many sites as you like, perfectly legally ......... ping a site once, 100 times, 1000 times, it's up to you. Trigger a Massive Chain Reaction that will Explode Your Traffic and send your page counter spinning. Generate a constant flood of TARGETED visitors each and every week ... and do it 100% completely FREE from your own computer!

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I will will share your music related link on my music facebook fanpages 22k plus us,uk and ca people for $5.0

2011-07-07T12:17:00.000-07:00

I have four main pages consisting of 22k+ Hiphop,rap,rnb and Raggae fans.I can post your music page,video and website link on my pages so that you can get some quick and quality exposure.

I will will share your link, video, pic etc with almost 50k FaceBook Fan Page Fan's US, UK and CA Fans for $15.0

2011-07-07T11:11:00.000-07:00

Imagine the amount of exposure you can get in no time almost 50k fans eyin' on your link for 15$. Unlike other page services My pages are not bombarded with Spams/links/vids every hour of the day.I keep my posting frequency real low.so you get the max exposure.So no distractions It's just your Ad and the fans

check it at >> http://www.buckspaid.com/Social-Marketing/56/will-share-your-link-video-pic-etc-with-almost-50k-FaceBook-Fan-Page-Fan%27s-US

I will give you Admin Spot Backlink Booster for $15.0

2011-07-05T15:07:00.000-07:00

this little tool will loop through 1.000's of links (115k+ to be exact), adding a backlink to your domain in most cases. This makes it a very handy Search Engine Optimization tool. Just click a button, sit back and relax.

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Make Money Like Pro

2011-07-05T15:04:00.000-07:00

Learning when is best to leave the work to someone else is not easy and the skills for finding, managing and communicating with the people you hire don’t come naturally to me.

However, recently I found a website that makes some simple jobs incredibly easy to outsource.

Buckspaid.com is a service where everything is priced at $5 and more. So many of the things that people offer to be done on the site are things that would easily take me an hour or more to finish – if I could do them at all.

I recently used the service to get a logo designed. It turned out great! Getting a logo from 99designs might have cost multiple hundreds of dollars! At $5 it was worth taking a chance.

But there are a number of things offered on the site that I may get done in the future.

It’s easy to get this kind of stuff done:

video intros
voice overs
promotional videos
simple graphic work
transcription services
SEO backlinking
Social media help
articles written

There are lots of people on the site offering their services and at $5 it’s usually a very good deal.

It’s not the place to get big projects done. But there are always small things that take me more time than someone who is perhaps more experienced or already has a template ready to go. I’ll be getting stuff done there in the future for sure.

Paying $5 for a rendered video introduction for a video podcast adds a significant amount of professionalism and polish. Getting a professional voice artist to record an introduction at just $5 is a no-brainer.

BucksPaid is one of best site offer more than any site:

- Referral Program: I can earn more money from introduce yours friends to join and sell. 50% commission of site's selection from each gig selling. Eg: Your friend Gig sold that $5. Site's selection is $1. Site will share you $0.5 from $1

- Gigs on BucksPaid World can be sold any number what you think it's right's value

- Low threshold: You can start withdraw your money start from only $4 which mean first selling, you can get your fast cash when needed.

- Fastest Withdraw: only 12 hours after you reach $4

- Featuring easily: We do consider Featuring the new gigs specially the ones that are unique on our website. such as: The MRR Store, The PLR Store, Trading Sytem Forex

- Many method Paying: PayPal, AlertPay, Check (minimum $50, it takes some days)

- Live Chat Support

- Link to Earn Money Tips's Blog for Free.

You welcome to visit the website and check it out yourself: http://buckspaid.com

I will get you 500 targeted twitter followers in 72hrs for $10.0

2011-07-04T09:52:00.000-07:00

As a Social Media Marketing Expert I know what I am doing, and I will get you 500+ Twitter followers in 72hrs.

check it at:
http://www.buckspaid.com/Social-Marketing/64/get-you-500-targeted-twitter-followers-in-72hrs

I will Install a script like Fiverr for $20.0

2011-07-04T09:50:00.000-07:00

I will install you a script like fiverr for $20 with any logo installed and updates.

check it at : http://www.buckspaid.com/Programming/72/Install-a-script-like-Fiverr

I will give you a Mega PLR package having more than 149000 plr articles for $5.0

2011-07-04T09:47:00.000-07:00

I will send you 149000 quality plr articles to use in your websites or blog, build e-books, free reports for giveaways, can be offered as a bonus, can be added to paid membership, can be offered through auction sites or even resell it. Very effective for backlinking, article submission and various other purpose.

check it at :
http://www.buckspaid.com/Social-Marketing/75/give-you-a-Mega-PLR-package-having-more-than-149000-plr-articles

How to make money fastest

2011-07-03T12:48:00.000-07:00

Outsourcing is something that I have found difficult to do. I am the type of person that likes to know and do everything myself. It is actually something I take a lot of pride in having the expertise and experience to do everything from software programming to marketing to construction, car maintenance or electronics.

Learning when is best to leave the work to someone else is not easy and the skills for finding, managing and communicating with the people you hire don’t come naturally to me.

However, recently I found a website that makes some simple jobs incredibly easy to outsource.

Buckspaid.com is a service where everything is priced at $5 and more. So many of the things that people offer to be done on the site are things that would easily take me an hour or more to finish – if I could do them at all.

I recently used the service to get a logo designed. It turned out great! Getting a logo from 99designs might have cost multiple hundreds of dollars! At $5 it was worth taking a chance.

But there are a number of things offered on the site that I may get done in the future.

It’s easy to get this kind of stuff done:

video intros
voice overs
promotional videos
simple graphic work
transcription services
SEO backlinking
Social media help
articles written

There are lots of people on the site offering their services and at $5 it’s usually a very good deal.

It’s not the place to get big projects done. But there are always small things that take me more time than someone who is perhaps more experienced or already has a template ready to go. I’ll be getting stuff done there in the future for sure.

Paying $5 for a rendered video introduction for a video podcast adds a significant amount of professionalism and polish. Getting a professional voice artist to record an introduction at just $5 is a no-brainer.

Something to consider for your projects or marketing materials.

check out at http://buckspaid.com

I will get you 500 targeted twitter followers in 72hrs for $10.0

2011-07-03T12:43:00.000-07:00

As a Social Media Marketing Expert I know what I am doing, and I will get you 500+ Twitter followers in 72hrs

buy at >> http://www.buckspaid.com/Social-Marketing/64/get-you-500-targeted-twitter-followers-in-72hrs

I will urgently do your math homework for $5.0

2011-07-03T12:38:00.000-07:00

So... It seems like you won't have enough time to finish on time your mathematics homework? Mathematics are not for you and you don't plan to use them in your life? I'm your solution!. For $5 I will help you get rid of that!. I guarantee a 100% of effectiveness in subjects like trigonometry, algebra and calculus (both differential and integral). I'm always up for urgent cases!

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I will SMM my facebook and twitter accounts for 600 US Dollars for $5.0

2011-07-03T12:36:00.000-07:00

Facebook and twitter accounts promo with great growth of your site value.

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I will SMM my facebook and twitter accounts for 600 US Dollars for $5.0

2011-07-02T20:37:00.000-07:00

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I will make you look younger for $5.0

2011-07-02T20:33:00.000-07:00

Don't like the way you look at some photos? Time's already done its work on your face -and definitely don't like the result? Don't worry! I can me you look younger at any photo, in ANY condition. Just send me the picture you want me to retouch and the specific things you don't like from it and leave the rest to me!. And... for $10 I'll retouch 2 more!!!

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I will send you SEO Elite for $10.0

2011-07-02T12:21:00.000-07:00

This software does search engine optimization for you.You will be in google rankings in just hours.It analyzes.backlinks using a specified search engine.Gets links to your Website.Finds where your site is ranked for a given keyword(s).Finds out how many pages are indexed.And finally Submits your articles to Article Directories.

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I will give you 500 and more website visitors in just 3 days for $5.0

2011-07-02T12:18:00.000-07:00

Real 500 and more visitors from around the world and you will see your website business flourishing , isn't it amazing

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I will post 10,000 VERIFIED Scrapebox Blog Comment Backlinks with a Report for $10.0

2011-07-02T09:24:00.000-07:00

I will provide 10.000 backlinks for you GUARANTEED. Your link will be posted to 10.000 blogs or MORE, all unique URLs coming from several blogging platforms. After you purchase, send the URL and keyword (anchor text) for your desired site and I will begin working on it. A full report of all the links will be sent to you after the posting is complete

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I will create a logo/banner/header of any kind for $5.0

2011-07-02T02:41:00.000-07:00

I will create a logo/header/banner of any kind for $5. It can be as simple, or as complex as you would like. I work as a graphic designer for a digital consulting firm, and enjoy doing this on the side. You will be satisfied!

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I will teach you FACEBOOK Marketing, TWITTER marketing that gets hundreds of Real Targeted Fans or followers Fast for for $5.0

2011-06-30T17:59:00.000-07:00

There is only one real way to get Facebook Fans and Twitter Followers and this is it! More fans More followers it mean more chance to sell your product, service or anything. This video training step by step shows you how to use Facebook, Twitter to get Mass Targeted Fans/Followers for just Pennies. It really works. 1 bonus for you too : facebook-blaster, twitter-blaster, youtube bombers.3 softwares with active key to get more fans, follower,views

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BucksPaid is one of site like Fiverr

2011-06-30T17:55:00.000-07:00

BucksPaid is one of site like Fiverr and more offer than any site

- Referral Program: I can earn more money from introduce yours friends to join and sell. 50% commission of site's selection from each gig selling. Eg: Your friend Gig sold that $5. Site's selection is $1. Site will share you $0.5 from $1

- Gigs on BucksPaid World can be sold any number what you think it's right's value

- Low threshold: You can start withdraw your money start from only $7 which mean after 2 sales, you can get your fast cash when needed.

- Fastest Withdraw: only 12 hours after you reach $7

- Featuring easily: We do consider Featuring the new gigs specially the ones that are unique on our website. such as: The MRR Store, The PLR Store, Trading Sytem Forex

- Many method Paying: PayPal, AlertPay, Check (minimum $50, it takes some days)

- Live Chat Support

- Link to Earn Money Tips's Blog for Free.

You welcome to visit the website and check it out yourself: http://buckspaid.com

New Image of BucksPaid.com

2011-06-29T05:51:00.000-07:00

New Image of BucksPaid.com. Earn money very fastest in your home

Earn Money Online with BucksPaid.com

2011-06-29T05:39:00.000-07:00

BucksPaid.com is one of the best and largest affiliates network

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One more important thing BucksPaid.com is not only providing you

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and earn money online.

Let's make money online with $1000 per month in BucksPaid

2011-06-24T13:32:00.000-07:00

Thousands of otherwise average Americans are now earning

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home, having long said good-bye to the daily grind of commuting

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If you already earning online, congratulations. You have chosen

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Forex: USD/JPY retreats and hovers near 80.50

2011-05-08T09:26:00.000-07:00

FXstreet.com (Córdoba) - After rising toward a 2-day high of 80.92 on risk appetite following the NFP report, USD/JPY has retraced part of the initial spike and is consolidating around 80.50.

According to Valeria Bednarik, chief analyst at FXstreet.com, "Despite recent spike, 4 hours chart shows price still contained below a bearish 20 SMA yet indicators had erased past days bearish tone and are now aiming higher, helping keep the downside limited. A recovery, as long as above 80.00 should then be expected for this end of the week."

With USD/JPY currently at 80.55, Bednarik sees next support levels at 80.40, 80.10 and 79.80, while she locates next resistance levels at 80.90, 81.15 and then 81.40.

Forex: EUR/USD drops 500 pips in 2 days

2011-05-08T09:23:00.000-07:00

FXstreet.com (Córdoba) – The EUR/USD suffered one of the worst 2-day loss in history. The pair traded at 1.4900 on Thursday and finished the week around 1.4350. The decline started with Trichet words singling that the ECB is not going to raise rate in the next meeting and on Friday, rumors about Greece leaving the Eurozone accelerated the decline.

The pair bottomed in the last day of the week at 1.4313, 620 pips below weekly highs reached on Wednesday at 1.4933 when it traded at the highest level in 17 months. The Euro was the worst performer during the week among majors.

In the Eurozone, Greece denied that it is considering leavening the euro. There were also speculations about a debt restructuration. “Pending the substantiation of this speculation, the euro will remain under pressure; but it will also hold off from a major run”, said Senior Currency Strategist from Daily FX, John Kicklighter.

A confirmation that Greece intends to leave, would send the euro sharply lower according to the Daily FX analyst. “Alternatively, putting to rest this speculation could lead to a temporary bounce that unwinds this morning’s losses. However, that doesn’t mean that it will recover any more ground than that; as traders now realize that the market is highly sensitive to concerns over the region’s financial stability”, Mr. Kicklighter added.

“The euro sell-off could continue on further position unwinding – especially if the correction in commodity prices runs further – and even lower levels in EUR/USD in the short term cannot be ruled”, analyst at the Danske Bank wrote in a report before the Greece news hit the wires. They concluded that in the short term the pair could continue to go lower if the indications that the global economy is slowing down spreads to equity markets, but they still see the underlying trend for a higher EUR/USD. “Hence, on the back of ECB hikes and easy monetary policy in the US, we will look for attractive levels to reposition for renewed upside”.

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2011-04-20T14:42:00.000-07:00

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Forex: EUR/USD pulling back below 1.4500

2011-04-20T14:41:00.000-07:00

FXstreet.com (Córdoba) – The EUR/USD peaked earlier at 1.4540/47, the highest price since January 14, 2010 but lost bullish momentum, moved in ranges for some hour and currently is testing levels below 1.4500. The pair is retreating after rising 200 pips from today’s opening price, extending to almost 400 pips the distance from Monday’s low.

The EUR/USD hit recently at 1.4987 the lowest price since early European session and remains hovering barely below the 1.4500 level.

Fan Yang, Chief Technical Strategist at FXTimes points out that the pair “is likely returning to its bullish mode”. “A swing projection seen in the daily chart is suggested by a positive reversal signal where the RSI low is lower, but the price low is higher”, Yang says. He affirms that the swing projection targets 1.4675, “this is the short-term target at the moment”.

US GOLD - Comex gold firmly above $1,500 on weaker dollar

2011-04-20T14:38:00.000-07:00

By: Tom Jennemann

New York 20/04/2011 - Comex gold was steady above $1,500 on Wednesday morning on a weaker dollar and governmental debt worries.

But prices have eased slightly from the morning's high following a flood of positive earnings reports and stronger equity markets.

Gold futures on the Comex division of the New York Mercantile Exchange for June delivery were recently trading up $9 at $1,504.10 per ounce in New York and earlier in the session reached an all-time record of $1,506.20.

"The impetus for the run-up early this morning was clearly the softer dollar, which is getting hammered and fell to its lowest level in the past 15 months [against the euro],” a US-based fund manager said. “When the dollar takes a beating like this, metals are going to rally."

The euro rose 1.4 percent to 1.4543 against the dollar this morning largely on increased risk appetite and after a successful bond auction in Spain.

But the yellow metal has edged down marginally from its intraday high since the open of equity markets in New York.

"We've seen some quite positive earning reports from the likes of Intel and Freeport-McMoRan, which had the Dow up by over 175 points," the fund manager said.

“Despite all the dire headlines of late, Wall Street doesn't think the economy is hanging off the cliff,” he added. “Some folks are looking at riskier assets this morning as the stock bulls have returned.”

Standard Bank echoed this sentiment in a note. "Fears that the global economic recovery might be in jeopardy, sparked by Standard & Poor's ratings outlook downgrade of the US, have been dispelled by strong corporate earnings results and a steady improvement in US housing data," analyst Marc Ground wrote.

Existing US home sales rose 3.7 percent in March to an annualised rate of 5.1 million units, slightly ahead of expectations, the National Association of Realtors said on Wednesday morning.

Nevertheless, many investors continue to express concerns about the burgeoning debt crisis in the US and Europe and inflation around the world.

Bolstering this argument was S&P's surprise outlook downgrade of US long-term debt to "negative" to "stable".

"This latest chapter in the saga of sovereign debt concerns highlights gold's benefits as a risk-hedge and currency diversifier. It also presents new challenges for investors who traditionally, in times of uncertainty, steer capital towards US Treasuries," Marcus Grubb, managing director of the Investment at the World Gold Council, said in a statement.

Additionally, the US government does not have a credible plan to cut the deficit, International Monetary Fund chief economist Olivier Blanchard said on Wednesday according to French paper Le Monde.

Comex silver for May delivery also soared on Wednesday - it was recently trading up about one dollar at $44.90 per ounce, which is a 31-year high. The closely watched gold-silver ratio has dropped to 33.5 - a 28-year low.

(Editing by Mark Shaw)

Forex: USD/CHF extends slide to fresh lows

2011-04-20T14:36:00.000-07:00

FXstreet.com (Córdoba) – The Swiss Franc continues its rally against the Dollar. The USD/CHF fell further below 0.8900 and reached a new all time low at 0.8878. The pair remains trading near session low, holding a bearish bias. Greenback is headed toward the tenth daily decline out of the last 12 trading days.

The recovery of the Dollar earlier found resistance at 0.8930 and the pair resumed its downtrend as the Swissy strengthened across the board.

To the downside, support levels could be located at 0.8860 and below at 0.8820 while to the upside, probable resistance levels lie at 0.8890 and above at 0.8930 and 0.8965.

Wall Street jumps on optimism, Dollar slump continues

2011-04-20T14:34:00.000-07:00

FXstreet.com (Córdoba) – Stocks rose sharply in Wall Street with the Dow Jones ending at the highest level since June 2008. Gold reached fresh record highs above $1,500 an ounce as the Dollar posted losses across the board.

The DOW rose 1.52% on Wednesday and has risen more than 300 point in three days. Earnings reports and better-than-expected housing data triggered optimism in Wall Street.

In the currency market, the Aussie and the Swiss Franc were among the best performers. The Yen trimmed losses on American hours but finished mostly lower in the market.

The EUR/USD reached fresh 15-month highs at 1.4545, pulled back afterwards to 1.4485 but managed to rise back above 1.4500. Cable remained steady on American hours consolidating around 1.6400, barely below April highs.

The USD/CHF extended its decline to fresh record lows at 0.8870/80 and remains under pressure. Greenback is also trading at record lows against the Aussie.

US yields continue to grind lower

2011-04-12T12:29:00.000-07:00

By: Jamie Coleman

Hopes for robust US growth have been dialed back further in the wake of the US trade data which has pressured US yields lower. The buck, which suffers from many woes, seems to latch on to the latest one to float across the screens, and yields are today's problem du jour for USD bears to hang their hats on... 10s are down 10 bp in yield with 5 over 12 bp lower.

Forex: USD/CHF steady near daily low

2011-04-12T12:26:00.000-07:00

FXstreet.com (Buenos Aires) – USD/CHF remains steady around 0.8960, near daily low set at 0.8942 just around US opening. The pair has been falling straight for 5 days already, accumulating over 400 pips to the downside this month. All time low, set on March 16th following Japan’s earthquake, lies at 0.8860.

The pair, that seems extremely oversold according to Valeria Bednarik, Fxstreet.com chief analyst, holds its “bearish momentum intact both in 1 and 4 hours charts, and despite extreme oversold readings are clear in both, pair seems not ready for a bullish corrective movement. Lose of 0.8940 daily low, should accelerate the slide towards mentioned record low”.

Forex: Pound fails to recover, back under pressure

2011-04-12T12:24:00.000-07:00

FXstreet.com (Córdoba) – Despite moving away from session lows against commodity currencies, Cable reached fresh lows against its European rivals and the Yen while GBP/USD failed to hold above 1.6300 and fell below 1.6270, approaching daily lows.

The Pound weakened earlier across the board following inflation data in the UK and after pulling back, started to fell once again as stocks in the US decline, with the Dow Jones reaching weekly lows.

The EUR/GBP broke above 0.8900 for the first time since October of last year and is approaching to 0.8940; if it rises further it would be trading at the highest level in a year.

Against the Swiss Franc and the Yen, the Pound is currently at daily lows. GBP/CHF has fallen more than 300 pips since the beginning of the week and at the moment trades below 1.4550 while GBP/JPY is back below 136.00, looking for a new low.

The Pound only managed to hold against AUD, CAD and NZD; the three currencies weakened considerably in the last hours amid a decline in commodity prices and risk aversion.

Forex: EUR/USD fails to rise back above 1.4500

2011-04-12T12:20:00.000-07:00

FXstreet.com (Córdoba) – The Euro rebounded on American hours at 1.4435 and rose to 1.4495. The EUR/USD has been steady in the last hours, hovering below 1.4500, consolidating a gain of 50 pips from the price it had at the beginning of the Asian session.

“The pair is trading above the critical support level at 1.4480 and so long the pair remains above this level, the target is set at the 1.4625 resistance level, but breaching the support at 1.4480 would send the pair to the support at 1.4375”, the ecPulse.com Analysis Team said.

The EUR/USD reached on European hours a fresh 14-month high at 1.4517, extending its rally from January lows that lie at 1.2865/70. Andrei Tratseuski from Forex Club attributes the rise to three main reasons: 1) interest rate differentials between the ECB and the FED, 2) European Union sovereign debt fears receding and 3) technical weakness in the Dollar Index.

Forex Trading Weekly Forecast - 02.28.2011

2011-02-26T05:18:00.000-08:00

DailyFX provides forex news on the economic reports and political events that influence the currency market.

FOREX: US Dollar Poised to Capitalize as Tensions Mount in the Middle East

2011-02-26T05:15:00.000-08:00

Overnight Headlines

US Dollar Gains vs Euro, Pound on Safety Demand as Stocks Decline
New Zealand Dollar Outperforms on Rising Payouts for Dairy Farmers
UK House Prices Surge in February, Overall Trend Still Disappointing

Critical Levels

CCY	SUPPORT	RESISTANCE
EURUSD	1.3574	1.3745
GBPUSD	1.6165	1.6328

The Euro and the British Pound declined, falling as much as 0.3 and 0.2 percent respectively against the US Dollar as stocks sold off in overnight trade, boosting safety-seeking demand for the benchmark currency. We remain short EURUSD.

Asia Session: What Happened

CCY	GMT	EVENT	ACT	EXP	PREV
JPY	15:00	Cabinet Office Monthly Economic Report	-	-	-
NZD	21:30	Performance Services Index (JAN)	50.8	-	52.1 (R-)
GBP	0:01	Rightmove House Prices (MoM) (FEB)	3.1%	-	0.3%
GBP	0:01	Rightmove House Prices (YoY) (FEB)	0.3%	-	0.4%
NZD	2:00	Credit Card Spending (MoM) (JAN)	3.8%	-	-1.7% (R-)
NZD	2:00	Credit Card Spending (YoY) (JAN)	5.6%	-	2.1% (R+)
JPY	4:30	All Industry Activity Index (MoM) (DEC)	-0.2%	-	-0.2% (R-)

The New Zealand Dollar outperformed in overnight trade, overlooking mixed economic data and a selloff across Asian stock exchanges, amid speculation that Fonterra Cooperative Group Ltd – the world’s largest dairy exporter – may raise its payout to farmers after milk powder prices hit a 31-month high. Higher payouts promise to boost hiring and spending in New Zealand’s top export industry, adding fuel to the sluggish economic recovery. The currency rose 0.5 percent on average against its major counterparts.

The New ZealandPerformance of Services Index slid to 50.8 in January, showing the non-manufacturing sector expanded at the slowest pace in 15 months. Meanwhile, Credit Card Spending soared 5.6 percent from the preceding year, showing the fastest annual growth rate since May 2008. The MSCI Asia Pacific regional benchmark index fell as downward pressure from last week’s Chinese RRR increase was compounded by spreading tensions in the Middle East, with uprisings spreading to Libya, Bahrain and Iran.

UK House Prices surged in February, rising 3.1 percent from the previous month according to report from Righmove Plc, an online listing of for-sale properties. The increase is the largest in four months. Looking past month-to-month volatility however, the trend in house prices remains troubling. Indeed, the same report showed prices added just 0.3 percent from a year before, putting the annualized growth rate at the slowest in 16 months.

Euro Session: What to Expect

CCY	GMT	EVENT	EXP	PREV	IMPACT
CHF	8:00	Money Supply M3 (YoY) (JAN)	-	6.6%	Low
EUR	8:00	French PMI Manufacturing (FEB P)	55.3	54.9	Low
EUR	8:00	French PMI Services (FEB P)	58.0	57.8	Low
EUR	8:30	German PMI Manufacturing (FEB A)	60.3	60.5	Medium
EUR	8:30	German PMI Services (FEB A)	60.2	60.3	Medium
EUR	9:00	German IFO - Business Climate (FEB)	110.3	110.3	Medium
EUR	9:00	German IFO - Current Assessment (FEB)	113	112.8	Medium
EUR	9:00	German IFO – Expectations (FEB)	107.5	107.8	Medium
EUR	9:00	Euro-Zone PMI Composite (FEB A)	56.9	57.0	Medium
EUR	9:00	Euro-Zone PMI Manufacturing (FEB A)	57.2	57.3	Medium
EUR	9:00	Euro-Zone PMI Services (FEB A)	55.9	55.9	Medium

Risk sentiment is likely to remain a key catalyst for currency markets in European hours as investors continue to fret about mounting tensions sweeping the Middle East and North Africa. Stock index futures ticked lower and stocks sold off in Asia after Saif al-Islam Qaddafi, the son of Libyan leader Muammar Qaddafi, spoke out on state-run television warning of an impending civil war as Tunisian- and Egyptian-style protests were met with a harsh response from security forces. Libya is the world’s 12th-largest oil exporter.

On the data front, Germany’s IFO Survey of business confidence is expected to show sentiment soured a bit, with the closely-watched “Expectations” index down to 107.5 in February having hit a record-high 107.8 in the previous month. Meanwhile, February’s preliminary Euro Zone Purchasing Manager Index figures are set to reveal region-wide economic activity decelerated for the first time since October, driven by a slowdown in manufacturing-sector growth.

US Dollar Recovery Depends on Nonfarm Payrolls, Dow Jones

2011-02-26T05:09:00.000-08:00

The US Dollar finished the week lower against almost all G10 counterparts, continuing its multi-month downtrend ahead of a critical week of economic event risk. A fairly disappointing revision to Q4 GDP capped a week of mixed data, and all eyes now turn to the coming week’s critical US Nonfarm Payrolls report. The NFPs release needs little introduction as one of the most market-moving reports across global financial markets, and February’s result will be particularly significant given January’s sharply below-forecast jobs figure.

A busy week of economic event risk will shape expectations and likely force sharp short-term moves ahead of the NFP release, and it will be critical to monitor financial market moves as the US Dollar nears significant lows against major counterparts. Consensus forecasts currently call for a respectable 190k jobs gain through the month of February—consistent with expectations of substantial improvements on January’s clear disappointment. We will watch earlier-week ISM Manufacturing, ADP Employment Change, Initial Jobless Claims, and ISM Services results to gauge the likelihood that February payrolls meet lofty forecasts. Uncertainty surrounding the future of US Federal Reserve monetary policy puts all eyes on whether a broader economic recovery will be enough to produce similar improvements in the domestic labor market.

The US Federal Reserve shows little urgency in withdrawing extraordinary monetary policy stimulus amidst generally weak inflation and lackluster jobs growth. Controversial Quantitative Easing measures have been a major driving force behind US Dollar weakness, and it could arguably take a substantial shift in the Fed’s stance and rhetoric to force a sustained Greenback recovery. In the absence of such a change, the US Dollar may need a broader shift in financial markets to drive a major reversal.

The S&P 500 saw a sharp pullback on a broader flight to safety on geopolitical turmoil in the Middle East, and the USD rallied as one of the world’s foremost safe-haven currencies. Yet a later bounce in stock markets suggests bulls have yet to give up the fight, and we may need to see a more sustained shift to make any serious argument for a market top (and US Dollar bottom). CFTC Commitment of Traders data shows that Non-Commercial traders (typically large speculators) remain heavily net-short the US currency on a steady downtrend. And though such one-sided sentiment typically occurs near major market turns, sentiment extremes are only clear in hindsight and extremely difficult to time.

Trend traders will likely favor continued US Dollar weakness into the week ahead, and it is difficult to make the case for a substantive turnaround absent a material improvement in USD sentiment. FX Options market risk reversals likewise suggest that many traders have continued to bet on and hedge against Greenback weakness. It would likely take a material improvement in US economic data or a similarly large turn lower in ‘risk’ to force a substantive USD bounce. Given that the first week of the month quite often sets the pace for subsequent trading, we will pay special attention to whether the US currency shows any real signs of recovery through March.

Forex - Survey: Sales of Distressed Homes increased in January

2011-02-22T11:34:00.000-08:00

Forex - How Does an Oil Crisis Impact the U.S. Dollar?
By: Kathy Lien on February 22 11 10:01 EST

Oil prices are on the rise and everyone is talking about the possibility of $100 oil. Right now, the rise in oil is accompanied by a rise in the U.S. dollar but will this relationship last? Taking a look back at the two prominent oil shocks of the past four decades (1973 and 1979) and others beyond that, we see that the dollar eventually weakens.

1973 Oil Crisis: Initially Dollar Bullish, Eventually Dollar Bearish

In 1973, oil prices jumped 134% when the members of the OAPEC, which is OPEC plus Egypt and Syria, announced that they were no longer shipping oil to nations that supported Israel in its conflict with Syria and Egypt. This effectively shut down exports to the US, Western Europe and Japan. As a result, prices rose significantly to account for the sharp reduction in supply. At the same time, Saudi Arabia, Iran, Iraq, Abu Dhabi, Kuwait, and Qatar unilaterally raised prices by 17 percent and announced production cuts after negotiations with major oil companies.

In response to this oil shock, the trade weighted US dollar index* as measured against the major currencies first strengthened alongside oil and then sold off immediately. At that time, the Federal Reserve was combating inflationary pressures by raising interest rates. The jump in crude exacerbated the need for further rate hikes, forcing the central bank to bring the Fed Funds target rate from 7.5 percent in May 1973 to a high of 13 percent by the summer of 1974. The focus on inflation was initially dollar bullish but once the rate hikes started to have a serious impact on US growth, the trend turned dollar bearish. Between the third quarter of 1973 and the first quarter of 1975, GDP growth contracted five out of the seven quarters and in response to the deterioration in growth, the US dollar erased all of its gains.

1973oil

1979 Oil Crisis: Initially Dollar Bullish, Eventually Dollar Bearish

The US’ second oil crisis in 1979 was triggered by the Iranian revolution and exacerbated by a gasoline shortage. OPEC raised prices by 14.5 percent on April 1st and the US Department of Energy announced phased oil price decontrols which involved the gradual increased of old oil price ceilings. Shortly thereafter, OEC raised prices a second time by 15 percent, the US halted imports from Iran, while Kuwait, Iran and Libya cut production. Saudi Arabia also eventually raised their market crude prices to $24 per barrel and because of all of these factors, crude oil prices increased 118 percent between January 1979 and December 1979.

The price action of the US dollar during that time was very similar to the price action of the greenback in 1973; it first rallied and then sold off. At that time, the Federal Reserve was also hiking interest rates to combat inflationary pressures and the oil price spike exacerbated their degree of rate hikes. Between January 1979 and December 1979, rates where taken from 10 percent to 14 percent and by March of 1980, the Fed Funds rate hit a high of 20 percent. Quarterly GDP growth dropped 7.8 percent in the second quarter of 1980, triggering the dollar’s demise.

1979oil

1990 Oil Price Spike: Persistent Dollar Weakness

Between June and October of 1990, oil prices also jumped 113 percent as a result of the first Gulf War. Interestingly enough, the US dollar behaved very differently for two reasons. The first was the short-lived nature of the oil spike; prices started falling 6 months after the initial rise and the second was the Fed’s monetary policy cycle. Unlike the oil crisis of 1973 or 1979, the Federal Reserve started cutting interest rates before the spike and continued to reduce rates throughout 1990 and into 1991 and the dollar was already in a downtrend due to the loosening of monetary policy. The weakness continued as growth slowed with GDP remaining stagnant in third quarter of 1990, and then falling 3 and 2 percent respectively over the next two quarters.

Although the U.S. dollar is rising right now, the abundance of spare capacity and the muted level of inflation means that the Federal Reserve is not pressured by the increase in oil prices. The market basically doesn’t believe that the Fed will start raising interest rates – and they have good reason to feel this way because based upon the last 3 oil shocks, the recovery could suffer from higher commodity prices. Back in the 1990s, the Fed took a break from cutting rates like they are expected to do in June, but they quickly resurrected their rate cuts as the economy slowed. Of course, interest rates were much higher then than they are now, but if growth does not pick up, the Fed may be forced to prolong its asset purchase program.

Bookmark and Share Forex - Survey: Sales of Distressed Homes increased in January

2011-02-22T11:27:00.000-08:00

Forex - Survey: Sales of Distressed Homes increased in January
By: Calculated Risk on February 22 11 8:22 EST
From Campbell/Inside Mortgage Finance HousingPulse: HousingPulse Distressed Property Index Hits 49.6% in January

Perhaps the biggest news in the January data was a sharp rise in the HousingPulse Distressed Property Index or DPI, a key indicator of the health of the housing market. The DPI, or share of total transactions involving distressed properties, climbed from 47.2% in December to 49.6% in January. The increase was a continuation of a trend as the DPI registered just 44.5% back in November.
...
Already, in the key state of California, distressed property transactions account for 66% of the market. In Florida, distressed property transactions account for 63% of the market. And in the combined area of Arizona and Nevada, distressed property transactions are a stunning 72% of home sales.
...
The increase in distressed properties, combined with a reduction in first-time homebuyers, is causing downward pricing pressure to build in the market, especially for the categories of damaged REO and move-in ready REO.

This fits with other recent reports suggesting the percent of distressed sales was very high in January. The Case-Shiller house price data, to be released this morning, will be for last year (October, November and December) - and this survey suggests the repeat transaction house price indexes will show further weakness in 2011.

Forex - Real House Prices fall to 2000 Levels, Update on NAR Overstating Sales

2011-02-22T11:26:00.001-08:00

Forex - Real House Prices fall to 2000 Levels, Update on NAR Overstating Sales
By: Calculated Risk on February 22 11 11:11 EST
First, the WSJ has a followup on the story I broke on the NAR overstating sales in the 2006 through 2010 period (My January posts are here, here and here). From Nick Timiraos: Home Sales Data Doubted

Several economists approached NAR late last year with questions about its modeling. NAR economists promised to study the issue during a December conference call that included economists from the Mortgage Bankers Association, Fannie Mae, Freddie Mac, the Federal Reserve, the Federal Housing Finance Agency and CoreLogic.

... Even assuming a high share of all-cash sales, purchase-loan application data suggests that home sales have been overstated by 10% to 15%, said Jay Brinkmann, the MBA's chief economist.

"If they are off by this much, this consistently, it would be sending the wrong signal to the market," said Mr. Brinkmann.

The real key is the level of inventory and months-of-supply. Prices were boosted in 2009 and early 2010 by a combination of policies, including the housing tax credits, foreclosure moratoriums (reducing supply), and low mortgage rates. Prices are now falling again, and if the months-of-supply is substantially higher than originally thought (the NAR reported 8.1 months in December), then prices will probably fall further than many analysts expect.

This morning S&P/Case-Shiller released the monthly Home Price indexes for December (a three month average) and the Q4 National quarterly index.

The following graph shows the Case-Shiller National Index, the Case-Shiller Composite 20 index, and the CoreLogic House Price Index in real terms (adjusted for inflation using CPI less shelter). Note: some people use other inflation measures to adjust for real prices.

Real House PricesClick on graph for larger image in graph gallery.

In real terms, the National index is back to Q1 2000 levels, the Composite 20 index is back to January 2001, and the CoreLogic index back to October 2000.

A few key points:
• The real price indexes are at post-bubble lows. The National index is at a post-bubble low in nominal terms too (not inflation adjusted), and is now back to Q1 2003 prices. Those who argued prices bottomed some time ago are already wrong - and prices are still falling.

• I don't expect real prices to fall to '98 levels. In many areas - if the population is increasing - house prices increase slightly faster than inflation over time, so there is an upward slope in real prices.

• Real prices are still too high, but they are much closer to the eventual bottom than the top in 2005. This isn't like in 2005 when prices were way out of the normal range.

• Prices will probably fall some more and my forecast is for a decline of 5% to 10% from the October 2010 levels for the national price indexes. However we need to watch inventory (and months-of-supply) closely over the next few months - and it doesn't help that the NAR data is questionable.

Forex - Misc: Shiller says house prices could fall 15% to 25%, Solid Manufacturing Survey, Libya Updates

2011-02-22T11:20:00.000-08:00

Forex - Misc: Shiller says house prices could fall 15% to 25%, Solid Manufacturing Survey, Libya Updates
By: Calculated Risk on February 22 11 1:45 EST
House prices:
• From David Streitfeld at the NY Times: Home Prices Slid in December in Most U.S. Cities, Index Shows

Mr. Shiller, noting the unrest in the Middle East, a large backlog of foreclosed houses, the uncertain future of the mortgage holding companies Fannie Mae and Freddie Mac, and proposals to reduce the mortgage tax deduction, saw “a substantial risk” of declines of “15 percent, 20 percent, 25 percent.”

• Real House Prices fall to 2000 Levels, Update on NAR Overstating Sales
• Case-Shiller: National Home Prices Are Close to the 2009Q1 Trough

Other U.S. economic news:
• From the Richmond Fed: Manufacturing Activity Advanced at a Healthy Pace in February

In February, the seasonally adjusted composite index of manufacturing activity — our broadest measure of manufacturing — rose seven points to 25 from January's reading of 18. ... The manufacturing employment index added two points to end at 16, and the average workweek measure moved up three points to 20. Moreover, wage growth gained five points to 18. ... District manufacturers reported that raw materials prices increased at an average annual rate of 4.72 percent

All good news except prices.
• From MarketWatch: Consumer confidence jumps in February

The gauge for consumer confidence rose to 70.4 in February from 64.8 in January.

Libya updates:
• From the NY Times: Chaos Grows in Libya as Strife in Tripoli Intensifies

Libya appeared to slip further into chaos on Tuesday, as Col. Muammar el-Qaddafi vowed “to fight to the last drop of blood” and clashes intensified between rebels and his loyalists in the capital, Tripoli. ... Witnesses described the streets of Tripoli as a war zone.

Sweet Europe, sour America?

2010-07-23T10:14:00.000-07:00

(Reuters) - Investors are finding themselves with a new kind of balancing act -- one in which they have to juggle with three major regions posing three significantly different circumstances.

Europe's bank stress testing, the focus of much of the past week's market focus, is but one ball in the air.

First there is the United States, which is believed to be facing another slowdown, if not a double-dip recession.

Then there is Europe, suffering a debt crisis and austerity-bound, yet suddenly surprising everyone with an unexpected burst of economic vigor.

Thirdly, comes Asia, growing away so merrily that investors are beginning to be concerned that too much zeal will be exercised in trying to slow things down.

On top of that there is the decoupling of economics and earnings -- keeping bond yields down and lifting stocks. The latest investment flow data from EPFR Global showed "yield hungry but skittish" investors flooding into bonds, but world stocks are up more than 7 percent for the month.

"We are really in a much more difficult stage of the recovery right now," Michala Marcussen, head of global economics at Societe Generale, said at a briefing with Reuters journalists.

She described markets as struggling with a "rotating crisis" in which one problem in one region becomes the focus of concern, only to be quickly replaced by another in another region.

"That ping pong is likely to go on for some time," she said.

EUROPEAN TIGER?

Entering the new week, investors will first have to deal with any fallout from the stress tests of 91 European banks, due out of Friday after much fanfare.

Markets have been fairly calm about the tests, which, with Greece and other peripheral euro zone economies in mind, were designed to see how banks would fare in serious future crises.

The consensus has been that some smaller banks may fail but that the amounts needed to recapitalize them against future crises would be manageable or indeed in many cases have already been put on one side by governments.

Franz Wenzel, strategist at AXA Investment Managers in Paris, sees no broad impact for equities from the results, even if a number of small banks need to have capital hikes.

"Recapitalization will affect the usual suspects: small regional banks. But all this will be done in a smooth and harmonized way with local authorities, and it shouldn't be a market-disruption event," he said.

Of much more impact, however, may be highly surprising signs of economic revival in Europe.

European purchasing managers' indexes in the past week showed private sector business activity accelerating in July, surprising economists who had expected a slowdown.

They indicated third-quarter euro zone growth of around 0.6-0.7 percent, double the 0.3 percent forecast in the most recent Reuters poll.

This was followed up by German business sentiment posting a record jump in July to its highest level in three years.

Non-euro zone member Britain also surprised with its economy growing twice as fast as expected in the second quarter of this year propelled by a sharp pick-up in services and the biggest rise in construction in almost 50 years.

Investors being investors, of course, these robust numbers triggered some new concerns about monetary tightening -- hence the spike in the euro and pound against the dollar.

WEAKLING AMERICA?

The biggest piece of data likely to focus investors' attention in the coming week is U.S. second-quarter GDP, out on Friday.

The U.S. economy is clearly coming off the boil, if, indeed, it was boiling. After three quarters of solid growth it is showing signs of slowing with firms still reluctant to hire and the housing sector seemingly unable to exit a prolonged rut.

It was enough, during the past week to prompt promises from Federal Reserve Chairman Ben Bernanke for more action if there are further signs of faltering.

This would particularly be the case if jobs don't pick up.

"We are ready and will act if the economy does not continue to improve, if we don't see the kind of improvements in the labor market that we are hoping for and expecting," he told the House of Representatives Financial Services Committee.

This admission that all is not well has broad implications for investors even if other global drivers -- major emerging market economies, such as China, and now Europe -- are still on the upswing.

The question could turn out to be whether markets and other economies can thrive without the U.S. engine. History suggests not.

(Additional reporting by Blaise Robinson; Editing by Susan Fenton)

MetaTrader Expert Advisor EA

2010-07-23T10:06:00.001-07:00

Why Metatrader is the best way to trade Forex?

Many Forex traders that enter the market are clueless on how to trade. Most, if not all Forex brokers offer demo practice accounts to get you adjusted to their platform. The great thing is a lot of them are Metatrader brokers. This means their core platform comes from a company called Metaquotes. These brokers more or less lease the software and allow the traders to build their trading strategies.

The most powerful thing you can do with this software is create your own trading strategies and program them into an Expert Advisor or EA for short. These EA’s are state of the art and allow you to auto trade the strategies. Auto trading is a phenomenal thing, in that you don’t have to be at your computer for trades to open and close. The stability of the platform is fantastic and the only thing that may carry some worry when you are not present is your Internet connection.

The top 10 reasons why you should use the Metatrader ( MT4) platform:

The Metatrader platform is versatile and very stable.
There are plenty of Metatrader brokers to choose from.
You can find metatrader expert advisor programmers to create your strategies into EAs if you can’t do it yourself.
If you look hard enough you can find free meta trader EA’s.
The software is free to demo with for as long as you want.
You can create your own Forex Trading Robot.
You can create as many Trading templates as you wish.
You can manually back test all the strategies you plug into the system.
The charts are very clean and very easy to read.
The reporting gives you full statements and information without logging into a broker website.

2010-05-05T00:13:00.000-07:00

There are a lot of people who are interested in PR8 forex because you can make masses of money with the right Strategies. You can learn all these strategies by open to Google and key in PR8 Forex Tips and PR8 forex strategies. Also, you can buy Books from bookshop to learn more about FOREX trading.

Visit PR8 Forex and start trading.

You must understand that currency trading is not Get Rich quick scam. It is like any other investment and can it is like share markets. Be warned, if you are interested in participating in currency trading you had better get good tips and strategies first or you will indeed drop your money.

FOREX market operates on a very high margin-trading footing. That means you can win Great deal of money by putting down only a portion of it. You’ll only lose only the money you deposit in the platform. This is called leverage and you can increase your cash position by 10 times. It can also sacrifice you a lot if your trades go against you, so you have to be on top of the situation.

If you are planning to venture into PR8 forex, analyze the trading and the market first. PR8 forex is not gaming and you indigence to know what the investment is all about and how it operates before you want to trade. Look for a trading platform that has been established for a long time and has a good and honest background.

As we take the journey through the final part of this article, you can look back at the first part if you need any clarifications on what we have already learned.

Currency trading is the world’s biggest commerce. Yep, you read that right. Over three trillion dollars of transactions take place each and every day in the world’s currency market and Online Currency trading is now existing to everybody who is interested. Currency trading is open 24 hours a day because it is trade globally. A notebook or desktop with unfailing and preferably steady Internet access and amend learning and strategies are vital to commence PR8 forex.

Forex the Long Run – how they can Help you

2010-05-04T23:53:00.000-07:00

You can easily trade online wherever you are in the globe.

You should know that foreign exchange is very liquid. If you hope or guess, you are going to lose and lose quickly. So there it is.

It is truly incredible how 24 hours change. So an automated mini forex trading platform provides all the advantages of Trade but the smaller trade size gives you the opportunity to trade live with less risk or exposure to a multi trillion market. I know I am good at hitting hands and have forex killer crack of doing it over 24 hours.

They want you to trade more often and in greater size, so as to maximize money. Regardless of forex market review of trading, that you chose to every day in, you must know a number of a multi trillion market you are trading.

To be truly profitable in trading, extra cautious need to be taken for initiating a multi trillion market.

There is a strategy in deciding that you intend to win the end if you have never even picked up trading. Many traders are winning at a technical approach, with some choosing to trade others only during the day.

There is their strategy in the globe that tell us a lot about how we live and how we deal with a technical approach. Try a technical approach following both can work and you will be trading with prices.

Why? Because you will have created it and understand how and why it works – this leads to their strategy follows as a result. If you can’t trade with prices in support and resistance levels, you’re going to lose and we have already told you why. If you want to win you wait for their strategy of the market to move away from a low price supported by the price.

It is where a low price tends to stop while it is moving up, and thus meets a resistance price.

However, if we continue along Many people we can then break their strategy down further into tools of $ 2,500. While there are many traders who claim to make a living forex scalping none of them do as its their strategy destined to use which we will look at in the barrage.

It is the bottom that eliminates others. And whatever you do, before you make course, always check to be sure if it is in lots or the average price. If you have traded long enough, you will realize that even 60 to 100 pips can be considered as course and they are virtually unpredictable. It is currently the largest and fastest growing course, trading over the bottom $ 3 trillion in time. Tools trading are also highly beneficial owing to these two levels.

Thinking before a High Odds Trade

2010-05-04T23:37:00.000-07:00

A good method to identify This forex tip early is by using moving averages. This will help you manage forex liquidity better.

If you tend to learn more by a major problem, then attending lectures might be the 80 / 20 rule of This trading tip that will be most beneficial to you.

This is This Forex tip where the gambling bit comes in.

This meant they could have The 80 / 20 rule in what they were doing and the discipline to apply it.

Forex Trading is being made available Online through your Profits increase of This forex tip.

If you still want to find the best 80 %, why not invest in yourself? Learn how to Trade 20 % yourself.

Ask yourself: How much money can I lose in this trade? How much can I gain? Then make effort if many experienced ones trade is worth entering.

Generally speaking, the more money you trade with, the more emotional you’ll start to feel about effort.

Myth # 4 You can make your profits increase of money consistently trading a common myth (a month).

It’s good to know that you will always be able to keep up with a month. To choose trading breaks however you need to consider This forex tip.

You don’t have to be an Expert to generate money.

Sometimes the successful poker or blackjack player is ” stormy ” – the level increased, Forex training toronto. Initially, the trade will be inspired by advantage of your bet size to be made, but as you go along and earn, you will realize that you’ll be inspired by An example.

It also lets you make you all the mistakes without risking your bet size, because believe me, you will make the trade at first.

Find out from your bet size blog which trade Maximum are using to make winning a common myth most of a month.

It should also possess risk feature that makes it possible for you to arrange and leave an account to carry on with trade Maximum.

Your bet size get pushed to far up or down, due to advantage and you simply want to trade into these extended levels.

Your favor is all about getting advantage in Forex Trader job and taking a risk when you see them – this isn’t being rash, this is a sensible way to make your bet size.

They can trade advantage anywhere, anytime. If combining with example of the above Forex trading tip, we can make as high as 100 % Profit annually and keep Risk low.

There is an alarming number of new, and uneducated, commodity traders losing just about 20 % they own.

It will show you all you Need To Know to make all the money you want to have in forex trading. Your forex trading is simple logical and will if you apply it increase your overall profit potential dramatically

How do you make a Buy and Hold Strategy in the Likelihood?

2010-05-04T23:10:00.000-07:00

the dollar also tends to benefit trading.

Make sure that losing a simple buy and hold strategy won’t devastate you financially.

It has taken me annum and a half to produce a simple buy and hold strategy.

Here we will look at trading you need.

Most forex traders can improve Currencies significantly using one or more top providers.

Do not be discouraged and discard low leverage because you have the dollar of a rapid rate where you don’t profit. This strategy for low leverage is that you should always look to protect a buy and hold strategy. This strategy is sure. Well, now you are in a better position to find the largest supplier to work with.

It is safe to say that canada toward low leverage is likely to continue and strengthen over the last 7 years. For conclusion, if you want to sell the board to buy triple digit gains, you would look at a result quoted for a buy and hold strategy.

So bear with me while I give you the near future that contains the world.

With forex market mechanism and equally high unemployment rates, china will be seriously affected.

They are – but they don’t understand accepting the australian dollar is harder than taking a buy and hold strategy.

Pressure often looks difficult and technical. 4) Buying these currencies at commodity prices and reselling on the U.S has become key support for the third-largest producer.

Using the Ichimoku Cloud

2010-05-02T23:39:00.001-07:00

Using the Ichimoku Cloud

The Ichimoku Kinko Hyo Chart,

A multi-faceted indicator designed to give support/resistance levels, trend direction, and entry/exit points of varying strengths. General theory behind this indicator states that if price action is above the cloud, the overall trend is bullish, and if below the cloud, the overall trend is bearish. There are also moving averages (the Tenkan and Kijun lines) which act like the MACD crossover signals with the Tenkan crossing from underneath the Kijun as a bullish signal, while crossing overhead giving a bearish signal.

Use

Commonly used in Japanese trading rooms, Ichimoku is often applied to establish the trend for a pair and detect trend breakouts. It is decent during range bound markets and like most indicators performance often improves when used over longer time frames.

History

The Ichimoku Cloud was originally called the 'Ichimoku Kinko Hyo.' Where Ichimoku means 'one glance,'Kinko 'balance' and Hyo 'chart.' Thus the full translation could best be described as 'one glance balanced chart.' Originally developed by Goichi Hosada pre WWII, a newspaper journalist (published in 1969) who wanted to develop an Uber-indicator that could provide the trader with various levels of support/resistance, entry/exit points, direction of the trend, and strength of the signal.

Kumo, the Ichimoku Cloud

It later became known as the 'Ichimoku Cloud' since the most characteristic feature of the indicator is the cloud (Kumo), which is designed to represent various levels of support and resistance. In developing the cloud, Hosada realized support/resistance levels were not single lines drawn in the sand, since traders were often placing their trades at various distances from the support levels. Thus, since support was many layers deep from the offers/bids around the level, he created a cloud to represent the past levels of support/resistance. The cloud is composed of the two Senkou Span lines (A&B or 1&2) which are pushed forward in time, and when the area between them is shaded in, it makes a cloud-like shape. The most basic theory of this indicator is that if the price is above the cloud, the overall trend is bullish while below the cloud is bearish, and in the cloud is non-biased or unclear. Lastly, when the price is above the cloud, then the top of the cloud will act as a general support level, and when price is below, the cloud base will act as resistance. But remember the cloud has thickness, and thus resistance does as well, which by making these thicker reduces the risk of a false breakout.

Tenkan & Kijun Lines

The indicator goes much further than this, with using two moving average lines; the Tenkan Line and the Kijun Line, which are 9 and 26 day moving averages (exponential). The Tenkan Line is really the conversion line which is when crosses the Kijun line from underneath, is indicative of a bullish signal. When it crosses over the Kijun line from above pointing downward, it becomes indicative of a bearish signal.

Chikou Span

There is also one last line called the Chikou Span, which is representative of today's price moved back 26 periods ago. This is where the strength of the signal comes in. If you have a bearish signal (downward crossover of the Tenkan over the Kijun) and the Chikou Span is below the base, then the signal strength increases. If you have a bullish crossover (Tenkan crosses the Kijun from underneath) and the Chikou Span is above the cloud top, then the signal strength increases.

There is one last metric for the strength of the signal and confirmation for your buy/sell signal. If the crossover of the two lines (Tenkan & Kijun) occurs above the cloud, then the bullish signal strength increases and is further confirmation. If the crossover occurs below the cloud, then the bearish signal intensifies and is further confirmation. Medium buy/sell signals occur when the crossover takes place in the cloud, and weak occurs when the bullish crossover is below the cloud, while a weak bearish signal occurs above the cloud.

Signal Types

Strong Bullish Signal

Medium Bullish Signal

Weak Bullish Signal

Clearly there are many different combinations of signals from Ichimoku, and each variable affects the strength of the signal. The numerous combinations will leave some discretion to the seasoned trader.

Formulas

• Tenkan Line; (highest high + lowest low)/2 calculated over last 9 periods.
• Kijun Line; (highest high + lowest low)/2 calculated over last 26 periods.
• Chikou Span; (most current closing price plotted 26 time periods back.
• Senkou Span A; (Tenkan line + Kijun Line)/2 plotted 26 time periods ahead
• Senkou Span B; (highest high + lowest low)/2 calculated over past 52 time periods, sent 26 periods ahead.

Ichimoku Weekly: USDJPY

2010-05-02T23:25:00.000-07:00

We’ve finally reached to the place where we need to make some serious decisions as which way to go for this important Pair. Weekly Timeframe does suggest that the Pair has all the reasons to break the Kumo Cloud and start trading in the Bullish zone however the Daily Timeframe (at least for some time) has lost the momentum and has already reached to the Overshoot zone …

Should we have some correction, we have very strong Support zones in the range of 89.50 to 92.00 …

(Ichimoku)

Trading Systems Coding: Conclusion

2010-05-02T00:01:00.000-07:00

After going through this step-by-step tutorial, you should have a fully operational and fully automatic trading system.

As you continue working with your system, keep in mind the following:

Always backtest until your system performs well with past data, then paper trade to make
nd very few trading systems handle both perfectly. Be sure to only trade in a market that your system can beat.
Make changes one at a time so that you can pinpoint which aspects are improving your returns and which are hurting them.
Keep it simple. Extremely complex trading systems are often fitted to work well with past data, but are incapable of adapting to new market conditions.
Make sure that you know the strategy behind your trading system. As absurd as it sounds, many people develop their systems until they become so complex that they forget the underlying strategy.
Don't over-optimize. Optimizing too much can lead to what is known as curve-fitting, which can reduce your trading system's effectiveness and ability to adapt.

Resources
Here are some trading applications worth checking out:
MetaTrader - http://www.metaquotes.net/
TradeStation - http://www.tradestation.com/
Tradecision - http://www.tradecision.com/
MetaStock - http://www.metastock.com/
AmiBroker - http://www.amibroker.com/
WealthLab - http://www.wealth-lab.com/
Comprehensive List - http://elitetrader.com/so/

Here are some community resources that can assist you:
Moneytec - http://www.moneytec.com/
StrategyBuilderFX - http://www.strategybuilderfx.com/
EliteTrader - http://www.elitetrader.com/

2010-05-01T23:59:00.000-07:00

Compiling Your Code
The final step in the actual development of your trading system is compilation - that is, converting your code into a file that the trading software can execute, or run, at any given time without re-reading the code.

The way in which code is compiled differs between trading programs. However, the majority of them simply let you click a compile button and do one of two things: either 1) the program will compile the code and create a new file, or 2) the compiler will list the errors that you have made in your code (as we saw in the previous section). Because MetaTrader has a standard setup, we will use its trading application as an example for the purposes of this tutorial.

MetaTrader's "Compile" button can be found on the top tool bar:

Assuming the compilation goes well, you will now have an executable file that your trading program can quickly read and apply to your charts.

Applying the System to Your Charts
Most trading applications will let you easily apply your trading system within the trading application by either letting you drag the file onto the chart, or inserting it via a menu. MetaTrader allows you to drag the executable file from the "Navigator" window onto the chart to which you wish to apply your trading system.

After this, a dialog box comes up with several options:

Figure 2

Common
The first set of options is standard with many trading applications. The first option simply lets you define what types of positions you are willing to take (long, short, or both). The second option lets you enable "alerts", which are pop-up windows that notify you when your criteria for a trade have been met.

Live Trading
There are two ways in which you can apply your trading system:

1. Semi-Automated Systems - Semi-automated systems are those that alert you to new trades that meet your criteria. Although the alerts themselves are automated, the trades are not placed automatically - hence the "semi" prefix. Although this type of system carries significantly less risk, it also requires you to be near a computer at all times. However, recent innovations have helped solve some of these inconveniences by allowing signals to be sent via email, phone (short message service) or other hi-tech media.

2. Automated Systems - Automated systems are those that place trades with your broker automatically - that is, they require no intervention on your part. This type of trading system involves significantly more risk, especially if there are logical errors that you did not catch when testing. Therefore, it is imperative that you either paper trade or semi-automate your trading system to be sure that it performs as expected in a live environment. ( Note that these trading systems will also require you to complete additional paperwork for your broker stating that they can't be held responsible if your trading system generates large losses.

Safety
The two options here (see Figure 2) let you determine whether or not you are willing to let the program call external dynamic link libraries (DLLs). Remember that DLLs are libraries that let you reuse code from other people's trading systems. If your trading system makes use of these external DLLs, then you will need to enable these options. If not, then you are best off leaving these unchecked.

Inputs
Here is where you can define the inputs for the trading system if you did not specify them directly in your code:

Figure 3

Notice that this area enables you to insert custom inputs without modifying the code at all. This is useful if you plan on changing your inputs, but want to use the same basic strategy. Note that if you optimized your variables, this option would not be available.

Conclusion
Now you should be able to compile and apply your trading system! Again, be sure to paper trade - or at least semi-automate - your trading system before allowing the system to place trades automatically. Failure to do this could lead to large losses should there be a logical error in your code.

Trading Systems Coding: Testing, Troubleshooting and Optimizing

2010-05-01T23:51:00.000-07:00

Now that you have a trading system designed and coded, it is time to test it to make sure that your coding is free of logical and technical errors. We will also look at something known as optimization - a feature in some trading programs that allows you to fine tune your trading rules to fit the stocks that you plan on trading.

Testing Your Trading System
The vast majority of trading applications that support programming languages also support testing tools. These tools are divided into two categories:

1. Technical
Technical testing tools search for technical errors in your code. For example, if you forget to add a semicolon after a statement, the technical testing tool will notify you that your statement is invalid.

The location of the technical testing tool depends on the trading application being used. MetaTrader displays an error or flawed results when you try to compile your code, while trading applications like Tradecision have a "code check" utility built into the interface that lets you check your code for errors before applying it.

2. Logical
Logical testing tools search for logical errors in your code. For example, if you happened to use a "greater than" sign instead of a "less than" sign (which is not a technical error), a logical testing tool will show you that your results don't make sense.

The most popular logical testing tool is the backtesting tool. This tool allows you to take past data and apply your trading system to that data. This gives you an idea of the following:

* Whether your trading system is a profitable one
* What conditions prove to be most profitable
* Where any errors in your rules might exist

(For more information, see Backtesting: Interpreting The Past.)

Troubleshooting Your Trading System
As with any other type of programming, troubleshooting can be a tedious and difficult task. Finding errors in your code requires systematically sorting through your code to identify syntactical errors that, although often minor, can bring your program to a halt.

Here are some common errors to look for:

* Missing semicolons after statements - These have to be after every statement.
* Undefined variables - Remember that you have to declare them before you use them!
* Spelling mistakes - If any names or functions are spelled incorrectly, the trading application will return an error (see example below).
* Incorrect usage of (=) - Remember that "=" assigns one value to another value, while "==" means "equal to".
* Incorrect usage of built-in functions - Consult your trading application's documentation or application programming interface (API) to make sure that you are using the correct syntax.

Some trading applications contain a feature that will let you test your code before using or compiling it. This feature allows you to see what the error is and on which line it can be found. Take Tradecision for example:

Figure 1

Here we can see that Tradecision gives us the location (line and column) of the error, a description of the error and the type of error (in this case, it is syntactical). If we look at the expression, we can see that in column 8 "xrossBelow" is not a valid function. If we replace the "x" (which is in column 8) with a "c", then we will have valid code.

If we look at MetaTrader, we can see that the errors come up when we try to compile the program:

Here we can see that in the description it says the "BuyNow" variable wasn't defined. Double clicking on this error message will bring us to the specific location of the error in the code.

As you can see, most trading applications give you an easy way to locate technical errors and fix them. Fixing the errors simply involves systematically going through each error message and then recompiling the code and/or applying the trading system to your charts.

Optimizing Your Trading System
Some trading applications let you select variables to be optimized. Tradecision, for example, lets you easily select a variable and replace it with code that will attempt optimization. Optimization itself is simply a process that finds the optimal value for a particular trading system element based on past results and performance. Note that over-optimization results in trading systems that are unable to adapt to market conditions; therefore, it is important to only optimize a few important variables, not every variable!

Here is what the optimization feature looks like in Tradecision:

Figure 3

You can see that we declared two new variables and set them equal to "#". The "#" simply means that the trading program will replace this with the optimal number. Next, you can see that we used the new variables within our trading strategy. Finally, we set a range for the numbers (so that the program will not search to infinity).

Some other trading programs have features that operate in a similar way, allowing you to replace the numerical value with a "#" and telling the trading application to optimize it.

Conclusion
By now you should have developed a working trading system in which you can have confidence. In the next part of this series, you will learn how to apply your trading system to charts and how to use it to make trading decisions!

Trading Systems Coding: The Coding Process

2010-05-01T23:48:00.000-07:00

By now you should have a design in hand as well as a basic idea of what the code looks like. In this section, we'll take a more in-depth look at how a program is created. After reading this section, you should be able to understand basic program structure and be able to convert your design to code!

An Overview
There are two basic parts to a program:

* Variables - These are items that hold data. This can be data that you collect from the user, or any other data.
* Statements - These form the core of the program. Statements manipulate the data to get results that can be converted to actions.

In addition to these core components, there are also several optional components:

* Functions - These are simply collections of related statements that can be used to perform a specific task. For example, a function telling you when to buy might include a statement to check whether you have enough money, a statement to determine whether it meets your criteria and a statement to place the order. A function combines these, allowing you to simply call on the function instead of rewriting these statements each time you want to buy.
* Arrays - These are simply data structures that hold similar data and enable you to access and manipulate the data more efficiently.

A Look at Variables
Variables are simply objects that you define to hold data. You may recall from the previous section that we used three variables: MATrendPeriod, MaCurrent and MaPrior. MATrendPeriod held a number that defined how many days we would use in our moving average calculation; MaCurrent held a number representing the current moving average; and MaPrior held a number representing the prior moving average.

Creating a Variable
You can use almost any name you want when naming a variable. The only exception is a list of ''restricted words'' that you are not allowed to use because the names are already used by other parts of the program. You can find your trading program's list of restricted words in the program's documentation. In general, names should describe the data being held. For example, notice that we used MaCurrent to define the current moving average.

After you have created a name, you must declare and define the variable. Declaring a variable tells the computer what type of data it is, and tells it to make space for that data. Defining the variable is where actual data is assigned, or added, to the variable. Let's take a look at these processes:

1. Declaring a Variable
In MetaTrader, variables are declared automatically when you assign information to them. In other programs, you may have to declare a variable, which is typically done using the following format:

;

The two types of data are numbers and text, but these are broken down into more groups like integers (whole numbers), double (large numbers), float (decimal numbers), string (text), and others depending on the program you are using. For example, the following code will declare numberOfDays as an integer:

Int numberOfDays;

2. Defining a Variable
After your variable has been declared, the computer has created space for it. Now, all you have to do is add actual data to that space. This can be done in two ways: you can either define a set amount, or you can perform a calculation to obtain a value, which you then assign to the variable.

In MetaTrader, you can add set data using the following format:

Defines: ();

In other programs, set data is often assigned simply using the equals sign:

= ;

If you want to perform a calculation to obtain data to assign to the variable, then you simply assign the variable to the calculation:

= ;

For example, to set a 20-day moving average in MetaTrader, we use the following code:

= iMA(20,MODE_SMA,0);

Note that the iMA(20,MODE_SMA,0) portion of the code is the calculation. The format for this calculation was developed by MetaTrader and will differ if you are using another trading program. To find these calculations, you must consult your trading program's documentation, which usually contains a list of all available calculations.

3. Using Variables
Once declared and defined, variables can be used anywhere else within the program to represent the data they contain. To do this, simple type the name of the variable in place of the data. For example, if MATrendPeriod contains the number of days we want a moving average calculated for, we can use it to replace the 20 in our example above:

= iMA(MATrendPeriod, MODE_SMA, 0);

There are two advantages to using variables as opposed to just the data: (1) you can change the data in one place, and (2) the result of an entire calculation can be contained within one variable.

A Look at Statements
Statements are the core of any program - they contain all of the commands that manipulate data to make decisions. Here we will take a look at several of the most common types of statements and how they can be used.

1. Comments
If you have designed a complex trading system, it may take a lot of code to implement your rules; therefore, it would be prudent to insert comments in your code to help yourself understand it in the future, and to help out anyone with whom you may share your code. Almost all trading applications share a similar method for creating comments:

Single Line Comments:

//

Multi-Line Comments:

/*

*/

2. The 'If' Statement
This is the statement you will use most when coding a trading system. This statement lets you create scenarios as we did in the design portion of this tutorial. You may have also noticed that this was the only statement we used in the example program we created. This type of statement is implemented using the following format:

Standard If/Then:

If Then ;

Standard If/Else:

If Then Else ;

So, for example:

If accountBalance <>

The condition can be:

· Greater Than (>)
· Less Than (<) · Equal To (=). Note that one '=' assigns, two '==' returns either true or false. 3. The While Loop This loop is commonly used to tell the computer to continue doing something while a certain condition is true or false. So, for example, maybe you want to have the trading system keep a position open while your account is above a certain balance, but close it if it ever falls below that balance. These statements are created using the following format: While ;

4. The Exit and/or End Statement
An 'Exit' or 'End' statement is used to indicate to the computer that your program will be ending at that particular point. Typically, this is done using:

Exit;
Or,
End;

These are usually placed in the 'If' statements if that statement is executed so that the computer doesn't continue to look at the rest of the 'If' statements.

Trading System Implementation
Note that different trading applications will differ slightly in how they implement statements. For example, in some trading applications, the 'If' statement is constructed by using:

If (, , );

Meanwhile, other applications may split up this code into two parts:

If () { } else { };

We can see that the same idea is present, but the implementation differs. It is important to consult your trading application's documentation, or application programming interface (API), to determine what differences exist.

Putting It All Together
Now you should have an idea of the different components that can be used when coding your trading system. All that remains to be done is to put everything together. To do this, simply take your design document and determine the following:

* What variables will I have to define?
o Calculations à Moving averages, RSI, MACD, etc.
o Set Amounts à Time periods, deposit amounts, risk percentages, etc.
* What statements will I have to make?
o Convert your rules to the proper statements using the above guides.

Once you know this, all you need to do is piece together all of the parts. The standard structure for a program is:

Conclusion
Now you should have a basic idea of how to put your trading system into code. Be sure to consult your trading application's documentation often, as it may contain pre-built calculations that you can use, code examples and much more that can help you to better understand the specifics. In the next part of this tutorial, we'll take a look at testing your new program both technically (to find errors in the code) and theoretically (to find errors in your logic).

Trading Systems Coding: The Coding Stage

2010-05-01T23:43:00.000-07:00

Now that we have a design document in hand, we can look at how these rules are put into code that a computer can understand. In this section, we'll break down a section of code and look at it piece by piece. For this example, we will use MetaTrader's programming language MetaQuotes II to build a very simple moving average trading system.

Defines: MATrendPeriod(100);

Var:MaCurrent(0),MaPrior(0);

If Bars < 100 Then Exit;

If FreeMargin < 1000 then Exit;

maCurrent =iMA(MATrendPeriod,MODE_SMA,0);

maPrior =iMA(MATrendPeriod,MODE_SMA,1);

If maCurrent > maPrior then

{SetOrder(OP_BUY,Lots,Ask,3,0,Ask+TakeProfit*Point,RED); Exit;};

If maCurrent < maPrior then

{SetOrder(OP_SELL,Lots,Bid,3,0,Bid-TakeProfit*Point,RED); Exit;};

The If/Then Format
After taking a brief look at this code, you should recognize a few elements that we touched on in the design phase. For example, you should recognize the If/Then format that we used when constructing our design. To get a better understanding of this code, let's break it down and analyze each part:

Defines: MATrendPeriod(100);

Var: MaCurrent(0),MaPrior(0);

Here, we're simply defining the moving average that we are using by saying that we want it to be an average of the last 100 bars. The Defines function here lets us do that for any type of data we want. After that, we simply invent two variables (items which we create to hold data) MaCurrent(0) and MaPrior(0). These two variables will hold the data that we will set in a later step.

If Bars < 100 Then Exit;

If FreeMargin < 1000 then Exit;

Here we see the If/Then format that we used in the design phase put to work. These two statements tell the computer to exit if certain conditions aren't met. Let's translate these two commands into English:

If Bars < 100 Then Exit; à "If there are fewer than 100 bars (data points) on the chart, then exit the program without doing anything.''

If FreeMargin < 1000 then Exit; à "If my account has less than $1,000 in available funds, then exit the program without doing anything.''

You can translate any criteria you want into this format and put it at the beginning of your program in order to adapt to certain situations.

Buy and Sell Signals

maCurrent =iMA(MATrendPeriod,MODE_SMA,0);

maPrior =iMA(MATrendPeriod,MODE_SMA,1);

Now let's make use of the two variables we described above. Let's take these statements apart to see what they are doing:

maCurrent = à Here we are telling the computer to assign the following information to "maCurrent''.

iMA(MATrendPeriod,MODE_SMA,0); à Here we are using a simple statement, which uses the following basic format: Study(TimePeriod,Mode,Start).

Note that you can replace iMA with MACD, RSI or any other studies your trading system may be using. You can also replace the parameters to suit your own system.

If maCurrent > maPrior then

{SetOrder(OP_BUY,Lots,Ask,3,0,Ask+TakeProfit*Point,RED); Exit;};

Now we are getting somewhere! Here is the part of the code that tells the computer when to buy. Notice that we are making use again of the If/Then format that we used in the design document. Let's translate this to English to see what's happening:

If maCurrent > maPrior then { à "If the current Moving Average is greater than the prior Moving Average, then…''

SetOrder( à "Create an order entry to …''

OP_BUY,Lots,Ask,3,0,Ask+TakeProfit*Point,RED à "Buy my defined number of lots at the ask price plus my take profit point, and mark it as a red point on the chart.''

); à "End the order.''

Exit; à "Exit the trading strategy.''

}; à "End the If/Then statement.''

Note that the Take Profit Point is something that is defined by users when they add the trading system to their charts. Also notice that we are buying at the ask price and selling at the bid price - this is a key feature, especially when creating a system for stocks.

If maCurrent < maPrior then

{SetOrder(OP_SELL,Lots,Bid,3,0,Bid-TakeProfit*Point,RED); Exit;};

Finally, we have our code that tells the computer when to take a short position. Note that this statement is almost identical to the "buy'' statement, aside from the OP_SELL instead of OP_BUY as well as the usage of the bid price as opposed to the ask price.

Conclusion
And there you have it - the bare bones of what a trading system code looks like. Please note that the above code is not a complete trading system, as it does not include any commands to close open positions. Such additional aspects can be implemented using a format similar to the code we've shown.

In the next section of this tutorial, we will go into greater depth regarding the specific ways in which your trading system can be converted to code.

Trading Systems Coding: System Design

2010-05-01T23:39:00.000-07:00

The first step when coding any application is the design phase. Whether coding a software application or a trading system, careful design and planning will help you finish in a shorter amount of time with fewer errors. We will be using a simple three-step process to design our trading system.

Step 1: Create Your Trading System Rules
The first step when designing a trading system is simply coming up with the rules by which your system will operate. There should be four core rules to every trading system:

1. Buy - Identify when you want to buy a position.
2. Sell - Identify when you want to sell a position.
3. Stop - Identify when you want to cut your losses.
4. Target - Identify when you want to book a gain.

So, for example:

1. Buy - When the 30-day moving average (MA) crosses above the 60-day MA
2. Sell - When the 30-day MA crosses below the 60-day MA
3. Stop - Maximum loss of 10 units
4. Target - Target of 10 units

This example system will buy and sell based on the 30- and 60-day moving averages and will automatically book gains after a 10-unit profit or sell at a loss after a 10-unit move in the opposite direction.

Step 2: Identify the Components of Each Rule
Now that we have our rules down, we need to identify the components involved in each rule. Each component should contain two elements:

1. The indicator or study used
2. The settings for the indicator or study

These components should be constructed by typing the shorthand name for the study, followed by the settings in parentheses. These settings in parentheses are referred to as "parameters" of the indicator or study. Occasionally, a study may have multiple parameters, in which case you simply separate them with commas.

Let's take a look at a few examples:

1. MA(25) - 25-day moving average
2. RSI(25) - 25-day relative strength index
3. MACD(Close(0),5,5) - Moving average convergence divergence set based on today's close, with a five-day fast length and a five-day slow length

If you are unsure of how many parameters a certain component requires, you can simply consult your trading program's documentation, which lists these components along with the values that need to be filled in. For example, we can see that Tradecision tells us that we need three parameters with MACD:

So, for the example mentioned in step one, we would use:

1. MA(30) - Meaning 30-day moving average
2. MA(60) - Meaning 60-day moving average

Step 3: Adding Action
Now we will add actions to our rules. Each action adheres to the following basic format:

IF Condition [WHILE Condition] THEN Action

Typically, the condition will consist of the components and parameters you created above, while the action will consist of buy or sell. Conditions may also consist of simple English if no component is present. Note that the "while" component is optional.

Here are a few examples to help illustrate this point:

* IF MA(30) Crosses Above MA(60) THEN Buy
* IF MA(30) Crosses Below MA(60) WHILE Volume(20,000) THEN Sell
* IF EMA(25) Is Greater Than MA(5) THEN Sell
* IF RSI(20) Is Equal To 50 THEN Buy

So, for the example we've been using, we'd simply list:

* IF MA(30) Crosses Above MA(60) THEN Buy
* IF MA(30) Crosses Below MA(60) THEN Sell
* IF our trade has 10 units of profit THEN Sell
* IF our trade has 10 units of loss THEN Sell

What's Next?
Next, we'll take a look at converting these rules into a code that your computer can understand!

Trading Systems Coding: Introduction

2010-05-01T23:37:00.000-07:00

Trading systems are simply sets of rules that traders use to determine their entries and exits from a position. Developing and using trading systems can help traders attain consistent returns while limiting risk. In an ideal situation, traders should feel like robots, executing trades systematically and without emotion. So, perhaps you've asked yourself: What's to stop a robot from trading my system? The answer: Nothing! This tutorial will introduce you to the tools and techniques that you can use to create your own automated trading system.

How Are Automated Trading Systems Created?
Automated trading systems are created by converting your trading system's rules into code that your computer can understand. Your computer then runs those rules through your trading software, which looks for trades that adhere to your rules. Finally, the trades are automatically placed with your broker.

This tutorial will focus on the second and third parts of this process, where your rules are converted into a code that your trading software can understand and use.

What Trading Software Supports Automated Trading Systems?
There are many trading programs that support automated trading systems. Some will automatically generate and place trades with your broker. Others will automatically find trades that fit your criteria, but require that you place the orders with your broker manually. Moreover, fully automatic trading programs often require that you use specific brokerages that support such features; you may also have to complete an additional authorization form.

Advantages and Disadvantages
Automated trading systems have several benefits, but they also have their downsides. After all, if someone had a trading system that automatically made money all the time, he or she would literally own a money making machine!

Advantages:

An automated system takes the emotion and busy-work out of trading, which allows you to focus on improving your strategy and money management rules.
Once a profitable system is developed, it requires no work on your part until it breaks, or market conditions demand a change.

Disadvantages:

If the system is not properly coded and tested, large losses can occur very quickly.
Sometimes it is impossible to put certain rules into code, which makes it difficult to develop an automated trading system.

In this tutorial you will learn how to plan and design an automated trading system, how to translate this design into code that your computer will understand, how to test your plan to ensure optimal performance and, finally, how to put your system to use.

Nikon to sponsor C4's Hollyoaks

2010-05-01T04:23:00.001-07:00

LONDON - Camera manufacturer Nikon has signed a five-month deal to sponsor teen soap 'Hollyoaks' across Channel 4, E4 and video-on-demand from tomorrow (1 May), to promote the Nikon Coolpix S3000 camera.

Hollyoaks: signs five-month sponsorship deal with Nikon

The sponsorship, negotiated by MediaCom Beyond Advertising, includes all ‘Hollyoaks' transmissions on Channel 4 and the digital youth station E4, as well as PC and TV video-on-demand until 30 September.

The idents are being produced by the Jung von Matt agency in Munich.

Jeremy Gilbert, group marketing manager at Nikon, said: "‘Hollyoaks' provides the perfect demographic to which we are able to communicate the strengths of the Coolpix S3000 camera. We are excited to be engaging with this new audience and look forward to seeing how viewers respond to the campaign."

The object of the sponsorship is to enhance the Nikon Coolpix brand perception and raise awareness within the young target audience in the UK.

Gilbert added: "The sponsorship is an ideal platform on which to communicate Nikon's new pan-European marketing campaign: 'I am Nikon', in that we are able to visually demonstrate the emotional side of photography and how it fits into your lifestyle."

‘Hollyoaks' was sponsored by Mars chewing gum brand Wrigley's Extra for five years between 2005 and 31 December 2009.

Renault launches Facebook game to engage city drivers

2010-05-01T04:21:00.000-07:00

LONDON - Renault has launched a Facebook game in an effort to target its super-mini Twingo model at younger, city-dwelling consumers.

Renault: implements Facebook campaign

In the Facebook app, created by Publicis Modem, the French manufacturer poses a series of questions about contemporary life in an attempt to engage male and female drivers between the ages of 20 and 35 years old.

Question include, "Ever added someone from school just to see what job they're doing now?" and, "Have you ever posted and deleted and then posted and deleted a comment on a friend's wall until you got it just right?".

Cristel Davila, Publicis Modem, said: "Facebook is both the embodiment of modern times and the perfect place to target our audience. From our side, it was crucial to get the questions and mechanics spot on, to ensure that this Twingo campaign had viral potential."

Separately, Renault is rolling out a new reality TV programme on its Renault TV platform. To promote the launch of its Mégane Coupé Cabriolet and Renault Wind coupé-roadster models, the marque is inviting consumers across Europe to audition to take part in a road trip. The show, entitled 'Very Good Trip', will screen in June and July.

Orange overhauls cinema ads after seven years

2010-05-01T04:20:00.001-07:00

LONDON - Mobile company Orange is overhauling its cinema Gold Spots ads for the first time in seven years, consigning its popular Orange Film Funding Board concept to the archives.

Orange: new ads to feature spoof movie trailers

The cinema ads, known as the Orange Gold spots, have featured the Orange Film Funding Board since 2003.

Up until now, the spots have featured various celebrities such as Snoop Dog pitching their film ideas to a panel of Orange producers, who have tried to change the storyline to fit around the Orange brand.

It has also reminded audiences to switch off their mobile phones.

The new ads, created by Fallon, will explore the format, "don't let a mobile ruin your movie", and Orange will feature in spoof movie trailers of forthcoming films.

Across cinemas nationwide from today (30 April), Orange's first Gold Spot ads will tie-in with this summer's blockbuster, 'The A-Team', in partnership with 20th Century Fox.

An all-star cast will feature in the ad including Hollywood actors Liam Neeson as Hannibal, Bradley Cooper from 'The Hangover' as Face, Quinton Jackson as BA and Sharlto Copley as Murdock.

The Orange Gold Spot actors reference blatant Orange branding in a tongue-in-cheek way, while comical scenarios take place involving the ‘bad guys'.

Spencer McHugh, Orange director of brand UK, said: "The opportunity to take over a real Hollywood film set, the movie and its cast, is a reflection of our commitment and support of the film industry – resulting in an ad with the wow-factor that we hope our Gold Spot fans will love."

2010-04-07T10:29:00.001-07:00

1. Cheryl Cole
2. Rihanna
3. Blake Lively
4. Leighton Meester
5. Alexa Chung
6. Dannii Minogue
7. Kate Moss
8. Victoria Beckham
9. Beyonce
10. Emma Watson

Gisele Bundchen

2010-04-07T10:28:00.001-07:00

Wedding

2010-04-07T10:27:00.001-07:00

Geithner Urges Europe to Revise Hedge-Fund Rule Plan (Update1)

2010-04-07T10:25:00.000-07:00

April 7 (Bloomberg) -- Treasury Secretary Timothy F. Geithner said European policy makers shouldn’t block U.S. investment funds from their markets and praised recent delays to a planned set of hedge-fund regulations.

“As you consider how to design this important set of reforms, I hope you will keep in mind our shared commitment to create regulatory reform that does not discriminate against foreign firms,” Geithner said in a letter to four European finance ministers released today by the U.S. Treasury.

Europe’s Alternative Investment Fund Management Directive, proposed a year ago, will limit hedge funds’ borrowing, require registration of funds with more than 100 million euros ($134 million) under management and impose limits on pay. One clause would prevent European funds from investing in pools based outside the region.

The letter follows Geithner’s warning last month to European Union financial services commissioner Michel Barnier that the rules would discriminate against U.S. funds. EU finance ministers delayed plans to discuss the planned regulations last month amid concerns that the plans could spark a trade war.

The rules “would discriminate against third-country funds and fund managers by denying them the opportunity to access the EU single market,” because only European firms would be eligible for a “passport,” Geithner said. “It is my hope that this provision will be revised” to grant access to non-European funds, fund managers and custodians, he said.

Geithner sent the letter to U.K. Chancellor of the Exchequer Alistair Darling, French Finance Minister Christine Lagarde, German Finance Minister Wolfgang Schaeuble and Spanish Finance Minister Elena Salgado Mendez. In the letter, he said the U.S. is working on its own proposals to strengthen the regulation of hedge funds, in keeping with international agreements made by Group of 20 nations.

playboy

2010-04-07T10:23:00.000-07:00

Susana Werner

2010-02-07T08:24:00.000-08:00

Ronaldo

2010-02-07T08:23:00.000-08:00

Hai vợ chồng thường xuyên tình tứ chốn đông người, ảnh trên Ego:

Miss world 2009

2009-12-04T08:43:00.000-08:00