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Making An International Currency Payment

Whether you need to pay a deposit on your holiday accommodation, or even if you just need to transfer Euros to pay your overseas household expenses or monthly bills, you still need to think about how you will make the payments. International Currency Exchange rates alter daily, high street banks do not necessarily offer the best deal and this can have an enormous impact on the amount you will eventually pay.

At, we understand the importance of getting value for money. That is why, after careful research, we formed a partnership with Global Currency Exchange Network (GCEN) to offer you the very best in foreign exchange services. Global Currency Exchange Network eliminates the risk of fluctuating currency rates by fixing the rate in advance of your purchase. GCEN has a thorough understanding and years of experience dealing with clients requiring foreign currency.

Our GCEN online payment gateway ensures that money can be transferred in a safe and secure way with payment being instant. All you need to do is follow the link through to register as a new client, fill out your details including your address, email and of course credit card details. Once a payment has been successful, you will receive an email confirmation for your records as proof of payment. As a registered client you will be entitled to preferential exchange rates for up two years as well being able to buy your currency in advance to ensure the best possible rate, save on fluctuation and of course send money to your overseas account.

To set up an account with the Global Currency Exchange Network please follow the link below:

Register with GCEN

Featuring Currency Case Illustrations
Nation - Google News
Nation - Google News
Google News

MPs back sugar tax and ban on junkfood ads during X-factor -
29 Nov 2015 at 5:01pm

MPs back sugar tax and ban on junkfood ads during X-factor
David Cameron is under mounting pressure to introduce a sugar tax as the Commons health select committee calls for a 20 per cent levy, and a ban on advertising junk food during family TV shows. The report from MPs comes as a coalition of almost 20 ...
Tax on sugary drinks backed by MPsBBC News
Radical Overhaul Needed To Beat Obesity - MPsSky News
Commons health committee puts weight behind UK sugar taxFinancial Times
Daily Mail
all 24 news articles »

Activists scale Buckingham Palace roof in fathers' rights protest - Telegraph...
29 Nov 2015 at 8:39pm

Activists scale Buckingham Palace roof in fathers' rights protest
A fathers' rights activist who spent nearly eight hours on a roof at Buckingham Palace said taking a bullet "would have been worth the risk". Martin Matthews, 48, and Bobby Smith, 33, managed to breach security by using a ladder to scale the roof of ...
Palace Roof Protester 'Was Prepared For Bullet'Sky News
Fathers' rights activists scale roof at Buckingham PalaceBBC News
Activists scale roof at Buckingham Palace in security breachTV Newsroom -Aberdeen Press and Journal -Comet 24
all 122 news articles »

Jeremy Corbyn on verge of whipping MPs to block Syrian air strikes - Telegrap...
29 Nov 2015 at 3:00pm

Jeremy Corbyn on verge of whipping MPs to block Syrian air strikes
Jerem Corbyn is on the verge of demanding that his MPs oppose military action in Syria, in a move that would provoke an unprecedented crisis in Labour's history and force shadow ministers to resign. Three senior allies of Mr Corbyn have told The ...
Syria air strikes: Corbyn to discuss views with shadow cabinetBBC News
Does Jeremy Corbyn only back bombs if they're aimed at fellow Brits?Daily Mail
What is the UK doing about Syria: 11 key questions answered ? InformationThe Times (subscription)
The Sun -Belfast Telegraph
all 2,829 news articles »

David Cameron trusts Lord Feldman more than anyone even George Osborne - Dail...
29 Nov 2015 at 5:36pm

Daily Mail

David Cameron trusts Lord Feldman more than anyone even George Osborne
Daily Mail
It is not just that he is the all-powerful chairman. Rather, that he is David Cameron's longest-standing political friend, closer to the Prime Minister than even George Osborne. But while this friendship has stood Feldman, 49, in good stead in the past ...
PM's ally Lord Feldman to be quizzed in Mark Clarke bullying
Pressure grows on Tory chairman Lord Feldman over bullying allegationsBelfast Telegraph
Victims dad calls for Cameron to sack Lord FeldmanThe Sun

all 540 news articles »

Princess Charlotte looks like Prince William in Kate Middleton's new photos -...
29 Nov 2015 at 7:42pm

Daily Mail

Princess Charlotte looks like Prince William in Kate Middleton's new photos
Daily Mail
Does Kate's blue-eyed girl remind you of anyone? Princess Charlotte looks just like her father in new photos taken by the Duchess of Cambridge. Two photos of baby Charlotte were taken by her mother Kate Middleton; Princess, who is six months old, has ...
Princess Charlotte pretty as a pictureIrish Independent
Princess Charlotte Is Cute As A Button In New Kate PicDaily Beast
Palace releases new photos of Princess CharlotteCNN International
NDTV -Tiverton Mid Devon Gazette
all 438 news articles »

No change in level of female high earners despite initiatives - Financial Times
29 Nov 2015 at 5:05pm

Financial Times

No change in level of female high earners despite initiatives
Financial Times
The proportion of female high earners in the UK has not budged in the past four years, despite initiatives to reduce the gender pay gap, according to new research. Data from HM Revenue & Customs show that women accounted for a little more than a ...
Proportion of women high earners 'still hasn't changed'Belfast Telegraph
Gender pay gap: Proportion of female high earners remains stubbornly unchanged ...City A.M.

all 11 news articles »

'Lucky' Labradoodle Lily rescued from Eastleigh well - BBC News
29 Nov 2015 at 7:16am

BBC News

'Lucky' Labradoodle Lily rescued from Eastleigh well
BBC News
A labradoodle has been rescued from an Eastleigh well after its disappearance sparked an overnight search. Four-year-old Lily went missing while being walked in woods off Chestnut Avenue on Saturday afternoon. A search, which lasted into the early ...
Breaking Dog rescued after falling down well in EastleighDaily Echo
Labradoodle Lily was stuck in a Eastleigh well for over 17 hours before she ...Daily Mail
Lucky Lilly the labradoodle rescued after falling down wellMetro
Eastleigh News -ITV News
all 11 news articles »

Finsbury Park mosque is targeted in a suspected arson attack on CCTV - Daily ...
29 Nov 2015 at 2:53pm

Daily Mail

Finsbury Park mosque is targeted in a suspected arson attack on CCTV
Daily Mail
This shocking footage shows the moment a mosque in North London was targeted in a suspected arson attack which police are treating as a hate crime. CCTV shows a man - described as white and wearing a hooded top - trying to set fire to the Finsbury Park ...
Man Sought Over Petrol Attack On MosqueEagle Radio
Cops hunting for camera clues on mosque arsonistThe Sun
Finsbury Park mosque targeted in suspected arson attackThe Guardian
Middle East Eye
all 31 news articles »

Teenage boy seriously hurt after being struck by vehicle on bypass - Mirror.c...
29 Nov 2015 at 10:25am

Teenage boy seriously hurt after being struck by vehicle on bypass
A teenage boy is seriously ill in hospital after being struck by a car on a bypass. The 16-year-old boy was hit by the vehicle at around 5pm yesterday. It happened on the A720 near the Dreghorn junction in Edinburgh, Scotland. Police Scotland said the ...
Teenager struck by car on City BypassScotsman
Edinburgh city bypass crash leaves teenager in 'serious condition'
Witness appeal after teenager injured on city byp...The Edinburgh Reporter
BBC News -Scottish Daily Record -Glasgow Evening Times
all 14 news articles »

Bono hires Douglas Alexander as adviser - Financial Times
29 Nov 2015 at 11:40am

Financial Times

Bono hires Douglas Alexander as adviser
Financial Times
If the general election had taken a different turn he could have been the UK's foreign secretary. Instead, he was one of the 40 Labour MPs swept away by the Scottish National party in May. Now, Douglas Alexander is poised to take up a very different ...
U2 frontman Bono confirms working relationship with former Labour MP Douglas ...Herald Scotland
Douglas Alexander teams up with Bono to tackle global povertyThe Guardian
Former Scots Secretary of State Douglas Alexander is hired by Bono as a ...Scottish Daily Record
The Times (subscription)
all 11 news articles »

Business News
Business News continually updated from thousands of sources around the net.

India's SpiceJet Says It's Received Interest From Gulf Airlines
29 Nov 2015 at 3:55pm

Indian budget carrier SpiceJet Ltd., which has surged more than 280 percent this year, said it's received interest from Gulf airlines looking to acquire a stake. "Some of the Gulf airlines have expressed an interest in SpiceJet as we have come back into the market, but this is not the right time to be diluting the equity," Chairman Ajay Singh said in Dubai Sunday, without naming the companies.

Google, Facebook in race to build high-altitude aircraft
29 Nov 2015 at 3:11am

In its quest to build a solar-powered drone that can beam the Internet down to Earth from 12 miles above, Titan is racing to beat a sleek rival, Facebook's boomerang-shaped Aquila plane, which is complete and awaiting testing over the United States. Tech giants Google and Facebook are dabbling in experimental aviation for the same reason they have invested in undersea cables and communications satellites: They hope to connect a larger portion of the world's people to the wonders -- and advertising -- of the Internet.

Bethesda nonprofit trying to bridge government and start-up community
28 Nov 2015 at 10:50pm

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Oil Majors Queue Up in Iran With $30 Billion of Projects in Play
28 Nov 2015 at 6:35pm

Total SA, Royal Dutch Shell Plc and Lukoil PJSC are among international companies that have selected oil and natural gas deposits to develop in Iran as the holder of the world's fourth-largest crude reserves presents $30 billion worth of projects to investors. Total is one of the companies that have been in the forefront of discussions and Eni SpA is also looking to invest, Oil Minister Bijan Namdar Zanganeh said.

American Express cuts back on perk for Small Business Saturday
28 Nov 2015 at 2:20pm

Kyle Miller helps a customer at Runner's Edge in the Andersonville neighborhood. Runner's Edge is among the shops taking part in Small Business Saturday.

1 dead, 3 injured in car crash on I-580 in Oakland
28 Nov 2015 at 10:06am

One person was killed and three others were injured when a driver lost control and crashed on Interstate 580 in Oakland Friday morning. One person was killed and three others were injured when a driver lost control and crashed on Interstate 580 in Oakland Friday morning.

Shopping Trips, Traps to Avoid This Holiday Season
28 Nov 2015 at 6:01am

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British Airways passengers who fled plane fire file lawsuit
28 Nov 2015 at 1:49am

In this Sept. 8, 2015, file photo, firefighters stand by a plane that caught fire at McCarren International Airport in Las Vegas.

BTG Declines a Third Day After Billionaire Esteves Jailed
27 Nov 2015 at 9:41pm

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Grupo BTG Pactual's shares fell for a third-straight day, even as the bank sought to reassure clients it's on solid footing after its billionaire controlling shareholder Andre Esteves was arrested this week in Brazil's sprawling corruption probe.

AIG Said to Mull Sale of Life Blocks as Icahn Seeks Breakup
27 Nov 2015 at 5:31pm

American International Group Inc., the insurer being pressured by activist investor Carl Icahn to boost returns, is considering the sale of blocks of life policies, according to people familiar with the company's planning. AIG is weighing the exit of some books of insurance contracts among other options, which could include the sale of life units, said the people, who asked not to be identified discussing private deliberations.

United CEO Visits Workers During Leave After Heart Attack
27 Nov 2015 at 1:21pm

Oscar Munoz, the chief executive officer of United Continental Holdings Inc., interrupted his recuperation from a heart attack to visit workers at the airline's operations center on Thanksgiving. United confirmed the visit to the Chicago facility and declined to provide further details.

U.K. arrests 4 KPMG executives on tax evasion charges
27 Nov 2015 at 9:15am

Four senior executives from the Belfast office of international accountancy firm KPMG have been arrested on tax evasion charges, but it is not known if the charges relate to their personal taxes or work on behalf of clients. "Pending further information and enquiry, we can confirm that four partners in our Belfast office are on administrative leave.

Why to Buy Beaten-Down Qualcomm Now
27 Nov 2015 at 6:14am

With its shares down some 34% in 2015 and down 30% over the past six months, Qualcomm has been one of the worst-performing stocks in the iShares PHLX Semiconductor ETF . But the San Diego-based company does pay a strong 48-cent quarterly dividend that now yields 3.92% annually, based on the stock's recent price level around $49.

Biggest Oil Buyers Pick Themselves as Winners From OPEC Meeting
27 Nov 2015 at 2:10am

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Oil buyers in Asia are sure of one thing as OPEC prepares to meet: They'll emerge as winners from the group's rift over production.

Black Thursday shoppers relish the thrill of the in-store hunt
26 Nov 2015 at 10:13pm

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BBC News - Business
BBC News - Business
The latest stories from the Business section of the BBC News web site.

HS2 section to open six years early
29 Nov 2015 at 5:00pm
The proposed high-speed rail link between Birmingham and Crewe will be opened six years earlier than planned, in 2027, Chancellor George Osborne says.

China's yuan set for IMF reserve status
29 Nov 2015 at 6:38am
The International Monetary Fund is expected to announce on Monday that China's currency, the yuan, will join the fund's select group of international reserve currencies.

Asian shares fall in cautious trade
29 Nov 2015 at 7:03pm
Asian shares trade mostly lower with positive economic data from Japan failing to inspire investors about growth in the world's third largest economy.
Rate-setter wants growth to stabilise
29 Nov 2015 at 12:02pm
The newest member of the Bank of England's Monetary Policy Committee says growth and wages are the things that will persuade him it is time for an interest rate rise.
Solar cuts 'threat to hundreds of jobs'
28 Nov 2015 at 7:39pm
Hundreds of solar power jobs have been lost owing to planned cuts to subsidies, according to a survey that suggests thousands more jobs could be at risk industry-wide.
Iran seeks $30bn of new oil contracts
29 Nov 2015 at 4:31am
Iran overhauls the way in which it offers contracts to foreign energy companies in a bid to attract up to $30bn of new investment.
BHP braces for Brazil dam lawsuit
29 Nov 2015 at 6:54am
Mining giant BHP is bracing for a $5.2bn lawsuit from Brazil's government over the devastating collapse at the Samarco mine.
Lufthansa agrees pay deal with staff
29 Nov 2015 at 4:40am
German airline Lufthansa strikes pay deal with 30,000 ground staff as it looks to avoid further strikes.
Hundreds more jobs saved at Caparo
28 Nov 2015 at 6:48am
A further 333 jobs are saved at steel company Caparo, administrators PwC announce.
Deals unveiled for new Help to Buy Isa
27 Nov 2015 at 5:12pm
Interest of up to 4% will be paid on new Help to Buy Isas - accounts aimed at helping potential property buyers save for a deposit.
Amazon UK reports biggest sales day
28 Nov 2015 at 6:12am
Online retailer Amazon says it has its biggest sales day ever in the UK as shoppers rush to buy bargains on Black Friday.
HSBC whistleblower jailed in absentia
27 Nov 2015 at 2:32pm
A Swiss court convicts a former HSBC worker for economic espionage and sentences him to five years in jail in absentia.

VIDEO: Victoria Alonsoperez, 28, Uruguay
16 Nov 2015 at 7:02am
Victoria Alonsoperez on how an outbreak of mad cow disease when she was a teenager inspired her latest venture.

VIDEO: Xian Xu, 28, China
16 Nov 2015 at 4:18am
Restaurant founder Xian Xu on the importance of finding the right partner to build her business with.
VIDEO: The most polluted city in China
29 Nov 2015 at 5:00pm
As leaders gather for the Paris Climate Change summit, Charlotte Glennie reports on China's most-polluted city.
Financial services company news -
Financial services company news -

Deutsche Börse to encourage hidden trades
29 Nov 2015 at 10:35am
Exchange to promote ?dark pool?-style dealing ahead of Mifid II overhaul
Private equity drawn to hedge funds
29 Nov 2015 at 10:15am
Credit Suisse and Goldman Sachs funds are the latest looking to buy stakes
Intesa Sanpaolo to open London office
29 Nov 2015 at 6:30am
Italian lender to target wealthy diaspora residing in capital
Noble liquidity squeeze in the spotlight
29 Nov 2015 at 5:57am
Trader strives to preserve investment grade rating by raising $500m from investors or asset sale
Dreyfus family asks to be bought out
29 Nov 2015 at 4:40am
Commodity trading dynasty seeks deal with billionaire heiress
Movers & shakers: November 30
28 Nov 2015 at 7:31pm
Unigestion hires hired David Latto as an equity portfolio manager
Never bite the hand that feeds you
28 Nov 2015 at 7:26pm
Chris Newlands finds asset managers refuse to criticise investment consultants on the record
US companies not disclosing climate risk
28 Nov 2015 at 7:25pm
Boeing, GE and P&G among 20 largest groups failing to disclose risks of climate change
Scare stories about bond market liquidity
28 Nov 2015 at 7:24pm
Don?t bank on a central bank bailout, warns Steve Johnson
UK railway pension culls hedge funds
28 Nov 2015 at 7:23pm
Railpen also plans to pull most of the $3bn it has invested in private equity funds
More children won?t fix China?s pensions
28 Nov 2015 at 7:23pm
The whole retirement system must be overhauled, says Robert Pozen
Hands finds little relief for care homes
27 Nov 2015 at 12:38pm
Terra Firma chief does not consider a major restructuring necessary over the next two years
Wealth managers divided on robo advice
27 Nov 2015 at 11:26am
Opportunity to engage the Millennial generation
HSBC leaker gets five years in prison
27 Nov 2015 at 10:09am
Hervé Falciani convicted in absentia after helping to spark tax evasion scandal
Q&A: Alliance Trust upheaval
27 Nov 2015 at 6:12am
Karin Forseke?s departure raises questions over leadership at investment group
Business News - Markets reports and financial news from Sky
Business News - Markets reports and financial news from Sky
Sky business news provides up to the minute reports on markets, share prices and the world economy, alongside expert business commentary.

HS2 Trains Due To Arrive At Crewe 6 Years Early
29 Nov 2015 at 8:07pm
The Chancellor says bringing forward the HS2 route is "a massive step in the right direction for the Northern Powerhouse".

Cyber Monday Shoppers Warned Over Scams
29 Nov 2015 at 5:27pm
Almost £1bn is expected to be spent online today, up from £720m last year, as retailers unleash another set of internet bargains.

Steel Jobs Saved As Caparo Business Sold
28 Nov 2015 at 8:01am
Unions hail the safeguarding of staff as "a sliver of good news" as the industry struggles with tough trading conditions.

Virgin Mortgages Heathrow Slots In £250m Deal
28 Nov 2015 at 11:50pm
Virgin Atlantic is close to unveiling an innovative deal to mortgage its Heathrow slots that will raise £250m, Sky News learns.

Curry Chef Shortage Creates Closure Crisis
29 Nov 2015 at 12:10am
Two curry restaurants a week are closing because there are not enough qualified chefs to cook the food.

Bumper Online Sales On Black Friday
27 Nov 2015 at 11:27pm
With so many people shopping online the high street was relatively quiet and there were none of the scuffles witnessed last year.

Asda In Black Friday U-Turn - On Fuel
27 Nov 2015 at 5:51am
The supermarket chain, which refused to take part in Black Friday, offers unleaded below £1 a litre - for three days only.

Arabic Graffiti Found On Four EasyJet Planes
27 Nov 2015 at 6:39pm
EasyJet says the inscriptions discovered on the inside of fuel panels and toilet doors were not considered to be a threat.

London House Prices Hit £500,000 Average
27 Nov 2015 at 10:13am
As UK house price growth shows signs of easing, the average cost of a home in the capital breaks through the half-million barrier.

Weak Trade Holds Back UK Economic Recovery
27 Nov 2015 at 3:50am
Figures confirm that growth slipped to 0.5% in the third quarter despite domestic consumer spending still powering ahead.
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Loonie and Aussie Share Downward Bond
by Adam Kritzer
30 Jun 2011 at 9:15am

In yesterday’s post (Tide is Turning for the Aussie), I explained how a prevailing sense of uncertainty in the markets has manifested itself in the form of a declining Australian Dollar. With today’s post, I’d like to carry that argument forward to the Canadian Dollar.

As it turns out, the forex markets are currently treating the Loonie and the Aussie as inseparable. According to, the AUD/USD and CAD/USD are trading with a 92.5% correlation, the second highest in forex (behind only the CHFUSD and AUDUSD). The fact that the two have been numerically correlated (see chart below) for the better part of 2011 can also be discerned with a cursory glance at the charts above.

Why is this the case? As it turns out, there are a handful of reasons. First of all, both have earned the dubious characterization of “commodity currency,” which basically means that a rise in commodity prices is matched by a proportionate appreciation in the Aussie and Loonie, relative to the US dollar. You can see from the chart above that the year-long commodities boom and sudden drop corresponded with similar movement in commodity currencies. Likewise, yesterday’s rally coincided with the biggest one-day rise in the Canadian Dollar in the year-to-date.

Beyond this, both currencies are seen as attractive proxies for risk. Even though the chaos in the eurozone has very little actual connection to the Loonie and Aussie (which are fiscally sound, geographically distinct, and economically insulated from the crisis), the two currencies have recently taken their cues from political developments in Greece, of all things. Given the heightened sensitivity to risk that has arisen both from the sovereign debt crisis and global economic slowdown, it’s no surprise that investors have responded cautiously by unwinding bets on the Canadian dollar.

Finally, the Bank of Canada is in a very similar position to the Reserve Bank of Australia (RBA). Both central banks embarked on a cycle of monetary tightening in 2010, only to suspend rate hikes in 2011, due to uncertainty over near-term growth prospects. While GDP growth has indeed moderated in both countries, price inflation has not. In fact, the most recent reading of Canadian CPI was 3.7%, which is well above the BOC’s comfort zone. Further complicating the picture is the fact that the Loonie is near a record high, and the BOC remains wary of further stoking the fires of appreciation by making it more attractive to carry traders.

In the near-term, then, the prospects for further appreciation are not good. The currency’s rise was so solid in 2009-2010 that it now seems the forex markets may have gotten ahead of themselves. A pullback towards parity – and beyond – seems like the only realistic possibility. If/when the global economy stabilizes, central banks resume heightening, and risk appetite increases, you can be sure that the Loonie (and the Aussie) will pick up where they left off.

SocialTwist Tell-a-Friend Tide is Turning for the Aussie due to lower commodity prices, low interest ra...
by Adam Kritzer
29 Jun 2011 at 10:40am

“Australia is about to enter a boom that should last decades…The Australian dollar is unlikely to go back to where it was, and manufacturing will shrink in importance to the economy, perhaps even faster than it has been.” This, according to Martin Parkinson, Treasury Minister of Australia. While 30 years from now, Mr. Parkinson’s prognosis might probe to be accurate, I’m not so sure it applies to the period 3 months from now. Here’s why:

First of all, the putative economic boom that is taking place in Australia is being driven entirely by high commodity prices and surging production and exports. Since peaking at the end of April, commodity prices have fallen mightily. You can see from the chart above that there continues to exist a tight correlation between the AUD/USD and commodities prices. As commodities prices have fallen over the last two months, so has the Australian Dollar.

In addition, while demand will probably remain strong over the long-term, it may very well slacken over the short-term, due to declining economic growth across the industrialized world.  Consider also that Australia’s largest market for commodity exports – China – may have difficulty sustaining a GDP growth rate of 10%, and at the very least, new fixed-asset investment (which necessitates demand for raw materials) will temporarily peak in the immediate future.

Finally, the mining sector directly accounts for only 8% of Australia’s economy, which means that only to a limited extent to high commodities prices contribute to the bottom line of Australian GDP. This notion is reinforced by the 1.2% economic contraction in the second quarter – the biggest decline in 20 years – and the fact that GDP is basically flat over the last three quarters. Many non-mining economic indicators are sagging, and the number of corporate bankruptcies is 10% higher than in 2010. In the end, then, the ebb and flow of Australia’s fortune depends less on commodities, and more on other sectors.

Mr. Parkinson’s optimistic forecasts might also be undermined in the short-term by a looser-than-expected monetary policy. The Reserve Bank of Australia last hiked its benchmark interest rate in November 2010, and may not hike again for a few more months due to moderating economic growth and proportionally moderate inflation. Given that an attractive interest rate differential may be driving some of the speculative activity that has girded the Aussie’s rise, a decline in this differential could likewise propel it downward.

That’s because anecdotal reports suggest that the Australian Dollar remains a popular long currency for carry traders, funded by shorting the US Dollar, and to a lesser extent, Japanese Yen. Given that many of these carry trades are heavily leveraged, it wouldn’t take much to trigger a short squeeze and a rapid decline in the AUD/USD. For evidence of this phenomenon, one has to look no further back than May 2010, when the Aussie fell 10-15% in only three weeks.

Ultimately, as one commentator recently pointed out, the Aussie’s 70% rise since 2008 might better be seen as US Dollar weakness (which also catalyzed the rise in commodity prices). The apparent stabilizing of the dollar, then, might let some air out of the currency down under.

SocialTwist Tell-a-Friend Emerging Market Currencies Brace for Correction Due to Market Uncertainty and...
by Adam Kritzer
28 Jun 2011 at 2:42am

“It was the spring of hope, it was the winter of despair,” begins Charles Dickens’ The Tale of Two Cities. In 2011, the winter of despair was followed by the spring of uncertainty. Due to the earthquake/tsunami in Japan, the continued tribulations of Greece, rising commodity prices, and growing concern over the global economic recovery, volatility in the forex markets has risen, and investors are unclear as to how to proceed. For now at least, they are responding by dumping emerging market currencies.

As you can see from the chart above (which shows a cross-section of emerging market forex), most currencies peaked in the beginning of May and have since sold-off significantly. If not for the rally that started off the year, all emerging market currencies would probably be down for the year-to-date, and in fact many of them are anyway. Still, the returns for even the top performers are much less spectacular than in 2009 and 2010. Similarly, the MSCI Emerging Markets Stock Index is down 3.5% in the YTD, and the JP Morgan Emerging Market Bond Index (EMBI+) has risen 4.5% (which is reflects declining growth forecasts as much as perceptions of increasing creditworthiness).

There are a couple of factors that are driving this ebbing of sentiment. First of all, risk appetite is waning. Over the last couple months, every flareup in the eurozone debt crisis coincided with a sell-off in emerging markets. According to the Wall Street Journal, “Central and eastern European currencies that are seen as being most vulnerable to financial turmoil in the euro zone have underperformed.” Economies further afield, such as Turkey and Russia, have also experienced weakness in their respective currencies. Some analysts believe that because emerging economies are generally more fiscally sound than their fundamental counterparts, that they are inherently less risky. Unfortunately, while this proposition makes theoretical sense, you can be assured that a default by a member of the eurozone will trigger a mass exodus into safe havens – NOT into emerging markets.

While emerging market Asia and South America is somewhat insulated from eurozone fiscal problems. On the other hand, they remain vulnerable to an economic slowdown in China and to rising inflation. Emerging market central banks have avoided making significant interest rate hikes (hence, rising bond prices) – for fear of inviting further capital inflow and stoking currency appreciation – and the result has been rising price inflation. You can see from the chart above that the darkest areas (symbolizing higher inflation) are all located in emerging economic regions. While high inflation is not inherently problematic, it is not difficult to conceive of a downward spiral into hyperinflation. Again, a sudden bout of monetary instability would send investors rushing to the exits.

While most analysts (myself included) remain bullish on emerging markets over the long-term, many are laying off in the short-term. “RBC emerging market strategist Nick Chamie says his team has recommended ‘defensive posturing’ to clients since May 5 and isn’t recommending new bullish emerging currency bets right now….HSBC said Thursday that it isn’t recommending outright short positions on emerging market currencies to clients but suggested a more ‘cautious’ and selective approach in making currency bets.” This phenomenon will be exacerbated by the fact that market activity typically slows down in the summer chart above courtesy of Forex Magnates) as traders go on vacation. With less liquidity and an inability to constantly monitor one’s portfolio, traders will be loathe to take on risky positions.

SocialTwist Tell-a-Friend NO QE3: What are the Implications for the Dollar?
by Adam Kritzer
25 Jun 2011 at 7:28am

The verdict is nearly in; there will be no QE3. The second round of quantitative easing (?QE2?) will expire at the end of this month, and while it will not be unwound for quite some time, the Fed has indicated that it will not be followed by yet another round. The question on the minds of forex traders, of course, is what does this mean for the Dollar?

In his most recent press conference, Ben Bernanke, himself, indicated that QE3 was unlikely. According to a survey conducted by Bloomberg News, the majority of FX analysts (65%) believe him. Simply, the circumstances don?t support further easing. To be sure, the unemployment rate remains high, and the economy is teetering on the verge of double-dip recession. However, the last two rounds did little to address either of these problems, and companies have hoarded cash rather than investing in new plant and workers.

Interest rates are still hovering around record lows, and there isn?t anything to be gained from trying to lower them further. Besides, given that inflation is now above 3% ? due to an explosion in good and energy prices ? QE3 would simply be too risky. Economist Ken Goldstein summarized the situation as follows: “We will come to the end of QE2 and largely we mark about how little happened when it ended and that?s also an argument about why there may not be persuasive argument to do a QE3.”

On the other hand, there are some analysts who think that QE3 is inevitable (29%). PIMCO?s Bill Gross, manager of the world?s biggest bond fund, recently indicated that, ?Next Jackson Hole in August will likely hint at QE3/interest rate caps.? (Personally, I think that he?s probably just bitter that his forecast of a decline in Treasury Bond prices hasn?t materialized). One columnist wrote that the Fed?s arm will be twisted by the ongoing collapse of the housing market, while others have argued that the recent decline in the S&P 500 will spur the Fed into action. Most of us, however, believe that the Fed will adopt a wait-and-see approach before ultimately conceding that more easing is necessary.

For now at least, then, the prevailing assumption is that there will not be a QE3. As for how forex markets have digested this news, they have taken it in stride. The Dollar is now holding its value, and as I wrote in a previous post, it may even have bottomed out. Of course, it doesn?t hurt that the Euro is being punished by another flare-up in the sovereign debt crisis and investors are getting nervous about bubbles in emerging market currencies, all of which provide support for the dollar.

The fact that QE2 will soon end without having triggered financial apocalypse or hyperinflation ? as some cassandras initially predicted ? is something that is worth nothing. Of course, the proceeds of QE1 and QE2 will be recycled indefinitely into the markets, and forex investors can?t completely put quantitative easing behind them. Still, that there won’t be any more additional cash injected into commodities markets and emerging economy asset markets means that one of the main sources of downward pressure on the dollar has been eliminated.

Ironically, it is possible that the unveiling of QE3 could actually cause the dollar to rally. The reason is that there is still a tremendous amount of uncertainty in the markets, which provides the dollar with some safe haven demand. If the Fed were to concede that all is not well on the economic front and respond by more money printing, it could drive some safe haven flows into the US, even to the extent that it would overwhelm outflows driven by concerns over inflation.

Personally, I think the dollar will continue to hold its value, and perhaps even appreciate slightly in the near-term, as forex markets dither over the way forward. SocialTwist Tell-a-Friend Swiss Franc is the Only Safe Haven Currency. The Franc is Starting to Distanc...
by Adam Kritzer
23 Jun 2011 at 10:11am

According to conventional market wisdom, there are three safe haven currencies: the Swiss Franc, Japanese Yen, and US Dollar. It is to these currencies that investors flock whenever there is a crisis, or merely an outbreak of uncertainty, and for much of the period following the collapse of Lehman Brothers, the three were closely correlated. As you can see from the chart below, however, one of these currencies has begun to distinguish itself from the other two, leading some to argue that there is now only one true safe haven currency: the Swiss Franc.

What’s not to like about the Franc? It boasts a strong economy, low inflation, and low unemployment. Unlike the US and Japan, Switzerland is not plagued by a high national debt and perennial budget deficits. Its monetary policy has been extremely conservative: no quantitative easing, asset-purchases, or any other money printing programs with euphemistic names.

Ironically, the only thing that makes investors nervous about the franc is that it has already risen so much. Remember when it reached the milestone of parity against the dollar in 2010? Since then, it has appreciated by an additional 20%, and seems to breach a new record on an almost weekly basis. The same goes for the CHF/EUR and CHF/JPY. The President of Switzerland’s export association is expecting further gains: “Parity is a realistic scenario. Given the indebtedness of the eurozone and the strong attraction of the franc, the euro is likely to continue to lose value.”

Given that Swiss exports have surged in spite of (or even because of) the rising Franc, however, he has very little to worry about at the moment. As you can see fromt he graphic below (courtesy of the Financial Times), the balance of trade continues to expand, and has exploded in a handful of key sectors. To be sure, economists expect that this situation will eventually correct itself and are already moving to revise downward 2011 and 2012 GDP growth estimates. Then again, they made the same erroneous predictions in 2010.

The main variable in the Swiss Franc is the Swiss National Bank (SNB). Having booked a loss of CHF 20 Billion from failed intervention in 2010, the SNB is not in a position to make the same mistake again. In fact, SNB President Philipp Hildebrand has not even stooped to verbal intervention this time around, undoubtedly cognizant of the fact that he has very little credibility in forex markets.

At the same time, the SNB is not in any hurry to raise interest rates, lest it stoke further speculative interest in the Franc. Its June meeting came and went without any indication of when it might tighten. Interest rate futures currently reflect an expectation that the first rate hike won’t come until March 2012. Thus, the downside of holding the Franc is that it will continue to pay a negative real interest rate. The only upside, then, is the possibility of further appreciation. Fortunately, the SNB is unlikely to stop the Franc from rising, since it serves the same monetary end as higher interest rates. In other words, a more valuable Franc serves as a direct check on inflation because it lowers the cost of commodity imports and should (eventually) soften demand for Swiss exports.

It is possible that the Swiss Franc will suffer a correction at some point, if only because it rose by such a large margin in such a short period of time. On the other hand, given that its economy has proved its ability to withstand the Franc’s appreciation, it’s no wonder that investors continue to bet on its rise.

SocialTwist Tell-a-Friend Is it Possible to Trade Forex Part-time?
by Adam Kritzer
22 Jun 2011 at 10:17am

This week, I came across an article in the San Francisco Gate (which, incidentally, has really ramped up its forex coverage over the last year) that addressed this very topic. Given that part-time forex traders probably outnumber those that practice the craft full-time, such an article was long overdue.

In sum, the author advises part-time traders to concentrate their trading during the busiest times of the day, or failing that, to simply trade the most active currency pairs during the period of the day that one happens to have time to trade. For example, if you wish to trade the USD/EUR but only have a limited amount of time to do so, you are advised to trade the opening of the New York and/or London sessions, at 8AM EST and 3AM EST, respectively. Alternatively, if you only have time to trade from midnight to 2am, for example, you are advised to trade currency pairs in which the quote currency is the Yen, because during that time the Tokyo session is “in full swing.”

Alas, this kind of strategy is based on a very dubious assumption, which is that you should aim to trade the currency pairs which are both the most liquid and most volatile (ignore the contradiction here), because this will yield the most profits. In other words, it’s easy to capture profits when trading pairs that tend to bounce around a lot and which are cheap and easy to buy and sell. Right?

If you read the Forex Blog with any regularity and are ware that my bend is towards fundamental analysis, it’s probably already obvious to you that I don’t think this is necessarily the case. Consider that forex is a zero-sum game. In other words, on average, 50% of traders win and 50% lose. [When you account for trading costs (i.e. spreads), its probably closer to 30% win and 70% lose, but let’s ignore this for the sake of argument]. Thus, the way I see it, a trader that enters the market during the busiest times has the same chance of winning (~50%) as a different trader that enters the market during the least busy time of day. Either way you cut it, someone has to win and someone has to lose, and no amount of liquidity or volatility can rectify this situation.

Thus, my advice for part-time traders is to forget trading altogether. If you don’t have the time to constantly monitor the market, pore over charts, and develop technical strategy, the odds of winning are pretty low. On the other hand, why not shift your focus from trading to investing? Trading is difficult under the best of circumstances and even more difficult when you don’t have enough time to make a real commitment.

The only way around this is to shift your time horizon from minutes to days – or even weeks. This way, it won’t matter when you have time to trade. Spreads might be marginally higher (as evidenced in the spikes in he chart above, which shows how spreads fluctuate over time) for the USD/EUR at midnight than at 8am, but if you’re planning on holding the pair for more than 10 seconds (and your target profit is greater than 15 pips), this is basically irrelevant.

This way, you also don’t have to worry about carefully planning your entry and exit into positions. Entering a swing trade with a targeted profit of 500pips is probably just as good at 4am as it is at 7am, all else being equal. While this doesn’t necessarily increase the odds of success (above 50%), at least it gives you a great deal more flexibility in being a part-time trader.

SocialTwist Tell-a-Friend Japanese Yen In "No Man's Land." When will the BOJ Intervene to stop its rise?
by Adam Kritzer
20 Jun 2011 at 8:52am

This, according to a hedge fund manager that has decided to cancel all of his fund’s bearish bets on the Japanese Yen. The reason: the yen is rising, and it’s unclear when – or even if – the government will intervene to push it back down. Even though the yen’s strength is fundamentally illogical, it seems that investors are growing increasingly wary of betting against it.

As I pointed out in my previous post on the Yen (“Japanese Yen Strength is Illogical, but Does it Matter?“), the yen has actually fallen over the last twelve months, on a correlation weighted basis (though to be fair, it has staged a pretty impressive comeback since the beginning of April). Unfortunately, investors mainly care about how it is performing against a handful of key currencies, namely the US Dollar. Simply, the yen continues to rise against the dollar, and it is unclear when it will stop.

Japanese government analysis has indeed confirmed that “speculators” are behind the strong yen, as the alleged wide-scale repatriation of yen by Japanese insurance companies has yet to materialize. Of course, there isn’t really much doubt: Japan’s economy is contracting, due to decrease in output spurred by the tsunami. In May, it recorded its second largest monthly trade deficit ever.

Meanwhile, interest rates and bond yields are pathetically low, and the Bank of Japan is being urged to expand its asset buying program, which would theoretically result in a devaluation of the yen. As  a result, retail Japanese forex traders (nicknamed “Mrs. Watanabes“) have resumed shorting the Yen as part of a carry trade strategy.

Alas, speculators either don’t share their pessimism or are running out of patience. While everyone continues to assume that the BOJ will intervene if the Yen rises to 80 against the dollar, no one can be sure whether the line in the sand might not be 78 or even 75. At this point, intervention seems to hinge more on politics than on economics, which means predicting it is beyond the scope of this post. In other words, “There is too much uncertainty and volatility in markets right now to make that yen trade appealing.” And sure enough, the most recent Commitments of Traders data shows that speculators have been re-building their yen long positions over the last month.

In the end, the speculators are probably right. The Bank of Japan has intervened twice over the last twelve months, and the impact has always been short-lived. Besides, given that many speculators still remain committed to shorting the yen, it remains extraordinarily vulnerable to the kind of short squeeze that sent it soaring 5% in a single session en route to the record high it touched in March.

I’m personally still bearish on the yen, but I also think it’s too risky to short it against the dollar, which seems to be declining for its own reasons. As you can see from the chart below, the yen has fallen against virtually every other major currency. Yen shorters, then, might be wise to avoid the dollar altogether and focus instead on any number of other currencies. SocialTwist Tell-a-Friend Forex Volatility Continues Rising. What are the Implications for the Euro?
by Adam Kritzer
17 Jun 2011 at 9:38am

This week witnessed another flareup in the eurozone sovereign debt crisis. As a result, volatility in the EUR/USD pair surged, by some measures to a record high. Even though the Euro rallied yesterday and today, this suggests that investors remain nervous, and that going forward, the euro could embark on a steep decline.

There are a couple of forex volatility indexes. The JP Morgan G7 Volatility Index is based on the implied volatility in 3-month currency options and is one of the broadest measures of forex volatility. As you can see from the chart above, the index is closing in on year-to-date high (excluding the spike in March caused by the Japanese tsunami), and is generally entrenched in an upward trend. Barring day-to-day spikes, however, it will take months to confirm the direction of this trend.

For specific volatility measurements, there is no better source of data than (whose founder, Arnaud Jeulin, I interviewed only last month). Here, you can find data on more than 30 currency pairs, charted across multiple time periods. You can see for the EUR/USD pair in particular that volatility is now at the highest point in 2011 and is closing in on a two-year high.

Meanwhile, the so-called risk-reversal rate for Euro currency options touched 3.1, which is greater than the peak of the credit crisis. This indicator represents a proxy for investor concerns that the Euro will collapse suddenly, and its high level suggests that this is indeed a growing concern. In addition, implied volatility in options contracts has jumped dramatically over the last week, which confirms that investors expect the euro to move dramatically over the next month.

What does all of this mean? In a nutshell, it shows that panic is rising in the forex markets. Last month, I used this notion as a basis for arguing that the dollar safe-haven trade will make a come-back. This would still seem to be the case, and should also benefit the Swiss Franc, which is nearing an all-time high against the euro. Naturally, it also implies that forex investors remain extremely concerned about a continued decline in the euro, and are rushing to hedge their exposure and/or close out long positions altogether. suggests that this could make the EUR/USD an interesting pair to trade, since large swings in either direction will necessarily create opportunities for traders. While I have no opinion on such indiscriminate trading [I prefer to make directional bets based on fundamentals], I must nonetheless acknowledge the logic of such a strategy. SocialTwist Tell-a-Friend Euro Nears Breaking Point
by Adam Kritzer
16 Jun 2011 at 8:33am

It’s deja vu all over again in the forex markets as another twist in the sovereign debt crisis has sent the euro tumbling by the greatest margin in nearly a year. It was only last month that I posted “The Euro (Still) has a Greek Problem,” and yet, forex markets are once again reacting to the possibility of a Greek default as thought it were a new development. At the very least, investors finally seem to be acknowledging the inevitable.

There have been several factors at work in this latest episode. On Monday, S&P downgraded its credit rating for Greece to CCC, following on a similar move by Moody’s. That means that Greece’s sovereign credit rating is now the lowest in the world, behind such eminent economies as Grenada and Ecuador. While the move was hardly noteworthy in itself, it represents one more straw on the camel’s back.

Greece’s government is increasingly unstable, and Prime Minister George Papandreou has become so desperate that he has suggested forming an alliance with Greece’s most powerful opposition party. Meanwhile, violent riots outside Greek Parliament have reportedly become a daily occurrence, as the Greek populace has proven unwilling to accept wage cuts and tax increases.

As if that weren’t enough, there is tremendous uncertainty surrounding the next stage of the Greek bailout. No one can agree on what amount to give and what should be stipulated in return. Some parties think that private investors should be involved in the bailout by taking a “haircut” on the bonds that they own. Some members of the eurozone are balking about contributing any funds at all, wary of justifying it to their own citizens and that it is merely forestalling the inevitable.

I think the NYTimes offered the best summary: “Funding fatigue is growing in the north European creditor countries, especially Germany, the Netherlands, Finland and Austria, just as austerity fatigue is mounting in Greece.” When you consider that Greek interest rates and credit default swap spreads have surged to record highs, it seems that default is really inevitable. If the IMF and European Union are so determined, they can push off default until 2013. Still, default now or default then is still default.

At this point, then, the only real question is what happens when Greece defaults. Will it be forced to leave the Eurozone? Will that push the rest of the Eurozone fringe closer towards default? Will the Euro collapse and cease to exist as a currency? What will happen then?

Unfortunately, I think the answer to all of these questions is yes. At the very least, Greece will be forced out of the eurozone. Bondholders will push interest rates in Ireland, Spain, and Portugal up to double-digit levels, trapping them in the same cycle in which Greece is currently ensnared. Given the exposure of French and German banks to the sovereign debt of financially troubled eurozone members, they will also require state bailouts, and so on.

In a recent op-ed published in The Financial Times, celebrity economies Nouriel Roubini argued that the only way to avoid a complete eurozone meltdown is if the euro depreciates rapidly “to restore competitiveness to the periphery” or if the European Union is able to rapidly achieve complete fiscal and economic union. Roubini argues that the former is difficult because of the ECB’s hawkishness, while the latter is precluded by political hurdles that remain too formidable to overcome.

As Greece inches ever closer to default, the markets will increasingly become gripped by utter uncertainty over the questions that I posed above. Central Banks will stop accumulating euro-denominated assets, and investment funds will similarly shun Europe. (In fact, there is already evidence that this is happening). While European interest rates are attractive relative to the rest of the G4, they are hardly enough to compensate investors for this uncertainty. And when the markets come to terms with this, the euro might finally reach its breaking point.

SocialTwist Tell-a-Friend S&P 500 Decouples from Euro?
by Adam Kritzer
14 Jun 2011 at 9:58am

While I have written quite about forex correlations in recent posts, the focus has primarily been on correlations that exist between currencies. In this post, I would like to address a correlation that exists between currencies and other forex markets- specifically the relationship between the Euro and US stocks.

If you look at the chart above, you can see that an unmistakable correlation exists between the S&P500 and the EUR/USD that stretches back at least six months. Generally speaking, when the EURUSD has risen, so has the S&P 500, and vice versa. In fact, this correlation is so airtight that one analyst recently discovered that the two financial vehicles often reach intra-day highs and lows within minutes of one another!

Why is this the case? In a nutshell, it is because the Euro – especially relative to the dollar – is a proxy for risk appetite. The same is necessarily true for US stocks. When investors are confident in the strength of the global economic recovery and the possibility of crisis is distant, the euro will rise. This has nothing to do with fundamentals in Europe, which are probably at least as bad as they are in the US. Of course, it may be connected with dollar weakness, since it is arguably the case that quantitative easing has both depressed the dollar and buoyed US stocks.

As I intimated in the title of this post, however, the S&P recently decoupled from the euro. Since the beginning of June, US equities have declined sharply, to the extent that they have given back most of their gains in the year-to-date. The EUR/USD, meanwhile, continued rising all the way until last week. While this has happened on a couple previous occasions, this was perhaps the sharpest break between the two.

I’m personally at a loss to explain why this happened. It has been conjectured that the driving force behind the correlation is algorithmic trading, and that hence, it must also represent the source of the break. In other words, high-frequency traders – which account for an ever-increasing proportion of forex volume – tweaked their trading algorithms so as not to buy the S&P 500 when the EURUSD rises, and vice versa.

It’s probably also the case that S&P 500 was falling for endogenous reasons- specifically a decline in GDP growth and earnings expectations which need not necessarily reflect itself in a stronger euro. In fact, in a normal functioning market, you would expect an inverse correlation; strong US economic fundamentals should translate into both a strong dollar and rising stocks. Could it be that worsening fundamentals are manifesting themselves in the form of a weak dollar and weak stocks?

Alas, the correlation has re-established itself over the last week, which means this is largely a moot issue. At the very least, it’s still worth being aware of, both insofar as it remains intact and in the event that it breaks down again.

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EUR/USD Prepares for its Most Important Week in Months (If Not Years!)
by Christopher Vecchio, Currency Strategist
28 Nov 2015 at 8:10am
Time to buckle up. Volatility is a near-certainty across EUR-crosses at the end of the week, with the ECB meeting on Thursday, both Draghi and Yellen speaking on Thursday, and the November US NFPs on Friday.

Weekly Trading Forecast: Expect FX Volatility with NFPs, ECB and Much More Ahead
by John Kicklighter, Chief Currency StrategistIlya Spivak, Currency StrategistChristopher Vecchio, Currency StrategistJames Stanley, Currency Analyst
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Coming off a holiday-tempered trading week, markets will be thrown right back into a period with shocking volatility potential. With key event risk every day each week, volatility and complacency may pose a severe risk to markets.

US Rate Speculation Versus a Tumultuous World of Fundamentals
by John Kicklighter, Chief Currency Strategist
27 Nov 2015 at 7:31pm
The week ahead is the antithesis of what we have come to expect from December.

Australian Dollar Faces Perfect Storm of Key Event Risk Ahead
by Ilya Spivak, Currency Strategist
27 Nov 2015 at 5:10pm
The Australian Dollar faces a perfect storm of volatility in the week ahead as high-profile event risk on the homegrown and the external fronts looms ahead.

How Much Air is Left in Gold Prices?
by James Stanley, Currency Analyst
27 Nov 2015 at 4:06pm
The past six weeks have been brutal for Gold, and this was really sparked by rate hike expectations out of the Federal Reserve, as the top in Gold meshes well with the bottom in the US Dollar (both taking place on October 15th).

How to Avoid a Liquidity Trap
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As the Fed nears what many expect to be the first rate hike in nine years, we may be nearing a watershed moment. Be careful, and don’t get snared by a liquidity trap.

Chinese Stocks Get Slammed as Regulators Pull Back Support
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27 Nov 2015 at 7:09am
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Why The Australian Dollar Is Beating the GBP and Euro
by Alejandro Zambrano, Market Analyst
27 Nov 2015 at 5:55am
The better than expected unemployment rate suggests that markets are too gloomy on the RBA, and I expect traders to unwind their bets on RBA rate cuts if the unemployment rate holds

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The Flipside of Mario Draghi’s Congested Trade
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Higher interest rates tend to support a stronger currency. For the US Dollar, gains after a December Fed rate hike are anything but certain.

Currency Swings in Thin Markets to Struggle for Follow-Through
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Copper Jumps to Report China Will Probe Short Sales; Oil, Gold Steady
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AUD/NZD Pullback Testing Pivotal Support
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A multi-year slope pivot appears to be providing interim support after hitting two-month highs this week. Here are the updated targets & invalidation levels that matter.

USD/JPY Continues to Coil Ahead of Japan CPI, Month-End Flows
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Bill Gates launches clean energy fund
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Adele's '25' sells record 3.38M copies in first week
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Adele's "25" sold an unprecedented number of copies its first week after release. It beat the previous single sales-week record by nearly a million copies.

New Amazon drone video via Jeremy Clarkson
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Competency of Viacom billionaire questioned in court
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Gold price plummets to almost 6-year low
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This $5 computer sold out in a day
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How to make Americans care about refugees
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Adele's '25' tops 3 million U.S. sales in a week
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Black Friday Turns Grey, Gold Loses Shimmer
29 Nov 2015 at 1:03am
Gold dropped almost two percent to a near six-year low on Friday, marking a sixth straight weekly decline under pressure from a firm U.S. dollar and prospects of a U.S. interest rate rise in December.
Asian Markets Down, European Markets Up, Metals Lose Ground
27 Nov 2015 at 12:42am
Asian markets slid in afternoon trading on Friday as reports from Japan and China kept investor confidence down.
ECB Easing Prospects Move Asian Markets
25 Nov 2015 at 11:32pm
Asian markets were up overnight Thursday on expectations of a tightening of U.S. economic policy and prospects of new European stimulus moves.
Market Jitters Finally Easing
25 Nov 2015 at 4:24am
The US Dollar Index is slowly recovering from its earlier retreat amid risk aversion in a trading week shortened by the American Thanksgiving holiday.
Oil Prices and Political Tensions Rise in Tandem
25 Nov 2015 at 3:12am
Turkey downed a Russian fighter jet on Tuesday after it strayed into Turkish airspace on the edge of Syria. Though the bond and currency markets didn't have much initial reaction this event, there was a notable reaction in the oil markets starting on Tuesday when U.S. crude prices rose more than 2.5 percent, testing low $40 levels.
Oil Prices Move Up on Global Crisis
25 Nov 2015 at 1:41am
Oil prices surprised analysts by inching up Tuesday on concerns about continued global tensions.
Euro?s Lift Temporary after PMI Release
24 Nov 2015 at 5:02am
As sentiment for the Dollar gets support on news that the Fed could make an unexpected announcement today, the Euro has suffered in its wake.
Arabcom Group Sponsors the 15th Annual MENA EXPO
9 Nov 2015 at 5:00pm
Arabcom Group is this year?s organizer of the 15th annual MENA Forex & Investment Mena Expo which will be held on the 26th and 27th of November 2015 at Westin Mina Seyahi Hotel, Dubai-UAE, where it is expected to welcome more than 1,500 visitors.
World Oil Glut Continues to Drag Down Prices
24 Nov 2015 at 1:19am
Oil prices continue to move downwards despite U.S. and Middle East promises to cut production and diminish the glut.
Argentina?s Macri Faces Tough Economic Reforms
23 Nov 2015 at 11:29pm
With 98% of the vote counted, opposition candidate Mauricio Macri is poised to become Argentina's next President.
Fed to Make Surprise Announcement
23 Nov 2015 at 2:25am
The Fed will be making a surprise announcement at an unscheduled meeting this morning and analysts are expecting to hear about an interest rate hike earlier than the December date discussed until now.
Weekly Economic & Political Timeline
22 Nov 2015 at 2:44am
The week ahead is very likely to be much quieter than last week as there is only a small volume of data releases scheduled. These scheduled announcements cover only 5 currencies. Get the economic and political calendar for the popular currencies for the week of November 23, 2015 here.
BOJ Watches Financial Stability
22 Nov 2015 at 1:14am
With all eyes still focused on the next Fed interest rate hike, the Bank of Japan reported that it is prepared to continue its program of quantitative and qualitative monetary easing (QQE) as long as necessary to meet its 2% inflation goal, but is prepared to make adjustments if necessary.
Asia Posts Slight Gains, Commodities Continue to Drop
20 Nov 2015 at 12:17am
Asian shares held on to this week's gains Friday, while the dollar stepped back from seven-month highs on concerns of higher U.S. borrowing costs and slower global economic growth.
Deutsche Bank Banking on December Rate Hike
19 Nov 2015 at 12:42am
Global focus on a December interest rate hike by the U.S. Federal Reserve is accelerating.