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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

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Nation - Google News
Nation - Google News
Google News

Tata Steel UK: David Cameron urges caution on jobs deal - The Guardian
25 May 2016 at 5:14am

The Guardian

Tata Steel UK: David Cameron urges caution on jobs deal
The Guardian
David Cameron has warned that there is no guarantee that attempts to save 12,000 jobs at Tata Steel UK will succeed as the Indian company's board meets in Mumbai to consider bids for its British business. The prime minister said his government was ...
Cameron says bids for Tata UK "encouraging"Daily Mail
Steelworkers to protest as Tata considers bids for UK plantsITV News
What next in the sales process of Tata's UK steel businessWalesOnline
Sky News -Hartlepool Mail -South Wales Evening Post -London24
all 140 news articles »

Lord Sugar hired as the Government's 'Enterprise Tsar' -
25 May 2016 at 5:41am

Lord Sugar hired as the Government's 'Enterprise Tsar'
Lord Sugar, the entrepreneur and Apprentice star, has been hired as the Government's Enterprise Tsar under a drive to encourage young people to start their own business. The move has been seen as a huge coup for the Conservatives, given that Lord ...
Alan Sugar is rehired as government's enterprise tsarFinancial Times
David Cameron's new enterprise tsar proves to be a problematic (blog)
You're hired! Lord Sugar named as government's enterprise tsarThe Guardian
Sky News -Evening Standard -City A.M.
all 26 news articles »

Tory MP accuses Osborne of 'planning to break law' over EU referendum - The G...
25 May 2016 at 6:43am

The Guardian

Tory MP accuses Osborne of 'planning to break law' over EU referendum
The Guardian
Bernard Jenkin has accused the chancellor of trying to 'bludgeon the British voter' into supporting the EU. Photograph: Richard Gardner/Rex Shutterstock. Rowena Mason Political correspondent. Wednesday 25 May 2016 08.43 EDT. Share on Facebook ...
EU Referendum: 30 MPs and peers demand government removes pro-EU websites by end of
Brexit Tory MPs turn on George Osborne over 'pro-EU propaganda'

all 5 news articles »

EU referendum: Brexit would add years to austerity, says IFS - The Week UK
25 May 2016 at 3:06am

The Week UK

EU referendum: Brexit would add years to austerity, says IFS
The Week UK
He signed an open letter as one of 250 celebrities saying Britain would be culturally better off in the EU. Page 1 of 22EU referendum: Brexit would add years to austerity, says IFS. 1EU referendum: Brexit would add years to austerity, says IFS; 2EU ...
EU referendum: The politics behind the £350M figureBBC News
The Vote Leave campaign resorts to conspiracy theoriesFinancial Times
IFS warns Brexit would extend austerity for two more yearsThe Guardian
Daily Mail -Belfast Telegraph -Herald Scotland
all 57 news articles »

Brexit arguments have left us baffled: are we better off in or out? - AOL Mon...
25 May 2016 at 6:22am

AOL Money UK

Brexit arguments have left us baffled: are we better off in or out?
AOL Money UK
Every day there's a new claim about Europe. The 'leave' camp tells us that we'll be far better off when we stop sending millions to Europe, and that a slight drop on the value of the pound would boost exports. The 'remain' camp, meanwhile, argues that ...
Dan Jarvis MP: Why I am making the patriotic case to stay in the EUYorkshire Post
Former Navy leaders urge past and present servicemen to vote to leave EUPortsmouth News
Dan Jarvis :Let Us Choose to Be Great, Not Little, BritainHuffington Post UK
LabourList -ITV News -Town Hall
all 24 news articles »

British voters evenly split ahead of EU referendum - YouGov poll - Reuters UK
24 May 2016 at 6:05pm

Reuters UK

British voters evenly split ahead of EU referendum - YouGov poll
Reuters UK
Britons are evenly split on whether the country should remain or leave the European Union, a YouGov poll showed on Wednesday, as the In campaign struggles with poor voter support for its leader Prime Minister David Cameron. A YouGov poll for the Times ...
Can you trust the EU referendum polls?The Conversation UK
POLL: 93% of our readers want to LEAVE EU with just 30 days until
EU referendum polls: Round-up of all polling data over the last nine monthsMetro
Herald Scotland
all 11 news articles »

Missing David Cauldwell: Two bodies found in Torquay - BBC News
25 May 2016 at 5:44am

BBC News

Missing David Cauldwell: Two bodies found in Torquay
BBC News
Police searching for a missing man have discovered what they believe to be his body and a second set of human remains nearby. The two bodies were found on the coastal path in Petitor Woods in Torquay. David Cauldwell, 39, was reported missing from the ...
Police searching for missing man find two bodies in TorquayThe Guardian
Police find body believed to be missing man near other human
Bodies update: Human remains found by Dartmoor search team looking for Torquay man Dave CauldwellTorquay Herald Express
Eagle Radio -ITV News -View News
all 15 news articles »

Labour scores review of Snoopers' Charter's bulk powers from - The Reg...
25 May 2016 at 3:32am

The Register

Labour scores review of Snoopers' Charter's bulk powers from
The Register
IPB Bulk hacking and data collection powers in the Snoopers' Charter are going to be scrutinised by an independent reviewer grudgingly appointed by the government after pressure from Labour. Theresa May's plans to rush the Investigatory Powers Bill ...
Theresa May Promises Snoopers Charter ReviewTechWeekEurope UK
UK surveillance bill's controversial bulk powers to be reviewedTechCrunch
Snoopers' Charter: Theresa May promises review of unpopular bulk data collection plansInquirer
BBC News -Computer Business Review -Engadget
all 13 news articles »

CBI chief warned Jeremy Corbyn's 'big business bad' message is damaging Labou...
25 May 2016 at 3:55am

CBI chief warned Jeremy Corbyn's 'big business bad' message is damaging Labour's links with companies
The head of Britain's biggest business body has privately warned that Labour's relationship with leading companies is being damaged under Jeremy Corbyn's leadership. Carolyn Fairbairn, the CBI director general, told Labour MPs last month that major ...
Political Satire For The Corbyn Era: A View From Islington North, ReviewedLondonist
Supporters greet Jeremy Corbyn at Hastings rallyHastings and St. Leonards Observer
Spitting Image satirist Alistair Beaton puts Jeremy Corbyn on a West End stageIslington Gazette
The Guardian -The Independent (blog) -Daily Mail
all 43 news articles »

School minibus driver saves children when road gives way as Worcestershire br...
25 May 2016 at 6:25am

School minibus driver saves children when road gives way as Worcestershire bridge collapses into river
A school minibus driver has described how he saved the lives of 11 children by reversing off a bridge as it collapsed into a river. The Grade II-listed Eastham Bridge was reduced to rubble after it crumbled into the River Teme in the market town of ...
Bridge collapse school bus driver saves Tenbury Wells pupilsBBC News
Seconds from disaster: two school buses reversed off collapsing bridgeMalvern Gazette
Eastham Bridge in Tenbury Wells COLLAPSES moments before drivers crossedDaily Mail
Hereford Times -Worcester News -Tenbury Wells - Tenbury Blog (blog)
all 11 news articles »

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

Wall Street Said to Find Buyers for Veritas's Hung LBO Financing
25 May 2016 at 3:09am

Wall Street banks left holding the bag on last year's biggest leveraged buyout amid tremors in credit markets are starting to find more investors willing to take it off their hands. Lenders led by Morgan Stanley and Bank of America Corp. sold about $450 million of unsecured bonds this week that back Carlyle Group LP's purchase of Symantec Corp.'s Veritas data-storage unit, according to a person with knowledge of the matter.

Sony's Profit Forecast Misses Estimates on Earthquake Damage
24 May 2016 at 11:00pm

Sony Corp. forecast annual profit that fell short of estimates, hurt by costs to repair a factory that was damaged in the Kyushu earthquake, lost sales and slowing demand for smartphone components. Net income will probably decline 46 percent to 80 billion yen in the 12 months ending March 2017, the Tokyo-based company said in a statement Tuesday.

Tiger Cub Snoddy's Hedge Fund Firm Tops $2 Billion in Assets
24 May 2016 at 8:59pm

The Asia-focused hedge fund group headed by Tiger Management alumnus David Snoddy has increased assets to more than $2 billion by tapping U.S. investors. Snoddy, 48, who ran the Tokyo office for Julian Robertson's Tiger before setting up Nezu Asia Capital Management in 2000, moved to New York in 2010 and raised cash from investors including his former boss, he said.

Oil's Recovery Under Threat as Tankers Run in Circles Off China
24 May 2016 at 4:42pm

In late February, the tanker Jag Lok loaded oil from Equatorial Guinea in western Africa and set sail for the Chinese port of Qingdao, the gateway to the world's newest buyers of crude, a journey of more than 12,000 nautical miles. After reaching its destination in early April, the ship churned in circles for 20 days before it got a chance to deliver its cargo.

Morgan Stanley's Gorman Says - Stay Tuned' for Better Returns
24 May 2016 at 12:13pm

Morgan Stanley Chief Executive Officer James Gorman sounded a positive note about the Wall Street bank's business, telling investors to "stay tuned" for better performance as markets recover. Speaking to Bloomberg Television in Beijing, where the firm is hosting its China summit, Gorman said a 6 percent return on equity in the first quarter was in "a very challenging environment" and he sees "a lot of upside."

Haley, GOP governors ask FCC to address prison cellphones
24 May 2016 at 7:40am

Gov. Nikki Haley is among 10 Republican governors urging the head of the Federal Communications Commission to give states more autonomy in fighting the issue of cellphone that inmates have illegally in prison. Haley on Monday wrote to FCC Chairman Thomas Wheeler encouraging him to give states "flexibility and authority" to deal with the issue, universally seen as a security threat.

Ares Capital to Buy American Capital in $3.4 Billion Deal
24 May 2016 at 3:27am

Ares Capital Corp., the publicly traded lender managed by alternative-investment firm Ares Management LP, will acquire American Capital Ltd. in a deal valued at $3.4 billion. Ares Capital will pay $14.95 a share in cash and stock for Bethesda, Maryland-based American Capital, the companies said in a statement Monday.

Britain, Sweden Urge Caution as EU Crafts Internet Regulations
23 May 2016 at 10:48pm

The U.K., Sweden and 12 other European Union nations are urging caution on any new rules on Internet services, lining up against earlier French and German calls for curbs on the growing power of Google and other online companies. Regulators "should refrain from one-size-fits-all regulation" for so-called online platforms and consider alternatives before "adding new burdensome" laws, the European governments said in the letter addressed to the Netherlands, which currently holds the EU presidency and leads any legislative negotiations.

Sky, Iliad Said Among Suitors Weighing Italian Wireless Assets
23 May 2016 at 6:26pm

VimpelCom Ltd. and CK Hutchison Holdings Ltd., seeking to address antitrust objections to the planned merger of their Italian mobile-phone units, are in talks with Sky Plc, Iliad SA and other suitors to sell assets that would be used to create a new wireless network in the country, according to people familiar with the matter. The talks are fluid and it's too soon to tell who will ultimately join forces, said the people, who asked not to be named because the negotiations are private.

Crowdfunding Sites Connect Chinese Tech to Eager Foreign Backers
23 May 2016 at 1:59pm

Online crowdfunding sites have been the place to raise money to research the theory of everything or back a San Francisco startup. Now, Chinese tech companies are using them to crack the U.S. market.

India's Mini-Shuttle Blasts Into Elon Musk's Race for Space
23 May 2016 at 9:38am

India successfully launched a scale model of a reusable spacecraft on Monday, a project that in time could pit the nation against billionaires Jeff Bezos and Elon Musk in the race to make access to space cheaper and easier. The winged vessel -- one-fifth of full size -- blasted off on a rocket from Sriharikota base on the southeastern coast, the Indian Space Research Organisation said.

StanChart, DBS's Trade Finance Distributed Ledger: How It Works
23 May 2016 at 5:08am

Standard Chartered Plc and DBS Group Holdings Ltd. developed and tested a distributed ledger late last year that may offer a solution to the risk of multiple-invoice fraud faced by the largest trade-finance banks. The trial, code-named TradeSafe, involved as many as 60 mock invoices lodged on a ledger that utilized Ripple technology, a parallel platform to blockchain.

Toyota Teaming With Segway Inventor Kamen on Better Wheelchairs
23 May 2016 at 1:01am

Toyota Motor Corp. said it will work with Dean Kamen, inventor of the Segway human transporter, to develop advanced wheelchairs for disabled people and aging populations worldwide. The agreement announced Saturday gives the world's largest automaker a license to use balancing technology that Kamen has installed in prior generations of wheelchairs for medical rehabilitative therapy and other purposes.

IBM Looks To Watson To Fight Online Criminals And Filter The Flood Of Securit...
22 May 2016 at 8:50pm

The company will be teaching the AI tool to read security advisories and advise system administrators on keeping out hackers. Worldwide spending on cybersecurity likely topped $75 billion last year, researchers at Gartner estimated , with companies more wary than ever of the risks posed by data breaches and other digital attacks.

Freeport Quits Oil IPO as Industry Crisis Thwarts Sale Plan
22 May 2016 at 4:33pm

Freeport-McMoRan Inc.'s failed attempt to offload its energy business has culminated in the copper miner withdrawing its registration to sell shares in the unit. "At this time the company has determined not to proceed with the initial public offering contemplated by the registration statement," the Phoenix-based said in a filing Friday.

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

M&S warns revamp plan will hit profits
25 May 2016 at 4:26am
Marks and Spencer's new boss unveils plans to revive the retailer's clothing and homeware business, but warns the changes will hit profits.
Taxpayers 'lost £97m' calling HMRC
24 May 2016 at 5:05pm
Taxpayers who were forced to wait for up to an hour when phoning HM Revenue and Customs lost the equivalent of £97m last year, NAO says.
Shell to cut another 2,200 jobs
25 May 2016 at 5:40am
Royal Dutch Shell is to cut at least another 2,200 jobs, in addition to 10,000 announced earlier this year.
Model agencies accused of fixing prices
25 May 2016 at 3:47am
The UK's five top model agencies are accused of collusion and price fixing by the competition regulator.
Last-minute rescue bid for BHS emerges
25 May 2016 at 7:07am
A new consortium led by a former Mothercare director is thought to be the frontrunner to rescue department store chain BHS as the threat of liquidation looms.
Tata considers bids for UK steel plants
25 May 2016 at 6:59am
Business Secretary Sajid Javid and Welsh First Minister Carwyn Jones are in Mumbai for a Tata board meeting to discuss bids for its UK steel operations.
Landmark deal unlocks ?10.3bn for Greece
25 May 2016 at 2:38am
Greece agrees a deal to get further funds from its international creditors as eurozone finance ministers hail a "breakthrough".
Plan to switch mortgages 'in seven days'
25 May 2016 at 4:49am
Homeowners could be offered the option of switching their mortgage supplier within a week, under plans being considered by the government.
Brexit could extend austerity, IFS says
25 May 2016 at 5:02am
The Institute for Fiscal Studies says leaving the EU could lead to more austerity - but Vote Leave calls the think tank "a propaganda arm" of Brussels.
Lord Sugar re-hired as government 'tsar'
25 May 2016 at 3:11am
Apprentice star Lord Sugar has been appointed as the government's enterprise tsar.
FTSE 100 higher despite M&S share fall
25 May 2016 at 5:45am
Banking shares help to lift the FTSE 100, but shares in M&S slide after the retailer says its turnaround plan is set to hit profits.
Online ticket sites 'breaking law'
25 May 2016 at 2:49am
Music and theatre tickets are being sold unlawfully on the UK's biggest secondary websites - including Viagogo, Stubhub and Seatwave - says Which?

VIDEO: 'Ask new M&S boss to come and speak to me'
25 May 2016 at 2:08am
What do women want from High Street stalwart Marks and Spencer?

VIDEO: 'We're changing in-store environment'
25 May 2016 at 2:01am
Marks and Spencer chief executive Steve Rowe says he has a plan in place to recover sales in the clothing and home sections.
VIDEO: Tackling abuse on Twitter a 'priority'
25 May 2016 at 1:35am
Twitter has introduced changes in the hope of regaining popularity, but progress takes time, chief executive Jack Dorsey tells the BBC.
Financial services company news -
Financial services company news -

Unhappy millennials want the same thing
24 May 2016 at 10:30pm
Drudgery of entry-level jobs in professional services is rife, writes Maximillian Kaupp-Roberts
Vanguard targets Europe with new funds
24 May 2016 at 4:00pm
Fastest-growing asset manager seeks to export US price war
Advisers to BHS buyer to face MPs
24 May 2016 at 12:37pm
Grant Thornton and Olswang will be asked why they agreed to team up with Dominic Chappell
Wells Fargo downgrades financial targets
24 May 2016 at 12:00pm
US banking sector has been hit by persistently low interest rates and tougher regulations
Market place lending: peer to peer pressure
24 May 2016 at 11:26am
An innovation born out of crisis may struggle as conditions normalise
How a Malaysian scandal hit a Swiss bank
24 May 2016 at 10:40am
Why BSI ran into trouble in Europe and Asia over the ever-expanding 1MDB affair
MasterCard to trial robot in Pizza Hut
24 May 2016 at 5:15am
Childlike android comes of age taking orders and payments
Europe?s regulatory crackdown set to ease
24 May 2016 at 4:31am
Growth concerns to trump systemic risk fears, as industry?s call for overview of rules are heeded
Nationwide sees surge in mortgage lending
24 May 2016 at 1:42am
UK?s largest building society warns that its profits will come under pressure from intensifying competition
Old Mutual nears deal to sell US business
23 May 2016 at 11:31pm
Board ?endorses? deal with New York-listed AMG as part of South African group?s retrenchment
Swift outlines plan against cyber theft
23 May 2016 at 5:01pm
Bank payment system network plans to share information and beef up fraud detection
Goldman warned Green aide about BHS buyer
23 May 2016 at 1:53pm
Advisers and former management questioned on retail chain?s collapse
BHS leaves Goldman with sucker scars
23 May 2016 at 12:47pm
The retailer?s collapse means former owner Arcadia is now an embarrassing client
Ares to buy American Capital for $3.43bn
23 May 2016 at 11:21am
Business development company sector has faced attacks by activist investors
Hedge fund activism takes root in Europe
23 May 2016 at 9:07am
Engaging with companies, not writing angry letters, pays off
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.

New M&S Boss Sets Out Price Cutting Plan
25 May 2016 at 2:58am
Steve Rowe pledges to win back "Mrs M&S" but shares plunge after he admits that his plans for price cuts will hit profits.

Oil Giant Shell Cuts Further 475 UK Jobs
25 May 2016 at 4:57am
The latest cuts represent a new blow to workers in the North Sea, which has been badly hit by the collapse in the oil price.

Brexit Would Cost UK £40bn, Warns Report
25 May 2016 at 4:16am
Leave campaigners accuse Institute for Fiscal Studies of being an EU "propaganda arm" after it publishes a stark Brexit warning.

Former Comet Owner Plots Fitness First Bid
25 May 2016 at 5:50am
The controversial former owner of Comet and MFI is trying to buy the UK operations of Fitness First, Sky News can reveal.

Tata Board Meets To Consider UK Steel Bids
25 May 2016 at 6:25am
Bosses are due to finalise a shortlist of bidders as steelworkers march in Westminster to plead for help in protecting their jobs.

HMRC Call-Handling Woes 'Cost Taxpayers £97m'
24 May 2016 at 1:06pm
The body that fines you for late tax returns is slammed for customer service failures that left taxpayers footing a bill.

Former Mothercare Boss In Last-Minute BHS Bid
25 May 2016 at 4:08am
Greg Tufnell, brother of former cricketer Phil, leads a new consortium aiming to rescue the collapsed high street retailer.

Alan Sugar Appointed Enterprise Tsar ... Again
25 May 2016 at 3:40am
A year after quitting Labour, Lord Sugar returns to the role of Government enterprise tsar that he once held under Gordon Brown.

Seven-Day Switch Plan Would Mean 'Better Deals'
24 May 2016 at 9:51pm
Consumer groups say the plans would force many service providers to "up their game".

New Greek Bailout Package 'Is A Breakthrough'
24 May 2016 at 9:27pm
The struggling country will receive billions more in funding, and may receive debt relief to make its finances more sustainable.
Forex Blog
Learn about the world of Forex

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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Ahead of G7 Greenback Loses Momentum
19 May 2016 at 5:22am
There?s growing certainty that the Federal Reserve Bank is likely to boost interest rates within the next quarter.
US Jobless Claims to Slide in Today?s Report
19 May 2016 at 5:20am
Several economic reports are due out today. The first one out should be the monthly update on British retail spending. So far, despite warnings of possible negative repercussions if the UK quits the EU, so far there hasn?t been any sign of a Brexit fallout in the labor market data for April.
FOMC Minutes: June Rate Hike More than Likely, Dollar Moves Up
19 May 2016 at 12:56am
The minutes from the April FOMC meeting are out and not everyone is pleased with the content. The minutes increased the likelihood of an interest rate hike, sending the dollar higher Thursday and confusing Asian markets.
Pound Pressured as Brexit Vote Looms
18 May 2016 at 5:23am
The Pound Sterling advanced against the common currency Euro and struck a 2½ week peak earlier today after the latest UK poll showed a 44% lead in favor of remaining within the European Union.
Stocks Take a Beating as Rate Hike Possibility Returns
18 May 2016 at 3:41am
Speculation is heating up before the 2 p.m. release of the minutes from the last FMOC meeting. Both equity and bond markets reacted strongly Tuesday in anticipation of the hawkish Fed report.
Japan?s Positive GDP lifts yen, US Dollar Trims losses
18 May 2016 at 1:22am
The news out of Japan is positive. Its annualized quarterly growth came in much higher than expected surprising markets and investors alike.