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British PM Cameron tries to shrug off Europe schism with tax cut pledge - Reu...
1 Oct 2014 at 6:48am

Reuters UK

British PM Cameron tries to shrug off Europe schism with tax cut pledge
Reuters UK
BIRMINGHAM England (Reuters) - British Prime Minister David Cameron promised to push through sweeping tax cuts if re-elected next year, a pledge he hopes will refocus debate away from a schism over Europe inside his party and win over millions of ...
David Cameron's conference speech promises to make Britain a country ...Daily Mail
David Cameron pledges sweeping tax cuts for low and middle earnersFinancial Times
Conservative Party conference: David Cameron promises tax cuts and new ...The Independent
The Guardian -BBC News
all 301 news articles »

Police searching for Alice Gross find body 'hidden' in river - Daily Mail
1 Oct 2014 at 6:46am

Police searching for Alice Gross find body 'hidden' in river
Daily Mail
The search for missing schoolgirl Alice Gross is now a murder investigation and missing Latvian Arnis Zalkalns remains a prime suspect, police said today. Speaking after a body was removed from the River Brent in west London, less than three miles from the ...
Alice Gross: Where the police investigation goes
Alice Gross murder inquiry: Grief in Hanwell as body foundBBC News
Alice Gross: Murder investigation launched as police find body in River BrentThe Independent
The Times (subscription) -The Guardian -Irish Independent
all 164 news articles »

Scrapping the 1998 Human Rights Act: what would it mean? - The Guardian
1 Oct 2014 at 7:02am

The Guardian

Scrapping the 1998 Human Rights Act: what would it mean?
The Guardian
The European court of human rights in Strasbourg. Scrapping the statute could mean delays and extra costs to UK citizens who want to take cases there. Photograph: Vincent Kessler/Reuters. Alan Travis, home affairs editor. Wednesday 1 October 2014 08.46 ...
If UK scraps the Human Rights Act we'll be in grim
David Cameron: We will scrap the Human Rights Act 'once and for all'
Cameron: Will 'scrap Human Rights Act once and for all'ITV News
UK Human Rights Blog (blog)
all 7 news articles »

South Belfast car arsons: Police seek man with limp - BBC News
1 Oct 2014 at 6:32am

BBC News

South Belfast car arsons: Police seek man with limp
BBC News
Police investigating a spate of arson attacks on cars in south Belfast say they are trying to trace a man with a distinctive limp. In the latest incident, a car was set on fire in Palestine Street shortly after 06:00 BST on Wednesday. The fire spread to another car ...
Limping man sought over arsonsBelfast Telegraph
House damaged after car torchedU.TV

all 4 news articles »

David Cameron in new Royal gaffe after joke to MPs at Queen's expense - Eveni...
1 Oct 2014 at 2:10am

Evening Standard

David Cameron in new Royal gaffe after joke to MPs at Queen's expense
Evening Standard
David Cameron found himself at the centre of another embarrassing royal faux pas today after sharing a joke with MPs at the Queen's expense. It is claimed the Prime Minister was showing off art at Chequers when he amused guests by telling them how the ...
Cameron puts his foot in it again with Van Dyck taleThe Times (subscription)
David Cameron in second royal
David Cameron 'told Tory MPs how Queen misidentified painting at Chequers'
Daily Mail -The Courier
all 20 news articles »

George Osborne's new austerity plans slammed by Lib Dems -
30 Sep 2014 at 7:59am

George Osborne's new austerity plans slammed by Lib Dems
George Osborne's plan to freeze welfare benefit has caused outrage among Lib Dem members of the Coalition government. The Chancellor used his conference speech to confirm benefits for working age people would be frozen for two years in an attempt to ...
Lib-Dem stalwarts may survive at election but Lynn Featherstone faces defeatEvening Standard

all 31 news articles »

Vicar jailed after telling 13-year-old girl to rape 9-year-old sister in onli...
1 Oct 2014 at 6:39am

Vicar jailed after telling 13-year-old girl to rape 9-year-old sister in online chat
A Church of England vicar told a 13-year-old girl to sexually abuse her 9-year-old sister during a series of depraved online chats. Reverend James Ogley, a married father of two young children, told the teenager he wanted her and her sister to have sex with ...
Vicar James Ogley who told girl to rape her sister jailed for two yearsDaily Mail
Luton vicar James Ogley asked children to commit sex offencesBBC News
Luton vicar who told teenager to sexually abuse her sister is jailed for two yearsITV News
Luton On Sunday
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Western Mail Letters: Tuesday, 30 September, 2014 - WalesOnline
30 Sep 2014 at 4:57am

The Economist

Western Mail Letters: Tuesday, 30 September, 2014
SIR ? Following the Scottish Independence Referendum vote and subsequent speech by the Prime Minister on more legislative and devolutionary powers for Scotland, Northern Ireland, and Wales, an informal debate was held at the Labour party conference ...
Devo-max for England?The News Hub
Devolution: we must go beyond an English Parliament to the cities, towns and ...New Statesman
The time has come for more powers for usPortsmouth News
all 61 news articles »

Carmarthenshire Council chief executive Mark James submits application to tak...
30 Sep 2014 at 8:50am

Southwales Evening Post

Carmarthenshire Council chief executive Mark James submits application to take ...
Southwales Evening Post
Carmartheshire Council have today announced that chief executive Mark James has submitted an application to take voluntary redundancy. A statement from Carmarthenshire Council said: "All group leaders of Carmarthenshire County Council have been ...
Carmarthenshire Council chief executive Mark James wants to step downCarmarthen Journal

all 10 news articles »

Neil 'Dr' Fox addresses sexual offence allegations: 'I'll work hard to clear ...
1 Oct 2014 at 7:02am

The Independent

Neil 'Dr' Fox addresses sexual offence allegations: 'I'll work hard to clear my name'
The Independent
DJ Dr Neil Fox has pledged that he will "work hard" to clear his name, after being arrested in connection with four claims of alleged sexual offences. The allegations were made by two separate women. Three of the claims have been described as historical ...
Radio DJ Dr Neil Fox is arrested during police raids over sex offence claimsEvening Standard
Dj - British Dj Neil Fox Released On
Former Pop Idol judge 'Doctor Fox' arrested over alleged historical sex offencesIrish Independent -Complete Music Update -Daily Mail
all 120 news articles »

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

Gluts Spur Investor Exit Signaling Prolonged Slump: Commodities
30 Sep 2014 at 6:18pm

Investors are betting that the worst isn't over for commodity prices that already are the lowest in five years. About $907 million was pulled from U.S. exchange-traded products backed by raw materials this month, the most since April, data compiled by Bloomberg show.

Five questions, answers on Net neutrality
30 Sep 2014 at 2:29pm

The US Federal Communications Commission is considering whether Internet providers should be allowed to cut deals with online services like Netflix, Amazon or YouTube to move their content faster. It's a topic that has attracted record-setting public attention.

America's 'Right to Be Forgotten' Fight Heats Up
30 Sep 2014 at 10:32am

I am the founder and CEO of Umbel, a data rights management company headquartered in Austin, TX. I am also a veteran of 8 tech start-ups and the former CTO of The Texas Tribune, where the potential uses of, yet lack of ability to ethically collect, user data first reared its head.

Death on the Highway Leaves Dozing Trucker Angry at Widower and God
30 Sep 2014 at 6:43am

Doug Bouch speaks during an interview at his home in Greenville, Pennsylvania, on Aug. 7, 2014. Bouch, who is a Baptist, said God had a plan for Susan Slattery to die that day and for him to drive the truck.

One Vision of a Non-Neutral Internet
30 Sep 2014 at 3:00am

So far, the debate over net neutrality has centered mostly on whether broadband providers could manipulate the speed of certain traffic on their networks, cutting deals with content partners to serve up their web pages faster than others. It's easy to imagine an unwitting web surfer accessing some sites quickly and others slowly, and never really figuring out why.

Quinn: Listening to the VC dog whistle
29 Sep 2014 at 11:20pm

Key figures in the venture capital world are starting, in a very subtle way, to raise hints that some air may soon be taken out of Silicon Valley's economy. But their comments should be seen for what they are: a silent dog whistle to their own limited partners, competing venture firms, companies they have invested in and their startup employees.

Gross's Last Defiance Stuns Allianz, Pimco in Janus Move
29 Sep 2014 at 7:40pm

It was 2:28 p.m. in Munich on Sept. 26, and Bill Gross , in charge of $2 trillion as chief investment officer at Pacific Investment Management Co., had just announced that he was joining Janus Capital Group Inc. , a struggling stock fund manager.

US stocks slip following drops overseas
29 Sep 2014 at 3:51pm

The Dow Jones industrial average fell 41 points, or 0.2 percent, to close at 17,071 Monday. The Dow had been down as much as 178 points earlier.

Fed's Evans: Inflation Still 'Stubbornly Low'
29 Sep 2014 at 11:54am

The Federal Reserve should be "exceptionally patient" in removing monetary policy accommodation, delaying interest-rate hikes until it is confident the U.S. economy can withstand them and only raising rates slowly once it starts, a top Fed official said on Monday. In remarks that largely repeated those he made last Wednesday, Chicago Federal Reserve Bank President Charles Evans detailed to a group of economists the reasoning behind his call for restraint on rate increases, even if the result is inflation temporarily breaching the Fed's target of 2 percent.

Lloyds dismisses 8 workers in rate-fixing scandal
29 Sep 2014 at 7:59am

Lloyds Banking Group says it has dismissed eight members of staff following a scandal linked to the manipulation of a key global interest rate. The London-based group said in a statement Monday that the action was taken after resolution was reached with authorities in Britain and the United States regarding an investigation into the manipulation of the London Interbank Offered Rate, or LIBOR, and the Sterling Repo Rate between 2006 and 2009.

DreamWorks Animation Studio Said Weighing Sale to SoftBank
29 Sep 2014 at 4:22am

Jeffrey Katzenberg is again weighing a sale of DreamWorks Animation SKG Inc., after an attempt to build the film studio into a mini-Walt Disney Co. was rocked by uneven box-office results.

How far should the government go to protect ‘net neutrality?’
28 Sep 2014 at 9:31pm

Should the company that supplies your Internet access be allowed to cut deals with online services such as Netflix, Amazon or YouTube to move their content faster? The Federal Communications Commission is tackling that question this fall after the public submitted a record 3.7 million comments on the subject - more than double the number filed with the regulatory agency after Janet Jackson's infamous wardrobe malfunction at the 2004 Super Bowl. The FCC's chairman, former industry lobbyist and venture capitalist Tom Wheeler, says financial arrangements between broadband providers and content sites might be OK as long as the agreement is "commercially reasonable" and companies disclose publicly how they prioritize Internet traffic.

FCC Chairman Won't Allow His IG to Hire Any Criminal Investigators
28 Sep 2014 at 2:53pm

We had some inordinately interesting recent Congressional testimony from David L. Hunt - the Federal Communications Commission 's Inspector General . he Inspector General and his office provide objective and independent investigations, audits, and reviews of the FCC's programs and operations.

Influence Game: Government takes on the Internet
28 Sep 2014 at 8:06am

In this Thursday, Dec. 12, 2013, file photo, Federal Communications Commission Chairman Tom Wheeler testifies on Capitol Hill in Washington. Should the company that supplies your Internet access be allowed to cut deals with online services like Netflix, Skype or YouTube to move their content faster? That's the question the FCC is tackling this fall after a record-setting 3.7 million people filed public comments on the subject, more than twice as many as those submitted to the regulatory agency after Janet Jackson's infamous wardrobe malfunction at the 2004 Super Bowl.

Tory Plan To Lower Benefits Cap To 23,000
28 Sep 2014 at 4:46am

David Cameron will today pledge to lower the benefit cap from 26,000-a-year per family to 23,000 if his party wins the election. The party will also lay out plans to strip 18 to 21-year-olds of jobseeker's allowance and instead given them a six-month limited allowance.

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

Cameron tax cuts 'to cost £7.2bn'
1 Oct 2014 at 6:44am
The tax cuts being proposed by David Cameron would cost around £7.2bn, the Treasury has said.

Price wars hit Sainsbury's sales
1 Oct 2014 at 2:24am
Sainsbury's has reported a fall in sales for the third quarter in a row as the supermarket price wars begin to take their toll.

Thousands unable to renew car tax
1 Oct 2014 at 3:38am
Thousands of customers trying to renew their car tax online are experiencing problems with the Driver and Vehicle Licensing Agency (DVLA) website.

Tesco to be probed by regulator
1 Oct 2014 at 12:43am
Tesco says it has been notified by the Financial Conduct Authority that it is under investigation following its admission that it overstated its half-year profit guidance by £250m.

Free iPads as mortgage war escalates
1 Oct 2014 at 5:48am
Lloyds is offering home buyers free iPad mini tablets in an intensifying mortgage war between major banks.

Eurozone woes hit UK manufacturing
1 Oct 2014 at 4:01am
The UK manufacturing sector grew at its slowest pace for 17 months in September as a result of the strong pound and weakness in the eurozone, a survey indicates.

MoD naval deals secure 7,500 UK jobs
1 Oct 2014 at 5:12am
The Ministry of Defence awards £3.2bn of contracts for the maintenance of the Royal Navy fleet, securing 7,500 jobs.

France to shrink deficit by 2017
1 Oct 2014 at 5:08am
The French government says it will reduce its budget deficit to below the EU threshold of 3% of GDP by 2017, two years later than promised.

Microsoft unveils Windows 10 system
30 Sep 2014 at 12:56pm
Microsoft announces the next version of its core operating system, called Windows 10, which will reintroduce the Start Menu.

Supermarkets pull FTSE 100 lower
1 Oct 2014 at 5:28am
Supermarket shares lead the FTSE lower after Sainsbury's reports another fall in sales and warns there is no sign of an improvement in trading.

Inheritance changes come into force
30 Sep 2014 at 7:37pm
Legal changes increasing the inheritance rights of people whose spouses or civil partners die without making a will come into force.

Asian stocks retreat on HK protests
1 Oct 2014 at 4:28am
Asian stocks suffer their fourth consecutive day of losses as political protests in Hong Kong show no signs of abating.

Eleven 'Right to Build' areas chosen
30 Sep 2014 at 1:48pm
The first councils to offer help to people wanting to build their own home through the Government's 'Right to Build' scheme are announced.

US and Brazil resolve cotton dispute
30 Sep 2014 at 7:57pm
The United States and Brazil have come to an agreement designed to end a decade long dispute over cotton subsidies, reports say.

eBay to split off PayPal business
30 Sep 2014 at 11:00am
E-commerce site eBay is planning to split off its payments system PayPal into a separate company next year.
Financial services company news -
Financial services company news -

KPMG gains legal services licence
30 Sep 2014 at 5:01pm
Firm can now operate on a multidisciplinary practice basis
Mercer strips Pimco funds of top rating
30 Sep 2014 at 2:46pm
Downgrade by influential consultant triggers review by UK pension fund client
Ebay defends spin-off plan for PayPal
30 Sep 2014 at 12:42pm
Move follows pressure from activist investor Carl Icahn
Buyout managers face investor competition
30 Sep 2014 at 11:59am
Years of low interest rates push some of the largest pension plans and SWFs to invest cash directly
Multibillion cross-border deals return
30 Sep 2014 at 11:47am
At $2.66tn, M&A activity is at a level that frustrated dealmakers have not seen since 2008
State Street fires back in ETF price war
30 Sep 2014 at 11:08am
Follows rivals in slashing ETF fees
Deutsche Bank withholds bonuses
30 Sep 2014 at 10:56am
Anshu Jain, Jürgen Fitschen and former chief Josef Ackermann will see their bonuses held back
Inflexion raises £1bn for private deals
30 Sep 2014 at 10:43am
Group raised £650m for leveraged buyouts and £400m to buy minority stakes in UK businesses
Local authorities turn to capital markets
30 Sep 2014 at 5:55am
Investor appetite for public sector debt has increased
Wonga profits halved as clampdown bites
30 Sep 2014 at 3:36am
Group?s revenues fall and lending goes into reverse as it also battles wave of departures
Gross exit from Pimco tests bond market
30 Sep 2014 at 2:30am
Fund redemption fears rise, but patient investors may be rewarded
ICAP cuts jobs and shuts desks
30 Sep 2014 at 1:46am
Interdealer broker to take charge of £35m-£45m
Saga seeks to regain ground
30 Sep 2014 at 1:39am
Finance chief Howard plans to quit after first set of accounts released as public company
Hong Kong ups game as competition rises
29 Sep 2014 at 5:08pm
Special administrative area is working hard to maintain its renminbi dominance
DTCC and Euroclear in collateral pool deal
29 Sep 2014 at 3:27pm
Securities depositories to ease search for assets to back trading
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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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