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Andrew Feldman - David Cameron's loyal friend and tennis partnerThe Guardian Conservatives 'are out of control' over Europe says former chancellor Lord Howe ...Daily Mail Ukip sees surge in interest after Tory brands activists swivel-eyed loonsTelegraph.co.uk BBC News -Financial Times -ITV News all 104 news articles » British man arrested after children found with slit throats in France - The I... 19 May 2013 at 12:52pm ![]() The Independent The Independent The Foreign Office said today it is 'urgently' investigating reports that a British man is being questioned on suspicion of slitting the throats of his two children. The bodies of the children, thought to be aged five and 10, were discovered at his flat near Lyon ... British man in France admits slitting his two children's throatsReuters UK Father admits killing childrenshropshirestar.com British man held after children's throats slit in FranceTelegraph.co.uk Daily Mail -expressandstar.com -The Guardian all 32 news articles » Philpott Deaths: Mairead To Appeal Sentence - Sky News - Sky News 19 May 2013 at 12:06pm ![]() Mirror.co.uk Sky News Mairead Philpott's defence lawyer says the 17-year term is "too long" and believes her role in the killings is not "substantial". 7:00pm UK, Sunday 19 May 2013. Mairead Philpott. Mairead was convicted of manslaughter. Tweet ... Mairead Philpott was jailed for 17 years for killing her six childrenDaily Mail Philpott wife plans sentence appealBelfast Telegraph Mick and Mairead Philpott banned from visiting gravestones of their six dead ...Mirror.co.uk ITV News all 5 news articles » Man dies in plane crash in Wales - Irish Times 19 May 2013 at 10:57am Irish Times Irish Times A man has died while a boy and another man are fighting for their lives after a light aircraft crashed on the approach to an airport runway in Wales. The victim, who was a passenger in the plane, was pronounced dead at the scene of the accident at Caernarfon ... Caernarfon plane crash leaves one person dead and two critically illBBC News Caernarfon: Plane Crash Leaves One Dead - Sky NewsSky News One man dies, two critically injured in airport plane crashDaily Post North Wales Blackpool Gazette -Mix 96 all 16 news articles » British skier falls to his death in French Alps - BBC News 19 May 2013 at 10:36am BBC News BBC News A British skier has fallen to his death while tackling an off-piste glacier in the French Alps. The unnamed man and another skier were attempting to descend the Vallee Blanche near Chamonix on Saturday when they became caught in a heavy storm. British skier dies in Alpine stormBelfast Telegraph British skier dies after Mont Blanc storm ordealThe Times (subscription) British Skier Dies In French Alps Fall - Sky NewsSky News Metro -ITV News -The Guardian all 11 news articles » Civil partnerships amendment 'could wreck' gay marriage bill, Government ... ... 19 May 2013 at 1:04pm Indian Express The Independent Historic legislation that for the first time would allow gay couples to marry could be delayed by up to two years and cost the taxpayer £4bn because of a ?wrecking amendment? being supported by Labour, it was alleged on Sunday night. Senior government ... More than 500 imams in landmark gay marriage protestTelegraph.co.uk Too much time spent on gay marriage, says HammondBBC News No huge demand for gay marriage, says Philip HammondThe Guardian Daily Mail -Financial Times -Scotsman all 62 news articles » Politics of New Labour era 'over' - Evening Standard 19 May 2013 at 9:33am BBC News Evening Standard One of the key architects of New Labour said that the politics of the Blair-era government was over and that it was time for a new generation with new ideas. Lord Mandelson, who together with Tony Blair and Gordon Brown founded the New Labour politics ... Lord Mandelson declares the era of New Labour is overTelegraph.co.uk Mandelson: EU referendum a 'lottery'BBC News Tories are in a frenzy - but Soapbox Ed is caught with his pants downDaily Mail all 6 news articles » Pedal on Parliament: Cyclists demand better deal - BBC News 19 May 2013 at 10:15am BBC News BBC News Thousands of cyclists have pedalled to the Scottish Parliament, calling for 5% of Scotland's transport budget to be spent on cycling. The Pedal on Parliament event has received the backing of Olympic cycling champion Sir Chris Hoy and former racing cyclist ... Sir Chris Hoy gives backing to cyclists campaigning for safer roadsSTV Local Pedal on Parliament 2 on Sunday aims to bring thousands of cyclists out in protestroad.cc Audrey family to lead Pedal on ParliamentEdinburgh Evening News all 8 news articles » Investigation launched after woman found dead in Edinburgh garden - Scottish ... 19 May 2013 at 11:25am BBC News Scottish Daily Record POLICE, who are treating the death as unexplained, are appealing for anyone with information to come forward. Police are appealing for information. THE death of a woman whose body was found in a city garden is being treated as unexplained, police said. Woman found dead in Edinburgh gardenHerald Scotland Woman found dead in Edinburgh tenement gardenScotsman Garden body death 'unexplained'BBC News stv.tv all 5 news articles » Kent man dies after being shot in Hove street with two others - Kent Online -... 19 May 2013 at 10:12am Daily Mail Kent Online Police have launched a murder investigation after a 31-year-old man from Kent was shot dead in East Sussex. They are also treating as attempted murders the shootings of two others who were with him. It comes after the man died as he and others were ... Murder hunt after man shot dead in Hove streetThe Times (subscription) Man dies after 'triple murder bid' Hove shootingBBC News Man, 31, dies in hospital after shooting on Hove streetMetro The Sun -Orange UK News -ITV News all 9 news articles » |
![]() Business News Business News continually updated from thousands of sources around the net. 05/20: Progressions 19 May 2013 at 10:16am Ramon Cintron was hired as an employment specialist for the Homeless Veteran Reintegration Program at Goodwill Industries of Central Florida. Steve Jobs: 5 (More) Motivational Business Tips 19 May 2013 at 6:06am Steve Jobs: 6 Tried-And-True Business Tips , it was difficult to select from the hundreds of motivational comments Mr. PG&E San Bruno costs adding up. 19 May 2013 at 2:02am State utility regulators are mulling a proposal - well, several proposals - to slap Pacific Gas and Electric Co. An Independent Scotland More Vulnerable to Financial Shocks - UK Treasury 18 May 2013 at 9:52pm An independent Scotland would have an exceptionally large banking sector, compared with the size of the rest of its economy, making it vulnerable to financial shocks and putting Scottish taxpayers at significant risk in the event of the country being hit by another banking crisis, the U.K. Treasury said Sunday. Former BMO Analyst to Pay C$1.2 Million to Settle Insider-Trading Charges 18 May 2013 at 5:38pm A former investment-banking analyst at a unit of Bank of Montreal agreed to pay a total of 1.2 million Canadian dollars among other penalties to settle insider-trading charges, as Canada's biggest securities regulators continue to clamp down on inappropriate trading activity. Ex-Groupon CEO working 9 to 5 on business album 18 May 2013 at 1:28pm Former Groupon CEO Andrew Mason is diving into several new ventures, including indulging his inner rock star with an album of "motivational business music." Mason said Thursday on his blog that he recently spent a week in Los Angeles and recorded a collection of seven songs called "Hardly Workin'." Mason said he wants to present business wisdom to ... (more) Cannes: Worldview Options Andrew Dominik's Marilyn Monroe Pic 'Blond' 18 May 2013 at 9:24am CAA packaged the project and is representing domestic rights, while Wild Bunch is shopping the project to foreign buyers in Cannes. A year after IPO, Facebook aims to be ad colossus 18 May 2013 at 5:09am Facebook, the brainchild of a young CEO who sauntered into Wall Street meetings in a hoodie, was going to be bigger than Amazon, bigger than McDonald's, bigger than Coca-Cola. And it was all made possible by our friendships, photos and family ties. Casting Call: 'Tomorrowland,' 'Transcendence' Add Actors 18 May 2013 at 1:04am George Clooney, Raffey Cassidy and Hugh Laurie are the stars in the movie that has a release date of Dec. U.S. FCC nominee Wheeler to divest telecoms holdings if confirmed 17 May 2013 at 8:55pm Tom Wheeler, nominated to become the new chairman of the Federal Communications Commission, pledged to divest stakes in AT&T Inc, Dish Network Corp, Google Inc and dozens of other tech and telecoms companies if he is confirmed. Food Trends At Their Freshest in San Diego 17 May 2013 at 4:45pm After one bite, however, I knew my taste buds had landed on one of my favorite new spring dishes in San Diego. Carole King to Receive Gershwin Prize at Star-Studded White House Concert 17 May 2013 at 12:36pm King, a long-time Democratic activist, will also appear at a Library of Congress ceremony next week honoring her contribution to popular music. Canada's TSN Gets Exclusive Access to U.S. Open in 2015 17 May 2013 at 12:36pm But ESPN's new 11-year deal means TSN becomes the only Canadian destination for tennis fans north of the border from 2015. Financial Times Suffers Cyber Attack 17 May 2013 at 9:31am Pearson's Financial Times reported Friday that several of its blogs and social media accounts were "compromised by hackers." The announcement, initially made through the U.K.-based business publication's Twitter account, was also confirmed by FOX Business through a Financial Times spokesperson. Air Force Targets $50M Savings With Apple iPads 17 May 2013 at 8:31am The lightweight Apple tablet has opened the door to more than $50 million in cost savings over the next 10 years, according to the military. |
![]() BBC News - Business The latest stories from the Business section of the BBC News web site. Bank governor in Help to Buy warning 19 May 2013 at 5:18am The outgoing Bank of England governor warns a government plan to boost the housing market with part-mortgage guarantees has no long-term place. Yahoo 'to buy Tumblr for $1.1bn' 19 May 2013 at 12:08pm Yahoo's board approves a deal to buy New York-based blogging service Tumblr for $1.1bn (£725m), US media reports say. Google chief defends tax affairs 19 May 2013 at 5:04am Google's executive chairman Eric Schmidt defends the company's tax affairs after it comes in for strong criticism from MPs. Miliband pledge on tax avoidance 19 May 2013 at 2:29am Labour leader Ed Miliband says he will write new rules to tackle corporate tax avoidance if he wins the next election, even without international agreement. Ofcom plans simplified phone numbers 17 May 2013 at 6:47pm Some people are "put off" making important calls because of confusion over the amount they will be charged, according to the telecoms regulator. Treasury claims banks 'safer in UK' 18 May 2013 at 5:23pm The latest UK government paper on the impact of Scottish independence will claim the UK is better placed to manage the risk of a financial crisis. Contactless 'charging errors' at M&S 17 May 2013 at 6:56pm Some Marks and Spencer customers say its contactless payment terminals have taken cash from cards other than the ones intended for payment. Morrisons agrees deal with Ocado 17 May 2013 at 10:32am Morrisons, the UK's fourth largest supermarket chain, says it will launch online shopping by January 2014 after agreeing a tie-up with Ocado. Thousands rally to oppose Italy cuts 18 May 2013 at 11:40am Tens of thousands of protesters, led by trade unionists, rally in the Italian capital Rome against the policies of the new coalition government. Europe car sales break losing streak 17 May 2013 at 3:46am Car sales across Europe rose in April for the first time in 18 months, helped by strong demand in the UK and by the early Easter break. Public sector pensions face big hit 17 May 2013 at 6:09am Four million public sector employees will see a dramatic reduction in the overall value of their pension schemes, a new report claims. Ofcom: 'Too many' nuisance calls 17 May 2013 at 3:59am UK households are receiving too many nuisance calls, according to the telecoms regulator, Ofcom. Lloyds shares hit break-even point 17 May 2013 at 5:47am Lloyds Banking Group's share price passes 61.2p in morning trading, the break-even point for the government's investment in the group. Jockey Club hits its bond target 17 May 2013 at 4:20am The Jockey Club hits its £15m Racecourse Bond target and extends the application window until 28 May. Spain reports monthly trade surplus 17 May 2013 at 7:31am Spain records its first monthly trade surplus in more than 40 years as demand for imports dries up. |
![]() Financial services company news - FT.com Low rates fail to spur M&A boom 19 May 2013 at 12:37pm The lack of dealmaking in a historically low interest rate environment is a break from the past, when cheap capital fuelled waves of M&A Shrewd corporate cash comes up roses 19 May 2013 at 8:24am How popular events such as the Chelsea Flower Show, Wimbledon and Royal Ascot can link a group?s brand with the message it is selling New era as Swiss bank secrecy declines 19 May 2013 at 6:36am After a long battle to safeguard its 80-year tradition of banking secrecy, Switzerland faces a new era as it begins negotiations on a new EU tax accord New money put City?s reputation at risk 17 May 2013 at 5:04pm The UK?s lax and disjointed listing regime has helped to open the door to questionable overseas entrants, changing the make-up of the indices Europeans consent to costs rip-off 17 May 2013 at 2:56pm Small investors in the US have grown ever smarter and more informed over the last decade, while their counterparts on the other side of the Atlantic have not Ambrosiadou wins battle over Ikos codes 17 May 2013 at 2:48pm UK?s High Court rules against a case brought by Martin Coward, Elena Ambrosiadou?s husband, in which he had claimed ownership of the algorithms Fed?hints?at?financial Heimlich manoeuvre 17 May 2013 at 12:00pm John Dizard considers whether the authorities will act vigorously to get some air back into the economy?s lungs if the markets start to choke Merryn Somerset Webb: Fund managers are a busted flush 17 May 2013 at 8:36am The structure of the industry condemns many of them to underperform ? which is good news for the rest of us CPP chief to go as part of job cuts 17 May 2013 at 8:09am Finance director will also step down Letter from Lex: a rally good time 17 May 2013 at 7:30am As markets in the US and Japan rally, the oil, tech and banking sectors are busy Accounting boards draft new leasing rules 17 May 2013 at 5:14am Companies will be forced to book trillions of dollars of liabilities in a move to give investors a clearer picture of groups? assets and debts 3i raises cost-cutting targets 16 May 2013 at 5:15pm British private equity investor promises to press ahead with asset disposals this year after the value of its assets rose 11.5 per cent last year US closes in on auditing deal with China 16 May 2013 at 4:41pm It is not clear how quickly a deal will be reached, and it is possible China could limit what it allows in the hands of foreign regulators Blackstone courts bold trades for fund 16 May 2013 at 4:15pm The vehicle will invite managers with whom it already invests via its $48bn fund of funds platform to submit their boldest ideas in return for a fee Pandit returns to banking via India 16 May 2013 at 12:53pm The former Citigroup chief and another Indian executive are acquiring a stake in JM Financial and launching a fund to invest in distressed assets |
![]() 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. ![]() Sir Mervyn King Criticises Help To Buy Scheme 19 May 2013 at 3:50am The Bank of England governor tells Sky News there is "no place in the long run" for the plan to boost the housing market. ![]() Euro Tax 'To Decimate Pensions', Report Says 19 May 2013 at 11:32am A report to be published on Monday warns of the disastrous consequences of a new financial transactions tax, Sky News understands. ![]() Google Faces Fresh Claims On Tax Avoidance 19 May 2013 at 11:43am An ex-Google executive claims its tax operation is "immoral", days after MPs allege it was "devious, calculated and unethical". ![]() Sir Roger Carr In Lead to Become BAE Chair 18 May 2013 at 6:44am The outgoing CBI President is in pole position to replace Dick Olver at the helm of the defence giant, Sky News learns. ![]() Slovenia Gets Second Agency Debt Downgrade 18 May 2013 at 6:55am Just weeks after Slovenia was downgraded by rating agency Moody's, it receives a new blow as Fitch voices concerns over a bailout. ![]() China Spreads Alternative To US GPS System 18 May 2013 at 10:43pm Pakistan is the latest country to sign up to the alternative to the US GPS as China aims to take its satnav system global. ![]() EU To Ban Olive Oil Bottles From Restaurants 18 May 2013 at 2:54am Traditional glass jugs and dipping bowls will be replaced with pre-packaged factory bottles to help hygiene and avoid fraud. ![]() Financial Times Hacked By 'Syria Group' 18 May 2013 at 7:10am Its website and tweets are compromised in a Syria-linked attack - just hours after a top Twitter executive visits the FT newsroom. ![]() Gran Turismo Wants To Build Real-Life Racer 18 May 2013 at 3:25am As the video game celebrates its 15th anniversary, its creator says he wants to move off the screen and onto the race track. ![]() Nuisance Calls: Claim Firms Face Ofcom Inquiry 17 May 2013 at 7:08am Cold-calling by claims management firms and others is set to be investigated after the telecom regulator's "shocking" survey. |
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.
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.
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.
Tide is Turning for the Aussieby 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.
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.
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.
Emerging Market Currencies Brace for Correctionby 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.
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.
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. http://www.forexblog.org/2011/06/has-the-us-dollar-hit-bottom.html
Swiss Franc is the Only Safe Haven Currencyby 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.
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.”
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.
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.”
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.
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.
Japanese Yen In ?No Man?s Land?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.
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.
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.
Forex Volatility Continues Risingby 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.
For specific volatility measurements, there is no better source of data than Mataf.net (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.
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. Mataf.net 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. http://www.forexblog.org/2011/05/interview-with-arnaud-jeulin-of-mataf-net-try-a-lot-of-strategies.html
Euro Nears Breaking Pointby 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.
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.
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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DailyFX - Forex Market News Forex Market News Dollar Posts Second 1.5% Weekly Rally in 17 Months, QE3 In Focus by John Kicklighter, Chief Currency Strategist 18 May 2013 at 12:16am The dollar’s performance these past two weeks has been extraordinary. And, unlike the risks that loom over the S&P 500 and yen crosses should sentiment sour; the greenback would only do better if the market’s fears are realized. EUR/USD Rebound Could Materialize as May PMIs Seek Lift by Christopher Vecchio, Currency Analyst 17 May 2013 at 10:25pm The Euro gained across the board this week, except against the strengthening US Dollar. Weekly Forex Trading Forecast: Will Risk Trends or QE3 Take the FX Reins? by David Rodriguez, Quantitative StrategistJohn Kicklighter, Chief Currency StrategistMichael Boutros, Currency StrategistDavid Song, Currency AnalystChristopher Vecchio, Currency Analyst 17 May 2013 at 7:02pm Both the S&P 500 and US Dollar continue to soar to new heights - bucking traditional risk appetite currents. Will the yield chase maintain this unusual mix or will sentiment finally shock the markets back in line? Dollar Posts Biggest Surge in 18 Months on the Way to 3 Year Highs by John Kicklighter, Chief Currency Strategist 17 May 2013 at 6:51pm The dollar has exploded higher. Since overtaking the 10,600-mark – the midpoint of the past decade’s range – the Dow Jones FXCM Dollar Index (ticker = USDollar) has posted its biggest two-week rally since November 2011. Japanese Yen Bounce Almost Guaranteed, but at ¥103 or ¥110? by David Rodriguez, Quantitative Strategist 17 May 2013 at 4:00pm A Japanese Yen bounce looks almost guaranteed on crystal-clear signs of a sentiment extreme. But timing is the only thing that matters in trading—does that happen at ¥103 or ¥110? The Dollar’s Surging, but Why Might it Rally Even Further? by David Rodriguez, Quantitative Strategist 17 May 2013 at 3:00pm The Dollar has surged to its highest since late 2010. There are some big “ifs”, but if things fall into place the USDOLLAR could rocket even higher. Gold Plummets 6% Ahead of FOMC Minutes– Bearish Below $1405 by Michael Boutros, Currency Strategist 17 May 2013 at 2:22pm Gold remained under substantial pressure this week with the precious metal down nearly 6.4% (its largest decline in four weeks) and further losses are expected as we head into next week. Sterling Outlook Hinges on BoE Minutes- Higher Low in the Making? by David Song, Currency Analyst 17 May 2013 at 1:55pm The British Pound failed to maintain the upward trend from earlier this year, with the GBPUSD slipping to a fresh monthly low of 1.5156, but the sterling may regain its footing in the week ahead should the Bank of England (BoE) Minutes further dampen speculation for more quantitative easing. USD to Consolidate Ahead of FOMC Minutes- AUD Heavily Oversold by David Song, Currency Analyst 17 May 2013 at 10:00am The Dow Jones-FXCM U.S. Dollar index advanced to a fresh yearly high of 10,816 as the developments coming out of the U.S. economy raised the outlook for growth. Euro Eyes Fresh 2013 Low on ECB Policy- Pound Rebound on Tap by David Song, Currency Analyst 17 May 2013 at 6:40am The EURUSD remains under pressure on Friday as the European Central Bank (ECB) continued to strike a dovish tone for monetary policy. Euro Finds Strength Despite Significant Decline in Construction Output by Benjamin Spier, 17 May 2013 at 4:47am EUROPEAN SESSION UPDATE: BoE’s Weale seems to maintain an anti-dovish view in comments about inflation and growth; USD rally continues… EUR/USD- Trading the U. of Michigan Confidence Survey by David Song, Currency Analyst 17 May 2013 at 2:00am The U.S. dollar may track higher over the next 24-hours of trading as the U. of Michigan survey is expected to show a rebound in household sentiment. Forex: Dollar Avoids Tumble but Market More Critical of Fed’s QE3 Talk by John Kicklighter, Chief Currency Strategist 16 May 2013 at 11:07pm There was a bevy of Fed speakers this past session, but growing support of ‘tapering’ the central bank’s stimulus program (QE3) didn’t seem to generate much additional strength for the greenback. U.S. Dollar Volatile But Higher After Weak Offshore Data, Fed Comments by Christopher Almeida, 16 May 2013 at 10:06pm The U.S. Dollar had a volatile but strong week, after weak offshore data saw the currency gain as well as comments by the San Francisco Regional President of the Federal Reserve. USDOLLAR to Search for Support- GBP Rebound to Accelerate by David Song, Currency Analyst 16 May 2013 at 9:20am The Dow Jones-FXCM U.S. Dollar index is struggling to hold its ground as the developments coming out of the U.S. economy dampens the outlook for growth and inflation. |
World business news - CNNMoney.com From CNN and Money magazine, CNNMoney.com combines business news and in-depth market analysis with practical advice and answers to personal finance questions. ![]() Rare rise in European car sales 17 May 2013 at 8:49am The latest data shows registrations rose in April for the first time since September 2011. ![]() Yahoo to buy Tumblr for $1.1 billion: Report 19 May 2013 at 11:51am The Yahoo board reportedly has approved a deal to pay $1.1 billion in cash for the blogging site Tumblr. ![]() The Winklevoss twins are Bitcoin bulls 19 May 2013 at 9:35am Read full story for latest details. ![]() U.S. stocks on a roll: Yahoo, Microsoft stoke appetite 19 May 2013 at 10:26am Investors will look toward a slew of corporate news and events this week to keep the market rally rolling. ![]() Financial Times hit by hackers 17 May 2013 at 9:37am The Syrian Electronic Army has hacked into a Financial Times blog and some of its Twitter accounts. ![]() Google gives chat a makeover 17 May 2013 at 7:17am Hangouts doesn't differ much from other messaging services, but it unifies many Google products. ![]() Stocks finish higher for fourth straight week 17 May 2013 at 2:11pm Investors pushed stocks higher Friday following a strong report on consumer sentiment. All three indexes ended higher for a fourth week, with the Dow and S&P 500 hitting new highs. ![]() Missed out on Facebook IPO: Like! 17 May 2013 at 7:22am Read full story for latest details. ![]() Facebook IPO: Winners & losers 17 May 2013 at 6:08am From Sheryl Sandberg and the Nasdaq to the graffiti artist who took stock instead of cash, here's who's riding high and lying low one year after the Facebook IPO. Thieves lift jewels as 'The Bling Ring' plays 17 May 2013 at 9:04am ![]() Bernie Madoff can't sleep 16 May 2013 at 9:42pm Read full story for latest details. ![]() GE gives Boeing new headache 16 May 2013 at 10:05am Airlines alerted about problem that can cause engines on Boeing 777 to shut down in flight. ![]() Biggest Bitcoin exchange feels force of law 17 May 2013 at 3:39am U.S. officials froze the financial accounts of Bitcoin's biggest exchange, accusing it of transmitting money without a license. Can Silver Lake walk away from Dell deal? 16 May 2013 at 9:41pm Dell's earnings decline could have an impact on its buyout deal. ![]() France wants eurozone government, soon 16 May 2013 at 11:44am France wants to see the creation of a eurozone government within two years to help lift the region out of its economic slump. |
OUR SERVICE...
Why can Pounds-to-Euros.com save me Money?
Banks give you confidence, that there is no doubt, but we can offer you enough information on our procedure to qualify and quantify our service.
First and foremost we need to use a bank to transfer funds... We open a separate banking account for each transaction; and that is deemed as your account.
Secondly we don't accept an uncompetitive fixed rate from any bank or other financial institution. We negotiate directly on the currency trading floors. We deal with 10 main currencies, but can transfer funds into 150 other currencies. Some of these less common currencies are harder work than others; but we can discuss this should the need arise.
Using the currency trading floors as we do we can secure currency at a wholesale prices. We do not charge the same as a bank and this is where we can make the savings on your behalf.
We can truly offer you the best rates on the market because unlike other organisations, such as banks, with large offices, huge sales forces, enormous marketing costs and many different industry specialists (other than property), we have low overheads.
We can offer... Superior Currency Exchange Rates...
We can offer... No Fees or Commission...
We can offer... No Telegraphic Transfer Costs...
We can offer...
Your Own Currency Dealer...
We can offer...
Forward Buying
(Pre-fixing an exchange rate for up to two year's
advance)
We can offer...
No receiving charges to
any World Wide Bank...
(with the exception of 22 currencies in third world countries)
We can offer... incredible savings and reduce the risk of adverse currency fluctuations (see below)
Furthermore...
We can also offer... Arranging this transfer from the comfort of your own home...
We can also offer... Regular updates during the process of the transfer...
We can also offer... Receive confirmation that that the money has been exchanged and transferred
ADVERSE CURRENCY FLUCTUATIONS
Don't run the risk of fluctuations! We can by fixing a rate for your currency requirements today for a purchase in the future (up to 6 months).
Using an example... The Euro against the pound... 6 months ago was 1.48/ 1.00; today it is 1.32/ 1.00. On a 100, 000 transfer the difference in those 6 months is 12, 000
Case Study: Mr. and Mrs. Montague from Sheffield 17, were due to transfer 365, 000 to buy a villas in Spain. Their completion had been planned for the end of the month, but they had notified us of their intentions. We are always scanning the currencies and notified Mr. and Mrs. Montague that the euro rate had reached 1.47/ 1.00 and was expecting to go down in the forthcoming weeks. They agreed to secure the money at this rate. Three weeks later the rate had gone down to 1.45/ 1.00 - not a big percentage drop but the Montague's saved 4, 500 in securing the rate week's before.
OUR SERVICE
At Pounds-to-Euros.com we have established contacts around the world to make the transition of your money flow safely and securely. As specialists we focus exclusively on servicing your particular needs and desires and that is our only purpose. We don't carry our other banking facilities so our competence in this complex market is supreme.
Both my colleagues and I try to supply you with all the information you need to make good decisions about your money. We watch the currencies by the hour as they all strengthen and weaken during the trading day. Such knowledge is invaluable as advice to you when making decisions about the currency markets.
As in office focus is 80% to 20% - Private Property Purchases to Commercial Purchases, we only have two particular areas to concentrate on. We work hard to proactively understand new markets, up-coming hot spots, financial issues and the overall buying process for your benefit.
Each week, we transfer millions of pounds for hundreds of our clients. It's all done highly effectively and efficiently through tried and tested processes and procedures. We focus on providing the best Currency Exchange rate, getting the payment to the destination account as quickly as possible and giving an outstanding service.
We've been trading since 1991, are registered in the UK.
One final bit of advise... If you use our service or not... Plan your Currency Exchange at least a month (or even 3 to 6 months) in advance to get the best exchange rate. Don't leave it until the last minute.
HOW DO WE MAKE OUR MONEY?
We make our money the same way the bank does - we buy currency at wholesale on the currency trade floor (in bulk); and transfer to the receiving bank in your requested account. Unlike banks that add 3-5% margin, we can usually stay below 1%. In the end, you save money, we get paid for our great service and the banks exploit one less person!
Don't forget this is what we offer...
We can offer... Superior Currency Exchange Rates...
We can offer... No Fees or Commission...
We can offer... No Telegraphic Transfer Costs...
We can offer...
Your Own Currency Dealer...
We can offer...
Forward Buying
(Pre-fixing an exchange rate for up to two year's
advance)
We can offer...
No receiving charges to
any World Wide Bank...
(with the exception of 22 currencies in third world countries)
We can offer... incredible savings and reduce the risk of adverse currency fluctuations (see below)
Furthermore...
We can also offer... Arranging this transfer from the comfort of your own home...
We can also offer... Regular updates during the process of the transfer...
We can also offer... Receive confirmation that that the money has been exchanged and transferred
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Currency Exchange Introduction
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Examples of Travel & Tourism ancillary service? ?
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Please help, thanks :)
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I am looking to go to flying school and would like to know what rate I would get on a large tranfer. i.e £50000, surely you can get a better rate than the post office or travlex?
Does anyone know the best method?
Many Thanks
David
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