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Major Global Rally Sparked in Asia. CURRENCY TRADING SUMMARY – 2nd September (00:30 GMT)
U.S. Dollar Trading (USD) strong Chinese manufacturing data sent stocks higher in Asia and Europe and this accelerated in the US session on better than expected August ISM data at 56.3 vs. 55.5 previously...
The Euro (EUR) risk appetite pushed the single currency back above 1.2800 and the topside is now in focus after support was found in the last 2 weeks above 1.2500...
The Japanese Yen (JPY) buoyant crosses helped the major lift to the mid Y84 region after first testing decade lows at Y83.70...
The Sterling (GBP) was contained until NY opened when the underperforming Pound surged back to test 1.5500...
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2 September 2010
FXDD Wins 6 Traders’ Choice Awards, Including Best Overall FX Broker

New York, NY (August 31, 2010) -  FXDD, a leading online Forex broker, has received six 2010 FX Traders’ Choice Awards, including the Eagle Award for top honors in the Global FX Broker – Best Overall category.  FXDD also took the Falcon Award in each of the following categories:

  • Best Overall, Trading Platform
  • Customer Service Department
  • Accounts Department
  • Funding Department.

Out of 100 international brokers, an elite group of 13 were qualified as Global FX Brokers.  The 2010 FX Traders’ Choice Awards evaluated trader satisfaction by continent; FX traders in the Americas rated close to 100 brokers, and identified FXDD as one of the top three firms in Client Satisfaction. Both Forex Datasource and IBTimesFX , organizers of the FX Traders’ Choice Awards, were proud to present the Falcon Award to FXDD for High Broker Satisfaction in the Americas.

“The performance of FXDD during this year’s FX Traders’ Choice award is nothing less than stellar,” says Javier Paz, creator of the Awards and CEO of Forex Datasource. “The results of these awards are free of commercial interests and are more sophisticated than any broker awards out there. FXDD demonstrated that it is one of the most recognized broker names in Forex, and that it serves its clients extremely well.”

Sonny Kwon, co-organizer of the Awards and Head of Development at IBTimes, added: “The International Business Times family is proud to be associated with the 2010 FX Traders’ Choice Awards, and congratulates FXDD on winning such a high number of awards this year.”

Accepting the awards on behalf of FXDD, Tom O’Reilly-Senior Vice-President of Sales, stated,  “We are honored at this major accomplishment. It is a testament of the fact that the vision of our CEO, Joseph Botkier, of putting the client first was 100% accurate. In today’s very competitive FX broker market, many offers are similar, but we are pleased to be the ones who take the time to listen and help clients when we talk to them.”

For additional information regarding the 2010 FX Traders’ Choice Awards and to view footage from the Awards ceremony, visitors are encouraged to visit www.ibtimesfx.com/awards.

About FX Traders’ Choice Awards

The FX Traders’ Choice Awards are the result of a partnership between Forex Datasource and International Business Times (IBTimes) over the course of two years. In this partnership, IBTimes employs its vast global readership to gather votes, while Forex Datasource uses its market research expertise to analyze the results independently of commercial considerations. The Awards are generated using the input of thousands of retail Forex traders from over 110 nations.  The high integrity, scientific approach to data analysis, and vast geographic scope of the results make the FX Traders’ Choice Awards the most reliable broker distinctions in the retail Forex industry.

About FXDD

FXDD, a registered Foreign Exchange Dealer and member of the National Futures Association, headquartered in New York City, is a leader in online Forex trading dedicated to providing superior customer service, powerful trading technology, and reliable streaming liquidity. FXDD provides services to individual and institutional traders, hedge funds, commercial entities, brokerage firms and money managers around the world. FXDD offers 24-hour Forex trading by way of its trading platforms, which include: Metatrader, FXDDTrader, PowerTrader and FXDDAuto. The Company’s services currently provide competitive interbank pricing, no-interest accounts, and fully-automated execution. FXDD also provides 100:1 leverage as well as competitive bid-to-ask spreads (2-3-wide on most majors).

2 September 2010
Informers by MasterForex: up-to-date and online information on your web-resourse!

MasterForex has launched the free service «Informers». From now on everybody interested can add informer on his/her website page.  

Dear clients! MasterForex invites you to test a new free service «Informers». Informers is the new useful MasterForex service. It is automatically refreshing information block installed on the user’s website to supply visitors with the up to date information on financial markets. 

If you are a website owner, dispose the informer on your resource: it will expand its information content and make it more attractive for the visitors.  

In order to dispose the informer, just copy the code and add it to your website page. MasterForex informer has a flexible and convenient configuration system, by virtue of which you will be able to adapt the informer for your website design and style.  

 

Do develop with us! 

Kind regards,

MasterForex

2 September 2010
Brand New Forex Trading iPhone App – iDealForex

Forex Club Financial Company (www.fxclub.com) has announced the release of its newest forex trading platform, named iDealForex. This platform is available for use on the iPhone.

The iDealForex platform is a derivative of Forex Club’s ActTrader platform, a brand new platform that has advanced trading features and unprecedentedly low spread costs on four major pairs. iDealForex is an aesthetically pleasing trading application that has been designed to allow traders to conveniently navigate through the multifaceted application template.

Mobile trading applications are often overlooked by traders, many of whom believe that the limited trading functionality is insufficient to place competent trades. Where iDealForex differs from other mobile platforms is its sophisticated design and its variety of trading features. iDealForex’s capabilities match those of a PC based trading platform.

Traders can view live streaming bid and ask rates in the platform’s dealing window while viewing detailed charts over a range of time-frames. Functionality-wise, iDealForex allows traders to open and close positions, stream Dow Jones news feeds, as well as place a variety of orders.

In additional to its trading features, iDealForex displays detailed information about the trader’s account status, current positions, and position history.

Starting from September 1, 2010, the iDealForex app will be available to all traders for download via the Apple Store. The iDealForex app is available at no cost. Traders can use their ActTrader account number and passwords to access this mobile platform. Traders who tested the application prior to its official release date have given the application very positive feedback, praising it for being “user-friendly” and “the best app” for forex trading.

1 September 2010
Get up to 20.10%* credit bonus on deposits, with our great September promotion

We’re giving all our Micro and Classic account holders another chance to benefit from our popular promotion of up to 20.10% credit bonus* when trading Forex with Alpari (UK).

 

Between 28th August and 1st October, you can get up to 20.10% credit bonus* on deposits made into Micro and Classic Forex accounts.


Your benefits when trading with Alpari (UK)

  • Trade global currencies
  • Maximum trading power (1:500)
  • Tight spreads and Non Dealing Desk execution**
  • Free educational material
  • Start trading from only $200

Alpari UK is a leading provider of online FX & CFD trading services worldwide.

 

Find out more

1 September 2010
Join the FXCM King of the Micro Contest

FXCM Micro’s monthly currency trading contest starts on Wednesday September 1st, 2010.  $25,000 in cash is awarded to the trader with the highest monthly trading return; $10,000 is awarded for second, and $5,000 for third place.  FXCM Micro wants you to be the King!

Click here to read the 1st, 2nd and 3rd place winner’s questionnaire on how they won the contest!  Here are some quick statistics for our July winners:

1st place:  Lin Weihong with a staggering profit of 998.39%*

2nd place:  Adegeye Oluwaseun with a profit of 973.45%*

3rd place:  Jin Baoqiu with a profit of 644.50%*

It’s not too late to take part in the King of the Micro Contest for September. No registration is required. All micro accounts with equity of at least $500 at the end of this month automatically qualify. Click here to deposit funds into your micro account. If you do not have a micro account, click here to apply.

The popular currency-trading contest has been running for over four years, and it’s free to enter.  King of the Micro is available to clients all around the world. Recent winners have come from the United States, China, Malaysia, Canada, and the United Kingdom.

There is no registration needed, and the requirements are simple: all FXCM Micro clients with $500 in their Micro account at the beginning of the month are automatically entered. And traders must make at least ten trades during the month.

Traders may open an FXCM Micro currency trading account with as little as $25.  All FXCM Micro clients receive free buy and sell trading signals through DailyFX+, complete with blue buy arrows to buy and red arrows to sell.

For more information on the King of the Micro contest, to read the full contest rules, and to deposit money into your FXCM Micro account, click here.

FXCM Micro is a division of FXCM that provides new traders with access to the currency markets for as little as $25. With a small (1K) lot size, FXCM Micro provides a great way to get started in the forex market.  FXCM Micro is offered for individual, self-traded accounts. All participants of the King of the Micro contest can receive the FXCM Power Course free to improve their chances to be the King.

FXCM Holdings, LLC Facts

FXCM Holdings, LLC is a leading global forex and CFD broker* that caters to both retail and institutional markets. Founded in 1999, FXCM is one of the largest brokers, regulated by several of the world’s most respected financial authorities.

At the heart of FXCM’s client offering is No Dealing Desk forex trading. Clients have market access to some of the world's largest liquidity providers which enables FXCM to offer clients spreads as low as 1 pip on major crosses. Clients also have the benefits of mobile trading, one-click order execution and trading from real-time charts. FXCM LTD’s CFD product offers no re-quote trading and allows traders to trade oil, gold, silver, and stock indices, along with forex on one platform. In addition to currency and CFD trading*, FXCM offers educational courses on forex trading, and provides free news and research through DailyFX.com.

* Past performance is not necessarily indicative of future results. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors.  Read full risk disclaimer.

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BOC’S PROFIT ATTRIBUTABLE TO EQUITY HOLDERS FOR THE 1ST HALF OF 2010 INCREASED BY 27% YEAR-ON-YEAR
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Despite Roadblocks, Some Light at the End of the Tunnel, Finds Charles Schwab Survey of Independent Advisors
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Free Online Trading Summit Returns to Las Vegas for Third Consecutive Year
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Aetna Completes $750 Million, 10-Year Bond Offering
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Aetna Reminds Members in Tennessee Affected by Flooding Where to Call for Help
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Rising risks from hurricanes and extreme weather could cost Caribbean nations up to 9% of annual GDP by 2030, says a new study supported by Swiss Re analytics
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AIG Reduces Principal Balance on Federal Reserve Bank of New York Revolving Credit Facility by Nearly $4 Billion
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2 September 2010
Chinese & Australian Data Supports Risk Appetite

The better than expected Chinese PMI and Australian GDP gave risk appetite a boost and allowed for the accumulation of risk-correlated trades. However, our gut feeling is that the summer risk on/off pattern is still in effect and we suspect the Asian momentum will fade as we get a slew of economic data today. The Asian surprise print help momentarily suspend the market’s obsession with global recession fears and allowed it to ponder the possibility of just a moderate slowdown.

Asians regional stock indexes were broadly higher following yesterday’s decent Wall Street close. The FOMC minutes released yesterday went pretty much how the market expected with the language hinting that members were increasingly concerned over the recovery. The release stated that "members generally saw both employment and inflation as likely to fall short of levels consistent with the dual mandate" and confirmed that the decision to reinvest proceeds from mortgage-backed securities into the market was a strategy to steer clear of natural market tightening forces without the Fed having to instigate another round of full-fledged quantitative easing.

As for inflation, the wording backed off deflation concerns but still sounded cautions and dovish. Clearly the Fed is still on the fence and future decision will be based up future data. Although US data has hit a significant slow patch this summer, we suspect this is more a natural adjustment on its way to modestly trending higher. Today and the reminder of the week’s data should help build the ground work for this theory.

As already mentioned, Australian GDP surprised strongly to the upside at 1.2% q/q, against the anticipated 0.9% q/q. The release put y/y GDP growth above the RBA’s and market’s expectations and put pressure on the RBA to tighten further – most likely by 100 bp to 5.20% by the end of 2011. Should the environment turn risk positive, AUD will be one of the clear outperformers.

The EU got some disappointing news out of Germany yesterday with German retail sales worse than expected at -0.3% m/m. Much of the argument for the Euro’s survival is based on the strength of economic engine of the region, namely Germany. Without that strength, prices and market pressures could get sticky in a hurry. Our thoughts is that the soft patch running through the US has and will spread to Europe which may cause a renewed bout of sovereign risk concerns in September.

We are already seeing this theory through credit-default swap pricing and yield spreads which for a few of the peripheral country have hit pre-bank stress test levels. Markets will be particularly keen on measuring the divergence between EU data and US data. Lingering fears over stability of Irish banks and sovereign financing persisting while speculation of some extension of ECB’s unconventional measures at this week's ECB decision will continue to weigh on the EUR.

In Switzerland and after a few attempts, the EURCHF finally broke through the 1.300 support and traded down to 1.2852, a record low. We expect the CHF rally to continue across the board. First of all, the Swiss fundamentals are very sound and second, the fact that the SNB is willing to let the CHF appreciate provided that deflationary risks do not arise. Should those risks arise, SNB member Hildebrand hinted to potential FX intervention and a tightening of monetary policy. The cherry on top is that the CHF is the new darling of safe-haven trades with insiders believing EU capital will begin to gush into Switzerland seeking safety.

As for today, Eurozone PMI followed by US ISM & ADP employment numbers will define risk appetite in the immediate short term.



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Daily Forex Reviews & Forecasts
2 September 2010
Hedge funds made EUR/CHF fall
Strategists at UBS note that the decline of EUR/CHF may have happened because of the hedge funds activity.
2 September 2010
Dollar Outlook Stalled by Aimless Risk Trends, Fed’s Concerns

It is always good to step back from the day-to-day changes in the markets to put price action into context. While this past week has seen a number of instances of volatility expansion for the US dollar, the currency has actually strayed little from a general state of congestion.

Be sure to join DailyFX Analysts in discussing their outlook for the Fed and its impact on the dollar in the DailyFX Forex Forum

Credit Market

Previous

Current

Change

% Change

Outlook *

DJ Credit Default Swaps

112.998

114.450

1.453

1.29%

Deteriorating

10 Year Junk-Bond Spread

660.09

651.31

-8.78

-1.33%

Improving

Credit Card Delinquencies

4.77

4.64

-0.13

-0.13%

Improving

Mortgage Delinquencies

10.06

9.85

-0.21

-0.21%

Improving

US 3 Month Libor Rate

0.308

0.296

-0.01187

-3.86%

Deteriorating

Total Money Market Funds

2797.93

2833.65

35.72

1.28%

Deteriorating

           

Stock Market

Last Week

Current

Change

% Change

Outlook

Dow Jones Industrial Average

10060.06

10250.4

190.34

1.89%

Improving

Dow Jones Real Estate Index

195.34

202.96

7.62

3.90%

Improving

Dow Jones Financial Index

311.74

316.05

4.31

1.38%

Improving

Dow Jones Retail Index

80.8

83.99

3.19

3.95%

Improving

S&P Volatility

26.7

24.31

-2.39

-2.39%

Improving

Put-Call Ratio

0.87

1.82

0.95

0.95%

Deteriorating

Market Breadth (Adv - Dec)

0.4183

0.5157

0.0974

9.74%

Improving

           

Economic Indicators

Previous

Current

Change

% Change

Outlook

GDP (Annualized)

2.8

1.6

1.6

1.60%

Improving

Mortgage Applications

4.9

2.7

2.7

2.70%

Improving

Initial Jobless Claims

468

473

5

1.07%

Deteriorating

Consumer Confidence (UMich)

74

67.8

-6.2

-8.38%

Deteriorating

ISM Manufacturing

55.5

56.3

0.8

1.44%

Deteriorating

ISM Services

53.8

54.3

0.5

0.93%

Deteriorating

ISM Services - Employment

49.7

50.9

1.2

2.41%

Deteriorating

An Improving outlook means the Federal Reserve could use this indicator

to support a rate hike. The opposite stands for a deteriorating outlook.

The Economy and the Credit Market

It is always good to step back from the day-to-day changes in the markets to put price action into context. While this past week has seen a number of instances of volatility expansion for the US dollar, the currency has actually strayed little from a general state of congestion. The same assessment can be applied to other capital markets; and from this unique correlation, it less of a stretch to suggest that the optimism that underlies the global financial markets is still responsible for the greenback’s future. That being said, US fundamentals developments have a leveraged influence on sentiment and even the dollar’s place on the risk spectrum. Of particular interest this past week were the revisions to the US 2Q GDP reading and the minutes of the Federal Reserve’s August monetary policy meeting. The deflation in the initial economic performance report bolstered the threat of a stalled recovery – so much so that there is a growing argument that the government is preparing a second stimulus initiative before the first round has been removed. The Fed’s statement similar fed speculative concerns over the future health of the economy with lowered second half growth projections; but there was also a long-term burden set upon the currency’s safe haven status as the central bank reflected on their decision to curb the withdrawal of monetary support and consider further expansion – a move that would devalue the dollar long term. Looking ahead, we are simply awaiting the next catalyst for risk appetite because that is the most volatile ingredient.

Dollar_Outlook_Stalled_by_Aimless_Risk_Trends_Feds_Concerns_body_Picture_1.png, Dollar Outlook Stalled by Aimless Risk Trends, Fed’s Concerns

A Closer Look at Financial and Consumer Conditions

Dollar_Outlook_Stalled_by_Aimless_Risk_Trends_Feds_Concerns_body_Picture_7.png, Dollar Outlook Stalled by Aimless Risk Trends, Fed’s Concerns

The Federal Reserve’s move to prop up the markets by purchasing Treasuries could be construed as a safety net that will stabilize the capital markets – and why not considering it worked the first time around. However, the extension of additional stimulus and the policy group’s hints that further expansion is a viable option is actually a sign that conditions are deteriorating and that such methods were ineffective the first time around. That being said, speculators will be comforted by what they will as long as capital returns are possible. As the market as a whole looks for a catalyst to define an undisputable trend of risk position building or unwinding, pricing will be kept on hold. A vigil should be kept on Europe, China and US financial health.

Dollar_Outlook_Stalled_by_Aimless_Risk_Trends_Feds_Concerns_body_Picture_10.png, Dollar Outlook Stalled by Aimless Risk Trends, Fed’s Concerns

It is difficult to argue that the economy is stabilizing or improving given last week’s data. First, the second quarter GDP revision brought a significant slowing in activity levels from the first three months of the year; and the breakdown of the details suggest there is little opportunity for a quick or meaningful reversal through the second half of the year. To ensure that this cannot be misinterpreted, the Fed explicitly stated its outlook for the second half of the year was lowered and that negative risks had increased substantially. Nonetheless, it seems the masses are placated by the fact that the GDP reading was better than its forecast, policy officials’ willingness to support the economy and even a standalone performance from manufacturing. We will see if reality dawns with Friday’s NFPs release.

The Financial and Capital Markets

Risk appetite has oscillated widely over the past week; and price action has responded in kind. However, this back and forth has actually prevented a clear development in price and speculative trend for one direction or the other. The scheduled data that was available for interpretation has been largely disappointing; which would leverage selling pressure if risk aversion were the dominant force in the market. Instead, the masses are hesitant to bite the bullet and unload their positions. Part of this ill-developed stability can be attributed to the existence of heavy event risk ahead. The US non-farm payroll report due on Friday carries enough of a threat for volatility that traders will avoid making major changes to their portfolio unless forced to. Another intervening force in this equation is the hope derived from the promise of a rising wave of stimulus. The Fed has joined the ECB, BoE and BoJ in extending the safety net underneath the market much like they did in 2008. The possibility of easy money is enticing when significant returns are hard to come by outside of capital gains. Will this leverage actually hold over investors’ confidence? Unlikely. But timing is just as important a factor in trading as direction.

Dollar_Outlook_Stalled_by_Aimless_Risk_Trends_Feds_Concerns_body_Picture_4.png, Dollar Outlook Stalled by Aimless Risk Trends, Fed’s Concerns

A Closer Look at Market Conditions

Dollar_Outlook_Stalled_by_Aimless_Risk_Trends_Feds_Concerns_body_Picture_16.png, Dollar Outlook Stalled by Aimless Risk Trends, Fed’s Concerns

The swings in the benchmarks of the capital market this week have been significant; but through it all, we have seen a general bear trend develop over the past month. However, our concern should not be direction – as it has been otherwise restrained to congestion – and instead focus on the intensified correlation between the different assets. We see here the step by step moves that equities and commodities make together. Such a significant relationship suggests there is a common concern within the speculative crowd. Furthermore, the intensity of the link is remarkable given the lack of overall trend. This in itself could be a sign of a forthcoming trend.

Dollar_Outlook_Stalled_by_Aimless_Risk_Trends_Feds_Concerns_body_Picture_13.png, Dollar Outlook Stalled by Aimless Risk Trends, Fed’s Concerns

Yet another week goes by where the traditional measures of risk are underpricing the level of uncertainty that exists for the future. We see that the increased frequency of swings in spot markets has increased volatility readings; but as sources of premium for uncertainty, these measures are proving themselves to be more definitively backwards looking (to a period where price action has not strained from a band – whether it be horizontal or come with a bias). However, from measures like Libor spreads, the Treasury yield curve, the TED spread (the difference between market and Treasury rates), default premiums, liquidity measures, stimulus expansion and other structural signs; it is clear that conditions are deteriorating.



It is always good to step back from the day-to-day changes in the markets to put price action into context...
2 September 2010
Slovakia Confirms Slower Growth In Q2
Slovakia's economy grew slightly better than estimated earlier during the second quarter, but the pace of growth slowed from the previous three months, official data showed Thursday...
2 September 2010
Euro Pares Gains Ahead of ECB Rate Decision, Euro Zone GDP Report

The Euro inched lower in Asian trade and cues from risk sentiment pointing to further weakness, with a rate decision from the European Central Bank and the release of revised Euro Zone GDP figures likely to amount to non-events.

Key Overnight Developments

  • Australian Trade Surplus Shrinks as Coal, Iron Ore Lead Exports Lower
  • Euro, Pound Decline as Risky-Linked Currencies Digest NY-Session Gains

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2703

1.2863

GBPUSD

1.5349

1.5503

The Euro and the British Pound inched lower in overnight trade, shedding 0.1 percent against the US Dollar as currency markets digested the upswing in risk appetite in New York hours. We remain short EURUSD and flat GBPUSD.

Asia Session Highlights

CCY

GMT

EVENT

ACT

EXP

PREV

JPY

23:50

Monetary Base (YoY) (AUG)

5.4%

-

6.1%

AUD

1:30

Trade Balance (Australian dollar) (JUL)

1888M

3100M

3438M (R-)

Australia’s Trade Balance surplus narrowed for the first in three months in July, printing at A$1.8 billion. Economists were expecting a shallower decline to A$3.1 billion ahead of the release. Exports slumped 4.6 percent, with shipments to China – Australia’s top trading partner and the top source of demand behind the mining boom that kept the antipodean economy afloat amid the so-called Great Recession – falling 7.9 percent to post the first decline in six months. More worrying still, overseas sales of coal and metal ore led exports lower, down 16 percent and 7 percent respectively.

On balance, the outcome reinforces fears that despite impressive performance in the second quarter, the economy faces strong headwinds in the second half of the year amid broad-based cooling in global demand, keeping the RBA firmly on the sidelines. Indeed, a Credit Suisse gauge of priced-in monetary policy expectations shows traders are betting on no further rate hikes over the coming year, seemingly robbing the Australian Dollar of an impetus for a sustained advance.

Euro Session: What to Expect

CCY

GMT

EVENT

EXP

PREV

IMPACT

EUR

5:30

French Mainland Unemployment Change (2Q)

-

4K

Low

EUR

5:30

French ILO Mainland Unemployment Rate (2Q)

9.6%

9.5%

Low

EUR

5:30

French ILO Unemployment Rate (2Q)

10.0%

9.9%

Low

CHF

5:45

Gross Domestic Product (QoQ) (2Q)

0.8%

1.0%

High

CHF

5:45

Gross Domestic Product (YoY) (2Q)

2.6%

2.3%

High

GBP

6:00

Nationwide House Prices s.a. (MoM) (AUG)

-0.3%

-0.5%

Medium

GBP

6:00

Nationwide House Prices n.s.a. (YoY) (AUG)

4.9%

6.6%

Medium

CHF

7:15

Retail Sales (Real) (YoY) (JUL)

-

1.0%

Medium

EUR

8:00

Italian Producer Price Index (YoY) (JUL)

4.3%

3.5%

Low

EUR

8:00

Italian Producer Price Index (MoM) (JUL)

0.4%

0.2%

Low

GBP

8:30

Purchasing Manager Index Construction (AUG)

53.2

54.1

Low

EUR

9:00

Euro-Zone Gross Domestic Product s.a. (QoQ) (2Q P)

1.0%

1.0%

High

EUR

9:00

Euro-Zone Gross Domestic Product s.a. (YoY) (2Q P)

1.7%

1.7%

High

EUR

9:00

Euro-Zone Gross Fixed Capital Formation (QoQ) (2Q P)

-

-1.2%

Medium

EUR

9:00

Euro-Zone Household Consumption (QoQ) (2Q P)

0.2%

-0.1%

Medium

EUR

9:00

Euro-Zone Government Expenditure (QoQ) (2Q P)

-

0.2%

Low

EUR

9:00

Euro-Zone Producer Price Index (MoM) (JUL)

0.3%

0.3%

Low

EUR

9:00

Euro-Zone Producer Price Index (YoY) (JUL)

4.0%

3.0%

Low

EUR

11:45

European Central Bank Interest Rate Decision (SEP 2)

1.0%

1.0%

High

A busy economic calendar awaits currency markets in European hours. A revision of second-quarter Euro Zone Gross Domestic Product figures is expected to confirm the economy added 1 percent in the three months through June. Traders are likely to look past the headline figure whoever to focus on the components of economic growth to gauge the economy’s ability to remain afloat as the region turns to austerity and bond issuance – both of them growth-negative – to finance its gaping public deficits.

Switzerland’s Gross Domestic Product figures are set to show output to added 0.8 percent in the second quarter, pushing the annual growth rate to 2.6 percent, the highest in two years. However, Switzerland’s reliance on exports necessarily suggests it lags importers in the global business cycle as its own rebound must wait for a recovery in overseas demand. While this means that Switzerland may appear resilient as other nations falter on the way into a slowdown, it equally looks weaker than others on the way to recovery. Therefore, the Swiss GDP result is likely to be sized up in the context of the Euro Zone outcome considering the mountain nation relies on the currency bloc for over 60 percent of its export demand, firmly tying its fate to that of the common market.

The monetary policy announcement from the European Central Bank may prove to be another non-event. As we discussed earlier in the week, the wide disparity in expected economic performance within the currency bloc over the coming years makes setting a single monetary policy difficult to say the least. Indeed, while German growth is expected to outperform the regional average by over a percentage point on average through 2011, growth in relatively large member states like Italy and Spain (to say nothing of Greece) is expect to underperform, making it all but impossible to set rates such as to both encourage growth and control inflation region-wide. Luckily for Jean-Claude Trichet and company, the ECB’s stated mandate is to ensure “price stability”. With the annual inflation rate at a manageable 1.6 percent – below the 2 percent target level but not so low as to threaten deflation – the temptation to adopt a wait-and-see approach by an already slow-moving ECB is surely overwhelming.

Turning to sentiment, S&P 500 stock index futures are down 0.4 percent in late Asian trade, hinting yesterday’s surge in risk appetite may have run out of steam and pointing toward gains for the safety-linked US Dollar and Japanese Yen.


The Euro inched lower in Asian trade and cues from risk sentiment pointing to further weakness, with a rate decision from the European Central Bank and the release of revised Euro Zone GDP figures likely to amount to non-events...
2 September 2010
Daily Forecast
EUR/USD Trading range: 1.2770 - 1.2870; Trend: Upward; Buy at 1.2782 SL 1.2750 TP 1.2859
2 September 2010
Forex Overview

Previous session overview
The euro fell against the yen in Asia on Thursday on the view that European Central Bank President Jean-Claude Trichet may take a less hawkish line on monetary policy at an upcoming press conference.

During Asian trade, non-Japanese hedge funds were selling a solid amount of euros, pushing it down to JPY107.70 as of 0450 GMT, from JPY108.11 late Wednesday New York. The euro was also weaker against the dollar, at USD1.2791 from USD1.2800.

The yen, meanwhile, strengthened against the dollar, with the greenback falling to JPY84.19 from JPY84.47.

The ICE Dollar Index, which tracks the dollar against a trade-weighted basket of currencies, was at 82.530 from 82.510.

The British pound gained against the dollar, but weakened to a three-week low vs. the euro after a weaker than expected UK purchasing managers' survey.

The Australian dollar was higher late in Asia on Thursday on the back of better-than-expected U.S. manufacturing data, heading into an offshore session packed with event risk. At 0530 GMT, the Australian dollar was at USD0.9075, up from USD0.8993 late Wednesday. Against the Japanese yen, the Australian dollar was at JPY76.44, from JPY75.865.

Market expectation
Trichet will speak to the press at 1230 GMT Thursday, after the central bank discusses interest rates. Analysts believe the ECB will hold its key rate steady at 1.00%.

On the economic calendar, the purchasing managers' index for the U.K. construction sector is due at 0830 GMT, while euro-zone gross domestic product and producer price index figures are scheduled for 0900 GMT. The European Central Bank interest rate announcement is at 1145 GMT. In the U.S., initial jobless claims at 1230 GMT will be watched closely, while factory orders and pending home sales are due at 1400 GMT.

European stocks are expected to open lower Thursday, as investors look to take profits after the sharp gains of the previous session, amid caution ahead of Friday's U.S. nonfarm payrolls release.

USDCHF is holding above its 2-year support line of 1.0020, but if that's breached, there is downside potential to 1.0000 and then 0.9915.These levels represent critical junctures on the technical chart, and analysts expect them to hold the initial test, say technical analysts.

The Pound is little changed against the euro and dollar, and is likely to hold in narrow ranges against both while investors wait for the U.S. labor market report on Friday, traders report.


The euro fell against the yen in Asia on Thursday on the view that European Central Bank President Jean-Claude Trichet may take a less hawkish line on monetary policy at an upcoming press conference...
1 September 2010
Euro may keep growing only above 1.2710
The single currency jumped from the session’s minimum at 1.2625 to trade slightly below 1.2710. Such move stimulated bullish momentum for the pair.
1 September 2010
Czech Manufacturing Growth Improves In August

Czech manufacturing sector expanded at a faster pace in August, owing to a sharp rise in new work.

The headline HSBC Czech Republic Manufacturing Purchasing Managers' Index or PMI rose to 57.3 from July's four-month low of 56.8, Markit economics said Wednesday. A PMI reading above 50 signals expansion in the sector. Manufacturing grew for the tenth consecutive month.

Growth in new work remained well-above the survey average, Markit said. The improvement was underpinned by both domestic and export markets, wherein Germany was the primary source of demand.

Production grew for the 13th month in a row and the rate of increase rose to the highest since August 2007. Yet, the volume of outstanding work rose further leading to eleventh month of backlog of accumulation. Manufacturers also increased head count during August due to filling order books and positive outlook for business growth. Employment grew for the sixth straight month.

Input price inflation, which remained comparatively sharp, eased for the third month in a row. Meanwhile, Czech manufacturers charged lower prices for the first time in four months in August. A number of firms commented that they had lowered their koruna-denominated prices in order to offset the continued strength of the currency and maintain international competitiveness, Markit said.

"The Czech recovery continues to mimic a better-than-expected revival in Western Europe, and the August PMI suggests the economy will maintain its sound footing in the third quarter," said Kubilay Ozturk, an economist at HSBC. "The Czech economy will probably be affected by an expected slowdown in the Eurozone's rebound in Q4 2010 and next year."

"But the favorable divergence of the German economy, to which the Czech production cycle is most closely linked, will likely provide some comfort," the economist said.

Czech economic growth accelerated in the second quarter, driven by a strong growth in manufacturing. Gross domestic product grew a seasonal and working day adjusted 2.2% year-on-year in the second quarter, faster than the 1.1% increase in the first quarter. On August 5, the Czech central bank lifted the growth forecast for this year to 1.6% from 1.4%.

In August, ratings agency Standard & Poor's upgraded its sovereign outlook on the Czech Republic to positive, reflecting a greater than one-in-three likelihood of a ratings upgrade over the next two years. The sovereign credit ratings are underpinned by the diversified and competitive economy and fiscal and monetary flexibility of the nation, the agency said.


Czech manufacturing sector expanded at a faster pace in August, owing to a sharp rise in new work...
1 September 2010
Forex Overview

Previous session overview
The yen gave up overnight gains against the dollar and euro in Asian trading Wednesday, as stronger regional share markets cut into demand for the safe-haven Japanese unit, which was also hit by statements from a highly influential politician favoring direct intervention by Japan.

But amid lingering concerns over the health of the global economy, the yen is unlikely to weaken sharply for the rest of the week, especially ahead of U.S. employment figures Friday, traders said.

Among Asian share markets, the Shanghai Composite was up 0.1% midday after data showed China's manufacturing sector rebounded in August, which may have slightly easing concerns over an economic slowdown ahead. Hong Kong's Hang Seng Index rose 0.4% and Taiwan's Taiex added 0.6%, while South Korea's Kospi Composite rose 1.3%.

At 0450 GMT, the dollar was at JPY84.37, up from JPY83.83 late Tuesday in New York. The euro traded hands at JPY107.17, up from JPY106.25.

The euro was at USD1.2700 at 0450 GMT from USD1.2673 late Tuesday in New York. Any further rises in the single unit would likely be capped at USD1.2750, due to an accumulation of selling orders at and below that level, dealers said.

The ICE Dollar Index, which tracks the greenback against a trade-weighted basket of currencies including the euro, was at 83.017 compared with 83.104.

The Pound is trading near a five-week low against the U.S. dollar on gloomy global growth outlook. This comes despite upbeat news that July U.K. mortgage approvals in July and consumer confidence in August exceeded expectations. The GBP fell because the market was looking for something more robust.

The Australian dollar surged in Asian trade after robust second quarter growth figures released Wednesday showed the domestic economy is firing on all cylinders, keeping alive the notion of further rate hikes by the central bank.

Market expectation
For the rest of the week, the dollar and euro may not gain more sharply against the yen as investors hesitate to make major bets before the U.S. August non-farm payrolls report Friday. Economists expect the report to show 110,000 jobs shed in the month, a slight improvement from the 131,000 lost in July. But they expect the unemployment rate to rise to 9.6% from 9.5%.

The British pound-U.S. dollar is likely to consolidate with a bearish bias after falling one penny yesterday on strong European month-end demand for the euro-pound cross, which could continue to gain.

EUR higher vs USD as Asian equities gain, reviving players' willingness to buy riskier assets. EURUSD could rise to USD1.2750 vs last USD1.2705, say analysts. But says fair accumulation of selling orders above USD1.2700 could slow any rise to USD1.2750. Says pair likely to stay in USD1.2600-USD1.2750 band for rest of week; direction thereafter to be determined by U.S. August non-farm payrolls data, due Friday, which, if worse-than-expected, could push pair higher.


The yen gave up overnight gains against the dollar and euro in Asian trading Wednesday, as stronger regional share markets cut into demand for the safe-haven Japanese unit...
1 September 2010
Daily Forecast
EUR/USD Trading range: 1.2680 - 1.2785; Trend: Upward; Buy at 1.2694; SL 1.2662; TP 1.2771...
EURUSD USDJPY
Chart EURUSD(M15) Chart USDJPY(M15)
Daily Forex Snap-Shots

Australian Trade Surplus Shrinks
September 02, 2010

Asian equity markets have opened on a positive note this morning following the strong gains posted in the US session yesterday on the back of increased risk seeking resulting from better than expected economic data out of the US. The ISM manufacturing index bettered analysts estimates at 56.3 actual v 52.8 exp while the ADP employment reading showed a drop in new jobs added, showing a decrease to -10k jobs. We remain sceptical on the weaker ADP reading, as the number has been consistently undershooting the more official US department of labor estimates. The positive manufacturing data has kept risk seeking buoyed this morning, with the Nikkei posted gains of 0.62% and the Shanghai composite up 0.94% on the day.

Read more...
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Breaking Forex Brokers News
2 September 2010
FXDD Wins 6 Traders’ Choice Awards, Including Best Overall FX Broker

New York, NY (August 31, 2010) -  FXDD, a leading online Forex broker, has received six 2010 FX Traders’ Choice Awards, including the Eagle Award for top honors in the Global FX Broker – Best Overall category.  FXDD also took the Falcon Award in each of the following categories:

  • Best Overall, Trading Platform
  • Customer Service Department
  • Accounts Department
  • Funding Department.

Out of 100 international brokers, an elite group of 13 were qualified as Global FX Brokers.  The 2010 FX Traders’ Choice Awards evaluated trader satisfaction by continent; FX traders in the Americas rated close to 100 brokers, and identified FXDD as one of the top three firms in Client Satisfaction. Both Forex Datasource and IBTimesFX , organizers of the FX Traders’ Choice Awards, were proud to present the Falcon Award to FXDD for High Broker Satisfaction in the Americas.

“The performance of FXDD during this year’s FX Traders’ Choice award is nothing less than stellar,” says Javier Paz, creator of the Awards and CEO of Forex Datasource. “The results of these awards are free of commercial interests and are more sophisticated than any broker awards out there. FXDD demonstrated that it is one of the most recognized broker names in Forex, and that it serves its clients extremely well.”

Sonny Kwon, co-organizer of the Awards and Head of Development at IBTimes, added: “The International Business Times family is proud to be associated with the 2010 FX Traders’ Choice Awards, and congratulates FXDD on winning such a high number of awards this year.”

Accepting the awards on behalf of FXDD, Tom O’Reilly-Senior Vice-President of Sales, stated,  “We are honored at this major accomplishment. It is a testament of the fact that the vision of our CEO, Joseph Botkier, of putting the client first was 100% accurate. In today’s very competitive FX broker market, many offers are similar, but we are pleased to be the ones who take the time to listen and help clients when we talk to them.”

For additional information regarding the 2010 FX Traders’ Choice Awards and to view footage from the Awards ceremony, visitors are encouraged to visit www.ibtimesfx.com/awards.

About FX Traders’ Choice Awards

The FX Traders’ Choice Awards are the result of a partnership between Forex Datasource and International Business Times (IBTimes) over the course of two years. In this partnership, IBTimes employs its vast global readership to gather votes, while Forex Datasource uses its market research expertise to analyze the results independently of commercial considerations. The Awards are generated using the input of thousands of retail Forex traders from over 110 nations.  The high integrity, scientific approach to data analysis, and vast geographic scope of the results make the FX Traders’ Choice Awards the most reliable broker distinctions in the retail Forex industry.

About FXDD

FXDD, a registered Foreign Exchange Dealer and member of the National Futures Association, headquartered in New York City, is a leader in online Forex trading dedicated to providing superior customer service, powerful trading technology, and reliable streaming liquidity. FXDD provides services to individual and institutional traders, hedge funds, commercial entities, brokerage firms and money managers around the world. FXDD offers 24-hour Forex trading by way of its trading platforms, which include: Metatrader, FXDDTrader, PowerTrader and FXDDAuto. The Company’s services currently provide competitive interbank pricing, no-interest accounts, and fully-automated execution. FXDD also provides 100:1 leverage as well as competitive bid-to-ask spreads (2-3-wide on most majors).


New York, NY (August 31, 2010) - FXDD, a leading online Forex broker, has received six 2010 FX Traders’ Choice Awards, including the Eagle Award for top honors in the Global FX Broker – Best Overall category...
2 September 2010
Informers by MasterForex: up-to-date and online information on your web-resourse!

MasterForex has launched the free service «Informers». From now on everybody interested can add informer on his/her website page.  

Dear clients! MasterForex invites you to test a new free service «Informers». Informers is the new useful MasterForex service. It is automatically refreshing information block installed on the user’s website to supply visitors with the up to date information on financial markets. 

If you are a website owner, dispose the informer on your resource: it will expand its information content and make it more attractive for the visitors.  

In order to dispose the informer, just copy the code and add it to your website page. MasterForex informer has a flexible and convenient configuration system, by virtue of which you will be able to adapt the informer for your website design and style.  

 

Do develop with us! 

Kind regards,

MasterForex


MasterForex has launched the free service «Informers». From now on everybody interested can add informer on his/her website page...
2 September 2010
Brand New Forex Trading iPhone App – iDealForex

Forex Club Financial Company (www.fxclub.com) has announced the release of its newest forex trading platform, named iDealForex. This platform is available for use on the iPhone.

The iDealForex platform is a derivative of Forex Club’s ActTrader platform, a brand new platform that has advanced trading features and unprecedentedly low spread costs on four major pairs. iDealForex is an aesthetically pleasing trading application that has been designed to allow traders to conveniently navigate through the multifaceted application template.

Mobile trading applications are often overlooked by traders, many of whom believe that the limited trading functionality is insufficient to place competent trades. Where iDealForex differs from other mobile platforms is its sophisticated design and its variety of trading features. iDealForex’s capabilities match those of a PC based trading platform.

Traders can view live streaming bid and ask rates in the platform’s dealing window while viewing detailed charts over a range of time-frames. Functionality-wise, iDealForex allows traders to open and close positions, stream Dow Jones news feeds, as well as place a variety of orders.

In additional to its trading features, iDealForex displays detailed information about the trader’s account status, current positions, and position history.

Starting from September 1, 2010, the iDealForex app will be available to all traders for download via the Apple Store. The iDealForex app is available at no cost. Traders can use their ActTrader account number and passwords to access this mobile platform. Traders who tested the application prior to its official release date have given the application very positive feedback, praising it for being “user-friendly” and “the best app” for forex trading.


Forex Club Financial Company (www.fxclub.com) has announced the release of its newest forex trading platform, named iDealForex. This platform is available for use on the iPhone...
1 September 2010
Get up to 20.10%* credit bonus on deposits, with our great September promotion

We’re giving all our Micro and Classic account holders another chance to benefit from our popular promotion of up to 20.10% credit bonus* when trading Forex with Alpari (UK).

 

Between 28th August and 1st October, you can get up to 20.10% credit bonus* on deposits made into Micro and Classic Forex accounts.


Your benefits when trading with Alpari (UK)

  • Trade global currencies
  • Maximum trading power (1:500)
  • Tight spreads and Non Dealing Desk execution**
  • Free educational material
  • Start trading from only $200

Alpari UK is a leading provider of online FX & CFD trading services worldwide.

 

Find out more


We’re giving all our Micro and Classic account holders another chance to benefit from our popular promotion of up to 20.10% credit bonus* when trading Forex with Alpari (UK)...
1 September 2010
Join the FXCM King of the Micro Contest

FXCM Micro’s monthly currency trading contest starts on Wednesday September 1st, 2010.  $25,000 in cash is awarded to the trader with the highest monthly trading return; $10,000 is awarded for second, and $5,000 for third place.  FXCM Micro wants you to be the King!

Click here to read the 1st, 2nd and 3rd place winner’s questionnaire on how they won the contest!  Here are some quick statistics for our July winners:

1st place:  Lin Weihong with a staggering profit of 998.39%*

2nd place:  Adegeye Oluwaseun with a profit of 973.45%*

3rd place:  Jin Baoqiu with a profit of 644.50%*

It’s not too late to take part in the King of the Micro Contest for September. No registration is required. All micro accounts with equity of at least $500 at the end of this month automatically qualify. Click here to deposit funds into your micro account. If you do not have a micro account, click here to apply.

The popular currency-trading contest has been running for over four years, and it’s free to enter.  King of the Micro is available to clients all around the world. Recent winners have come from the United States, China, Malaysia, Canada, and the United Kingdom.

There is no registration needed, and the requirements are simple: all FXCM Micro clients with $500 in their Micro account at the beginning of the month are automatically entered. And traders must make at least ten trades during the month.

Traders may open an FXCM Micro currency trading account with as little as $25.  All FXCM Micro clients receive free buy and sell trading signals through DailyFX+, complete with blue buy arrows to buy and red arrows to sell.

For more information on the King of the Micro contest, to read the full contest rules, and to deposit money into your FXCM Micro account, click here.

FXCM Micro is a division of FXCM that provides new traders with access to the currency markets for as little as $25. With a small (1K) lot size, FXCM Micro provides a great way to get started in the forex market.  FXCM Micro is offered for individual, self-traded accounts. All participants of the King of the Micro contest can receive the FXCM Power Course free to improve their chances to be the King.

FXCM Holdings, LLC Facts

FXCM Holdings, LLC is a leading global forex and CFD broker* that caters to both retail and institutional markets. Founded in 1999, FXCM is one of the largest brokers, regulated by several of the world’s most respected financial authorities.

At the heart of FXCM’s client offering is No Dealing Desk forex trading. Clients have market access to some of the world's largest liquidity providers which enables FXCM to offer clients spreads as low as 1 pip on major crosses. Clients also have the benefits of mobile trading, one-click order execution and trading from real-time charts. FXCM LTD’s CFD product offers no re-quote trading and allows traders to trade oil, gold, silver, and stock indices, along with forex on one platform. In addition to currency and CFD trading*, FXCM offers educational courses on forex trading, and provides free news and research through DailyFX.com.

* Past performance is not necessarily indicative of future results. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors.  Read full risk disclaimer.


FXCM Micro’s monthly currency trading contest starts on Wednesday September 1st, 2010. $25,000 in cash is awarded to the trader with the highest monthly trading return; $10,000 is awarded for second, and $5,000 for third place. FXCM Micro wants you to be the King!


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