Mena Report back issues from July 2009:
USDCAD Break to New High May be Temporary.(Brief article)
Jul 01, 2009 ... The USDCAD rally from 1.1507 is considered wave 5 within a 5 wave rally from 1.0782. The pair is breaking higher from a triangle (wave 4) and breaks from triangles are considered terminal moves. That is, the break is temporary and leads to a reversal. The rally could reach ...
DailyFX Trend Report.(Report)(Brief article)(Statistical data)
Jul 01, 2009 ... The DFX Trend Index ranges from -100 to +100 and is updated everyday at 5 pm eastern US time. The numbers correspond to specific trend conditions. 50 to 100: uptrend / potential for a top increases the closer the index is to 100 (high readings during trends) 25 to 50: in a range / bullish ...
US Dollar, Japanese Yen Gain as Drop in US Consumer Confidence Hurts Investor Sentiment.
Jul 01, 2009 ... •US Dollar, Japanese Yen Gain as Drop in US Consumer Confidence Hurts Investor Sentiment •Euro, British Pound Lag as Data Indicates Economies Far From Recovery •Swiss Franc Declines As Consumption Sputters, Trade Partners Struggle •Commodity Currencies Decline On ...
Euro, British Pound Lag as Data Indicates Economies Far From Recovery.(Brief article)
Jul 01, 2009 ... Both the euro and the British pound fell against the US dollar on Tuesday as economic data highlighted how far from recovery the Euro-zone and UK remain. Germany's Federal Labor Agency said that unemployment levels rose by 31,000 in June to 3.5 million, the highest since 2007, while the ...
Swiss Franc Declines As Consumption Sputters, Trade Partners Struggle.
Jul 01, 2009 ... The Swiss Franc fell against the US dollar following disappointing economic releases that hurt prospects for a near-term recovery. The most influential to the currency was the UBS consumption indicator, which showed further signs of weakening conditions. While the Swiss National Bank has ...
Commodity Currencies Decline On Expectations For Further Global Contraction.
Jul 01, 2009 ... The Commodity dollars declined against many of the majors today following US and European news that pointed to further economic slowdowns and thus, additional declines in demand for commodities. If economic activity declines or remains near current levels, prices on crude and other ...
Japan's Capital Expenditures Plummet Most in Nearly 10 Years in Q2.(Brief article)
Jul 01, 2009 ... Japan's Capital Expenditures for all industries plummeted more than expected, -9.4% vs -6.9% in the second quarter of 2009, leaving those who had a sense of optimism puzzled as to when exactly a recovery should be expected. Their Tankan Index for large manufacturers, however, rose to -48 ...
Dollar Momentum Jumps on China Manufacturing Data.(Brief article)
Jul 01, 2009 ... The U.S. Dollar rallied after a report showed that China's PMI Manufacturing rose for a fourth straight month in June to 53.2 vs 53.1. Against the Japanese Yen, the currency rallied over 35 pips within seconds of the release of the news. The news may have sparked speculation that a ...
Australia Retail Sales Double Expectations, Rise 1.0% on Government Stimulus.
Jul 01, 2009 ... Australia's May Retail Sales grew by 1.0%, doubling economist forecasts of only a 0.5% increase in the figure after the government's stimulus efforts put additional cash in the pockets of its citizens. Optimism might not be found in this metric given that it may have been skewed by ...
EURJPY: Positioning Hints at Forthcoming Selling Opportunity.(Brief article)
Jul 01, 2009 ... My picks: Short EURJPY (pending) Expertise: Global Macro, Classic Technical Analysis Average Time Frame of Trades: 1 week - 6 monthsEURJPY positioning revelas a well-defined Rising Wedge bearish reversal chart pattern, with the downward bias bolstered by negative divergence on the RSI ...
Overnight Interest Rate Update 07.01.09.
Jul 01, 2009 ... Current Yesterday USD 0.26750 0.27750 GBP 0.55000 0.55250 EUR 0.27313 0.30875 JPY 0.12750 0.13000 CHF 0.09667 0.09833 AUD 3.10000 3.12500 ...
Post of the Day: Multiple Lot Range Trading Strategy.
Jul 01, 2009 ... Student's Question: In the Range Trading Webinar, a multiple lot strategy is mentioned where one lot can be closed to lock in profit while the other lot can be left open for the potential of a greater gain. Could you show how that would work with a chart? Appreciate it. Power Course ...
Euro Vulnerable as German Retail Sales Stall, Bolstering Case for ECB Rate Cut (Euro Open).
Jul 01, 2009 ... The Euro may see selling pressure emerge in the forthcoming session as German Retail Sales come to a standstill in May, with the prospect of deepening recession boosting priced-in expectations for an ECB interest rate cut later in the week. Key Overnight Developments • Japan's Tankan ...
Cable Continues to Lose Ground on Growth Fears.(Brief article)
Jul 01, 2009 ... GBP/USD continues to lose ground in Asian trading on Wednesday, trading as low as 1.6415 with Tuesday's rally to fresh highs for the year at 1.6745 proving to be a mere aberration with sterling returning to the recent 1.6200-1.6600 trading range, with sterling sold sharply lower after the ...
ANC Holdings takes majority stake in Amusement Whitewater LLC.
Jul 01, 2009 ... Summary: ANC Holdings LLC, the Dubai based conglomerate with business interests in construction, foods, education, trading, hospitality, process and real estate, has announced the strategic acquisition of a majority stake in Amusement Whitewater LLC (AWW), the regional leader in design, ...
Short-Term Forex Technical Outlook: GBP/CHF.
Jul 01, 2009 ... The GBP/CHF continued to retrace the advance from the previous week, and pulled back from the yearly high to hold a narrow range over the week, and the pair may continue to fall lower over the near-term as risk appetite abates.Currency Pair: GBP/CHF Chart: 60 Min Charts Short-Term Bias: ...
Major Currencies Hold Steady in Asian Trade.(Brief article)
Jul 01, 2009 ... After the greenback rallied across the board in N.Y. trade on Tuesday, price action in Asia on currencies was largely range-bound with traders unwilling to take large positions ahead of the upcoming ECB meeting and the U.S. jobs data. Stop-loss buying emerged on USD-JPY that took the ...
SALAMA links with Emirates Investment Services Ltd to offer Shari'a compliant investment funds.
Jul 01, 2009 ... Summary: SALAMA-Islamic Arab Insurance Co. (PSC), one of the region's leading Islamic insurance (Takaful) companies, today announced a tie up with Emirates Investment Services Ltd ("EIS") (Regulated by the DFSA) -- the asset management arm of the Emirates NBD Group and one of the largest ...
BMI Bank Move Headquarters to Bahrain World Trade Center (BWTC).
Jul 01, 2009 ... Summary: Bahrain World Trade Center, Bahrain's iconic landmark development, has officially announced that BMI Bank (BMI), an associate of BankMuscat, has moved into the development as anchor tenant of the East Tower. BMI's headquarters occupies five floors spanning 3,000 square meters of ...
German Retail Sales Unexpectedly Rises in May, Raising the Outlook for Private Consumption.
Jul 01, 2009 ... German May retail sales unexpectedly rose 0.4% m/m, much better than our median of -0.3% m/m and the third consecutive months of improvement. Sales rose 0.2% in the three months to April, the first time since November last year that the trend measure is in positive territory. Sales were ...
Japanese Yen Weakens Across the Board as Risk Aversion Abates.(Brief article)
Jul 01, 2009 ... JPY traded on a softer footing, with a pick up in risk appetite encouraging heavy speculative activity. A large U.S. name had a strong interest to buy USD-JPY and EUR-JPY, which forced a USD-JPY move in to 97.00 and EUR-JPY traded up to 136.21 highs. Stop losses interest was a feature of ...
Forex Market Update: Euro Advances Ahead of ECB Rate Decision.
Jul 01, 2009 ... EUR-USD traded on a firmer footing after it continued to find support in front of the 1.4000 level during in the Asian session. Strong bids supported the pair on Tuesday and this theme continued overnight, which encouraged the pair to drift back in to 1.4035 in early Europe. Firmer ...
SSI: AUDUSD Retail Interest Jumps 10% as Traders Look For Breakout.(Report)(Brief article)
Jul 01, 2009 ... FXCM Speculative Sentiment Index (SSI) Statistics: Intraday Highlight: AUDUSD - The ratio of long to short positions in the AUDUSD stands at 1.07 as nearly 52% of traders are long. Yesterday, the ratio was at 1.08 as 52% of open positions were long. In detail, long positions are 9.8% ...
Abu Dhabi Urban Planning Council Unveils Corniche Public Beach Development Plan.
Jul 01, 2009 ... Summary: Abu Dhabi residents will soon enjoy an interactive beach front with new events and restaurants as part of the Corniche Public Beach Development Plan, revealed today by the Abu Dhabi Urban planning Council (UPC), the agency responsible for the future of Abu Dhabi's urban ...
USD/JPY SELL Recommendation Issued @97.35.(Statistical data)
Jul 01, 2009 ... COMPELLING SHORT-TERM CONFLUENCE ABOVE 97.00; LOOKING TO SELL Usd/Jpy: Although the market has broken higher on Wednesday to trigger an inter-day double bottom, we do not see gains ultimately extending much beyond 98.00 and favor the idea of looking to sell into the current rally. We are ...
Euro Finds Support In Gains In German Retail Sales And Manufacturing, Remains Vulnerable Ahead Of ECB Decision.
Jul 01, 2009 ... The Euro found support from higher German retail sales and Euro-Zone PMI to a high of 1.4088 but has started to consolidate leaving downside risks.Talking Points • Japanese Yen: Found Resistance At 97.00 • Pound: PMI Manufacturing Highest Since May 2008 • Euro: German Retail ...
U.K. Manufacturing Contracts at Slower Pace in June, Factory Outputs Expand.(Survey)(Brief article)
Jul 01, 2009 ... U.K. manufacturing PMI rose more strongly than expected in June, to 47.0 against our survey median for an improvement to 46.7 from 45.4 in May. The reading suggest that the sector is still contracting but the factory output index rose to 52.1 from 48.1, the first reading above 50 since ...
Aramex extends foreign share ownership up to 49 per cent.
Jul 01, 2009 ... Summary: Aramex (DFM: ARMX), the global logistics solutions provider whose shares are listed on the Dubai Financial Market (DFM), announced today that foreign investors, including all those who are not nationals of the UAE or the Gulf Cooperation Council (GCC) states, may own up to 49 per ...
TAQA terminates relationship with Standard & Poor's.
Jul 01, 2009 ... Summary: The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it has terminated its relationship with Standard & Poor's ("S&P") effective 30 June 2009. The Abu Dhabi National Energy ...
Currencies Regain Bid Tone into US Open (Morning Slices).
Jul 01, 2009 ... The choppy directionless trade continues into Wednesday, with the USD selling off into the US open, mostly driven by an on the whole better than expected batch of data overnight. Eurozone and German PMI were stronger than forecast, while UK and Swiss PMI were also better.MORNING SLICES ...
Mortgage Applications Fall Despite Rates Easing From Highs.
Jul 01, 2009 ... US mortgage applications posted its worst loss since early February with a fall of 18.9% in the week ended June 26, according to the Mortgage Bankers Association. The index had recently come off its first gain in five weeks as applications climbed 6.6% in the prior week. Specifically, ...
Trend of the Day - AUD/CAD.
Jul 01, 2009 ... New Highs Maybe in the Cards for Aussie Cad Since breaking out of its 2 month range between .8600 and .9000 on June 11th, Aussie Cad has rocketed to the highs of .9300. Look for continuation of this trend for the coming days. Drop down to a 4 hour ...
USD/CAD Spotlight: Indicator of the Day.
Jul 01, 2009 ... "INDICATOR OF THE DAY" - 10/50-DAY SMAs We will be keeping a close watch on the 10 and 50-Day SMAs in Usd/Cad today with both moving averages coming in by 1.1510 and 1.1475 respectively. The 10-Day SMA has propped setbacks for much of the rally over the past several days, while the 50-Day ...
U.K. Manufacturing and Service Sectors Show Signs Of Improvement But Remain In Contraction.
Jul 01, 2009 ... The U.K. manufacturing PMI reading for June rose to 47.0 from 45.4 which surpassed expectations of 46.4. The reading was the highest since May 2008, but remained below the 50 boom/bust level for the fifteenth consecutive month. Meanwhile, the index of services improved to -1.2% from a ...
Japanese Yen Cross Pick 07.01.09.
Jul 01, 2009 ... My picks: Pending Short NZD/JPY Expertise: Fundamentals and Technicals Average Time Frame of Trades: 2 - 10 Days Following up with the short NZD/JPY entry recommendation from the previous month, the double-top formation did not play out as expected however, the down spike on 6/23 triggered ...
JPY Crosses Could See Strength in Near-Term, Looking for Opportunities to Sell.(Brief article)
Jul 01, 2009 ... My picks: Looking for Chance to Sell JPY Crosses Expertise: Fundamentals Combined With Technicals Average Time Frame of Trades: 1 Day - 1 Week In the very near-term, the JPY crosses appear to have some upside potential, and one of the pairs I'm watching is AUDJPY, as a push above the ...
EURUSD Breakout Potential.(Brief article)
Jul 01, 2009 ... My picks: flat for now, possible EURUSD breakout trade tomorrow Expertise: Technical Average Time Frame of Trades: There are no trade opportunities in the Yen as there competing counts as price is between 93.50 and 99.00. The triangle continues to play out but there is an alternate bearish ...
Dollar at Risk of Breakdown.
Jul 01, 2009 ... - EURUSD bullish above 1.4000 - GBPUSD wave ii of diagonal may be done - USDCAD 5 waves complete; headed back to 1.11-1.12 - USDCHF bearish below 1.0900 Euro / US Dollar I wrote yesterday that "trading above 1.4140 shifts odds in favor of the bullish count in which the decline from 1.4340 ...
Australian Dollar Technical Outlook.
Jul 01, 2009 ... The AUDUSD decline from .8269 is corrective in nature therefore odds favor a rally through that level prior to a top and reversal. The rally through .8124 favors ...
Canadian Dollar Technical Outlook.
Jul 01, 2009 ... I wrote yesterday about the USDCAD that "the implications are bullish over the next several months (and beyond) but bearish over the next several weeks. Under this count, a 5th wave would complete the rally from 1.0782 and give way to a multi week and potentially deep ...
Swiss Franc Technical Outlook.
Jul 01, 2009 ... As mentioned in recent days, the rally from 1.0589 is a 3 wave correction that should be fully retraced. Confirming that the larger trend is still down is the 5 wave decline ...
Euro Technical Outlook.(Brief article)
Jul 01, 2009 ... I wrote yesterday that "trading above 1.4140 shifts odds in favor of the bullish count in which the decline from 1.4340 is an A-B-C correction that will be fully retraced. Under this count, the rally from 1.3750 is wave 5 of an ending diagonal from 1.2454. The rally from 1.3750 itself is ...
British Pound Technical Outlook.
Jul 01, 2009 ... I wrote yesterday that "the rally from 1.6231 is in 3 waves but could be wave i of an ending diagonal in the wave v position. Staying above there keeps the trend pointed up and there potential support at 1.6430." Cable dropped to 1.6380 ...
Yen Technical Outlook.(Brief article)
Jul 01, 2009 ... The triangle continues to play out but there is an alternate bearish count in which the drop from 101.50 is a series of 1st and 2nd waves. 93.50 defines the trend (above is ...
New Zealand Dollar Technical Outlook.
Jul 01, 2009 ... My focus remains on the longer term structure, especially the rally from .4890, which is a textbook zigzag. Waves A and C are equal (and price reversed at the 50% retracement of the decline from .8219), which is ...
Currencies Well Bid into London Fix; SELL EUR/USD @1.4180 (Midday Snapshot).
Jul 01, 2009 ... MIDDAY SNAPSHOT & ANALYSIS OF SELECTED RATES Currencies are well bid heading into the London fix, with broader risk appetite looking quite healthy as market participants also look to buy back into equities. The raft of economic data out of the US has come and gone and the result has been ...
EUR/USD: Trading the Change in U.S. Non-Farm Payrolls.
Jul 01, 2009 ... Trading the News: US Change in Non-Farm Payrolls What's Expected Time of release: 07/02/2009 12:30 GMT, 08:30 EST Primary Pair Impact : EURUSD Expected: -363K Previous: -345K Impact the US NFP report had on EURUSD through the last 2 months Period Data Released Estimate Actual Pips Change ...
EADS wins awarded security contract in Saudi Arabia.(EADS N.V. EADS Defence and Security Systems Div.)(Brief article)
Jul 01, 2009 ... Summary: After being under contract for the northern border security, which is now under execution, EADS Defence & Security has been awarded (as prime contractor) the border security program covering the full borders of the Kingdom of Saudi Arabia. After being under contract for ...
Yen Crosses: Tops in Place?
Jul 01, 2009 ... - EURJPY correction looks mature - CADJPY resistance at 86.00 - AUDJPY rally tests former support line - NZDJPY and GBPJPY remain above support lines Euro / Japanese Yen I wrote last week that "corrections tend to take more time than impulses and the decline from 139.17 took 13 days. As ...
Short Term USDCAD Pattern.
Jul 02, 2009 ... The USDCAD decline from 1.1660 is impulsive (5 waves), suggesting that additional downside is likely over the next several days. Fibonacci resistance begins at 1.1520 and extends to ...
Forex Seasonality: Canadian Dollar and Japanese Yen May Decline in July.
Jul 02, 2009 ... Forex trading market seasonality is an effect widely studied as a primary mover of major currency pairs, as long-term studies suggest that certain seasonal patterns may be able to predict forex price moves. The month of July has produced some interesting results in the Japanese Yen and ...
Notice to FXCM LLC (FXCM U.S.) Traders with MT4 Accounts: KEEP MT4 AND YOUR EXPERT ADVISORS: TRANSFER YOUR MT4 ACCOUNT TO FXCM UK AS OF JULY 31, 2009.
Jul 02, 2009 ... Notice to FXCM LLC (FXCM U.S.) Traders with MT4 Accounts: KEEP MT4 AND YOUR EXPERT ADVISORS: TRANSFER YOUR MT4 ACCOUNT TO FXCM UK AS OF JULY 31, 2009, ALL FXCM U.S. MT4 OPEN POSITIONS WILL BE CLOSED. For Immediate Release: Media Contact: Jaclyn Sales, jsales@fxcm.com New York, July 1, ...
DOW Warning: Risk of Sharp Decline Increased.(Brief article)
Jul 02, 2009 ... This update expands on the mid June report about equities and the carry trade having possibly topped. Price structure since the early June top in both stocks and Yen crosses (especially the EURJPY) is bearish. This chart of the Dow shows a 5 wave decline and 3 wave setback that may ...
FXBootcamp London Outlook 07/02/2009.(Brief article)
Jul 02, 2009 ... Hey everyone, for today's outlook I preview the pending NFP report and take a technical look at a Pound related basket. Cable, Pound Swissy and Pound Yen. Given the fact that we are pre NFP I have built some very conservative trade plans for these three Pound crosses. I have trapped price ...
US Dollar, Japanese Yen Down Ahead of US Non-Farm Payroll (NFP) Report - What to Expect.(Report)
Jul 02, 2009 ... US Dollar, Japanese Yen Down Ahead of US Non-Farm Payroll (NFP) Report - What to Expect Euro Gains as Manufacturing PMI Hits 9-Month High - ECB Expected to Leave Rates Unchanged on Thursday British Pound Mixed as Data Suggests UK Contraction Not as Severe in Q2 Swiss Franc Gains as Swiss ...
Australia's Trade Deficit Widens Five Times More Than Expected.
Jul 02, 2009 ... Australia's May Trade Balance plummeted to the lowest level since July 2008, performing five times worse than that which was expected. Indeed the May Trade Deficit widened ...
Australia's Trade Deficit Widens Five Times More Than Expected on Declining Coal Shipments.
Jul 02, 2009 ... Australia's May Trade Balance plummeted to the lowest level since July 2008, performing five times worse than that which was expected. Indeed the May Trade Deficit widened to A$556 million from a negatively revised -A$282 million in April. Exports plummeted 5.17% on an overall basis, ...
Euro Volatility Likely as European Central Bank Announces Interest Rates (Euro Open).
Jul 02, 2009 ... Euro volatility looks likely in the coming session as the European Central Bank issues a highly contested interest rate decision, with expectations calling for policymakers to keep borrowing costs at 1% despite mounting pressure to provide greater monetary stimulus and a growing ...
Interpreting A Double Top.
Jul 02, 2009 ... Student's Question: Hi Powercourse Instructor, I read your prev. comments on Bottom/Top formation. I would like to know how many candlesticks should be between both legs to qualify them. thanks Power Course Instructor's Response: The interpretation of candlestick charts has often been ...
Overnight Interest Rate Update 07.02.09.
Jul 02, 2009 ... Current Yesterday USD 0.26750 0.27750 GBP 0.55000 0.55250 EUR 0.27313 0.30875 JPY 0.12750 0.13000 CHF 0.09667 0.09833 AUD 3.10000 3.12500 ...
A Rise In U.S, Non-Farm Payrolls Could Support A Bearish Dollar Outlook.
Jul 02, 2009 ... The U.S. economy is predicted to have lost another 365,000 jobs in June, up from 345,000 the month prior. Despite the decline it would mark the second month below 500,000 after six straight months above the lofty figure. Fundamental Outlook The U.S. economy is predicted to have lost ...
Emaar International Jordan completes second phase design of homes in Samarah Dead Sea Resort.
Jul 02, 2009 ... Summary: Emaar International Jordan, the country subsidiary of global property developer Emaar Properties PJSC, has completed the second phase design of The Apartments, a residential community in Samarah Dead Sea Resort, with construction set to commence shortly. The second phase ...
Short-Term Forex Technical Outlook: NZD/JPY.
Jul 02, 2009 ... The New Zealand dollar weakened against its currency counterparts this week and pared gained against the Japanese Yen after reaching a high of 63.00, and the NZD/JPY may continue to hold a broad range over the near-term as investors weigh the outlook for global growth. Currency Pair: ...
U.S. Dollar Support By Comments From China's Vice Foreign Minister, FX Volatility Remains Low.
Jul 02, 2009 ... Asia FX Summary (July 2nd) The dollar gained ground in Asian trading, aided by comments from China's Vice Foreign Minister stating that the USD is the main global reserve currency, and that he has not heard of the China request for a reserve currency debate. EUR-USD, which had been capped ...
Rakeen to commence Phase Two of infrastructure work on Al Marjan Island in August 2009.
Jul 02, 2009 ... Summary: Contract awarded to Rizzani to complete AED 365 million infrastructure project in 18 months Rakeen, one of the region's most dynamic property developers and master planners, announced that it is all set to commence in August this year Phase Two of the infrastructure ...