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The April 2010 issue of Currency Trader magazine is ready to download

Hi everyone. You may be interested to know that the April 2010 issue of Currency Trader magazine is now available for free download. This issue has an interesting writeup regarding the Euro vs USD. 1. Click here to download the April issue. 2. Click here to download last month’s issue. Enjoy! Cheers, Alan http://alansforexblog.com

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April 6 2010, 7:39am | Comments »

February 2010 issue of Currency Trader magazine is here

Just a brief news update to let you know that the February 2010 issue of Currency Trader Magazine is out. The magazine can be obtained for free but you gotta register with your e-mail address to download the magazine (it comes in PDF format.) You can get this month’s issue over here: http://www.currencytradermag.com/downloads/index.php Happy trading everyone! Alan http://alansforexblog.com

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February 6 2010, 7:19pm | Comments »

Forex news: dollar slips vs majors on Asian stocks increase

Thursday, during early Asian deals US currency lost ground against its main rivals as gains in Asian stocks boosted investors to turn toward higher-yielding assets.

Asian shares edged up today as investors continued to favor riskier assets on further signs that the global economy is picking up, while a weak dollar sent gold to another record high.

Asian stocks were also upheld by gains on Wall Street where the Dow Jones index hit a fresh 13-month high, helped by an upbeat revenue forecast from luxury homebuilder Toll Brothers Inc.

Against the European currency, the US dollar edged down during early Asian deals on Thursday. At 7:35 pm ET, the dollar touched a low of 1.5017 against the euro, compared to 1.4988 hit late New York Wednesday. The next downside target level for the dollar is seen around 1.506.

The greenback that closed Wednesday's North American session at 1.6577 against the British pound declined to 1.6628 during Thursday's early Asian trading. If the dollar falls further, 1.693 is seen as the next target level. Cable is currently trading at 1.6607

November 12 2009, 9:52am | Comments »

November 2009 issue of Currency Trader magazine is out

Hello there. I’m not sure how many of you read or have heard about Currency Trader Magazine, but I’d like nonetheless like to let you all know that their November issue is now out and available for download. By the way, I’m in no way associated with the company that publishes this magazine. Go here to download this latest edition: http://www.currencytradermag.com/downloads/index.php Happy reading! Cheers, Alan http://alansforexblog.com

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Forex News

November 6 2009, 4:28pm | Comments »

Arab States to Ditch U.S. Dollar-based Oil Pricing

Associated Press Tuesday, October 6, 2009 The dollar fell Tuesday towards year lows against the euro and the yen after a report that Arab states and other countries were contemplating an end to the U.S. currency’s role in the pricing oil. By early afternoon London time, the dollar was down 0.5 percent at 89 yen, while the euro was up by 0.6 percent to $1.4729. Further sustained falls could see the dollar fall below its multi-year low of 87.11 yen, and the euro break above its two-year high of $1.4842, achieved last month. Story continues below ?advertisement | your ad here The selling was stoked by an article in Britain’s “Independent” newspaper from respected journalist Robert Fisk. Citing unnamed Gulf Arab and Chinese banking sources in Hong Kong, the article said ’secret’ meetings were taking place between Arab states, China, Russia, Japan and France, to end dollar dealings for oil and moving instead to a basket of currencies, including the euro, the yen and the Chinese yuan. Officials in several countries either denied talks or said they had no knowledge. Kuwait’s oil minister, Sheik Ahmed Al Abdullah Al Sabah, said there have been no talks on the topic among Gulf oil ministers. “At our level, no,” he said. “I didn’t even dream about it.” Feeding skepticism Despite the denials, the report fed market skepticism about the U.S. currency in favor of the euro and the yen as the dollar’s future as the world’s reserve currency continues to be openly discussed. Last week, figures from the International Monetary Fund showed that the dollar’s share of total reserves has fallen to its lowest level since 1995. Meanwhile, Robert Zoellick, a former U.S. trade representative who now heads the World Bank, warned that the currency’s status as the world’s leading reserve currency should not be taken for granted. “Some stories will run and run and this morning’s report regarding a possible replacement of the dollar as the exchange currency for oil is another chapter in the plot against the dollar as the world’s most dominant reserve currency,” said Jane Foley, research director at Forex.com. The worries are in part based on much larger U.S. budget deficits and expansive monetary policy at the Federal Reserve, including rock-bottom interest rates and expansion of the money supply. Those are all policies that can undermine a country’s currency. The dollar’s role as a reserve and pricing currency supports its value because it obliges governments and companies to hold or obtain dollars. Bank of New York Mellon currency strategist Neil Mellor said the notion that Gulf states may look to reduce their dependence on the dollar is “potentially very significant indeed,” particularly as they share the dilemma with China over the value of their dollar holdings. Any move that undermines the dollars’ value would reduce the value of those extensive holdings. ‘Not even serious’ Over the last five years, the dollar has broadly fallen against many of its main competitors, leading to calls in dollar surplus countries, such as China and the Gulf states, for a greater diversification in their currency reserves. As a result, talk of the dollar losing its price function is nothing new — in 2003, Russia moved its ruble peg to a two-currency basket of the dollar and the euro. During the oil price boom in recent years, Russia built up big dollar reserves because of its status as one of the world’s major producers. Dimitry Peskov, spokesman for Russian Prime Minister Vladimir Putin, dismissed the newspaper report as “not even serious” but did reiterate Russia’s recent policy of multiplying the amount of reserve currencies “to ease the burden on a single world currency and save ourselves from another crisis.” Meanwhile, China has taken stakes directly in energy and commodity producers in an attempt to diversify its dependence on the dollar. Hans Redeker, global head of foreign exchange strategy at BNP Paribas, said Saudi Arabia, which has the biggest oil reserves, will be the key country when discussing which currencies oil should be factored in. “What investors should not forget is that Saudi Arabia has an interest to keep the U.S. strong and involved in the region,” he said. “Switching the dollar for a basket of currencies for commodity factoring would weaken the U.S. additionally, which would be against the interest of Saudi Arabia,” he added. SOURCE: http://money.cnn.com/2009/10/05/markets/thebuzz/index.htm?section=money_markets.php

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October 7 2009, 8:41am | Comments »

World Bank Says U.S. Dollar Not the Only Reserve Currency Option

By Glen Somerville Market Watch

World Bank President Robert Zoellick said the United States should not take the dollar’s status as the world’s key reserve currency for granted because other options are emerging. In excerpts released on Sunday from a speech that he is to deliver on Monday, Zoellick said global economic forces were shifting and it was time now to prepare for the fact that growth will come from multiple sources. “The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” he said. “Looking forward, there will increasingly be other options.” Zoellick said that a meeting of Group of 20 rich and developing countries in Pittsburgh on Thursday and Friday had made “a good start” toward increased global cooperation but they will have accept global monitoring of their activities. “Peer review will need to be peer pressure,” he said. Zoellick said that the G20, as the new chief forum for international economic cooperation, also must not forget the 160 countries left outside its structure and should try to open opportunity for them. “We need a system of international political economy that reflects a new multi-polarity of growth,” Zoellick said. It needs to integrate rising economic powers as ‘responsible stakeholders’ while recognizing that these countries are still home to hundreds of millions of poor and face staggering challenges of development.” SOURCE: http://www.reuters.com/article/ousivMolt/idUSTRE58Q1YU20090928

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September 29 2009, 4:23pm | Comments »

China’s Foreign Exchange Reserves Rank First in World

China’s foreign exchange reserves rose from 1,577 billion U.S. dollars in 1978 to 1, 950 billion dollars in 2008 to rank first in the world, said Yu Wenzhe, Chinese Ambassador in Ghana, on Tuesday. To the same token, China’s per-capital annual income of 62.5 dollars in 1978 reached 9,863 dollars in the urban areas, showing an increase of over 100 percent. Ambassador Yu Wenzhe announced this during a press briefing which was aimed at highlighting China’s significant socio-economic development for the past 60 years. The People’s Republic of China would be 60 years on Oct. 1, 2009 and the Chinese people and its allies are expected to celebrate the country’s 60th anniversary with pomp and pride. The stated achievement, he noted, was due to China’s vigorous pursuance of a strategy or model that featured high speed socio-economic development. He was happy that China has metamorphosed from agricultural country to an industrial nation with the result that the country is now ranked the third largest manufacturing country in the world. On the strength of China’s development, Yu urged African leaders to translate the continent’s advantage in natural resources into socio-economic development. The ambassador disclosed that in 2006, the output of 172 categories of Chinese products ranked first on the world market, adding that about 70 percent of DVDs and toys; 50 percent of telephone sets and shoes; one-third of colour TVs, bags and suit cases were made in China. To be part of Ghana’s future success, he said, China had invested more in Ghana in the fields of economic and technical assistance, which included grant and cash, human resource training among others. Touching on China’s investment in Ghana, he said, China topped the list of countries with the highest number of registered projects in Ghana. “Up to June 30, 2009, China had registered 387 projects in Ghana valued at 235.18 million U.S. dollars,” he added. “To achieve a sustainable and steady development of China-Ghana bilateral trade, both sides should adopt effective measures to balance the trade,” he stressed. Yu said this against the backdrop that China’s export to Ghana had increased rapidly between 2002 and 2007 as against Chinese imports from Ghana, which he noted, had decreased for two consecutive years since 2005. SOURCE: http://english.people.com.cn/90001/90776/90884/6765964.html”>

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September 27 2009, 7:15am | Comments »

July 2009 issue of Currency Trader magazine is ready to download

Hi forex traders. Just a heads-up to let you know that the latest edition of the Currency Trader Magazine is out. 1. Click here to download the July issue. 2. Click here to download last month’s issue. If you do not already have the latest Acrobat version installed on your computer, download Adobe Acrobat Reader at http://get.adobe.com/reader/

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July 7 2009, 8:00am | Comments »

The Greenback Rose After Strong Economic Data

The release of strong economic data from the U.S. economy led to a stock market rally in the U.S. and the rest of the world. This led to strong implications for the Dollar. The Dollar rose against the Yen, whilst dropping against the British Pound. However, there was very little movement against the EUR. The main factors affecting Dollar volatility yesterday were the release of optimistic manufacturing, personal income, and construction figures from the U.S. This led traders to the conclusion that the worst of the economic downturn in the U.S. is over. The results of the data releases led the Dollar to tumble to an 8-month low against the Pound. The pair closed higher by nearly 230 pips at 1.6445. The greenback rose by nearly 140 pips vs. the Yen to 96.37, as investors dropped the JPY for higher-yielding assets. The Dollar’s behavior against the EUR was more stable as the pair remained virtually unchanged, up barely 10 pips at 1.4154. This was mainly due to traders putting their money into riskier investments on both sides of the Atlantic, leading to low volatility in the EUR/USD currency cross. Looking ahead to today, there are 2 important news events coming out of the U.S. These are the Pending Home Sales data set to be released at 14:00 GMT, and the Total Vehicle Sales figures that will be released throughout the afternoon. Forex traders are advised to take up their positions in the Dollar and its major crosses early in the day as markets are likely to go volatile as Europe also publishes unemployment data later in the day. Additionally, investors are likely to weigh-in on the real value of the U.S. Dollar as the forex market still reacts to Monday’s U.S. data.

June 2 2009, 11:49am | Comments »

Forex 24x7