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Forex: GBP/JPY finds support at 125.60

ForexAdmin — Wed, 22 Feb 2012 19:16:22 +0000

Forex: GBP/JPY finds support at 125.60

FITITOL–>

FXstreet.com (San Francisco) – After testing yesterday highs at 126.60 during the European morning, GBP/JPY has been trading lower in the last hours to price below 126.00 frontier in a 100 pips down movement which has drive the pair to find support at 125.60.

Currently the pair is moving close to 125.85, same opening price action area.

“GBP/JPY had a pause at multi-month highs after the parabolic rise seen in recent days,” says Ivan Delgado from FXStreet.com. “Overbought conditions have been moderately adjusted, suggesting the upward momentum may resume to attempt an extension towards next upside target seen at 127.20, Oct 31 Japan post-intervention high,” he concludes.

On the Pound hand, today’s BoE minutes have undermined GBP conditions on the back of dovish forecast for the England economic.

For the immediate term, resistance to the upside show at recent multi-month highs at 126.60/80 as yesterday’s and Monday’s highs, followed by 127.37 as Oct 31/Aug 22 highs, while, for the downside, nearest term support show at 125.62 as yesterday’s lows and Nov 04/06 highs, followed by 124.33 as Nov 14 highs.

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CORRECT: WORLD FOREX: Euro Little Changed As Skepticism Greets Greek Deal

ForexAdmin — Wed, 22 Feb 2012 19:16:20 +0000

(“WORLD FOREX: Euro Little Changed As Skepticism Greets Greek Deal,” at 5:00 p.m. EST, misstated the Swiss franc’s movement in the eighth paragraph. The correct version follows:)

NEW YORK (Dow Jones)–An 11th-hour deal that secured an EUR130 billion ($172 billion) bailout for Greece only modestly lifted the euro Tuesday, which was dogged by concerns the country’s debt load may not be on a sustainable path.

A marathon session between euro-zone finance ministers culminated early Tuesday in an agreement to give Greece a second rescue package. Under the deal, private creditors will absorb a 53.5% loss …

Forex: EUR/USD finds support at 1.3210

ForexAdmin — Wed, 22 Feb 2012 19:16:18 +0000

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ForexAdmin — Wed, 22 Feb 2012 19:16:15 +0000

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Forex: USD/JPY off 7-month highs

ForexAdmin — Wed, 22 Feb 2012 19:16:13 +0000

Forex: USD/JPY off 7-month highs

FITITOL–>

FXstreet.com (San Francisco) – The US dollar continues to rally against most of its major counterparts this Wednesday, while accelerating to fresh 7-month high of 80.39 versus the Japanese yen during the American afternoon.

At time of writing, USD/JPY is quoted in the 80.30 price zone, up from 79.73 late Tuesday in NY and recording a 0.70% gain on the day.

“The spot remained bid throughout the session, erasing barriers at 80.00 and 80.25 in process on the back of touted bid by a Japanese name,” says the analysis team at Talking-Forex.com. “Of note, top-side barriers are touted to be placed at 80.40 and 80.50 level, while technical supports are not seen until 79.55 (Feb-21 low), followed by 78.79 (Feb-17th low).”

Currensee Recruits Leading Forex Commodity Trading Advisor to Trade Leaders …

ForexAdmin — Wed, 22 Feb 2012 19:16:11 +0000

BOSTON, MA, Feb 22, 2012 (MARKETWIRE via COMTEX) –
Currensee (
www.currensee.com ), the industry’s first foreign
exchange (Forex) alternative investment service, today announced that
Adantia LLC — one of Future Magazine’s “Hot New CTAs” and a
BarclayHedge “Top Currency Trader” — has been selected as a Trade
Leader, Currensee’s elite network of emerging Forex managers. Via the
Trade Leaders(TM) Investment Program, retail and institutional
investors can create diversified “funds of Forex fund” portfolios by
copy trading select Trade Leaders based on their track records,
trading strategies and risk management practices. The Currensee Trade
Leaders cumulatively outperform other popular investments such as the
SP 500, Gold and the Barclay CTA Index over the last year.

Less than 2 percent of applicants qualify to become Trade Leaders,
following the strict due diligence process that Currensee deploys
involving rigorous assessment, testing and monitoring of each
applicant’s performance. Consequently, this elite group is comprised
of high-caliber, industry-regulated expert traders. Adantia joins
other professional Trade Leaders recruited to the program, including
Janus Trading and Joiny Jiang.

Adantia has been trading client accounts using the Foreign Exchange
Volatility Strategy for almost two years. This is a fully automated
strategy that attempts to take advantage of a particular currency
pair as it stretches away from a mean and then reverts back to the
mean. Adantia automatically allocates capital dynamically across
positions in the EUR/USD, USD/JPY, GBP/USD and USD/CAD. To learn more
about Adantia’s strategy, visit

http://blog.currensee.com/2012/02/trade-leader-adantia-llc-visits-boston/ .

“The success of the Currensee investment service is anchored in the
quality of the Trade Leaders. As we expand our service to financial
institutions and their clients, it’s critical that we attract the
highest quality, regulated emerging managers such as Adantia,” said
Currensee CEO Dave Lemont. “Copy trading demands trust in the
strategy and experience of the trader, so we put to work a highly
rigorous due diligence process to verify the experience and
credentials of our Trade Leaders.”

For the six month period ending Dec. 31, 2011, the Trade Leaders
averaged a 31-percent cumulative return compared to the SP 500,
which returned -5 percent.

About Currensee
Currensee is the industry’s first Forex alternative
investment service providing investors and financial institutions
with access to the world currency markets in a first-of-its-kind,
transparent, convenient and trusted way. Using Currensee, investors
can build their own “fund” of emerging Forex managers, control risk,
make real-time portfolios changes and achieve diversification by
leveraging the uncorrelated returns of the Forex market. Currensee is
funded by North Bridge Venture Partners, Egan-Managed Capital and
Vernon Park Capital. Currensee is registered with the Commodity
Futures Trading Commission (CFTC) as an Introducing Broker (IB) and
is a member of the National Futures Association (NFA) member number
0403251. Currensee is also authorized by the Financial Services
Authority (FSA), firm reference number 518648, and registered in
England and Wales, companies’ house number 07025997. For more
information, visit Currensee at
www.currensee.com .


        Media Contact:
        Samantha McGarry
        InkHouse (on behalf of Currensee)
        781-966-4100
        Email Contact

SOURCE: Currensee


http://www2.marketwire.com/mw/emailprcntct?id=650906B12FCC4692

FOREX-Yen slips to 7-mth low vs dlr; euro zone outlook bleak

ForexAdmin — Wed, 22 Feb 2012 19:16:08 +0000

Wed Feb 22, 2012 3:18pm GMT

(Updates prices, adds quotes, links and graphics; changes
dateline, previous LONDON; changes byline)

* Yen falls to 7-month low versus dollar of 80.37 yen

* Dollar resistance around 80.40 yen seen as key

* Euro zone services PMI disappoints, Greece concerns
persist

* Sterling falls after BoE minutes

By Julie Haviv

NEW YORK, Feb 22 (Reuters) – The yen skidded to a
seven-month low against the dollar on Wednesday, with more
weakness expected as recent monetary easing in Japan, a rise in
oil prices and interest rate differentials weigh on the
currency.

The euro was flat against the greenback as market
participants continued to weigh the implications of Greece’s
bailout deal and a euro zone economy that is teetering on the
brink of a recession.

The yen has been on the defensive since the Bank of Japan’s
surprise move to boost its asset buying program last week.
Some analysts said the move could mark the end of the yen’s
long-term uptrend that prompted Japan to intervene in the
currency market three times last year.

“We are looking at a sea change in the strength of the yen,”
said Brian Dolan, chief currency strategist at Forex.com in
Bedminster, New Jersey.

“Japanese life insurers have been removing their hedges
since last week and that is putting pressure on the yen,” he
said. “The Bank of Japan’s movement to inject additional QE
(quantitative easing) has been weighing and its setting of an
inflation target sets the stage for even more QE.”

The drop in the yen has also been mirroring rising yields in
U.S. Treasury securities, at the short end in particular. Oil
prices were at a 9-month high and also weighed on the yen.

“Japan lost a great deal of nuclear power after last year’s
earthquake, so the rise in oil prices is also a factor.”

The dollar hit a peak of 80.37 yen, its highest
since mid-July, with traders citing buying by Japanese importers
and offshore players. This took it beyond highs hit in October
and August after Japanese authorities acted to curb yen gains.

Comments from a Japanese Ministry of Finance official that
there was still a risk of the yen rising, and that Japan would
continue to monitor currency moves carefully and would respond
as needed, added to broad yen weakness.

The dollar faced resistance around 80.38 yen, the July 12
high, with traders reporting demand to sell around that level
and ahead of an options barrier at 80.50 yen.

The dollar has risen roughly 5 percent against the yen so
far in February, putting it on track for its biggest monthly
percentage gain since March 2010. The euro rose to a three-month
peak of 106.32 yen, its highest since mid-November,
and was last up 0.7 percent at 106.26 yen.

DANGER OF EURO ZONE RECESSION

But the euro retreated from near two-week highs against the
dollar hit the previous day as optimism over the long-awaited
Greek bailout deal reached early on Tuesday gave way to concerns
about economic growth and implementation risks.

Data on Wednesday indicated the euro zone economy is in
danger of tipping into recession, with the services sector
shrinking this month along with manufacturing.

Surveys of purchasing managers showed unexpectedly weak
activity in the region’s most powerful economy, Germany, and in
France.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Euro zone PMI GDP growth: link.reuters.com/rud84s

France PMI GDP growth: link.reuters.com/vuv26s

German PMI, IFO GDP growth: link.reuters.com/puq93S

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

The euro was steady at $1.3232, below Tuesday’s high
of $1.3293, its highest level since Feb. 9. Since late January
the euro has traded in a range roughly between $1.30 and $1.33.

But the euro rose to a two-month high against sterling
as the UK currency fell after Bank of England
minutes showed two votes for larger asset purchases this month,
increasing the risk of more easing later this year.

Market attention was also focused on the European Central
Bank’s next long-term refinancing operation next week. The ECB
is expected to lend nearly 500 billion euros to banks, although
some forecasts were as high as 1 trillion.

“If the take-up is higher I think the euro goes up on that,
it plays on more liquidity being positive for risk appetite. We
could see it the other side of $1.35, ” said Adam Cole, global
head of FX at RBC Capital Markets.

“But there’s an equally large camp that believes LTROs are
close enough to quantitative easing to be more currency-negative
the larger they are.”

(Additional reporting by Nia Williams in London; Editing by
Chizu Nomiyama)

Forex: GBP/JPY finds support at 125.60

ForexAdmin — Wed, 22 Feb 2012 19:16:05 +0000

FXstreet.com (San Francisco) – After testing yesterday highs at 126.60 during the European morning,…

For more information, read our latest forex news and reports.

[Read More...]

China’s offshore yuan market spurs forex volatility

ForexAdmin — Wed, 22 Feb 2012 13:15:04 +0000

SHANGHAI: After two years of promoting greater international use of the yuan, China has a currency, like it or not, that is influenced more than ever by the fickleness of global markets.

When the yuan exchange rate hit limit-down for 10 straight days in early December, many analysts saw evidence that “hot money” was fleeing China amid fears of a hard landing in the world’s second-largest economy.

But beyond the short-term panic, the yuan’s brush with depreciation exposed how reforms intended to promote yuan trade settlement have created new ways for firms involved in trade to skirt the country’s strict capital controls. This has exposed the onshore forex market to more dramatic ebbs and flows.

“The episode may have signaled a permanent change in the pattern of the exchange rate’s movement,” Yu Yongding, a former member of the People’s Bank of China’s (PBOC) monetary policy committee, wrote in a recent op-ed on Project Syndicate, a website for commentary on global economics and finance.

Speculators can’t easily “short China”, thanks to capital controls that create major obstacles. Still, trading firms can piggyback on pessimism because of how policy changes have affected foreign-exchange flows and the exchange-rate.

In particular, the rise of the offshore yuan (CNH) market in Hong Kong has enabled corporations involved in trade, which are allowed to move money into and out of mainland China more easily, to arbitrage the spread between the onshore and offshore yuan exchange rates.

The result is that China’s forex flows have become more volatile, as capital controls are less able to blunt the effect of international forces. The buildup of forex reserves is now an increasingly imperfect gauge of demand for Chinese goods and services, as well as foreign investment in China’s economy. More than before, data can be misinterpreted.

Dollars once sold to China’s central bank may now be sold into the offshore market, reducing forex buildup, even when demand for yuan remains high. Alternatively, dollars once bought from the central bank in exchange for yuan may now be bought offshore, adding to net forex accumulation onshore, even if overall demand for yuan is steady or decreasing.

OPPORTUNISTIC HEDGING

The increased volatility will also create additional pressure on the PBOC to further loosen its grip on China’s exchange rate by widening the yuan’s daily trading band, since a wider band would require fewer and less significant market interventions to maintain.

For most of the period since CNH began trading actively in late 2010, offshore yuan has traded at a premium to the onshore spot rate. For Chinese importers, who are net dollar buyers, this premium created an incentive to shift their dollar purchases offshore, where the same amount of yuan bought more dollars.

Forex: EUR/GBP prints new 2012 highs

ForexAdmin — Wed, 22 Feb 2012 13:14:50 +0000

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