Monthly Archive for October, 2007

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GalleonFX’s $1000 Offer Ending Soon

Published on 4 years, 7 months ago in forex managed accounts. 0 Comments

GalleonFX’s Offer is ending soon with $1,000 MAs. I discourage people from rushing in though, it’s good to take a look and shop around if you’re looking for MA accounts, though $1,000 seem like a very small amount to start with for Managed.

Don’t rush into things

Dear Clients and soon to be clients,

We’re up about 5% for the month as of October 18th. Our improved exits are continuing to preform in an outstanding fashion allowing us to continue capturing more gains as the dollar continues to weaken.

Keep in mind if you are not already a client….. that there are only 13 days left in October to take advantage of our $1000 minimum initial deposit. No Catch!

If you have investigated other Forex Managed Account services, you would know that average minimums are usually around $25,000. Out of the reach or more average investors.

To be able take advantage of our advanced trading systems with only a $1000 minimum is an outstanding opportunity, and for convenience of funding, our brokerage firm, FXCM allows you to charge your initial deposit to your credit card. Getting involved with a good managed forex service has never been easier

At the beginning of this month we were allowing $1000 minimum deposits with a “catch”. Not anymore. Now there is NO catch.

You can now open and fund an account quickly and easily by visiting our website, logging in following the directions on our Open Account page. The process may only take 20 minutes to complete and if you follow the directions exactly your account can be opened and funded within 3-4 days.

Though this year has had it’s rocky times, some client accounts are up near 60%.

You may also want to keep an eye on the Currency Manager Rankings put out by Barclay Trading Group to whom we recently submitted our trading reports. We should be ranked among their top 10 when the new rankings come out next month. Just for reference, if you take a close look at Barclay’s top 10 currency managers, they usually have minimums in the $100,000 range.

Many of the best money making opportunities are only available to the rich and elite. For the next 2 weeks, now anyone can have such an opportunity while our minimum is still $1000 to get started

Regards,
Ben
Galleon Operations

TNT Daily Forecast – 19 October, Stay Away From Market

Published on 4 years, 7 months ago in forex systems. 0 Comments

Clarence says, stay away from Market today!

Hi everyone,

There will be no TNT Market Analysis today as we are discouraging our TNT students and Group members to trade today due to the coming G7 Finance Ministers’ Meeting this weekend at Washington DC. We are expecting the forex market to be either very volatile or range tight. So do stay away from the market just for today.

Cheers,

Clarence

Admin of The Forex Club

TNT Daily Forecast – 18 October

Published on 4 years, 7 months ago in forex systems. 0 Comments

Woo, you should check out Dan’s forecast with charts too! Here’s Clarence view of the market for today.

US Dollar Index

The major trend of the US Dollar Index is still down. On Wednesday, the index went to a high of 78.180 before settling at 77.915, which is down by 0.275 compared to the previous day. The low of the week is 77.860. Immediate resistance to the Index is 79.548 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing downward at 30.62%, indicating that the index is losing its upward (major “upward” retracement) momentum again, which is a weakening US Dollar. We still expecting the RSI to rise to the high of 43% before resuming its major downtrend.

General Market Commentary (October 17, 2007) by MG Financial Group:

Trading in the currency market was mixed in the Wednesday session, with the Greenback holding steady near recent levels against the majors. The Dollar recovered in the afternoon versus the Euro to hover beneath the 1.42-level while bouncing away from the 2.04-mark. Another bout of disappointing US economic data prompted renewed selling in the currency, pushing the dollar to a two-week low versus the Yen at 116.20.

The data releases this morning included key gauges on inflation and the housing market. The September consumer price index was largely inline with expectations. The core CPI figure was unchanged at 0.2% m/m and 2.1% y/y. The headline inflation figure edged up to 0.3% m/m, compared with a 0.1% decline and 2.8% y/y. More importantly, were the release of sharply worse than anticipated housing starts data, which plunged by 10.2%, versus a 2.6% decline from August to 1.191 million units. The report provides no reprieve for rapidly deteriorating conditions in the housing market.

The Fed’s Beige Book, however, provided little clues into the FOMC’s policy decision at the end of the month. The Beige Book noted improved economic activity in early October, albeit at a decelerated pace since August. It remained upbeat on consumer spending, but acknowledged continued weakening in the housing markets. On inflation, the Fed said prices increased, in part due to the Dollar decline.

Traders will exhibit heightened cautiousness heading into this weekend’s G7 Finance Minister’s meeting. US Treasury Undersecretary McCormick said that a key focal point for the meeting will be financial market turmoil. He refrained to comment on whether the Dollar will be a topic at the G7, instead referring to Treasury Secretary’s reaffirmation of the strong dollar policy. We rule out any form of concerted intervention, similar to that of propping up the Euro in 2000. Although we do not anticipate the communiqué to address the Dollar’s broad based slide, post meeting official commentary could trigger volatility in the currency market.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. This week’s price candle has turned bullish indicating that the pair is again losing its upward momentum in its major downward retracement. The pair continues to remain above the weekly support of 1.4084, with next support at 1.4011 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4300, which is the pair’s historically high. Weekly Stochastic is seen crossing downward at the 80% level, indicating that the pair’s upside is still limited.

From the daily chart, the pair turned bullish again on Wednesday. The pair remains supported at 1.4154, with next support at 1.4065, 1.3972 and 1.3853. Immediate daily resistance is at 1.4300. The Default MACD is showing a down-trend while the two pairs of Moving Average Lines are still indicating an up-trend. Immediate daily resistance is at 1.4200, followed by 1.4300. Daily Stochastic is seen crossing downward at the 60% level, indicating a possible downward move over the next few trading days. This week, we are expecting the pair to make another attempt for a major “downward” retracement.

From the hourly chart, the pair continues to be well-supported at 1.4150 with 1.4240 as its intra-day resistance.

We are still bearish towards the pair. However, due to this weekend’s G7 Finance Ministers’ Meeting, we need to exercise some extra caution.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. This week the price candle has turned bullish, as the pair moved back above 2.0398, which becomes its immediate weekly support, followed by 2.0250 (13-Week Moving AVerage Line), followed by 2.0140. Weekly Stochastic is seen crossing downward at the 83% level, indicating a gathering of momentum for a major “downward” reracement.

From the daily chart, the pair turned bullish Wednesday. Its immediate daily resistance is at 2.0480, followed by 2.0546. Its immediate daily support is 2.0360, followed by 2.0284 (40-Day Moving Average Line) and 2.0200. The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. However, the Default MACD is indicating a downtrend. Daily Stochastic is seen at the 61% level.

From the hourly chart, the pair has been ranging between the high of 2.0480-2.0440 region and the low of 2.0280 region since September 28. We are expecting the pair to break the range support, as the pair resumes its major “downward” retracement. The timing will depends on the outcome of the G7 Finance Ministers’ Meeting.

We are still bearish towards the pair, waiting to short the pair when it resumes its major “downward” retracement. However, we need to exercise some caution due to this weekend’s G7 Finance Ministers’ Meeting.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. However, this week’s bear candle indicates that the pair is still undergoing its secondary downward retracement. The pair met firm resistance at 1.1848. Immediate weekly support is at 1.1770 (Weekly 23.6% Fibo Level), followed by 1.1642. Weekly Stochastic is at the 41% level.

From the daily chart, the pair turned bearish on Wednesday, with immediate daily support at 1.1625, while immediate daily resistance is at 1.1824, followed by 1.1895 (Daily 23.6% Fibo Level) and 1.1935 (89-Day Moving Average Line). Both MACDs are showing an up-trend, while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are still indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving downward at the 41% level, indicating the pair may need to do a pullback before resuming its major “upward” retracement.

From the hourly chart, the pair remained supported at 1.1800. However, currently, it has insufficient momentum to reach 1.1880.

We are waiting for the pair to resume its major “upward” retracement and go long on the pair.

USD/JPY

From the weekly chart, the pair is continuing its attempt to crawl back to its upward channel. However, both the Long MACD and the Moving Average Lines are still indicating a down-trend. This week the pair has broken below the 13-Week Moving Average Line (116.88). Next immediate weekly support is at 116.41, followed by 115.60 (Weekly 38.2% Fibo Level). Immediate weekly resistance is at 117.80 (26-Week Moving Average Line), followed by 118.97 (Weekly 23.6% Fibo Level). Weekly Stochastic is continuing its upward move at 83% level.

From the daily chart, the pair continues to be bearish on Wednesday, and is seen supported at 116.57 (Daily 50% Fibo Level) and 116.39 (40-Day Moving Average Line). Immediate resistance is at 117.38, followed by 117.85 (144-Day Moving Average Line) and 118.40 (Daily 38.2% Fibo Level). Its short-term (10-Day and 40-Day) moving average lines have crossed upward indicating its upward move. Both MACDs are also indicating an uptrend. Daily Stochastic is seen at the 42% level.

From the hourly chart, the pair is supported at 116.40, with intra-day resistance is at 117.53.

We continue to be cautious with this pair due to this weekend’s G7 Finance Ministers’ Meeting.

EUR/JPY

On the weekly chart, this week, the pair met firm resistance at the upper band of its upward channel (i.e. 167.89). Its immediate weekly support is at 163.63, followed by 162.94 (13-Week Moving Average Line) and 161.29 (Lower band of the upward channel). Weekly Stochastic is seen crossing downward at 90% level. Watch for a major downward retracement just like EUR/USD.

On the daily chart, the pair continued to be bearish on Wednesday, after meeting firm resistance at 167.00. Its immediate daily support is at 165.16, followed by 164.70 (Daily 23.6% Fibo Level) and 162.05 (Daily 32.8% Fibo Level). Both MACDs are still indicating an upward trend. Daily Stochastic is seen crossing downward again at the 48% level.

On the hourly chart, the pair met firm support at 165.16, with intra-day resistance at 166.45.

We are now bearish towards this pair. Watching to sell on rebound but with caution due to this weekend’s G7 Ministers’ Meeting.

TNT students, please use the updated TNT charting templates that was sent to you on October 14. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.
The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading day ahead!

Cheers,

Clarence

Admin of The Forex Club

Dan’s Forex Market View – 18 Oct 2007

Published on 4 years, 7 months ago in EURJPY, forex signals, GBPJPY, technical trading and USDCAD. 2 Comments

Hello,

Just a quick look at 3 currency pairs. I hope you will find my technical analysis observations useful.

Don’t forget to keep your trading system simple, it will work better!

Regards,
Dan
Life Holdings Management

British CPI Lower than expected. Cable slumps

Published on 4 years, 7 months ago in forex economic news. 0 Comments

The British CPI figure came out today. It came in at 1.8% which was lower than the forcasted 1.9%. It would appear this data has all but ruled out another interest rate hike this year, maybe even for next year as well. There is even speculation of a rate cut before the end of the year. It’s important to remember that these numbers are lagged, so we are probably starting to feel the full effect of all the previous rate hikes in the UK. It seems Mervyn King has done a good job at controlling inflation so far, but there are still inflationary pressures that may not be fully “priced in” to the these figures. At the time of writing, Oil was making record highs in excess of $88 per barrel. If oil remains this high, it may send this figure back over the 2% area in the coming months.

Out of all the central banks now, it looks like the European Central Bank is least likely to cut rates. Due to this the British Pound has fallen to a 2 ½ year low against the Euro.

Against the dollar the pound also slumped on the news. Lets take a look at the chart:

As we can see, cable dropped over 50 pips in the first few minutes after the release and appears to have set the trend for the day.

This post is from Peter Marsden’s site which can be found at http://www.forexpm.com

TNT Daily Forecast – 16 October 07

Published on 4 years, 7 months ago in forex and forex systems. 0 Comments

I’ve gotten permission from Clarence, admin of The Forex Club on Yahoo to reprint his daily insights with his TNT system. Check it out : )

US Dollar Index

The major trend of the US Dollar Index is still down. On Monday, the index went to a high of 78.130 before settling at 78.985, which is down by 0.175 compared to Friday. The low of the week is 77.860. Immediate resistance to the Index is 79.553 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing downward at 30.92%, indicating that the index is trending downward (secondary downward retracement) which is a weakening US Dollar. We expecting the RSI to rise to the high of 43% before resuming its major downtrend.

General Market Commentary (October 15, 2007) by CMS Forex:

The Dollar was lower against the Euro and Yen on Monday but reversed overnight losses versus the Dollar-block currencies as US stocks fell. The Yen was initially lower as the news that the US government would work with big banks to help clean up credit-market problems increased risk appetite. However, falling stocks in the US increased risk aversion and the high yielding currencies reversed earlier gains against the Yen. Sterling rose on a stronger-than- expected UK house price gain.

The EUR/USD rose ahead of tomorrow’s European inflation reports on speculation quickening inflation will prompt the European Central Bank to keep raising interest rates. The pair’s short-term and long-term trends are still up. There is resistance at the 1.43-handle. If this is broken, the pair will possibly test the 1.4570 area, which would be the pre-euro highs for the German mark. We expect volatility in the pair this week as the FX market awaits the October 19 G-7 meeting. There are supports in the 1.40 and 1.38 areas.

International Monetary Fund Managing Director Rodrigo de Rato said the Dollar has more room to fall over the next several years. Over the medium term “we still see room for further depreciation, ” Mr. de Rato said. As for the Euro, he said, it is “very near” its equilibrium value. His comments seem to imply the Asian currencies may appreciate.

The New York Fed’s manufacturing index rose to a stronger-than- expected 28.8 in October, the highest since July 2004, from 14.7 in September. The number indicates a continued expansion in the New York manufacturing sector.

UK home prices rose a stronger-than- expected 2.7% in October driven by a surge of higher value properties ahead of new regulations. Average asking prices in London increased a record 5.0% m/m in October after falling 2.5% m/m in September, according to Rightmove’s monthly survey. The surge in London price helped push the countrywide increase to 2.7% m/m, reversing September’s 2.6% m/m decline.

European Central Bank President Jean-Claude Trichet said the ECB has not changed its economic growth forecasts.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. The major downward retracement has not materialized on Monday. However, it is due to materialize sometime this week. The pair remain above the weekly support of 1.4084, with next support at 1.4011 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4300, which is the pair’s historically high. Weekly Stochastic is seen crossing downward at the 80% level, indicating that the pair has limited upside and is gathering momentum for a downward move.

From the daily chart, the pair remains supported at 1.4154, with next support at 1.4065, 1.3972 and 1.3853. Immediate daily resistance is at 1.4300. The Default MACD is showing a down-trend while the two pairs of Moving Average Lines are still indicating an up-trend. Immediate daily resistance is at 1.4200, followed by 1.4300. Daily Stochastic is seen going to cross downward at the 71% level, indicating a possible downward move over the next few trading days. This week, we are expecting the pair to make another attempt for a major “downward” retracement.

From the hourly chart, the pair is seen forming a double top at 1.4240.

We are still bearish towards the pair, waiting for the pair to resume its major “downward” retracement.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. The pair broke its weekly resistance at 2.0398, which is now its immediate support, with next weekly support at 2.0140. Weekly Stochastic is seen at the 84% level, indicating a limited upside for this pair.

From the daily chart, the pair is seen approaching the daily resistance level at 2.0480. Immediate daily support at the 2.0360 level, followed by 2.0276 (40-Day Moving Average Line). The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. However, the Default MACD is beginning to indicate a downtrend. Daily Stochastic is seen moving upward at the 53% level, indicating the pair’s secondary upward retracement.

From the hourly chart, the pair is seen reaching the R2 of the day at 2.0434, with next resistance at 2.0480. Immediate intra-day support is at 2.0360, followed by 2.0305 (Hourly 23.6% Fibo Level) and 2.0286.

We are still bearish towards the pair, waiting to short the pair when it resumes its major “downward” retracement.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. However, this week’s bear candle indicates that the pair is still undergoing its secondary downward retracement. The pair met firm resistance at 1.1848. Immediate weekly support is at 1.1770 (Weekly 23.6% Fibo Level), followed by 1.1642. Weekly Stochastic has crossed upward at the 42% level, indicating that the pair is still gathering its momentum for its major “upward” retracement.

From the daily chart, the pair met firm resistance at 1.1838 (40-Day Moving Average Line), with next daily resistance at 1.1895 (Daily 23.6% Fibo Level) and 1.1937 (89-Day Moving Average Line). Immediate daily support is at 1.1628. Both MACDs are showing an up-trend, while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are still indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving downward at the 56% level, indicating the pair may need to do a pullback before resuming its major “upward” retracement.

From the hourly chart, the pair is broke the intra-day support at 1.1800 but rebounded above that level.

We are waiting for the pair to resume its major “upward” retracement and go long on the pair.

USD/JPY

From the weekly chart, the pair is continuing its attempt to crawl back to its upward channel. However, both the Long MACD and the Moving Average Lines are still indicating a down-trend. This week the pair is seen moving downward and is caught between its 13-Week and 26-Week Moving Average Lines. Immediate weekly resistance is at 117.86 (26-Week Moving Average Line), followed by 118.97 (Weekly 23.6% Fibo Level). Immediate weekly support is at 117.00 (13-Week Moving Average Line). Weekly Stochastic is continuing its upward move at 88% level.

From the daily chart, the pair is seen supported at 117.38 level, followed by 116.57 (Daily Fibo Level) and 116.35 (40-Day Moving Average Line). Immediate resistance is at 117.88 (144-Day Moving Average Line), followed by 118.40 (Daily 38.2% Fibo Level). Its short-term (10-Day and 40-Day) moving average lines have crossed upward indicating its upward move. Both MACDs are also indicating an uptrend. Daily Stochastic is seen crossing downard again at the 69% level.

From the hourly chart, the pair failed to remain above its support at 117.53 which indicates a temporary loss of upward momentum.

We are still bullish towards this pair and are watching to go long on pull-back.

EUR/JPY

On the weekly chart, this week, the pair met firm resistance at the upper band of its upward channel (i.e. 167.89). Its immediate weekly support is at 163.63, followed by 163.11 (13-Week Moving Average Line) and 161.29 (Lower band of the upward channel). Weekly Stochastic is showing a limited upside at 93% level. Watch for a major downward retracement just like EUR/USD.

On the daily chart, the pair met firm resistance at 167.00, with next daily resistance at 1.68.85. Its immediate support is at 165.80 (10-Day Moving Average Line), followed by 165.16, 164.70 (Daily 23.6% Fibo Level) and 162.05 (Daily 32.8% Fibo Level). Both MACDs are still indicating an upward trend. Daily Stochastic is seen trending sideway at the 70% level.

On the hourly chart, the pair met firm resistance at 167.75 and then dived down to 166.45 level.

We remain cautious towards this pair.
TNT students, please use the updated TNT charting templates that was sent to you on October 14. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.
The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading day ahead!

Cheers,

Clarence

Admin of The Forex Club

Freedom Rocks Keeping it Low Now

Published on 4 years, 7 months ago in forex systems. 2 Comments

Thanks to turbobiz for the update on FreedomRocks, a popular hedging forex system. NFA is clamping hard now as of my other posts on market makers and systems that promotes growing wealth without mentioning of the downsides of trading.

For the info of everyone not participating in FreedomRocks… Info on public forums will be harder to get.

Any discussion/updates on trading and product has now been banned by FR as the NFA are clamping down very hard….Apparantly it is black and white from the NFA… comply with the rules or cease trading.

No doubt there will be more info to come but the way it stands right now is..

There should be no mention of forex trading or product in connection with the name FreedomRocks.

This has come about because there are too many people out there who only want to talk about the gains but fail to mention the risks and potential losses.

My blog on FR has had to go (even though I was never shy of listing my bad weeks and stating the risks involved) and FR compliance are now purging others off the net.

On balance it is good that FR is taking such direct action as they want to be the 100% acountable to the NFA and this should ensure the longevity of the Company.

Best wishes
Mike

Bloomberg – Yen Falls to Lowest Since July Versus the Euro on Risk Appetite

Published on 4 years, 7 months ago in forex articles. 2 Comments

Source: Bloomberg Currencies

Oct. 10 (Bloomberg) — The yen fell to the lowest since July against the euro as a rally in Asian stocks and waning concern about a U.S. recession prompted traders to boost holdings of higher-yielding assets funded with money borrowed in Japan.

Investors sold the Japanese currency as minutes from the Federal Reserve’s Sept. 18 meeting released yesterday allayed concern a U.S. housing slump will slow global growth. The euro rose against the dollar as industrial growth in France and Italy cut speculation the currency’s gains will be featured at the Group of Seven meeting next week.

“People are selling the yen as risk appetite is coming back,” said Michael Malpede, a senior currency analyst in Chicago at Man Global Research. “The Europeans don’t have a unified stance to put a cap on the euro’s strength.”

The yen fell 0.3 percent to 165.77 per euro at 1:13 p.m. in New York, earlier touching 166.25, the weakest since 166.32 on July 25. The Japanese currency was little changed at 117.23 per dollar, from 117.13 yesterday. It earlier dropped to as low as 117.53. The euro rose 0.3 percent to $1.4141. The European currency set a record high of $1.4283 on Oct. 1 and an all-time high of 168.99 yen on July 23.

Stock Indexes

The yen has declined against all 16 most-active currencies in the past month as stock indexes in the U.S. and Asia rallied to records. The yen has lost 5.2 percent this year against the euro as investors borrow in Japan to buy higher-yielding assets elsewhere, in a practice known as the carry trade. At 0.5 percent, Japan’s borrowing costs are the lowest among industrialized nations.

The Japanese currency trimmed its decline versus the dollar as U.S. stock indexes fell after Valero Energy Corp. and International Paper Co. said third-quarter earnings trailed analysts’ estimates. The Standard & Poor’s 500 Index dropped 0.5 percent.

Japanese exporters sold the dollar against the yen from the 117.25 level, said Matthew Kassel, director of proprietary trading at ING Financial Markets LLC in New York.

The Swiss franc fell to a record low of 1.6729 per euro after central bank President Jean-Pierre Roth signaled he has no plans to raise Switzerland’s benchmark interest rate from 2.75 percent for now.

Euro’s Rally

The euro gained against 13 of 16 major currencies today as signs of growth in the euro region allayed concern that its 7.1 percent rally this year versus the dollar will hurt growth, dimming speculation its strength will be mentioned at the G-7 meeting in Washington starting Oct. 19.

French production advanced 0.3 percent in August from the previous month and Italian output rose 1.3 percent, the biggest increase in eight months, two government reports said today.

Officials from the 13-country euro region failed to find a common position on the currency on Oct. 8 as they prepare for the G-7 meeting. While French President Nicolas Sarkozy has said the appreciation is hurting European exports, German Finance Minister Peer Steinbrueck said two days ago, “I prefer a strong euro.”

French central bank governor Christian Noyer said at a conference in Riga, Latvia, today the euro’s gains show investors are confident in the region’s economic prospects.

“The economy in the euro zone is still holding up very well, despite a strong euro,” said Christian Dupont, a senior currency trader at Societe Generale SA in Montreal. “Some people are betting that the G-7 meeting won’t try to talk down the euro against the dollar.”

Bank of Japan Governor Toshihiko Fukui and his colleagues will leave the overnight lending rate unchanged at the conclusion of a two-day meeting starting today, according to economists in a Bloomberg News survey.

Dollar-Yen Volatility

One-month implied volatility for the yen versus the dollar fell to 7.91 percent today, the lowest since July 25, from 8.15 percent yesterday. Dealers quote implied volatility, a gauge of expectations for currency moves, as part of pricing options. Lower volatility may encourage carry trades as it implies less risk from swings in foreign exchange.

Morgan Stanley’s index of Asian equities climbed to a record for a second day. The Dow Jones Industrial Average and S&P 500 Index climbed to records yesterday after minutes from the Fed’s meeting showed policy makers refrained from language that may have heightened concern the U.S. economy will contract.

The Fed cut its benchmark interest rate to 4.75 percent from 5.25 percent at the meeting. Futures contracts traded on the Chicago Board of Trade indicate a 36 percent chance the central bank will cut its benchmark rate a quarter-percentage point at its meeting on Oct. 31, compared with 70 percent odds a week ago.

The U.S. currency will fall to a record $1.46 per euro by year-end, compared with a forecast of $1.43 in June, said Ian Stannard, senior currency strategist at BNP Paribas SA.

The pound rose 0.3 percent to $2.0426 after Bank of England Governor Mervyn King pledged today to fight inflation.

MG Financial – Fed Minutes Supported USD

Published on 4 years, 7 months ago in EURUSD, forex articles and USDJPY. 0 Comments

From ForexNews,

The greenback edged up higher against the majors in early US trading, firming to 1.4017 versus the euro and 117.48 against the yen before easing in the afternoon ahead of the FOMC monetary policy minutes. The currency market remains quiet as traders returned to their desks following the holiday to a dearth of fresh economic news.

The dollar continues to benefit from last week’s stronger than expected jobs data, which tempered expectations for further aggressive rate cuts from the FOMC. Nonetheless, we still expect the Fed to cut rates by 25-basis points at the end of October.

The minutes of the FOMC meeting revealed a unanimous decision to cut rates by 50-basis points to 4.75% due to the extremely weak conditions of the housing market, tighter financial conditions and their potential impact on the economy. Members expressed concern that a weaker economy would further exacerbate tightening credit conditions and reinforce the slowdown. Although members remained concerned about the upside inflation risks, the Fed is more confident a decline in inflation would be sustained. Also, the Fed sees further slowing of employment likely but labor markets should remain fairly tight.

GalleonFX Offering $1,000 Managed Accounts

Published on 4 years, 7 months ago in forex managed accounts. 8 Comments

I know GalleonFX has been around for quite sometime, but haven’t actually used their service before. If anyone is interested, for the month of October only, GalleonFX is offering their Managed Account services at $1,000.00 for entry.

To celebrate the great success of the improvements to our trading systems, Galleon’s normal $25,000 and $10,000 account opening minimum have been reduced to only a $1000 minimum for the month of October.

This is the lowest minimum we have ever had and will ever have. This may be the last time it is ever this low. If you have followed along with our news, updates and progress, you should feel as we do we have something very special and profitable and to be able to take advantage of this for only $1000 is an incredible oportunity.

Also, if you do not already know this, FXCM our main brokerage firm allows people to quickly and easily fund accounts by credit card. So there is no waiting for checks to clear or problems dealing with the hassle of confusing bank wires.

There has never been a better time to get involved with Galleon and Forex than now. With some accounts up over 54% for the year, strategy improvements in place we’re on the way to making this year the best yet with still 3 full months of trading to go.

It is very easy to get your account started and funded. Simply register, login and follow the instructions on our Open Account page.

It’s also a great time for Affiliates out there. Spread the news of Galleon’s new low minimum to your friends and associates so both they and you can share in more profits.

It’s a pretty silly amount to start an MA IMO, but hey, if you want to know how it works and all, head down to their site to find more about their trading results. They use FXCM as their broker which makes it really easy to fund.

Anyone who uses Galleon could probably fill us more so we could hear about your experience with them?

Definition of a Managed Account with compliments from Investorwords – An account for which the holder gives his/her broker or someone else the authority to buy and sell securities, either absolutely or subject to certain restrictions. also called controlled account or discretionary account.