Author Archive for Jude

Page 4 of 17

ForexGen Scam Alert

Published on 4 years, 6 months ago in forex broker scam. 9 Comments

Sigh, this reminds me of something that happened to myself too. Felix from Forexbastards has sent an update with regards to ForexGen, here’s a short clip..

Forex Gen Scam Alert

This is Felix. I wanted to share a very disturbing story with you… Though I can’t guarantee that this is the truth, but from my investigation and my understanding it seems a very legitimate story.

One of the subscribers of kingforexsignals.com by the name of Rashid has been trading with Rob Grespi for the last few months, using the broker http://www.forexgen.com/

Rashid grew one of his accounts, #5011164, from $20,000 to over $110,000 over the last few months by taking a few position trades. Few days ago, he decided to cash in his profits from all his accounts with this broker, and made a withdrawal request for the full amount of over $160,000.

I shan’t steal the limelight, for more info, check out Felix’s thread on ForexGen.

1 pips spread? Ridiculous! Avoid them.

TNT Daily Forecast 24th October

Published on 4 years, 6 months ago in forex systems. 0 Comments

Wonder when is his ebook gonna be ready for sale, hmm.

US Dollar Index

The major trend of the US Dollar Index is still down. On Tuesday, the index went to a high of 77.83 before settling at 77.525, which is down by 0.50 compared to Monday. The low of the week is 77.08. Immediate resistance to the Index is 79.253 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing sideway at 29.91%, indicating that the index is again losing its upward momentum in undergoing its major “upward” retracement, resulting a weakening US Dollar. However, there is still room for the RSI to go up to the 43% level.

General Market Commentary (October 23, 2007) by MG Financial Group:

The Dollar pared its gains against the Euro and Sterling as the bearish sentiment over the Dollar does not change after Monday’s unexpected Dollar strength. The Euro rebounded back to around 1.4250 versus the Dollar, while the Sterling passed through 2.05 against the Dollar.

The market will focus on US housing data this week and the FOMC next week. US existing home sales due tomorrow is seen to fall from an annual rate of 5.5 million units to 5.25 million in September. Also new home sales will be released on Thursday. The housing slump will continue to weigh on the nation’s economy and therefore put pressure on the Fed to cut rates.

Interest rate futures indicate that traders are pricing in a nearly 90 percent chance that the Fed will cut rates by a quarter percentage point to 4.50 percent at its Oct 31 policy meeting.

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 maintains its bearishness after the pair’s rebound on Tuesday, indicating that the pair is still attempting to undergo its major “downward” retracement. Immediate support is at 1.4084, with next support at 1.4022 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4343, which is the pair’s historically high. Weekly Stochastic is seen trending sideway at the 84% level, indicating that the pair’s upside is still limited.

From the daily chart, Tuesday’s rebound helps the pair to regain back half of its Monday’s loss, signaling the pair is still struggling to undergo its major downward” retracement. Its immediate daily resistance is at 1.4343, while daily support is at 1.4207, followed by 1.4154, 1.4065 and 1.4000. The Default MACD is showing a down-trend while the two pairs of Moving Average Lines are still indicating an up-trend. Daily Stochastic is seen crossing downward at the 63% level, indicating a possible downward move over the next few trading days. We are expecting the pair to undergo a major “downward” retracement, as its upside is limited.

From the hourly chart, the pair broke its intra-day resistance at 1.4187 and is now approaching its next intra-day resistance at 1.4260.

We are bearish towards the pair, as the pair’s upside is limited. If the pair continues to undergo its major “downward” retracement, we look forward to short the pair.

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. On Tuesday the price candle turns into a doji, indicating that Tuesday’s rebound has recovered the pair’s loss on Monday. Its immediate weekly resistance is at 2.0652, which is its historical high. Its immediate weekly support is at 2.0398, followed by 2.0300 (13-Week Moving Average Line), followed by 2.0140. Weekly Stochastic is seen moving sideway at the 86% level, indicating a limited upside.

From the daily chart, Tuesday’s strong rebound recovers the loss incurred on Monday, indicating that the major “downward” retracement has again lost its momentum. Its immediate daily resistance is at 2.0546, while its immediate daily support is at 2.0480, followed by 2.0422 (10-Day Moving Average Line), 2.0360, 2.0322 (40-Day Moving Average Line). The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen moving downward at the 70 level, indicating that the pair is still making an attempt to undergo its major “downward” retracement. We are still expecting the pair to make another attempt to undergo major downward retracement as its upside is limited.

From the hourly chart, the pair is has reached above 2.0500. Both the hourly and 4 hourly charts are showing the pair to be over-bought.

We are still bearish towards the pair. If the pair continues to undergo its major “downward” retracement, we will go short on the pair.

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. This week’s candle continues to maintain its bullishness after Tuesday’s fall. Its immediate weekly resistance is at 1.1772 (Weekly 23.6% Fibo Level), followed by 1.1848, 1.1904 and 1.1985, while its immediate weekly support is at 1.1642. Weekly Stochastic is still pointing upward at the 37% level, indicating a possible major “upward” retracement is on the way.

From the daily chart, Tuesday’s bear candle may just indicate a secondary “downward” retracement. We need a confirmation based on Wednesday‘s candle. Immediate daily resistance is at 1.1739 (10-Day Moving Average Line), followed by 1.1824, while its immediate daily support is at 1.1607. The default MACD is showing a downtrend 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 upward at the 39% level, indicating the pair is undergoing a possible major “upward” retracement.

From the hourly chart, the pair met a firm intra-day resistance at 1.1777 (Intra-day 23.6% Fibo Level) and retraces back to its support a 1.1717.

The pair is undergoing its major “upward” retracement and we are watching to go long on the pair on pull-backs.

USD/JPY

From the weekly chart, this week the candle continues to maintain its bullishness. This may be its another attempt to crawl back to its upward channel. Both the Long MACD and the Moving Average Lines are still indicating a down-trend. Its immediate weekly resistance is at 115.21, followed by 115.61 (Weekly 38.2% Fibo Level) and 116.41.Its immediate weekly support is at 114.15, followed by 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen crossing downward at 51% level.

From the daily chart, the pair met a firm resistance at 114.85 (Daily 61.8% Fibo Level), with next resistance at 115.18. Immediate daily support is at 113.65. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating a downward move. Default MACD is also indicating a downtrend. However, Daily Stochastic is seen crossing upward at 21% level, indicating a possible rebound this week before resuming its downward move.

From the hourly chart, the pair has breached its intra-day resistance at 114.67, and is seen moving towards its next resistance at 115.20 (Intra-day 100% Fibo Level).

The pair looks like undergoing a possible secondary “upward” retracement. We may go long  for small profits, otherwise wait for it to resume its major “downward” retracement and go short on it.

EUR/JPY

On the weekly chart, this week’s candle turns bullish on Tuesday due to  the strength of the Euro. Its immediate weekly support is at 162.68 (13-Week Moving Average Line), followed by 161.53 (the lower band of the upward channel), 160.00 and 158.93 (52-Week Moving Average Line). Its immediate weekly resistance is at 163.63, followed by 168.08 (upper band of the upward channel). Weekly Stochastic is seen moving downward at 70% level. The pair may make another attempt to undergo a major “downward” retracement.

On the daily chart, the pair met strong support at 162.07 (Daily 38.2% Fibo Level) on Tuesday. Its immediate daily resistance is at 164.19 (10-Days Moving Average Line), followed by 165.16, while immediate daily support is at 163.31 (40-Day Moving Average Line), followed by 162.49 (89-Moving Average Line) and 160.92. Default MACD is indicating a downtrend while Daily Stochastic is seen crosiing upward at the 27% level, indicating a possible rebound this week before resuming its downward move.

On the hourly chart, the pair has breached above the price level of 163.55. The pair may do a pullback down to 162.35 today.

The pair may undergo a secondary “upward” retracement this week. We are watching to buy on pull-back for small profits.
TNT students, please use the updated TNT charting templates that was sent to you on October 20. 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

TNT Daily Forecast – 23rd October

Published on 4 years, 6 months ago in forex systems. 0 Comments

Clarence shares his views on the majors with all TNT and non TNT students,

US Dollar Index

The major trend of the US Dollar Index is still down. On Monday, the index went to a high of 78.17 before settling at 77.96, which is up by 0.59 compared to last Friday. The low of the week is 77.08. Immediate resistance to the Index is 79.29 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing upward at 33.86%, indicating that the index is gaining its upward momentum to undergo its major “upward” retracement, resulting a strengthening US Dollar. There is still room for the RSI to go up to the 43% level.

General Market Commentary (October 22, 2007) by MG Financial Group:

The Dollar dropped initially against the Yen and the Euro after the G7 statement released late last Friday. The Dollar tumbled to a fresh low at 1.4348 against the Euro.

There was no change in the language regarding the currencies. The G7 just repeated that excess volatility in foreign exchange is undesirable. Apart from urging China to allow its currency appreciate more rapidly, G7 finance ministers and central bankers did not mention any other currencies including the weak Yen and Dollar and the strong Euro.

Besides, the G7 indicated that record oil prices and US housing and credit sector slump will impede economic growth. This prompted investors to cut back risk appetite and reduce carry trades. The Yen rallied sharply against high yielding currencies. The Yen rallied to session low at 113.26 against the Dollar, and strengthened to 230.35 versus the Sterling and 160.48 versus the Euro.

With no key data releasing till Wednesday, the foreign exchange market will continue to focus on carry trades and equity 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 appears bearish and almost wipes away all of last week’s gain, indicating that the pair is making another strong attempt to undergo its major “downward” retracement. Immediate support is 1.4084, with next support at 1.4022 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4343, which is the pair’s historically high. Weekly Stochastic is seen crossing downward at the 82% level, indicating that the pair’s upside is still limited.

From the daily chart, Monday’s price candle indicates a drop of more than 150 pips, signaling a possible attempt for the pair to undergo its major downward” retracement. Its immediate daily resistance is at 1.4343, while daily support is at 1.4154, followed by 1.4065 and 1.4000. The Default MACD is showing a down-trend while the two pairs of Moving Average Lines are still indicating an up-trend. Daily Stochastic is seen crossing downward at the 71% level, indicating a possible downward move over the next few trading days. We are expecting the pair to undergo a major “downward” retracement, as its upside is limited.

From the hourly chart, the pair is seen supported at 1.4120, with immediate intra-day resistance at 1.4187.

We are bearish towards the pair, as the pair’s upside is limited. If the pair continues to undergo its major “downward” retracement, we look forward to sell on rebound.

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. On Monday the price candle appears bearish as it wipes away all the gains of the previous week. Its immediate weekly resistance is at 2.0398. Its immediate weekly support is at 2.0273 (13-Week Moving Average Line), followed by 2.0140. Weekly Stochastic is seen crossing downward at the 79% level, indicating a limited upside.

From the daily chart, Monday’s price candle appears bearish, indicating a drop of more than 250 pips, signaling a possible attempt for the pair to undergo its major “downward” retracement. Its immediate daily resistance is at 2.0360, followed by 2.0401 (10-Day Moving Average Line) 2.0480, while its immediate daily support is at 2.0312 (40-Day Moving Average Line), followed by 2.0200 and  2.0155 (Daily 23.6% Fibo Level).The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen crossing downward at the 69 level, indicating that the pair is making another attempt to undergo its major “downward” retracement. We are still expecting the pair to make another attempt to undergo major downward retracement as its upside is limited.

From the hourly chart, the pair reached the low of  2.0255 and then rebounded above the Intra-day 23.6% level.

We are still bearish towards the pair. If the pair continues to undergo its major “downward” retracement, we will go short on the pair when it rebounds.

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. This week’s candle appears bullish and rose by more than 150 pips. Its immediate weekly resistance is at 1.1848, followed by 1.1904 and 1.1985, while its immediate weekly support is at 1.1772 (Weekly 23.6% Fibo Level), followed by 1.1642. Weekly Stochastic is still pointing upward at the 41% level, indicating a possible major “upward” retracement is on the way.

From the daily chart, Monday’s bull candle is indicating another attempt for the pair to undergo a major “upward” retracement. Immediate daily resistance is at 1.1809 (40-Day Moving Average Line), followed by 1.1824, while its immediate daily support is at 1.1744 (10-Day Moving Average Line), followed by 1.1607. The default MACD is showing a downtrend 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 upward at the 26% level, indicating the pair is undergoing a possible major “upward” retracement.

From the hourly chart, the pair reached its Intra-day 23.6% Fibo Level at 1.1776. A break above 1.1800 will indicate a continuation of its uptrend.

The pair is undergoing its major “upward” retracement and we are watching to go long on the pair on pull-backs.

USD/JPY

From the weekly chart, this week the candle appears to be bullish, showing a rise of more than 100 pips. This may be its another attempt to crawl back to its upward channel. Both the Long MACD and the Moving Average Lines are still indicating a down-trend. Its immediate weekly resistance is at 115.21, followed by 115.61 (Weekly 38.2% Fibo Level) and 116.41.Its immediate weekly support is at 114.15, followed by 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen crossing downward at 50% level, indicating a possible beginning of a major downward move in the next few trading days.

From the daily chart, the pair met a support at 113.65 and rebounded, which may be a secondary “upward” retracement. The pair is seen moving towards its immediate daily resistance at 114.85 (Daily 61.8% Fibo Level), followed by 115.18. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating a downward move. Default MACD is also indicating a downtrend. Daily Stochastic is seen crossing upward at 12% level, indicating a possible rebound this week before resuming its downward move.

From the hourly chart, the pair is seen moving upward towards the 114.67 intra-day resistance.

The pair looks like undergoing a possible secondary “upward” retracement. We  may go long  for small profits, otherwise wait for it to resume its major “downward” retracement and go short on it.

EUR/JPY

On the weekly chart, this week’s candle appears bearish, showing a drop of more than 200 pips before recovering with a rebound above the lower band of its upward channel. Its immediate weekly support is at 161.53 (the lower band of the upward channel), followed by 160.00 and 158.93 (52-Week Moving Average Line). Its immediate weekly resistance is at 163.63, followed by 168.08 (upper band of the upward channel). Weekly Stochastic is seen moving downward at 67% level. The pair maybe undergoing a possible major “downward” retracement.

On the daily chart, the pair met strong support below 162.07 (Daily 38.2% Fibo Level). Its immediate daily resistance is at 163.31 (40-Days Moving Average Line). Default MACD is indicating a downtrend. Daily Stochastic is seen crosiing upward at the 16% level, indicating a possible rebound this week before resuming its downward move.

On the hourly chart, the pair is seen supported at 161.35, with next intra-day support at 160.63.

The pair may undergo a secondary “upward” retracement this week. We are watching to buy on pull-back for small profits.
TNT students, please use the updated TNT charting templates that was sent to you on October 20. 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

TNT Daily Forecast – 21 October

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

US Dollar Index

The major trend of the US Dollar Index is still down. Last Friday, the index went to a high of 77.57 before settling at 77.37, which is down by 0.15 compared to the previous day. The low of the week is 77.33. Immediate resistance to the Index is 79.51 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing downward at 28.44%, indicating that the index has lost its momentum to undergo its major “upward” retracement, hence a weakening US Dollar.

General Market Commentary (October 19, 2007) by MG Financial Group:

The Yen rallied across the board in the Friday session amid a slide in global equities. The Greenback, which initially tumbled against the Euro and Sterling, recovered amid profit taking heading into this weekend’s G7 Finance Ministers meeting. We’re not anticipating the G7 communiqué to single out Dollar weakness, but do expect increased pressure on China to hasten currency flexibility. It will be important to focus closely on post-meeting commentary from Eurozone officials as there will be scope for criticism of recent Euro strength impeding on trade competitiveness.

UK’s Finance Minister Alistair Darling said that while there was a mix of views among the G7 on exchange rates, he reiterated that forex levels should be determined by markets. Meanwhile, Canada‘s Finance Minister Flaherty said he would not be surprised to see stronger language in the communiqué on China’s foreign exchange policy. Further, he expects vigorous discussion on the topic at the meeting. We look for the Yen to remain buoyed heading into the meeting, given the currency’s characteristic to trade as a proxy to China’s Yuan.

The Dollar’s near-term direction will likely remain linked to sentiment over upcoming Fed policy decisions. Earlier in the session, Fed Funds futures were pricing in a 98% chance of a rate cut at the end of the month, up from over 70% yesterday and just over 30% a week earlier. Recent economic data continues to point towards further deterioration in the housing market, but have yet to reveal any spillover effects on the consumer. Next week’s US economic calendar is light but will provide additional gauges on the housing market, with the releases consisting of existing home sales, new home sales, durable goods orders and weekly jobless claims.

Fed Chairman Bernanke said central bank predictability was important in making long-term rates respond to Fed actions. He reiterated that central banks should strive for transparency, predictability and avoid overreactions. However, he provided little insight into the FOMC’s policy deliberations in the coming weeks.

Cable edged out to a fresh multi-month high at 2.0522 on the heels of stronger than expected growth data. The report revealed robust GDP growth for Q3 at 3.3% annualized, versus 3.1% a year earlier and 0.8% q/q. The Bank of England remains in a precarious situation amid tightening credit conditions, lingering inflationary pressure and strong economic growth. We now expect the BoE to remain on hold for the remainder of the year at 5.75%.

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. Last week’s price candle was bullish and it broke the previous high of 1.4300 and reached 1.4318, indicating that the pair has lost its momentum to undergo its major “downward” retracement. Immediate support is 1.4084, with next support at 1.4025 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4318, which is the pair’s historically high. Weekly Stochastic is seen crossing downward at the 83% level, indicating that the pair’s upside is still limited.

From the daily chart, the price candles are still above the 10-Day Moving Average Line. Its immediate daily resistance is at 1.4318, while daily support is at 1.4210 (10-Day Moving Average Line), followed by 1.4154 and 1.4065. The Default MACD is showing a down-trend while the two pairs of Moving Average Lines are still indicating an up-trend. Daily Stochastic is seen moving upward at the 78% level, indicating a possible upward move over the next few trading days. However, sometime this week we are expecting the pair to make another attempt for a major “downward” retracement, as its upside is limited.

From the hourly chart, the pair is currently ranging between 1.4318 and  1.4260.

We are still bearish towards the pair, as the pair’s upside is limited. However, we need to wait for a clear signal to indicate that the pair is undergoing its major downward retracement before going short on the pair.

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. Last week the price candle was bullish, as the pair moved above  2.0500, its recent high in weeks. Its immediate weekly resistance is at 2.0652, which is its historical high. Its immediate weekly support is at 2.0398, followed by 2.0267 (13-Week Moving Average Line) and 2.0140. Weekly Stochastic is seen crossing downward at the 85% level, indicating a limited upside.

From the daily chart, the price candles are still above its 10-Day Moving Average Line. Its immediate daily resistance is at 2.0546, while its immediate daily support is at 2.0401 (10-Day Moving Average Line), followed by 2.0360 and 2.0302 (40-Day Moving Average Line).The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen moving upward at the 76% level, indicating that the pair may continue its upward move for a few more trading days. However, we are still expecting the pair to make another attempt to undergo major downward retracement sometime this week.

From the hourly chart, the pair has broken upward above its previous trading range of 2.0307 (Hourly 23.6% Fibo Level) – 2.480, to a high of 2.0512 (Last Friday’s R1).

We are still bearish towards the pair, waiting to short the pair when it makes another to undergo its major “downward” retracement.  We will only act when the pair shows a clear downward trend.

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, last week the pair met a firm resistance at 1.1848 and went south after that, with 1,1642 as its immediate weekly support. Weekly Stochastic is still pointing upward at the 33% level, indicating a possible recovery this coming week.

From the daily chart, the pair is seen on a bearish move and is seen approaching the next daily support at 1.1625. Immediate daily resistance is at 1.1767 (10-Day Moving Average Line), followed by 1.1824. The default MACD is showing a downtrend 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 19% level, indicating the pair may recover or rebound sometime this coming week.

From the hourly chart, the pair has broken two key intra-day support at 1.1760 and 1.1717 over the past two days. The pair needs to break above these two levels to indicate a strong rebound. Otherwise, it is still weak as long as it remains below these levels.

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

USD/JPY

From the weekly chart, last week the pair failed in its attempt to crawl back to its upward channel. Both the Long MACD and the Moving Average Lines are still indicating a down-trend. This week the pair met firm resistance at 117.93 (52-Week Moving Average Line) and went south after that. Its immediate weekly support is at 114.15, followed by 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen going to cross downward at 72% level, indicating a possible beginning of a major downward move.

From the daily chart, the pair has broken its daily support at 115.18 and is seen approaching the 113.65 daily support level. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating its downward move. Default MACD is indicating a downtrend. Daily Stochastic is seen pointing downward at the 13% level, indicating a possible rebound this week before resuming its downward move.

From the hourly chart, the pair is on its downward move, breaking intra-day support levels at 115.83, 115.60, 115.20 and 114.67.

We will look for a rebound and then go short on the pair.

EUR/JPY

On the weekly chart, last week the pair met firm resistance at the upper band of its upward channel (i.e. 167.89) and went south, like its counterpart USD/JPY, and reached a weekly support level at 163.63, with next weekly support at 162.69 (13-Week Moving Average Line). Weekly Stochastic is seen crossing downward at 84% level. The pair maybe undergoing a possible major “downward” retracement.

On the daily chart, the pair broke a key daily support at 165.16 and went south towards the 163.39 (40-Day Moving Average Line). Default MACD is beginning to  indicate a downtrend. Daily Stochastic is seen moving downward at the 20% level, indicating a possible rebound this week before resuming its downward move.

On the hourly chart, the pair is currently supported at 116.80.

We are now bearish towards this pair. Watching to sell on rebound.

TNT students, please use the updated TNT charting templates that was sent to you on October 20. 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

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

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.