U.S. Building Permits Data to Drive USD Trading Today

The forex market is set to go very volatile on the release of Building Permits data from the U.S. In turn, this is likely to be crucial in determining the Dollar's strength, as this week's trading comes to a close. If the results equal to or higher than the forecasted 0.52 million, then the USD may record a bullish trading session today. On the other hand, if the data is worse than forecast, then the Dollar could possibly fall against its major currency pairs. Traders are also advised to follow Crude Oil prices today, as sudden movements in this commodity may have a strong impact on the USD.



USD - Dollar Drops on Poor Economic Data

Yesterday the Dollar depreciated against all its main currencies crosses. The greenback's biggest drop was against the EUR, as the EUR/USD pair rose above the 1.4150 level. The Dollar also dropped against the Pound and the Yen as well.

The Treasury International Capital (TIC) published the Long-Term Purchases report yesterday. This report measures the difference in value between foreign long-term securities purchased by US citizens and U.S long-term securities purchased by foreigners during May. The figures showed a negative balance of $19.8 billion. The data also showed that China's holding of U.S treasury securities topped $800 billion. The gigantic debt has raised concerns that it might have the potential to erode the value of the Dollar in the long term.

Also yesterday, the Philadelphia Manufacturing Index, which is used to measure the business conditions in the Federal Reserve district, was published. The report showed a -7.5 mark, which means that the factory activity in the district has contracted for the 10th consecutive month in July. This contributed to the Dollar's downfall as well.

As for today, very important housing data are scheduled from the U.S. At 12:30 GMT, both the Building Permits and Housing Starts indicators will be published. The two are leading gauge of the housing sector in the U.S, and has the potential to severely impact the market. According to current forecasts, the housing sector has shown relatively positive figures in June. If the actual result will be similar or even higher than forecasts, the USD might be able to correct yesterday's slide. Traders are advised to follow the publications, and take advantage of their impact on the market.

EUR - EUR Hits 2 Week High against the Dollar

The EUR continued its bullish trend against the Dollar yesterday, and the EUR/USD is currently trading near the 1.4130 level. The EUR rose against the Pound as well and declined slightly against the JPY.

The EUR climbed against the Dollar as poor data was released from the U.S economy and Crude Oil's prices rose, which further weakened the Dollar. This drove the European currency to a 2 week high against the USD.

The positive data from the Euro-Zone leading nations also supported the EUR yesterday. The French Consumer Price Index rose 0.1% in June, showing that fears from deflation are very unlikely, resulting in a temporary relief for the crisis-hit economy. The Italian Trade Balance, which measures the difference in value between imported and exported goods and services during May, rose by 1.19 billion EUR. This has a crucial impact on the Italian economy, which relies greatly on its exporting activity.

Looking ahead to today, the only significant data from the Euro-Zone will be the European Trade Balance. Analysts forecast a 1.2B result, which means that the exporting activity in the Euro-Zone was larger by 1.2 billion EUR from importing during May. If the actual result will be similar to forecasts, it will be the first positive result in 13 months. In turn, this may have a positive effect on the EUR.

JPY - JPY Records Mixed Results against the Majors

The Yen underwent an extremely volatile session against the major currencies yesterday. Although the Yen did not see a sharp depreciation yesterday, it is about to mark the biggest weekly loss against the EUR in two months, following an extremely bearish week. The most significant publication from the Japanese economy was the Tertiary Industry Activity report. The report failed to reach expectations for a 0.3% rise, as the actual result showed that the value of services purchased has dropped by 0.1% in May.

As for now, current expectations are assuming that the Yen may fall against the EUR on speculations an advance in stocks will increase demand for higher yielding assets. The JPY is known as a currency which rises in times of global financial crisis, and it seems that the rising stocks could be a leading sign for the financial improvement which has the potential to significantly weaken the Yen.

Crude Oil - Crude Oil Completes Bullish Week

Crude Oil continued to hold its yesterday, and a barrel of Oil is currently traded for $62.70. Crude Oil is currently heading for its first bullish week in more than a month.
Crude rose as a result of two leading factors. One, the bearishness of the USD supported the price of Oil. Crude Oil's prices are valued in Dollars, and thus any depreciation in the USD's value has the potential to further push-up Oil prices. Higher global equity markets also restored optimism that an economic recovery is impending.

An improvement in economic conditions is set to increase demand for Crude Oil, which will of course hike Crude Oil prices. This week might be acknowledged as the first strong sign that investors have regained their faith in Crude Oil as a long-term investment. Traders are now advised to follow the news from the strongest economies and especially from the U.S in order to predict Oil's direction for the coming weeks. It seems that as long as the news will show that the world is pulling out of recession, Crude Oil prices are likely to rise.

Article Source - U.S. Building Permits Data to Drive USD Trading Today

Crude Rises the Most in 3 Weeks

Crude Oil prices remain steady at above $61 a barrel on Thursday, after gaining 3.4% in the previous session. Oil's gains on Wednesday came after the Energy Information Administration (EIA) showed a bigger-than-forecast drop in Crude supplies last week. And along with a weak U.S. dollar, which traded near a month low against major currencies, this supported the rally in Oil prices. Investors will be keenly watching the weekly U.S. jobless claims data due to be released later on Thursday, for a clue of a possible rebound of the world's largest economy.



USD - USD Plummets as Stock Markets Rally

The Dollar dropped against most of its major currency counterparts yesterday as a rally in global stock markets diminished demand for the safety of the U.S currency. The Dollar traded at $1.4108 per EUR after sliding 1% yesterday and reaching a day's low of $1.4135, the weakest level since July 2nd. However the USD was up against the Yen trading at 94.36 from 93.39 late Tuesday.

Better than expected results from the New York Manufacturing Index and as expected results from the Consumer Price Index (CPI) which were released Wednesday put further pressure on the Dollar. However the major mover in the market Wednesday were the equity markets, with U.S stocks rallying sharply following the release of better than expected 2nd quarter earnings from Intel.

It is likely that earnings results will continue to dominate market movements in the following days as the earnings from J.P. Morgan Chase, Citigroup and Bank of America are due later this week. Traders should also follow the release of the Unemployment Claims, TIC Long Term Purchases and the Philly Fed Manufacturing Index to be released today at 12:30 GMT, 13:00 GMT and 14:00 GMT respectively as these results may either strengthen or reverse the current bearish sentiment on the Dollar.

EUR - EUR Gains on Renewed Market Optimism

Benefiting from the return of risk appetite and gains in equities the EUR traded at $1.4112 versus the USD, up from $1.3935 late Tuesday. The EUR was also up against the Yen trading at 133.12 up from 130.14 yesterday. The British pound jumped to $1.6425 against the USD from $1.6270 Tuesday.

The EUR was little changed after a report showed Annual Consumer Price Inflation in the Euro-Zone fell 0.1% in June, marking negative inflation in the region for the first time since its creation. The British Pound rose 0.6% versus the Dollar following gains in financial sector stocks. The Pound was little affected by the overall pessimistic economic data released Wednesday from the U.K. The data showed the number of people claiming jobless benefits in June rose at its slowest pace in more than a year; however the overall unemployment rate rose to its highest level since January 1997.

With no major news due to be released today from Europe, traders should follow the data to be released from the U.S as these will have great affect on any USD currency crosses. Furthermore, traders should follow closely the continuing release of the corporate earning reports as they will continue to be the driving force behind the movement in equity markets and consequently the demand for riskier currencies such as the EUR and GBP.

JPY - The Yen Slides as Investors Move to Riskier Assets

The Yen slid against the EUR, trading at 133.01 per EUR after declining as much as 2.1% in its largest intraday loss since May. The Yen was also down 0.8% against the USD trading at $94.25. The drop followed a report that showed U.S. industrial production for June fell less than forecasted and Intel Corp.'s second quarter earnings were higher than estimated.

The JPY experienced a phenomenal rally these past two weeks as investors retuned to the safety of the Japanese currency following the release of poor U.S employment data. However, this rally was snapped Monday with a better than expected start to the 2nd quarter earnings season. The positive earnings reports from Goldman Sachs and Intel rekindled risk appetite among investors diminishing demand for the safe haven Yen and in turn pushing them to riskier, higher yielding currencies. With stock markets continuing to rally it is likely the JPY will extend its losses during today's trading as well.

OIL - Oil Prices Rise as U.S stockpiles Fall

Crude Oil continues to climb as stock markets rally and U.S Crude Oil Inventories showed a larger than expected decline. Crude oil for August delivery rose as much as 47 cents or 0.8% to $62.01 a barrel Wednesday. The weak Dollar and huge rally in the stock market following the release of Intel's forecast sales helped boost Oil prices. Crude inventories fell by 2.81 million barrels vs. the expected 2.1million and refineries are operating at 87.9%, the highest since August. However demand is still weak and so it is unlikely Oil prices will reach $70 a barrel again in the short term and it is likely to remain in the $60-$65 range.

Article Source - Crude Rises the Most in 3 Weeks

New Zealand Dollar Tumbles as Fitch Downgrades Credit Outlook to a 'Negative' (Euro Open)

The New Zealand Dollar fell sharply late into the overnight session as credit rating agency Fitch downgraded the smaller antipode’s long-term credit rating to “negative” and warned the country could fall into a “low growth trap”. A slew of earnings reports from top companies including Carrefour and SAP are likely to guide price action in the coming session.

Key Overnight Developments

• NZD Tumbles as Fitch Downgrades Credit Outlook to ‘Negative’
• New Zealand Consumer Prices Fall to Lowest in Nearly 2 Years
• NZ Manufacturing Continues to Stabilize as New Orders Gain
• Japanese Service Demand Unexpectedly Drops on Job Losses

Critical Levels



The Euro fell in overnight trading, losing as much as -0.3% to the US dollar. The British Pound followed suit, shedding -0.4% against the greenback to test as low as 1.6379.

Asia Session Highlights



New Zealand’s Consumer Price Index declined less than economists expected in the second quarter, with the annual inflation rate falling to 1.9%, the lowest since the three months ending September 2007. Forecasts were pointing to a 1.8% result ahead of the release. Transportation and transport supply costs led the drop, -6.6% and -9.5% from a year before. Lower fuel prices and cheaper airfares were likely behind the drop-off: gasoline prices fell 17% from a year before while the average cost of air travel tumbled 21% in the same period as companies slashed prices to entice consumers amid the global recession. The Reserve Bank of New Zealand has said that they expect inflation to fall below the 1-3% target range this year but return to desirable levels by early 2010. RBNZ Governor Alan Bollard added this week that New Zealand is likely to recover faster than its main trading partners from the current downturn, boosting expectations that the central bank will begin raising interest rates sooner rather than later. Indeed, overnight index swaps now show the market is pricing in 79 basis points in tightening over the next 12 months, second only to the Federal Reserve that is seen hiking rates by 82bps over the same time frame.

Separately, the Business NZ Performance of Manufacturing measure rose to 46.2 in June from 43.1 in the previous month. The result suggests the sector continues to shrink, albeit at the slowest pace in 9 months. New Orders led the metric higher, expanding for the first time since April 2008. In annual percentage terms, new orders and output saw positive growth for the first time in at least 7 months. Manufacturing figures have been stabilizing in most industrial countries in recent months as producers adjust inventories to current demand levels; it remains to be seen if this process will translate into a sustainable recovery going forward.

Japan’s Tertiary Index surprised to the downside, showing service demand shrank -0.1% in May versus expectations for a 0.4% gain. It seems job losses are starting to catch up with the world’s second largest economy even as the effects of the government’s massive 25 trillion yen fiscal package continue to be digested. Consumption is likely to remain lackluster as the unemployment rate continues to climb, weighing on overall economic growth and holding back recovery from the worst Japanese recession since World War II. Yesterday, the Bank of Japan slashed its GDP growth forecast for the 2009 fiscal year and said consumer demand “remains generally weak.”

The New Zealand Dollar tumbled 50 pips in a mere 15 minutes late into Asian trading as Fitch cut its long-term credit outlook for the smaller antipodean nation to “negative” from “stable”. The ratings agency expressed concern over New Zealand’s medium-term growth outlook given its “persistently large current account deficit and rising foreign indebtedness”. Fitch warned that the government may need to implement a “stronger fiscal adjustment” after Prime Minister John Key cancelled tax cut plans on fears of the ballooning public deficit. Fitch Asia Pacific Director Ai Ling Ngiam said New Zealand could “fall into a low growth trap”, an allusion to Japan’s infamous “lost decade” of stagnant economic performance. Fitch added that the volatility of the New Zealand Dollar complicates the necessary adjustments, with the currency “more responsive to global financial conditions than to domestic economic fundamentals.”

Euro Session: What to Expect



The economic calendar looks tame in European hours, with the July edition of Switzerland’s ZEW Survey of analyst sentiment the only notably item on the docket. The metric rebounded sharply in June, registering the first positive reading in close to three years. The forward-looking bias of the survey’s respondents tends to see it lead actual trend changes in the exchange rate, however, so a meaningful near-term impact is unlikely barring a wild deviation from recent figures once the data crosses the wires.

On balance, forex price action is likely to fall in with risk trends once again as earnings season continues, with notable reports due from: Carrefour SA, Europe’s largest retailer; Novartis AG, Europe’s second-largest pharmaceutical firm; Accor SA, Europe’s top hotel company; and SAP AG, the world’s biggest computer services provider.

Written by Ilya Spivak, Currency Analyst
Article Source - New Zealand Dollar Tumbles as Fitch Downgrades Credit Outlook to a 'Negative' (Euro Open)

Dollar and Yen lose safe haven appeal, but not for the same reasons

As the Dollar and Yen lose their luster for now, partly due to positive news and partly due to political uncertainty (in Japan primarily, but to some extent the US), I want to take this opportunity to rant.

I have been involved in the markets for the better part of 15 years. I started my career as a stock broker and find myself now a staunch advocate of the Forex.

I have weathered turbulence in the markets, former Fed Chairman Alan Greenspan’s “irrational exuberance” speech (which ironically sent the markets on the biggest rally in 50 years), the internet bubble burst and now the “biggest recession since the great depression.”

I lived through 8 US presidents, saw two of the greatest leaders – economically speaking – in Reagan and Clinton and saw miserable failures like Carter and the senior Bush.

But, in my life I have never witnessed such irresponsibility and lack of basic understanding of free market thought, as I have with the current president, Barack Obama.

Carter was a failure, not because he held such liberal policies as many would have you believe, he failed because he was weak, in domestic and international relations he was viewed as timid and non-confrontational.

Perhaps, had he been more assertive he would have succeeded in reforming the system to his liking – and I would be blaming him for killing capitalism. And, as much as people compare the two – Obama is not a Jimmy Carter.

We need to look at the core of the man - Carter was weak, Obama is strong. Carter had the support of the US Congress, but was not able to achieve, because he sought bi-partisanship which he did not get.

Obama does not care about what the other side thinks, as long as his side is on board it is fine. But Obama has another tool at his disposal that enables him to push his agenda through, without the help of the Congress, the Czar.

In the US, cabinet members need to go through a vigorous vetting and approval process by both branches of Congress. A Czar is not a cabinet member. First introduced by Ronald Reagan to head up the war on drugs, a Czar has broad powers to do – and answers only to the president.

Reagan created this role because he did not believe the drug war would go on for so long and therefore adding a cabinet post, a move that takes a constitutional amendment, would not be necessary.

Obama however has gone beyond this level, appointing 33 Czars, each with an average salary of $250,000 and annual budget for office and staff of over 10 million. This is the single largest expansion of governmental agencies ever – and the fun part is this is not part of the government as the Czars answer only to the president.

It is shocking – and it is why Obama is not like Carter – he has the power to achieve what he wants, whether congress says yes or no to the idea, he has a back door to his goals if he needs it.

I am not sure if the American public should be more upset at the wasteful 340 million plus that this group is costing them, or the fact that Obama has given powers to a group of people that subvert the system of checks and balances that has made America unique and safe from tyranny.

Congress gave Reagan the approval for this post for logical reasons - quick and decisive action was needed, and waiting for congress to approve each mission was pointless.

Obama has exploited this rule and it will be to the detriment of the US populace. Take for example the idea that his health czar is proposing – taxing the rich 5% to pay for health coverage for everyone else, or his employment czar, extending benefits to the unemployed by and relaxing the rules so that they do not need to be seeking employment while getting the benefits (their rationale for this: “it is a hard job market you know – it might demoralize the unemployed to have to keep searching for a job in this tight market”).

And just how do they pay for this unlimited benefit? You guessed it, taxing the rich. This makes no sense. Why penalize those who work and reward those that don’t? all you do is make the productive less ambitious to be productive and you make the non-productive dependant on a system that is willing to care for them indefinitely – so in turn there is less productivity by default.

In my opinion, you don’t need a stimulus that will give people money to do nothing; you need a stimulus that will spark production – as that is what will save the economy over the long haul.

For Forex traders and Forex Online enthusiasts what does this mean? It means the US is moving in the direction of China and Russia and Venezuela, in which there is a central government that controls all things. So what does this mean for the Dollar? Only time can tell, but it does not look too good.

Dollar retreats again on good corporate news, Euro reverses after German data

USD

The Dollar slid on Tuesday in very up and down trading against most currencies, after US Investment Bank, Goldman Sachs, reported better than expected earnings and US retail sales surpassed expectations.

This raised hopes for an economic recovery and continued the risk appetite rally that began on Monday. Retail sales rose by .6% after it was expected that a rise of .2% would prevail.

Goldman Sachs, which is one of the most prestigious institutions on Wall Street, was the recipient of nearly 20 Billion Dollars of federal money in December, after posting their worst losses on record. They have since paid back the federal money and still managed to squeak out a profit in the second quarter.

At 10:00PM GMT, the US Dollar was down .35% to the British Pound to 1.6274, down 1.03% to the Canadian Dollar to 1.1385, down .63% to the Australian Dollar to .788 and down .32% to the New Zealand Dollar to .6342. The Dollar did rise .7% to the Swiss Franc to 1.0911.

EUR

In a switch from Monday’s Forex trading session, the euro fell on Tuesday as a result of less than spectacular data out of Germany.

The German think-tank, ZEW, came out with their first drop in consumer sentiment in nine months. Monday the Euro responded well to comments from the European Central Bank President, Jean-Claude Trichet, who eluded to a recovery later this year.

At 11:50PM GMT, the Euro was down .8% to the US Dollar to 1.3936, up .1% to the Yen to 130.17, down .65% to the British Pound to .8556, down 1.55 to the Canadian Dollar to 1.5834, and down 1.1% to the Australian Dollar to 1.7647. The Euro did rise against the Franc to 1.5205.

Pound Slides against Euro, Dollar as Pressure on Prime Minister Rises

The pound posted the fourth day of losses in a row against the U.S. dollar as a serious political crisis deepens in Great Britain, where Prime Minister Gordon Brown’s Labour party is losing influence significantly.

Negative factors weighing on the pound are coming from virtually everywhere on the political sphere in the United Kingdom and the European Union, making the pound to reverse an uptrend started by signs of economic recovery. Prime Minister Gordon Brown is suffering sequential calls to resign, as his party had the weakest results in the European Parliament elections, reaching just 15.3 percent of voters, a drop of 7 percent from 2004. David Blanchflower, former Bank of England policy maker, affirmed that the central bank may continue its intentions of buying assets with newly created money, in order to rescue the shrinking British economy, adding pessimism to the pound outlook.

As long as Gordon Brown resists to resign, the pound will continue its bearish trend, according to currency strategists. The United Kingdom is in its worst economic moment since the end of the Second World War, and Gordon Brown is considered unable to rescue Great Britain from the current negative scenario. The pound is likely to continue weak, and as long as Brown remains in power, it’s rather improbable that the pound will recover versus the main currencies.

EUR/GBP rose slightly to 0.8738 from a previous price of 0.8743. GBP/USD traded at 1.5868 from 1.5972

Dollar Climbs on Interest Rates Raise Speculations

The dollar gained versus the main currencies as speculations that the U. S. Government will raise its interest rates by the end of the year, consequently causing a bearish day in equities markets around the world.

High-yield currencies like the South African rand had a negative day against the dollar as the Fed fund futures showed a 40 percent possibility of interest rates raise for the second semester, a high jump from the previous 13 percent chance from a week ago. The yen was the only main currency that did not have a negative day versus the dollar, as domestic favorable news like the falling number of bankruptcies improved confidence among merchants and Japanese investors, making the greenback to end a rally that brought the yen to a one-month low. The U. S. currency also posted sharp gains against the Great Britain pound, as the government crisis in the U.K. deepens, and the future of Prime Minister Gordon Brown is uncertain.

There is a wave of optimism favoring the greenback, according to economists. Several factors indicate for a stronger dollar to come for the following weeks, not only a sequence of positive reports and speculations is raising the traders’ confidence to buy assets in dollars, a consistent sentiment among specialists that the dollar has been excessively sold over the past two months may help the dollar to enter a significant uptrend.

EUR/USD traded at 1.3900 from a previous price of 1.3969. GBP/USD traded at 1.5800 from 1.5981.

U.S. Jobs Report Pushes Dollar Up Against Euro, Pound

The greenback had the highest rally since April against the euro, pound after a U.S. employment report indicated that fewer jobs were cut than forecasts predicted, fueling investors with optimism towards the North American economy.

The U.S. dollar gained significantly against most of the main world currencies, as the report bringing better than expected news for the employment sector adds to the already growing evidences that the global recession might be ending, and being the United States a key-country for the world economy, favorable news are regarded by traders as an important opportunity to buy assets in dollar, boosting the American currency and stock markets as well. The data on U.S. employment also brought the yen down, regarded as a refuge currency, it was once again hit by investors looking for higher-yielding opportunities.

Analysts say that positive reports that once were increasing attractiveness to high-yielding assets and making the dollar to lose value, now are favorable to the U.S. currency, as a solid economy keep its currency consistent and sustainable. The dollar has been suffering losses since signs of an economic rebound came from Asia, when investors start purchasing higher-yield assets in the equities market and commodity-linked currencies like the Aussie, but a new uptrend might start for the greenback and its economy starts to revive.

EUR/USD fell and closed the weekly session at 1.3967 from 1.4186. GBP/USD traded at 1.5978 from 1.6185.

Brazilian Real Demand Rises as Commodities Rally Strengthens

The Brazilian currency continued its rally against the dollar, euro, as the demand for commodities continues to rise on improved economic conditions mainly in Asia, spurring demand for assets in emergent markets.

Since the price of commodities rebounded as the global slump started to show its first signs of recovery, the Brazilian currency is witnessing an impressive rally fueled by a combination of favorable factors in the global financial system and economy, to the point that the national central bank eventually buys foreign currency to avoid the real to strengthen excessively, like happened this Thursday. Two-thirds of Brazilian exports are commodities, being these mainly oil, iron ore and soybean, and their price increase is helping the real to hit record highs on a weekly basis, being one of the most profitable currencies for traders since the global recession started to ease, two months ago.

The rise in commodities has been helping the Brazilian Stock Exchange to rebound after a deep bearish trend in which it lost more 30 percent of its highest value before the crisis, and following commodities and stocks, Brazil’s real is showing an unique performance against most of currencies. Analysts reaffirm that as long as the optimism continues, investors will tend to buy higher-yielding currencies like the real, and the growing demand for commodities will continue to boost the Brazilian currency attractiveness.

USD/BRL traded at 1.9353 from 1.9417. EUR/BRL slid to 2.7170 from 2.7530.

Brazilian Real Falls from Eight-Month High as Stocks, Commodities Drop

Brazil’s Real had the largest drop in six months falling 2.2 percent against the U.S. dollar and declining from an eight-month high, as commodities and stocks declined, reducing capital influx to South America’s most influential economy.

After a rocketing rally that made the real to rise 24.6 percent since March 2, the real tumbled the most in six weeks, after a negative day in stock and commodities markets. The main reason that affected the real’s price this week was the remittance of profits from foreign investors that purchase assets in Brazil’s BOVESPA, the main national stock exchange market, which due to its highly volatile profile, attracts investors that often buy assets in a down market, sequentially selling it after hitting a target price, returning the capital to its country of origin, like happened this Wednesday.

Brazilian specialists relate the U.S. dollar’s gains against several currencies to the real’s decline. Brazilian exporters trade mostly using the greenback, and the outflow of profits from the national stock market also weighed on the South American currency. The real may continue its rally against the dollar, euro and the pound, as long as the commodity market remains heated, spurring demand for Brazilian exports and attracting investors to the stock exchange market.

USD/BRL traded at 1.9640 from 1.9267, the sharpest rise in six weeks, while the EUR/BRL rose from 2.7587 to 2.7811.

Swedish Krona at Six-Week Low as Concerns Rise in Latvia

The Swedish currency hit a six-week low level after speculations rose that Latvia will devalue its currency, as an attempt to save the country from a deep recession, consequently affecting negatively loans held by Swedish banks in the Baltic Nation.

According to a note posted this week by Riksbank, an economic deterioration in the Baltic countries is an imminent risk to Swedish banking institutions, since Latvia’s financial system is highly linked and dependent on the Scandinavian nation’s funding. Mareks Seglins, the Latvian Justice Minister affirmed that the country’s currency should end the system that maintains it pegged to the euro, and this declaration impacted directly the Swedish krona, causing it to fall more than 4 percent against the euro since June 1. Since Latvia’s independence, Sweden is the main fund provider in the private loan market for the Baltic nations.

The risk of devaluation for the Latvian lat is considered high, according to analysts, even if they expect that a cooperation between the Eurozone and Sweden to maintain the lat pegged to the euro, the pressure is significant and rising. ING Groep NV affirmed that there is a 50 percent chance that the Latvian currency will be devalued during the next 12 months, which could ease the ongoing recession in Latvia, but cause an important impact on the Swedish banking sector and its currency.

USD/SEK traded at 7.6256 from a previous rate of 7.7160. EUR/SEK also fell from 10.9060 to 10.8500.

British Pound Climbs Against Euro as Confidence Emerges

The Great Britain Pound hit a six-month high against the Eurozone currency as domestic consumer confidence rose to a two-year high, indicating that recession might soon be over.

The British currency reached the $1.66 mark and the highest level against the euro since last December, after an index of U.K. service industries posted the first expansion in a period of more than twelve months. The Australian government reported that the economy unexpectedly grew in the first quarter, improving traders’ confidence globally that other countries may follow Australia’s economy, posting positive numbers for the next quarters. The pound sterling suffered massively the consequences of the credit crunch, reaching the point of being traded one to one against the euro, but since domestic and international data indicated that the global slump is easing, the pound entered a strong recovery trend.

Two main reasons would be behind the pound’s rebound, according to specialists. The rise of confidence in world markets is obviously helping the pound to reach higher levels, but the fact that the greenback is under pressure could be the main reason behind the British currency uptrend. Even if the national data in Britain is still not very optimistic, the actual drive in international markets is favoring the pound for the moment.

EUR/GBP fell to 0.8594 from 0.8634. GBP/JPY remained stable while GBP/USD rose to 1.6552 from 1.6400.

Dollar Around 09′ Record Low as Risk Appetite Grows

The dollar continued its bearish trend against a basket of currencies after a report on U.S. pending home sales posted the third consecutive monthly rise, improving optimism on markets and extending the current risk appetite wave.

Commodity-linked currencies like the Australian dollar and the Brazilian real continued their rally against the greenback as confidence emerges about the world economic rebound, spurring demand for oil and several metals. U.S. pending home sales report had the highest jump in a 7 year period, and being considered as one of the key factors for an eventual economic recovery, this report fueled demand for riskier assets both in stock and currencies markets, consequently downgrading attractiveness of safe-haven currencies like the dollar and the yen. Since the global recession has been showing solid evidences of easing, the greenback is losing versus commodity-linked currencies like Canada’s dollar, and also against higher-yielding options like the euro.

Analysts affirm that not only the world economic rebound is weighing on the dollar outlook, but also the growing questioning on the dollar’s position as a world reserve currency. Since the beginning of the global slump, multiple statements from different governments and economists suggested that the dollar should be substituted as the main global reserve currency, this kind of declarations bring a certain amount of instability for the greenback, consequently weakening the North American currency.

AUD/USD traded at 0.8196 from 0.8070. USD/CAD remained rather stable at 1.0878 after a sharp fall in the beginning of the week. USD/BRL fell to 1.9230 from 1.9430.

Pound Slides as Traders Consider Current Rally Excessive

The pound sterling dropped versus the euro and the dollar, after hitting a seven-month high against the dollar in a sharp rally to be considered excessive, as traders agree it does not reflect the United Kingdom’s economic outlook.

The British pound also lost ground against the yen and the country’s main stock exchange index, the FTSE 100, dropped 1 percent after two days of significant gains. The benchmark measure of U.K. equities interrupted its climb to a five-month high after Barclays Plc lost 13 percent, as investors from the United Arab Emirates sold their shares in worth of 4.1 billion pounds. Even if the pound has reached very low levels in the beginning of the year compared to much higher values it had before the global slump, Britain’s economy has still not showed sufficient signs of recovery that could sustain the pound’s rally for much longer.

Analysts consider the current uptrend weighing on the pound to be related directly to the extreme low levels it hit in the previous months, but as it may not be in a sustainable recovery path, it is expected that traders make profits after 2 days of sharp gains versus the dollar, as occurred during the past week. Without further optimistic reports confirming that the U.K. may soon be out of the current recession, the pound is not expected to climb further against currencies like the euro and the dollar.

GBP/USD traded at 1.6407 from yesterday’s top at 1.6495. EUR/GBP rose to 0.8650 from a previous price of 0.8615.

free proxy server anti filter 2009

Proxy server - Wikipedia, the free encyclopedia

In computer networks, a proxy server is a server (a computer system or an application program) that acts as a go-between for requests from clients seeking ...
en.wikipedia.org/wiki/Proxy_server - Cached - Similar pages -

YouHide.com

Welcome to YouHide.com - Free Anonymous Proxy Service! At this free proxy server you'll be able to get around firewall that blocked you from visiting your ...
www.youhide.com/ - Cached - Similar pages -

Public Proxy Servers

Unlike all other websites PublicProxyServers.com provides proxy lists solely based on quality parameters of proxy servers (access time, life time, ...
www.publicproxyservers.com/ - Cached - Similar pages -

Free Proxy Server - Surf The Web Anonymously - Protect Your Privacy!

Surf the web anonymously with our free proxy server!
www.freeproxyserver.net/ - Cached - Similar pages -

What is proxy server? - a definition from WhatIs.com - see also: proxy

16 Dec 2008 ... In an enterprise that uses the Internet, a proxy server is a server that acts as an intermediary between a workstation user and the Internet ...
whatis.techtarget.com/definition/0,,sid9_gci212840,00.html - Cached - Similar pages -

What is proxy server? - A Word Definition From the Webopedia ...

7 Jun 2006 ... This page describes the term proxy server and lists other pages on the Web where you can find additional information.
www.webopedia.com/TERM/P/proxy_server.html - Cached - Similar pages -

PROXY List: Anonymous Proxy Server & Free Proxies - Hide IP Address

Anonymous proxy server: Free proxy list to Hide IP Address. Free Proxies servers for anonymous surfing with Web proxy websites for internet security.
www.proxyblind.org/ - Similar pages -

Online Anonymous Proxy

Online anonymous proxy server. Watch movies, browse youtube, download programs you can even surf facebook and myspace.
www.zend2.com/ - Similar pages -

Squid Web Proxy Cache

22 Jan 2009 ... Squid is a caching proxy for the Web supporting HTTP, HTTPS, ... Squid can reduce your server load and improve delivery speeds to clients. ...
www.squid-cache.org/ - Cached - Similar pages -

Proxy Server-The Library-University of California, Berkeley

University of California, Berkeley Library Proxy Server homepage and setup instructions.
www.lib.berkeley.edu/Help/proxy.html - Cached - Similar pages -

Searches related to: proxy server

myspace proxy server	anonymous proxy server	proxy server download	proxy sites
proxy website	proxy myspace	unblock myspace	anonymous surfing

vpn free trial

AccessAnywhere: 14 Day VPN Trial Sign Up

If the trial meets your needs and you wish to continue with the service, then we will replace the software with the "FREE" VPN router. ...
www.accessanywhere.net/ms/SignUp.html - Cached - Similar pages -

Free VPN trial or Order ::: AnonymitynNetwork.com

free trial vpn. Takes just a couple of minutes. Only e-mail need! 2. Setup VPN. Run secure protocol. Use free trial or Add some money to your Extra account. ...
anonymitynetwork.com/price.html - Cached - Similar pages -

Free 7-Day Trial Offer! Instant Internet anonimity, security and ...

16 Mar 2008 ... Flashvpn.com is the reliable and affordable fast vpn service that is offers security and anonymity for personal use.
www.flashvpn.com/ - Cached - Similar pages -

mySecureSign Philippines: VPN Free Trial

Make sure your VPN is secure. ... Test drive this technology FREE for 60 days! To obtain your free Administrator ID, please complete the form below. ...
www.mysecuresign.com/freeVPN.htm - Cached - Similar pages -

Free Trial PPTP / L2TP AliveVPN account AliveVPN.com - OpenVPN ...

For maintenance of high level of VPN service we have temporarily suspended completely free-of-charge distribution of test access. ...
alivevpn.com/vpn_account_free_trial - Cached - Similar pages -

SimonTools CyberGhost VPN Download Free Trial - Your Virtual ...

17 Jan 2009 ... SimonTools CyberGhost VPN download free trial - Your Virtual Private Network with 100% Anonymity! Anonymous. Simple. Secure!
www.securitysoftwarezone.com/simontools-cyberghost-vpn-prod3530-32.html - Cached - Similar pages -

Focus VPN Free Trial

free trial. We provide a free 4 hour trial for you to decide if you like the service. ****Please Note the free try account only allow HTTP and ICMP traffic. ...
www.focusvpn.com/trial.htm - Cached - Similar pages -

VPN Service::WorldVPN Free Trial

US UK DE CA NL FR VPN. ... Please fill out the following information below to complete your request for trial account. ...
worldvpn.net/index.php?app=trial - Cached - Similar pages -

Download Insistsoft SSL VPN Server 1.2 Free Trial - SSL VPN ...

25 Sep 2007 ... Download Insistsoft SSL VPN Server 1.2 for free - SSL VPN software solution for Windows.
www.download3000.com/download_41390.html - Cached - Similar pages -

INTERNET VPN clients and gateways software Make free 30-day trials ...

Vpn Free Uk (1) » Vpn Ip Installer (1) » Free Spain Vpn (1) » Vpn Free Tray (1) » Vpn Connection Trial (2) » Vpn Free Fora (1). Advanced Search ...
vpn-free-trial.qarchive.org/ - Cached - Similar pages -

Searches related to: vpn free trial

ssl vpn free	windows vista vpn	anonymous surfing vpn	hotspot vpn free
windows xp vpn	setup vpn	free vpn gateway	anonymous vpn free

Forex Training Course

Forex Training Course :

1. Forex TradingForex TrainingOnline Currency Forex TradingForex ...

   Forex Trading Course - Discover How These Forex Traders Have Tried The Other Forex Training Courses and Have Finally Discovered What Really Works! ...
   forextradingseminar.com/

2. Complete Forex Training Course Forex Training Works

   Complete 4 week Forex training course designed for beginners and veterens alike. Find out how you can become a succesful trader.
   www.forextrainingworks.com/

3. Forex Training Course - Learn Forex Trading Online Forex Day ...

   Free online Forex training course Webinar. Guaranteed ThinSlice Trading strategies - no software, and no gimmicks - just proven, rock-solid Forex training ...
   www.theforextradinginstitute.com/

4. - Forex Training Forex Education Forex Course Forex System

   We provide quality Forex training for small speculators and traders. Our Forex trading education programs include: online Forex course, one-on-one coaching, ...
   www.straightforex.com/

5. Learn Forex training: Forex trading education, course, strategy.

   Learn:Forex:Secret, luck and hardwork cannot gurantee filthy rich from the multi-trillion foreign exchange market. Only through fruitful courses and ...
   www.learnforexsecret.com/

6. Forex Training, Currency Training, Learn Forex Trading with Peter ...

   Accurate trading methods: “Peter Bain's forex training course is nothing short of awesome. The pivot point trading method is analogous to a precision ...
   www.forexmentor.com/ -

7. FOREX.com > Learn > Forex Training Courses

   A list of forex training that is available to all FOREX.com clients.
   www.forex.com/forex_training.html

8. Learn Forex Trading, Training Classes & Workshops. Begin Currency ...

   Learn Forex trading today! With our expert Forex training classes and workshops you can learn how to begin trading currency on the stock markets for profit!
   www.learntrading.co.uk/ -

9. Forex Education and Information, Training and Forex Tutorials ...

   There are plenty of forex training websites today but very few are free and even less are worth reading. We hope that through our free email newsletter and ...
   www.forexonlinelearning.com/

10. Forex Trading, Currency Forecast, FX Trading Signal, Forex ...

    Forex Trading Recommendation, Forecast, Trading Signal, Forex Training Course, Education, Tutorial, FX Book, Forex ebooks, Learn to Trade Forex, FX Guide, ...
    www.actionforex.com/ -

Searches related to: forex training course

forex currency trading	forex trader	usd jpy forex	forex training seminar
forex fundamental analysis	forex eur usd	japanese yen forex	forex currency pairs