Gold slipped on Wednesday as investors booked profits from a recent price hike and waited for an interest rate decision by the U.S. Federal Reserve, which may set direction for the dollar and precious metals. Gold is currently trading at 891.10 an ounce from $888.70 an ounce late in New York on Tuesday, when it rose nearly $6 on a weaker dollar.The Fed is widely expected to hold interest rates steady at 2 percent later in the day. Investors will scrutinize the accompanying statement for clues on the central bank's thinking on mounting inflationary pressure. Gold jumped to its highest level in more than a week at $907.90 on rising oil prices on Thursday before retreating, and it is still well below a record high of $1,030.80 hit in mid-March.
Wednesday, June 25, 2008
Oil rises on the fear of lack of supply and a weaker dollar
Crude oil rose for a fourth day in New York after Chevron Corp. halted part of its Nigerian output and Goldman Sachs Group Inc. increased oil price forecasts. Chevron's unit said yesterday it declared force majeure on onshore wells in the country after a pipeline was breached on June 19, shutting production. Royal Dutch Shell Plc closed the Bonga field in Nigeria June 19 after militants attacked a production vessel at the offshore facility. ``The market is concerned that supplies are still tight,'' said David Moore, a commodity strategist for Commonwealth Bank of Australia Ltd. Crude oil is currently trading at $137.400 as of 8:17 am, GMT.
Saturday, June 21, 2008
Gold slumps after profit-taking
Gold decreased on the early trading as investors took profit and as oil prices corrected to lower levels
Joana Fonseca 20 June 2008
Joana Fonseca 20 June 2008
Gold decreased on the early trading as investors took profit and as oil prices corrected to lower levels; Gold traded at $903.90 an ounce at 8:00am GMT. Gold slightly slumped on the early trading, after it had reached $909.40 on Monday, as demand for a hedge against inflation was diminished by a decrease in oil prices. According to technical indicators, “a break now back below $886 will refocus the market back to the downside”, said Stephen Malyon, strategist at Scotia Capital Inc. in Toronto. “Above $909 opens up May's high of $935.”
Finotec Analysis Team20 June 2008
Finotec Analysis Team20 June 2008
Oil prices waiting for Saudi Arabia meeting on Sunday
Oil future trend is highly dependent on the Saudi Arabia meeting on Sunday between consumers and producers, where they will discuss hiking oil prices
Joana Fonseca 20 June 2008
Joana Fonseca 20 June 2008
US crude oil futures lost more than $4 a barrel yesterday after China had signal it will raise fuel prices, leading to concerns it would decrease oil demand. However, oil increased on the early trading, after a report showed Israel is preparing a bombing attack on nuclear facilities in Iran, OPEC’s second larger producer. Crude oil traded at $133.27 a barrel at 8:00am GMT. Oil future trend is highly dependent on the Saudi Arabia meeting on Sunday between consumers and producers, where they will discuss hiking oil prices.
Finotec Analysis Team20 June 2008
Finotec Analysis Team20 June 2008
Avalon Launches New Trading Software
Avalon Capital Holdings Corporation and its subsidiary, Traders Development LLC, announced the launching of a new proprietary trading software on May 6, 2008. ‘Avalon FX Pro 4.1’ is designed to help companies with their existing trading platforms by providing them a front end trading terminal. It is a stand alone trading terminal that is based on the FX Pro 4.1 Technology version and it can operate independently from the FX Pro 4.1 Back Office. The company claims that the software is capable of connecting with all reputable clearing houses not do the clearing houses have to use the program on their end for successful trading transactions.
Says Dr. Vladimir Karpenkov, CEO of Avalon Capital Holdings, I also think that the trading houses will see Avalon FX Pro Direct 4.1 as a cost-saving measure, which will reduce their technology expenditures while allowing them to focus on the most important thing: customer and product support. At the same time, when given the choice between trading with a clearing house’s existing trading platform and the Avalon FX Pro Direct 4.1, we are confident that many traders will select the Avalon FX Pro Direct 4.1.” The program is said to be sophisticated, intuitive, and more user-friendly when compared to other trading software systems.
Says Dr. Vladimir Karpenkov, CEO of Avalon Capital Holdings, I also think that the trading houses will see Avalon FX Pro Direct 4.1 as a cost-saving measure, which will reduce their technology expenditures while allowing them to focus on the most important thing: customer and product support. At the same time, when given the choice between trading with a clearing house’s existing trading platform and the Avalon FX Pro Direct 4.1, we are confident that many traders will select the Avalon FX Pro Direct 4.1.” The program is said to be sophisticated, intuitive, and more user-friendly when compared to other trading software systems.
UK Venture Created For Trading
The United Kingdom is getting a new chance to do some market trading as a new business venture appears on the Forex playing field. The Rosenthal Collins Group, LLC and the GAIN Capital Group, LLC, are joining together in an effort to open up operations and opportunities in the United Kingdom. Rosenthal Collins is one of the trading community’s leaders in independent futures, a clearing firm for this type of trading. GAIN is a leader in the market of Forex trading.
The new entity will be known as RCG GAIN Limited and they plan on offering online Forex and futures trading to self-directed investors that live in the United Kingdom. They intend to expand their business in the European Union upon seeing how the firm does with their English clients. So far, RCG GAIN has received authority from the Financial Services Authority in the United Kingdom to offer their services.
The two firms are delighted over the partnership and feel that they are embarking on an important trading venture. They feel that they compliment each other with their combined expertise in futures and other related technology concerns. With strong financial foundations, GAIN’s industry leading breakthrough in Forex, and their shared entrepreneurial culture, their clientele is going to get the best of both worlds as well as high customer service.
The venture has been formulated so that RCG will provide futures services while GAIN will provide advanced Forex trading technology. GAIN will also be leading the joint venture in anything that has to do with marketing. They will share a corporate staff that will be overseen by an executive officer and compliance officer, both of whom will report to a combined board of directors. In addition to their brokerage and trading operations, RCG GAIN Limited also plans on future collaborations that will have to do with cross-marketing initiatives.
According to Maureen Downs, RCG’s president, “We see forex as a very attractive growth area, and view this endeavor as an opportunity to expand our long-established futures services. The UK venture with GAIN represents the latest step in our global growth strategy, and we look forward to identifying further opportunities throughout Europe as this initiative takes hold.”
Currently, Forex is the most actively traded market in the world, exceeding $3.2 trillion on a daily basis. It has gained acceptance on an international level and the volume of trade increased 500% over a five year period.
The new entity will be known as RCG GAIN Limited and they plan on offering online Forex and futures trading to self-directed investors that live in the United Kingdom. They intend to expand their business in the European Union upon seeing how the firm does with their English clients. So far, RCG GAIN has received authority from the Financial Services Authority in the United Kingdom to offer their services.
The two firms are delighted over the partnership and feel that they are embarking on an important trading venture. They feel that they compliment each other with their combined expertise in futures and other related technology concerns. With strong financial foundations, GAIN’s industry leading breakthrough in Forex, and their shared entrepreneurial culture, their clientele is going to get the best of both worlds as well as high customer service.
The venture has been formulated so that RCG will provide futures services while GAIN will provide advanced Forex trading technology. GAIN will also be leading the joint venture in anything that has to do with marketing. They will share a corporate staff that will be overseen by an executive officer and compliance officer, both of whom will report to a combined board of directors. In addition to their brokerage and trading operations, RCG GAIN Limited also plans on future collaborations that will have to do with cross-marketing initiatives.
According to Maureen Downs, RCG’s president, “We see forex as a very attractive growth area, and view this endeavor as an opportunity to expand our long-established futures services. The UK venture with GAIN represents the latest step in our global growth strategy, and we look forward to identifying further opportunities throughout Europe as this initiative takes hold.”
Currently, Forex is the most actively traded market in the world, exceeding $3.2 trillion on a daily basis. It has gained acceptance on an international level and the volume of trade increased 500% over a five year period.
Forex Guru Gets Sent To Jail
Forex guru Joel Ward, 49, out of Turlock will be spending the next nine years of his life behind bars at a federal prison. Ward has been tried and found guilty of conning close to 100 investors out of $11 million. A commentator and seminar speaker on Forex trading, the scam he masterminded was operated though an investment fund called the Joel Nathan ForexFund. Over a three year period – 2003 through 2006 – Ward took $15 million from investors who believed the company was legitimate. 85% of that amount was used to promote Wards business, travel, salary, and the purchase of a Forex school in Sacramento.
About $3.7 million was used to make ‘Ponzi’ payments to investors who withdrew their funds from the bogus operation. The rest of the money that Ward bilked was lost over the last two years on foreign exchange market trading. The scam has hidden behind false account statements that were send to the investors, who were conned with a second scheme that related to a Mississippi real estate investment project.
About $3.7 million was used to make ‘Ponzi’ payments to investors who withdrew their funds from the bogus operation. The rest of the money that Ward bilked was lost over the last two years on foreign exchange market trading. The scam has hidden behind false account statements that were send to the investors, who were conned with a second scheme that related to a Mississippi real estate investment project.
Leading Industrial Nations Agree To Joint Agreement
The current financial crisis in the United States is pushing the seven leading industrial nations to come together and discuss a joint action in an effort to combat the market crunch that is being suffered. Foreign exchange rates are also on the agenda for Friday’s meeting. According to the German Deputy Finance Minister Thomas Mirow, the meeting should produce an appropriate response from the G7 in preparation for a meeting with the seven nation’s financial ministers and central bank administrators that will occur later in the year in Washington, D.C. The decision the nations make will be based on the final report submitted to them by the Financial Stability Forum who have been looking for ways to stabilize the international economy.The Group of Seven – as this group of industrial nations is collectively known as – are looking for something that will indicate the joint action will help boost the American dollar or even counter the out of control housing market. The financial fallout is causing problems across the world which needs to be addressed. The meeting will focus on the international financial market and the effects it is having on other nations.
U.S. Economy Affecting International Currencies
The downward spiraling condition of the American economy is causing concern on an international level. During late-morning trading in Sydney, Australia, the dollar was mixed against other currencies before any interest rates decisions were passed down by the major central banks of the world and the G7 meeting that will take place in Washington, D.C., later this week. Unfortunately, the pressure on the exchange rates is still moving things downward. Many nations are not trusting of the questionable economy of the United States.Foreign exchange companies and worldwide banks are feeling the pressure of the lousy American housing market and they are beginning to voice concerns that the ‘economic malaise gripping the US’ is starting to spread to other countries. The dollar was down against the Yen and the Euro when trading closed on Tuesday, April 8, 2008, losing anywhere from one third of a cent (against the Euro) to thirteen cents (against the Yen).The Federal Open Market Committee released their meeting minutes to the international trading community on March 18 and the report did not help reassure the world community. The state of the American dollar is causing people to fear a very long and debilitating recession. Some held hope, though, that by cutting interest rates across the board could help limit the currencies weakness or maybe even stop its downward progression.The dollar’s weakness is causing other international currency to be under the same amount of pressure. The British Pound Sterling has suffered thanks to the American housing crunch and many government officials fear that the housing problem will slip across the Atlantic and begin to affect them. In an effort to forestall such a financial crisis, the Bank of England plans to cut some of their country’s interest rates and the exchange market is already adding more cuts to their pricing in anticipation of the United Kingdom’s central bank decision.The Euro is also down and analysts who are watching the housing market crisis in the United States are waiting to see if it spreads first to the United Kingdom and then in Europe. Until there is some positive indication that this is happening, marketers are concentrating on the British interest rate cuts and Friday’s G7 meeting. The exchange markets are forcing the dollar to consolidate in an effort to keep the exchanges from going to outrageous ranges.The Bank of England interest rates cuts are to be by a quarter of a percentage point, making it 5.0. The European Central Bank is planning to keep their rate at 4.0 until they see what inflation pressures do to growth prospects. The Bank of Japan is not planning on changing their key rates at all, keeping it a 0.5 percent.
Forex Trading Seminar
Forex traders may want to take a miniature vacation and attend a very comprehensive trading seminar in the Caribbean. Montego Bay, St. James is hosting a Forex trading seminar that is being presented by the Silversand Capital Management Company who is based on the island. The seminar is planned for May 29 and 30, 2008, and the Holiday Inn Sunspree Resort in the second city. Active traders and those traders looking to get into the trade or learn how to get started will find this seminar useful and extremely informative.
Silversand has invited Boris Schlossberg, Jamie Saettele, and Leo Trudel to speak at the seminar and meet with the attendees. All four speakers are known well in the Forex world and this is a great opportunity for traders to get some personal advice and useful tips for their own trading needs. Potential attendees should look up the Silversand website to register online or call them at their Ironshore office.
Silversand has invited Boris Schlossberg, Jamie Saettele, and Leo Trudel to speak at the seminar and meet with the attendees. All four speakers are known well in the Forex world and this is a great opportunity for traders to get some personal advice and useful tips for their own trading needs. Potential attendees should look up the Silversand website to register online or call them at their Ironshore office.
Forex Trading Conference Opens In Bahrain
April 23, 2008 will see the opening of a major forex trading conference in Bahrain, Iran, that is scheduled to focus on currency trends and trading over the next two days. It is expected to also cover online retail currency trading which become the new trading medium thanks to the tanking American economy and the global effect it seems to be having. The conference and expo was planned out based on the information many international investors were looking for on how to boost their profits and how the Internet can help them track their trading.
The city of Bahrain was chosen for the expo and conference due to its status as having a well structured financial market and that it was the first region in the Middle East to sign a Free Trade agreement with the United States. Their markets are regulated, their visa procedure is more relaxed than most, and they have the freest economy in the area. The expo is aiming to help foster investment education, stimulate business, and help beginners learn what it takes to get into the business and be successful.
Over twenty-five leading forex firms and ten international experts are planned on being at this expo. It is supposed to help provide educational resources to the Middle East and other investors who have asked for the information on how to invest in the economy, their currency, and additional investing issues. They are also hoping to give trader’s more choices and opportunities in the currency exchange market by teaching them how to profit from the market’s volatility and potential.
All of the workshops will be conducted by professionals in the forex trading field. Networking opportunities between international companies, brokers, investors, and traders are also going to be available to the attendees. They will be able to learn how to use the Internet to launch themselves into new forex opportunities and potential investors will learn how to read all the signs in order to make wise choices when they first start out. The workshops are considered mandatory and the many attendees were required to sign up for them when the registered to attend.
Members of the public are invited to attend and participate in the conferences. The exhibit area will be open and everyone can benefit from the lecture of the forex experts. The expo is free of charge and starts at 10:30am. A listing of the speakers and the companies attending has not yet been released, but the expo is expected to be a big success in helping current, active investors and new investors learn how to handle the changing international economy.
The expo is the third annual event and it will be held at the Crowne Plaza Hotel in Bahrain.
The city of Bahrain was chosen for the expo and conference due to its status as having a well structured financial market and that it was the first region in the Middle East to sign a Free Trade agreement with the United States. Their markets are regulated, their visa procedure is more relaxed than most, and they have the freest economy in the area. The expo is aiming to help foster investment education, stimulate business, and help beginners learn what it takes to get into the business and be successful.
Over twenty-five leading forex firms and ten international experts are planned on being at this expo. It is supposed to help provide educational resources to the Middle East and other investors who have asked for the information on how to invest in the economy, their currency, and additional investing issues. They are also hoping to give trader’s more choices and opportunities in the currency exchange market by teaching them how to profit from the market’s volatility and potential.
All of the workshops will be conducted by professionals in the forex trading field. Networking opportunities between international companies, brokers, investors, and traders are also going to be available to the attendees. They will be able to learn how to use the Internet to launch themselves into new forex opportunities and potential investors will learn how to read all the signs in order to make wise choices when they first start out. The workshops are considered mandatory and the many attendees were required to sign up for them when the registered to attend.
Members of the public are invited to attend and participate in the conferences. The exhibit area will be open and everyone can benefit from the lecture of the forex experts. The expo is free of charge and starts at 10:30am. A listing of the speakers and the companies attending has not yet been released, but the expo is expected to be a big success in helping current, active investors and new investors learn how to handle the changing international economy.
The expo is the third annual event and it will be held at the Crowne Plaza Hotel in Bahrain.
Schmidt-Bailey Joins InterShow
The leading producer of investment cruises and trade show products, InterShow, announced that Barbara Schmidt-Bailey has been named their new Vice President of Business Development. Taking over the Traders Expo and MoneyShow.com division, Schmidt-Bailey will now be in charge for all of the business developments for the company’s Forex Trading Expo, MoneyShow.com website, and Traders Expo. The Expo is currently the only one designed to help active traders get exposure to the products, tips, and techniques they need to flourish in the trading markets.
Schmidt-Bailey has fourteen years of financial background. She worked for the Germany and New York offices of Bloomberg LP for seven years and is familiar with fixed-income investment bank trading desks. She also worked for the Chicago Board of Trade – the CME Group – for seven year helping FCM and IB with the retail active trader community. She holds a MA in International Relations and a Bachelor of Arts in German and International Studies.
Schmidt-Bailey has fourteen years of financial background. She worked for the Germany and New York offices of Bloomberg LP for seven years and is familiar with fixed-income investment bank trading desks. She also worked for the Chicago Board of Trade – the CME Group – for seven year helping FCM and IB with the retail active trader community. She holds a MA in International Relations and a Bachelor of Arts in German and International Studies.
Slovak Crown Sets Record
Not a currency that is mentioned very often, the Slovak Crown set a new record during Tuesday mornings trading. The boost comes from the expected announcement from the European Commission on Wednesday that will okay the adoption of the Euro in the country by 2009. The Crown rose 0.3%, setting a new record of 32.130 against the Euro during the mornings steady trading.
“We are under 32.200, and this is uncharted territory,’ said Andrej Zeman, an ING trader out of Bratislava. Slovakia has been working to meet all of the criteria needed to adopt the Euro and everyone believes the initial verdict from the European commission will be positive. However, it is expected that the European Commission will not dismiss their concerns about the country keeping their price growth to a minimum once the Euro is adopted in the country. There is a good possibility that the Crown could strengthen to back up 32.00 after the announcement has been made.
“We are under 32.200, and this is uncharted territory,’ said Andrej Zeman, an ING trader out of Bratislava. Slovakia has been working to meet all of the criteria needed to adopt the Euro and everyone believes the initial verdict from the European commission will be positive. However, it is expected that the European Commission will not dismiss their concerns about the country keeping their price growth to a minimum once the Euro is adopted in the country. There is a good possibility that the Crown could strengthen to back up 32.00 after the announcement has been made.
NASDAQ Eyeing 5%
In September 2008, the NASDAQ OMX Group Inc. will launch a pan-European trading platform overseas which will target approximately 5% of trading in European blue chips. This 5% is expected to be made in the first year alone, rising to an expected 20% in the future. The company is hoping the will be able to cash in on market shares from both multilateral trading facilities like Chi-X Europe and Turquoise as well as incumbent exchanges. Chi-X Europe and Turquoise both have high speed trading engines and a competitive total training cost that is attractive to the NASDAQ platform leaders.
The trading venture, which will work with the Nordic and Baltic stock exchange operator OMX and its existing venues, will be the first of its kind to offer routing that is based on the best bid made in Europe. Called the NASDAQ OMX Pan-European Market, it will be treading new waters with its unique offering. Currently there are no requirements under the new European Union trading rules that state routing must be made on the best bid that is thrown on the table.
“I think there is absolutely room for new entrants. It will take awhile for the market to sort things out to find anywhere from four to five large markets,” Christopher Concannon stated when questioned about the new venture. Concannon is the newly appointed head of NASDAQ OMX’s pan-European market. “Clearing and settlement is a critical matter,” he added.
Fortis, European Central Counterparty Ltd., SIS x-clear, and LCH Clearnet Group are all candidates to partner into this transatlantic venture with NASDAQ. There is still no word on what the trading fees will be or how they will be set up, but it is believed that the fee structure will be similar to the one that is in place with Chi-X Europe. Concannon, who joined NASDAQ in 2003 as one of the executive vice presidents assures traders all over that the pricing will be competitive.
NASDAQ OMX is expected to incur losses during the initial start-up as they route their current traders to other liquidity pools until they are set-up. The liquidity providers will earn a reward for every trade made and the traders will receive a discount from the providers. The platform is supposed to be low-cost and involve a staff of approximately twenty people and only a small market share to get their foot in the door and start making money.
The trading venture, which will work with the Nordic and Baltic stock exchange operator OMX and its existing venues, will be the first of its kind to offer routing that is based on the best bid made in Europe. Called the NASDAQ OMX Pan-European Market, it will be treading new waters with its unique offering. Currently there are no requirements under the new European Union trading rules that state routing must be made on the best bid that is thrown on the table.
“I think there is absolutely room for new entrants. It will take awhile for the market to sort things out to find anywhere from four to five large markets,” Christopher Concannon stated when questioned about the new venture. Concannon is the newly appointed head of NASDAQ OMX’s pan-European market. “Clearing and settlement is a critical matter,” he added.
Fortis, European Central Counterparty Ltd., SIS x-clear, and LCH Clearnet Group are all candidates to partner into this transatlantic venture with NASDAQ. There is still no word on what the trading fees will be or how they will be set up, but it is believed that the fee structure will be similar to the one that is in place with Chi-X Europe. Concannon, who joined NASDAQ in 2003 as one of the executive vice presidents assures traders all over that the pricing will be competitive.
NASDAQ OMX is expected to incur losses during the initial start-up as they route their current traders to other liquidity pools until they are set-up. The liquidity providers will earn a reward for every trade made and the traders will receive a discount from the providers. The platform is supposed to be low-cost and involve a staff of approximately twenty people and only a small market share to get their foot in the door and start making money.
Fannie Mae Results Are Weak
The dollar has managed to decline even further in the trading community, losing ground against Euro and six other major currencies for the second day in a row. Tuesday May 6, 2008’s trading results from Fannie Mae came in much weaker than originally projected. Fannie Mae is the largest home financier in the United States and they have reported a quarterly loss three times in a row. This is an indication of just how bad the housing crisis in America has become and that it is far from being over.
The crisis is causing trading on the dollar to be in bad shape with it closing 0.4% lower than both the Euro and Japanese Yen. Part of the drop on Tuesday could have caused by waning risk appetite and the falling of European equities. Support for the single currency actually drew strong support from the Euro zone as sector data indicates, a surprising turn of events considering the concern over rising inflation pressures as related to food and oil and how it will impact the worldwide community.
The crisis is causing trading on the dollar to be in bad shape with it closing 0.4% lower than both the Euro and Japanese Yen. Part of the drop on Tuesday could have caused by waning risk appetite and the falling of European equities. Support for the single currency actually drew strong support from the Euro zone as sector data indicates, a surprising turn of events considering the concern over rising inflation pressures as related to food and oil and how it will impact the worldwide community.
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