Fx Trading Forex

Light Economic Calendar Suggests Consolidation for EUR/USD Next Week

The currency market has been relatively quiet today with little meaningful price action except for the movements in the commodity currencies. The US dollar is mostly unchanged against the majors aside from a mild rally against the Japanese Yen. Both the first quarter current account balance and the University of Michigan consumer confidence surveys were stronger than expected. The current account deficit narrowed from US$223.1 billion to US$208.7 billion thanks to higher US overseas purchases and foreign investment in the US. Though encouraging, it is a bit distorting since net foreign purchases in the first quarter were decent. A first look at demand in the beginning of the second quarter is less encouraging. If you recall, yesterday we learned that foreigners only purchased $46.68 billion worth of US investments in April, the weakest accumulation since March 2005.

Futuredontics Makes Bid for Britesmile

LOS ANGELES (AP) - Privately held dental referral service Futuredontics Inc. said Friday that on June 5 an offer to purchase Britesmile Inc. for $4 per share in cash and stock.

Both companies are currently in talks over the offer, Futuredontics said in a statement.

Futures Closing Bell 07/07/2006

Bullish speculators go Cocoa nuts! On a day when nearly every commodity was in the red, there was one bright spot -- Cocoa! September Cocoa closed at 16-month highs, as commodity funds continue to add to long positions. September Cocoa has closed higher the past six trading days since closing above the downtrend line formed from the January 18th highs. Traders noted a weakening U.S. Dollar and strong German Cocoa grind figures as supporting factors to the recent price surge. Technical traders will notice the increase in volume since the 6/28 breakout, which confirms the validity of the breakout to the upside. Support for September Cocoa is seen at the chart gap at 1619, with resistance at 1750. September Cocoa closed at 1729, up 19.

Bearly Hit a New High: Crude Oil dropped from contract highs today, on optimistic news regarding the European Union talks with Iran.

Let's debate cold, hard facts

Maybe our extreme weather in recent weeks will have turned more people into climate change believers. And, conversely, more people into sceptics. How can cold and wet have anything to do with global warming, the latter will protest.

The sceptics better believe. The weather is unfolding just as Niwa predicted in its climate change analysis. More violent weather patterns are a consequence of global warming. It is already taking a toll on agriculture and infrastructure.

We should be worried - a lot. Among developed countries, we are by far the most dependent on the primary sector, the economic activity most vulnerable to climate change. Overall the primary sector generates about 17 per cent of our GDP, 15 times the contribution found in most other developed countries.

PMC Sierra shares fall, TIBCO gains

NEW YORK (Reuters) - Shares of PMC-Sierra Inc. (PMCS.O: Quote, Profile, Research) fell in extended-hours trading on Thursday after the network chip maker said its chief financial officer is leaving the company for personal reasons.

PMC-Sierra shares fell 3.4 percent to $8.73 on the Inet electronic brokerage system.

Meanwhile, shares of TIBCO Software Inc. (TIBX.O: Quote, Profile, Research) rose after the closing bell after the business software maker reported higher quarterly profit.

Shares of TIBCO were up 6.1 percent to $7.47 on Inet.

Aftermarket Movers: Take-Two Takes Hit

NEW YORK (AP) - Video game publisher Take-Two Interactive Software Inc. shares got slammed in the after-hours trading session Thursday, after the New York City-based company said its second-quarter loss widened dramatically, partly due to charges related to asset write-offs and studio closings.

Shares of the maker of the "Grand Theft Auto" titles were trading at $14.69 on the INET electronic exchange, down $2.08, or 12.4 percent, from Thursday's closing price of $16.77 on the Nasdaq.