Learn Fx Trading

Forex - Dollar well-bid amid speculation of strong US labour ...

LONDON (AFX) - The dollar was well bid amid speculation that the crucial US labour market report due Friday will come in strong, in turn boosting expectations of an August rate hike. 'Expectations that a robust US employment report will ensure an August rate hike and renewed pressure on emerging market currencies and equities have created a more dollar supportive backdrop,' said Steve Pearson, chief currency strategist at HBOS. Yesterday the forecast from ADP Employer Services indicated that US companies added some 368,000 jobs in June. The robust ADP data pushed up expectations for the non-farm payrolls figure to above 200,000 from 160,000. In May only 75,000 jobs were created. 'Should this upbeat estimate be reflected in an equally strong print for tomorrow's labour payrolls release, then it is possible that any conclusions pertaining to the resumption of the dollar long-term downtrend may have to be temporarily postponed once more,' said Neil Mellor at the Bank of New York.

The US Dollar Emerges as an Unlikely Safe Haven

Hot money flows into and out of foreign countries come in big waves. Losses in one market trigger sales in other markets. And foreign investors, who hold huge stakes in emerging markets such as Brazil, India, Russia, and South Africa, will often influence local investors, when there is a whiff of panic is in the air. If the global tightening campaign is off the mark, and leads to a hard landing, traders could continue to unload risky assets abroad for safer pastures at home.

Nexa Technologies, Inc. Debuts New Trading Platform

Nexa Technologies, Inc. (http://www.nexatech.com/ ), a leading provider of advanced trading solutions and wholly-owned subsidiary of Penson Worldwide, Inc. , today announced the launch of Aspect TMS, its new ASP-based Direct Market Access (DMA) trading platform.

Aspect TMS, powered by InfoReach, is an ASP-based trade management system that combines advanced order entry, rule-based trading, order management and FIX connectivity for equities, options, futures, and FOREX in a single broker- neutral trading platform. Fully customizable, Aspect TMS gives institutional traders broad flexibility to configure the platform to suit their particular trading styles and methodologies. The platform has features to suit buy-side and sell-side users and an API for the implementation of additional tools.

Bank of America Chief Economist Mickey Levy Provides Economic Outlook During Congressional Testimony

Bank of America Corporation Chief Economist Mickey Levy testified today in Washington, D.C., before the U.S. Congress Joint Economic Committee to discuss the 2006-2007 economic outlook and prospects for future economic growth.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b)

Levy spoke specifically on the strengths and weaknesses of the economy and about the U.S. current account deficit. Levy believes that:

.

GOLD PRICE EDGES DOWN

Gold inched down on Friday on profit-taking in cautious trade ahead of the release of a U.S. employment report that could have an impact on currency and precious metals trading. The cash price for gold was at $629.80/631.30 an ounce at 0252 GMT, compared with $632.20/633.70 in late New York on Thursday when the metal rose as high as $634.75. -FX Street

Click Here For The Full Story

Staff Selections - Links
.

(AFX UK Focus) 2006-07-06 13:55 GMT: German shares higher midafternoon as ECB leaves leading interest rates unchanged

FRANKFURT (AFX) - Shares were higher in midafternoon trade, boosted by the European Central Bank's decision to leave leading interest rates unchanged and by US futures indicating a positive opening to morning trade on Wall Street, dealers said.

At 2.25 pm, the DAX 30 index was 47.68 points or 0.85 pct higher at 5,673.31, having moved between 5,635.27 and 5,683.66 so far this session.

The MDAX was up 47.81 points or 0.61 pct at 7,866.17, while the TecDAX rose 4.54 points or 0.69 pct at 658.33.

The DAX futures contract was at 5,710.0, up 52.0 points or 0.92 pct, while bund futures were at 114.87, up 0.10.

The euro last traded at 1.2738 usd, against 1.2728 in midday London trade.

Deutsche Boerse led large-caps higher as it gained 2.98 eur or 2.80 pct to 109.54, as an article in Sueddeutsche Zeitung reported that the exchange was interested in creating an alliance with the Chicago Mercantile Exchange (CME), dealers said.