Priceman
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Too busy mate watching this spectacle! Shame I've been on the wrong side both directions today! Whipped my **** it has, just wasn't prepared. I'm going to leave well alone now for a while.Atilla said:
Oh PS, am in a short position from 95 that i'll leave running over the weekend and see where that goes on Monday
Atilla
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rav700 said:
Hi Rav, yes short from 1.9692. Thought it can't go much higher and some retrace bound to be n the way. Thinking it may drop to 1.9675.
Prepared to dump it if it goes above 1.9720.
Need to go out again but nice to come back to some more pips.
Cheerio for now...
Where did that come from, well according to DOW news wire:-
NEW YORK (Dow Jones)--The dollar is down across the board after doing a full one-eighty midday in New York following news that the U.S. will no longer exempt Chinese companies from U.S. anti-subsidy laws.
After starting the session up, the greenback climbed higher thanks to stronger-than-expected U.S. inflation data, hitting an intra-session high of Y118.40 and pushing the euro under the $1.33 mark.
Yet news that the Bush administration is imposing duties on imports of coated paper from China, reversing more than 20 years of U.S. trade policy that classifies China as a non-market economy, sent U.S. stocks lower, Treasurys higher and the dollar to over one-week lows against the euro.
NEW YORK (Dow Jones)--The dollar is down across the board after doing a full one-eighty midday in New York following news that the U.S. will no longer exempt Chinese companies from U.S. anti-subsidy laws.
After starting the session up, the greenback climbed higher thanks to stronger-than-expected U.S. inflation data, hitting an intra-session high of Y118.40 and pushing the euro under the $1.33 mark.
Yet news that the Bush administration is imposing duties on imports of coated paper from China, reversing more than 20 years of U.S. trade policy that classifies China as a non-market economy, sent U.S. stocks lower, Treasurys higher and the dollar to over one-week lows against the euro.
Full article:-
NEW YORK (Dow Jones)--The dollar is down across the board after doing a full one-eighty midday in New York following news that the U.S. will no longer exempt Chinese companies from U.S. anti-subsidy laws.
After starting the session up, the greenback climbed higher thanks to stronger-than-expected U.S. inflation data, hitting an intra-session high of Y118.40 and pushing the euro under the $1.33 mark.
Yet news that the Bush administration is imposing duties on imports of coated paper from China, reversing more than 20 years of U.S. trade policy that classifies China as a non-market economy, sent U.S. stocks lower, Treasurys higher and the dollar to over one-week lows against the euro.
The report "suggests increased potential for higher inflation and lower demand for U.S. assets," T.J. Marta, fixed-income strategist at RBC Capital Markets said. Higher inflation would stem from higher prices consumers would have to pay due to the tariffs, he pointed out.
"This is not a positive development for the U.S. economy," Marta said, particularly as higher inflation would put pressure on the Federal Reserve to refrain from accommodating any potential U.S. economic weakness due to the housing downturn.
At 12:35 p.m. EDT (1635 GMT), the dollar was changing hands at Y117.56 versus Y117.97 late Thursday, while the euro stood at $1.3367 from $1.3335, according to EBS. The euro traded at Y157.16 versus Y157.34 late Thursday. The dollar was at CHF1.2131 versus CHF1.2175, while sterling was at $1.9679 from $1.9623 late Thursday.
Friday's news came as Congress has ratcheted up pressure on the Bush administration to get tougher on trade problems with China, which alone accounted for $233 billion of the U.S. trade deficit last year.
"We are applying (countervailing duty laws)," a U.S. Commerce Department official told Dow Jones on condition of anonymity Friday. "China's economy has developed to the point we can use our subsidy laws and we are doing that."
Moments later, Commerce Secretary Carlos Gutierrez announced at a press conference that the U.S. had agreed to a request for import protection by the U.S. paper industry.
The reports send the dollar sharply lower, as investors were quick to cite concern over the effect of the subsidies on an already fragile U.S. economy.
The dollar's slip came despite a slew of dollar-positive data earlier in the session.
A price index for personal consumption expenditures, excluding food and energy, rose 0.3% in February versus an expected 0.2% rise, compounding signals from the Federal Reserve recently that inflationary risks remain its biggest concern.
Shortly thereafter, news that a key measure of U.S. manufacturing activity rebounded sharply helped the dollar to maintain its gains, as did a better-than-expected consumer confidence survey from the University of Michigan.
The National Association of Purchasing Management-Chicago said Friday that its index of manufacturing activity rose to 61.7 in March, from 47.9 in February, hitting its highest level in two years and versus an expected reading of 50.
On the consumer side, the Reuters/University of Michigan's survey showed a modest decline in its current sentiment index, though the reading was better than expected.
U.S. construction spending meanwhile turned in its best performance in nearly a year during February, as total construction spending increased by 0.3% last month, versus an expected decline of 0.5%.
Yet the dollar finally shrugged off the series of releases, focusing instead on the Bush administration's China announcement, and settling lower across the board.
"The stronger-than-anticipated U.S. data virtually across the board throughout the morning was not enough to get dollar-bulls out of the woodwork," Dustin Reid, currency strategist at ABN Amro said. "This clearly indicates that fundamentals are likely to take a back-seat," as geo-political tensions may come to a boil next week.
-By Isabelle Lindenmayer, Dow Jones Newswires; 201-938-5063;
NEW YORK (Dow Jones)--The dollar is down across the board after doing a full one-eighty midday in New York following news that the U.S. will no longer exempt Chinese companies from U.S. anti-subsidy laws.
After starting the session up, the greenback climbed higher thanks to stronger-than-expected U.S. inflation data, hitting an intra-session high of Y118.40 and pushing the euro under the $1.33 mark.
Yet news that the Bush administration is imposing duties on imports of coated paper from China, reversing more than 20 years of U.S. trade policy that classifies China as a non-market economy, sent U.S. stocks lower, Treasurys higher and the dollar to over one-week lows against the euro.
The report "suggests increased potential for higher inflation and lower demand for U.S. assets," T.J. Marta, fixed-income strategist at RBC Capital Markets said. Higher inflation would stem from higher prices consumers would have to pay due to the tariffs, he pointed out.
"This is not a positive development for the U.S. economy," Marta said, particularly as higher inflation would put pressure on the Federal Reserve to refrain from accommodating any potential U.S. economic weakness due to the housing downturn.
At 12:35 p.m. EDT (1635 GMT), the dollar was changing hands at Y117.56 versus Y117.97 late Thursday, while the euro stood at $1.3367 from $1.3335, according to EBS. The euro traded at Y157.16 versus Y157.34 late Thursday. The dollar was at CHF1.2131 versus CHF1.2175, while sterling was at $1.9679 from $1.9623 late Thursday.
Friday's news came as Congress has ratcheted up pressure on the Bush administration to get tougher on trade problems with China, which alone accounted for $233 billion of the U.S. trade deficit last year.
"We are applying (countervailing duty laws)," a U.S. Commerce Department official told Dow Jones on condition of anonymity Friday. "China's economy has developed to the point we can use our subsidy laws and we are doing that."
Moments later, Commerce Secretary Carlos Gutierrez announced at a press conference that the U.S. had agreed to a request for import protection by the U.S. paper industry.
The reports send the dollar sharply lower, as investors were quick to cite concern over the effect of the subsidies on an already fragile U.S. economy.
The dollar's slip came despite a slew of dollar-positive data earlier in the session.
A price index for personal consumption expenditures, excluding food and energy, rose 0.3% in February versus an expected 0.2% rise, compounding signals from the Federal Reserve recently that inflationary risks remain its biggest concern.
Shortly thereafter, news that a key measure of U.S. manufacturing activity rebounded sharply helped the dollar to maintain its gains, as did a better-than-expected consumer confidence survey from the University of Michigan.
The National Association of Purchasing Management-Chicago said Friday that its index of manufacturing activity rose to 61.7 in March, from 47.9 in February, hitting its highest level in two years and versus an expected reading of 50.
On the consumer side, the Reuters/University of Michigan's survey showed a modest decline in its current sentiment index, though the reading was better than expected.
U.S. construction spending meanwhile turned in its best performance in nearly a year during February, as total construction spending increased by 0.3% last month, versus an expected decline of 0.5%.
Yet the dollar finally shrugged off the series of releases, focusing instead on the Bush administration's China announcement, and settling lower across the board.
"The stronger-than-anticipated U.S. data virtually across the board throughout the morning was not enough to get dollar-bulls out of the woodwork," Dustin Reid, currency strategist at ABN Amro said. "This clearly indicates that fundamentals are likely to take a back-seat," as geo-political tensions may come to a boil next week.
-By Isabelle Lindenmayer, Dow Jones Newswires; 201-938-5063;
I don't understand. I am reading that article as inflationary, poor for stocks but should lean US rates towards an increase. It may eventually do something about their balance of payments as well in the long run. So why does it make dollar weaker?
Atilla
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Uphios said:
There is something big happening...
Mega News...
Gulf countries are dropping the dollar...
I thought all that investment in Dubai was for a reason.
Atilla
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Here is another negative on the $
IMF reported to be more eager than ever to devalue dollar
Well that's it I'm closing my short position for a -2 pip loss. Still up on the day.
I think I will only enter long now.
Trader Tom's analysis was spot on from yesterday and this morning. His 78 day trend played out to a T.
A small partial drop followed by surge high.
I think in the next few weeks we will see Euro and probably cable go high.
All in all really poohey week of no move and then all this on a Friday + running around for me.
Just simply relieved to be up on the week even if by small amount.
A lot of information and news to digest here plus worries.
Have a great weekend everyone...
IMF reported to be more eager than ever to devalue dollar
Well that's it I'm closing my short position for a -2 pip loss. Still up on the day.
I think I will only enter long now.
Trader Tom's analysis was spot on from yesterday and this morning. His 78 day trend played out to a T.
A small partial drop followed by surge high.
I think in the next few weeks we will see Euro and probably cable go high.
All in all really poohey week of no move and then all this on a Friday + running around for me.
Just simply relieved to be up on the week even if by small amount.
A lot of information and news to digest here plus worries.
Have a great weekend everyone...
rav700
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Uphios said:
I will analyse the markets tommorow...but I think we should see the cable longs kick in :idea:
So how to play it will be the big question..............
I was down 40 points and then I gained 40 points and that is just great =0
Next weeks target are 250 pips................Personally think it should be very easy....I will post all my trading analysis..tommorow or sunday.................
Happy Trading
Rav
Goodnight all :cheesy:
hornblower
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rav700 said:
there has been a lot of movement today because it is the end of the quarter
rav700
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After earlier gains on strong upside surprise on the US data front, the dollar slides across the board on a combination of rumors that the US Department has told US citizens to leave Bahrain and protectionist measures towards China. The news has further fuelled the risk premium in oil prices, generating the same dollar reaction seen upon the rumors of a military confrontation between the US and Iran earlier this week.
The bulk of the dollar tumble of the past 60 minutes remains attributed to the US decision to impose import duties on subsidized Chinese goods, specifically coated paper imports. Currency markets the currencies of nations engaging in protectionism. Case in point: The US dollar peaked in February 2002, the same month of the US Administration’s decision to slap tariffs on foreign steel. The decision, albeit reversed by the WTO more than a year later, helped trigger a 58% depreciation in the dollar against the euro, 13% decline against the yen, and a 32% drop in trade weighted terms.
Whether today’s decision will be reversed by the WTO or not, it will likely trigger possible retaliatory acts from China such as further diversification of its FX reserves, which will likely hit the US currency. The existing shaky USD sentiment in currency markets amid the impact of sub-prime woes and housing slowdown is likely to be reinforced by today’s tariff decision, which is in and of itself an significant negative as far as the dollar’s structural fundamentals are concerned.
We expect the bulk of the dollar’s losses to extend against the yen and the euro, as the latter will lead the move to towards risk aversion and the latter holds its role as the anti-dollar in situations that are predominantly dollar-specific.
Today’s stronger than expected Chicago PMI (61.7 vs expectations of 49.3) may mean that Monday’s ISM manufacturing could trigger a similar rise, further exceeding the 50 figure and diluting expectations of a May rate cut. The construction spending data showed a 0.3% rise in February following a 0.5% decline, overcoming expectations of a drop.
While today’s US data help stabilize worries on the fundamental front and the US dollar, protectionist measures are regarded as a major negative. Thus, markets must not only watch any retaliation from China as far as FX reserves are concerned, but for ensuing negative sentiment against from the trader community.
Ashraf Laidi
The bulk of the dollar tumble of the past 60 minutes remains attributed to the US decision to impose import duties on subsidized Chinese goods, specifically coated paper imports. Currency markets the currencies of nations engaging in protectionism. Case in point: The US dollar peaked in February 2002, the same month of the US Administration’s decision to slap tariffs on foreign steel. The decision, albeit reversed by the WTO more than a year later, helped trigger a 58% depreciation in the dollar against the euro, 13% decline against the yen, and a 32% drop in trade weighted terms.
Whether today’s decision will be reversed by the WTO or not, it will likely trigger possible retaliatory acts from China such as further diversification of its FX reserves, which will likely hit the US currency. The existing shaky USD sentiment in currency markets amid the impact of sub-prime woes and housing slowdown is likely to be reinforced by today’s tariff decision, which is in and of itself an significant negative as far as the dollar’s structural fundamentals are concerned.
We expect the bulk of the dollar’s losses to extend against the yen and the euro, as the latter will lead the move to towards risk aversion and the latter holds its role as the anti-dollar in situations that are predominantly dollar-specific.
Today’s stronger than expected Chicago PMI (61.7 vs expectations of 49.3) may mean that Monday’s ISM manufacturing could trigger a similar rise, further exceeding the 50 figure and diluting expectations of a May rate cut. The construction spending data showed a 0.3% rise in February following a 0.5% decline, overcoming expectations of a drop.
While today’s US data help stabilize worries on the fundamental front and the US dollar, protectionist measures are regarded as a major negative. Thus, markets must not only watch any retaliation from China as far as FX reserves are concerned, but for ensuing negative sentiment against from the trader community.
Ashraf Laidi
