| Australian Dollar Heads for Biggest Weekly Gain in Two Months
Feb. 9 (Bloomberg) -- Australia's dollar headed for the biggest weekly gain in two months as it tracked a rally in the price of commodity exports such as gold. The currency rose a sixth day as the Reuters/Jefferies CRB index of 19 commodities jumped 1.5 percent to a month-high. Raw material exports add 14 percent to economic growth. Australia's dollar rose above 78 U.S. cents yesterday for the first time in two weeks after the jobless rate fell to a 31-year low. ``The Australian dollar continues to grind higher, extending yesterday's post-data gains,'' said Danica Hampton, a currency strategist at Bank of New Zealand in Wellington. ``The gain in base and industrial metals is providing some support.'' The currency bought 78.03 U.S. cents as of 5:22 p.m.
FXCM sponsors Middle East Forex Trading Expo in Dubai
Arabcom Group, organizer of The Middle East Forex Trading Expo has the participation of Forex Capital Markets LLC (FXCM), the largest Forex Dealer Member, as the Main Sponsor of the event. The Middle East Forex Trading Expo will be held at the Dusit Dubai Hotel on 1-2 March 2007.This 2-day Expo and Workshop is the first of its kind in the Middle East. Geared towards meeting the regions interest and demand on forex, The Middle East Forex Trading Expo will play host to all forex enthusiasts in and outside the region.With the growing trend of the market and the superabundant liquidity in the region, the expo is expected to draw the participation and support of international forex corporations, banks and financial institutions, software tools, training providers and data suppliers, said Jean Louis Farwaji, Vice President of Arabcom Group.The Middle East Forex Trading Expo is an avenue to explore the vast oportunities available in the region, learn the tricks of the trade and know how to consistently profit from trading currencies only from the experts, network with the international and the most exciting forex companies and to tap and meet potential clients.
Currency Traders Send US Dollar Significantly Higher Following NFP ...
Currency traders showed clear confusion following the day's economic figures, with a sharp anti-dollar move leading to later strength. It was a classic case of an “incorrect" reaction to headline figures, as the Change in Non Farm Payrolls came in considerably below consensus forecasts. Those who tried to immediately sell the Dollar following the disappointed were quickly burned, as a closer examination of the labor report showed that a previous revision effectively left figures squarely in line with expectations. Despite a slightly higher unemployment rate, currency traders quickly corrected their previous mistake and sent the Greenback to close near daily highs. Such occurrences arguably provide excellent trading opportunities, with tight money management allowing for solid potential for profit. Bonds – US 10-Year Note Futures Bonds were no different than their currency counterparts, with the 10-year Treasury Note future posting a dramatic reaction to the morning's NFP report.
G7:German Fin Min: Had General Forex Talk With China Fin Min2
Foreign exchange is expected to be a key issue during the G7 meeting, with particular focus on the weakness of China's yuan and Japan's yen. There has been talk in financial markets ahead of the meeting that U.S. and European officials would make progress in laying the groundwork to combat the weakness of the two currencies. The U.S. and the euro zone have repeatedly lobbied China to adopt a more flexible exchange rate policy that would allow the yuan's exchange rate to be set by market forces. Earlier in Beijing, China's central bank said it will increase the yuan's flexibility but maintain the currency's basic stability at a "reasonable" level. Meanwhile, the yen, which recently hit a record low against the euro, has caused concern among European Union finance ministers that its weakness gives Japanese exporters an unfair advantage over its competitors.
G7 official warns on risk of one-way FX bets
ESSEN, Germany, Feb 10 (Reuters) - The Group of Seven industrial nations wanted to send a clear message to financial markets to be on their guard over one-way bets, particularly in the currency markets, a G7 official said on Saturday. "We want the markets to be aware of the risks of one-way bets, in particular on the foreign exchange markets," he said when asked to explain a statement issued by G7 finance ministers on Saturday. .
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