FetteredChinos
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hmm, FTSE futures still down, US futures flat-ish, and this is despite Oil easing off since yesterday..
do they know something we dont?
do they know something we dont?
Racer
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LONDON (AFX) - The dollar recovered ground against the yen after an earlier story suggesting that China was about to revalue its currency was discredited.
China said it will not use the expansion of foreign exchange trading in Shanghai next week as an opportunity to reform the exchange system, despite fevered speculation in global currency markets.
Markets were caught off-guard by a report on People's Daily website mistakenly suggesting that reform of the yuan is to begin next week.
The report apparently resulted from a mix-up in the English translation of a Chinese language report May 7 that quoted a Hong Kong official talking about yuan revaluation.
But a central bank spokesman said there are no plans to adjust the currency next week and the report was mistaken.
His remarks helped bring the dollar back above the 105 yen mark, following a sharp break below in the wake of the report.
China said it will not use the expansion of foreign exchange trading in Shanghai next week as an opportunity to reform the exchange system, despite fevered speculation in global currency markets.
Markets were caught off-guard by a report on People's Daily website mistakenly suggesting that reform of the yuan is to begin next week.
The report apparently resulted from a mix-up in the English translation of a Chinese language report May 7 that quoted a Hong Kong official talking about yuan revaluation.
But a central bank spokesman said there are no plans to adjust the currency next week and the report was mistaken.
His remarks helped bring the dollar back above the 105 yen mark, following a sharp break below in the wake of the report.
FetteredChinos
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hmm. not too sure what to make of the data are they?
Racer said:
Even IF the Chinese do opt for some revaluation of the Yuan it's impact will largely be psychological rather than economic. The Chinese are not going to devalue by a significant factor against the dollar, they will either let it float within a 5 - % band or go for a new peg at around 5% - 10% higher.
Will this solve the fiscal deficit - of course not. A 10% change in the exchange rate will not massively boost US exports to SE Asia but it will boost US domestic inflation on imports, which will be minimally affected by the price increase because there still won't be a more competitive alternative elsewhere.
Hey traders, I feel the DOW IS GOING TO TEST THE 10,500 LEVEL ONCE AGAIN THIS YEAR (MAYBE IN THE NEXT FEW MONTHS). This will of course be tested by any negative data coming out such as the non-farm payrolls, which if not positive, will drag the markets down quickly like last month!
Of course, it has been proven that between May-October, the markets seem to be fairly bearish so this could act as a guide to quick moves up and down so that by the end of October, the market may not be too different from its present levels.
However, I would expect some bullishness during November and December!
Of course, it has been proven that between May-October, the markets seem to be fairly bearish so this could act as a guide to quick moves up and down so that by the end of October, the market may not be too different from its present levels.
However, I would expect some bullishness during November and December!
roguetrader
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Trade Deficit has narrowed to $55.0 bln, below expectations of $62.0 bln and February's record $61.0 bln figure... As a result, futures trade gets a modest boost, still suggesting a slightly higher open for the indices, while the dollar has rallied and bonds have slipped, as the 10-yr note is now off 5 ticks yielding 4.22%
FetteredChinos
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ig index had a spike down to 10,214..
this is why stops are for mugs..
manage your positions instead..
one of the best bits of advice i read on here, or elsewhere it might have been, was:-
2 rules of trading
1) dont lose money
2) dont lose money
stop losses force you to break both these rules..
this is why stops are for mugs..
manage your positions instead..
one of the best bits of advice i read on here, or elsewhere it might have been, was:-
2 rules of trading
1) dont lose money
2) dont lose money
stop losses force you to break both these rules..
FetteredChinos
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doesnt matter too much, as at the moment it looks like the cash is gonna get there pretty soon lol..
FetteredChinos
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deal4free.
were you trading cash or june futures with them, incidentally?
were you trading cash or june futures with them, incidentally?
