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Forex Forum Archive for 10/23/2011

Pick a date from the header above to view forum postings for that day.
Click here to join the Live Forex Forum.


Boston eFX 23:55 GMT October 23, 2011 Reply   
(Dow Jones via eFXnews) With Europe's woes remaining front and center of traders' attention, FX market volatility and participation will likely remain low, says NAB FX strategist Emma Lawson.

Notes while some signs of a .....

FX Market Volatility May Remain Low -NAB (full story)

philadelphia caba 23:47 GMT October 23, 2011
well kapri, not sure..just went throu a few forex forums, what might represent that 90% wrong siders, and there's a lot of talks about usd/jpy at 60 and lower...

Syd 23:46 GMT October 23, 2011 Reply   
Brisbane Flip 23:30 Again -- well and truly F@*#ed

sofia kaprikorn 23:39 GMT October 23, 2011
yeah but assuming the whole world is long usd/jpy in anticipation what would happen?

Brisbane Flip 23:30 GMT October 23, 2011
As he gets closer to an election Oakshott think he can curry favor with his electorate by switching back and save his seat?? Man this guy is stupid. Always thinking one step behind. He committed political suicide and nothing with change it. Tony Windsor was never going to stand at another election so taking advice from him was like little red riding hood listening to the big bad embittered wolf who wanted to settle old national party scores

Philadelphia Caba 23:25 GMT October 23, 2011 Reply   
$JPY New FinMin AZUMI: Government ready for "decisive response" on Yen

Syd 23:22 GMT October 23, 2011 Reply   
Australian independent legislator Rob Oakeshott says he will hold talks with the opposition Liberal National Coalition if the minority Labor Party government headed by Julia Gillard makes the "foolish decision" to change leaders. "If the Labor Party wants to do something foolish and change their leader right now, I'll make a decision there and then and have reserved the right to talk to absolutely everyone in the House of Representatives who thinks they can get the 76 members of parliament and create a stable parliament," he says on Sky TV. A Newspoll in The Australian newspaper shows a dramatic drop in voter support for Oakeshott and fellow independent Tony Windsor on whose support the government depends to hold office. Oakeshott's comments come against a backdrop of media speculation consistently denied by senior Labor ministers of moves against Gillard because of the low level of support for her among voters in opinion polls.

HK RF@ 23:10 GMT October 23, 2011 Reply   
October 23rd, 2011

The U.S. will be hit by a devastating second downgrade in its credit rating within weeks, Bank of America has warned.

Analysts have predicted that the country will suffer at least one credit downgrade in late November or early December as politicians continue to disagree on ways to reduce the deficit.

‘The “not-so-super” Deficit Commission is very unlikely to come up with a credible deficit-reduction plan,’ the bank cautioned in an analyst’s note.


The U.S. will be hit by a devastating second downgrade in its credit rating within weeks, Bank of America has warned.

Analysts have predicted that the country will suffer at least one credit downgrade in late November or early December as politicians continue to disagree on ways to reduce the deficit.

‘The “not-so-super” Deficit Commission is very unlikely to come up with a credible deficit-reduction plan,’ the bank cautioned in an analyst’s note.

Bad news: Analysts have predicted that the country will suffer at least one credit downgrade in late November or early December

‘Hence, we expect at least one credit downgrade in late November or early December when the super Committee crashes.’

The U.S. was stripped of its gold-plated AAA credit rating by Standard and Poor’s in August as political fights over America’s debt limit led to fears of a default.

Bank of America analyst Ethan Harris wrote that that is likely to happen again and will cause the economy to slow down even further.

‘We expect a moderate slowdown in the beginning of next year, as two small policy shocks – another debt downgrade and fiscal tightening – hit the economy,’ he wrote.

‘The [Deficit Commission] committee is more divided than the overall Congress

http://investmentwatchblog.com/u-s-to-be-hit-by-another-debt-downgrade-within-weeks-warns-bank-of-america/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Investmentwatch+%28InvestmentWatch%29

Mtl JP 23:09 GMT October 23, 2011
Dil 17:31 re Help!
- pull 30-50-70% of your cash out of bank, ask for smallish denominations.
- do NOT keep a safe box at a bank.
- if buying Gold, buy small coins & take delivery.
--
inasmuch as banks and regulations (here in Canada, similar to the US, cash transactions are increasingly spied on, supervised & regulated right up to seisure by the state) and pose areal danger to one's access to / use of one's own money, equally individual(s) need to make bank services as need-less as possible - which in today's world of direct deposits and payments is practically impossible.
---
probably a prudent thing is to have free access to and on-hand ±3 months worth of cash.

dc CB 22:45 GMT October 23, 2011
Clockwork Orange. 1962 dystopian novella by Anthony Burgess.

la la 22:39 GMT October 23, 2011 Reply   
Sell EURUSD
Entry: Target: Stop:

If selling, obvious place for a stop is above 1.39.

Syd 22:27 GMT October 23, 2011 Reply   
LONDON (AFP)--French President Nicolas Sarkozy launched a scathing attack on U.K. Prime Minister David Cameron at Sunday's EU summit, saying he was "sick of him telling us what to do," U.K. press reported.

During talks in Brussels to resolve the euro-zone debt crisis, the French leader accused Cameron of "interfering in our meetings," U.K. newspapers The Guardian and The Daily Telegraph reported, citing diplomatic sources.
Another newspaper, The Times, also reported that a row had erupted, but didn't give exact details.



Syd 22:23 GMT October 23, 2011 Reply   
BERLIN (MNI) - European Central Bank Governing Council member Jens Weidmann again rejected the idea of giving the European Financial Stability Fund (EFSF) a bank licence, according to a newspaper interview published Sunday.

Rioters came from 44 countries: 1 in 7 jailed after summer of violence was a foreign national

Boston eFX 22:14 GMT October 23, 2011 Reply   
(Dow Jones via eFXnews) Corporate executives expect the dollar to strengthen further against the euro, pushing the single currency to $1.30 by year end from its current $1.38, according to a survey of J.P. Morgan's corporate foreign-exchange hedging clients in the U.S., Europe, and Japan released Friday. Executives also expect the yen, now at record highs against the dollar, to......

Corporate FX Hedgers Think Euro Will Fall To $1.30 This Year: J.P. Morgan

Syd 22:07 GMT October 23, 2011 Reply   
We cannot say we have not been warned. Many have chosen to ignore what has been apparent for some time: our young people, unless they come from well-off families, will be poorer than their parents.

Hopes are being dashed as prospects worsen. The new unemployment figures have hit 18 to 24-year-olds particularly hard and there will soon be one million unemployed young adults. Is this surprising when the escape routes for young people have been systematically shut down?

Syd 21:09 GMT October 23, 2011 Reply   
http://www.creditwritedowns.com/2011/10/greece-in-debtors-prison.html

Italian Prime Minister Silvio Berlusconi was pressed by European leaders to do more to get the country’s finances in check to avoid falling victim to the euro’s debt crisis.

Berlusconi Pressed to Avoid Crisis Contagion

Syd 21:04 GMT October 23, 2011 Reply   
Germany must remain the anchor of the EU and most not be put in danger through efforts to fight the debt crisis - German press Did not want to speculate on the credit worthiness of EU countries, solving the credit crisis may push the financial and political limits.
A haircut is not a universal remedy and when the readiness for structural reforms is reduced because of this, it can even be dangerous.


TradeTheNews.com

Syd 20:56 GMT October 23, 2011 Reply   
“…Jan Kees de Jager, the Dutch finance minister, told colleagues: “We’ve got to get real. People are talking about new defences but with one gulp the whole €440 billion could be gone, leaving the eurozone with no protection at all.”

Syd 20:43 GMT October 23, 2011 Reply   
Southern European banks need most capital

bbc.co.uk/

Syd 20:35 GMT October 23, 2011 Reply   
Europe's leaders have agreed to change the EU treaty if necessary to help resolve the eurozone's debt crisis and stop the region sinking into recession.

If you don't want to be scared, turn away now. Italy needs to borrow €250bn next year just to refinance its existing debts. ”

Syd 20:30 GMT October 23, 2011 Reply   
Israel Dil 20:28 being british I could say more , but I will bite my tongue :-))

Syd 20:29 GMT October 23, 2011 Reply   
Israel Dil 20:15 typical arrogance

Israel Dil 20:28 GMT October 23, 2011

if Merkel takes my advise, then Sarkozy gets this chair for the next dinner.


Sarkozy's chair for the next dinner with Merkel

GVI Forex john 20:28 GMT October 23, 2011

  • Key Items- CN- flash PMI, EZ flash PMIs.

  • Discussions within Europe continue. Headlines over the weekend suggest that discussions within the EZ continue to progress, but no decision is due before Wednesday.

  • The ultimate structure of the EFSF remains a major bone of contention. discussions between Germany and France. Germany is basically opposed to the notion that France favors of making the EFSF into a giant "bad bank" financed by the ECB. According to German sources, there are two schemes being discussed.

  • European politicians all know that something has got to be done to avoid a European banking crisis in Europe, but Germany is steadfast in its desire to protect the independence of the ECB. There does appear to be consensus on Greek haircuts in excess of 50%. 

  • Monday sees the flash EZ PMI's for October. They usually turn out close to the final data.

Sydney ACC 20:27 GMT October 23, 2011
Sarkozy seems to have lost the plot.
The UK Telegraph reports that Sarkozy lost his temper with Cameron telling him that we’re sick of you criticising us and telling us what to do. You say you hate the euro, you didn’t want to join and now you want to interfere in our meetings.

http://www.telegraph.co.uk/news/worldnews/europe/eu/8844773/Nicolas-Sarkozy-tells-David-Cameron-Were-sick-of-you-telling-us-what-to-do.html

St. Louis SAJ 20:21 GMT October 23, 2011
Dil -- Perhaps she could get her evens with Sarko by arranging to serve him short ribs, strawberry shortcake and a short beer at their next Berlin meeting.

Israel Dil 20:15 GMT October 23, 2011
Chancellor Merkel is said to have been deeply wounded by one anecdote that Mr Sarkozy is said to have told another head of government about her.

"She says she is on a diet and then helps herself to a second helping of cheese," the French president allegedly said after a dinner meeting with Mrs Merkel.

Such cattiness will not have been forgotten by Mrs Merkel when she sat down to dine with Mr Sarkozy last night in an encounter billed as a "make or break" moment to save the euro by patching up Franco-German relations.


euro saviors

Syd 20:14 GMT October 23, 2011 Reply   
St. Louis SAJ 20:10 GMT agree , I love that film :-)

St. Louis SAJ 20:10 GMT October 23, 2011
Syd -- Half-baked? To borrow from the old film "The Graduate", I should say that they're completely baked. As in "toast".

dc CB 20:07 GMT October 23, 2011


WilliamBanzi take

Syd 19:52 GMT October 23, 2011 Reply   
French President Nicolas Sarkozy backed down on Sunday in the face of implacable German opposition to demands to use unlimited European Central Bank funds to fight the euro zone's deepening sovereign debt crisis.

Reuters

Syd 19:44 GMT October 23, 2011 Reply   
All in all, the summit or summits will likely result in a half-baked, watered-down compromise. This will be celebrated as a great success of diplomacy.

LINK

Syd 19:42 GMT October 23, 2011 Reply   
France lobbied on Sunday to overcome German opposition to giving the European Central Bank a central role in bolstering the euro zone's bailout fund, arguing it was the only way to draw a definitive line under the widening debt problems.

Reuters

GVI Forex john 19:37 GMT October 23, 2011 Reply   
EURUSD 1.3842
USDJPY 76.22
USDCHF .8844
GBPUSD 1.5925

AUDUSD 1.0323
USDCAD 1.0093
NZDUSD .8001

GVI Forex john 19:28 GMT October 23, 2011 Reply   

        EURUSD	USDJPY	USDCHF	GBPUSD	USDCAD	AUDUSD
20d SD	0.0189	0.25	0.0111	0.0138	0.0127	0.0255
3 StdD	1.4171	77.49	0.9370	1.6062	1.0664	1.0727
2 StdD	1.3982	77.25	0.9260	1.5924	1.0537	1.0472
1 StdD	1.3793	77.00	0.9149	1.5786	1.0409	1.0217
						
20day	1.3604	76.76	0.9038	1.5649	1.0282	0.9962
						
1 StdD	1.3415	76.51	0.8927	1.5511	1.0155	0.9707
2 StdD	1.3226	76.26	0.8817	1.5373	1.0027	0.9452
3 StdD	1.3037	76.02	0.8706	1.5235	0.9900	0.9197

GVI Forex Blog 19:24 GMT October 23, 2011 Reply   
Key Items- CN- flash PMI, EZ flash PMIs. Discussions within Europe continue. Headlines over the weekend suggest that discussions within the EZ continue to progress, but no decision is due before Wednesday.

Forex Trade Talk 00:00 GMT 24 October 2011

Cambridge Joe 18:49 GMT October 23, 2011
dil, all in good part my friend !

I do enjoy a little humour along with the serious business !

No offence intended, and none taken I do hope ! ;-))

Israel Dil 18:46 GMT October 23, 2011
joe

sorry, let's put it as the ultimate trade idea (nothing to do with day trading) :-)

Geneva OP 18:44 GMT October 23, 2011
Sell EURUSD
Entry: Target: Stop:

I seem to agree with you.
No decision is good for the dollar and bad for the Euro.

At least they could have proposed what is possible to ratify but EU Summit did not even give a hint of any details. So, I think we will be listening to rumors until Wednesdayand this is bad for the Euro (Maybe . unless the rumors are 100 percent certain)

Thanks

dc CB 18:40 GMT October 23, 2011 Reply   
The above image displays quotes per second coming from HFT (High Frequency Trading) systems. The two graphs display action towards the close of trading Friday. The upper graph shows action of “algos” per second while the bottom the number of HFT quotes per second over a three minute time period with colors for each exchange. The lower graph displayed nearly 300 quotes per second—got that? Perhaps only a small fraction of these are real trades with the others being just bids and offers designed to stimulate program trading algorithms.

Dave's Daily

Cambridge Joe 18:35 GMT October 23, 2011
Geneva OP 15:23 GMT October 23, 2011
Trade Talk- Whats Moving Markets: Reply
If no decisions until Wednesday, what does this mean to the dollar, Euro?
###############
OP, I am unable to claim that my views are an expression of 'ultimate truth' as dil 17:44, however, my charts are flagging short e/$.

glgt.

Israel Dil 17:44 GMT October 23, 2011 Reply   
some months ago I posted here my personal view with expectations to downgrade of France and extreme serious problems with the European banking system. which were turned down by many in this forum as doom and gloom but reality turned my views as the ultimate truth. now we are months further and it looks like worst.

in the most simple language, France counts for +++20% of EFSF and same ratio will be kept into the new scheduled ESM. there is no solution with them, and they cannot offer anything sustainable as long they don't face the most simple truth about the euro currency, one horse with many jockeys cannot work, so simple is it, that the euro currency, horse with many jockeys !!!

will you bet your money on horse with many jockeys ?

Israel Dil 17:31 GMT October 23, 2011

it's going towards a tragedy, these bunch of liars suddenly talks about EUR 440B to rescue Greece. Also talks about Greek having no right to take financial decisions about their country for the next 35 years, is that possible?

That EUR 2trl bazooka may turn into EUR 50trl and revisions possible only to the upside. they are looking to create civil wars on a global scale, they are politicians who are acting in behalf of the rich and powerful.

Help !!!

GVI Forex john 17:17 GMT October 23, 2011
Geneva- that is one of the problems I have with the current market. I often have trouble guessing how traders (robots?)will react to news. Bottom line. No major announcements is as expected. On the other hand, it seems like some progress is being made.

GVI Forex john 17:04 GMT October 23, 2011 Reply   

Pivots	EURUSD	USDJPY	USDCHF	GBPUSD	USDCAD	AUDUSD
Res 3	1.4142	77.84	0.9045	1.6228	1.0288	1.0563
Res 2	1.4021	77.37	0.8999	1.6095	1.0238	1.0463
Res 1	1.3945	76.76	0.8915	1.6019	1.0164	1.0398

Pivot	1.3824	76.29	0.8869	1.5886	1.0114	1.0298

Sup 1	1.3748	75.68	0.8785	1.5810	1.0040	1.0233
Sup 2	1.3627	75.21	0.8739	1.5677	0.9990	1.0133
Sup 3	1.3551	74.60	0.8655	1.5601	0.9916	1.0068

hk ab 16:57 GMT October 23, 2011
how about current gold bounce? 1660?

Fx Trading Discussion 16:29 GMT October 23, 2011 Reply   

If you think that EU debt probelms are difficult now - wait until next year

tokyo rana 15:56 GMT October 23, 2011
idonot think japan will do any intervvention...look for 45/65 next....up side small correction possible 78/79......good luck...happy trade,

Geneva OP 15:23 GMT October 23, 2011
If no decisions until Wednesday, what does this mean to the dollar, Euro?

What about the proposals if no decisions?

Any thoughts?

GVI Forex john 14:56 GMT October 23, 2011 Reply   

-- Market-Moving News --

Merkel in Brussels. No decisions until Wednesday. Sources-- No official statement today.


GVI Forex john 13:17 GMT October 23, 2011 Reply   

10/21/2011

20:00

GMT

 

 

 

 

 

Latest

EURUSD

USDJPY

USDCHF

GBPUSD

USDCAD

AUDUSD

NZDUSD

Last

1.3869

76.14

0.8832

1.5944

1.0091

1.0332

0.8018

High

1.3900

76.91

0.8952

1.5961

1.0187

1.0364

0.8027

Low

1.3703

75.83

0.8822

1.5752

1.0063

1.0199

0.7897

Change

0.0085

-0.70

-0.0103

0.0145

-0.0052

0.0086

0.0074

MVA

EURUSD

USDJPY

USDCHF

GBPUSD

USDCAD

AUDUSD

NZDUSD

5 day

1.3787

76.67

0.8949

1.5800

1.0157

1.0257

0.7954

10 day

1.3772

76.80

0.8968

1.5762

1.0182

1.0193

0.7937

20 day

1.3604

76.76

0.9038

1.5649

1.0282

0.9962

0.7819

50 day

1.3888

76.80

0.8630

1.5906

1.0048

1.0236

0.8090

100 day

1.4100

78.06

0.8398

1.6049

0.9865

1.0443

0.8212

200 day

1.4086

80.08

0.8756

1.6135

0.9807

1.0387

0.7971

TREND

EURUSD

USDJPY

USDCHF

GBPUSD

USDCAD

AUDUSD

NZDUSD

BIAS

Up

Down

Down

Up

Down

Up

Up

 

Fx Trading Discussion 12:17 GMT October 23, 2011 Reply   

EURUSD Trading Plan

Fx Trading Discussion 12:10 GMT October 23, 2011 Reply   

Trying to Explain the Unexplained

GVI Forex Jay 12:01 GMT October 23, 2011
ACC you don't need hindsight as the flaws in the euro were well publicized and discussed before it was launched. The basic flaw was that the euro setup would make it difficult to deal with a crisis and/or an economic slowdown. It got a free pass until the 2008 financial crisis and you see what has happened afterwards.

Sydney ACC 10:13 GMT October 23, 2011 Reply   
In hindsight the euro experiment was started too early. What we have is a federal system without a truly federated political system with a single fiscal policy covering the entire Euro bloc. That isn’t going to happen. Memories of WWll are too fresh. The mistrust between nationalities that goes back centuries is still there under a thin veneer of co-operation.
Germany has benefited from the euro, much to the cost of Southern European countries. These countries will never be able to keep up with the Germans or other Northern Europeans. Economically Germany will over the long-term continue to power ahead of the Southerners. The UK learnt this when in the ERM in the early 90’s.
A truly federated system requires fiscal transfers between states. This happens in Australia. The best example to show this is the transfer of GST revenue to less populated states. In this country the GST is collected by the Federal Government but is paid to the states. NSW and Victoria the most populated states receive back less than what they pay, SA and Tasmania for example receive more. Without the transfer of tax revenues at a state and federal level these s states could not survive economically. While NSW and Victoria may grumble, Australians realised as a necessary part of a federal system.
Bailing out Greece et al will just be another case of kicking the can down the road. Germany will continue to suck these countries dry. If the euro is to remain it is going to require fiscal transfers on a continuing basis. Is that going to happen? The answer is probably no. The mistrust between the various nationalities is just too deep for this to occur.
So maybe the euro should have been delayed another generation or two.

Paris Eurusd Trader 08:19 GMT October 23, 2011 Reply   
Germany has many interests in the ongoing European debt saga.

From an economic point of view I will claim that Germany is the big winner from being part of Euro. The alternative to Euro for Germany would be a currency likely 25%+ higher in value – and a real threat to their enormous export income. During the Euro years Germany has likely benefited more than a trillion Euros from being part of a currency weaker than the one they would have had on their own. Most Germans do not recognise this benefit as almost ¾ of the population thinks that the Euro is a failure.

Now Germany is requested to help out solving the debt crises that the region is in the middle of – and in a way which the German public is not happy with. Polls show that around ¾ of the population is against helping Greece.

German papers have taken on a very tabloid approach to these issues and are very much to blame for – what I would call – a selfish approach to an issue which can only be solved being non-selfish.

The question is whether the Germans really understand that being cooperative in these questions – and in fact – being more than that in terms of helping out with a hand of leadership and capital – is very much in their own interest.

Much attention has been paid the Angela Merkel’s party and coalition party’s recent bad performance in regional elections.
It’s not a surprise that they are doing badly when they are not able to get the real message through. And the real message should be that Euro is a gift to the country – as it has always been. Just put figures to this argument and calculate how many more unemployed people Germany would have had if it was not for their membership in Euro. Public opinion would likely look very different if reality was presented to them. The German public is not stupid but they need the facts.

It’s a surprise to me that these simple facts cannot be debated public – with emphasis on what they are. Instead it is a debate which is turned into one set by emotions and rather distasteful arguments.

Go on like this – and the Germans risk that some countries have had enough – and actually will leave the Euro – for reasons Germans might have underestimated. If they do so – Germany will be the biggest loser of all eurozone members. The more of the weaker economies potentially to leave – the stronger the Euro will be – and in the end it will be as strong as it would be if
Germany still had the old German mark. Germany’s export would shrink and unemployment would accelerate.

German politicians know this and what comes through to me is that they try to play s game where Euro is to be kept floating with all its members in place. Weaker economies shall get help only to the extent of keeping them alive. As such the weaker economies will continue to have a negative effect on the value of the Euro, which is very much in the interest of Germany.

The question is: How long will it take before others are fed up and take the matter in their own hands?

So maybe the headline should read whether the German public are aware of what is at stake for them – not for the reasons the German tabloid papers are setting out – but for the reasons of German politicians playing a dangerous game in Brussels.

Vienna GD 08:18 GMT October 23, 2011
Paris Eurusd Trader 05:12 GMT October 23, 2011 .... that's not a way I have looked at it yet ... but that comment finally makes a lot of sense. And so yes maybe indeed a good idea to have a long weekend - each week!

thanks for that contribution!

makassar alimin 07:41 GMT October 23, 2011
Thanks for the weekly videos AL. Agree with your suggested trading range for early part of the week. I could imagine a cautious start for the week ahead. Looking forward to your mid week videos as well if situation warrants that.

Sydney ACC 06:20 GMT October 23, 2011
A well articulated comment. Congratulations.

Boston eFX 06:10 GMT October 23, 2011 Reply   
(Dow Jones via eFXnews) As if we needed reminding, the euro's chart is telling us that the upcoming euro-zone economic pow-wow is a truly high-stakes affair.

The EUR/USD pair may be set up to make two proximate technical breakouts, first a break.....

CHARTING MARKETS: Two Breakout Points Will Weigh The Euro (full story)

Sydney ACC 06:09 GMT October 23, 2011 Reply   
For decades, Germany’s role in Europe has been to supply the cash, not the leadership. With fresh memories of war, the continent was cautious about German domination — and so were the Germans themselves.

But the economic crisis has shaken Europe’s postwar model, and Germany increasingly calls the shots. As countries struggle to pay their debts, only Chancellor Angela Merkel has enough money to haul them out of trouble. And the price Merkel is demanding — more control over how they run their economies — is setting off alarm bells in capitals across the continent.

http://www.washingtonpost.com/world/europe/in-europe-new-fears-of-german-might/2011/10/19/gIQA3baZ7L_story.html

Paris Eurusd Trader 05:12 GMT October 23, 2011
Dear Jay,
I shall not comment on the specific EURUSD move late in US session this Friday but more generally to the moves currency pairs do in US sessions Friday afternoons.

In Europe – for many years – we have always said that during this part of the trading week, you stay away. Take a long weekend and let the US traders run like chickens. That’s what they do. Moves are often totally unpredictable – likely because there is absolutely no debt in the market.

I have not seen moves in US session on Friday afternoons as any indicator of value to what is going to happen the week after – unless there have been news or data from that Friday supporting the move.

Most Fridays there aren’t any such news or data of interest – and still the US session at the end of the week shows volatility and moves. That’s why we ignore them in respect of what to do the week after.

The debt of the Foreign Exchange market you find during European opening hours. Turnover in the market then is almost three times what it is when the US session is on its own. In fact – the Asian session shows more of debt than what is the case for the US session.

Big client orders and the bigger moves by market makers are executed accordingly. You need debt in the market to do those amounts – and such debt you don’t find in the NY session. As such – you wait until the next day – and that’s when you see what volume is doing.

Sorry to say – but US session is looked upon to be one to “play” if you are in for fun – but one to avoid when you have more serious stuff to do. It’s been like this for years – and I have seen it for 34 of them.

Syd 05:11 GMT October 23, 2011 Reply   
AFP - Europe aimed to nail down a solution to the worst economic crisis in its history Sunday, as the spotlight at an emergency meeting of EU leaders fell on Italy amid contagion fears in the eurozone.

LINK

Syd 05:08 GMT October 23, 2011 Reply   
Greece’s economy has deteriorated so severely in the last three months that international lenders would have to find €252bn in bail-out loans through the end of the decade unless Greek bondholders are forced to accept severe cuts in their debt repayments.

LINK

GVI Forex Jay 02:32 GMT October 23, 2011
Summit update:

EU leaders meet on debt crisis, hope for Wednesday deal

GVI Forex john 00:39 GMT October 23, 2011 Reply   
Week time frame...

10/21/11 EURUSD	USDJPY	USDCHF	GBPUSD	USDCAD	AUDUSD
Last	1.3869	76.14	0.8832	1.5944	1.0091	1.0332
High	1.3914	77.45	0.9081	1.5961	1.0264	1.0371
Low	1.3651	75.83	0.8822	1.5629	1.0040	1.0114
Change	-0.0017	-0.99	-0.0078	0.0033	-0.0039	0.0057
Pivots	EURUSD	USDJPY	USDCHF	GBPUSD	USDCAD	AUDUSD
Res 3	1.4235	78.74	0.9260	1.6392	1.0447	1.0688
Res 2	1.4074	78.09	0.9171	1.6177	1.0356	1.0529
Res 1	1.3972	77.12	0.9001	1.6060	1.0223	1.0431
						
Pivot	1.3811	76.47	0.8912	1.5845	1.0132	1.0272
						
Sup 1	1.3709	75.50	0.8742	1.5728	0.9999	1.0174
Sup 2	1.3548	74.85	0.8653	1.5513	0.9908	1.0015
Sup 3	1.3446	73.88	0.8483	1.5396	0.9775	0.9917

 


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Forex Forum

The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs.

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The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.

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Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.

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Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.

 

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