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Forex Forum Archive for 05/24/2014

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HK RF@ 23:01 GMT May 24, 2014
Complicating:Donetsk, Lugansk republics unite in �Novorossiya� state.

Self-proclaimed People�s Republics of Donetsk and Lugansk have united in a state called Novorossiya (New Russia), the chairman of the DPR Supreme Council, Denis Pushilin has said.
�We�ve signed a memorandum on the republics� union. We've named the united regions as the union of people�s republics,� Pushilin told Itar-Tass on Saturday.
Answering a question about the unification of the republics� government, he said, �I believe that this will happen in due time. It is expedient.�
The DPR commissions are currently working to form a new social and economic platform under which the new region will live, Pushilin said.
Earlier, Donbass Governor Pavel Gubarev said the Donetsk and Lugansk People�s Republics �signed a document on the union in Novorossiya�.
�We do not recognise the president and parliament of Ukraine. The Donetsk and Lugansk republics are independent states.

GVI Forex john 22:29 GMT May 24, 2014
Commitment of Traders Report

S&P and 10-yr Note. S&P shorts looking very vulnerable. S&P closed at 1900 +6 on Friday. Note: 10-yr scale inverted because 10-yr Note trades in bond prices, not yields.

GVI Forex john 22:26 GMT May 24, 2014
Commitment of Traders Report


Looks like this pair was at a tipping point last Tuesday. Friday late (spot 1.6380 was below the 1.6859 20-day average).

GVI Forex john 21:57 GMT May 24, 2014
Commitment of Traders Report


There is a long way to go, but it is pretty clear that USDJPY longs are steadily throwing in the towel after holding onto their USD longs steadfastly for a remarkably long period of time.

It looks to me as though there has been more reduction of USDJPY longs, than much USDJPY selling. Bearish JPY sentiment has been abating, but we don't see many signs of traders turning bullish the JPY. Because of the way it is quoted, note that the right side USDJPY scale has been inverted so that the USDJPY weakens (JPY strengthens) as one moves UP the scale.

GVI Forex john 21:41 GMT May 24, 2014
Commitment of Traders Report

Watch how met positions in EUR flip to short as the spot rate trades through its 20 day moving average. So even though trading has been slow, the short side of EURUSD has become the "strong side" of the market. My point is the spot vs. 20-day relationship ban often be a reliable predictor of trader positioning behavior.

to dk 20:44 GMT May 24, 2014
Risk On/Off Heat Map


GVIForex 12:51 GMT May 24, 2014
Knowledge is Power
We posted some great articles this past week and also a look ahead in weekly themes.

STAY INFORMED: Click below for articles of interest posted this past week

- EUR Downtrend Gathering Steam: Themes for May 25, 2014
- Tokyo Near to Action in JPY?
- Green Light Says Go! Don�t Fight the Central Banks
- Ask Your Advocate: Do You Believe in (Trading) Miracles?
- Are Forex Markets Rigged (Continued)?
- Beware of Increasing Your Trading Volume

Kniwledge is Power - Read These Articles

HK RF@ 08:43 GMT May 24, 2014
Where bankers don't have to suicide, but the state does it for them.

Iran hangs key figure in banking scandal.

TEHRAN � Iran�s state media is reporting that a key player in the country�s biggest-ever banking scandal was executed here on Saturday.

The office of Tehran�s public prosecutor announced that Mahafari Amir-Khosravi, one of four co-conspirators given the death sentence in 2012 for their roles in embezzling the equivalent of $2.6 billion, was hanged inside Tehran�s Evin prison.
Among those accused in the case were executives at seven of Iran�s largest banks, and the managing director of the biggest one, Melli Bank, is still at large having fled the country soon after the details of the case were announced in September 2011.

Amir-Khosravi was convicted of forging letters of credit, proceeds of which were later used to set up a private bank.

Plans for his execution had not been made public and his death caught many by surprise.

When the scandal in which a group of powerful businessmen conspired with bank managers to rob public coffers became public, it set off a months long national controversy that many felt went unpunished, believing that the case would result in little more than slaps on the wrists of those involved.


Mtl JP 03:47 GMT May 24, 2014
Risk On/Off Heat Map

OTTAWA -- Canada's annual inflation rate rose to 2.0 per cent in April, from 1.5 per cent the previous month, Statistics Canada said Friday.
BoC's slogan: "We are Canada's central bank. We work to preserve the value of money by keeping inflation low and stable."

Way to go Poloz !

HK RF@ 02:17 GMT May 24, 2014
Criminal traders in WallSt.

Goldman, JPMorgan sued over zinc prices

(Reuters) - A lawsuit filed on Friday alleges that Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N), the London Metal Exchange and metal warehouse operators have conspired since 2010 to manipulate the price of zinc in the United States.

The lawsuit, filed in the Southern District of New York, also names as defendants the mining and commodities trading group Glencore Xstrata (GLEN.L) and its Pacorini Metals USA LLC unit. Metro International Trade Services, the metal warehousing of Goldman Sachs, is also named a defendant.

The lawsuit, which seeks class action status, echoes the allegations made in previously filed lawsuits over alleged manipulation of the aluminum market in the United States.

It claims the defendants used a variety of means to restrain trade in zinc, including by manipulating LME rules to ensure long queues for metals and shuttling zinc between warehouses for no reason other than to "cause and exacerbate anticompetitive effects."

Like aluminum, physical prices of zinc have soared in recent years due to the queues, causing extra costs to users, such as galvanizers.

London Metal Exchange warehouses in New Orleans hold 80 percent of the zinc in the exchange-registered stockpile. Pacorini operates most of the sheds in that port city.

JPMorgan and Glencore declined to comment on the lawsuit. A spokesman for Goldman Sachs said it intended to "vigorously contest the suit."

LME did not respond to a request for comment.

The lawsuit was filed by Duncan Galvanizing Corp of Everett, Massachusetts.

Duncan Galvanizing did not return a call and an email asking for comment.

The case is Duncan Galvanizing Corp v. The London Metal Exchange, et al, U.S. District Court, Southern District of New York, No. 14-03728.

(Reporting by Andrew Longstreth and Josephine Mason; Editing by Mohammad Zargham


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