Daily levels - Updated On { September 02, 2009 }

rend	Currency	Support2	Support1	Pivot	Resistance1	Resistance2
Bearish	EUR/USD	1.4135	1.4180	1.4260	1.4335	1.4380
Bearish	USD/JPY	92.65	92.80	93.05	93.30	93.45
Bearish	GBP/USD	1.6050	1.6115	1.6215	1.6315	1.6380
Bullish	USD/CHF	1.0535	1.0570	1.0635	1.0695	1.0735
Bearish	AUD/USD	0.8190	0.8240	0.8315	0.8395	0.8445
Bullish	USD/CAD	1.0870	1.0915	1.0990	1.1065	1.1115
Neutral	EUR/GBP	0.8760	0.8775	0.8800	0.8825	0.8840
Bearish	GBP/JPY	149.05	149.75	150.90	152.00	152.70
Bearish	EUR/JPY	131.30	131.85	132.70	133.60	134.15
Bearish	NZD/USD	0.6680	0.6720	0.6785	0.6850	0.6890
Bullish	GBP/CHF	1.7135	1.7165	1.7220	1.7275	1.7310
Bullish	GBP/NZD	2.3635	2.3720	2.3855	2.3990	2.4075
Bearish	AUD/JPY	76.05	76.55	77.35	78.10	78.60
Bullish	EUR/CAD	1.5610	1.5635	1.5675	1.5710	1.5735
Bearish	EUR/CHF	1.5140	1.5145	1.5160	1.5175	1.5180
Bullish	GBP/AUD	1.9270	1.9345	1.9465	1.9590	1.9665

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Recommendations

Currency Long/Buy Short/Sell Target Stop Date Remarks USD/JPY 91.75 - 93.45 90.65 04-01-2009 profit booked GBP/USD 1.4460 - 1.5200 1.4345 04-01-2009 profit booked 740 pips GBP/USD 1.9480 - 1.9960 1.9390 05-06-08 - GBP/JPY 204.40 - 207.50 202.65 26-05-08 profit booked 310 pips USD/CAD .9880 - 1.0275 1.9795 26-05-08 profit booked 295 pips GBP/USD - 1.9890 1.9640 1.9995 25-03-08 flat on 1.9700 break fails GBP/JPY - 213.35 209.70 214.15 27-02-2008 - GBP/JPY - 211.80 208.35 212.65 21-02-2008 Profit booked of 145 pips GBP/USD - 1.9635 1.9335 1.9715 21-02-2008 Stop hit of 80 pips GBP/USD - 1.9550 1.9220 1.9640 12-02-2008 Stop hit of 90 pips EUR/USD - 1.4545 1.4360 1.4635 12-02-2008 Stop hit of 90 pips GBP/USD - 1.9935 1.9690 2.0035 30-01-2008 Profit booked of 245 pips GBP/JPY - 212.25 209.60 213.45 29-01-2008 Profit booked of 265 pips GBP/JPY 207.70 - 211.30 205.45 16-01-2008 Profit booked of 360 pips GBP/USD 1.9565 - 1.9830 1.9480 09-01-2008 Profit booked of 140 pips GBP/USD 1.9685 - 1.9870 1.9580 04-01-2008 Profit booked of 115 pips GBP/USD - 2.0055 1.9690 2.0115 31-12-2007 Profit booked of 365 pips GBP/JPY - 226.35 223.50 227.10 24-12-2007 Profit booked of 285 pips GBP/JPY - 228.85 226.10 229.65 18-12-2007 Profit booked of 275 pips GBP/JPY - 227.55 224.50 228.35 12-12-2007 Stop hit of 80 pips GBP/JPY 227.05 - 230.70 225.75 30-11-2007 Stop hit of 130 pips GBP/JPY - 225.90 222.80 226.85 16-11-2007 Stop hit of 95 pips GBP/USD 2.0380 - 2.0550 2.0335 02-10-2007 Profit booked of 60 pips

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Forex4Asia is Giving Effecient & Different Services

Forex4Asia has very trained and experienced team members. They are doing Currencies business since last 10 years and have gained a lot of experience. Here is a little difference which our Client gain during the previous month on little investment.So Become a Member and get more services to improve your Trading.

*“The Views and opinions represented in the provided website links and resources are not controlled by the introducer or the FCM. Further, the introducer and the FCM are not responsible for their availability, content, or delivery of services.”*

Note:- These profit/loss are not confirmed these can be increased and these can be convert into loss. Because this is very risky market. Forex4Asia is not responsible for any loss during trading client will loss.

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MANAGE YOUR FOREX ACCOUNT

Forex4Asia has specialized team in providing professional Forex investment management account on a discretionary basis wide variety of markets including the worldwide inter-bank foreign exchange (Forex) market. Its programs are technical, trend-following, support & resistance, volatility systems and are speculative in nature. In managed Account you don't need to send money to us its very simple you just have to open an account with your bank nearest to your locality . We will only open your account with FXCM on your request with your name. Managed Account investors are advised to carefully check your account statement weekly, fortnightly and monthly basis. Invest in your future and Trade FOREX with a managed account. Forex4asia team is always ready and vigilant to manage you accounts.

Managed Account's Goal

The goal of Forex4asia team is to provide Maximum exposure and Maximum Trading Oportimotoes in the Currency Market to our investor through opening individual accounts traded by professional of Forex4asia team's managers. We will only get 50% profit which we earn in your account on monthly basis.We are ready to serve our investor/client in best manner.

Introduction to Forex Trading (Asian report)

FOREX is the world’s largest and most liquid trading market. In our opinion ,FOREX is one of the best home business you can ever venture in. Even though regular people have had the opportunity to take part in trading foreign currencies for speculations (in the same way banks and large corporations do) since 1998, it is just now becoming the cool, hip, new "thing" to talk about at parties, business events, and other social gatherings.

Even though it has been somewhat of a loosely guarded secret, every day more and more investors are turning to the all-electronic world of FOREX trading because of what they perceive as its numerous benefits & advantages over traditional trading vehicles, like stocks, bonds and commodities.

But, still, whenever something seems new or is just becoming a part of social conversation, news articles, and water cooler gossip, misconceptions have to be overcome, the mind has to be open and the slate has to be clear for starting out fresh with the CORRECT information.

So, in this article, it is my attempt to give you some solid, but not over-detailed, information on just what the heck "FX" (FOREX) means, what it is, and why it exists.

Here's an explanation (one I feel you'll appreciate) of what FOREX is and how a bunch of traders, operate in this market

The Foreign Exchange Market, also referred to the "FOREX" or "FX" market, is the spot (cash) market for currency.

But, don't mistake FX as trading the futures market, where you buy a contract to purchase a particular currency at a future price in time.

So, you're probably wondering where it's at ... or ... how to access the FX market?

The answer is: FX Trading is not bound to any one trading floor and is not centralized on an exchange, as with the stock and futures markets. The FX market is considered an Over-the-Counter (OTC) or 'Interbank' market, due to the fact that the entire market is run electronically, within a network of banks, continuously over a 24-hour period.

Yes, if that's the first time you've heard about an all-electronic market, I know this may sound somewhat intriguing to you.

Here's what you are actually trading when you participate in the Foreign Exchange (FOREX) market:

Essentially, like the large banks who use the FX market to protect themselves from the fluctuating exchange rate of different currencies, as an investor, what a FX trader is doing is simultaneously exchanging one countries currency for another. So, in actuality, they're electronically trading a currency-pair and the price that is quoted to us is the exchange rate between the two currencies.

In other words, simply the quoted price is how many of the one currency is worth 1 of the other currency.

Example:

EUR/USD last trade 1.3680 - One Euro is worth $1.3680 US dollars.The first currency (in this example, the EURO) is referred to as the base currency and the second (/USD) as the counter or quote currency.

The FOREX has a DAILY trading volume of around $1.5 trillion dollars - 30 times larger than the combined volume of all U.S. equity markets.

The FOREX plays a vital role in the world economy and there will always be a tremendous need for the FOREX. International trade increases as technology and communication increases. As long as there is international trade, there will be a FOREX market. The FX market has to exist so a country like Japan can sell products in the United States and be able to receive Japanese Yen in exchange for US Dollar.

There's plenty of opportunities using FOREX for plenty of traders that use the right trading techniques / tactics that will allow them enter this market.

Toyota's new medium-sized hybrid sedan

Toyota to release new medium-sized SAI hybrid within this year

Toyota Motor Corp plans to release within this year a new medium-sized hybrid sedan, the SAI, that is bigger than the current best-selling Prius as it seeks to expand its lineup of electric-gas hybrids, sources familiar with the matter said Friday. The SAI will be positioned as a Toyota brand-version of the luxury Lexus HS250h hybrid sedan released in mid-July. It will have the same basic structure but different exterior and interior designs, the sources said. The SAI’s starting price is expected to fall between the HS250h’s 3.95 million yen and the new Prius’ 2.05 million yen, the sources said. Toyota also plans to release a cheaper compact hybrid based on its Vitz model with better fuel efficiency than the new Prius and a minivan-type hybrid as early as in 2011.

Microsoft, Yahoo join in opposing Google books deal

Microsoft Corp and Yahoo! Inc are joining a group of opponents to a class action settlement that gives Google Inc the right to digitize millions of books, the companies said on Friday. The companies are becoming part of the Open Book Alliance, made up of nonprofits and libraries that have raised a red flag against Google's plan to digitize books and put them on the Internet. "Yes, we've agreed to participate in the coalition," a spokesman for Microsoft said. A Yahoo spokeswoman said they had also signed on. Amazon.com Inc has also reportedly joined, but a spokeswoman said: "We don't comment on rumor or speculation." Critics say the deal gives Google the unimpeded ability to set prices for libraries, once they scan books and put them on the Internet.

If the service becomes a necessity for libraries they would face monopoly pricing, Google's opponents say. They also say it would also allow Google -- and only Google -- to digitize so-called orphan works, which could pose an antitrust concern. Orphan works are books or other materials that are still covered by U.S. copyright law, but it is not clear who owns the rights to them. Google took issue with the criticism. "The agreement is not exclusive. If improved by the court it will expand access to millions of books in the U.S.," said Gabriel Stricker, a spokesman for Google. "The agreement stands to inject more competition into the digital book space, so it's understandable why our competitors would fight hard to prevent more competition," he said.

New York University law professor James Grimmelmann, who runs thepublicindex.org site, which carries documents on the case, said he is waiting to see the arguments of the Open Books Alliance. "Google is right that there are access benefits to making books available," said Grimmelmann. "The question of whether this is good or bad for competition is hotly contested. There are clear ways that the settlement could create a concentration of power, especially over orphan books." The deal is under review or investigation by the U.S. Justice Department, the European Commission and a group of U.S. state attorneys general. The proposed settlement was reached in October, 2008, to settle a lawsuit filed in 2005 by the Author's Guild, when Google began scanning books.

The Guild and a group of publishers has alleged copyright infringement. Google has agreed to pay $125 million to create a Book Rights Registry, where authors and publishers can register works and receive compensation from institutional subscriptions or book sales. A hearing on approval of the settlement is set for October 7 in U.S. District Court in New York.

odafone, Telefonica Bid for T-Mobile U.K. Unit, FT Says

Vodafone Group Plc and Telefonica SA made informal offers to Deutsche Telekom AG to buy its T-Mobile UK unit for about 4 billion pounds ($6.6 billion), the Financial Times reported, without citing anyone. Vodafone and Telefonica made the bids at the end of last month, while Deutsche Telecom is in discussions with France Telecom SA for a possible joint venture of their U.K. assets, the newspaper said on its Web site. Taking over or partnering with T-Mobile UK, the country’s fourth-largest wireless operator, would remove a rival for Vodafone, Telefonica SA and France Telecom SA, allowing them to boost margins and earnings. Selling the U.K. unit would help Deutsche Telekom exit from a market that has five mobile-phone operators and is more competitive than Italy and France. Subscribers to T-Mobile UK services fell 0.6 percent in the second quarter from the preceding three months, according to Deutsche Telecom, the company’s only mobile division to post a decline in users. O2, owned Telefonica, had a 27.7 percent share of the U.K. mobile-phone market on a revenue basis in the second quarter, followed by Vodafone’s 24.7 percent and France Telecom’s Orange with 21.5 percent, according to the Financial Times. Vodafone and Telefonica are considering what kind of concessions they may need to make to obtain approval from antitrust regulators, the newspaper said. Deutsche Telekom Chief Executive Officer Rene Obermann on May 7 said he takes a “long-term” view on the unit and that he backs the division’s “chances in the medium-to long-term.” On May 26, France Telecom Chief Executive Officer Didier Lombard said the company doesn’t have plans for any major acquisitions in the foreseeable future. The company said it will conserve its cash to maintain its credit rating.

Fighting of Airbus, Boeing

Airbus, Boeing: The Fight Isn't Over

When the World Trade Organization issued its long-awaited ruling Sept. 4 supporting U.S. claims that the European consortium that makes Airbus planes received improper government subsidies, many media pundits viewed the ruling as both a setback for Airbus as well as the tinder for a potential trade war between the U.S. and the European Union. But inside the aerospace industry, the smart money is betting that the effects of the WTO decision will be much more modest.

Indeed, aerospace experts say the WTO ruling will have three practical effects:

• Most directly, it will have little impact on the tightly contested battle between Airbus and Boeing (BA) in the passenger-jet business, which was at the heart of the legal dispute. Both companies are working to bring out next-generation aircraft, the 787 Dreamliner for Boeing and the A350 for Airbus.

• The ruling could help archrival Boeing, which pushed the U.S. to file the WTO complaint, on a separate, smaller battle: its campaign to wrest away a plum $35 billion U.S. contract for a military refueling tanker plane from Airbus and partner Northrop Grumman (NOC), the Air Force's initial choice.

• The lawyers will get rich. The ruling "will provide a source of satisfaction for lawyers and frustration for everyone else," muses Richard Aboulafia, a vice-president of analysis for Teal Group, a Fairfax (Va.) aerospace consulting firm.

LEGAL GAMES AREN'T OVER
In the interim ruling—which was presented only to U.S. and EU officials, but which was confirmed by BusinessWeek—the WTO concluded that the $4 billion in aid Airbus received from European governments for development of the A380 super-jumbo passenger jet constituted illegal subsidies. While the WTO is not authorized to impose sanctions against any government that it finds has violated international trade laws, the WTO ruling could empower the U.S. to levy tariffs either against Airbus—or any other European imports—equal to the amount of the improper subsidies. But experts who have followed the dispute closely view the WTO ruling as only the first act in a legal drama that could last for years.

Already, European officials are taking issue with reports that the ruling was a setback for Airbus, a unit of European Aeronautic Defence & Space (EAD.PA). The decision was "not a clear-cut ruling," says a source close to the European Union. "The findings are much more nuanced." (For its part, officials at the Office of the U.S. Trade Representative (USTR) declined comment, except to reaffirm its view that European governments "have provided unfair subsidies to Airbus that harm U.S. interests.") Most observers expect the EU to appeal the ruling, a process that could take years to play out. "You are a couple of years away until the U.S. can think about retaliating," says John Veroneau, a partner with Covington & Burling who served as general counsel for the USTR when the case was filed in 2003.

DOING NOTHING IS AN OPTION
Even then, experts note that there's another shoe to drop first: The WTO is expected to rule sometime in early 2010 on the EU's counter-complaint that Boeing's contracts with the Pentagon are tantamount to R&D subsidies—and could well rule against the U.S. in that dispute. And while the WTO rulings could empower the U.S. and EU to impose tariffs against each other—slapping penalties on jets, or even French wine and Washington State apples—trade negotiators could conclude such moves would be counterproductive. "By the time this is all said and done, the governments may decide to do nothing," says Scott Hamilton, an aerospace industry consultant based in Issaquah, Wash.

"That's what Canada and Brazil did" in a mutual dispute over subsidies to both Montreal-based Bombardier (BBDb.TO) and Embraer (ERJ), which is based in São José dos Campos, Brazil. Indeed, industry veterans say Boeing's intentions in pushing the U.S. to file its case in 2004 were never done with the belief that it could cut off government subsidies to EADS. Rather, Boeing's real intent may simply have been to try to scare private lenders off of providing the financing it needed to finish development of the A380 jet—or even as a smokescreen to deflect attention from its own culpability in a bribery scandal that involved a top executive and an Air Force weapons buyer. "There's been a theory shared by many in the industry that [the WTO case] was filed to divert attention from [Boeing's] own scandal," says Hamilton.

GOVERNMENTS RECOGNIZE THE INDUSTRY'S IMPACT
Now, some analysts expect Boeing to use the WTO ruling as a lever to convince Pentagon officials to award it the lucrative tanker contract, which was initially given to a team consisting of EADS and Northrop Grumman but later reopened after the Government Accountability Office found problems with the bidding process. And while some media reports quoted trade experts predicting that the U.S. and EU will attempt to resolve the dispute through bilateral negotiations, Aboulafia says such talks "will be about as useful as the German-Russian nonaggression treaty," a 1939 pact in which those nations secretly agreed to carve up Northern and Eastern Europe. That's because many countries—be it the U.S., France, or even others like Russia and China that are trying to nurture their own aerospace industries—realize the economic impact of supporting aircraft manufacturers. Thus, even if the U.S. prevails in its WTO claim, "governments will just find a different way to provide financial support" to their aerospace industry, says Aboulafia. Until then, the legal games will continue.

Is Nokia Already Dead in U.S. Market?

he latest sign that Nokia is falling seriously out of favor with analysts comes from Greg Sterling of Internet2Go, a unit of San Francisco-based Opus Research that specializes in the mobile Internet. Sterling writes that “you might as well stick a fork” in Nokia’s prospects in the U.S., noting that the Finnish company’s share in smartphones has been declining in the face of competition from Apple and BlackBerry-maker Research in Motion. Symbian, the operating system used in Nokia handsets as well as some other manufacturers, is also losing share, Sterling points out. Only a radical departure, such as a shift to a new operating system, can rescue Nokia’s prospects, he writes. Sterling joins a growing list of professional market watchers who argue that Nokia has lost the initiative in smartphones, the most lucrative part of the market.

And it’s not just the U.S.-based analysts who are coming around to this view. In a recent note, Richard Windsor, mobile industry specialist at Nomura Securities, argues that Nokia probably won’t be able to catch up with the iPhone until the end of 2011. The company will require that long to develop a user interface as good and to make changes in the underlying software so that it’s easier for outsiders to write applications for Nokia devices. If you own Nokia shares, that’s a long time to wait. Their points are valid, but let’s consider the contrarian view. In fact, Nokia is taking radical steps. For example, the company has begun shifting to a new operating system called Maemo 5, based on the popular Linux open-source OS. In the run up to the Nokia World extravaganza in Stuttgart Sept. 2 and 3, the company announced a new handset-sized portable computer called the N900 which will run Maemo.

I ran into Nokia Executive VP Anssi Vanjoki at the event, and he surprised me by telling me that he thought the N900 was of greater strategic importance to the company than the new Booklet 3G mini laptop, which grabbed all the headlines. In fact, one problem that Nokia is having right now is that it’s making so many announcements—alliances with Facebook, new music phones, ambitious plans to launch mobile money services—that it’s easy to get the impression the company is going in too many directions at once. But Nokia is going in a lot of directions at once because, with more than double Apple’s annual revenue, it can afford to. Already, the distinction between smartphones and mass-market handsets is blurring as high-end features become commonplace.

It’s unlikely that Nokia will soon match Apple for usability and design appeal, or separate RIM from its business-class users. But they can’t match Nokia’s R&D resources or its economies of scale. True, Nokia has not been able to bring its strengths to bear in the U.S. market. It wouldn’t be the first European company to discover that global dominance doesn’t count for much in the U.S. (See: Volkswagen, DHL.) But Nokia has begun working more closely with U.S. carriers to get its high-end phones into the market. And at some point Nokia may be able to benefit from the greater leeway it gives users to switch carriers or customize their handsets. As Nomura’s Windsor points out, Nokia’s comeback could take a while. But I think it’s way too early to pronounce Nokia dead in the U.S. or anywhere else.

Microsoft Hits Hackers

Microsoft (MSFT) thinks everyone who runs Windows should be using antivirus software. I can just hear the cynics saying: "They ought to know—it's their buggy software the hackers are exploiting." In fact, over the past five years, Microsoft has made huge strides in protecting its systems against attacks. Now it's moving to the next level. Microsoft works hard to make sure its programmers write secure code. But the company's executives know that even with the most diligent process, there will always be flaws that provide openings for the bad guys. They also know that an unprotected system is a peril not only to its owner, who risks the loss of user names, passwords, and other vital information, but also to the community. A large percentage of the malicious programs out there are designed to capture PCs so they can be used to spew spam or launch attacks.

A few years ago, Microsoft tried, unsuccessfully, to get into the paid security business with a service called OneCare. Now management has decided that if they can't sell it, they will give it away. Microsoft Security Essentials is a basic antivirus program that scans your system for malware, checks files that you bring into your computer through downloads or media such as flash drives, and tries to block sneak downloads from hostile Web sites. It works with Windows 7, Vista, and XP and is available for download now as a test version. The final product is due before yearend. Giving away antivirus programs is nothing new; AVG , Avast!, and others have long provided free programs. But Microsoft throwing its weight and marketing might behind such software could make a big difference.

I tried Security Essentials on several systems and found that it installed easily and worked flawlessly without noticeably slowing performance. The German lab AV-Test ran its standard tests on Security Essentials and declared it to be "very good" compared with competing products. At the same time, I don't think Security Essentials is about to drive paid offerings from the likes of Symantec (SYMC) and McAfee (MFE) off the market. These companies sell a variety of security products and services ranging from around $40 to $80 a year for up to three computers, and all are far more comprehensive than Security Essentials. The for-pay offerings include firewalls, anti- phishing defenses, parental controls, and in some cases data backup services.

Still, I have grown disenchanted with these heavyweight packages. Many of the features duplicate what is already built into operating systems and browsers. Vista and Windows 7, for example, have solid parental controls, and Internet Explorer 8 and Firefox 3.5 have defenses against both phishing attacks and "drive-by downloads" of malware from Web sites. While the firewalls included in the paid products offer much more detailed control than the built-in Windows firewall that Security Essentials relies on, the overwhelming majority of users never touch these settings.

And Symantec's Norton Internet Security, which I use on my home Windows systems, has recently developed the annoying habit of demanding that I reboot my system to install updates a couple times a week. Unfortunately, I don't expect computer makers will install Security Essentials on new PCs. Antivirus software makers pay to have trial versions of their programs loaded. With margins tight, manufacturers want that revenue. Trouble is, many customers never renew after the 30- to 90-day trial period runs out and are thus left unprotected. Microsoft's "good enough" offering is exactly that, and it marks important progress in the fight to keep computers safe.

Facebook makes money, tops 300 million users

Facebook is making enough money to cover its costs and now has 300 million users, the world's largest social networking site said on Tuesday, proving the Internet's newest star industry can be a viable business. Facebook is now generating enough cash to cover its operating expenses, as well as the capital spending needed to maintain its fast-growing service. Analysts said this shows the financial viability of Facebook, which has faced questions about its underlying business model, despite its popularity, and was a good sign for a potential initial public offering. "It's certainly meaningful to show that this is absolutely the real deal," said Broadpoint Amtech analyst Ben Schachter. "They are executing. People are spending money on the site." Since its creation in a Harvard dorm room five years ago, Facebook has emerged as one of the Internet's most popular destinations and is increasingly challenging the Web's established powerhouses like Yahoo Inc and Google Inc. Facebook unveiled a revamped search engine last month and is currently testing an online payment system. Facebook users have tripled from about 100 million a year ago. Facebook Chief Executive Mark Zuckerberg said in a blog post on the company site on Tuesday that Facebook reached its goal of being free cash flow positive in its most recently ended quarter.

The company had previously projected reaching the target sometime in 2010. "This is important to us because it sets Facebook up to be a strong independent service for the long term," said Zuckerberg in the blog post. Facebook spokesperson Larry Yu said the free cash flow metric does not include any cash from private investment. In May, Facebook announced a $200 million investment from Russian investment firm Digital Sky Technologies in a deal that valued the company's preferred shares at $10 billion. DST valued Facebook's common shares at $6.5 billion in a subsequent deal to purchase shares from Facebook employees. Facebook's becoming cash flow positive ahead of schedule provides another nugget of data to back up the lofty valuations, and according to one analyst, makes Facebook a more attractive candidate for a potential public offering. "They can command higher confidence from investors now," said Collins Stewart analyst Sandeep Aggarwal, who noted that he believes Facebook could go public in the second half of 2010, or in 2011. Zuckerberg said in May that any IPO is "a few years out." Facebook did not provide any other financial details on Tuesday. The company has previously said its revenue was on track to grow 70 percent this year. Facebook board member Mark Andreesen told Reuters earlier this year that the company will surpass $500 million in revenue this year. Zuckerberg said in his post that the company is exploring ways to make the service perform faster and more efficiently as the number of Facebook users continues to grow.

Dollar climbs after strong US retail sales data

NEW YORK: The dollar climbed against a basket of major currencies for the second straight day on Tuesday as positive US economic data prompted investors to return to the theme that the US will be at the forefront of a global economic recovery. That would make help push up US interest rates and make US assets more attractive, boosting demand for the dollars to buy them. Sales at US retailers rose at their fastest pace in three-and-half years in August as government-sponsored auto incentives buoyed demand for motor vehicles, according to data on Tuesday that showed sales outside the auto sector also were strong. US producer prices rose more than twice as much as expected in August on the biggest surge in gasoline prices in more than 10 years and prices declined less than expected compared with a year ago, a government report showed on Tuesday. There is no question of this being positive data, even though the cash-for-clunkers program was a huge part of it, said Michael Woolfolk, senior currency strategist at the Bank of New York Mellon in New York. Its consistent with the story that the economy has bottomed though not yet in a position for fiscal and monetary stimulus to be removed. But investors are looking toward the removal of the stimulus, leading to higher interest rates which would be good for the dollar, Woolfolk said. The dollar index, which measures the dollars value against a basket of currencies, rose 0.2 per cent to 76.867, staying above a one-year low of 76.457 hit last week. The euro was last at $1.4589, down 0.2 per cent on the day. Against the yen, the dollar rose 0.5 per cent to 91.37 yen, pulling away from a seven-month low hit on Monday. Sterling underperformed after Bank of England Governor Mervyn King said the central bank was looking at reducing the rate on commercial banks reserves, fueling speculation of further quantitative easing. Sterling was down 0.7 per cent on the day to $1.6454 after Kings comments which fueled speculation that the BoE may use yet another device in its quantitative easing toolkit. The pound erased earlier gains made against the dollar after stronger than expected British house prices and a smaller-than-expected fall in inflation. Sterling also hit a four-month low versus the euro on Kings comments.

Oil up past $69; distillates concern caps gain

LONDON: Oil rose above $69 a barrel on Tuesday, lifted by an expected draw in US crude stocks and better-than-expected US retail sales data, but concerns about rising US distillate inventories capped gains. The market was awaiting the weekly crude inventory report from the American Petroleum Institute (API) at 2030 GMT. Analysts forecast a 2.7-million-barrel draw in crude stocks but a 1.5-million-barrel increase in distillates and an 800,000-barrel build in gasoline stocks. Prices were little moved after OPEC left its 2010 oil demand forecast unchanged, saying evidence of an impending upturn in the world economy appeared to be gathering but that recovery would be gradual. US crude for October delivery rose 89 cents to $69.75 a barrel by 1343 GMT, while Brent was down 2 cents to $67.42. Trade in Brent was distorted by the expiry of the front-month contract at close of business on Tuesday. There is a concern about inventory building, Christopher Barret, analyst with Calyon, told Reuters Television. The amount of gasoil in storage will put some pressure on crude prices in the coming weeks, Barret said, adding that he thought US crude would fall to $65 a barrel in the last three months of 2009. The US Energy Information Administration, a government agency, will issue its own inventory report on Wednesday. VTB Capital analyst Andrey Kryuchenkov also said distillates would be the most-watched API number, with demand in them expected to rise as temperatures in North America drop in the run up to winter and on a pick-up in industrial production. Sales at US retailers rose at their fastest pace in three-and-a-half years in August, an indicator of reviving economic demand in the worlds largest oil user. The market was jittery after news the CME Group, which runs NYMEX, has notified traders and brokers of tighter enforcement of existing position limits on NYMEX, CME, and other exchanges as of September 14. But a source told Reuters on Monday that the CME will not boost enforcement of positions limits and that the advisory was routine. Some oil traders said they interpreted the advisory as a CME warning that it could soon offer fewer exemptions for exceeding position limits. Theres a lot of talk about (the CME advisory), Kryuchenkov said. It comes on top of the ongoing CFTC investigation and lawmakers pushing for tougher regulation. Itall piles up. The US Commodity Futures Trading Commission aims to rein in speculation in energy and commodity trading, especially oil.

Foreign investment down 36pc in 2 months

KARACHI - Foreign investment in Pakistan has dropped by 36 per cent during the first two months of current fiscal year 2009-10 amid substantial decline in the inflows of foreign direct investment and net outflows from the portfolio investment. Showing negative growth, the net inflow of foreign investment stood at $412.2 million during July-August 2009-10 against $646.4 million during the same period of last financial year. Similarly, the YoY growth in FDI fell by 57.4 per cent negative as Pakistan received a total of 351.4 million dollars worth foreign direct investment during the two months of current financial year from the inflow of 824.7 million dollars in the corresponding months of the last fiscal year. In the same way, portfolio investment at local bourses posted a massively negative growth of 134.1 per cent as recorded at $60.8 million in July-August FY10 against $178.3 million in the said period of FY09. According to the latest break up of foreign investment, the total foreign private investment inflow with privatisation and without privatisation proceeds declined to $412.2 million during respective two months of July-August 2009-10 from $648.0 million in the same course of FY09 by depicting 36.4 per cent negative growth. This turn out shows that it could not improve the deteriorating position of capital and financial account. The deceleration in foreign investment growth has been compensating by an augmentation in long-term loans. Also, prospects of global economic recovery and thus the revival of international investors sentiments remain week leading to uncertainty for Pakistans balance of payments position. It is interesting to note that Pakistan has attracted considerable amount of foreign investment from advanced economies of Western Europe, America, UK, and Germany however, at the same time, the sum up of FDI from most of the developed countries including North America badly suffered during analytical period of current fiscal year on account of domestic structural issues and global factors, such as, economic downturn in western economies, countrys bad law and order situation and some global liquidity constraints.

Nonetheless, investment inflows from Saudi Arabia and UAE to Pakistan were down to a great extent in two months of prevailing financial year. The total foreign private investment received from developed countries increased by 153 per cent as stood at 333.8 million dollars during July-August FY10 against 131.8 million dollars in the similar two months of last year. FDI from developed region dropped to 256.9 million dollars during July-August FY10 from 309.4 million dollars during the same period of FY09 where as port folio investment from said region reported to 76.9 million dollars or 143.3 per cent negative during the period under review from 177.7 million dollars during the last corresponding months of FY09. From Western Europe the total foreign investment amounted to $103.6 million, showing an increase of 110 per cent in growth during the said period against $93.3 million while FDI decreased to $83.9 million from $150.1 million in the July-August FY09. Port folio investment recorded at $19.7 million during July-August FY10 against $56.8 million in the same period of last fiscal. From U.S.A. Pakistan received significant 198 million dollars worth over all foreign investment as against $3.5 million, FDI amounted to $140 million from $123.2 million during July-August FY10. In foreign public investment equity securities of which GDRs of OGDC and debt securities, total investment sharply fell to 0.2 million dollars respectively during July-August FY09.

Pakistan, WB sign $350 million loan package

Pakistan will get USD 350 million loan from World Bank that would be spent on promoting higher education, social security and other sectors in the country, report said. Government of Pakistan and World Bank signed three agreements in this connection here Tuesday which will enable Pakistan of receiving the concessional loan to be paid back in 35-year time span at zero point five per cent interest rate. According to the agreements, $200 million would be spent on developing social security net, $100 million on promoting higher education and remaining $50 million on development of irrigation system in Sindh.

Open Market Comments

Today the National Currency remained motionless against the Greenback. The American dollar commenced new day’s trading at Rs.82/60, and was unchanged at close of markets on Wednesday. In the International market the Dollar weakness resumes and made a new low against Euro on the back of rally resumption in US stocks and Gold. S&P 500 closed at new 2009 high of 1052, supported by comments from Warren Buffett that he's buying stocks. Gold also soared to new high of 1017.8 after completing a brief consolidation. Dollar index dipped through 76.47 support and reached as low as 76.41 so far. However, dollar's weakness is not translated to other pairs as AUD/USD is still trading below last week's high of 0.8674. USD/CAD and USD/JPY are also way above last week's low.

Nevertheless, as gold is expected to continue it's rally to test 1033.9 high, dollar will remain pressured in near term.Sterling continue to be the weakest currency this week, falling broadly. In particular, EUR/GBP powered through 0.89 level and is set to take on 0.9 psychological level next. The pound is still weighed down by speculations that BoE will cut reserve rates. Focus will turn to employment report from UK today which is expected to show unemployment rate to climb to 8.0% in July. Sterling is vulnerable to further decline even unless we'll have very strong upside service in today's data. Other data to be released in the European session include Swiss retail sales, which is expected to shown 0.7% yoy growth. Swiss ZEW expectation will also be released. Eurozone CPI is expected to show 0.3% mom, -0.2% yoy reading in August.

Following up on the development in GBP/CHF, this week's sharp fall is inline with expectation after GBP/CHF topped out with a double top pattern (1.8111, 1.8087). From a broader angle, the rebound from Dec low of 1.5111 is treated as correction in the larger down trend from 2007 high of 2.4964. Such correction should have completed after touching 55 weeks EMA. Hence, the current fall is expected to extend beyond this 1.5111 low eventually. A break of mentioned 1.6620 cluster support will affirm this case.A load of economic data will be released form the US today. CPI is expected to rise 0.3% mom in August with yoy rate moderated from -2.1% to -1.7%. Core CPI is expected to rise 0.1% mom and slowed to 1.4% yoy. TIC capital flow is expected to come in at 65.3B in July. Industrial production is expected to rise 0.7% in August. NAHB housing market index is expected to improve to 19 in September.

Looking at the dollar index, recent fall resumed after 76.46 is taken out and further decline should now be seen towards 75.89 key support. But after all, there is no change in the view that the current decline is the fifth wave of the five wave sequence that started in March at 89.62. Hence we'd expect strong support from around 75.89 level to conclude the fall and at least bring sizeable short term rebound. Break of 77.08 resistance will be the first sign that a bottomed is formed.EUR/GBP's rally extends further to as high as 0.8929 today, inch below mentioned target of 38.2% retracement of 0.9799 to 0.8399 at 0.8934. At this point, intraday bias remains on the upside as long as 0.8879 minor support holds and further rally should still be seen. As noted before, sustained trading above 0.8934 will pave the way to 61.8% retracement at 0.9264 next. On the downside, below 0.8879 will suggest that an intraday top is in place and probably bring pull back to 0.8837 resistance turned support. But downside should be contained above 0.8722 support and bring rally resumption.

In the bigger picture, as discussed before, correction from 0.9799 should have completed with three waves down to 0.8399 already. Sustained trading above medium term falling trend line resistance affirms this case. Rise from 0.8399 is tentatively treated as resumption of long term up trend and should send EUR/GBP through 0.9799 high eventually. We'll hold on to this bullish view as long as 0.8722 support holds.

Forex Rates (Pakistan)

Updated on: Wed, September 16, 2009, 12:10 (PST) Courtesy : ECAP
Remittance	Buying	Selling	Trends
USD	82.60	82.90
GBP	134.30	137.50
SR	21.73	22.01
UAE	22.18	22.57
NEWZ	43.5	43.8
AUS	69.90	71.00
EUR	118.01	121.53
CAD	75.57	77.20
HONG	10.39	10.67
IND	1.58	1.68
JPY	0.8894	0.9062

US Dollar	Buying 82.60 Selling 82.90

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