Forum Posts by : stationdealer (Forum Member)

London, UK

Posts: 715

14 years ago

May 19, 2010 10:36

In Thread: EUR

Germany's ban on speculative short-selling will stay in place until corresponding European rules are implemented, Germany's Chancellor Angela Merkel said Wednesday, adding that the euro is currently undergoing an "existential test" and that if the currency fails, then the whole of Europe will fail.

Speaking to the country's lower house of parliament in a speech on the euro rescue plan, Merkel said "the euro is at risk" and the current situation is Europe's "biggest test" in decades.

"If we don't avert this danger then the consequences for Europe are inevitable," Merkel said. "Because if the euro is failing, than Europe is failing."

Germany's lower house of parliament is expected to vote May 21 on the country's contribution of up to EUR147.6 billion to a massive EUR750 billion bailout by European Union countries and the International Monetary Fund for European countries on the verge of defaulting on their debt.

Merkel also defended Germany's ban on so-called naked short-selling of shares in 10 leading German financial institutions and in euro government bonds, that was introduced Tuesday at midnight.

"This will all remain in place until other rules [other than those in Germany] are established on a European level," Merkel said.

The finance ministry has said that additional bans on naked short selling are planned, in addition to those that started midnight Tuesday. They will include a total ban on naked short selling of all German shares, stock derivatives, derivatives related to euro-zone government bonds, as well as euro-currency derivatives that "don't have a role in hedging against currency risks."

Naked short selling is the shorting of financial instruments but differs from conventional short selling as the instruments sold aren't borrowed in advance. The practice came under fire as Greece's struggle to refinance its debt escalated into a crisis across southern euro-zone nations. Many euro-zone governments have said that transactions such as credit default swaps--a type of default insurance--artificially inflated Greece's funding costs.

Merkel also said that Germany will campaign in Europe and globally for the financial sector to help pay for the costs caused by the recent crisis, saying "we need a taxation of financial markets."

Germany will lobby for an international financial transaction tax or a financial activities tax. If there is no global deal on an international level, then a European approach should be considered, Merkel said.

In her speech, Merkel also defended the European Central Bank's independence and said that despite recent action taken to rescue the euro, she has no doubt that the bank will stick to its top priority of securing price stability.

"Securing price stability is and remains a top priority for the ECB," she said.

She also said that a far-reaching reform of the European Union's Stability and Growth Pact is needed, which includes tougher controls of budget policies and setting up orderly insolvency procedures for euro-zone member states.

She also said that countries violating budget rules would risk losing their voting rights temporarily and could be refused money from the EU's structural fund.

Stationdealer

London, UK

Posts: 715

14 years ago

May 19, 2010 10:34

In Thread: EUR

Currency reserve managers require liquidity and hedging tools to manage reserves, but with Germany's BaFin banning naked short selling liquidity will be reduced, says BNP Paribas. "Just as the market showed signs of stabilization, with real money starting to buy euros, the Germans have destroyed this glimmer of hope," it adds. "We were projecting EUR/USD to reach parity in 1Q 2011. The German policy action seen overnight suggests that even this assessment might be too optimistic and due for downward revision

Stationdealer

London, UK

Posts: 715

14 years ago

May 18, 2010 21:40

In Thread: EUR

man this is really pathetic, merkels gov are not making things easy for me.

can we have some people in charge instead of monkeys
eurchf still holding its 140 barrier, i swing the question to you Ashraf, what's next on SNB's list of measures. I dont see anyone else making the right moves other then them.

Stationdealer

London, UK

Posts: 715

14 years ago

May 14, 2010 11:56

In Thread: EUR

The Commitment of Traders (COT) report is released weekly by the Commodity Futures Trading Commission (CFTC) in the US every Friday at 15:30 Eastern Time. The COT report shows how large speculators, commercials and small traders have placed their bets in the futures markets in terms of open interest information based on the previous Tuesday, and is an invaluable tool you can use to track the market sentiment in currencies, commodities and stock indices. The only limitation of the COT report is that it is three days late, but that doesnt mean you cant still use it as a sentiment tool.

There are three categories of traders in the report as defined by the CFTC.

Non-Commercial (Large Speculators)
These large speculators are mainly hedge funds, banks etc who trade currency futures just for speculation.

Commercial (Hedgers, Exporters, Importers)
These are people who use the futures contracts for hedging purposes, and these commercial participants are generally exporters and importers who may use the commodity or currency futures markets to take a position that will reduce the risk of financial loss in their assets due to a change in price.

Non-Reportable (Small Traders)
They are small speculators like retail traders

Things to Note:

- In currency futures, the convention is to quote the foreign currency directly against the US dollar. For example, the Swiss franc is quoted versus the US dollar in futures, unlike the USD/CHF notation in the spot forex market.

- It is more important to note whether the large speculators are net long or short in specific commodities or currencies. Sometimes, moves can also be influenced by small traders closing their losing positions. Knowing whether large speculators have been net long or short a few days ago only indicates the positioning in retrospect. It is more useful to compare the latest net positioning with that from the past few weeks or months.

Stationdealer

London, UK

Posts: 715

14 years ago

May 14, 2010 11:36

In Thread: EUR

Euro dip below 125 like thats News, Com'on WTF

Give me News, No one is talking about ECB's and IMF's comments coming out later today.

ECB plans to hold conference next week to talk on measures on stabilising Europe's debt crisis and the monetary policy and bond sale purchase plan for banks.

Imf to comment on Greece's repayment program.

Stationdealer

London, UK

Posts: 715

14 years ago

May 14, 2010 11:19

In Thread: GBP

All dates are in local time

Monday, May 17, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Mar CML Regulated Mortgage Survey
1100/1000/0600 May CBI Monthly Industrial Trends Survey

Tuesday, May 18, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Apr UK monthly inflation figures published

Wednesday, May 19, 2010 Exp Prev
Local/GMT/ET
0001/2301/1901 Apr Scottish Retail Sales Monitor
0930/0830/0430 May Agents' Summary of Business Conditions
0930/0830/0430 May Bank of England - Bank of England MPC meeting minutes
N/A CBI - CBI Annual Dinner with major speech expected
from Cameron or Osborne

Thursday, May 20, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Apr UK monthly retail sales figures
0930/0830/0430 Apr UK monthly automotive production figures

Friday, May 21, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Apr CML mortgage lending figures
0930/0830/0430 Q1 Business investment provisional results
0930/0830/0430 Apr Public sector finances
0930/0830/0430 Apr Bank of England broad money provisional estimates
0930/0830/0430 Apr Bank of England capital issuance
0930/0830/0430 May Bank of England Trends in Lending report
1230/1130/0730 May CML Market Commentary

Tuesday, May 25, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Q1 UK output, income & expenditure (GDP)
0930/0830/0430 Mar UK monthly service sector figures
1615/1515/1115 Federal Reserve Bank of St. Louis - St. Louis Fed
President James Bullard speech
N/A House of Lords - The Queen's Speech at State Opening
of Parliament

Wednesday, May 26, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Apr Major British Banking Groups stats
N/A House of Lords - MPs debate Queen's Speech ahead of
crucial vote

Thursday, May 27, 2010 Exp Prev
Local/GMT/ET
1100/1000/0600 May CBI Quarterly Distributive Trades Survey

Friday, May 28, 2010 Exp Prev
Local/GMT/ET
0001/2301/1901 May UK Consumer Confidence Survey

Thursday, May 27, 2010 Exp Prev
Local/GMT/ET
N/A House of Lords - MPs debate Queen's Speech ahead of
crucial vote

Friday, May 28, 2010 Exp Prev
Local/GMT/ET
N/A May Nationwide Monthly Housing Review expected around now

Monday, May 31, 2010 Exp Prev
Local/GMT/ET
0001/2301/1901 May Hometrack Monthly National House Prices Survey
N/A United Kingdom - UK Spring Bank Holiday
N/A Bank of England - Bank of England MPC Member steps
down

Tuesday, June 1, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 May CIPS Manufacturing PMI
1100/1000/0600 Apr Land Registry House Price Index

Wednesday, June 2, 2010 Exp Prev
Local/GMT/ET
0001/2301/1901 May REC & KPMG Report on Jobs
0001/2301/1901 CBI Service Sector Survey

Tuesday, June 1, 2010 Exp Prev
Local/GMT/ET
N/A Financial Services Authority - FSA Chief Exec steps
down this summer

Wednesday, June 2, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 Apr Bank of England's UK residents deposits & lending
analysis
0930/0830/0430 Apr Sectoral breakdown of aggregate M4 and M4 lending
0930/0830/0430 Apr Bank of England lending to individuals figures
0930/0830/0430 May Monetary & Financial Statistics
0930/0830/0430 Apr BSA savings & mortgage lending figures
0930/0830/0430 May CIPS Construction PMI

Thursday, June 3, 2010 Exp Prev
Local/GMT/ET
0930/0830/0430 May CIPS Services PMI
0930/0830/0430 May UK Official Reserves

Friday, June 4, 2010 Exp Prev
Local/GMT/ET
0900/0800/0400 May UK monthly car registrations figures
0930/0830/0430 Q1 Bank of England UK b

Stationdealer

London, UK

Posts: 715

14 years ago

May 14, 2010 10:22

In Thread: Gold, Oil & Indices (Equity & Bond Indices)

Oil is a buy i did suggest a buy around 7320, just above $73 technicals suggest a buy as the picture is over sold now.

Stationdealer

London, UK

Posts: 715

14 years ago

May 14, 2010 10:17

In Thread: EUR

This whole idea of reaching a parity is out of the question, people should get over it by now. While bids see around 12450/40 area, psychological support around 12423.

Stationdealer

London, UK

Posts: 715

14 years ago

May 14, 2010 9:48

In Thread: EUR

djellal where did you hear about that 125 DNT barrier. Was this from the European terminals cuz if was from US terminal then i dont buy it. They'er probably opening further risk for 12333 from where we might see a turnaround.

Stationdealer

London, UK

Posts: 715

14 years ago

May 14, 2010 9:45

In Thread: EUR

thanks rose for your rosy outlook :)

Posts by "stationdealer"