Archive for October, 2011

WELLINGTON/SYDNEY, Oct 31 (Reuters) – The Australian and New Zealand dollars held firm near multi-week highs on Monday as investors looked to a series of central bank meetings this week which could well see the first cut in Australian interest rates in two-an-a-half years.

* Aussie on course for a monthly gain of 10.8 percent, which would be its biggest monthly jump in at least 36 years, as it reverses all of September’s slump.

* Aussie sitting at $1.0702, just below the near two-month high at $1.0753 touched last Thursday. Support seen at $1.0650 and then at $1.0610, with resistance at $1.0765.

* Talk there could be large month-end demand for Aussie at the London fix today as funds rebalance their forex exposure after huge moves in stocks this month.

* The New Zealand dollar around $0.8200 after touching a six-week high at $0.8242 on Friday. It is set to post its biggest monthly gain of 7.9 percent since May 2009, following a near 11 percent loss in September.

* The kiwi is seen supported at $0.8180 and then $0.8150 with $0.8242 the first hurdle higher ahead of $0.8290.

* Investors are now focused on the Reserve Bank of Australia’s monetary policy meeting on Tuesday, with a majority of analysts expecting the central bank will cut rates by 25 basis points to 4.5 percent.

* The RBA has kept rates at the highest in the developed world for almost a year, as it fretted about inflationary pressures amid a once-in-a-century mining boom.

* But recent data showing consumer prices were much less of a threat than initially feared meant the central bank had room to take policy towards a more neutral setting.

* The surge in the Aussie also adds to the case for a rate cut since it is an effective tightening of monetary conditions, hurting the competitiveness of manufacturing and tourism.

* The Antipodeans held on to large gains against the yen with the Aussie at 80.90 yen, the kiwi last stood at 62.00 yen.

* The Aussie steadies at around NZ$1.3047, after last week’s 4-1/2 month high of NZ$1.3125.

* Speculators increase net long positions for Aussie and kiwi, but cut U.S. dollar long bets to the lowest in six weeks. See

* Aside from Tuesday’s RBA policy meeting and quarterly monetary statement on Friday, Australia has house prices, building approvals and retail sales data.

* This week sees NZ third quarter labour market data, which is expected to show a modest lift in wages and jobs, but little improvement on the 6.5 percent jobless rate.

* New Zealand government bond prices open flat, bank bill futures a touch higher, as U.S. Treasuries rise on improved demand chasing higher yields.

* Australian debt futures indicated firmer, with the three-year contract 0.02 points higher at 96.060 and the 10-year up 0.025 points at 95.450.

* Lots of other major events this week with the Federal Reserve meeting Tuesday and Wednesday and the ECB on Thursday. The G20 meets late in the week while US payrolls loom on Friday.

(Australia/New Zealand bureaux) Keywords: MARKETS AUSTRALIA/FOREX

(+61 2 9373 1800/+64 4 471 4234)

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Copyright Thomson Reuters 2011. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

Article source: http://www.xe.com/news/2011/10/30/2248793.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art1

October 30, 2011

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Article source: http://feedproxy.google.com/~r/Forexnewstradercom/~3/1noW3zcFH7s/toms-ea-discount

XE Forex Rates

 
USD
EUR
GBP

1 USD =

1.00000

0.70641

0.62008
Inverse:
1.00000
1.41560
1.61270

1 EUR =

1.41560

1.00000

0.87778
Inverse:
0.70641
1.00000
1.13923

1 GBP =

1.61270

1.13923

1.00000
Inverse:
0.62008
0.87778
1.00000

1 JPY =

0.01320

0.00933

0.00819
Inverse:
75.75000
107.23170
122.16202

1 CAD =

1.00827

0.71225

0.62520
Inverse:
0.99180
1.40399
1.59948

1 AUD =

1.07110

0.75664

0.66417
Inverse:
0.93362
1.32163
1.50565

1 CHF =

1.16023

0.81960

0.71943
Inverse:
0.86190
1.22011
1.38999

1 RUB =

0.03362

0.02375

0.02084
Inverse:
29.74750
42.11056
47.97379

1 CNY =

0.15728

0.11111

0.09753
Inverse:
6.35800
9.00038
10.25355

1 ZAR =

0.13015

0.09194

0.08070
Inverse:
7.68350
10.87676
12.39118

1 MXN =

0.07694

0.05435

0.04771
Inverse:
12.99660
18.39799
20.95962

Article source: http://www.xe.com/news/2011/10/30/2248557.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art3

XE Forex Rates

 
USD
EUR
GBP

1 USD =

1.00000

0.70641

0.62008
Inverse:
1.00000
1.41560
1.61270

1 EUR =

1.41560

1.00000

0.87778
Inverse:
0.70641
1.00000
1.13923

1 GBP =

1.61270

1.13923

1.00000
Inverse:
0.62008
0.87778
1.00000

1 JPY =

0.01320

0.00933

0.00819
Inverse:
75.75000
107.23170
122.16202

1 CAD =

1.00827

0.71225

0.62520
Inverse:
0.99180
1.40399
1.59948

1 AUD =

1.07110

0.75664

0.66417
Inverse:
0.93362
1.32163
1.50565

1 CHF =

1.16023

0.81960

0.71943
Inverse:
0.86190
1.22011
1.38999

1 RUB =

0.03362

0.02375

0.02084
Inverse:
29.74750
42.11056
47.97379

1 CNY =

0.15728

0.11111

0.09753
Inverse:
6.35800
9.00038
10.25355

1 ZAR =

0.13015

0.09194

0.08070
Inverse:
7.68350
10.87676
12.39118

1 MXN =

0.07694

0.05435

0.04771
Inverse:
12.99660
18.39799
20.95962

Article source: http://www.xe.com/news/2011/10/30/2248565.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art2

LONDON, Oct 30 (Reuters) – British merchant ships sailing off the coast of Somalia will soon be able to carry armed guards to ward off pirate attacks, Prime Minister David Cameron said on Sunday.

Britain is one of only a few countries with major shipping fleets to currently ban armed guards on its vessels, alongside the likes of Japan, Greece and the Netherlands.

However, owners of ships from other countries are increasingly putting guards onboard as national navies struggle to combat Somali piracy in the vast Indian Ocean, a problem which is costing the world economy billions of dollars a year.

In an interview with the BBC, Cameron said that Britain now planned to license guards to carry firearms on ships.

‘The evidence is that ships with armed guards don’t get attacked, don’t get taken for hostage or for ransom and so we think this is a very important step forward,’ Cameron said.

‘The fact that a bunch of pirates in Somalia are managing to hold to ransom the rest of the world and our trading system I think is a complete insult,’ he added.

The planned exemptions to Britain’s strict firearms laws could allow guards to carry revolvers, automatic weapons or even rocket launchers on board.

A spokeswoman for Britain’s Home Office (interior ministry) said that a licensing scheme would start within a month, and that the weaponry allowed would be ‘appropriate and proportionate’.

Licences would restrict use of the weapons to off the Somali coast, the Gulf of Aden, the Arabian Sea and parts of the Indian Ocean. Britain’s Transport Ministry said it expected around half the 200 British ships which sail through those waters to want to use armed guards.

Somali pirates, operating from the shores of the lawless state in the Horn of Africa, have raked in millions of dollars a year in ransoms from scores of hijacked ships from around the world, including oil super tankers.

Last month the shipping industry called on the United Nations to create an armed military force to be deployed on vessels to counter the escalating menace from the armed seaborne gangs.

Better armed and increasingly violent pirate gangs are set to ramp up attacks in the coming weeks in the Indian Ocean as the monsoon ends.

Around 17 ships are currently being held by the pirates who can operate hundreds of miles from the Somali coast.

Negotiations often take many months before the ships and crews are released for ransom. The Socotra 1, a Yemeni-owned ship, was seized on Christmas Day 2009 and is still being held

(Reporting by David Milliken) Keywords: BRITAIN PIRACY/

(david.milliken@reuters.com)(+44 20 7542 5109)(Reuters Messaging: david.milliken.thomsonreuters.com@reuters.net)

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Copyright Thomson Reuters 2011. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

Article source: http://www.xe.com/news/2011/10/30/2248569.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art1

How are your emotions relevant to your success in the Forex market? Learn why your mindset matters here.

The US dollar headed to weekly losses against most major currencies as the Eurpoean leaders at last revealed some of their plans for solving Europe’s debt problems, damping need for safer currencies among investors.

The nervousness that was building up before the plans were revealed made sure that a reaction to any tangible information about the plans of the European governments would be spectacular. The only question was would be that reaction positive or negative. As it came out, the reaction and reminded a flood, caused by a broken dam, which washed away all fears and made traders to fervently buy higher-yielding assets, forgetting about safer ones.

The fundamental data from the US added to the optimism. The US economy grew 2.5 percent in the third quarter of this year, slightly more that forecast 2.4 percent and definitely faster than in the second quarter (1.3 percent). The unexpected decline of the pending home sales somewhat spoiled the positive mood of traders, but in general the optimistic sentiment ruled the FX markets.

EUR/USD traded near 1.4175 today as of 1:15 GMT after it rose from 1.3905 to 1.4187 yesterday, reaching intraday 1.4246 — the highest level since September 6. GBP/USD traded at 1.6086 after rising from 1.5973 to 1.6086 (the intraday high was 1.6140 — also the highest since September 6). USD/JPY fell from 76.14 to 75.94 yesterday and traded at 75.89 today.

If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.

Earlier News About the US Dollar:

• US Dollar Strengthens on Lowered Eurozone Expectations (2011-10-26)
• USD Posts Small Losses After EU Summit Ends (2011-10-24)
• US Dollar Pulls Back on Improved Risk Appetite (2011-10-19)
• US Dollar Gains in Forex Trading on Uncertainty (2011-10-17)
• US Dollar Down on Optimism (2011-10-14)

This entry was posted on TopForexNews
on Friday, October 28th, 2011 at 1:15 am and is filed under US Dollar.
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Article source: http://www.topforexnews.com/2011/10/28/dollar-closes-with-loses-on-optimism-about-eurozone/

The Great Britain pound gained this week against the dollar and the yen as the optimism caused by the revelation of the plans to battle the sovereign-debt crisis in Europe damped demand for safer assets. That same optimism allowed the euro to outperform the pound.

The weak started with the doubts about ability of the European leaders to make decisive actions in dealing with the crisis. The resulting risk aversion sentiment eroded the strength of the sterling against the greenback and the yen, but made it stronger against the euro. Yet the summit on October 26 unexpectedly provided a tangible result as the members of the European Union reached consensus on some measures for rescuing the region from its woes.

The reaction of the Forex market was slow and wasn’t felt on the day of the summit, but on the next day the sterling climbed against safe currencies, but the euro surged even more. On the next day the euro retreated a little, while the UK currency held its ground against the yen and even advanced against the dollar.

The sustainability of the gains is questionable, though, as the fundamentals in Britain aren’t particularly good. The decreasing number of the mortgage approvals, the declining realized sales and the worsening consumer confidence — all that point out on the problems of Britain that may subdue the rally of the sterling.

GBP/USD climbed from 1.5930 to 1.6123, while GBP/JPY rose from 121.37 to 122.22, following the drop to 120.65. EUR/GBP surged from 0.8685 to 0.8791, while the weekly high of 0.8704 was the highest price since September 8.

If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.

Earlier News About the Great Britain Pound:

• EUR/USD Falls as Optimism Wanes (2011-10-28)
• GBP/USD Falls as Risk Aversion Rules Market (2011-10-26)
• Pound Fluctuates vs. Safer Currencies on Dangers to Economy (2011-10-26)
• GBP Higher Against USD — For Now (2011-10-24)
• UK Borrowing Shrinks, While Consumer Confidence Deteriorate (2011-10-21)

This entry was posted on TopForexNews
on Saturday, October 29th, 2011 at 10:08 am and is filed under Great Britain Pound.
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Article source: http://www.topforexnews.com/2011/10/29/europe-made-pound-stronger-vs-safer-currencies-weaker-vs-euro/

XE Forex Rates

 
USD
EUR
GBP

1 USD =

1.00000

0.70691

0.62035
Inverse:
1.00000
1.41460
1.61200

1 EUR =

1.41460

1.00000

0.87754
Inverse:
0.70691
1.00000
1.13954

1 GBP =

1.61200

1.13954

1.00000
Inverse:
0.62035
0.87754
1.00000

1 JPY =

0.01319

0.00933

0.00819
Inverse:
75.79000
107.21254
122.17348

1 CAD =

1.00827

0.71276

0.62548
Inverse:
0.99180
1.40300
1.59878

1 AUD =

1.07030

0.75661

0.66396
Inverse:
0.93432
1.32169
1.50612

1 CHF =

1.15861

0.81904

0.71874
Inverse:
0.86310
1.22094
1.39132

1 RUB =

0.03362

0.02376

0.02085
Inverse:
29.74750
42.08081
47.95297

1 CNY =

0.15728

0.11118

0.09757
Inverse:
6.35800
8.99403
10.24910

1 ZAR =

0.13015

0.09200

0.08074
Inverse:
7.68350
10.86908
12.38580

1 MXN =

0.07694

0.05439

0.04773
Inverse:
12.99660
18.38499
20.95052

Article source: http://www.xe.com/news/2011/10/29/2248449.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art3

By Narayanan Somasundaram

SYDNEY, Oct 29 (Reuters) – Australia’s Qantas Airways grounded its entire fleet on Saturday over a labour dispute, prompting the government to ask a tribunal to stop the conflict out of concern it is putting both the airline and the economy at risk.

Tens of thousands of passengers and almost 20 world leaders were affected by the unprecedented decision, which came a day after a stormy shareholder meeting and clearly took the government by surprise.

It came as an embarrassment for Prime Minister Julia Gillard who was hosting a summit of Commonwealth leaders in the western city of Perth, 17 of them booked to fly out on Sunday with Qantas.

Unions, from pilots to caterers, have taken strike action since September over pay and to oppose Qantas plans to cut its soaring costs, as it looks at setting up two new airlines in Asia and cutting back financially draining long-haul flights.

It plans to cut 1,000 jobs and order $9 billion of new Airbus aircraft as part of a makeover to salvage the loss-making international business.

‘They are trashing our strategy and our brand. They are deliberately destabilising the company. Customers are now fleeing from us,’ Qantas Chief Executive Alan Joyce said.

The unions ‘are sticking by impossible claims that are not just to do with pay, but also to do with unions trying to dictate how we run our business’, said Joyce, who estimated the latest move would cost the airline A$20 million a day.

The dispute is the worst involving Qantas since 2008, when industrial action by engineers cost it A$130 million ($133 million), local media reported.

Qantas’ action sparked an angry response from Australia’s Transport Minister Anthony Albanese.

‘I’m extremely disappointed. What’s more, I indicated very clearly to Mr Joyce that I was disturbed by the fact that we’ve had a number of discussions and at no stage has Mr Joyce indicated to me that this was an action under consideration,’ he said.

The government asked for a special labour tribunal hearing to end the industrial action by both unions and Qantas. A late night hearing was adjourned until later on Sunday.

If it orders an end to the industrial action, Qantas is expected to start flying again.

‘The Qantas dispute escalated today and I am concerned about that for the national economy … it could have implications for our national economy,’ Gillard told reporters.

Executives faced angry investors and staff at a shareholder meeting on Friday where the company said the labour dispute had caused a dive in forward bookings. The shareholders backed hefty pay rises to senior Qantas executives.

Australian aviation analyst Tom Ballantyne told ABC Television that Qantas’ decision to ground the fleet was partially designed to get the government involved.

‘The airline will be irretrievably damaged if it goes on for more than a month,’ he said.

Qantas said it would lock out all employees from Monday night in the dispute which has affected 70,000 passengers and 600 flights on one of the country’s biggest travel weekends. Qantas’ budget airline Jetstar is not affected.

STRANDED

Qantas is a member of the OneWorld airline alliance, which includes Cathay Pacific, American Airlines, British Airways Plc, Finnair, Iberia, Japan Airlines , LAN, Malev, Mexicana, Royal Jordanian and S7 Air.

Alliance members often use partners’ routes and flights to shore up their own networks. Cathay warned its own passengers of potential disruptions on Qantas connections.

The airline’s decision left many flyers venting their anger.

‘To resolve this at the expense of paying customers on one of the biggest flying days in Australia is quite frankly … bizarre, unwarranted and unfair to the loyal customers that Australia has,’ a businessman, who only gave his name as Barry, told Sky TV at Melbourne airport after he was stranded.

Zoe Johnson, an Australian living in Switzerland, said: ‘I’m proudly Australian but it just leaves a really bad taste in your mouth. So many people say, ‘I’m never going to fly Qantas again’, and from my point of view its just feels like a kind of bullying tactic really.’

At London’s Heathrow Airport, passengers stood in long queues looking up at departure boards showing cancelled flights.

‘(I’m) not very happy because it was the holiday of a lifetime for us and it cost us a lot of money,’ British passenger Steve Johnson said.

Adding to travellers’ problems, Air France cancelled one in five flights and warned of wider disruption at the start of a five-day strike by cabin crew.

Qantas’ decision to halt flights comes during one of Australia’s busiest travel weekends, with tens of thousands travelling to the hugely popular Melbourne Cup horse race on Tuesday, dubbed ‘the race that stops the nation’.

Many passengers were stranded on aircraft waiting to take off on Saturday when the grounding announcement was made.

‘Alan Joyce is holding a knife to the nation’s throat,’ said Captain Richard Woodward, vice-president of the Australian and International Pilots Association.

The shutdown took pilots and controllers by surprise.

A Qantas jet on the taxiway at Sydney was minutes away from departing for Melbourne when its pilot was ordered to radio his airline. After doing so, he asked to return to the terminal.

‘Contact ground (control) … and I’ll see you on the next one,’ the tower controller said.

‘Your guess is good as mine when I’ll talk to you again,’ the pilot replied, according to recordings at liveatc.net.

A pilot from Virgin Australia asked the tower: ‘Have I missed something?’ and was told ‘you might get a bit busy’.

Virgin Australia is one of the rivals seen likely to benefit from an extended grounding along with Singapore Airlines, British Airways and Chinese firms.

Virgin Australia said it would accommodate Qantas passengers where possible and was looking at adding more services.

($1 = 0.93 Australian dollars)

(Additional reporting by Rebekah Kebede in Perth, Ed Davies in Sydney, James Grubel in Canberra, Kevin Lim in Singapore, Tim Hepher in Paris, Writing by Jonathan Thatcher, Editing by Michael Perry and Alison Williams) Keywords: QANTAS GROUNDING/

(narayanan.somasundaram@thomsonreuters.com)(+61 2 93731815)(Reuters Messaging: narayanan.somasundaram.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2011. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

Article source: http://www.xe.com/news/2011/10/29/2248453.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art2