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FOREX-Euro rattled by bank scare, yen eyes new highs Reuters SYDNEY, Sept 8 (Reuters) - The euro was on the defensive on Wednesday as the latest scare over the euro zone banking system slapped it to lifetime lows ...
FOREIGN EXCHANGE
EUR/USD closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Prices closed near the session low again today and hit another fresh 12-month low. Euro bears have the solid near-term technical advantage. There are still no early clues of a market low being close at hand. However, the market has become short-term oversold, technically.
USD/JPY closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Prices closed nearer the session low today on long covering in a bull market. The bulls still have the overall near-term technical disadvantage. Prices are in a two-month-old uptrend on the daily bar chart.
GBP/USD closed lower on Wednesday and the low-range close sets the stage for a steady to lower opening on Thursday . Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends the decline, low crossing is the next downside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook in the market.
USD/CHF closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Prices closed near the session high today and hit another fresh 12-month high. Bulls have the solid near- term technical advantage. However, the market is now long-term overbought, technically. Prices are in a five- week-old uptrend on the daily bar chart.
BULLION
Gold closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Prices closed nearer the session high today as traders stepped in to "buy the dip" and do some bargain hunting at lower price levels. A stronger U.S. dollar and lower crude oil prices did limit the upside in gold today. Gold was also supported today on safe-haven buying support as rioting occurred in Greece due to austerity measures taken by the government to reduce is massive debt. No chart damage occurred on the downside correction.
Silver closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Prices closed near mid-range today after hitting a fresh five-week low early on. Silver was again pressured by bearish "outside markets" that included a higher U.S. dollar index and lower crude oil and U.S. stock index futures prices. Near-term chart damage has been inflicted in silver. A three-month-old uptrend on the daily bar chart was negated today.
U.S. STOCK MARKET INDICES DJI closed lower on Wednesday and the low-range close sets the stage for a steady to lower opening on Thursday. the European Union debt crisis plays out. Prices hit multi-week lows today and did close off the session lows. SPI closed lower on Wednesday and the low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that additional weakness is possible near-term. NDI closed lower on Wednesday and the low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that additional weakness is possible near-term. The next major U.S. economic report for traders to digest will be Friday morning's U.S. jobs report.
ENERGY
Crude Oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Prices closed nearer the session low today and hit a fresh 10-week low amid the EU debt crisis that is playing out. A stronger U.S. dollar index was a main bearish factor for crude today. Serious near-term chart damage has been inflicted in crude the past two days, to suggest a near-term market top is now in place.
Natural Gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Prices closed near mid-range today in quieter trading. The recent pause at lower price levels is not bullish. A minor bear flag has formed on the daily bar chart. The bears have the solid near-term technical advantage.
COFFEE
Coffee closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. The key "outside markets" were in a bearish posture for coffee today, as the U.S. dollar index was higher, while crude oil and the U.S. stock indexes were lower. Bulls still have some upside near-term technical momentum in coffee, but need to show fresh power soon to keep it.
FOREIGN EXCHANGE
EUR/USD closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. Closes below Tuesday's low crossing are needed to confirm that a short-term top has been posted. If it renews this month's rally, October's high crossing is the next upside target.
USD/JPY closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends the decline, low crossing is the next downside target. Closes above the 20-day moving average crossing would temper the near-term friendly outlook in the market.
GBP/USD closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. Prices closed near the session high today on short covering. Bulls have the slight near-term technical advantage but trading has turned choppy. The next upside price objective for the bulls is closing prices above solid technical resistance at the November high.
USD/CHF closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish hinting that a short-term bottom might be in or is near. Closes above last Tuesday's low crossing are needed to confirm that a up has been posted. If it renews this month's decline, October's low crossing is the next downside target.
BULLION
Gold closed sharply lower on Tuesday and the low-range close sets the stage for a steady to lower opening on Wednesday. Prices closed nearer the session high today and scored a fresh contract and all-time high. A weaker U.S. dollar boosted gold today. Gold bulls have the solid overall near-term technical advantage. There are still no strong, early technical clues of a market top being close at hand for gold. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Silver closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening on Wednesday. Prices closed nearer the session high today and hit a fresh 16-month high. The silver bulls still have the near-term technical advantage and gained more upside momentum today. Stochastics and the RSI remain bearish hinting that a short-term top might be in or is near.
U.S. STOCK MARKET INDICES
DJI closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. SPI closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that additional weakness is possible near-term. NDI closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that additional weakness is possible near-term.
ENERGY
Crude Oil closed sharply lower on Tuesday and the low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bullish hinting that sideways to higher prices are possible near-term.Prices closed near mid-range today and hit another fresh three-week high.
Natural Gas closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening on Wednesday. If it extends the decline off October's high, monthly support crossing is the next downside target. Prices closed near mid-range. Bulls have faded badly after showing some power recently. Bears have the overall near-term technical advantage and have regained downside momentum this week.
COFFEE
Coffee closed lower on Tuesday and the mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bullish hinting that a short-term bottom might be in or is near. Closes above last Tuesday's low crossing are needed to confirm that a up has been posted. If it renews this month's decline, October's low crossing is the next downside target.
ODL Group Limited (“ODL”), a leading, independent forex, derivatives, equities and commodities broker, announces today that it has agreed on terms to be acquired by US-based FXCM Holdings LLC (“FXCM”), a leading global forex broker that caters to both retail and institutional markets. ODL’s strong UK and European businesses will provide an excellent complement to FXCM’s sizeable operations in both the United States and Asia. The combined companies will operate as one of the largest non-bank forex brokers globally servicing over 200,000 live trading accounts with combined client assets in excess of US$800 million. The deal is still pending final due diligence review and regulatory approval.
Founded in 1999, FXCM is one of the largest forex brokers, regulated by several financial regulators including the Financial Services Authority in the UK and the Commodity Futures Trading Commission in the U.S. FXCM is one of very few forex and CFD brokers to regularly publish its balance sheet. With over $135 million in firm capital (assets minus liabilities), FXCM exceeds regulatory requirements.
Post acquisition, ODL will continue to trade under its current name. A major benefit to ODL clients will be that they gain access to FXCM’s No Dealing Desk execution on forex trades. Under No Dealing Desk execution, forex trades are fully-automated and executed back-to-back with one of the world's premier banks or financial institutions. Over ten banks compete to provide FXCM with bid and ask prices, resulting in low spreads and fast execution, with no intervention from a dealing desk on forex trades. Another major benefit of No Dealing Desk execution is the ability to place orders within one pip of the market with no restrictions.
Commenting on the acquisition, Drew Niv, CEO of FXCM, said: “For several years, FXCM has been working towards becoming a major player in Europe. The deal with ODL will provide us with a great opportunity to achieve this. We believe FXCM will be the only retail forex firm with a truly global footprint. In an industry in which size and scale are important, this is a major advantage.”
No financial information regarding the structure of the deal is being released.
London based specialist advisory firm FT Advisors Limited acted as exclusive advisor to ODL.
San Francisco based FT Partners www.ftpartners.com served as sole strategic advisor to FXCM.
Trading foreign exchange and CFDs on margin carries a high level of risk, and may not be suitable for all investors
For further information please contact:
ODL Group Limited
Graham Wellesley, Vice Chairman Tel: +44 (0) 20 7903 6100
Media Enquiries:
Abchurch Communications
Henry Harrison-Topham / Nick Probert Tel: +44 (0) 20 7398 7702
henry.ht@abchurch-group.com www.abchurch-group.com
Notes to Editors
ODL Securities is a leading, independent forex, derivatives, equity and commodity trading house. Headquartered in London, with affiliates in Australia and Turkey, ODL has over 200 staff globally and clients from over 100 countries. ODL Securities offers Retail, IB and White Label clients an integrated approach to trading diverse financial products. The Group companies now trade under the names ODL Markets in the UK (for retail business).
Originally founded in 1994 as an Options House with just 28 staff, ODL Securities Limited received a capital injection from new shareholders in 2004 and a new senior management team was appointed. Since then, a wide range of enhancements have been implemented across all areas of the business, and new products introduced.
ODL Securities Limited is authorised and regulated by the Financial Services Authority and is a member firm of the London Stock Exchange and NYSE Euronext, LIFFE. For further information please visit www.odlmarkets.com
About FXCM Holdings LLC:
Forex Capital Markets (FXCM) is a leading global forex broker that caters to both retail and institutional markets. Founded in 1999, FXCM is one of the largest brokers, regulated by several of the world’s most respected financial authorities. For further information please visit www.fxcm.co.uk
A member of the National Futures Association (United States)
Securities and Futures Commission (Hong Kong)
Commissione Nazionale per le Società e la Borsa (Italy)
Australian Securities and Investments Commission (Australia)
Bundesanstalt für die Finanzdienstleistungsaufsicht (Germany)
Comité des Établissements de Crédit et des Entreprises d'Investissement (France)
Licensed by Dubai Multi Commodities Centre (Dubai)
A Broker Member on the Dubai Gold & Commodities Exchange (Dubai)
FXCM Holdings, LLC consists of FXCM Australia LTD., Forex Trading LLC, Forex Capital Markets LLC, Forex Capital Markets LTD, FXCM Asia LTD and FXCM DMCC.
The first JForex contestant has crossed the finish line. It has now become appartent that April’s contest will be remembered not simply as the first contest but as an exciting and new challenge to all those interested in algorithmic trading.
The only skill required to enter the contest was to be able to create a fully automated trading script based on the JForex programming interface. But this did not imply that only professional Java specialists would be competent enough to adhere to rules. On the contrary, we tried our hardest to create fair and simple contest which is mostly intented for newbies and total beginners who have just started writing strategies on JForex. With relaxed contest rules and a powerful API in the background, every contestant can write and use any strategies: from sophisticated solutions to simple trading scripts. After all, with 10 winning prizes totalling 15 000 US dollars every month, participant have a great incentive to take on the challenge.
Since the beggining of the contest, the number of registrations has been constantly increasing. The international flavor of the April’s Contest was exciting – 33 countries. A common feature of most strategies has been a very high exposure level. This resulted in failure of more than 40% of strategies while 20% of strategies were disqualified due to various violations of the contest rules. The front-runners were frequently one-upping each other in the ranking table until the true leaders secured their positions. This is what the final Hall of Fame looks like:
According the contest regulations, the winner who agrees to disclose the strategy code will benefit from the strategy’s publication by getting a full credit on the LIVE account and a wide publicity on the Internet. Be sure to read about these winners, their contest stories and strategy codes on the web-site soon. We encourage you to login to the JForex Community Board and leave a comment or contribute any new ideas to the contest.
The registration for the next month’s contest is already open. Be careful, if you wait until the final day to submit a registration, you may miss the boat to victory.
GAIN Capital Holdings, Inc., a global provider of online trading services specialising in foreign exchange (forex or FX) and contracts for difference (CFDs), today announced the launch of a new service in Australia under its FOREX.com brand.
The new Australian Securities and Investments Commission (ASIC) regulated offering makes FOREX.com's award winning trading platform and services available to clients in Australia, New Zealand and the wider Asia Pacific region. FOREX.com has opened an office in Sydney to provide local customer support and service.
Glenn Stevens, Chief Executive Officer of GAIN Capital commented: "Launching operations in Australia is part of a long term strategic goal to service our clients locally wherever possible. GAIN Capital has a growing global footprint, and we believe our FOREX.com service will be well-received by traders in Australia and New Zealand who are looking for a well-capitalised firm that offers premium trading tools and research, competitive pricing and, of course, a solid reputation."
The retail forex market has experienced impressive growth in the region in recent years. According to independent research firm Investment Trends, FX trading now accounts for up to 25% of trade volume amongst some providers in the Australian CFD market – a market that has until recently been dominated by equity trading*. GAIN Capital expects this growth to continue as traders look for markets that offer the potential for returns whatever the economic conditions.
Investors in the region will be able to trade in the world's major currencies including the Australian Dollar, New Zealand Dollar, U.S. Dollar, Euro and British Pound, as well as gold, silver and oil CFD contracts.
Customers will also enjoy access to the company's full suite of trading tools and services, including:
* Real time forex news from Dow Jones
* Expert research and trading ideas from a global research team of technical and fundamental analysts
* Free educational resources including online guides, courses, webinars and more.
* Local funding options and account services such as Australian dollar (AUD) and New Zealand dollar (NZD) denominated trading accounts.
Mike Bermingham, Regional Director of FOREX.com Australia added: "With the opening of our office in Sydney we look forward to providing on-the-ground support to our clients in the region."
With offices in the U.S., U.K., Hong Kong, Japan, and Korea, the launch of operations in Australia extends the company's global footprint to six countries. More offices locations are expected to open later this year.
For more information, traders should visit www.forex.com/au
* According to independent research firm Investment Trends, geared trading instruments are a rapid growth area in Australia(1), and FX trading makes up around a quarter of the volume of trading through several of the local Contracts for Difference (CFD) providers(2).
(1) Investment Trends Dec 2009 Alternative Investments: Investor Report
(2) Investment Trends June 2009 CFD Report
About GAIN Capital
GAIN Capital Holdings, Inc. is a global provider of online trading services, specializing in foreign exchange (forex or FX) and contracts for difference (CFDs). Customers and trading partners in more than 140 countries have utilized the company's award-winning trading platform which transacts nearly $200 billion per month.
A pioneer in online forex trading, GAIN Capital provides execution, clearing, custody and technology products and services to an institutional client base including asset managers, broker/dealers and other financial services firms. GAIN also operates FOREX.com, one of the largest and best-known brands in the retail forex industry.
With offices in New York City; Bedminster, New Jersey; London; Sydney; Hong Kong; Tokyo and Seoul. GAIN Capital and its affiliates are regulated by the Commodity Futures Trading Commission (CFTC) in the United States, the Financial Services Authority (FSA) in the United Kingdom, the Financial Services Authority (FSA) in Japan, the Securities and Futures Commission (SFC) in Hong Kong, and the Australian Securities and Investments Commission (ASIC) in Australia.
GAIN's investor group includes private equity firms 3i, VantagePoint Venture Partners, Tudor Ventures, Edison Venture Fund and Cross Atlantic Capital Partners.
For company information, visit www.gaincapital.com or www.forex.com
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