forex update

http://www.forex.pk/open_market_rates.asp

2009-11-03T08:36:00.000-08:00

As we have expected in Friday's report, Dollar-Yen broke the support 90.75 and reached both suggested targets 90.16 & 89.61 successfully. This drop that started on Thursday and continued into the new week, was the result of stopping near Fibonacci 61.8% resistance at 9.52, and as you know, stopping near Fibonacci resistance levels is an evidence that the trend in down. But on the other hand, the abovementioned drop cashed in 250 pips approximately, which could create a correction from here.
That is why we prefer to wait for a break of short-term support 89.61 or short-term resistance 90.23 before talking about the direction of the next move from here. If we break the support 89.61 the downtrend will continue, and will target 89.07 and the important 88.64. And if we break Thursday's low 90.23, we will be heading to a test of short-term Fibonacci 61.8% at 90.68, and only if it is broken, we will expect a retest of the broken channel at 91.28, which would be an important test if it happens.

Sensex Ends Below 16K Mar, Down By 156.44 Points

2009-11-01T03:52:00.000-08:00

ndian equities closed the week on a lower note on Friday after losing 156.44 points owing to continued selling pressure witnessed in heavy weights.
Auto, banking, metal and real estate stocks gained, while oil & gas, teck and power counters trended lower.
For the week ended Oct 17, wholesale price index (WPI) inflation continued to climb at 1.51% on pricier food items as compared to 1.21% during the week ago.

oday's Forex Strategy

2009-10-29T20:29:00.000-07:00

JPY crosses reversing higher again after better than expected US growth data. USD backs off as well.

Recent moves likely to climax between now and Monday with end of month trade behind us at week-end.

SBP predicts 2.5 to 3.5 percent growth rate

2009-10-29T20:28:00.001-07:00

Pakistan’s economy is showing a gradual recovery and real gross domestic product (GDP) growth is likely to be close to the target of 3.3 percent during the current fiscal year (2009-10), according to State Bank’s Annual Report on State of the Economy for the year 2008-09 released Thursday.

Infinity Brokerage Services Inc.

2009-10-29T20:25:00.001-07:00

Infinity Brokerage Services is an Independent brokerage and investment firm headquartered in Chicago , Illinois . Founded in 1996, Infinity has been providing customers from around the world access to the global derivatives markets. Whether you are interested in online trading facilities or access to top managed programs, Infinity offers a suite of state-of-the-art programs tailored to individual customer needs.

The FLEXI Contract, offered by Infinity Brokerage Services, allows you to choose a contract size which best suits your own individual currency trading style.
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FOREX.com

2009-10-29T20:24:00.001-07:00

24-hr commission-free trading in 14+ currency pairs. Web-based trading platform requires no download or installation. Guaranteed fills on stops and limits up to $2M. No debit balance guarantee. Free access to charting, news, and research. 24-hour customer support via phone, email and chat. Wireless trading available. Dollar, Euro and Yen deposits accepted.

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CFOS/FX division of Commodity, Futures, and Options Service, Inc. (CFOS)

2009-10-29T20:20:00.000-07:00

CFOS/FX
CFOS/FX is the over-the-counter foreign currency ("forex") trading and forex brokerage division of Commodity, Futures, and Options Service, Inc. (CFOS), an Independent Introducing Broker in the cash and futures commodity markets with offices in Houston, TX, Sacramento, CA, Salt Lake City, UT, New York City, NY and Madeira Beach, FL.

CFOS/FX was established to provide clients with forex trading and forex brokerage services in over-the-counter (OTC) foreign currency markets, and offers state-of-the-art online forex trading platforms for both forex spot and forex options markets.

CFOS/FX offers a variety of account plans, investment products, and services to choose from when creating or re-adjusting a portfolio, and the professionals at CFOS/FX can tailor a commodity investment portfolio based on an individual customer's short and long-term investment objectives.

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Intervention Fears Set Brazilian Real Down

2009-10-28T16:01:00.001-07:00

The Brazilian real, ranking among the best performers in currency markets this year with the Australian and New Zealand dollar, experienced another day of losses as the government may take further action to halt the current national currency rally. The Brazilian real suffered another day of pessimism as speculations suggest that the national central bank could be ready to take further measures, after setting a tax for international capital inflows towards Brazilian equities markets last week, declining attractiveness for the real as fears that a good currency performance may be once synthetically halted by policy makers. USD/BRL traded at 1.7205 as of 21:25 GMT from an opening rate of 1.7178 today.

Pound Pares Losses After Exaggerated Rally

2009-10-28T15:59:00.000-07:00

The pound reverted its losing trend from last week�s end, specially versus the euro, as traders interpreted the winning streak as inadequate, as U.K. could be starting its first signs of economic recovery. The pound has been facing extreme volatility as investors remain confused regarding the directions it may take in currency markets, considering the actual conjecture of the British financial scenario. Today, the pound rose specially versus the euro, as even if the U.K. posted negative growth numbers last week, analysts suggest that next quarter will bring back optimism towards the United Kingdom�s economy. EUR/GBP traded at 0.9109 as of 21:45 GMT from a previous rate of 0.9235 yesterday.

Karachi Stock Exchange

2009-10-21T14:13:00.000-07:00

K.S.E. Indices

KSE 30 INDEX

KSE 100 INDEX

ALL SHARE INDEX

Current

9770.23

9247.78

6577.75

High

10126.37

9569.07

6798.31

Low

9747.16

9232.18

6568.97

Change

-356.14

-321.29

-220.56

Volume

134,624,775

177,517,995

204,289,220

Value

8,287,126,946.31

8,890,268,828.76

9,267,451,454.82

KSE 100 INDEX

Exchange Statistics

Trades

118,312

Advance

Decline

305

Unchanged

Total

400

Exchange Volume

206,284,720

Exchange Value

9,456,410,894.82

Market Statistics

Regular (Suspend)

Trades : 117,190

Volume : 204,289,220

Value : 9,267,451,454.82

CFS (Loaded)

Trades : 0

Volume : 0

Value : 0.00

Square Up (OpenClose)

Trades : 4

Volume : 11,461

Value : 336,251.48

Odd Lot ( )

Trades :

Volume :

Value :

CSF (Suspend)

Trades : 0

Volume : 0

Value : 0.00

Future (Suspend)

Trades : 1,122

Volume : 1,995,500

Value : 188,959,440.00

IPO (Suspend)

Trades : 0

Volume : 0

Value : 0.00

K.S.E. Top Symbols

Symbol Bid Vol. Bid Price Offer Price Offer Vol. Last Rate Change Total Vol.

Pak.PTA Ltd. 13,000 6.00 6.02 2,018 6.02

0.15

24,736,388

Arif Habib Sec. 124,288 51.90 51.99 46,089 51.44

1.07

22,965,698

Jah.Sidd. Co. 0 0.00 37.11 448,646 37.14

-1.92

17,226,568

Fauji Fert Bin Qasim 26,955 26.75 26.78 14,350 26.83

-0.08

14,466,167

Bank Al-Falah 10,500 14.15 14.16 25,000 14.09

-0.56

13,096,641

D.G.K.Cement 0 0.00 30.07 285,036 30.07

-1.58

7,829,034

P.T.C.L.A 9,060 19.41 19.50 10,000 19.50

-0.93

7,011,905

National Bank of Pak 12,120 82.30 82.44 1,000 81.95

-3.39

5,514,212

Lucky Cement XD 0 0.00 67.42 294,513 67.42

-3.54

5,449,756

Oil and Gas Deve.XD 790 104.61 104.65 1,175 104.78

-3.39

5,050,993

Netsol Technol. 1,400 33.69 33.70 4,260 33.42

0.98

5,007,874

Azgard Nine Ltd. 0 0.00 25.08 65,298 25.08

-1.32

4,173,334

Pak Petroleum Ltd. 6,462 177.06 177.25 4,950 177.32

-7.53

4,124,059

NIB Bank 176 5.45 5.47 19,800 5.43

-0.30

4,047,118

United Bank Ltd. 5,500 61.75 61.94 1,000 62.17

-1.37

3,937,411

Hub Power Co. 1,696 30.80 31.00 2,750 31.01

-1.21

2,985,981

Engro Chem.Pak 290 164.25 164.49 1,723 164.26

-8.40

2,876,272

Pak OilfieldsXD 7,426 203.50 203.75 1,000 203.18

-9.39

2,751,513

Adamjee Insur XD 100 108.94 108.98 15 108.95

-2.81

2,556,337

Nishat Mills SPOT 0 0.00 0.00 0 61.11

-3.04

2,222,333

Engro Polymer 1 20.51 20.56 1,600 20.52

-1.06

2,069,534

TRG Pakistan Ltd. 80,861 2.10 2.12 990 2.13

-0.04

2,043,382

MCB Bank Limited 2,290 208.52 208.70 2,700 208.91

-10.23

2,037,230

Pak Reinsurance 7,113 30.05 30.15 7,636 30.02

-1.55

1,956,892

Faysal Bank Ltd. 23,880 17.30 17.34 200 17.24

-0.51

1,764,322

Askari Bank Ltd. 10,000 24.82 24.88 3,673 24.84

-0.90

1,654,936

Habib Bank Ltd 4,000 128.40 128.50 5,975 128.81

-1.62

1,538,653

Pace (Pak) Ltd. 560 6.61 6.66 500 6.62

-0.30

1,535,235

B.O.Punjab 10 14.23 14.25 19,962 14.30

-0.67

1,526,842

Fauji Fertilizer Co. 1,000 102.91 102.98 1,500 102.94

-1.18

1,518,834

Oil rises above $80 as earnings beat expectations

2009-10-21T14:12:00.000-07:00

SINGAPORE: Oil prices rose above $80 a barrel Tuesday in Asia, extending a two-week rally as better than expected US corporate earnings boosted investor confidence. Benchmark crude for November delivery rose as much as 44 cents to $80.05 a barrel but later fell back and was up 20 cents at $79.81 by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.08 to settle at $79.61 on Monday. Crude reached $80 for the first time this year after Apple Inc. and Texas Instruments Inc. reported third quarter earnings Monday that beat analyst forecasts. Caterpillar Inc., Coca-Cola Co. and DuPont are scheduled to report later Tuesday. "Earnings have been fairly positive and everyone is looking for positives right now," said Jonathan Kornafel, Asia director for market maker Hudson Capital Energy in Singapore. Crude demand has remained sluggish this year as the global economy recovers from recession. With the US Federal Reserve keeping interest rates at near zero percent, investors have flocked to stocks and commodities to make money. "This rally isnt based on fundamentals. Its about risk appetite," Kornafel said. "Money is looking for some kind of return." In other Nymex trading, heating oil rose 0.62 cent to $2.03 a gallon. Gasoline for November delivery slipped 0.48 cent to $1.97 a gallon. Natural gas for November delivery jumped 6.2 cents to $4.84 per 1,000 cubic feet. In London, Brent crude for December delivery rose 31 cents to $78.08 on the ICE Futures exchange.

EUR/USD pulls down to 1.5000 on a late downside rally in stocks

2009-10-21T14:07:00.000-07:00

FXstreet.com (Córdoba) – U.S. markets tumbled in the last hour of trading and lost previous gains and ended in the negative side. The Dow Jones lost 0.92% and finished below 10,000. Falling stocks helped Dollar move away from the lows of the days across the board but still remains at the lowest level in 14 months.

EUR/USD peaked at 1.5046 (14-month high) and from there fall quickly to test levels below 1.5000. The pair is now hovering around 1.5000, 0.45% above today’s opening price. If the pair falls further the next support lies at 1.4980 and below at 1.4955/50.

The ecPulse.com analysis team affirms: “Despite optimism spread within overall markets due to cheerful earnings posted today from huge and known U.S corporations; having in fact Yahoo! Inc. and Morgan Stanley witnessing better-than forecasted results throughout their third-quarter, the U.S stocks end up in a red zone after that Wells Fargo & Co. after analyst Dick Bove downgraded Wells Fargo shares and signaled that the better than expected profits were a result of hedging gains rather than increased activity in businesses.”

USD / JPY Technical Forex Analysis for Forex Traders

2009-10-17T22:34:00.000-07:00

Price could neither break the resistance 90.27, nor the support 88.96 (which was exactly the lowest price after the issuance of the report), and that is why we spent the whole day in a very tight range. What is worth notice this morning, that the falling trendline from 90.44 on the hourly chart, has many touch points with the price.

Pakistan Forex Scandal Update

2009-10-17T22:32:00.000-07:00

Will the Dollar Rebound Before 2009 Ends?

2009-10-04T21:42:00.000-07:00

The dollar had one of the best weekly performance in months gaining versus most of the 16 main traded currencies as the Group of 7 suggested that a strong greenback is important to guarantee a fast and sustainable world economic recovery.

USD / JPY Technical Forex Analysis for Forex Traders

2009-10-04T21:40:00.000-07:00

Yesterday's drop stopped with great accuracy at what we called "the most important support" 89.31 (yesterday's low was 89.34). And today, 90.20 will still be the most important resistance. If the dollar fails to break it, this pair will go back to falling, after that sharp bounce from 88.22. But, a break of 90.20 would give a chance to approach 91 since the first important resistance in these areas 90.90.

Euro / Dollar Technical Forex Analysis for Forex Traders

2009-10-04T21:37:00.000-07:00

The Euro is testing at this very moment the short-term support 1.4563, after dropping hard in the last half hour. This support is the last barrier before testing Fibonacci 50% which is at 1.4509. Short
-term resistance is 1.4622, and breaking it would give another attempt to reach 1.47 (after yesterday's attempt).

If 1.4563 is broken, then the falling correction will try to reach Fibonacci 50% support at 1.4509, or Fibonacci 61.8% at 1.4430. In this case, this support in particular will become the most important support for the medium term, since breaking it would mean that this drop is more than just a correction, and that the uptrend which started at 1.4176 is already over.

Gold Darts Past $950/oz in the Wake of Positive Data

2009-08-22T13:35:00.000-07:00

The EUR/USD broke out to the upside after positive PMI data, and gold responded. Theprecious metal rode past our 3rd tier uptrend and 2nd tier downtrend lines on its way to $950/oz. However, Gold’s rally is pausing after better than expected U. S. Existing Home Sales data caused the Dollar to appreciate. Gold is not quite sure which direction to head in with the Dollar appreciating and the S&P futures setting fresh 2009 highs.

Hence, the precious metal is in a correlative flux. Regardless, today’s movement is certainlypositive and shows gold is still in a medium-term uptrend despite recent weakness. That being said, the precious metal must deal with a couple strong technical obstacles to the topside.

Forex: EUR/USD: Expect a burst higher to 1.4600 or, eventually, 1.5000 - Mizuho

2009-08-05T03:18:00.000-07:00

FXstreet.com (Barcelona) - The Euro has been trading in a tiny range from 1.4370 to 1.4400 after it rally from 1.4100 was capped at 1.4445 year high, however, according to Nicole Elliott, technical analyst at Mizuho Corporate Bank, the Euro could explore higher levels before the end of the week.Elliott affirms that the Euro is not overbought and that the pair could burst higher: "Surprisingly the Euro is not overbought so expect another burst higher hopefully by the end of this week."On its way up, the Euro could hit levels around 1.4600 or even 1.5000, says Elliott: "Our measured targets are 1.4600 and eventually the psychological 1.5000."

Forex: GBP/USD: Pound needs a corrective dip to 1.6800 - DailyFX

2009-08-05T03:16:00.000-07:00

FXstreet.com (Barcelona) - The Pound has risen to 2009 highs at 1.7000 from levels around 1.6400, to enter on a flat trading range from 1.6900 to 1.7000 and, according to the Daily FX Research Team, the pair could move down before going higher.Sterling is overbought on intra-day studies, says the Daily FX Research Team, and a dip towards 1.6800 is needed: "The overbought intraday studies are the primary catalyst here, with the daily ATR also well exceeded. We will hold the position into to the close and look to reassess. There is definitely the need for a material corrective pullback towards 1.6800 at a minimum over the coming hours."

Forex: AUD/USD: Aussie losses strength after hitting 0.8470 10 mth. high

2009-08-05T03:14:00.001-07:00

FXstreet.com (Barcelona) - Australian Dollar rally from Jul 13 low at 0.7700 reached its peak on Tuesday at 0.8470, the highest level since late September, and the pair has remained consolidating at levels above 0.8385 ever since.According to the E-Forex Team, Australian Dollar rally has lost strength, and intra.day momentum turned to negative: "Intra-day momentum is losing strength and became negative, favoring further downside price action towards the first support eyed at .8385 then lower, at .8330 which initially served as resistance."Aas long as potential correction holds above 0.8300, says the E-Forex Team, the pair would be prone to test new highs: "As long as the Aussie dollar holds gains above .8300, short-term momentum will remain intact and a corrective cycle would provide new buying opportunities."

Forex: GBP/USD: Pound needs a corrective dip to 1.6800 - DailyFX

2009-08-05T03:14:00.000-07:00

Germany Purchasing Manager Index Services rises to 48.1 in Jul from 45.2 in Jun

2009-08-05T03:08:00.000-07:00

FXstreet.com (Barcelona) For more information, read our latest forex news.

EU Purchasing Manager Index Services up to 45.7 in Jul from 44.7 Jul

2009-08-05T03:07:00.000-07:00

FXstreet.com (Barcelona) For more information, read our latest forex news.

Euro Zone Services PMI's slightly above forecasts; Euro unchanged

2009-08-05T03:03:00.000-07:00

FXstreet.com (Barcelona) - Euro Zone services PMI Index has risen to 45.7 in July from 44.7 in June, somewhat above the 45.6 reading forecasted by market analysts, while German services PMI rose from 45.2 to 48.1 in July.The Euro has not been affected by the improvement in services sector´s Activity, and the pair moves right in the middle of the 1.4370 to 1.4430 range.