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Exchange Rates UK - Compare Foreign Currency Exchange Rate & History

2012-10-27T13:20:00.003-07:00

Exchange Rates UK - Compare Foreign Currency Exchange Rate & History

GBP EUR	1.2445	Pounds to Euros
GBP USD	1.6105	Pounds to Dollars
GBP NZD	1.9573	Pounds to New Zealand Dollars
GBP AUD	1.5525	Pounds to Australian Dollars
GBP CAD	1.6055	Pounds to Canadian Dollars
GBP JPY	128.26	Pounds to Yen
GBP ZAR	13.919	Pounds to South African Rands
GBP AED	5.9105	Pounds to Dirhams
GBP INR	86.379	Pounds to Rupees
GBP TRY	2.8996	Pounds to Lira
GBP CHF	1.5051	Pounds to Swiss Francs

Bullion Rates (Gold Prices) in Pakistan Rupee (PKR) As on Sat, Oct 27 2012

2012-10-27T13:17:00.000-07:00

Bullion Rates (Gold Prices) in Pakistan Rupee (PKR)

As on Sat, Oct 27 2012, 21:15 GMT

Metal	Symbol	PKR for 10 Gm	PKR for 1 Tola	PKR for 1 Ounce
Gold 24K	XAU	52,680	61,381	163,857
Palladium	XPD	18,409	21,449	57,259
Platinum	XPT	47,575	55,433	147,978
Silver	XAG	987	1,150	3,071

Gold Rates in other Major Currencies
Currency	Symbol	10 Gm	1 Tola	1 Ounce
Australian Dollar	AUD	530	618	1,650
Canadian Dollar	CAD	549	640	1,707
Euro	EUR	425	495	1,322
Japanese Yen	JPY	43,820	51,057	136,296
U.A.E Dirham	AED	2,021	2,354	6,285
UK Pound Sterling	GBP	342	398	1,063
US Dollar	USD	550	641	1,711

OPEN MARKET FOREX RATES Updated at: 28/10/2012 12:43 AM (PST)

2012-10-27T13:16:00.003-07:00

OPEN MARKET FOREX RATES
Updated at: 28/10/2012 12:43 AM (PST)

Currency

Buying

Selling

Australian Dollar	97.5	98.7
Bahrain Dinar	251	253
Canadian Dollar	95	96.5
China Yuan	13	13.5
Danish Krone	16.6	16.85
Euro	123	124.3
Hong Kong Dollar	11	11.7
Indian Rupee	1.65	1.75
Japanese Yen	1.19	1.2
Kuwaiti Dinar	332.8	335
Malaysian Ringgit	28.1	28.6
NewZealand $	74.6	75.6
Norwegians Krone	16.5	16.8
Omani Riyal	245	247
Qatari Riyal	25.5	25.6
Saudi Riyal	25.05	25.35
Singapore Dollar	77	78.2
Swedish Korona	13	13.5
Swiss Franc	99	100
Thai Bhat	2.6	2.7
U.A.E Dirham	25.8	26.1
UK Pound Sterling	151.5	152.8
US Dollar	95.1	95.4

TECHNICAL UPDATE: Latest on EUR/NZD – Tested trendline support Updated Oct 26, 2012

2012-10-27T13:15:00.001-07:00

TECHNICAL UPDATE: Latest on EUR/NZD – Tested trendline support

Updated Oct 26, 2012 4:45:00 PM Written by Chris Tevere, CMT

EUR/NZD continued to move lower over the past 24-hours and tested trendline support, drawn from the August low, around 1.5695. Furthermore, daily RSI appears to have broken below corresponding trendline support. Currently, the pair is trading around the 50-day sma (1.5725), but a move towards the daily Ichimoku Cloud Top, as well as 38.2% retracement between 1.5440/50 seems plausible early next week. This would also likely complete the 5-wave move lower – see original hourly chart (in yellow) below, of the Elliot Wave count and a 3-wave correction may follow thereafter.

Chart Source: Forex Charts by eSignal

TECHNICAL UPDATE: EUR/NZD – Failure above 1.60 sets stage for sub-1.55
Updated Oct 25, 2012 6:15:00 PM
EUR/NZD has begun to show the downward acceleration that I was looking for 10 days ago – See TECHNICAL UPDATE. Ultimately, very little has changed from a technical perspective, however it appears the shorter-term (hourly) and longer-term (daily) time frames have aligned. Moreover, we have identified 3 different points of reference to potentially trade against – 1.5895 (13 & 200-day sma’s), 1.5905/10 (October 19^th low) & 1.6060 (October 16^th high).
That said, here’s a few technical bullets on why I believe EUR/NZD downside could prevail:

Saw a daily RSI bearish divergence into the 1.6055/60 high
Continued to get rebuffed by the 50% retracement
13-day sma is crossing in-between daily 144 & 169 EMA’s while price is below (bearish)
Sees hourly RSI bullish divergence (see yellow highlight)
Elliot Wave Count in the midst of wave-4 up
EW Count invalid if above 1.5910 (wave-1 low) as well as 61.8% retracement
Watch for potential daily RSI trendline break in advance to price (leading indicator)
Prior October low resides near 1.5470
Bottom of daily Ichimoku Cloud is 1.5435/40

Chart Source: Forex Charts by eSignal

London Session: All eyes on USDJPY and the BOJ Updated Oct 26, 2012

2012-10-27T13:14:00.000-07:00

London Session: All eyes on USDJPY and the BOJ

Updated Oct 26, 2012 5:00:00 AM Written by Kathleen Brooks

The biggest news overnight was from the Japan – the government announced a surprise stimulus package to try and boost the flagging economy. The overall size of the stimulus is miniscule compared with stimulus programmes elsewhere, at only $10 billion; however the timing of the move is significant. With Japan’s government in deadlock and facing its own fiscal cliff, lawmakers have very little rope to work with. Financial legislation to increase the borrowing limit has been blocked by the opposition to try and force fresh elections (the umpteenth in recent years). If no agreement is reached then Japan, the world’s largest debtor, could go over the fiscal cliff edge at the end of November. The money for this stimulus has been found from other budgets, but it is unlikely that more cash will be found. This leaves the BOJ as the only entity in Japan with the tools to kick-start the economy. For an export-based economy like Japan the best way for them to do this is to try and weaken the yen. As rates are already at 0.1%, we expect the Bank to boost its Asset Purchase Programme. The market is looking for an increase of JPY 10 trillion, however we believe there is a good chance it could do more than this – potentially to the tune of JPY 20 trillion – to try and weaken the currency.
Japan’s very own cliff edge
The extent of the crisis in Japan has prompted major banks (and dealers of government debt) to hold a meeting this morning to try and press the government to pass the Budget bill (and thus avoid a fiscal cliff) saying that Japan faces a real risk of a credit rating downgrade if the deadlock persists. This suggests that the next month could be crucial for Japan and we may see further downward pressure on the yen as fiscal and political problems (a toxic mix) erode the yen’s status as a safe haven.
The BOJ may target the exchange rate next week
Because the problems facing Japan’s economy are largely external – the territorial dispute with China and the Eurozone sovereign debt crisis – which are both dampening demand in Japan’s largest trade partners, targeting the exchange rate could be the best way to boost the economy. Thus, an aggressive round of asset purchases from the BOJ next week may be the enough to get USDJPY above the 80.00 resistance level. We have flirted with life above this level in the last couple of days but it has proven to be a tough hurdle to get over. After the announcement of the government stimulus programme USDJPY jumped as high as 80.35, however it has since drifted back below 80.00 as the market realised that the amount of stimulus is fairly minimal. However, expectation that the BOJ may now be forced to act in an aggressive way next week could be enough to get a weekly close above 80.00. This would be a very bullish signal for this pair.
We are currently inside the weekly cloud on this chart, which leaves 81.10 as the next major resistance level to get over. Above this level suggests a new paradigm for USDJPY and supports a medium-to-long term uptrend.
One to Watch: USDJPY weekly Ichimoku cloud chart

Source: Forex.com
Is France a bigger risk than Spain?
Elsewhere, Europe is taking a back seat, although problems in the currency bloc remain far from over. Spain till has not applied for a bailout even through the growth picture remains as weak as ever. Spanish unemployment hit 25.02% in Q3. This is depression-era levels, highlighting the extent of economic weakness in Spain, which could make it even harder to reach deficit targets in the coming years. This rounds off a very poor week of economic data for the currency bloc, with signs that France is falling away from the core economic pack and joining the peripheral economies. French bond yields have moved higher this week, but they still remain at extremely low levels. The market isn’t focusing on France yet, but it might. Weak growth combined with a government who does not want to deal with restoring public finances to a more stable footing could hurt the French bond market in the long-term, which would mark the most serious development in the sovereign debt crisis. Rating agency S& downgraded some large French banks last night citing increased economic risks – this is a warning sign to France and to investors in its bond market.
Watching the Nasdaq
Ahead today is US GDP for the third quarter at 1330 BST. The market expects a pick up to 1.8% from 1.3% in Q2. If the consensus is correct this would mark the second consecutive sub-2% growth rate in the US economy since 2009. A wave of weak economic earnings, including from tech giant Apple, continues to weigh on stocks. Equity bulls have to hope this was a blip and big consumer companies like Apple can make it up during the holiday spending season and QE3 liquidity will come to the rescue. These hopes are helping to support stocks. Although equities have been selling off they have not fallen below key support levels. Watch the Nasdaq, the US tech sector index, closely as it is testing its 200-day sma support. Below here could signal a broad based decline in US equity markets.
NAS 100:

The Week Ahead--Week of October 28th, 2012 Updated Oct 26, 2012

2012-10-27T13:12:00.003-07:00

The Week Ahead--Week of October 28th, 2012

Updated Oct 26, 2012 1:00:00 PM Written by Kathleen Brooks and Eric Viloria CMT

Highlights

The risk trade softens
Will the Eurozone crisis flare up before year end?
QE - down but not out for the UK
Bank of Japan under pressure to ease
US employment data in focus

The risk trade softens

Stock markets declined last week, commodities fell and Spanish bond yields rose last week as sentiment drained from the market. The key drivers of lower markets were weak economic data out of Europe, strong data out of the US which threatens to cut QE3 short and weak Q3 corporate earnings.
The S&P 500 has seen 30% of companies that have reported so far miss earnings estimates. The sales miss has been worse, with only 40% of companies meeting expectations or exceeding them. There have been some notable misses for the tech sector including Apple, Google, Intel and Microsoft. Other industries that have been under pressure include the mining and resource sector and utilities. Since the tech sector is considered a lead economic indicator the decline in Q3 earnings could precede a sharper slowdown in the broader economy. The Nasdaq 100 index is testing a key support level at 2,655, the 200-day sma, below here opens the way for a steeper decline to back to the May lows. If it breaks below here then it may signal broader declines in global equity markets.
So as we start a new week risk assets look vulnerable to a further decline. It doesn’t look like Spain is in any hurry to apply for a bailout (see the European section for more), European data is likely to remain fairly weak for some time and as we enter the last full week of trading before the US Presidential election nervousness is starting to build about the Fiscal cliff. The US is not the only one edging towards the cliff edge, Japan is too. It is facing a political standoff over its budget, which could cause the world’s largest debtor to run into financial trouble as soon as the end of November (see the Japan section for more).

Figure 1: The Vix index – this is considered Wall Street’s fear gauge. It has started to edge higher in recent weeks. Upcoming event risks could see this index pop above 20 – the August high.

Source: Forex.com and Bloomberg

Will the Eurozone crisis flare up before year end?

The sovereign debt crisis seems to have lost some of its potency to rattle financial markets in recent months. Since ECB President Draghi said the Bank would do whatever it takes to save the Eurozone at the end of July, Spanish bond yields continue to fall. Even after rising last week they still closed the week below 5.6% and remain well below the 7% line in the sand. The recovery in the bond market seems all the more impressive since the ECB’s bond-buying OMT programme has not yet been activated and Spain’s economy has deteriorated further, the unemployment rate rose to more than 25% in the third quarter.
So is the market due a panic? There are lots of things to panic about, not least the deteriorating growth picture across the currency bloc and not just in Spain. Added to that Greece has still not managed to secure its next EU30bn tranche of bailout funds. The Greek parliament will vote on required fiscal measures that are needed to get the bailout funds next week; however this vote is expected to pass easily. There are rumours that Greece’s centre-right government has a better relationship with Brussels, and thus may be able to secure better bailout conditions – for example lower interest rates and a longer debt repayment schedule. Added to this, Spain has issued most of its debt for this year already, which means it is unlikely to see a sustained attack on its bond market before year end.
This reduces the chance of a full-scale panic in our view. Germany’s stance could also help calm the markets. Berlin seems to be willing to give concessions to Greece and Ireland to keep the currency bloc together, likewise, relations between Berlin and the ECB seem to have recovered. After a split over the OMT programme (the Bundesbank were against) the fact it hasn’t been activated has placated Germany’s central bank. Added to that Draghi has been at pains to placate Germany and last week warned the German Parliament that the biggest risk was deflation and the inflation hawks on the Bundesbank had nothing to fear from the OMT programme. Eurozone inflation is expected to have declined to 2.5% this month from 2.7% in September when it is released this week.
Thus, it appears that the political side of the sovereign debt crisis could remain stable for some time. The bigger risk in our view is the economy. This is deteriorating rapidly. Recent PMI surveys saw the French readings drop away from the core economies and start to resemble the periphery. This is extremely concerning, as France is the second largest economy in the currency bloc and one of its main paymasters along with Germany. In Spain more than a quarter of people are unemployed, which is likely to weigh on the Eurozone unemployment figure released next week. This is expected to reach another record high of 11.4% for September. Added to that Spain releases its Q3 GDP report next week and the market expects a 0.4% decline after receiving guidance from the Bank of Spain. German data including employment and retail sales will also be scrutinised to see if they suggest further weakness in the currency bloc’s largest economy.
The sell-off in the euro last week coincided with weak PMI data from the Eurozone, thus further declines in economic data could cause more pressure on the single currency. EURUSD closed the European session last week above 1.29, safely above a key support zone between the top of the daily Ichimoku cloud at 1.2950 and 1.2980 – the 200-day sma. Below here would suggest a more prolonged downtrend for this cross. If the data next week is truly horrible then we expect a sharp fall to 1.2800 and then 1.2750 – the low from the middle of September - in the short term.

Figure 2: EURUSD daily chart

Source: Forex.com

QE – down but not out for the UK

Those looking for more QE from the Bank of England when it meets next month were dealt a blow last week when Q3 GDP data rose 1%, taking the UK out of recession in style. The data was boosted by an extra working day compared with Q2 and also Olympic and Paralympic ticket sales, both temporary factors. Although the exact impact of these events on growth is still unknown, it is likely that the underlying rate of growth last quarter was around 0.3-0.4%. This is better than the first half of the year but it remains moderate and does not guarantee that the UK’s economy is out of the woods yet, especially since our largest trading partner, the Eurozone, remains mired in recession.
There is a lot of uncertainty surrounding the outlook for the UK economy. Although the industrial sector saw a healthy gain in the third quarter, its performance may have slowed at the start of Q4 after the CBI industrial trends survey fell to its lowest level for two years. Thus, next week’s October PMI surveys are going to be crucial to the QE decision at the next BOE meeting on 8^th November. The market expects a decline to 48.0 for the manufacturing survey from 48.4 in September. If the market is correct then it reverses better data over the third quarter and suggests growth may already be slowing and the UK economy could be on course for a triple-dip.
The Governor of the Bank of England Mervyn King was speaking last week and he left the door open to more QE. However, King is a noted dove and we know from the minutes of the September meeting that there is a split between some members wanting more stimuli and some preferring to stay on hold. Thus, the decision next month will likely be a close call.
The pound was volatile last week but GBPUSD ended the week higher after receiving a boost from the GDP data. This pair is likely to remain range bound for the short-term between 1.5800 and 1.6150. It is also sensitive to overall market risk, so if we see market sentiment continue to drain then we may test the top of the daily cloud at 1.6065 – a key support zone. Below here is the end of a technical uptrend and suggests further losses back to 1.5850 – the bottom of the daily cloud. GBPAUD seems more constructive especially as the RBA maintains its dovish outlook. If the UK PMI data surprises on the upside next week then we may see this cross move back above 1.5600 towards the 1.5800 highs from earlier this month as it would increase the chances that the BOE will remain on hold next month.

Figure 3: GBPAUD daily chart

Source: Forex.com

Bank of Japan under pressure to ease

On October 30, the Bank of Japan will announce monetary policy as well as release its semiannual Outlook for Economic Activity and Prices. We anticipate that the report will show a reduction in inflation forecasts which underscores the fact that the BoJ is struggling to achieve its 1% inflation target. Expectations are that the Bank will miss this target as far out as 2014. Therefore, we expect the Bank to respond with more stimulus in the form of yet another increase to the Asset Purchase Program (APP). The APP currently stands at ¥80T and markets have been speculating increases of between ¥10-20T in additional purchases.
The economy may have fallen back into contraction in Q3 as incoming data has been weak. Consumer spending has declined, and exports dropped significantly. As Japan is heavily reliant on exports, measures taken by the Bank to weaken the yen would be beneficial on the margin. However, the strength of the currency is only one factor that is weighing on the export driven economy. Geopolitical tensions and slowing global growth as a result of increased uncertainties have reduced demand for Japanese exports. A drop in economic activity will weigh on prices which have been indicating deflation for some time. On Friday, Japan’s consumer price data showed national CPI falling by -0.3% y/y in September on the headline print while CPI excluding fresh food fell -0.1% y/y. More timely Tokyo price readings also showed deflation persisted in October.
The BoJ has been faced with increased pressure to ease further from the government. Economy Minister Maehara, who sat at the BoJ meeting earlier this month, said that he wants the Bank to pursue easing to achieve its price goal and also indicated that he may attend next week’s meeting.
The JPY was mostly softer earlier this past week after weak fundamental data and ahead of the BoJ meeting. Friday a reversal of yen weakness after the government proposed new fiscal stimulus and after better than expected CPI figures (however the numbers continued to show deflation as previously noted). With the potential for further easing from the BoJ, there is scope for JPY weakness heading into the meeting and even a knee jerk reaction lower in the yen following the announcement should the Bank take on additional measures. In the long run, we would prefer to fade yen weakness as increases to the Bank’s APP have not had lasting impacts on the exchange rate.
In fact, at the September 19 meeting when the BoJ last expanded stimulus by ¥10T, USD/JPY actually declined on the session. The Bank not only increased the amount of purchases then but also the length of the program which resulted in a slower pace of buying. It is likely that the Bank may make adjustments to the program to take a more aggressive stance to providing monetary easing.
The 200-day simple moving average (SMA) remains the key pivot and is currently acting as support. The daily Tenkan line also converges with the 200-day SMA around the 79.50 level. A break below here is likely to see USD/JPY move back towards the bottom end of its recent range. To the upside, the 80.50 level is key resistance and a close above is needed for gains to extend. While BoJ action may result in short term yen weakness, we doubt that USD/JPY upside can last without support from higher US treasury yields.

Figure 4: Japan continues to struggle with deflation

Source: Bloomberg

US employment data in focus

Next week indicators of US employment in October are due for release. As usual, the first Friday of the month will see the Bureau of Labor Statistics (BLS) monthly employment report which tends to have a large impact on markets. The private ADP report which is due out on Thursday may take on more importance as new enhancements have been made. As indicated by ADP, the report has been enhanced “to further align with the final, revised US BLS numbers. A look back at historical data from 2001 to present using the new methodology shows a very strong correlation (96%) with revised BLS numbers.”
So what is different with the report? ADP now uses a larger sample size of 406K companies (prev. 344K) and 23 million employees (prev. 21M) which accounts for more than 20% of all US private sector employees. Expectations are for ADP to show a gain of 135K payrolls in October from the prior 162K while the BLS is anticipated to show a headline change of 120K jobs from the prior 114K. After experiencing a decline of 0.5% in the past 2 months, the unemployment rate is expected to correct slightly higher to 7.9%.
In our view, prints in the low to mid-100K range are lackluster and not likely to inspire a significant improvement in risk sentiment. Furthermore, readings in the previously mentioned range are unlikely to cause the Fed to change course in its current easing program.

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FOREX-Euro

2012-10-26T13:24:00.001-07:00

FOREX-Euro falls as concerns over Greece flare up

26 October, 2012 - Reuters

(Recasts, updates prices, adds quote)

Euro falls broadly, traders cite Greece uncertainty

Dollar retreats after hitting 4-month high vs yen

U.S. third-quarter GDP due 1230 GMT

By Anooja Debnath
LONDON, Oct 26 (Reuters) - The euro hit a two-week low against the dollar and fell against the yen on Friday, with traders citing concerns that Greece may miss its austerity targets and political uncertainty in Athens.
A report from the International Monetary Fund said Greek debt would be above the target agreed with international lenders, while the Greek government said a deal on Athens' latest austerity package was being held up by opposition from a coalition ally.
The euro fell 0.3 percent to $1.2893 , retreating from its Oct. 17 high of $1.3140. It also dropped 1 percent against the safe haven yen to 102.725 yen , a 10-day low.
The outlook for the euro was also clouded by uncertainty about when Spain will request a bailout that could trigger the European Central Bank's bond-buying programme.
"People are still concerned about Spain asking for a bailout and Greece remains a problem too. I remain bearish on the euro," said Lutz Karpowitz, FX strategist at Commerzbank.
The euro has struggled this week on grim economic data and fresh signs that the region's powerhouse, Germany, is struggling.
Traders said the single currency was likely to be caught in a $1.2800/1.3200 range until Spain asks for aid. Offers were cited around $1.2960 and above $1.3000.
Options market activity also suggested the euro was likely to stay in a range against the dollar in the near term. One-month implied volatility was at 8.05 vols, near levels last seen in late 2007.
YEN SEEN VULNERABLE
The yen recouped losses against the dollar after touching a four-month low, although it looked vulnerable to expectations of policy easing by the Bank of Japan on Oct. 30.
The dollar was down 0.6 percent at 79.77 yen after earlier hitting 80.38 yen. Some investors booked profits on long dollar positions before the advance reading of U.S. third-quarter gross domestic product, due at 1230 GMT.
A robust GDP reading could see the dollar touch its June peak of 80.63 yen with the April peak of 81.78 a possible target, while a disappointing number could see the dollar pull back.
Some strategists said a weekly close above 80 yen would be a strong bullish signal that may prompt further dollar demand.
The greenback was set to end the week higher, adding to last week's rise of 1.1 percent and helped by widening spreads between two-year U.S. Treasuries and Japanese government bond yields, with which the dollar/yen has a strong correlation.
"Dollar/yen has risen well ahead of itself in the past few weeks and while on a multi-month basis we expect it to rise, there will be some profit taking in the short term to smoothen out the move," said George Saravelos, G10 FX strategist at Deutsche Bank.
The BOJ is expected to ease monetary policy at its meeting on Tuesday by expanding asset purchases, and it could make a stronger commitment to keep pumping cash until its 1 percent inflation target is attained.
Japanese inflation data reinforced expectations the BOJ will ease, with core consumer prices falling for the fifth successive month in the year to September.
The higher-yielding Australian dollar dipped 0.15 percent to $1.0329 as stock markets fell, off the week's high of $1.0397 hit on Thursday.
(Additional reporting by Anirban Nag; Editing by Susan Fenton)

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Pound hits 3-week high versus euro as QE chances lowered 26 October, 2012

2012-10-26T13:23:00.003-07:00

Pound hits 3-week high versus euro as QE chances lowered

26 October, 2012 - Reuters

Sterling hits three-week high vs euro
But vulnerable vs dollar as weak equities weigh on risk
Strong Q3 GDP data reduces expectations for QE in Nov
Trade-weighted pound at 3-week peak

By Philip Baillie
LONDON, Oct 26 (Reuters) - Sterling hit a three-week high against the euro on Friday when investors trimmed their bets on more monetary easing after unexpectedly strong UK growth figures the previous day.
The euro fell to a three-week low of 80.02 pence, dented by political uncertainty in Greece and concerns over whether it will receive further funding from international lenders.
This added to worries about recent weak euro zone activity data and over when Spain may ask for a bailout.
"This week seems to be the balance of data. The weakness of the UK has held up against the weaknesses in the European reports which has pushed the euro lower against the pound," said Steve Barrow head of G10 currency at Standard Bank.
Traders reported demand to buy the euro around 80 pence which may stem its losses. More falls could see the euro drop towards the 55-day moving average around 79.93 pence and the Oct. 2 low of 79.79 pence.
Momentum was with the pound rather than the euro, Standard Bank's Barrow said, adding he expected the euro to drop to 75 pence in the long term as the European Central Bank is more likely to ease monetary policy than the Bank of England after data showed the UK grew more than forecast in the third quarter.
Sterling's gains against the euro also pushed its trade weighted index to a three-week high at 84.2, BoE data showed.
But against the dollar, the pound edged away from a one-week high hit on Thursday as poor U.S. corporate earnings hit shares. That dented investors' appetite to buy riskier currencies, including sterling, and prompted them to take profit on the pound's gains.
Sterling was down 0.05 percent against the dollar at $1.6110 , off a high of $1.6144 hit on Thursday.
"Today risk appetite is on a softer footing because of problems in the corporate sector, namely U.S. earnings, so we could see some profit taking (in sterling/dollar)," said Geoffrey Yu, currency strategist at UBS Warburg.
He added that U.S. third-quarter GDP figures due at 1230 GMT could also boost the dollar if they come in on the strong side.

LESS CHANCE OF QE
Figures on Thursday revealed the UK economy grew by 1.0 percent in the third quarter, well above forecasts and lifting Britain out of recession.
Since the data, UK money markets suggest expectations for more easing from the Bank of England have been pared back.

Analysts said the chances of the BoE opting for more quantitative easing (QE) next month have dimmed after the surprising rebound in the economy, making it more likely to be pushed back to the first quarter of 2013.
QE is seen as negative for a currency as it increases the supply in circulation and as investors trim their bets on more QE in November that will lift sterling.
This helped the pound rise broadly. It hit a 3-month high against the Swedish crown and a four-month high against the Canadian dollar
However, some analysts were cautious given the positive impact of the Olympic Games, which may have masked a weaker underlying economy and said the pound's gains may be limited.
Purchasing managers' surveys on UK manufacturing, construction and services sector activity for October, due early next month, will provide the first clear indication of whether the strong momentum continued in the fourth quarter.
(Editing by Ron Askew)

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Daily Forex Commentary 26 Oct 12 , US FOREX

2012-10-26T13:22:00.002-07:00

Daily Forex Commentary

26 October 2012 - Markets are being driven by disappointing earnings posted in the U.S.

By Frederick Cheng

US Dollar vs Canadian Dollar

USD/CAD is higher in this back drop, having tested recent highs near the .9980 level overnight. As previously mentioned, significant resistance at .9990-1.0000 (where the 100 & 200 day moving averages reside) and the pivotal 1.0050 level should cap initial USD strength. A move above these levels will be deemed very bullish USD and would prompt a return to higher levels, targeting 1.0150-1.0275. I don’t believe we will see any impulsive moves to the top side as slow, grinding moves have been characteristic of recent market trends. The .9900-.9925 zone looks to be decent support for now.
We expect a range today of 0.9924 to 1.0000

Canadian Dollar vs Euro

An article in today’s FT about a possible Finnish exit from the euro is garnering some attention today but that is just white noise for the time being. The euro is, however, weaker this AM, as a steady stream of poor European data this week has taken its toll, topped off by Spanish unemployment still at a staggering 25% in this morning’s release.
We expect a range today of 1.2823 to 1.2903

Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar

The Sterling is finishing this week strong as this week’s data paints a better outlook for UK’s growth outlook. GBP/CAD ran into resistance at 1.6075 which has capped the pair’s advance since June of this year. AUD/CAD continues to trade higher against the Loonie. The pair will trade with general market sentiment as there are no new data being released. Resistance and support comes in at 0.0268 and 1.0350. NZD/CAD is holding into this week’s gains. The pair is currently testing its resent high at 0.8185. A close above this level will open the doors for 0.8267 and 0.8402.
Data Releases
CAD: No data today
AUD: No data today
EUR: Gfk German Consumer Climate, Spanish Unemployment Rate
GBP: No data today
JPY: No data today
NZD: No data today
USD: Advance GDP q/q, Advance GDP Price Index q/q, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

UK Economy News Dents Gold in Pounds, Diwali "Could See Last Minute Rush" for Gold

2012-10-26T13:19:00.005-07:00

UK Economy News Dents Gold in Pounds, Diwali "Could See Last Minute Rush" for Gold

By: Ben Traynor, BullionVault

London Gold Market Report

WHOLESALE gold bullion prices rallied to $1718 an ounce Thursday morning in London, less than 24 hours after dipping below the $1700 mark for the first time since the US Federal Reserve announced a third round of quantitative easing last month.

Gold in Sterling however ended the morning lower at £1068 per ounce, close to yesterday's seven-week low, as the Pound rallied after the release of better-than-expected UK economic growth data.

Silver bullion meantime hovered around $32.20 an ounce, roughly in line with where it started the week, with other commodities also broadly flat.

"Lower prices now seem to be attracting new buyers [for gold]," says today's Commodities Daily note from Commerzbank.

"India should come back to the market because Diwali is coming," added a dealer of physical gold bullion in Singapore this morning, speaking to newswire Reuters.

"We should be expecting a big volume of sales or a last minute rush before the celebration."

Here in the UK, the economy exited recession in the third quarter, growing by 1% in the three months to the end of September, according to the official preliminary GDP estimate published Thursday.

"In comparison to Q2, the latest quarter had one more working day and this will impact on the growth between the second and third quarters," the Office for National Statistics said.

"In addition...the latest GDP estimate was affected by the Olympics and Paralympics events in the third quarter."

"There's now a good chance the economy won't actually contract on average for this year," says Scotiabank analyst Alan Clarke.

"It'll probably be flat and in the context of monetary policy, it reinforces the case for the Bank of England to pause on QE."

"The [Bank of England's] Monetary Policy Committee will think long and hard before it decides whether or not to make further asset purchases," Bank governor Mervyn King said in a speech on Tuesday.

"At this stage, it is difficult to know whether some of the recent more positive [economic] signs will persist...but should those signs fade, the MPC does stand ready to inject more money into the economy."

King added however that "the Bank could not countenance any suggestion that we cancel our holdings of [UK government] gilts", an idea that Financial Services Authority chairman Adair Turner, a candidate to replace King next year, is reported to favor.

The Bank's current £375 billion asset purchase program is due to end next month.

The UK Statistics Authority meantime has said it will investigate whether any laws were breached when prime minister David Cameron, who received the latest GDP figures 24 hours before their release, told Parliament yesterday that "the good news will keep coming".

Over in the US, the Federal Open Market Committee "will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month," last night's FOMC statement said, "[in order to] support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate [of maximum employment and stable prices]."

The central banks of Brazil and Ukraine between them added just over 2 tonnes of gold bullion to their reserves last month, according to International Monetary Fund data published Thursday. This is the first reported gold buying by Brazil in four years.

Russia, Belarus and Kazakhstan, all three of which have added to gold reserves earlier in the year, made sales last month totaling just over four tonnes, the IMF says, while Venezuela, which repatriated most of its foreign-held gold last year, sold 3.7 tonnes.

Spot gold ended September up nearly 5%, in a month that saw Fed and European Central Bank both commit to open-ended asset purchases.

Germany's Bundesbank meantime withdrew two-thirds of its gold held in London over a decade ago when the Euro was launched, according to the Telegraph's Ambrose Evans-Pritchard, citing a confidential report compiled this week by German auditors.

Earlier this week it was reported that the Bundesbank is planning to ship gold back to Germany for inspection from the New York Fed, after federal auditors said it should regularly inspect its foreign-held gold bullion.

Ben Traynor

Editor of Gold News, the analysis and investment research site from world-leading gold ownership service BullionVault, Ben Traynor was formerly editor of the Fleet Street Letter, the UK's longest-running investment letter. A Cambridge economics graduate, he is a professional writer and editor with a specialist interest in monetary economics. Ben writes and presents BullionVault's weekly gold market summary on YouTube and can be found on Google+

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

Bullion Rates (Gold Prices) in Pakistan Rupee (PKR) As on Fri, Oct 26 2012

2012-10-26T13:16:00.003-07:00

Bullion Rates (Gold Prices) in Pakistan Rupee (PKR)

As on Fri, Oct 26 2012, 21:15 GMT

Metal	Symbol	PKR for 10 Gm	PKR for 1 Tola	PKR for 1 Ounce
Gold 24K	XAU	52,737	61,448	164,034
Palladium	XPD	18,402	21,442	57,238
Platinum	XPT	47,634	55,502	148,162
Silver	XAG	988	1,151	3,074

Gold Rates in other Major Currencies
Currency	Symbol	10 Gm	1 Tola	1 Ounce
Australian Dollar	AUD	531	618	1,651
Canadian Dollar	CAD	549	640	1,708
Euro	EUR	425	496	1,323
Japanese Yen	JPY	43,785	51,016	136,187
U.A.E Dirham	AED	2,021	2,355	6,286
UK Pound Sterling	GBP	342	398	1,063
US Dollar	USD	550	641	1,711

London Session: All eyes on USDJPY and the BOJ Updated Oct 26, 2012

2012-10-26T13:14:00.005-07:00

London Session: All eyes on USDJPY and the BOJ

Updated Oct 26, 2012 5:00:00 AM Written by Kathleen Brooks

FOREX RATES Pakistan Open Market Forex Rates Updated at : 23/10/2012

2012-10-22T13:21:00.000-07:00

FOREX RATES Pakistan Open Market Forex Rates Updated at : 23/10/2012 12:32 AM (PST)
Currency	Buying	Selling
Australian Dollar	98.1	99.1
Canadian Dollar	96	97
China Yuan	13	13.5
Euro	123.3	124.6
Japanese Yen	1.19	1.2
Saudi Riyal	25.2	25.4
U.A.E Dirham	25.75	26.05
UK Pound Sterling	152	153.5
US Dollar	95.3	95.65

Pakistan Open Market Forex Rates As on Tue, Oct 23 2012,

2012-10-22T13:20:00.000-07:00

Remittance	Symbol	Buying	Selling	Charts
US Dollar DD	USD-DD	95.2	95.85
US Dollar TT	USD-TT	95.2	95.85

Currency	Symbol	Buying	Selling	Charts
Australian Dollar	AUD	98.1	99.1
Bahrain Dinar	BHD	251	253
Canadian Dollar	CAD	96	97
China Yuan	CNY	13	13.5
Danish Krone	DKK	17	17.5
Euro	EUR	123.3	124.6
Hong Kong Dollar	HKD	11	11.7
Indian Rupee	INR	1.65	1.75
Japanese Yen	JPY	1.19	1.2
Kuwaiti Dinar	KWD	331	333
Malaysian Ringgit	MYR	28	28.5
NewZealand $	NZD	74.5	75.5
Norwegians Krone	NOK	16.6	16.9
Omani Riyal	OMR	246.5	248.5
Qatari Riyal	QAR	25.5	25.6
Saudi Riyal	SAR	25.2	25.4
Singapore Dollar	SGD	77.4	78.4
Swedish Korona	SEK	13.1	13.6
Swiss Franc	CHF	99.1	100.1
Thai Bhat	THB	2.6	2.7
U.A.E Dirham	AED	25.75	26.05
UK Pound Sterling	GBP	152	153.5
US Dollar	USD	95.3	95.65

NY Session: JPY under pressure, BOC tone to drive CAD Updated Oct 22, 2012

2012-10-22T13:18:00.004-07:00

NY Session: JPY under pressure, BOC tone to drive CAD

Updated Oct 22, 2012 4:05:00 PM Written by Eric Viloria, CMT

The greenback is trading mixed against its major counterparts – weaker against the EUR, CHF, NZD, CAD, and GBP while firmer against the AUD, NOK, SEK, and most notably the JPY. With no economic data releases during the NY session, FX markets remained focused on overnight news. The Japanese yen continues to be the big mover today and is underperforming in the G10 space as several factors weigh on the currency. While the JPY typically has not been trading on fundamentals of late, a larger than expected trade deficit and -10.3% drops in exports in September put pressure on the yen. Higher US treasury yields weighed on the JPY and boosted USD/JPY which broke through technical resistance around the 200-day simple moving average. The break resulted in upside momentum for the pair and USD/JPY is currently within pips of testing the 80.00 big figure. Furthermore, increasing pressure on the Bank of Japan to ease more aggressively to combat deflation adversely impacted the currency. We note, that the BoJ response has been underwhelming and increases to the Bank’s asset purchase program have had little impact in helping the Bank move towards its 1% inflation goal as well as stem JPY gains. The JPY is weakest against the euro with EUR/JPY at its highest level since early May.
Bank of Canada in focus
Tomorrow will see the Bank of Canada rate announcement and we expect the Bank to keep rates on hold at 1%. The key focus will be on the tone of the statement and markets are expecting a shift in stance from hawkish to neutral. Recent CPI figures out of Canada came in softer than expected and comments by the BoC Governor Carney suggest that tomorrow’s statement may take a more cautious stance as global uncertainties remain elevated. This would represent a shift in tone from the usual tightening bias seen in policy statements and may result in CAD weakness. USD/CAD is higher after breaking a 4-month long bearish channel, however the upside is likely to be limited. USD/CAD sees the 100- and 200-day SMA’s converge around parity (also a key psychological level) that may provide resistance. With the change in tone largely priced in, the risk is for the BoC to remain hawkish which could see CAD resume is longer trend of strength. In our view, even a neutral stance by the Bank at a time when other major central banks are pursuing easy monetary policy should favor the currency in the longer term and we would prefer to fade Loonie weakness.
U.S. equities finished the day marginally higher after spending most of the day in negative territory after earnings releases. The DJIA managed to close the day up by about 0.02% while the S&P 500 edged higher by +0.03%. Commodities were mixed with the precious metals gold and silver currently higher by about +0.38% and +1.08% respectively while crude oil fell by nearly -1.47% at time of writing.
Data Watch
Data flow remains light heading into the Asia/ Pacific session with only Australian September Conference Board leading index and Japanese small business confidence for October on the economic calendar.

London Session: Can USDJPY get back to the March highs? Updated Oct 22, 2012

2012-10-22T13:17:00.004-07:00

London Session: Can USDJPY get back to the March highs?

Updated Oct 22, 2012 9:00:00 AM Written by Kathleen Brooks

The dismal trade data out of Japan has weighed heavily on the JPY today, which is the worst performer in the G10. Exports fell 10.3%, the market had expected a fall of 9.9%, which pushed the seasonally adjusted trade balance to JPY 980.3bn in September, from JPY461.9bn in August. This is the worst adjusted trade report since the 1990’s. This has fuelled a broad-based yen sell off this morning and USDJPY has surged through the 200-day sma at 79.40. It is now on track to test key resistance at 80.10.
China disrupts Japanese growth
Since exports and trade are such an important part of Japan’s economy the dismal September data could weigh heavily on growth in Q3 and into Q4. This has increased speculation that the BOJ may intervene in the market in a big way to try and weaken the currency and help boost the competitiveness of Japanese exports. The last time the central bank embarked on aggressive QE in February this year USDJPY rose from 76.00 to 84.00 in approx. 4 weeks. But the BOJ may be less willing to expand its balance sheet to try and boost growth this time round. The reason is that the bitter island dispute between China and Japan that kicked off last month is one of the main reasons for the sharp decline in Japan’s exports as Japanese factories in China had to close and consumers boycotted Japanese products as the tensions rose. The political dispute with China and the on-going Eurozone sovereign debt crisis is a toxic mix for the Japanese export market as these two economies are Japan’s largest trading partners.
The problem for the BOJ is that its action will only have a very limited effect on making foreigners buy Japanese products. The BOJ can’t heal the rift with China and make people in Beijing or Shanghai buy Toyota cars or Uniqlo clothing (two of the companies’ impact by the strife). Likewise, it is up to the powers that be in Brussels to sort out the Eurozone sovereign debt crisis, and in an era of deleveraging a weaker yen may not be enough to boost sales of Japanese exports to the currency bloc. Thus, unless we see a serious adjustment in policy in Japan then we may not see USDJPY regain those 84.00 highs from earlier this year. This pair is already looking overbought in the near term so we could experience some stickiness around the pivotal 80.00 level. Support lies at 79.40 then at 76.80 – the top of the daily Ichimoku cloud. See chart below.
A silver lining for Rajoy
There has been a dearth of economic data out of Europe and the US today so it has been left to Spanish regional elections and also Australian RBA rhetoric to fill the gaps. Spain seems no closer to a bailout after regional elections on Sunday. PM Rajoy won his home state of Galicia, while the nationalists did well in the Basque country and they are likely to continue their roll during elections in Catalonia next month. While the surge in nationalism could make it harder for Rajoy to sign up for a line of credit or a bailout if it required more austerity, there was a silver lining. Although the voters in the Basque region don’t like Rajoy much, the dislike the Socialist opposition even more, which helps to solidify Rajoy’s position in central government. Since these elections were poised to be a confidence vote in Rajoy’s government, things could have been a lot worse.
Why the OMT needs to be activated
This is the seventh consecutive week without the activation of the OMT but this doesn’t seem to bother investors. Although Spanish bond yields are slightly higher today at 5.42%, they remain well below the 7% line in the sand. The question people are now asking is does the ECB need to activate the OMT programme? It seems unlikely Spain will make an aid request before elections in Catalonia in 4 weeks’ time, but this doesn’t seem to be panicking the market, so there could be another few weeks’ of respite. However, we agree with a leading Spanish think tank that said today Rajoy should apply for a line of credit sooner rather than later due to the heightened risks of Madrid missing its fiscal targets for 2012 and 2013, which could spook investors and cause disruption in the bond markets.
US problems eclipse the currency bloc
For now the Eurozone crisis could slip down the scale of importance as we lead up to the US Presidential election on 6th November. The final Presidential debate takes place tonight and the polls put Obama and Romney neck and neck. This heightens the uncertainty about the outcome and increases the prospect of the US falling off the cliff edge at the start of 2013 if political deadlock ensues post the election next month. While volatility remains fairly subdued, the fiscal cliff and problems in the US could spark the next bout of volatility. Interestingly, although volatility remains low assets like the S&P 500, oil, gold and even some FX crosses have run into stiff resistance in recent weeks, which could suggest a weakening of bullish sentiment. I will be watching the gold price closely in the coming days and weeks. It rallied during the summer on the back of central bank action that has kept volatility levels depressed. However, if central banks’ actions remain mute (ECB) or ineffective (Federal Reserve) then we could see gold longs start to be unwound. $1,680 then $1,650 should act as solid support levels. But a sell off in gold could lead to a broader market sell off, so it is worth watching the yellow metal.
The end of the mining bonanza hurts AUD
In Australia, some dovish RBA rhetoric combined with fears that tough budget deficit targets for this year may not be met caused AUDUSD to sell off. However, it found support around 1.0320 – a cluster of daily smas. In the next couple of days the direction of this pair will be determined by the FOMC meeting that concludes on Wednesday.
Chart 1: USDJPY hourly chart – 80.00 could be a sticky level in the near-term, as this cross looks overbought.

Source: Forex.com
Chart 2: Gold daily chart – if this cross sells off on the back of central bank policy inadequacy then we may see volatility start to spike.

Asia Session: Fiscal policy vs. monetary policy in Australia Updated Oct 22, 2012

2012-10-22T13:16:00.001-07:00

Asia Session: Fiscal policy vs. monetary policy in Australia

Asia Session

Updated Oct 22, 2012 12:34:21 AM Written by Chris Tedder

Risk-off sentiment stemming from a lacklustre performance from EU officials in Brussels flowed into Asian markets early in the session, before a small turnaround in sentiment mid-way in the session. AUDUSD was hovering above 1.0300 shortly after markets came online, at the same time EURUSD only just managed to hold itself above 1.3000. Very weak export data from Japan didn’t alleviate the mood in the market, nor did more jawboning from BoJ Governor Shirakawa about the need for more policy loosening in Japan. On the back of the Governor’s comments the yen lost ground against all of the majors.
Australia’s mid-year budget
In Australia, the government pledged to maintain its commitment to a budget surplus, promising to tighten health-care spending and scale back family support payments. Whilst the moves of the government won’t likely spell disaster for the Australian economy, they are coming at a time when external and internal threats to growth are heightened. Hence, the question has to be asked are these latest attempts to reach an unrealistic budget surplus more politically motivated than economically.
It seems the federal government is putting the burden on stimulating growth solely on the shoulders of the RBA, which isn’t entirely unreasonable given the RBA’s mandate. But it may be better for the economy if fiscal policy and monetary policy weren’t driving it in different directions. The punch line of today’s budget is that the government is predicting a surplus of AUD1.1bn the year and 2.2bn next year, which is unrealistic in our opinion. Also, the government, unsurprisingly, downgraded 2012-2013 growth forecast to 4% from 5%, which largely represents an unexpected 8% decline in Australia’s terms of trade this financial year.
In regards to the RBA, investors are waiting for the release of inflation data on Wednesday which should back-up the market’s stance that inflation provides scope for more rate cuts. Headline CPI is expected to print at +0.5% q/q, unchanged from last time around. This wouldn’t likely prevent the RBA from cutting the official cash rate in November if they saw scope to do so.
More weak Japanese data
Earlier the session, exports out of Japan slid the most since last year’s massive earthquake and tsunami. The 10.3% slide in shipments y/y to September contributed to a trade deficit of JPY558.6bn. That prompted calls from Shirakawa for more easing from the BoJ, which supports the view of many other officials in Japan that the BoJ needs to do more to combat weak levels of demand for Japanese goods due to a strong yen and generally weak levels of global growth.
Ones to watch: NZDUSD
NZDUSD was one of the biggest movers of the session, jumping around 30 pips early in the session. The pair, however, stopped short of breaking any significant resistance levels. NZDUSD hit some resistance around its 100hr and 200hr SMAs. Beyond this 0.8210 and then 0.8225 may prove to be resistance levels for the pair.
NZDUSD – hourly

Source: FOREX.com

Bullion Rates (Gold Prices) in Pakistan Rupee (PKR) As on Mon, Oct 22 2012

2012-10-22T13:14:00.000-07:00

Bullion Rates (Gold Prices) in Pakistan Rupee (PKR)

As on Mon, Oct 22 2012, 21:00 GMT

Metal	Symbol	PKR for 10 Gm	PKR for 1 Tola	PKR for 1 Ounce
Gold 24K	XAU	53,061	61,824	165,040
Palladium	XPD	19,140	22,301	59,533
Platinum	XPT	49,384	57,540	153,604
Silver	XAG	995	1,160	3,096

Gold Rates in other Major Currencies
Currency	Symbol	10 Gm	1 Tola	1 Ounce
Australian Dollar	AUD	538	627	1,675
Canadian Dollar	CAD	552	643	1,715
Euro	EUR	425	496	1,323
Japanese Yen	JPY	44,415	51,751	138,149
U.A.E Dirham	AED	2,041	2,378	6,348
UK Pound Sterling	GBP	347	404	1,079
US Dollar	USD	556	647	1,728

Dollar east Anti Money Laundering Policy

2012-10-21T14:19:00.003-07:00

Anti-Money Laundering Policy Statement

The Company is strongly committed to preventing the use of its operations for money laundering or any activity, which facilitate money laundering, or the funding of terrorist or criminal activities. Accordingly, the Company will comply with all applicable laws, and regulations designed to combat money laundering activity and terrorist financing, enacted by the Government of Pakistan, all International Laws to which the Government of Pakistan is a subscribe including the USA patriot Act and will cooperate with the appropriate authorities in efforts to prevent any such misuse of the financial channels.

Every employee is required to act in furtherance of this policy statement to protect the Company from exploitation by money launders or terrorists.

Anti Money Laundering

Money Laundering is the process/act that disguises the illegal origin of the money. Money Laundering is the result of a large number of criminal acts to generate a profit for an individual or group that carries out the act. Now a days money laundering has turned into a serious crime and in the last couple of years, the world has a serious concern towards it. Various measures have been taken to stop this unlawful act. Even in some countries, regulatory bodies have been formed to eliminate this crime. It is essential for us to know the effects which money laundering is creating on our economy specifically and our society in general as mostly under developed countries become the victim of this where the law enforcement agencies are unable to play their respective roles. That results in the following effects:

		Feeble economic policies

		Loss of Revenue

		Negative image of private sector

		Less foreign investment

		Weaknesses of Financial Markets

		Increase in Crime and Corruption

In this prevailing scenario, in order to restrict this criminal phenomenon, Dollar East is trying to establish comprehensive anti money laundering strategic programmes aimed at:

		Raising awareness on money laundering issues

		Assisting law agencies and authorities to trace, seize, and confiscate criminally derived profits

		Introducing Know Your Customer Policy (KYC)

		Reasonable measures to obtain information about the true identity of the persons on whose behalf a transaction is made.

		Record keeping procedures- Maintain, for a specific time period, all necessary records on transactions, both domestic or international

		Special attention to all complex, unusual large transactions

DOLLAR EAST FOREX RATES

2012-10-21T14:17:00.004-07:00

DOLLAR EAST FOREX RATES

Oct 21, 2012 05:01:03 AM (PST)


Remitt	Buying	Selling

TT/DD		96.00

Currency	Buying	Selling

US Dollar	95.10	95.50

Euro	122.21	124.08

Great Britain Pound	150.22	152.48

Japanese Yen	1.1791	1.1967

Canadian Dollar	94.21	96.14

Hong Kong Dollar	11.99	12.24

UAE Dirham	25.61	25.97

Saudi Riyal	25.04	25.33

Kuwaiti Dinar	330.40	337.04

Qatar Riyal	25.76	26.20

Omani Riyal	243.29	247.34

Bahraini Dinar	248.41	252.54

Australian Dollar	96.58	99.49

Indian Rupee	---	---

Swiss Franc	100.94	102.56

Danish Krona	16.33	16.59

Norwegian Krona	16.51	16.77

Swedish Krona	14.18	14.42

Wall Street Finance Ltd

2012-10-21T14:10:00.003-07:00

Wall Street Finance Ltd., (WSFL - Spice Money) is now a part of the Spice Global Group, a conglomerate worth US$ 2 billion. Spice Global Group serves over 25 million customers globally and has its spread over India, SAARC countries, South-East Asia & Africa, through its varied range of products.WSFL is a listed non-banking financial company dealing with Foreign Exchange and Money Remittance as its core activities for the past 2 decades. We are an Authorized Dealer (Category II) licensed by the Reserve Bank of India (RBI) operational over 55 locations in India and with a dedicated team of over 400 employees rendering services to meet the foreign exchange requirements.WSFL is one of the first Principal Agent of Western Union in India who is authorized to appoint sub-agents across the country. Seizing the opportunity, WSFL has developed and established a strong trust-worthy network of over 6000 sub-agents.

Wallstreet`s Live Indicative Forex Rates

2012-10-21T14:09:00.001-07:00

Wallstreet`s Live Indicative Forex Rates

22-Oct-12

Currency	Bid	Ask
EUR	123.1609	123.6928
GBP	151.9867	152.8033
SGD	76.6765	77.6121
AUD	97.3465	98.1118
CAD	94.9485	95.7466
SAR	25.155	25.2988
OMR	244.8673	245.8286
DKK	16.3155	16.7066
KWD	335.0504	335.9818
HKD	11.692	12.924
AED	25.75	25.88
USD	95.3	95.6

Why Tech Stocks Are Holding Back the Dow

2012-10-21T14:07:00.002-07:00

Why Tech Stocks Are Holding Back the Dow

After the close of trading yesterday, two of the largest, most well-known tech companies released some surprising earnings. Intel (NAS: INTC) said sales fell 5.5% to $13.5 billion, while earnings per share were 11% lower to $0.58. Both numbers beat estimates, but the fourth-quarter margin forecast was lower than expected, and the stock is down 2.7% as of 3:30 p.m. EDT.

Over at IBM (NYS: IBM) , revenue fell 5% to $24.7 billion, which was below estimates, and an earnings beat by just a penny failed to inspire investors. IT customers are reining in spending on worries about the global economy, and both Intel and IBM are being hit as a result. IBM's stock is down 5.2% near the end of trading.
Cisco (NAS: CSCO) is also holding back markets after being downgraded to "hold" by Cantor Fitzgerald. The stock is down 0.94% today.

These stocks have offset a relatively strong day for other Dow Jones Industrial Average (INDEX: ^DJI) components. As I am writing, 21 of 30 component stocks are up, and 10 of those are up 1% or more. But IBM's big impact on the price-weighted index has offset these broad gains, and the Dow is down 0.02% as a result. The more balanced S&P 500 (INDEX: ^GSPC) is showing a 0.42% gain today.
The earnings reports from Intel and IBM are worrisome, especially given the strong reports we've seen in the first week of earnings season. Tech stocks are clearly having some growing pains as consumers move to tablets and corporate customers pinch IT spending after decades of growth.
In the long term, I think tech still provides a lot of opportunities for investors, but market upheavals -- e.g., the tablet's ouster of the PC -- make for a difficult transition.
Intel in particular now finds itself in a precarious long-term situation if it doesn't find new avenues for growth. In this premium research report on Intel, our analyst runs through all of the key topics investors should understand about the chip giant and discusses when it's time to buy the stock. Click here now to learn more.

IBM, Intel results weigh down tech stocks

2012-10-21T14:06:00.001-07:00

Chip sector gets lift from Cymer buyout; Amazon makes gains

October 17, 2012|Benjamin Pimentel, MarketWatch

SAN FRANCISCO (MarketWatch) — Disappointing results from Intel Corp. and IBM Corp. weighed down most large-cap tech stocks on Wednesday, though the losses were offset somewhat by strength among Internet names and a large buyout deal in the chip group.

The Nasdaq Composite Index (US:COMP) edged up 3 points to close at 3,104. The Morgan Stanley High-Tech Index (US:MSH) fell 0.7%.
Intel (US:INTC) shed 2.5% to close at $21.79, while IBM (US:IBM) gave up 5% to close at $200.63 as the two stocks became the worst performers of the Dow Jones Industrial Average (US:DJIA), which eked out a gain of 5 points.
Both tech giants issued disappointing results for the third quarter on Tuesday afternoon, with sales weighed down by several factors including global economic weakness. The reports also appeared to underscore a weakening IT market. See: IBM, Intel kick off weak earnings season.

Most large-cap tech firms that sell into the corporate sector were down on Wednesday, including Dell Inc. (US:DELL), Oracle Corp. (US:ORCL) and EMC Corp (US:EMC)
In a note on Intel, which reported an unexpected sequential decline in data center business sales, Needham analyst N. Quinn Bolton wrote: “Weakness in the segment was driven primarily by softening within the overall enterprise IT market as CIOs [chief information officers] and CTOs [chief technology officers] determine where they will allocate resources.”
IBM was downgraded to a neutral rating by Janney Capital Markets. In a note to clients, analyst Joseph Foresi cited the “mixed results” that led to disappointing revenue in the quarter, especially from its global business services, or GBS business.
“The company has margin leverage to protect earnings, but that runway will become tougher in the face of declining revenues,” he wrote, noting that the stock hit an all-time high before the report.
Within the chip sector, Intel’s losses were offset by a buyout deal for Cymer Inc. (US:CYMI), which saw its shares surge 49.4% to close at $71.45 after the maker of semiconductor lithography equipment said it would be acquired by ASML Holding NV in a deal valued around $2.5 billion. Shares of ASML (US:ASML) gave up 6.6% to close at $50.08.
The Philadelphia Semiconductor Index (US:SOX) slipped a fraction. Shares of Cree Inc. (US:CREE), which makes chip products used in LED lighting, gained 10.4% to close at $28.92 after the company reported a jump in profit.
Meanwhile, shares of Check Point Software Technologies (US:CHKP) shed 13% to close at $41.15 after the Internet and network security company posted a disappointing forecast.
Several Internet stocks posted gains on Wednesday, including Facebook Inc. (US:FB) with a 2% gain, closing at $19.88, and Google Inc. (US:GOOG), which was up 1.5% to close at $755.49.
Amazon.com Inc. (US:AMZN) picked up 1.5% to $247.49. Topeka Capital Markets wrote in a brokerage note that the e-commerce giant’s prices were showing up lower than its main rivals in a survey, and that “showrooming” — referring to when consumers use smartphones in stores to check prices of products at competing retailers — is having effect on traditional retailers such as Best Buy Co. (US:BBY)
“Despite efforts by traditional retailers to stem the effect of showrooming, we think it continues, and the pure Internet retailers will continue to reap the value,” Topeka’s report read.

Inside Tech Stocks' Week from Hell

2012-10-21T14:04:00.003-07:00

Bad third-quarter results from Intel, Google, Microsoft and Advanced Micro Devices sent tech stocks into a tailspin. Time to buy Google at 12% off.

This Friday, Microsoft's latest version of Windows 8 will go on sale, accompanied by a raft of new computers from a gaggle of vendors, and consumers will have a chance to kick the tires.
As this week's cover story recounts, Windows 8 arrives amid fast-growing markets for smartphones and tablets that can do many of the things the personal computer does, making this round of Windows and PC sales more challenging for Microsoft (ticker: MSFT), chip vendor Intel (INTC), and PC makers, such as Dell (DELL).
You can see the struggle in Microsoft's first-quarter results, filed Thursday afternoon. Microsoft reported an 8% drop in revenue in its fiscal first quarter, the centerpiece of which was a 33% decline in revenue for the division that includes Windows software. Even including the $800 million in deferred revenue for Windows 8 pre-orders, the Windows group's sales still fell 9%.
The next big challenge could bring even greater pressure on profit for Microsoft and its PC brethren. Tablet prices are set to decline more next year, as Google (GOOG), Amazon.com (AMZN), and others flood the market with devices starting at $199. To understand why that is happening, ask yourself: Why would I buy a computer?
I've heard that Microsoft will spend over $1 billion marketing Windows 8, and it is quite possible it will use the money to answer that question the wrong way. Microsoft, and Intel, for that matter, still frame the discussion in the self-referential fashion the PC industry has pursued for years: Don't you want a faster processor? Don't you want to run Microsoft Office?
The latest example of that thinking is Surface, Microsoft's answer to the tablet computer, which went on sale as a pre-order last week. My impression of Surface from my brief time trying one out is that it is well-engineered but unremarkable. It has chiseled edges that are not particularly comfortable to hold, and it doesn't look especially novel next to a number of other rectangular slabs.
The version of Microsoft Office it carries still needs tweaks to be more user-friendly when touching the screen with one's fingers is the main means of control.
Others will feel differently. The point is, Surface is an improved version of what's out there—the old PC formula. But the computing industry has matured.
The answer to the question of why one should buy a computer these days is likely to be more varied, from "I need a tool to start my small business" to "I want to surf the Web" to "I want to check Facebook and send e-mail" to "I need to take notes in class." Some of these tasks might require a PC, but in many cases, a tablet or smartphone will do.
In emerging markets that lack well-developed connectivity, the answer may be simply, "I need something that comes with a wireless data connection." Something like a smartphone, in other words.
If one wants to read electronic books downloaded from the Internet, the answer may be Amazon's Kindle Fire tablet, which, at $159, costs far less than a PC.
If Microsoft goes more deeply into that battle with things such as Surface, its vaunted 74% gross margin might decline.
GOOGLE, ONE OF THE PURPORTED winners in our story, is running headlong into that crisis of profits. Thursday, hours before it was expected, its third-quarter report leaked out. It was marked by a 15% decline in "cost per click," the rate Google gets for search ads. The shares closed down roughly 2% Friday, at $681.79, after an 8% drop Thursday.
Three analysts cut their ratings on the stock Friday, including Merrill Lynch's Justin Post, who had a Buy on Google the past six years. The analysts warned that selling the Nexus 7 tablet for $199 will continue to crimp Google's margins.
Google has little choice. On the one hand, its ad rate is declining precisely because the use of smartphones and tablets is eating into Internet search on traditional PCs, and the ad rates on mobile devices are much lower. Mobile "clicks" for Google may be stealing as much as 10% of desktop activity, says Piper Jaffray's Gene Munster.
It doesn't sound as if Google should be selling tablets to help the very trend that is eviscerating its ad profits. But we are in an age when companies are rewarded for dominance in an industry. Witness Amazon's forward price/earnings ratio of 104. Google cannot afford not to remain in the forefront of mobile, even at a cost to profit today. Like Cortés in the New World, Google must burn its galleon to show that it will not turn back.
All that would be a lot harder to swallow if Google hadn't just dropped 12% from its 52-week high in the span of a couple of weeks. Trading at 11.6 times next year's profit, after backing out $136 per share in cash and investments, the stock is not all that demanding. As the bulls rushed for the exits last week, and expectations came down, it became that much easier to recommend the shares.
AT THE VERY BOTTOM OF THIS disastrous computer food chain, chip maker Advanced Micro Devices (AMD) is feeling tremendous pressure from the post-PC transformation.
Last Thursday—a lot happened that day—AMD missed third-quarter estimates and said that it would cut 15% of its staff to save costs. More tellingly, CEO Rory Read remarked to sell-side analysts that AMD "must diversify beyond the traditional PC market and become a leader in fast-growing and adjacent markets," such as server computing and tablets. Or maybe coffee makers and toasters.
The urgency for AMD is a consequence of the fact that "fundamental changes in the PC industry...are occurring now at an even faster rate than previously anticipated," Read added.
I couldn't agree more.
AMD shares dropped 17% Friday to close at $2.18, just above its new 52-week low. By all accounts, AMD has very fine products, and I expect it to be around as long as there is a PC market and a server market. But playing second banana to Intel, which is determined to survive in the struggling PC market, puts AMD in a very tough place this year and next.
There are lots of other names affected by this post-PC shift that couldn't be covered here this week, companies such as Nvidia (NVDA), Teradata (TDC), Fusion-IO (FIO), and, of course, networking giant Cisco Systems (CSCO). Their stories are just as interesting, and I hope to tell many of them in this column in the near future.

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