Auslanco - GBP/JPY and GBP/USD (newstrade)

Morning Lilmoe. Sorry to hear your just getting up. Just traded the news and made small profit. Done for the night. Going to sleep now. Thought for sure this thing was gonna tank after that news release was so bad but somethings holding it up. As I'm typing this geppy started fallin again. Anyway Good Luck fella's. Hope everyone get's some GREEN pips. Maybe see ya in the morning. Later

wherever he is...

Could this be a pre-mature sign /jpy crosses are alive again? Didn't respect weekly SMA.

Cable has been selling off for a couple of hours in front of the UK housing data - will this be another Sell the Rumour, Buy the News move? - or was the data so bad that its fall will continue? - TWT

================================================================ Nationwide House Prices ! Consensus: -0.6% MM ! May Apr ! -1.9% YY ! on month -2.5% -0.9%r ! ! on year -4.4% -1.0% ! Actual: -2.5% MM ! r=revised ! -4.4% YY ! ================================================================ LONDON (Dow Jones)--U.K. house prices posted their biggest monthly drop on record in May as the credit crunch and weakening economy continued to weigh on the residential property market, the Nationwide Building Society said Thursday.
House prices fell 2.5% in May, the largest decline since the Nationwide monthly index began in January 1991. On the year, prices fell 4.4%, the biggest drop on an annualized basis since December 1992.
That compares with a revised drop of 0.9% on the month and an unrevised 1.0% decline on the year in April. Last month Nationwide reported a 1.1% drop on the month for April.
The declines in prices in May were also much bigger than the market consensus estimate of a drop of 0.6% on the month and 1.9% on the year from a Dow Jones Newswires survey of economists last week.
"The pace of house price falls accelerated in May as more weak economic news added to the gathering momentum of negative sentiment about the housing market," Nationwide Chief Economist Fionnuala Earley said in a statement.
She said the extent of the correction in house markets could also lead the Bank of England's Monetary Policy Committee to reassess the balance of risks to inflation in the medium term and lower interest rates sooner than financial markets expected.
"Stronger than expected inflation appears to have shattered hopes of an early cut in the Bank Rate in June, but more downbeat economic and housing market data could lead more MPC members to join David Blanchflower in voting for pre-emptive cuts," Earley said.
Blanchflower, a well-known policy dove, was the only member of the nine-person MPC to vote for a reduction in rates from 5.0% at its meeting earlier this month with the rest voting to keep rates on hold.
The minutes of the meeting showed most members thought a rate cut would have given the impression that the MPC was trying to stabilize output growth rather than maintaining its focus on the inflation target.
The U.K.'s consumer price index rose 3.0% on the year in April, its sharpest rise in almost six years and well above the BOE's 2.0% target.
Nationwide said the average house price slipped to GBP173,583 in May from GBP178,555 in April, marking the seventh monthly decline in a row and longest run of falls since 1992. But prices remained 5% higher than in May 2006 and 10% above where they were in May 2005, it said.
The U.K. housing market began to cool in the latter half of last year after the BOE raised rates five times between August 2006 and July 2007 and the credit crisis hit the mortgage market.
Even though the BOE has cut rates 75 basis points since December, lenders haven't reduced their mortgage rates in tandem due to the turmoil on financial markets triggered by credit crisis.
The tighter credit conditions have led to a stagnation in activity and weighed on prices in the property market, although the market has found some support from high employment and an imbalance between supply and demand for homes.
Earley said most borrowers were better placed to weather the drop in house prices than in the early 1990s when recession and high interest rates led to steep declines in the market. She said that was because fewer homeowners had bought at the top of the market, borrowers had put down bigger deposits than their 1980s counterparts, and a greater proportion had opted to repay capital rather than just interest on their mortgages.
And although the tighter credit conditions made it difficult for people to borrow too much money relative to the value of the property they wanted to buy, she said that could be positive in the longer-run.
"While this is frustrating for those in that position, more stringent underwriting criteria should ultimately lead to fewer overstretched borrowers and hence a more stable and sustainable market," Earley said.
The following is a table comparing house price surveys by major U.K. housing institutions:
May April On Mo On Yr On Mo On Yr Nationwide -2.5% -4.4% -0.9% -1.0% Halifax N/A N/A -1.3% -0.9% Rightmove +1.2% +2.2 -0.1% +1.3% Hometrack -0.5% -1.9 -0.6% -0.9% Nationwide Web site: www.nationwide.co.uk

well i'm having a happy day on gbp/usd and the geppy

LOL - agreed - it was a great pity that he (the Dove Alliance) formed his own, small, closed group and stopped posting in FF http://www.forexfactory.com/images/icons/icon9.gif

Well.. Me too. Im short eur/usd, and long usd/chf

Who's still short Cable?

my first tp was hit

although my pivot bounce was stopped out, i'm short.

locked in profit at yesterday's low, but damn this thing is tanking. and i think GJ will head right up when cable stops going down. unless we get some love from UJ cuz that sucker took some blue pills.

i heard the germen unemployment has a good chance of being lower than expected. but maybe you'll get a boost. good luck

i just woke up myself .... went short on gbp/yen from 206.90 .... it's not looking so good so far! Having said that, if i had stayed on the long last night, I would be quids in instead of down

Happy trading today mate.

I've just closed.....http://www.forexfactory.com/images/icons/icon12.gif


Short cable and long UJ was the play whilst GJ went west.....http://www.forexfactory.com/images/icons/icon10.gif

Edit: London OPen - time for a coffee whilst the Brits decide what to do.....

can someone slap u/j for me? plz

That was definatly THE play man.

Well done.

I can only hope for bad economic data for Switzerland and Germany at a time like this.

the swiss and germans are scrambling to add you to their christmas card list

LMAO for real.

news calendar looks a bit weak tonite to me ahead of gdp tomorrow, so calling it a nite with the pips already booked. careful trades all..