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Cable Update (GBPUSD)

  • #9,561
  • Mar 30, 2007 11:10am Mar 30, 2007 11:10am
Quoting bravado
another boring friday for me.

next time i'm not even going to open up a chart on friday. it's a total waste of time.


Miss the choppy market days?
  • #9,562
  • Mar 30, 2007 11:12am Mar 30, 2007 11:12am
Holy crap.... geopolitics in the air at the same time.

Rumours are circulating to the effect that the US has told its citizens to get out of [BAHRAIN], and that the US will impose sanctions on [CHINA]. Such talk, if it takes hold, is likely to put further upside pressure on oil prices, with positive spillovers for the Cad and Chf in consequence. The [USD] has reacted negatively to the reports, Eur/Usd lifting into offers ahead of 1.3370 and Usd/Jpy dropping towards bids around 117.50. Note that these rumours may be attempts to defend 118.40 and 118.50 barriers in Usd/Jpy in particular, and confirmation of the talk will be needed to maintain the softer tone. Note US contacts saying the US has a standing warning for its citizens to stay out of Bahrain.

Market holding above 23% fibo from this move. That's nasty shit around the corner...
  • #9,563
  • Mar 30, 2007 11:13am Mar 30, 2007 11:13am
1601 GMT [Dow Jones] Dustin Reid, FX strategist at ABN Amro, said the dollar's knee-jerk sell-off on news that Bush admin will no longer exempt China from anti-subsidy laws may have been overdone. He said the new duties would be on coated paper imports from China. "Market participants are likely looking for an excuse to get out of long-USD positions 1) on a Friday, 2) just ahead of Europe close, 3) as month-end and quarter-end is upon us, and 4) as geo-political tensions rise. At noon EDT, the dollar had begun to steady and was retracing some of its losses. It was changing hands at Y117.61 versus Y117.97 late Thursday, while the euro stood at $1.3373 from $1.3335, according to EBS.(DKM)

...but we all knew that..

(END) Dow Jones Newswires
March 30, 2007 12:01 ET (16:01 GMT)
  • #9,564
  • Mar 30, 2007 11:15am Mar 30, 2007 11:15am
Looks like cable is preparing for another attack on 9720.
Tra-X
  • #9,565
  • Mar 30, 2007 11:19am Mar 30, 2007 11:19am
COMMERCE'S GUTIERREZ ANNOUNCES CHANGE AT PRESS CONFERENCE

USDCHF sank 230 pips... this is no Friday fix.... Things are getting ugly in the Gulf
  • #9,566
  • Mar 30, 2007 11:21am Mar 30, 2007 11:21am
i was expecting a climb up higher for aussie and had my charts open only on aussie. i took a look at cable chart just now and i'm thinking if i had cable chart open instead of aussie, i might have actually shorted cable just before the break northward.

that would've taken about 70-80% of my weeks profits in matter of minutes.

how the hell am i going to have a good weekend knowing that?

my blood is boiling right now. i wanna tear down a mountain with my bare hands and cause earth quakes with my clenched fists and cause flowers to wither with my screams.
BAM BAM BOOM! -bravado
  • #9,567
  • Mar 30, 2007 11:24am Mar 30, 2007 11:24am
Quoting marie
thanks for the link... very useful!
The advantage is that even the rumors pops in fast, like right now... And the market trades the rumors, not the news

Not like big press that needs to confirm first. USD just smashed and there's a pet in CNN's homepage.
  • #9,568
  • Mar 30, 2007 11:25am Mar 30, 2007 11:25am
Quoting cesarnc
COMMERCE'S GUTIERREZ ANNOUNCES CHANGE AT PRESS CONFERENCE

USDCHF sank 230 pips... this is no Friday fix.... Things are getting ugly in the Gulf
Yep, the issue of the new UN sanctions resolution against Iran has become a new reason for Bush to attack.
In Indonesia people are now protesting the government for accepting the resolution (Indonesia is the largest muslim country and it's a UN Security Council member atm). Btw I'm an Indonesian but staying in Singapore. Oh well, things aren't getting any better now.
Tra-X
  • #9,569
  • Mar 30, 2007 11:28am Mar 30, 2007 11:28am
Quoting bravado
i was expecting a climb up higher for aussie and had my charts open only on aussie. i took a look at cable chart just now and i'm thinking if i had cable chart open instead of aussie, i might have actually shorted cable just before the break northward.
Calling Dr. Kervokian, M.D. meets faster results...

  • #9,570
  • Mar 30, 2007 11:30am Mar 30, 2007 11:30am
The [WHITE HOUSE] has stated that it has not heard anything about US citizens being asked to leave [BAHRAIN]. Confirmation of the situation will probably be needed from the State Department to finally settle the matter. That said, the reports and the China news have put a severe dampener on risk appetites and are likely to leave the Usd soft and the Chf bid as the weekend approaches. Note Iran's CB Governor has said the country has plans to stop selling oil in Dollars completely.
  • #9,571
  • Mar 30, 2007 11:31am Mar 30, 2007 11:31am
Quoting cesarnc
The advantage is that even the rumors pops in fast, like right now... And the market trades the rumors, not the news

Not like big press that needs to confirm first. USD just smashed and there's a pet in CNN's homepage.
Nothing on Bloomberg radio either. Some lady touting an algae pill company's PE ratio...Forex be the po' stepchile.
  • #9,572
  • Mar 30, 2007 11:31am Mar 30, 2007 11:31am
Quoting cesarnc

Miss the choppy market days?
this sudden surge of 150 pip moves on a friday is nothing but a spike on a choppy trading week (minus sunday and monday where i made majority of my pips) to me.

what good is 150 pip move if i had no clue to trade it? you tell me.

i took the liberty of taking out your smiley. what an improvement.
BAM BAM BOOM! -bravado
  • #9,573
  • Mar 30, 2007 11:39am Mar 30, 2007 11:39am
i actually did take that short. the irony is, this was the first time after about 2 months when i come back to try another trade on g-u... got hit pretty hard by the freaking fundamentals...
well... what can i say, i won't be trading cable for quite some time now.
have a good weekend everyone!

Quoting bravado
i took a look at cable chart just now and i'm thinking if i had cable chart open instead of aussie, i might have actually shorted cable just before the break northward.
Nihil Sine Deo.
  • #9,574
  • Mar 30, 2007 11:42am Mar 30, 2007 11:42am
Quoting cesarnc
... Note Iran's CB Governor has said the country has plans to stop selling oil in Dollars completely.
There has been lots of er...speculation about this for some time now. Can't find the article I wanted to post but here is another.
Charge up your flashlight and find the duct tape...

http://www.energybulletin.net/7707.html
  • #9,575
  • Mar 30, 2007 11:52am Mar 30, 2007 11:52am
Quoting Scrat
have a good weekend everyone!
not me. i'm going to have a miserable weekend.
BAM BAM BOOM! -bravado
  • #9,576
  • Mar 30, 2007 11:57am Mar 30, 2007 11:57am
wooooooooooooow

What the hell?

I just went to shopping... and come back GBPUSD 150 pips up..

I lost myself of all the action!!!!


yesterday choppy market... today high volatility.... "Gringos locos"....

US COMMERCE DEPT: TO ALLOW IMPORT DUTIES ON SUBSIDIZED CHINESE GOODS
- Coated paper import from China are approved for countervailing duties ..... WHAT???

THE TRADE BALANCE IS IN THE HELL...
  • #9,577
  • Mar 30, 2007 11:59am Mar 30, 2007 11:59am
Quoting bravado
how the hell am i going to have a good weekend knowing that? my blood is boiling right now. i wanna tear down a mountain with my bare hands and cause earth quakes with my clenched fists and cause flowers to wither with my screams.
Blame BUSH for that!
  • #9,578
  • Mar 30, 2007 12:10pm Mar 30, 2007 12:10pm
March 30, 2007 Stop the War on Iran
Iran to Sell Oil in euros and other currencies
Global Research, March 17, 2007 - Fars News Agency
Iran's Oil Minister Kazem Vaziri Hamaneh has said that the Islamic Republic will sell its oil in all currencies.

"Our oil sales will be in every currency," Dow Jones reported Hamaneh as saying on the sidelines of an OPEC meeting in Vienna on Thursday.
Iran has already said it will carry out all its oil-industry related equipment purchases in euros instead of dollars and previously said it has informed its oil buyers that they should pay Iran in euros for the crude oil they purchase.
"We need oil currencies," Vaziri said.
Earlier on Wednesday, the media reported that Iran has started talks with a Japanese refiner to receive the payments in euro or yens instead of US Dollars.
This appears to be a new tactic to dodge recent US economic pressures against the Islamic Republic as Washington has been pressing overseas banks to stop dollar transactions with Iranian banks.
Japan is a major importer of Iranian crude and reportedly buys 486,000 barrels of oil per day out of Iran's production of about 3.8 million bpd.
  • #9,579
  • Mar 30, 2007 12:11pm Mar 30, 2007 12:11pm
Quoting pablorpl
wooooooooooooow

What the hell?

I just went to shopping... and come back GBPUSD 150 pips up..

I lost myself of all the action!!!!


yesterday choppy market... today high volatility.... "Gringos locos"....

US COMMERCE DEPT: TO ALLOW IMPORT DUTIES ON SUBSIDIZED CHINESE GOODS
- Coated paper import from China are approved for countervailing duties ..... WHAT???

THE TRADE BALANCE IS IN THE HELL...
At the same time, rumors that US asked citizens to get the hell out of Bahrain ASAP

Welcome to the USD-meltdown Friday.
  • #9,580
  • Mar 30, 2007 12:13pm Mar 30, 2007 12:13pm
Dollar Slips as US Imposes Sanctions on China - More to Come?

In a major shift in US trade policy, the Commerce Department has announced that they will be imposing tariffs on paper imports from China. After having waited over a year for another major revaluation move by the People's Bank of China, the US government has decided to take things into their own hands. Although details have not been fully disclosed, the government is expected to impose penalties in range of 10.9 to 20.4 percent on imports of glossy paper from China.



-DailyFx
BAM BAM BOOM! -bravado
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