GBP/USD and EUR/USD

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http://www.forexfactory.com/showthre...12#post6156512

Three Key Developments

Wednesday, October 31, 2012 at 8:41 AM
Marc Chandler



http://1.bp.blogspot.com/-y3XOSibWWQ...M/s200/key.jpg

The US dollar is generally offered today. There does not seem to be a major catalyst. Rather technical factors, and in particular, the euro's inability to fall through the $1.2880 area despite repeated tests appears to have encouraged the move to the upside, as the path of least resistance.

Month-end flows are difficult to anticipate but may also be playing a role today. Some 20% of mutual funds, according to Morning Star finish their fiscal year today. The closure of the markets for the last two days now leaves them with only today to make adjustments for tax purposes.

At the same time, there is a bit of a risk-on flavor. Global equities are mostly higher. Spanish and Italian bond yields are lower. Emerging market currencies are mostly bid. The yen like the dollar is a bit heavier.

However, short-run momentum indicators are stretched and some minor bearish divergences are emerging NY traders, mostly returning from a weather-induced extra long weekend, have to decide whether it is going to be trend day or not. Consolidation seems more likely than a significant follow-through buying the major foreign currencies today.

There are though three key developments to note.

First, we drew your attention previously to the composition of Swiss reserves and recalled that it did not diversify as much as usual in Q2 out of the euro. Today it reported Q3 figures and they indicate that diversification did indeed take place. The euro's share of Swiss reserves fell to 48% from 60%. The dollar's share rose to 28% from 22%, which accounts for about half of the move out of the euro. Sterling's share more than doubled to 7% from 3%, while the yen's share edged up to 9% from 8%. The Canadian dollar's share increased to 4% from 3%, while the "other"category, which includes the Australian dollar, Swedish krona, Danish krona, Singapore dollar and Korean won, was steady at 4%.

In addition, the SNB indicated that bond holdings slipped to 83% of the reserve investments from 85%. Equities--yes the SNB holds equities--rose to 12% from 10%. Overall the valuation of reserves rose about 17.5% to CHF429 bln.

Second, Norway's central bank met and as expected rates were held steady. The 0.7% rise in Sept retail sales was better than the 0.5% consensus forecast, but probably did not impact the decision. More interestingly, the central bank indicated that it would refrain from selling the krone in Nov, after selling NOK500 mln in Oct. The market had generally expected the Norges Bank to sell NOK300-400 mln in November. Recall that the regular selling of NOK is how the petroleum proceeds are recycled into sovereign wealth fund. It is not immediately clear why, but the central bank indicated it fund the sovereign wealth fund in December. The krone is the best performing G10 currency today as the North American session gets under way, with its 0.7% gain.

Third, Spain's Rajoy continues to indicate that a formal request for aid is not imminent. Indeed, what appears to be for the first time, Rajoy suggested that the banking union plans also deter the need for a formal request. Spanish bond yields did not back up in response to this lack of urgency as they have often done in the recent past. Instead news of modest improvement in the central government's budget and the second consecutive monthly current account surplus in August were seen as more important.

July was the first time since the advent of the euro that Spain reported a current account surplus and it was able to maintain a surplus in August. This seems to be largely a function of growth differentials. The contracting economy depresses demand for foreign as well as domestic goods. Even more important for sentiment--leave aside the dated nature of the data--Spain experienced a net inflow of portfolio capital in August (2.34 bln euros), for the first time since Feb 2011.

Bossa Nova, It Ain't

Thursday, November 1, 2012 at 5:32 AM
Marc Chandler



http://3.bp.blogspot.com/-Sy5c9qOmDY...sso%2Bnova.jpg

A new month has begun but the sounds are the same. Ahead of tomorrow's US jobs report, we should anticipate generally consolidative activity. The dollar is a bit bid in Europe, moving above JPY80 and seeing follow through buying against the euro after staging a recovering in NY. Yesterday we noted here that the dollar selling in Europe was unlikely to continue; today we suspect that the dollar buying activity seen in Europe will not continue through the North American session.

Yet, we want to maintain that the near-term US economic data is of little real significance. How can it be when the fiscal cliff is looming and even under various compromise scenarios, the economy will take a hit in Q1 13? Ending the payroll savings tax break alone would be expected to reduce disposable income by something on the magnitude of $100 bln.

Within the broad $1.28-$1.32 trading range, the euro has traced out a tighter $1.2880-$1.3020 near-term range. The increases European paper held by US money market funds, the improved deficit picture in many euro area countries, compared with a year ago, Spain's second consecutive monthly current account surplus and beneficiary of portfolio capital inflows for the first time in more than a 1 1/2 years have helped support the euro.

On the other hand, there is a sense that the calm that is being experienced now is very fragile and is bound to come to an end before the year is up. There seems a contradiction between market perceptions that the debt trajectory in Spain is not sustainable and its refusal to ask for assistance.

This has to be resolved just as much as the US fiscal cliff needs to be addressed. A key difference is that there is a clear deadline in the US as the automatic measures (read tax increases and spending cuts) are triggered on January 1, while the limit on the situation in Europe appears more flexible. Europe's challenges also seem more multifaceted. What to do about Greece? Cyprus? Portugal ? Banking Union? Give Brussels more authority over national budgets?

Given the ugly contest, it is understandable that the euro is range bound against the dollar. However, the dollar's gains against the yen are a bit more surprising. Interest rate differentials between the US and Japan have narrowed and this often corresponds with yen strength. The S&P 500 is near 2-month lows, suggesting a more cautious investment climate, which sometimes also benefits the yen.

The BOJ did not impress the market with its JPY11 trillion expansion of its asset purchase plan. The economic data does suggest Japan's economy is contracting, but yen strength has not been about the Japanese economic performance for years. Moreover, the capacity for a stronger policy response is limited. After expanding its balance sheet for the unusual second consecutive month, the BOJ is out of the picture for a little while at least. For its part, the Noda government is seems to sinking by the day. The opposition appears strong enough to block any initiative but not stronger enough for defenestration.

There does seem to be a speculative angle at work. As noted in our weekly review of the Commitment of Traders, the net speculative position at IMM futures swung from long 30k at the start of October to short 20k contracts at the end of the month. This seems to be a fair representation of short-term and momentum traders more generally.

There is some talk that the BOJ is planning on large scale intervention. A year ago, Oct 31, 2011, the BOJ intervened massively, buying around $100 bln. They could do it again. However, it still does not seem very likely. Admittedly there is a logic to intervening with the market, not against it. Yet apparently Japanese officials do not find the logic compelling.

The yen bears are likely to struggle to establish a foothold above JPY80.00, and even then the JPY80.50 may be prove quite formidable. However, they may not be squeezed out unless the JPY79.20 area breaks.

Multi Levels for EURO in H1 time frime

Friday November 2, 2012

GREEN Levels Colour (with Prices) is SMALL Levels move.
PUPLE Levels Colour (with Prices) is MEDIUM Levels move.
BLUE Levels Colour (with Prices) is BIG Levels move.

Broken Lines Colour (without Prices) is IMPORTANT Levels.

Multi Levels for POUNDS in H1 time frime

Friday November 2, 2012

GREEN Levels Colour (with Prices) is SMALL Levels move.
PUPLE Levels Colour (with Prices) is MEDIUM Levels move.
BLUE Levels Colour (with Prices) is BIG Levels move.

Broken Lines Colour (without Prices) is IMPORTANT Levels.

Multi Levels for EUR/GBP in H1 time frime

Friday November 2, 2012

GREEN Levels Colour (with Prices) is SMALL Levels move.
PURPLE Levels Colour (with Prices) is MEDIUM Levels move.
BLUE Levels Colour (with Prices) is BIG Levels move.

Broken Lines Colour (without Prices) is IMPORTANT Levels.

Multi Pairs FX in Bar Trend + Power Graph

Friday November 2, 2012

Dynamic Trend : Looking for Any Pairs Trends, from H4 to M1 time frime
Daily Dynamic : Looking for Any Pairs Trends, from D1 to D4 time frime

https://encrypted-tbn0.gstatic.com/i..._5jb5bzFJ_7hKO


5 Steps to becoming a Trader


Step One - Unconscious Incompetence.

This is the first step you take when starting to look into Trading. You know that its a good way of making money because you've heard so many things about it and heard of so many millionaires. Unfortunately, just like when you first desire to drive a car you think it will be easy -after all, how hard can it be ? Price either moves Up or Down - What's the big secret to that then – Let’s get cracking !

Unfortunately, just as when you first take your place in front of a steering wheel you find very quickly that you haven't got the first clue about what you're trying to do. You take lots of trades and lots of risks. When you enter a trade it turns against you so you reverse and it turns again and again, and again.

You may have initial success, and thats even worse - cos it tells your brain that this really is simple and you start to risk more money.

You try to turn around your losses by doubling up every time you Trade. Sometimes you'll get away with it but more often than not you will come away scathed and bruised You are totally oblivious to your incompetence at trading.

This step can last for a week or two of trading but the market is usually swift and you move on the next stage.


Step Two - Conscious Incompetence

Step two is where you realize that there is more work involved in trading and that you might actually have to work a few things out.
You consciously realize that you are an incompetent trader - you don't have the skills or the insight to turn a regular profit.

You now set about buying systems and e-books galore, read websites based everywhere from USA to the Ukraine and begin your search for the holy grail.
During this time you will be a system nomad - you will flick from method to method day by day and week by week never sticking with one long enough to actually see if it does work.
Every time you come upon a new indicator you'll be ecstatic that this is the
one that will make all the difference.

You will test out automated systems on Metatrader, you'll play with moving
averages, Fibonacci lines, support & resistance, Pivots, Fractals, Divergence, DMI, ADX, and a hundred other things all in the vein hope that your 'magic system' starts today.
You'll be a top and bottom picker, trying to find the exact point of reversal
with your indicators and you'll find yourself chasing losing trades and even adding to them because you are so sure you are Right.

You'll go into the live chat room and see other Traders making pips and you want to know why it's not you - you'll ask a million questions, some of which are so dumb that looking back you feel a bit silly.
You'll then reach the point where you think all the ones who are calling pips after pips are liars - they can’t be making that amount because you've studied and you don't make that, you know as much as they do and they must be lying. But they're in there day after day and their account just grows whilst yours falls.

You will be like a Teenager - the Traders that make money will freely give you advice but you're stubborn and think that you know best - you take no notice and overtrade your Account even though everyone says you are mad to - but you know better.
You'll consider following the calls that others make but even then it wont work so you try paying for signals from someone else - they don't work for you either.

You might even approach a 'guru' like Rob Booker or someone on a chat board who promises to make you into a trader (usually for a fee of course). Whether the guru is Good or Not you won’t Win because there is no replacement for screen time and you still think you know best.

This step can last ages and ages - in fact in reality talking with other traders as well as personal experience confirms that it can easily last well over a year and more nearer 3 years. This is also the step when you are most likely to give up through sheer frustration.

Around 60% of New traders die out in the first 3 months - they give up and this is good - think about it - if Trading was easy we would all be Millionaires. Another 20% keep going for a year and then in desperation take risks guaranteed to blow their Account which of course it does.

What may suprise you is that of the remaining 20% all of them will last around 3 years - and they will think they are safe in the water - but even at 3 years only a further 5-10% will continue and go on to actually make Money consistently.

By the way - they are real figures, not just some I’ve picked out of my head - so when you get to 3 years in the Game don’t think its plain sailing from there.

I’ve had many people argue with me about these timescales -funny enough none of them have been trading for more that 3 years - if you think you know better then ask on a board for someone who's been trading 5 years and ask them how long it takes to become fully 100% proficient. Sure I guess there will be exceptions to the rle - but i haven't met any yet.

Eventually you do begin to come out of this phase. You've probably committed more Time and Money than you ever thought you would, lost 2 or 3 loaded Accounts and all but given up maybe 3 or 4 times but now its in your blood

One day – In a split second moment you will enter stage 3.


Step 3 - The Eureka Moment

Towards the end of stage two you begin to realize that it's not the System that is making the difference. You realize that its actually possible to make money with a simple moving average and nothing else IF you can get your head and money management right You start to read books on the psychology of trading and identify with the characters portrayed in those books and finally comes the eureka moment.

This eureka moment causes a new connection to be made in your brain. You suddenly realise that neither you, nor anyone else can accurately predict what the Market will do in the next ten seconds, never mind the next 20 mins.

Because of this revelation you stop taking any notice of what anyone thinks - what this news item will do, and what that event will do to the markets. You become an individual with your own method of trading.

You start to work just one system that you mould to your own way of trading, you're starting to get happy and you define your risk threshold.

You start to take every trade that your 'edge' shows has a good probability of winning with. When the trade turns bad you don't get angry or even because you know in your head that as you couldn't possibly predict it it isn't your fault -as soon as you realise that the trade is bad you close it . The next trade or the one after it or the one after that will have higher odds of success because you know your system works.

You stop looking at trading results from a trade-to-trade perspective and start to look at weekly figures knowing that one bad trade does not a poor system make.

You have realised in an instant that the trading game is about one thing consistency of your 'edge' and your discipline to take all the trades no matter what as you know the probabilities stack in your favour.

You learn about proper money management and leverage - risk of account etc etc and this time it actually soaks in and you think back to those who advised the same thing a year ago with a smile.
You weren't ready then, but you are now. The eureka moment came the moment that you truly accepted that you cannot predict the Market.


Step 4 - Conscious Competence

You are making trades whenever your system tells you to. You take losses just as easily as you take wins You now let your winners run to their conclusion fully accepting the risk and knowing that your system makes more money than it looses and when you're on a loser you close it swiftly with little pain to your Account.

You are now at a point where you break even most of the time -day in day out, you will have weeks where you make 100 pips and weeks where you lose 100 pips generally you are breaking even and not losing money.
You are now conscious of the fact that you are making calls that are generally good and you are getting respect from other Traders as you chat the day away. You still have to work at it and think about your trades but as this continues you begin to make more money than you lose consistently.

You'll start the day on a 20 pip win, take a 35 pip loss and have no feelings that you've given those pips back because you know that it will come back again. You will now begin to make consistent pips week in and week out 25 pips one week, 50 the next and so on.

This lasts about 6 months.


Step Five - Unconscious Competence

Now we’re cooking - just like driving a Car, every day you get in your seat and Trade - you do everything now on an unconscious level.
You are running on autopilot. You start to pick the really big trades and getting 200 pips in a day doesnt make you any more excited that getting 1 pips.

You see the Newbies in the forum shouting 'go Dollar go' as if they are urging on a horse to win in the grand national and you see yourself - but many years ago now.

This is trading utopia - you have mastered your emotions and you are now a Trader with a rapidly growing account.

You're a star in the trading chat room and people listen to what you say. You recognise yourself in their questions from about two years ago. You pass on your advice but you know most of it is futile because they're teenagers - some of them will get to where you are - some will do it fast and others will be slower - literally dozens and dozens will never get past stage two, but a few will.

Trading is no longer exciting - in fact it's probably boring you to bits - like everything in life when you get good at it or do it for your job - it gets boring - you're doing your job and that's that.

Finally you grow out of the chat rooms and find a few choice people who you converse with about the markets without being influenced at all.

All the time you are honing your methods to extract the maximum profit from the Market without increasing risk. Your method of Trading doesn’t change - it just gets Better - you now have what Women call 'intuition'

You can now say with your head held high "I'm a currency Trader" but to be honest you don’t even bother telling anyone - it's a job like any other.

I hope you’ve enjoyed reading this journey into a traders mind and that hopefully you’ve identified with some points in here.

Remember that only 5% will actually make it - but the reason for that isn’t ability, its staying power and the ability to change your perceptions and paradigms as new information comes available.

The Losers are those who wanted to 'get rich quick' but approached the market and within 6 months put on a pair of blinkers so they couldn’t see the obvious - a kind of "this is the way i see it and thats that" scenario - refusing to assimilate new information that changes that perception.

I’m happy to tell you that the reason I started trading was because of the 'get rich quick' mindset. Just that now I see it as 'get rich slow'

If you’re thinking about giving up I have one piece of advice for you...

Ask yourself the question "How many years would you go to college if you knew for a fact that there was a million dollars a year job at the end of it ?"


Take care and Good trading to you All

Still Skeptical of Breakouts

Friday, November 2, 2012 at 6:03 AM
Marc Chandler

http://3.bp.blogspot.com/-aBPe2XDucj...600/slight.jpg

We have argued against expecting a near-term breakout of the dollar on the grounds that key issues that have made for broad trading ranges are not going to be resolved yet.

The dollar is well bid in Europe. We have done well this week fading the European moves. Today may prove no exception, even though the US reports the October jobs figures. More precisely, the employment data will not be sufficient to ease investors anxiety over the looming fiscal cliff.

It is true, as we anticipated, that policy response to Hurricane Sandy has been to tilt the polls a bit more in favor the President Obama. Some partisans argued the dollar would perform better if a Romney victory was anticipated on grounds that the Fed would not be as accommodative. We have found such arguments fallacious because it fails to appreciate the logic behind the staggered terms of the Federal Reserve Chairman and the President. In addition, it is not clear, given the economic forces at work, and the composition of the Federal Reserve and Board of Governors that a consensus for less dovish stance would find a consensus regardless of the chairman.

Nor has the euro area manufacturing PMI survey provided new information. At 45.4 it is indistinguishable from the flash reading of 45.3 and, still off further from the 46.1 reading in September. The fact that both German and French PMIs came in 0.2-0.3 points higher than the flash is immaterial. They still point to likely Q3 economic weakness spilling over into Q4.

Of note, Spain's PMI fell to a new 3-month low of 43.5, down from 44.6 in September. The consensus had expected a decline to only 44.0. Exports are expanding at 50.1 from 49.1, but it is hardly sufficient to offset the evaporation of domestic demand, which has been further curbed by the recent VAT hike.

Higher bond yields and weaker economy, which has numerous knock-on effects, including lower tax revenues and higher government expenditures are part of the scenario that could lead Rajoy into formally asking for the assistance that many suspect is inevitable. But, importantly, he is not there yet. The heads of state summit in the middle of next month now seems to be the next "window of opportunity".

At the same time, Greece is becoming more worrisome again. The issue has shifted from the Troika and back to Greece's domestic politics. Can the agreement Samaras struck with the Troika win parliamentary support. The privatization legislation was approved a couple days ago because of the number of abstentions. Parliament is set to debate the structural reforms and budget in the middle of next week. It is not clear if a parliamentary majority will be achieved. The Democratic Left is opposed to the labor market reforms. Some defections have also been reported from the socialist PASOK party.

The November 4-5 G20 meeting is itself becoming a non-event because of abstentions. Neither US Treasury Secretary Geithner (who is more likely than Bernanke not to be in his office in 6 months) not ECB President Draghi are attending. The French and Brazilian finance ministers are going to miss the meeting.

It is not immediately clear if the senior Chinese delegation will be attending. They have boycotted the high level IMF meeting in Tokyo recently and even lower profile trade shows in Japan. The G20 meeting is in Mexico. The Governor of the PBOC (Zhou) recently published a book contained a collection of his speeches. It seen by some insiders as a sign of his likely departure soon-perhaps shortly after the pending transition of power. Bernanke outlast Zhou too.

The dollar has been thus far capped in front of the JPY80.40 resistance area we have previously noted. The euro has approached the lower end of its trading range. We suspect that nearly regardless of the precise details of the employment report, the euro is a better buy in the $1.2830-50 area than trying to anticipate a downside break.

The Australian dollar is interesting as it reached a new one-month high near $1.0420 before backing off. The OIS market appears to be pricing in about a 50% chance of a cut next week. Prior to the firm CPI data, the market had priced in closer to 80% chance of a cut Our idea that the broad trading ranges will remain intact suggests the Australian dollar is likely to retreat further from the $1.04 area.

Even with better than expected construction PMI (50.9 vs consensus of 49.1 and 49.5 in September) sterling is struggling to resurface above $1.6100. Support is seen near $1.6050, but the bottom end of the range is really below $1.60. The risk-reward here does not appear as enticing.

hi all,

here the updated USD lite fxd index, euro, GBP and Nzd

cheers

euro nzd...... chart self explanatory where the price will go
have a nice weekend

cheers

cad ltfx index .......... 2nd times testing the resistance.....

ltfxjpy index....... 2nd times testing resistance + big round number + below 61.8%fibo....

http://www.forexfactory.com/showthre...78#post6158978

Currency Positioning and Technical Outlook: Trending Market or Not?

Saturday, November 3, 2012 at 11:50 AM
Marc Chandler

http://4.bp.blogspot.com/-lR8FwB0GWO...battleship.jpg

The key issue facing market participants is whether the dollar is trending or moving in a range. We retain a favorable outlook for the dollar on a medium term basis, we had expected the range trading environment to persist primarily because we do not anticipate a resolution of what we see as the key issues facing investors--the US fiscal cliff and the European debt crisisand in particular, some closure for Spain and Greece. The week ahead will test this view as the ranges are being threatened

In a trending market, one wants to buy low but in a ranging market, one typically wants to buy low and sell high. To respect the ranges requires the picking of tops and bottoms, which, as one can appreciate, is fraught with risk. It also means that one will get caught out on when the ranges do break. Disciplined money and risk management are even more important.

We suggest a two-prong approach. First assume the ranges will remain intact until proven otherwise. Given the uncertain fundamental backdrop, we remain reluctant to anticipate a breakout. Second, we are cognizant that sometimes the price action leads the fundamental developments. If a break does take place, on a closing basis, that too should be respected. This is especially true if the break comes in the direction we suspect fundamentals will move and that is in the dollar's favor.

Euro: Our understanding of the likely dynamics of both the US and the euro area underlies our bearish fundamental view of the euro. The technical tone has deteriorated in recent days and the close before the weekend was just off the lows. However on a risk-reward basis, new shorts are not favored. The euro closed finished just above the 200-day moving average (~$1.2830) and the lower Bollinger band (~$1.2825). Underneath these is the lower end of the recent trading range ($1.28). The downside looks sticky at least in the first half of next week. The pattern whereby Monday's direction is opposite the direction has remains intact, with one exception, since the end of August.

Yen: The dollar extended its recent gains to score a six-month high against the yen. At JPY80.65 retraced half of the decline seen from March's JPY84.20 high. The next key retracement objective is found near JPY81.50. The yen's weakness is puzzling, not because it is backed by strong fundamentals, but rather that the typical drivers, such as change in interest rate differentials and the performance of equity markets (risk-on/risk-off),do not appear to be operative. Initial dollar support is seen near JPY80.00-15.

Sterling: The inability to push through the $1.62 area saw sterling set back to the $1.60 area. A break of $1.5980 signal a test on the two-month low set in a couple of weeks ago near $1.5915-30. Below there lies the 200-day moving average (~$1.5845) and then the 50% retracement of the advance off $1.5270 June low, which comes in just below $1.5800.

Swiss franc: Over the last few weeks, there seems to be some decoupling between the euro-Swiss cross and the euro's performance against the dollar. This has created a bit more of a trading opportunity in the franc. The dollar finished last week strongly and closed above CHF0.9400, albeit by a few ticks. The top of the dollar's recent range comes in near CHF0.9440. A convincing break of the range would likely confirm the bottoming pattern the greenback has been tracing out, and projects toward CHF0.9600. Support now is seen in the CHF0.9325-45 area.

Canadian dollar: The US dollar rose to 3-month highs against the Canadian dollar, which has fallen a bit out of favor recently, though the speculative longs in the futures market remain substantial. Support for the US dollar is now found in the CAD0.9880-CAD0.9900 area. Our CAD1.0040 target has moved within reach. However, the 200-day moving average, which is found just below parity, continues to frustrate check USD strength on a closing basis.

Australian dollar: The Australian dollar posted a potential key reversal before the weekend by make a new high for the move before selling off and closing the North American session below the previous day's low. The price action reinforces the importance of the ceiling in the $1.04 area. On the downside, follow through selling would target just above the $1.0290-$1.0310 band. A break of this would signal a return to the lower end of the 3-month trading range near $1.0150.

Mexican peso: The peso's attempt to rally before the weekend was turned back and the dollar staged a bit of a reversal. Support is now seen for the dollar in the MXN13.93-95 area, with the MXN13.10-12 area offering initial resistance. The liquidation of stale peso longs could see the dollar rise toward MXN13.25.

Britain wants reform of EU cohesion funds: paper


http://s1.reutersmedia.net/resources...=CBRE8A30U7L00

Britain's Prime Minister David Cameron delivers his keynote speech at the Conservative Party conference in Birmingham, central England October 10, 2012.
Credit: Reuters/Darren Staples


LONDON | Sun Nov 4, 2012 5:54am EST

(Reuters) - Britain will demand changes to the European Union's regional development funds in budget talks this month, including stripping wealthier nations of access to money intended to help poorer areas, the Sunday Telegraph reported.

Prime Minister David Cameron's government suffered an embarrassing defeat in parliament this week when anti-EU members of his Conservative party teamed up with the opposition to demand a cut in the EU budget.

But Cameron, aware that a real-terms cut could be hard to win in Brussels, is instead pushing for a real-terms freeze in the budget, which would allow it to rise in line with inflation.
The Conservative-led coalition government also believes changes to the regional development funds are achievable, the Telegraph reported, citing a high-level, unnamed source as saying. The prime minister's office declined to comment on the report.

Calling for changes to the way these "structural and cohesion" funds - the second-biggest item in the EU budget - are managed may pacify some Conservative "euroskeptics" who want a looser relationship with Europe based on trade ties.

The European Commission wants 376 billion euros ($483 billion) from member states in the 2014-2020 period for the EU's cohesion funds, which are intended to help level out wealth inequality across the 27-nation bloc.

Some vulnerable areas in Britain such as Cornwall in the south west and Wales receive funding from that development pot.

Britain was the fourth-biggest net contributor to the EU budget last year with an overall donation of 5.5 billion euros.

European leaders will meet on November 22-23 to thrash out a deal. Cameron has said he wants to reach an agreement but is prepared to use Britain's veto if his demands are not met.

Conservative lawmaker Andrea Leadsom said reform of the cohesion funds was long overdue.

"Every member state gets structural funds," Leadsom wrote in the Telegraph. "Focusing money instead on the genuinely needy, and leaving richer countries to run their own schemes, would leave almost all member states better off, and save the UK approximately 2 billion pounds ($3.2 billion) each year." ($1 = 0.7785 euros) ($1 = 0.6235 British pounds)

(Reporting by Matt Falloon; Editing by Hugh Lawson)


Source : Reuters

Not feel so great to trade like old days
any way
Still more room down to go 27xx e/u

hello good morning/evening
starting from this week, i will every day share my trading ideas and study on Dukascopy liveTV

1) it's a good opportunity for everybody who wants to share any good idea and no shy to do it live so the interaction can be live.
2) the thing is public and no need to pay/subscribe to anything if only listening.
3) Dukascopy pays 30$ each hour of live webinar.
4) a 1hour webinar can improve posts in forum and sharing purposes.
5) webinars will be recorded and published on youtube.

my next one starts in 1hour and 30minutes. topic will be GOLD + GU + EU.

whole week i will be live @11.00gmt for 30-60minutes on GU, Gold, CFD.

link here
http://www.dukascopy.com/tv/Live

thanks, bybye

here's the link to the video