FTSE hits seven-week closing low as fears over recovery’s strength intensify August 25, 2010 BRITAIN’S top share index fell to a seven-week closing low yesterday on growing unease that the global economy may slip back into another recession following further weak economic data from the United States. New orders for long-lasting US made goods rose far less than expected in July and, excluding transportation equipment, posted their largest decline [...]
Wall St stages comeback as bargain hunters move in August 25, 2010 US stocks staged a comeback yesterday, breaking a four-day losing streak by major indexes, as key technical support triggered bargain hunting that offset weak economic data. The S&P 500 index sagged as much as one per cent after data showed new single-family home sales slumped to a record slow pace in July. But positive momentum [...]
The course that turns you into a trader August 25, 2010 FOR graduates, it’s harder than ever to get a job as a trader. Unless you have a double first in something maths-related then you can kiss good-bye to the dream. But is there a way to increase your chances? One way of getting first-hand knowledge is on a “trader training school.” But are they any [...]
Banks and miners suffer after MPC’s Weale warns of fresh dip August 24, 2010 BRITAIN’S top share index closed lower yesterday after weak US existing home sales data cast further doubt on the economic recovery story, with UK banks, miners and energy stocks bearing the brunt of the sell-off. The FTSE 100 ended down 78.89 points, or 1.5 per cent, at 5,155.95, its lowest close since 20 July, having [...]
Weak housing data drag equities down August 24, 2010 US stocks slumped, with the Dow and S&P 500 on track for a fourth day of declines as an unexpectedly large drop in home sales ratcheted up concerns about the economic recovery. Sales of US existing homes in July plummeted 27 percent to their slowest pace in 15 years, an industry group reported. The drop [...]
The pound’s rally stalls August 24, 2010 FOREX traders diligently looking at the cable chart in recent weeks might be rather gloomy about the outlook for the pound. Yesterday it broke below a key level against the dollar, which suggests there could be further weakness to come. That level was $1.5490, the 200-day moving average, which indicates that sterling has lost its [...]
AUSSIE RALLY CHALLENGES FX WISDOM August 24, 2010 DIRECTOR OF CURRENCY RESEARCH, GFT ONE of the ironclad rules of FX trading is that political turmoil triggers instant selloffs in the country’s currency as speculators run first and ask questions later. Last weekend Australia held an election that resulted in a hung parliament for the first time in 70 years. With 76 seats needed [...]
Thai growth shrugs off the political turmoil August 24, 2010 THERE aren’t many economies that can experience three months of political protest without it denting growth, but that is exactly what HAS happened to Thailand. The protests, which lasted from March to May, saw the National United Front of Democracy Against Dictatorship, otherwise known as the Red Shirts, try to oust prime minister Abhisit Vejjajiva. [...]
THE TIPSTER August 24, 2010 WITH the yen hitting a nine-year high against the euro, people have wondered if it can go any further. But coupled with poor economic data continuing to come out of Europe, the trend is likely to continue. Cantor Index offers a euro-yen spread of ¥106.70-¥106.72. The single currency continues to lose ground as risk appetite [...]
FOREX ANALYST PICKS August 24, 2010 FOREX STRATEGIST DAVID RODRIGUEZ My pick: Stay short euro-dollar below $1.2750 Expertise: Algorithmic trading Average time frame of trades: Two-10 weeks I remain short the euro-US Dollar pair from $1.2850 and I believe we will see continued declines throughout the near-term. A hold below $1.2750 keeps my bearish bias intact, as this represents key short-term [...]