Thursday, April 24, 2008

forex dollor rises

The dollar rose broadly on Thursday after government data showed better-than-expected readings on weekly jobless claims and last month's durable goods, indicating that the U.S. economy may be stabilizing. The U.S. data is pretty clearly dollar positive and we're coming off some weaker European data today already," said Brian Dolan, head of research at consultancy, in Bedminster, New Jersey. In morning trading in New York, the euro was 1.2 percent lower at $1.5701 , nearly 3 cents below Tuesday's record highs.

Wednesday, April 16, 2008


The pound was hurt by a report from Hometrack Ltd which showed that home prices in England and Wales were down 0.2 percent in March, to an average of £174,100, for a sixth consecutive month of declines. The pound dropped by 8.2 percent versus the euro in the first quarter, its largest-ever quarterly decline versus the shared currency, while the dollar fell 8.4 percent versus the euro in the quarter. At just past 11 a.m. in New York, the dollar traded at $1.5842 to the euro and the pound was at 79.69p to the euro after touching a low of 79.73p earlier.

Despite the decline, the rand was up on the greenback after it was reported that South Africa’s trade deficit was down to R5.8 billion in February from R10.2 billion in January and after gold and platinum prices gained on the session.

The rand traded at R8.1265 to the dollar in late morning trade in New York.

Friday, April 11, 2008

FXCM Has launched two forex managed account with $1000 Minimum Deposit

the Short-Term Opportunity Program and the Short-Term Opportunity Aggressive Program.Both Short-Term Opportunity Programs utilize 4 different trading approaches:
1.Short-Term range trading
2.Short-Term breakout opportunities
3.Long-Term trends
4.Long-Term carry trading
The majority of the trades generated by these programs have short-term time horizons, while longer-term systems are used to stabilize the short-term volatility. But with higher leverage. Performance should move in tandem with the Short-Term Opportunity Program, with higher gains and losses on a percentage basis.
Short-Term Opportunity Programs were designed to have low correlation with the Sentiment Programs. Short-Term and Sentiment Programs won't necessarily move against each other, but should be independent. Investors are able to diversify their portfolios by investing in both programs.
It is more valuable to have smaller amounts among various accounts than to have a larger amount in only one. As market conditions change, various accounts will come into and out of profitability.

Sunday, April 6, 2008

kitty forex

India’s foreign exchange reserves increased by $4.50 billion to $309.16 billion for the week ended March 28. The forex reserves had dipped by $1.8 billion a week before to $304.65 billion. Foreign currency assets increased by $4.49 billion to $299.14 billion, against $294.64 billion in the week-ago period. India’s reserve position in the international monetary fund increased by $5 million to $437 million. During the period, gold reserves remained static at $9.55 billion while the special drawing rights increased to $19 million.
The two countries signed a memorandum of understanding that will also allow Indian companies to work with Turkmenistan firms on several projects that are being planned in the Asian state.

Friday, April 4, 2008

Spending Forex on higher education

Our students going abroad for higher studies involve the loss of valuable foreign exchange. How could a poor country like ours afford to lose its vital assets for purposes like educating the children of rich families?” All the students in the audience had been highly taken by this declaration, because at the university, there is normally an anti-foreign degree feeling. What the academic said was, therefore, sweet music to their ears.In fact, what they wanted was my endorsement of this view.
When I asked them whether they also hold this view, all of them answered with a single ‘yes’.

“Why do you say so?” I asked them. One student summarized the general opinion on the issue. “The future of our country depends on our having enough foreign exchange resources. We earn them with much hardship. Our exporters work hard. Our expatriate workers work hard. So, what’s been earned in the hard way should be protected. We shouldn’t permit anyone to squander these valuable national assets.”

I said, adding: “But, remember whoever who has sold that forex to a bank has already been paid in rupees. It doesn’t matter whether it’s an exporter or a housemaid or a doctor or a professor or a journalist. They’re all properly paid for the forex they’ve parted with. So, that forex does not belong to them. But, to whom does that forex belong?”The bank has bought it to earn an income. So, it should make money out of it,” the same girl answered. The other students also nodded their heads in agreement.

“You’re correct. But, how should the bank put that forex to earn money?” I asked them. They did not have an answer to that question. So, I had to explain; “The bank could lend it to somebody in the country. Then, the borrower has all the right to use it in whatever the way he wishes. Or else, the bank can lend it to someone outside the country. Then, it goes out, but the foreigner has the right to use it. Or the bank could sell it to an importer or a pilgrim to India or Mecca at a higher price. Then, that buyer has the right to use it, because he has paid for it. If it’s a private asset, then, how could you say that it’s a national asset?”

Wednesday, April 2, 2008

bank Of Amrica Give $20 milloin dollor to countrywide exec bank

A taxi speeds past a Bank of America branch in New York's Times Square January 11, 2008. Bank of America Corp, the second-largest U.S. bank, on Tuesday said fourth-quarter profit fell, hurt by mounting credit losses and weak investment banking results. REUTERS/Brendan McDermidBank of America Corp said it has agreed to pay $28 million to Countrywide Financial Corp Chief Operating Officer David Sambol to induce him to run the merged companies' consumer mortgage operations.Sambol, who is also Countrywide's president, was named in January to run the mortgage business after Charlotte, North Carolina-based Bank of America completes its purchase of the largest U.S. mortgage lender. That transaction was valued Thursday at about $4.1 billion.
According to the filing, Sambol would be entitled to a $20 million retention bonus payable in equal installments on the first and second anniversaries of the merger, which is expected to close in the third quarter.would also receive $8 million of restricted stock, vesting in three installments on the first, second and third anniversaries of the merger, the filing shows.
Awards replace cash severance payments to which Sambol would be entitled at Calabasas, California-based Countrywide, according to the filing.
Sambol would also be entitled at Bank of America to a $500,000 annual base salary, an annual incentive award targeted at $4 million, and an annual equity award targeted at 150,000 Bank of America options.
Bank of America was not immediately available for comment.
The U.S. Federal Reserve plans to hold public hearings on April 22 in Chicago and on April 28 and 29 in Los Angeles on the Countrywide takeover. The combined company would make about one in four U.S. home loans.
Some consumer groups have criticized Bank of America for not doing more to help troubled borrowers. Consumer groups, borrowers, lawyers and politicians have faulted Countrywide for lending excesses they say fueled the nation's housing crisis.Bank of America agreed to issue 0.1822 of a share for each Countrywide share. The merger values Countrywide at about $7.04 per share, based on Bank of America's Thursday closing price of $38.64. Countrywide shares closed Thursday at $5.88

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