Japan govt spokesman warns against forex swings
TOKYO, July 9 (Reuters) - Japan’s top government spokesman said on Thursday that excessive currency moves are undesirable as they would hurt the stability of Japan’s economy and financial markets.
The yen jumped to a five-month peak of 91.80 yen to the dollar on Wednesday as mounting doubts about the health of the global economy spurred risk aversion. [FRX/]
A soaring yen could jeopardise Japan’s chances of pulling out of a recession, raising the prospect of Tokyo intervening in the markets to weaken its currency for the first time in five years. [ID:nN08397762]
“As I have said before, excessive moves in market rates have a bad impact on the stability of the economy and financial conditions and therefore are undesirable,” Chief Cabinet Secretary Takeo Kawamura told a news conference.
“We’ll keep a close watch on currency market trends.”
Growing unease about the global economy has prompted investors to rush out of trades that bet against the yen while favouring higher-yielding but often riskier currencies.
Market participants said they were cautious about the possibility of intervention by Japanese officials to fight the currency’s rapid rise, which hurts exporters by eating into the profits they make overseas when converted back into yen.
But few expect any immediate intervention as the yen is still far from January’s 13-year peak near 87 yen to the dollar. On Thursday the dollar climbed back to above 93 yen. [ID:nT48609]
Japan’s top finance bureaucrat Kazuyuki Sugimoto pointed out both the merits and the drawbacks of a strong yen for the world’s No.2 economy.
“As for the impact of the yen’s rise on the Japanese economy, it would lead to a decrease in exports and corporate profits and affect households as income and employment conditions deteriorate,” Sugimoto told a news conference.
“On the other hand, it will push down food and other import costs, which would help corporate profits and personal consumption,” the vice finance minister said, adding that he would be watching currency market moves closely.
The euro climbed 0.4 percent to 129.50 yen EURJPY=R after falling as low as 127.00 yen on Wednesday, its lowest since mid-May.
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Another Forex Scam: Grand Theft EA III
Are you ready to waste $87 of your money on an EA that’s free? If not, keep reading.
ForexPeaceArmy.com has seen solid evidence that another commercial EA is just an illegal copies of a free EA
FPA reviewer Robert Morton left a review on June 5th 2009 saying that he knew that the expert advisor from PipsLeader was just a copy of the free EA called Divergence Trader. Before any of our scam investigators had a chance to look into this, an email arrived from our friends at 4xProject with the same information.
4xProject contacted Ron Thomas, the author of Divergence Trader. He was unaware that the EA he freely published had been repackaged and was being sold. Even though Ron freely gave away copies of Divergence Trader, that does not give others the right to rename it and sell it as if they were the original author. We are very happy to report that Ron has contacted ClickBank and filed a complaint against Pips Leader.
Some user configurable settings were changed. It is perfectly legal to sell settings for someone else’s product, but that still does not permit the sale of copies of the software itself.
Under these circumstances, we feel have no choice but to declare that PipsLeader to be a scam. We recommend against buying their products and urge purchasers to seek a refund via clickbank.
We wish to thank Robert Morton, Ron Thompson, the FPA’s AsstModerator and 4xProject for their contributions to this case. More details
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WORLD FOREX:Dollar Hits Lows Vs Pound, Aussie As Stocks Rise
TOKYO (Dow Jones)–The U.S. dollar declined in Asia Wednesday, hitting a seven-month low against the British pound and an eight-month low versus the Australian dollar, as gains in regional stocks helped lift investor demand for riskier currencies.
Sterling touched $1.6658 during the session, the highest in seven months. The Australian dollar, partly helped by the country’s surprisingly strong gross domestic product data, reached $0.8265 - a level unseen since September 29.
The euro also gained versus the U.S. currency.
“With recent stock-market rises as well as signs that the (global) economy is bottoming out, players feel like taking risks,” said Yuji Kameoka, currency analyst at Daiwa Institute of Research.
In early Asian hours, higher Asian shares encouraged short-term players in the region to buy riskier, higher-yielding currencies against the low-yielding U.S. and Japanese units, dealers said. Japan’s benchmark Nikkei 225 Stock Average index was up 0.5% at 9754.86 as of 0400 GMT.
Along with the sterling, the euro rose $1.4326 from New York late Tuesday to $1.4330. Traders say it could reach $1.4500 in the near term.
The U.S. dollar, which is seen as a safe-harbor currency during financial storms, took a beating as investor confidence improved. The Dollar Index - which measures the value of the US dollar against six other currencies, including the euro - fell to near a six-month low of 78.34 from Tuesday’s level of 79.16.
Weighing on the greenback were not only rises in Asian shares but also Australia’s first-quarter GDP, which rose 0.4% from the previous three months, beating market expectations for a 0.1% gain.
But the U.S. currency gained against the yen, which traders consider to be even safer than the greenback.
Next on players’ agenda is the European Central Bank’s planned policy meeting on Thursday. However any impact will probably be muted if the outcome of the meeting is in line with market expectations, dealers said.
The markets anticipate that the ECB will keep its interest rate unchanged, but will release details of its plan to purchase around EUR60 billion in covered bonds.
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FOREX-Dollar stays near ‘09 lows as risk appetite grows
TOKYO, June 3 (Reuters) - The dollar hovered above a fresh set of lows for the year on Wednesday after U.S. pending home sales posted their third straight monthly rise, fuelling optimism about the economy and reducing safe-haven demand for the greenback.
Higher-yielding currencies such as the Australian and New Zealand dollars held within sight of eight-month highs against the U.S. dollar, benefiting from the generally bullish tone in equity and commodity markets such as oil.
U.S. pending home sales posted their biggest jump in 7-½ years in April, suggesting the U.S. housing market, which is key to an economic revival, was on the mend and reinforcing optimism about a global economic recovery. [ID:nN02503338]
“The dollar is likely to continue to weaken against the yen and others as questions are raised about the dollar’s standing as a reserve currency,” said Shinichi Hayashi, a currency trader for Shinkin Central Bank.
Comments by Russian President Dmitry Medvedev on CNBC television that the world needs a wider range of reserve currencies weighed on the dollar in New York trade.
Medvedev’s statements, however, were nothing new. In May, he suggested the Russian rouble should be made the new global reserve currency. A repeat of these remarks has highlighted the dollar’s vulnerability as the U.S. government tries to tackle an enormous fiscal deficit. [ID:nL21010092]
“Generally speaking, it’s also hard to think the dollar will strengthen going forward considering the eventual fallout of GM’s bankruptcy on the real economy and the mounting (U.S.) budget deficits,” Hayashi said.
General Motors Corp (GMGMQ.PK) filed for bankruptcy protection on Monday, the third-largest filing in U.S. history and the largest ever in U.S. manufacturing. [ID:nCARS1]
The dollar index fell to 78.334 on Tuesday, its weakest level since mid-December, and stood at 78.525 on Wednesday.
The euro was flat at $1.4303 <EUR=EBS> after hitting a 2009 high of $1.4332 on electronic trading platform EBS.
The dollar fell 0.3 percent to 95.46 yen on EBS <JPY=EBS>.
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Grand Theft EA II : Beware of Pirated Forex EA
How would you like to pay a LOT of money for an EA and find it’s just another EA with some of the settings changed? How would you like to pay for an EA and find it’s just an overpriced clone of another EA?
ForexPeaceArmy.com have seen solid evidence that 2 more commercial EAs are just illegal copies..
The EA sold by Forex Turbo Profits seems to be just a very expensive repackaged version of FAPS (Forex AutoPilot). The price was $750 as opposed to 99.50 for a copy of FAPS. A few of the settings have been changed. To sell custom settings for FAPS or another configurable EA is legal. To sell a cloned copy of the code is not. If you have a copy of FAPS, you can get the altered settings for free from our friends at 4xProject.com. The good news is that this company now claims to be “sold out”, but you can still get your refund from ClickBank.
The RemExpert EA sold by Buy Expert Advisor is evidently ea slightly altered clone of FapTurbo. Taking an idea and reverse engineering it from scratch may be legal. In this case, significant portions of the code appear to be illegally copied, even though one additional currency pair was added to the bot. For this small change, the price was bumped up from the FapTurbo price of $149 to an astounding $950 to use it on two accounts for 1 year. We recommend filing a PayPal dispute if you have any trouble getting your money back.
We wish to thank FPA’s AsstModerator, FapTurbo’s Abuse Team, 4xProject, and BestForexEA for their contributions to this case.
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China’s forex reserve growth slows for first time since 1998
NEW YORK (MarketWatch) — China’s foreign exchange reserve rose 27% last year to $1.95 trillion, slightly slower than the growth in reserves marked last year, state-run Xinhua new agency reported Tuesday. The increase from the end of 2007 to end of 2008 totaled $417.8 billion, down from $461.9 growth the year before and marking the first slowdown in foreign exchange growth in a decade. The report said the slowdown was a result of a shrinking trade surplus and a possible slowdown in speculative “hot-money” flows. Central University of Finance and Economics professor Guo Tianyong was quoted as saying expectations for a weaker yuan and extraction of funds from China to ease capital supply pressure in the West were major factors leading to the decrease.
