The State Bank of Pakistan’s reserves edged up to $8.96 billion from $8.55 billion a week earlier, while reserves held by commercial banks jumped to $3.31 billion from the previous week’s $3.29 billion, chief spokesman Syed Wasimuddin said.

He said reserves rose sharply after the central bank received $500 million from the Asian Development Bank on June 30, which were shown in the current data.

Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill.

Pakistan agreed in November to an International Monetary Fund emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves.

Pakistani officials are currently meeting the IMF in the Turkish city of Istanbul to discuss the country’s performance under the programme, and aiming to secure the roughly $875 million third tranche of the loan.

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The bank imposed forex restrictions in January and replaced the Wholesale Dutch Auction System (WDAS) to try and stem a sharp decline in the naira currency.
Article Controls

‘The Central Bank of Nigeria hereby re-introduces the Wholesale Dutch Auction System with effect from Monday,’ said Batari Musa, director at the bank’s trade and exchange department.

‘This is in a bid to stimulate activities in the interbank and stabilize the foreign exchange market.’

The central bank initially announced the lifting of forex controls on Tuesday after its first monetary policy meeting under Sanusi.

At the meeting, the central bank also slashed interest rates by 2 percentage points and guaranteed interbank transacations for the next nine months.

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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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* Full access to real-time Dow Jones FX Select news (You may have noticed that some competitors charge their customers $1000 per month for this. It’s included for free for every live trader.)
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Opening an Account with this URL and code indicates that the customer has read and accepts the terms and conditions of $50.00 Incentive Offer.

$50.00 Incentive Offer: The $50.00 Incentive Offer is available to new IBFX customers only. $50.00 will be deposited into a new mini account with InterbankFX within 3 business days of an approved application. Limit one offer per customer. The $50.00 incentive is for initial trading activity only. If the account does not have trading activity during the first 90 days, the incentive is forfeit and will be returned to IBFX and the account will be closed. The incentive will be available for withdrawal or transfer (please review our published restrictions on withdrawals and transfers at www.ibfx.com) to another account after the customer has executed 50 mini lot trades in that account. Deposits to the trading account adhere to existing rules and guidelines for mini-account deposits.

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YEKATERINBURG, Russia (Reuters) - The International Monetary Fund (IMF) should expand the basket of Special Drawing Rights to include the Chinese yuan, commodity currencies and gold, a senior Kremlin official said on Tuesday.

The SDR is an international reserve asset allocated to member countries with its exchange rate determined by a basket of currencies, at the moment including dollar, euro, yen and sterling. A review of the basket is due in November 2010.

“The rouble, yuan deserve to be included in the SDR basket,” Kremlin economy aide Arkady Dvorkovich told a news conference ahead of the first summit of Brazil, Russia, India and China, known as BRIC, in the Russian city of Yekaterinburg.

“It is important that the composition of the basket also reflects the role of commodities in the global economy,” Dvorkovich said, naming Australian and Canadian dollars as possible candidates.

“We also think that gold has a potential as a possible participant. The price of gold has a negative correlation to the dollar. Therefore it is beneficial to tie these two instruments into one so that investors feel safer,” he said.

Dvorkovich said he doubted Russia would complete its transition to an inflation-targeting regime which implies a freely floating exchange rate for the rouble next year when the IMF basket’s review takes place, as announced by the central bank.

Dvorkovich said BRIC leaders will discuss new reserve currencies at the summit but called for caution in the currency debate, saying it was in no-one’s interest to ruin the dollar.

Russia rattled financial markets last week when a central bank official said Moscow will cut the share of U.S. Treasuries in its forex reserves in favour of IMF bonds and bank deposits.

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June 16 (Bloomberg) — Crude oil rose for the first time in three days as the dollar weakened against the euro and before a report on stockpiles in the U.S.

The U.S. Energy Department will probably say tomorrow that crude stockpiles dropped 2 million barrels last week, according to a Bloomberg survey. Oil lost 2 percent yesterday, extending its decline from last week’s seven-month high of $73.23 a barrel as a stronger dollar made commodities less appealing as a currency hedge.

“The pullback in the dollar is supporting all commodities,” said Andrey Kryuchenkov, an analyst with VTB Capital in London. “Sentiment remains positive, but it’s likely the market will consolidate ahead of the U.S. inventory data tomorrow.”

Crude oil for July delivery rose as much as $1.50, or 2.1 percent, to $72.12 a barrel in electronic trading on the New York Mercantile Exchange. It traded for $72.06 as of 11:37 a.m. London time.

U.S. Crude oil supplies probably dropped as refiners ramped up production and boosted stockpiles of gasoline and heating oil, a Bloomberg News survey showed. Inventories are 11 percent above the five-year average for this time of year.

Gasoline supplies probably rose 550,000 barrels in the week ended June 12 from 201.6 million the previous week. All of those surveyed said supplies climbed. Stockpiles during the same week last year fell 1.2 million barrels amid the peak motor fuel demand season in the U.S.

Brent Crude

Brent crude for August delivery rose as much as $1.34, or 1.9 percent, to $71.58 a barrel on London’s ICE Futures Europe exchange. Yesterday the contract lost $1.56, or 2.2 percent, to $70.24 a barrel.

Iranian opposition supporters plan a fourth day of protests in Tehran against President Mahmoud Ahmadinejad’s re-election, after seven people were killed in violence at a rally in the capital yesterday. Iran is the world’s fourth-largest crude oil producer.

“For the time being, the Iranian situation seems to be neutral,” said Edward Meir, analyst with MF Global Ltd. in Connecticut. “Although the oil markets were unimpressed by the frenzied weekend developments,” events seem “to have picked up a gear over the past 24 hours, in that the size of the opposition protests have become significantly larger.”

The U.S. dollar dropped for the first day in three against the single European currency, losing 0.7 percent to $1.3875 as of 11:06 a.m. London time. Declines in the U.S. currency heighten the appeal of dollar-priced assets that can be used to hedge against inflation, such as crude.

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

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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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FATS is designed to give you access to a number of back tested trading systems which you can run in conjunction with your ODL account. Whether you are an existing account holder or considering opening an account, this service could be what you have been looking for.

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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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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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