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Modern trading killing off "barrow boy" market slang
(Reuters) - "The Old Lady just bought half a yard of cable and there are plenty of bids for Bill and Ben."
Confused?
To most foreign exchange traders in London's "City" financial district that sentence would make perfect sense: "The Bank of England just bought half a billion U.S. dollars worth of British pounds against the dollar and there's interest to buy the Japanese yen."
A mixture of Cockney rhyming slang, market banter and expressions picked up from horse racing bookmakers makes up the basis for a financial lingua franca that may sound like nonsense to most people, but has dominated the $4 trillion a day foreign exchange (FX) market for decades up until recently.
Most often used for currencies, countries and numbers, this financial market mumbo jumbo is starting to die out on the ...
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Forex - European Auctions Inspires Risk Taking
Forex News and Events:
Risk correlated assets continued to make gains in Asian session due to the optimism sprung from yesterdays well received Spanish and Italian auctions. EURUSD traded up to 1.2879 while AUDUSD after a brief dip charged to 1.0362. Asia’s regional indices were broadly higher with the Nikkei up 1.36% and Hang Seng 0.57% yet shanghai failed to contribute to the feel good atmosphere falling -1.34%. Risk taking was subdued for most of the session till FT cited comments by Greek officials suggesting that a deal regarding private debt holders could be announced today. French paper Les Achos provided a bit splashier headline say ‘debt restructuring agreement is close’. As for the current risk rally we are unconvinced and would be looking to fade the move. The main reason is ...
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Custody banks net short-selling gains from EU crisis
(Reuters) - A group of specialist banks are profiting from Europe's financial crisis, thanks to a surge in demand for securities which allow traders to bet against bank stocks and government bonds.
The so-called custody banks that administer securities, a normally unglamorous and low-margin business, include BNY Mellon, JP Morgan (JPM.N) and State Street (STT.N).
The banks, as well as loan specialist Equilend, take a fee for linking lenders with surplus stock -- typically pension funds -- with borrowers such as hedge funds and banks, who want to position themselves in markets by short-selling.
Pension funds and insurers have become increasingly attracted to lending by the fees they accrue from the borrowers at a time when equity returns are off.
The latter want stocks or bonds to sell ...
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Dukascopy Morning Forex Overview : 10/01/2012
Fundamental Analysis
EUR
"Reaching a functional agreement already by the next meeting on Thursday is not out of the question"
- Elmar Brok, a German member of the European parliament
German chancellor Angela Merkel and French president Nicolas Sarkozy met on Monday to discuss how to promote Europe’s economic growth and to finalize a deal on deeper fiscal union.
USD
"I’m growing more optimistic that the economic activity in the U.S. is firming to the point that it’s durable"
- Mark Luschini, chief investment strategist at Montgomery Scott LLC
U.S. corporations, such as Cisco Systems Inc., ended 2011 with the slowest profit growth in two years amid global economic slowdown, estimated Bloomberg analysts.
GBP
"Demand for prime London property in 2011 outpaced supply and led to strong ...
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European shares start year on firm footing
European shares made a positive start to the New Year as they extended a two-week rebound in thin trade on Monday, with automotive stocks and euro zone banks leading the charge.
At 1216 GMT the FTSEurofirst 300 index of European shares was up 0.6 percent at 1006.07, breaking above the full retracement level of the December7-Dec 19 fall.
Volumes on the index registered a slight pick-up from last week's lows but remained thin at 37 percent of the 90-day average as the British and United States markets were closed.
With many fund managers still on holiday, equity markets were driven by short-term trades into sectors enjoying technical rebounds, such as automotives .SXAP, euro zone banks .SX7E utilities .SX4P and insurers .SXIP.
"People are looking for underperformers and rotating sectors ...
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2012 Preview - Examining the Major Issues
As we approach New Years we'll attempt to address the major issues for 2012.
Economic News
USD - When will Congress Address the US Deficit and Debt?
Could this be the year that Congress finally tackles the difficult issues to reduce spending and lower the national debt? The Congress just recently acted to renew the payroll tax break in a last minute deal, a method that Washington has seemingly perfected. Most likely Congress will kick the can down the road as they are unwilling to take on the big issues of social benefits heading into an election year. If the trend of improving US fundamentals continues then a return to US growth may help to ease the pressure of rising deficits. However, a failure to address the issues could eventually raise the yields on Treasury bonds while reducing ...
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Euro weakens broadly; S&P 500 erases 2011 gains
The euro weakened about 1 percent against the dollar and the yen on Wednesday, one day before an important auction of long-dated Italian debt, while U.S. stocks slid more than 1 percent on concerns about the economy in early 2012.
The European single currency hit a fresh 11-month low against the dollar of $1.291 and a 10-year low against the yen as data showed banks were hoarding the cash recently injected by the European Central Bank rather than lending it out - a bad omen for the European economy in 2012.
"If European banks are still this concerned, it's not a good sign," said Karl Schamotta, senior markets strategist with Western Union Business Solutions. "That underlines the possibility that this liquidity crunch is getting worse and will continue into the new year.
A strong sale of ...
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Oil falls on dollar's rise, Wall Street pullback
(Reuters) - Oil prices fell on Wednesday, after six straight higher finishes, as the euro weakened against the dollar and U.S. equities on Wall Street pulled back from their recent rally.
The euro fell to an 11-month low against the U.S. dollar after support from a drop in short-term Italian borrowing costs faded in thin trading and traders eyed a sale of longer-term debt by the same country on Thursday.
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Final Trading Week of 2011
The Week Ahead : 24/12/2011
Highlights
Final trading week of 2011
Data and event highlights
ECB liquidity measures highlight fragility of EU banks
Final trading week of 2011
Next week sees the final trading week for the year and we expect market interest to be significantly reduced due to major holidays on each end, likely leading to largely sideways drift. But reduced market participation also has the tendency to see spikes in volatility on news headlines and data reports, as fewer traders seek reduced liquidity in response to breaking events. In particular, we would note month/quarter-end fixing flows late in the week, where asset managers rebalance currency hedges. Our proprietary models suggest moderate USD selling overall against other major currencies. Fixing flows ...
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