Forex Spot Contest


The world's top economic policymakers are likely to discuss how Japan's new monetary and fiscal policy drive is weakening the yen when they meet next month, but will stop well short of calling it a competitive devaluation, G20 officials said. Finance ministers and central bank heads from the G20 group of the world's biggest advanced and developing economies gather on February 15-16 in Moscow, under Russia's 2013 presidency. With the United States, Britain, the European Central Bank and Japan all resorting to unconventional monetary levers to revive their economies, the spillover of such policies and their exchange rate effects will certainly be on the agenda. "When countries with reserve currencies try to stabilize their economies through monetary policy, it may lead to currency wars," ...



(Reuters) - Euro zone finance ministers conferred on how to keep Greece afloat as negotiations between Athens and its foreign lenders neared conclusion over reforms the country must implement to receive fresh emergency loans. Greece needs to push through spending cuts and tax measures worth 13.5 billion euros ($17.5 billion) as well as a raft of economic reforms to appease EU and IMF lenders and secure bailout money to avoid bankruptcy. The ministers received more bad news just before their Wednesday conference call when Athens more than halved its forecast for a budget surplus before debt servicing costs next year, dimming one of its few bright spots as rounds of austerity deepen a recession already into its fifth year. Athens forecast a 4.5 percent economic contraction in 2013, which ...



Hands up anyone who was not disappointed with the EU summit outcome? Again the meetings have failed to produce any meaningful developments. Efforts to push for a banking union ran into resistance from the usual set of suspects, led not surprisingly, by Germany. There was no official request for aid made by the Spanish government either, this certainly peeved a few investors who ended up liquidating some of their EUR held positions after digesting some disappointing US corporate earnings last week. The market still expects Spain to go cap in hand to its fellow members, but uncertainty still remains on the timing. Investors are looking for reasons for the current risk-positive environment to hold. There are a few, but again the periphery problem countries remain the most dominant variables ...



(Reuters) - The Federal Reserve looks set to launch a third round of bond purchases this week to try to drive borrowing costs lower and breathe more life into an economy that is not growing fast enough to lower unemployment. Despite political opposition and some internal dissent, economists said a weak report on jobs growth for August was likely enough to convince the U.S. central bank a looser monetary policy was needed. "The Federal Reserve will ease again," said Sung Won Sohn, an economics professor at California State University Channel Islands in Camarillo, California. "There are too many people without jobs and the unemployment rate is too high at this stage of an economic recovery." The economy created just 96,000 jobs in August, well below expectations and less than what is ...



A three-day rally in world equity markets faded on Wednesday, with shares trading little changed, while the euro fell as doubts grew on the prospects for early central bank action to bolster the global economy and tackle the euro zone debt crisis. Risky assets began rising on Friday after U.S. jobs data eased concerns about global growth but supported hopes of further policy easing by the Federal Reserve. Last week's signal by European Central Bank President Mario Draghi that it may ease borrowing costs for Spain and Italy provided further optimism. But the Bank of England on Wednesday gave no hint of future action despite slashing its growth forecast, prompting investors to shed riskier assets such as stocks. The uncertain direction for fiscal policy pushed Wall Street stocks modestly ...



Another week is starting with mounting tensions in markets ahead as uncertainty prevails amid recession concerns, financial woes and political conflict in the euro area. This week, investors will continue to focus on the latest developments in the European debt crisis on hopes to find any signs of recovery. Regarding fundamentals, the spotlight will be on the euro area's main sectors, manufacturing and services, to track their development with the beginning of the second quarter. The final readings of PMI manufacturing and services are expected to remain unrevised, where last week the manufacturing sector showed a widening contraction to 46.0 in April from 47.7 and services also showed a contraction of 47.9 from 49.2 in March. Accordingly, PMI composite slipped to 47.4 from a prior of ...



(Reuters) - Democratic lawmakers have called on the country's futures regulator to crack down on excessive speculation in oil markets as rising gasoline prices move to the forefront of the election campaign. In a letter to the Commodity Futures Trading Commission, 23 senators and 45 members of the House of Representatives called on the agency to stop "dragging its feet" on implementing new regulations to stop Wall Street from dominating the oil market. Meanwhile, gasoline prices are soaring, despite plenty of supply and low demand, the lawmakers charge. "As the cost for American people to fill their gas tanks continues to skyrocket, the CFTC continues to drag its feet on imposing strict speculation limits to eliminate, prevent, or diminish excessive oil speculation," the members of ...



Attention comrades, workers and tax slaves! Tonight is the night! Get your tickets! Turn your televisions up and sit your buts down! From the people who harass your small business…from the folks who regulate your entrepreneurial spirit into submission…from the clerks who mandate outsourcing, expropriate your profits and who cannot “create” one job without first destroying two, comes… The Presidential Speech on Job Creation! The papers were abuzz with excitement this morning. Journalists rushed to put ink to paper, careful to do so before they had time to think. “Wall Street Mixed Ahead of Obama Speech,” announced one headline. “Wall Street Falls Ahead of Obama Speech,” countered another. “DJIA Wobbles Ahead of Obama’s Jobs Speech,” opined a third. What are we to make of all this, ...



Forex-Tribe is happy to launch its own contest. The principle of this contest is to determine as close as possible the spot value of a currency pair at the close of the day, the week and the month. For daily contests, votes will be suspended at 12h CET each day, on wednesday at 12h CET for weekly contest, and at the end of the second week for monthly contest. Contests allow members of Forex-Tribe to win Forex-Tribe points which are convertible in real money. To know more about these points, click here. There is also a general ranking of all votes. At the end of the year 2011, the three best voters will be rewarded by prizes. To know more about these prizes and the contest, click here Have a nice day