KARACHI (March 10 2009): The State Bank of Pakistan has waived the condition of cash margin on import Letters of Credit (L/Cs) of leguminous vegetables and dried shelled. SBP on Monday announced this relaxation referring to BPRD Circular Letter No 05 of 2009 dated March 3, 2009. "It has been decided to waive the condition of cash margin requirement on HS Code 0713 (Leguminous Vegetables, Dried Shelled)", SBP said in circular.
Banks have been advised to comply with the above mentioned instructions immediately. However, the other instructions on the subject will remain unchanged, the circular added.
Wednesday, October 7, 2009
SBP likely to keep rate unchanged
SBP Diary - SBP News
KARACHI: The State Bank of Pakistan is likely to keep interest rates on hold for the next two months to the end of November on policymakers fears of rising inflation and fiscal slippages, economists said on Monday. The central bank is due to announce its monetary policy for the next two months on Tuesday. It cut the policy rate by 1 percentage point to 13 per cent in August. With the fiscal framework unravelling, keeping rates on hold would be the right thing to do at this point, said Sayem Ali, an economist at Standard Chartered Bank. Pakistan s budget deficit for the 2008/09 fiscal year to the end of June was 5.2 per cent of gross domestic product, higher than a government target of 4.3 per cent of GDP.Economists fear there may be further slippages because of government borrowing and also because there is no indication of when pledges of aid from Pakistan s allies would come through. Donors pledged $5.7 billion in aid at a conference in Tokyo in April but only a fraction of that has trickled in. With no immediate disbursement of Tokyo pledges, we believe the appetite for government borrowing will continue to put pressure on market interest rates and hence liquidity, said Muzzamil Aslam, economist at JS Global Capital Ltd.
Pakistan s allies met in New York last week in a show of support but the timing of aid flows is unclear.The country s finances have been propped up since last November by a $7.6 billion loan from the International Monetary Fund over two years and the IMF increased the loan by $3.2 billion in July. The IMF said this month interest rates were at the right level for inflation, but could come down further if economic and financial conditions permit. Inflation had eased from record levels set last year but fears remain of commodity prices rising again, economists said. Annual consumer price inflation slowed to 10.69 per cent in August, its slowest in 20 months, though with higher food and fuel prices, upward inflationary pressures are likely to build again. The fiscal stance of the government seems more expansionary than what is mandated under the IMF programme and this increases the risk to the inflation outlook, said Asif Qureshi, director at Invisor Securities Ltd. Although nominal interest rates in Pakistan are still fairly high, the central bank may adopt a more measured approach towards easing because of fiscal and inflation considerations, Qureshi said.
KARACHI: The State Bank of Pakistan is likely to keep interest rates on hold for the next two months to the end of November on policymakers fears of rising inflation and fiscal slippages, economists said on Monday. The central bank is due to announce its monetary policy for the next two months on Tuesday. It cut the policy rate by 1 percentage point to 13 per cent in August. With the fiscal framework unravelling, keeping rates on hold would be the right thing to do at this point, said Sayem Ali, an economist at Standard Chartered Bank. Pakistan s budget deficit for the 2008/09 fiscal year to the end of June was 5.2 per cent of gross domestic product, higher than a government target of 4.3 per cent of GDP.Economists fear there may be further slippages because of government borrowing and also because there is no indication of when pledges of aid from Pakistan s allies would come through. Donors pledged $5.7 billion in aid at a conference in Tokyo in April but only a fraction of that has trickled in. With no immediate disbursement of Tokyo pledges, we believe the appetite for government borrowing will continue to put pressure on market interest rates and hence liquidity, said Muzzamil Aslam, economist at JS Global Capital Ltd.
Pakistan s allies met in New York last week in a show of support but the timing of aid flows is unclear.The country s finances have been propped up since last November by a $7.6 billion loan from the International Monetary Fund over two years and the IMF increased the loan by $3.2 billion in July. The IMF said this month interest rates were at the right level for inflation, but could come down further if economic and financial conditions permit. Inflation had eased from record levels set last year but fears remain of commodity prices rising again, economists said. Annual consumer price inflation slowed to 10.69 per cent in August, its slowest in 20 months, though with higher food and fuel prices, upward inflationary pressures are likely to build again. The fiscal stance of the government seems more expansionary than what is mandated under the IMF programme and this increases the risk to the inflation outlook, said Asif Qureshi, director at Invisor Securities Ltd. Although nominal interest rates in Pakistan are still fairly high, the central bank may adopt a more measured approach towards easing because of fiscal and inflation considerations, Qureshi said.
SBP lowers GDP growth forecast to 2.5-3.5pc
KARACHI:The State Bank of Pakistan (SBP) lowered on Saturday its gross domestic product (GDP) growth forecast for the 2008/09 (July-June) fiscal year to 2.5-3.5 percent from an earlier target of 3.5 percent to 4.5 percent. The original target was 5.5 percent. Pakistan achieved GDP growth of 5.8 percent in the 2007/08 fiscal year.
The State Bank also said inflation would slow sharply in the final quarter of this fiscal year.
The State Bank also said inflation would slow sharply in the final quarter of this fiscal year.
No bar on opening bank branches in Iran: SBP governo
KARACHI: The State Bank of Pakistan (SBP) has not barred any bank from opening its branches in Iran for carrying out normal operations including trade finance, SBP Governor Salim Raza said on Saturday.
“Banks have to follow international guidelines, which do not allow undertaking business transactions with Iranian institutions,” he said here in a meeting with the Rice Exporters Association of Pakistan (REAP).
“There are international sanctions (on Iran) and banks have to work under those guidelines,” he said, adding “but certainly we have not stopped any bank from opening its office in the neighbouring country.”
Banks around the world including those operating here are affected by the US government’s Office of Foreign Assets Control (OFAC) which bans every commercial activity with the Iranians.
The SBP governor’s response followed appeals by REAP members to encourage banks to open their branches in Iran, which imports large quantities of Pakistani rice. They also highlighted the indifference of commercial banks to enhancing finance to the trade lobby.
Admitting that he was unaware of the reasons hampering financing to a trade which fetched $2.2 billion in exports last year, Salim Raza said he would sit down with the exporters and personally review the matter.
“There is a lot of room for corporatisation and brand building when it comes to rice export,” he said, adding “logistics and warehousing also need to be strengthened.”
He also acknowledged that the government should play its role in removing supply-side bottlenecks rather than interfering in the market.
Earlier, members of the Rice Exporters Association of Pakistan pointed out that banks had not endeavoured to develop new financing products for rice export as still loans were extended on the basis of collateral and equity.
They said there was a need to understand the whole value-added chain involved in the trade as its improvement could bring dividends by increasing exports. Out of over one thousand exporters 20 per cent contributed 80pc of exports, indicating the need to increase the share of small traders, they said.
Between July and January 2008-09, export of rice has been to the tune of $1.39bn against a full-year target of $2.4bn.
“Banks have to follow international guidelines, which do not allow undertaking business transactions with Iranian institutions,” he said here in a meeting with the Rice Exporters Association of Pakistan (REAP).
“There are international sanctions (on Iran) and banks have to work under those guidelines,” he said, adding “but certainly we have not stopped any bank from opening its office in the neighbouring country.”
Banks around the world including those operating here are affected by the US government’s Office of Foreign Assets Control (OFAC) which bans every commercial activity with the Iranians.
The SBP governor’s response followed appeals by REAP members to encourage banks to open their branches in Iran, which imports large quantities of Pakistani rice. They also highlighted the indifference of commercial banks to enhancing finance to the trade lobby.
Admitting that he was unaware of the reasons hampering financing to a trade which fetched $2.2 billion in exports last year, Salim Raza said he would sit down with the exporters and personally review the matter.
“There is a lot of room for corporatisation and brand building when it comes to rice export,” he said, adding “logistics and warehousing also need to be strengthened.”
He also acknowledged that the government should play its role in removing supply-side bottlenecks rather than interfering in the market.
Earlier, members of the Rice Exporters Association of Pakistan pointed out that banks had not endeavoured to develop new financing products for rice export as still loans were extended on the basis of collateral and equity.
They said there was a need to understand the whole value-added chain involved in the trade as its improvement could bring dividends by increasing exports. Out of over one thousand exporters 20 per cent contributed 80pc of exports, indicating the need to increase the share of small traders, they said.
Between July and January 2008-09, export of rice has been to the tune of $1.39bn against a full-year target of $2.4bn.
SBP gets Rs26 billion from banking system
KARACHI: The State Bank of Pakistan (SBP) has withdrawn an additional amount of Rs26 billion from banking system for six days at an interest rate of 9.15 per cent through the open market operation.
The central bank launched an open market operation here today to absorb the additional amount from the banking system.
Banks offered Rs32 billion for buying six-day treasury bills but the central bank obtained Rs26 billion at an interest rate of 9.15 per cent.
Today, the banking system received an amount of Rs30 billion through maturities.
The central bank launched an open market operation here today to absorb the additional amount from the banking system.
Banks offered Rs32 billion for buying six-day treasury bills but the central bank obtained Rs26 billion at an interest rate of 9.15 per cent.
Today, the banking system received an amount of Rs30 billion through maturities.
US Dollar daily report
Thursday, 20 August 2009 15:34
Forex Research - Daily US Dollar Report
Yen Lifted Mildly as China Tightens Bank Rule, But Lacks Follow Through Momentum
Yen was lifted higher in Asian session today by news that China is setting rules to tighten bank capital requirements and made a new higher against dollar, but lacks follow through buying so far. Indeed, yen crosses are generally kept above this week's low and it looks like some more consolidation would be seen. Similar situation is found in dollar as the recovery earlier today lacks sustainable momentum so far and recent consolidation is likely still in progress. One thing to note is that Sterling is still the biggest loser this week. Today's break of 0.8652 resistance in EUR/GBP suggests that another round of selling in the pound might be underway which will make sterling crosses vulnerable.
Eurozone PMI data will be the main focus today as both Manufacturing and services PMIs are expected to improve further in Aug. Nevertheless, both data are expected to be kept below 50 level, suggesting that the manufacturing and services sectors are still in mild contraction. From US, Existing home sales is expected to rise slightly to 5.00M in July. Main focus will be on Bernanke's speech at the Jackson Hole Conference.
Looking at the dollar index, despite edging lower to 78.30, downside momentum in the index is diminishing and the index quickly settles back into prior tight range. With 78.23 cluster support (61.8% retracement of 77.43 to 79.51) intact, there is no change in the near term bullish view that rise from 77.43 is still in progress. Above 78.82 will flip intraday bias back to the upside and break of 79.51 will confirm rally resumption. Also, note that break of 79.66 resistance will have the index sustaining above medium term falling channel and in turn will solidify the case that whole fall from March's high of 89.62 has finished at 77.43 already. Focus will then be shifted to 81.47 resistance for confirmation. However, note that sustained break of 78.23 support will seriously dampen this view and open up the case that down trend from 89.62 is still in progress for another low below 77.43 before completion.
USD/JPY
USD/JPY's fall resumes and edges lower to 93.47 earlier today. At this point, intraday bias remains on the downside as long as 94.54 minor resistance holds. The break of 61.8% retracement of 91.73 to 97.77 at 94.03 suggests that whole rebound from 91.73 has completed at 97.77 already and further fall could now be seen to retest 91.73 low next. On the upside, above 94.54 will turn intraday outlook neutral and bring consolidation. But risk will remain on the downside as long as 97.77 resistance holds.
In the bigger picture, the break of mentioned 94.03 fibo support suggests that rebound from 91.73 has completed already. Also, it indicates that prior break of falling channel resistance was a false break. The failure below 98.87 resistance also keeps the lower high pattern since 101.43 and thus argue that such down trend is possibly still in progress. A break of 91.73 will confirm this case and bring deeper fall towards 87.12 key low. On the upside, break of 97.77 resistance, though, will revive the case that USD/JPY has bottomed out at 91.73 and will turn outlook bullish again.
GBP/USD
GBP/USD's consolidation from 1.6274 is still in progress and another rise cannot be ruled out. But after all, upside is expected to be limited by 1.6663 resistance and bring fall resumption. Below 1.6375 minor support will flip intraday bias back to the downside and further break of 1.6274 will indicate that decline from 1.7043 has resumed. Prior break of 1.6338 support serves as an important alert that a medium term top is in place at 1.7043. Below 1.6274 will target 1.5983 support to confirm the bearish case. However, note that sustained break of 1.6663 will firstly suggest that whole fall from 1.7043 has completed and will open up the case for stronger rally to retest this high.
In the bigger picture, the sharp reversal from 1.7043 argues that whole rise from 1.3654 has possibly completed with five waves up already, on bearish divergence condition in daily MACD and RSI. Break of 1.6338 support affirms this case and turns focus to 1.5983 support for confirmation. Also, note that, whole rise from 1.3503 is treated as correction to down trend from 2.1161 only is expected to conclude inside resistance zone of 1.6428/7332 (38.2% and 50% retracement of 2.1161 to 1.3503). Completion of rise from 1.3654 will also indicate that such correction from 1.3503 has completed too. In such case, deep decline should be seen to send GBP/USD through 1.3503 low eventually. On the upside, in case of another rise, we'd continue to monitor for reversal signal as GBP/USD approaches 1.7332 fibo resistance.
Content Departmen
Forex Research - Daily US Dollar Report
Yen Lifted Mildly as China Tightens Bank Rule, But Lacks Follow Through Momentum
Yen was lifted higher in Asian session today by news that China is setting rules to tighten bank capital requirements and made a new higher against dollar, but lacks follow through buying so far. Indeed, yen crosses are generally kept above this week's low and it looks like some more consolidation would be seen. Similar situation is found in dollar as the recovery earlier today lacks sustainable momentum so far and recent consolidation is likely still in progress. One thing to note is that Sterling is still the biggest loser this week. Today's break of 0.8652 resistance in EUR/GBP suggests that another round of selling in the pound might be underway which will make sterling crosses vulnerable.
Eurozone PMI data will be the main focus today as both Manufacturing and services PMIs are expected to improve further in Aug. Nevertheless, both data are expected to be kept below 50 level, suggesting that the manufacturing and services sectors are still in mild contraction. From US, Existing home sales is expected to rise slightly to 5.00M in July. Main focus will be on Bernanke's speech at the Jackson Hole Conference.
Looking at the dollar index, despite edging lower to 78.30, downside momentum in the index is diminishing and the index quickly settles back into prior tight range. With 78.23 cluster support (61.8% retracement of 77.43 to 79.51) intact, there is no change in the near term bullish view that rise from 77.43 is still in progress. Above 78.82 will flip intraday bias back to the upside and break of 79.51 will confirm rally resumption. Also, note that break of 79.66 resistance will have the index sustaining above medium term falling channel and in turn will solidify the case that whole fall from March's high of 89.62 has finished at 77.43 already. Focus will then be shifted to 81.47 resistance for confirmation. However, note that sustained break of 78.23 support will seriously dampen this view and open up the case that down trend from 89.62 is still in progress for another low below 77.43 before completion.
USD/JPY
USD/JPY's fall resumes and edges lower to 93.47 earlier today. At this point, intraday bias remains on the downside as long as 94.54 minor resistance holds. The break of 61.8% retracement of 91.73 to 97.77 at 94.03 suggests that whole rebound from 91.73 has completed at 97.77 already and further fall could now be seen to retest 91.73 low next. On the upside, above 94.54 will turn intraday outlook neutral and bring consolidation. But risk will remain on the downside as long as 97.77 resistance holds.
In the bigger picture, the break of mentioned 94.03 fibo support suggests that rebound from 91.73 has completed already. Also, it indicates that prior break of falling channel resistance was a false break. The failure below 98.87 resistance also keeps the lower high pattern since 101.43 and thus argue that such down trend is possibly still in progress. A break of 91.73 will confirm this case and bring deeper fall towards 87.12 key low. On the upside, break of 97.77 resistance, though, will revive the case that USD/JPY has bottomed out at 91.73 and will turn outlook bullish again.
GBP/USD
GBP/USD's consolidation from 1.6274 is still in progress and another rise cannot be ruled out. But after all, upside is expected to be limited by 1.6663 resistance and bring fall resumption. Below 1.6375 minor support will flip intraday bias back to the downside and further break of 1.6274 will indicate that decline from 1.7043 has resumed. Prior break of 1.6338 support serves as an important alert that a medium term top is in place at 1.7043. Below 1.6274 will target 1.5983 support to confirm the bearish case. However, note that sustained break of 1.6663 will firstly suggest that whole fall from 1.7043 has completed and will open up the case for stronger rally to retest this high.
In the bigger picture, the sharp reversal from 1.7043 argues that whole rise from 1.3654 has possibly completed with five waves up already, on bearish divergence condition in daily MACD and RSI. Break of 1.6338 support affirms this case and turns focus to 1.5983 support for confirmation. Also, note that, whole rise from 1.3503 is treated as correction to down trend from 2.1161 only is expected to conclude inside resistance zone of 1.6428/7332 (38.2% and 50% retracement of 2.1161 to 1.3503). Completion of rise from 1.3654 will also indicate that such correction from 1.3503 has completed too. In such case, deep decline should be seen to send GBP/USD through 1.3503 low eventually. On the upside, in case of another rise, we'd continue to monitor for reversal signal as GBP/USD approaches 1.7332 fibo resistance.
Content Departmen
Forex Rates (Pakistan)
Updated on: Wed, October 7, 2009, 15:30 (PST)
Courtesy : ECAP
Remittance Buying Selling Trends
USD 83.00 83.30
GBP 134.30 137.50
SR 22.04 22.14
UAE 22.48 22.65
NEWZ 43.5 43.8
AUS 73.25 74.09
EUR 121.60 122.60
CAD 77.83 78.72
HONG 10.49 10.73
IND 1.58 1.68
JPY 0.9300 0.9400
Forex Open Market Analysis More Currencies
Courtesy : ECAP
Remittance Buying Selling Trends
USD 83.00 83.30
GBP 134.30 137.50
SR 22.04 22.14
UAE 22.48 22.65
NEWZ 43.5 43.8
AUS 73.25 74.09
EUR 121.60 122.60
CAD 77.83 78.72
HONG 10.49 10.73
IND 1.58 1.68
JPY 0.9300 0.9400
Forex Open Market Analysis More Currencies
Thursday, October 1, 2009
FOREX Is Tough But Potential Money-Making Opportunity
Trading foreign currencies is a tough task; however, it is potentially a money-making opportunity for those who are educated and are knowledgeable about their investments.
Nevertheless, prior to choosing to participate in trading in the Forex market, you should:
* Cautiously judge the purpose of investment
* Your familiarity with risk factors
Forex is meant for the money you put aside and are prepared to loose. It might not be a wise idea to Forex trade to pay your regular bills.
Forex (Foreign Exchange market) is an inter-bank market that got a form in 1971; this was the period when the international trade transited from fixed exchange rates to floating rates. This transition paved way for the set of transactions between forex market brokers relating to the exchange of specific sums of money in a currency unit for the currency of some other country at an approved rate for any specified date.
During any trade day, the exchange rate of one currency to another currency is decided basically by supply and demand – to which both parties will be in agreement. The price of a currency is mentioned in terms of one more currency.
The possibility of transactions in the international currency market is frequently increasing, which is due to growth of global trade and eradication of currency limits in many countries.
Online Forex is the one of the most innovative forex trading method of Foreign Exchange trading over the Internet. You can start trading with a basic account. Beware of margin trading because unless you are a careful market watcher trading with borrowed money can be risky.
The online forex trading method gives fast implementation of foreign exchange (Forex) trading through the Internet, with cutting edge software and well-organized trustworthy service guarantying an excellent trading experience.
Nevertheless, prior to choosing to participate in trading in the Forex market, you should:
* Cautiously judge the purpose of investment
* Your familiarity with risk factors
Forex is meant for the money you put aside and are prepared to loose. It might not be a wise idea to Forex trade to pay your regular bills.
Forex (Foreign Exchange market) is an inter-bank market that got a form in 1971; this was the period when the international trade transited from fixed exchange rates to floating rates. This transition paved way for the set of transactions between forex market brokers relating to the exchange of specific sums of money in a currency unit for the currency of some other country at an approved rate for any specified date.
During any trade day, the exchange rate of one currency to another currency is decided basically by supply and demand – to which both parties will be in agreement. The price of a currency is mentioned in terms of one more currency.
The possibility of transactions in the international currency market is frequently increasing, which is due to growth of global trade and eradication of currency limits in many countries.
Online Forex is the one of the most innovative forex trading method of Foreign Exchange trading over the Internet. You can start trading with a basic account. Beware of margin trading because unless you are a careful market watcher trading with borrowed money can be risky.
The online forex trading method gives fast implementation of foreign exchange (Forex) trading through the Internet, with cutting edge software and well-organized trustworthy service guarantying an excellent trading experience.
Exploit Profit With Forex Trading Tactics
By using a particular set of FOREX trading tactics, you will be able to exploit the profit of trading. With forex trading, you can work in so far for as high as hundred times the total in your deposit account into the trade. So, with a $100 deposit, you will be able to leverage $10,000 into your transaction. With this type of cash backing in a deal, it is easier to finance the transactions that will manipulate healthier results.
Forex trading strategies, like leverage, are employed most of the time to get benefit of short upward turns in currency values. Inspecting closely on how the U.S. dollar balances with the Euro for more than 3 months’ duration might possibly not swank dollar to euro conversion results.
Though, within a particular day or week there could be massive upswings or downswings in value. Applying leveraged funds permit investors to get benefit of these temporary rises and falls.
One more important tactic for forex trading is the stop loss order. This defends the investor by determining and putting a point at which one you will not trade. It allows the investor put a check point for losses. You run the threat of ending a trade that could probably move yet higher, but you as well wrap yourself from a trade that falls far lower the existing value.
Opening up an automatic access order is as well one of the forex trading approaches that will make sure the investor can go into a trade while the price is right. A prearranged price for the foreign currency exchange is set so that the investor automatically goes into the trade at that point.
Forex trading strategies, like leverage, are employed most of the time to get benefit of short upward turns in currency values. Inspecting closely on how the U.S. dollar balances with the Euro for more than 3 months’ duration might possibly not swank dollar to euro conversion results.
Though, within a particular day or week there could be massive upswings or downswings in value. Applying leveraged funds permit investors to get benefit of these temporary rises and falls.
One more important tactic for forex trading is the stop loss order. This defends the investor by determining and putting a point at which one you will not trade. It allows the investor put a check point for losses. You run the threat of ending a trade that could probably move yet higher, but you as well wrap yourself from a trade that falls far lower the existing value.
Opening up an automatic access order is as well one of the forex trading approaches that will make sure the investor can go into a trade while the price is right. A prearranged price for the foreign currency exchange is set so that the investor automatically goes into the trade at that point.
Popular pairs in Forex
Without a doubt the EUR/USD and GBP/USD, as currency pairs, receive a great deal of attention by online Forex traders.
Each provides tradable patterns almost every day. Why some traders prefer trading one of these pairs versus the other is almost a matter of personal preference. Both pairs will reflect global sentiment regarding the dollar. As a result, it is usually the case that they will share the same trend patterns.
If world reaction to economic news is positive for the US economy, as a general rule, both the Euro and the GBP will tend to weaken. The chart below, for example, shows how the EUR/USD and the GBP have moved on the 1 hour pattern. Notice how similar the patterns are. The hour charts below show that both pairs provided a similar reaction to the Nov 4th economic release of the non-farm payroll report.
Clearly, it is hard to develop an argument of which pair is better to trade. But there is more that the online Forex trader can do with these pairs. online Forex traders can generate totally new trading opportunities by dropping the US dollar component of the pair and, thereby, creating a Cross-pair known as the EUR/GBP Before we take a look at the EUR/GBP chart, let’s try to understand what makes this pair a good source of trades, particularly, in the coming year.
The best way to understanding this Cross-pair is to realize that it generates a picture of the battle between two different economies- the EU vs. the British economy.
The EU countries experience different levels of economic growth and expectations of growth than that of Great Britain.
As a result, there is a constant flow back and forth of capital between these regions and this flow results in frequent range like behavior and price swings as can be seen in the day chart below.
Each provides tradable patterns almost every day. Why some traders prefer trading one of these pairs versus the other is almost a matter of personal preference. Both pairs will reflect global sentiment regarding the dollar. As a result, it is usually the case that they will share the same trend patterns.
If world reaction to economic news is positive for the US economy, as a general rule, both the Euro and the GBP will tend to weaken. The chart below, for example, shows how the EUR/USD and the GBP have moved on the 1 hour pattern. Notice how similar the patterns are. The hour charts below show that both pairs provided a similar reaction to the Nov 4th economic release of the non-farm payroll report.
Clearly, it is hard to develop an argument of which pair is better to trade. But there is more that the online Forex trader can do with these pairs. online Forex traders can generate totally new trading opportunities by dropping the US dollar component of the pair and, thereby, creating a Cross-pair known as the EUR/GBP Before we take a look at the EUR/GBP chart, let’s try to understand what makes this pair a good source of trades, particularly, in the coming year.
The best way to understanding this Cross-pair is to realize that it generates a picture of the battle between two different economies- the EU vs. the British economy.
The EU countries experience different levels of economic growth and expectations of growth than that of Great Britain.
As a result, there is a constant flow back and forth of capital between these regions and this flow results in frequent range like behavior and price swings as can be seen in the day chart below.
Forex automated trading system
Forex automated trading system, it calls Prophet1 Forex Expert Advisor. It is design for the Metatrader 4 (MT4) and to work for GBP/USD currency pair and they have good results, over 90% profitable trades, growing the balance from $1,000 to over $42,000 …see results on this link…
Forex trading platform with oil, gold and silver spot trading
Hi Forex visitors,
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You could learn and test you forex and commodity trading skills before step in investing with FOREXYARD’s demo platform…......
FOREXYARD offers unique forex trading platform with possibility in the same platform for spot trading of oil, gold and silver.
You could learn and test you forex and commodity trading skills before step in investing with FOREXYARD’s demo platform…......
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