Showing posts from March, 2019

FOREX-Yen gains as new year trade starts on cautious note

* Graphic: World FX rates in 2018 
* Yen strengthens in early Asian trade
* Aussie dollar falls by 0.2 percent
SINGAPORE, Jan 2 (Reuters) - The dollar eased against the yen on Wednesday as caution prevailed on the first trading day of the new year on wider concerns about global economic growth, the U.S. government shutdown and a slower pace of Federal Reserve rate hikes.
The safe-haven yen gained 0.1 percent against the dollar to 109.60 in early Asian trade. Trading volumes remain light as global markets reopened after the New Year’s Day public holiday. Japanese markets remain closed on Wednesday.
The yen has gained for three straight weeks as risk-off sentiment rattled financial markets.
However, while market participants remain concerned about the broader investment outlook, renewed hopes for a resolution to the U.S.-Sino trade dispute have provided some cause for optimism. On Sunday, U.S. President Donald Trump indicated that progress had been made toward a potential settlement of…

HSBC forex trading costs cut sharply by blockchain - executive

LONDON (Reuters) - HSBC has reduced the cost of settling foreign exchange trades by a quarter through its blockchain-based system, an executive overseeing the project told Reuters, offering a glimpse of the savings the technology could offer banks.

The bank processes between 3,500 and 5,000 trades a day on its “FX Everywhere” system, settling trades worth $350 billion, Mark Williamson, chief operating officer of FX cash trading and risk management, told Reuters.
The HSBC platform is a rare example of blockchain technology being put to practical use by a major bank. Last month the London-based lender said it had processed FX trades worth $250 billion on the platform since February last year.
The fresh details of the scale of the HSBC project suggest that the potential of blockchain to make significant cost savings in the financial services industry - long touted by its proponents of the technology - is being realized.
“We going at a pace now,” Williamson said. “We’re able to demonstra…

Forex - Dollar Pushes Higher Again on Sagging Growth, Rising Uncertainty -- The dollar was edging higher against major European currencies early Friday in Europe after weak Chinese inflation data overnight reinforced concerns about global growth.
Fears about the growth outlook have revived this week in the wake of a shockingly sharp fall in U.S. retail sales in December, and there is still not enough evidence of progress in the trade talks between China and the U.S. to suggest that risk appetite will return quickly.
At 03:00 AM ET (8:00 GMT), the dollar index futures contract that tracks the greenback against a basket of major currencies was at 96.953. That’s just off a new two-month high of 97.120 that it hit Thursday.
The market hasn’t reacted much to news that Trump is set to declare a national emergency over border security after signing the spending bill hammered out earlier this week in Congress. While the immediate threat of another shutdown has been lifted, the precedent threatens to undermine a long-standing principle of Congression…

FOREX-Norwegian crown leads gainers after strong price data; pound weak

LONDON, March 11 (Reuters) - The Norwegian crown rallied across the board on Monday after strong inflation data raised expectations the central bank could increase interest rates soon while the pound remained under pressure before a series of key parliamentary votes over Brexit.
With markets trading in a period of low volatility, investors have rushed to buy currencies where central banks are still raising interest rates or economic data has exceeded expectations, indicating a brighter economic outlook.
Norwegian core CPI data for February was 2.6 percent on an annualized basis, above a Reuters forecast of 2.1 percent and well above the central bank’s long-term target of 2.0 percent.
“This makes (a) March rate hike from Norges Bank a complete done deal, which is a positive for the currency,” Nordea strategists said.
Norges Bank last year tightened monetary policy for the first time since 2011, lifting its rate to 0.75 percent from a record-low 0.5 percent. The central bank has said i…

Forex - Pound Rises Ahead of Key Brexit Vote; Dollar Slides - The pound rallied in early European hours on Tuesday after British Prime Minister Theresa May secured last-minute changes from the European Union for her Brexit deal before a crucial vote in parliament later in the day.
The pound was up 0.6% at $1.3230 by 4:35AM ET (08:35 GMT), taking its gains over two days to more than 1.5%.
The euro slipped to its lowest against the pound since May 2017 at 0.8471, before recovering the losses somewhat. It was last at 0.8521, down 0.3%.

European Commission head Jean-Claude Juncker agreed to additional assurances in an updated Brexit deal with British Prime Minister Theresa May on Monday.
Sterling, which had risen ahead of the talks between May and Juncker, extended gains in hopes the changes may be enough to sway rebellious British lawmakers who have threatened to vote down May's plan again on Tuesday. Dissenting MPs still haven't said whether they'll change their minds.
A lower likelihood of crashing out of the EU with …

US stock market "the highest price" in the world

Mubasher: A recent report that the US stock market is "the most expensive" around the world, with the rise of market indices to record levels during the last period.
The stock market in the United States was ranked last among 40 countries in the list of "the most marketable in terms of the reasonableness of stock prices," Star Capital said in a report released Tuesday.
The criteria used by the list included price-to-revenue ratio, price to sales, and price to book value.
US equity indexes have recorded a record performance in the past period, with the Dow Jones up 21,500 points and Standard & Poor's up 2400 points, supported by speculation of more stimulus measures and expectations of slower rate hikes.
While high valuations do not necessarily imply the expectation of near-market selling, it suggests that there is more room for less-rated markets to record higher returns in the future.

Data indicate that the most worrying signal for the US market was the p…

Dubai: Lower fees for common property services increase attractiveness of real estate projects

The Dubai Land Department has confirmed that low fees for joint property services in the freehold areas of Dubai have contributed to the attractiveness of real estate projects by encouraging buyers to invest in the medium and long term, as well as those wishing to purchase residential units .
This is due to the regulatory laws of this activity, notably Law No. (27) of 2007 on joint ownership, circulars issued by the Dubai Land Department and the Real Estate Regulatory Authority (RERA).
In addition, the Corporation has required the service management companies in these projects to disclose the financial statements of service fees and to submit them to the Corporation for auditing before contacting the owners and demanding payment.
Marwan bin Ghalaita, CEO of RERA, noted the regulatory and regulatory role of the institution to ensure transparency in this aspect and to avoid items and items not previously known to buyers.
He said: "The institution required the management companies …

The cheapest house in Britain .. Three rooms in one pound sterling

The cheapest house in the whole of Britain is being searched for by people who buy it, even though it is less expensive than a small juice box or less than a fare by bus from one area to another in London.
A British real estate firm has offered a house for sale in the West Yorkshire area, 330 km north of London, for only £ 1, although the house is three-bedroom, but needs repairs and maintenance.
In the details published by the British newspapers, compiled by Al, the house will be displayed at an auction starting at £ 1, meaning that it will certainly be sold for more than this amount, but the initial valuation is one pound, According to the assessment made by the company organizing the auction, and therefore it will be sold at any price to be paid.
British reports confirmed that this house will probably be the cheapest in Britain at all, as it is offered for sale with one pound, it is located in one of the cheapest areas in the country.
According to the published specifi…

Moody's confirms Saudi Arabia's rating and sharply raises growth forecasts

Moody's affirmed Moody's credit rating on A1 with a stable outlook and raised its forecast for Saudi GDP growth for the period 2018-2019 to 2.5% and 2.7%, respectively, instead of its previous forecast of 1.3% and 1.5%. In the same period in April of this year, and thus exceed in its positive forecasts the expectations of the Government of the Kingdom announced in the preliminary statement of the budget declaration for 2019 on 30 September 2018.
AlArabiya published a report in which Moody's expects higher oil production to boost the economy, as well as developments in the non-oil sector to contribute to stronger GDP growth. In its latest review, AlArabiya indicated that plans to diversify the Kingdom's economy away from oil are likely to boost average growth And long-term in the Kingdom.
Moody's also revised and revised its financial projections for the deficit after publishing the preliminary statement of the budget declaration for 2019. Its forecasts for the siz…

Understanding the Canadian Forex Regulation

To side with ease of ownership and the back down of the lira against the dollar, Istanbul "Al Quds Alarabi": Many of the political, security and economic transformations witnessed by the Arabian Gulf in past years have prompted a segment of Arab residents of the Cooperation Council countries to buy real estate and moving to live in Turkey, or at least buy real estate and insurance Lodging for them to serve as another option if they have to leave the Gulf. One of the main reasons for this phenomenon is the Asylum of Saudi Arabia to impose a monthly tax on every person residing in the Kingdom, which prompted many residents to leave Saudi Arabia After their salaries are not enough to pay the monthly taxes and housing wage and the requirements of life.
This was followed by the Gulf crisis between Qatar and the four countries where increase the fears of many residents that the council countries will see more political turmoil and perhaps security during the next phase, In additi…

Online Forex Trading Is Growing In Zimbabwe, We Interviewed One Of The Traders

We have been getting a lot of chatter regarding online forex trading locally. Some of it has been a little disturbing because it has been driven by people who are doing some kind of ponzi schemes around forex trading. Ponzi schemes are a bad idea. We interviewed a local trader (young guy) who has been doing it for a while to understand what’s happening in this space and how he got involved in it.
Since we don’t know how online forex trading is viewed by regulators we have chosen to withhold the name of our interviewee. Hope you can learn a thing or two about this sector and we look forward to learning more as well:
FT:I was introduced to forex trading by a friend of mine because I needed some financial liberty. I didn’t want to go to a job and have my time give me money. I wanted something to invest in and originally I was looking into real-estate but then that seemed like a long-term thing where you need a lot of money to get into it. I looked into stocks, I couldn’t find anything o…

How to Start a Career as a Forex Trader

Self Assessment – Is this for me? Making a consistent profit in the forex trading industry is extremely hard – something many newbie investors find out the hard … Self Assessment – Is this for me? Making a consistent profit in the forex trading industry is extremely hard – something many newbie investors find out the hard way. Before you dive into a life of forex trading, make sure to do proper research, and fully understand what you’re getting into. Contrary to what many people say, trading forex is not easy money. If you visit Rakuten Forex Broker you can get a nice overview about the nature of the professional trading.
Practice makes perfect People learn by doing things over, and over, and over again. The more you do something, the better you get, and the easier it becomes. The beauty about forex trading is that nearly every broker offers demo accounts – the perfect platform for you to learn. This means that you can practice without actually having to put up any of your own money.…

FOREX-Dollar drops after U.S. retail data suggests economic slowdown

(Recasts; adds inflation news, analyst quotes; updates prices; changes dateline from LONDON to NEW YORK)
NEW YORK, Feb 14 (Reuters) - The dollar dropped to session lows on Thursday morning following a report that U.S. retail sales recorded the biggest drop in more than nine years in December, suggesting a sharp slowdown in economic activity at the end of 2018.
The Commerce Department said on Thursday that retail sales fell 1.2 percent, the largest decline since September 2009 when the economy was emerging from recession. Data for November was revised slightly down to show retail sales edging up 0.1 percent versus 0.2 percent as previously reported.
The sharp drop suggested a moderation in the pace of consumer spending, which accounts for more than two-thirds of the U.S. economy, in the fourth quarter.
“The dollar had been looking good until retail sales came in much weaker than expected. The data suggests there is less in the economy than people had thought, and has pushed the dollar…

FOREX-Euro's bounce fades as focus shifts back to economy, ECB policy

* Graphic: World FX rates in 2019 * Dollar in narrow range following Monday’s U.S. holiday * Aussie dips after release of RBA meeting minutes (Adds details and quotes, updates prices) TOKYO, Feb 19 (Reuters) - The dollar was steady against its peers on Tuesday, lacking strong direction as U.S. markets were shut for a holiday the previous day, while the euro’s latest bounce faded as the focus drifted back to the economy and European Central Bank policy. The dollar index versus a basket of six major currencies was nearly flat at 96.881 after ending the previous session unchanged. U.S. financial markets were closed on Monday for Presidents’ Day. The euro was down 0.1 percent at $1.1298. It edged up 0.16 percent overnight, pulling away from a three-month low of $1.1234. The single currency had been buoyed by improved investor sentiment as expectations increased for an easing of the U.S.-China trade conflict after both sides reported progress in talks. The dollar, the world’s most liquid …

E&O posts 3Q net loss on forex loss, holding cost

KUALA LUMPUR (Feb 22): Eastern & Oriental Bhd (E&O) slipped into the red in the third financial quarter ended Dec 31, 2018 (3QFY19), posting a net loss of RM8.8 million compared with a net profit of RM21.98 million a year ago.
The lifestyle property developer attributed the loss to a RM11.6 million unrealised foreign exchange (forex) loss, as well as an estimated one-off RM44.6 million holding cost payable for the option to purchase land which was not exercised.
In a statement today, E&O managing director Kok Tuck Cheong said stripping out the holding cost and forex loss, its pre-tax profit for 3QFY19 would have been RM91.6 million, 10.39% higher than RM82.9 million in 3QFY18.
This resulted in the group reporting a loss per share of 0.67 sen compared with an earnings per share of 1.68 sen in 3QFY18. 
Quarterly revenue also declined by 22.6% to RM256.95 million from RM331.9 million in 3QFY18, mainly attributable to the property segment which registered a decrease of RM53.9…