FXLR - Trade Update - Thurs 30Apr09

FXLR Daily Roundup – 30th April 2009

Summary

- 7 Live Room trade calls; 5 wins, 2 losses.
- 1 Intra-day trade calls; 1 win.

Live room trades

GBP/USD - Long Call (+21 pips)
Live Room Call: Entry on the break of 1.4850
Trade: Break of resistance
1st Level: 1.4872, +22 pips
2nd Level: 1.4870, +20 pips
Stop: 1.4825
(Allow few pips for slippage on entry/exit levels)

USD/CHF - Short Call (+13 pips)
Live Room Call: Entry on the break of 1.1300
Trade: Break of support line
1st Level: 1.2974, +26 pips
2nd Level: 1.1300, +0 pips
Stop: 1.1325
(Allow few pips for slippage on entry/exit levels)

AUD/USD - Long Call (+49 pips)
Live Room Call: Entry on the break of 0.7283
Trade: Break of resistance
1st Level: 0.7325, +42 pips
2nd Level: 0.7340, +57 pips
Stop: 0.7260
(Allow few pips for slippage on entry/exit levels)

USD/CAD - Short Call (-13 pips)
Live Room Call: Entry on the break of 1.1908
Trade: Break of support
1st Level: 1.1921, -13 pips
Stop: 1.1921
(Allow few pips for slippage on entry/exit levels)

AUD/USD - Long Call (+24 pips)
Live Room Call: Entry on the break of 0.7358
Trade: Break of resistance
1st Level: 0.7382, +24 pips
Stop: 0.7340
(Allow few pips for slippage on entry/exit levels)

EUR/USD - Long Call (-10 pips)
Live Room Call: Entry on the break of 1.3378
Trade: Break of resistance
1st Level: 1.3368, -10 pips
Stop: 1.3360
(Allow few pips for slippage on entry/exit levels)

GBP/USD - Long Call (+11 pips)
Live Room Call: Entry on the break of 1.4909
Trade: Break of resistance
1st Level: 1.4920, +11 pips
Stop: 1.4885
(Allow few pips for slippage on entry/exit levels)


Intra-day trades

EUR/USD - Short trade closed (+38 pips, ave.)
Opened Short: EUR/USD @ 1.3274
Stop level: 1.3305
Target level: 1.3150
Closed: 1.3228 (1/2: +30 pips, 1/2: +46 pips)
Half closed at 1.3244

Have a good evening.

FXLR team
www.forexliveroom.com

FXLR - Trade Update - Wed 29Apr09

FXLR Daily Roundup – 29th April 2009

A nice week so far, with +96 pips on Monday, +74 on Tuesday, and +183 pips today.

Summary

- 6 Live Room trade calls; 2 wins, 2 breakevens, 1 loss, 1 trade still open.
- 2 Intra-day trade calls; 1 win, 1 breakeven.

Live room trades

GBP/USD - Short Call (+6 pips)
Live Room Call: Entry on the break of 1.4722
Trade: Weakness from upper resistance line in a rising wedge
1st Level: 1.4710, +12 pips
2nd Level: 1.4722, +0 pips
Stop: 1.4735
(Allow few pips for slippage on entry/exit levels)

USD/JPY - Short Call (+0 pips)
Live Room Call: Entry on the break of 96.74
Trade: Break of support line
1st Level: 96.74, +0 pips
Stop: 96.97
(Allow few pips for slippage on entry/exit levels)

AUD/USD - Long Call (+0 pips)
Live Room Call: Entry on the break of 0.7140
Trade: Break of ascending triangle
1st Level: 0.7140, +0 pips
Stop: 0.7115
(Allow few pips for slippage on entry/exit levels)

EUR/JPY - Short Call (+21 pips)
Live Room Call: Entry on the break of 127.80
Trade: Break of rising wedge
1st Level: 127.38, +42 pips
2nd Level: 127.80, +0 pips
Stop: 128.15
(Allow few pips for slippage on entry/exit levels)

GBP/USD - Short Call (-14 pips)
Live Room Call: Entry on the break of 1.4721
Trade: Weakness from upper resistance line in a rising wedge
1st Level: 1.4735, -14 pips
Stop: 1.4735
(Allow few pips for slippage on entry/exit levels)

USD/CHF - Short Call - trade is still open
Live Room Call: Entry on the break of 1.1402
Trade: Break of support line
1st Level: 1.1372, +30 pips
2nd Level: (trade is still open with a trailing stop)
Stop: 1.1427
(Allow few pips for slippage on entry/exit levels)


Intra-day trades

GBP/USD - Long trade closed (+10 pips, ave.)
Opened Long: GBP/USD @ 1.4768
Stop level: 1.4748
Target level: 1.4900
Closed: (1/2: +20 pips, 1/2: +0 pips)
Half closed at 1.4788

EUR/JPY - Short trade closed (+0 pips)
Opened Short: EURJPY @ 128.20
Stop level: 128.53
Target level: 126.50
Closed: 128.20 (+0 pips)
Closed after moving 17 pips into profit.

FOMC night today, this should provide some good trading opportunities. Keep an eye out for the updates.


Have a good evening.

FXLR team
www.forexliveroom.com

FXLR - Trade Update - Tues 28Apr09

FXLR Daily Roundup – 28th April 2009

Summary

- 6 Live Room trade calls; 2 wins, 2 breakevens, 1 loss.
- 1 Intra-day trade call1; 1 win.

Live room trades

GBP/USD - Short Call (+10 pips)
Live Room Call: Entry on the break of 1.4544
Trade: Break of support line
1st Level: 1.4524, +20 pips
2nd Level: 1.4544, +0 pips
Stop: 1.4570
(Allow few pips for slippage on entry/exit levels)

USD/JPY - Short Call (-5 pips)
Live Room Call: Entry on the break of 95.75
Trade: Break of support line
1st Level: 95.80, -5 pips
Stop: 95.95
(Allow few pips for slippage on entry/exit levels)

AUD/USD - Short Call (+0 pips)
Live Room Call: Entry on the break of 0.7007
Trade: Break of support line
1st Level: 0.7007, +0 pips
Stop: 0.7032
(Allow few pips for slippage on entry/exit levels)

USD/JPY - Long Call (+0 pips)
Live Room Call: Entry on the break of 95.92
Trade: Break of swing high.
1st Level: 95.92, +0 pips
Stop: 95.70
(Allow few pips for slippage on entry/exit levels)

USD/JPY - Long Call (+50 pips)
Live Room Call: Entry on the break of 95.97
Trade: Break of swing high.
1st Level: 96.35, +38 pips
2nd Level: 96.59, +62 pips
Stop: 95.70
(Allow few pips for slippage on entry/exit levels)

USD/CHF - Short Call (-10 pips)
Live Room Call: Entry on the break of 1.1547
Trade: Break of support line
1st Level: 1.1557, -10 pips
Stop: 1.1577
(Allow few pips for slippage on entry/exit levels)

Intra-day trades

USD/CHF - Short trade closed (+29 pips, ave.)
Opened Short: USD/CHF @ 1.1540
Stop level: 1.1570
Target level: 1.1450
Closed: 1.1505 (1/2: +24 pips, 1/2: +35 pips)
Half closed at 1.1516


Have a good evening.

FXLR team
www.forexliveroom.com

FXLR Trade Round up - Mon 27Apr09

FXLR Daily Roundup – 27th April 2009

Summary

- 3 Live Room trade calls; 3 wins.
- 5 Intra-day trade calls; 4 wins, 1 breakeven.


Live room trades

GBP/USD - Short Call (+10 pips)
Live Room Call: Entry on the break of 1.4546
Trade: Break of support line
1st Level: 1.4526, +20 pips
2nd Level: 1.4546, +0 pips
Stop: 1.4580
(Allow few pips for slippage on entry/exit levels)

GBP/USD - Short Call (+13 pips)
Live Room Call: Entry on the break of 1.4560
Trade: Break of support line
1st Level: 1.4534, +26 pips
2nd Level: 1.4560, +0 pips
Stop: 1.4585
(Allow few pips for slippage on entry/exit levels)

EUR/USD - Short Call (+8 pips)
Live Room Call: Entry on the break of 1.3145
Trade: Break of support line
1st Level: 1.3129, +16 pips
2nd Level: 1.3145, +0 pips
Stop: 1.3170
(Allow few pips for slippage on entry/exit levels)



Intra-day trades

USD/CHF - Long trade closed (+11 pips, ave.)
Opened Long: USD/CHF @ 1.1473
Stop level: 1.1448
Target level: 1.1580
Closed: (1/2: +22 pips, 1/2: +0 pips)
Half closed at 1.1495

USD/CHF - Short trade closed (+0 pips)
Opened Short: USD/CHF @ 1.1473
Stop level: 1.1501
Target level: 1.1380
Closed: 1.1473 (+0 pips)

EUR/USD - Long trade closed (+10 pips, ave.)
Opened Long: EUR/USD @ 1.3137
Stop level: 1.3107
Target level: 1.3200
Closed 1.3137 (1/2: +20 pips, 1/2: +0 pips)
Half closed at 1.3157

USD/CHF - Long trade closed (+39 pips, ave.)
Opened Long: USD/CHF @ 1.1547
Stop level: 1.1510
Target level: 1.1650
Closed: 1.1595 (1/2: +30 pips, 1/2: +48 pips)

EUR/USD - Short trade closed (+5 pips)
Opened Long: EUR/USD @ 1.3009
Stop level: 1.3030
Target level: 1.2950
Closed: 1.3004 (+5 pips)



Have a good evening.

FXLR team
www.forexliveroom.com

Stock Market Update - Mon 27Apr09

FTSE has a late rally after poor start

The FTSE 100 closed up 11 points at 4,167, whilst the FTSE 250 down nearly 90 points at 7,280, and for those that are interested the FTSE Small Caps closed down 13 points at 2,123. The headline shares did put in a late rally, with the pharmaceutical stocks doing quite well in the end, but the whole thing wasn't much to call home about. The weakness in the travel firms and airlines due to this latest worldwide possible pandemic of swine flu was offest somewhat by the pharmas, who will now be producing vacinations like there is no tomorrow. Whichj there might not be if you read the papers. The global flu pandemic is growing.

Over the pond, by the time London closed the DJIA was up 15 points to 8,091, whilst the S&P500 down nearly a point at 865, and the Nasdaq just about even at 1,694. A poor start soon turned, but investors were apparently very concerned about how close Mexico is to the US. The swine flu has kicked off in Mexico. The pressures of the glovbal recession were still there, but this possible pandemic just added to the woes.

Back here in London, as said above, the travel and leisure companies had the worst day, as fears grew that a spread in pig flu would impact travel and hit holiday plans. Airline British Airways had a bad day, down 12.7p at 151.2p, while even no-frills carrier easyJet fell 15p to 320.25p, despite not flying to Mexico or the USA. Even the bus and train operators were caught up in the travel worries, with National Express down 7.25p at 255.75p, Go-Ahead down 4p at 1,244p, and First Group down 1.75p at 312.25p. Holiday companies also suffered, obviously, as a reluctance to travel is on the cards, as the flu outbreaks are now being reported in Europe as well as USA & Mexico. Cruise ship operator Carnival had a bad day, down 132p at 1,807p, whilst Thomas Cook was down 12.5p at 270.25p, and TUI Travel down 9p at 262.75p.

Intercontinental Hotel Group closed down 28.5p at 643.5p, while budget hotel owner Whitbread slumped 21.5p to 898p.

Thanks (?) to the panic, pharmaceutical companies did well, with vaccine maker GlaxoSmithKline having the best day, closing up 57p at 1,063p, whilst Shire closed up 15.5p at 890.5p, and AstraZeneca up 89p at 2,483p.

Banking shares were mixed, with Barclays down 1.75p at 234.25p, RBS up 1p at 34.3p, and Lloyds Banking Group up 0.5p at 100.5p.

On to insurance, where Norwice Union owner Aviva closed up 13.75p at 287p after announcing life and pension sales were up by 11% in the 3 months to March.

On to the black stuff, where oil was around $49 a barrel. BP closed up 4.5p at 483.25p as some decent results are expected tomorrow, whilst RD Shell closed down 10p at 1,529p and BG Group closed down 18p at 1,067p.

Forex Market Update - Mon 27Apr09

Forex Market Update

London Session

The World Health Organisation's warning of a possible global pandemic of swine flu has given a new reason for the markets to not know what to do, it seems.

The stock markets in Asia were down on the news, whilst oil is weaker both on the fear that this could stifle economic recovery but also on the likelihood that tourism and consequently air flights could be the first to suffer. The green back and other safe havens will probably do better than most in any state of uncertaincy. Min you, the shiny stuff didn't do very well, with gold giving back some of its gains during London trading this morning following last week's news that the China had increased its holdings of gold by 76% since 2003.

On to Forex, where the US Dollar gave back some of its overnight gains against the EUR. EUR/USD bounced off the 1.3122 level, and then rather choppy session has ensued.

In addition to the Swine Flu news, the USD has been supported by a press report that German banks potentially face another €812 bln in write downs. Blimey. But the underlying tone of the Euro has been lifted by a better-than-expected German April Gfk consumer confidence survey (2.5), as well as an upturn in the Italian April consumer confidence data (104.9, up from 99.8 in March). Following last week's better than expected PMI and German IFO data optimism is spreading that the Euro Zone may have seen the worse of the downturn. Further hopes that the ECB will join the global cash creation club, helping the less gloomy economy outlook by adopting some form of quantitative easing at next week's ECB meeting are high.

On to Sterling, where Cable has been pivoting around the 1.4550 level ensuring that the EUR/GBP takes it lead from EUR/USD. The UK media and press continue to digest the implications of last week's Budget. The Tories reaction to the budget has been qwuite good, with most believing they will take power next year. This could help the Pound longer term, even before they come to power as confidence in the economy will grow.

USD/JPY has been reluctant to hold below the 96.50 level during European trading, but a continuation of the Swine Flu reports should keep the JPY under pressure.

FXLR - Trade Summary - Fri 24Apr09

FXLR Daily Roundup – 24th April 2009

Summary

- 2 Live Room trade calls; 1 win, 1 breakeven.
- 3 Intra-day trade calls; 1 win, 1 breakeven, 1 loss.
End of a great trading week.

Total trades: 24 (Live Room Calls and Intra-day Alerts)
Wins: 18
Breakeven: 4
Losses: 2

Total Pips: +368

Live room trades

GBP/USD - Short Call (+0 pips)
Live Room Call: Entry on the break of 1.4636
Trade: Break of rectangle
1st Level: 1.4636, +0 pips
Stop: 1.4663
(Allow few pips for slippage on entry/exit levels)

AUD/USD - Long Call (+21 pips)
Live Room Call: Entry on the break of 0.7155
Trade: Break of ascending triangle
1st Level: 0.7175, +20 pips
2nd Level: 0.7177, +22 pips
Stop: 0.7130
(Allow few pips for slippage on entry/exit levels)


Intra-day trades

GBP/JPY - Short trade closed (+0 pips)
Opened Short: GBP/JPY @ 141.44
Stop level: 141.85
Target level: 140.00
Closed: 141.44 (+0 pips)

GBP/USD - Long trade closed (+53 pips, ave.)
Opened Long: GBP/USD @ 1.4650
Stop level: 1.4615
Target level: 1.4770
Closed: 1.4726 (1/2: +30 pips, 1/2: +76)
Closed half at 1.4680

USD/JPY - Short trade closed (-29 pips)
Opened Short: USD/JPY @ 96.81
Stop level: 97.10
Target level: 96.00
Closed: 97.10 (-29 pips)

Have a great weekend.

FXLR team
www.forexliveroom.com

FXLR - Live Room Trade Update - 23Apr09

FXLR - Trade Update - 23Apr09

A profitable St. George's Day today.
3 trades, all winners.


Live Room Trade

Just one...
USD/JPY - Long trade (+21 pips).
Break of triangle.


Intra Day Trades

EUR/JPY - Short trade (+42 pips.)
Opened Short: EURJPY @ 128.17
Stop level: 128.45
Target level: 127.00
Closed: 127.73 (1/2: +40 pips, 1/2: +44 pips)
Closed half at 127.77.

AUD/USD - Long trade closed (+16 pips, ave.)
Opened Long: AUD/USD @ 0.7115
Stop level: 0.7085
Target level: 0.7240
Closed: 0.7115 (1/2: +32 pips, 1/2: +0 pips)
Half closed at 0.7147
Break of triangle on 1hr


Happy Trading
FXLR Team
www.forexliveroom.com

Forex Market Update - London - Thurs 23Apr09

London Session

The London session saw the buck under pressure as economic reports across the pond were more upbeat than anticipated. Euro was better bid as data in the eurozone improved. The most notable was the composite PMI (includes manufacturing and services) which popped to a better than expected 40.5 in April from a 38.3 result prior. This is the best figure since October and the indicator has good leading properties for the overall economy to boot.

EUR/USD was squeezed another +50 pips higher, adding to earlier gains. Look for a break above the 200hr moving average now at 1.3101 to elicit some more buying interest here. We need under 1.3030/20 to shift the short-term focus lower.

Here in London, news about the bloated deficit and tax hikes continued to keep gains in GBP under wraps. Economic data showed little improvement with the Confederation of British Industry's (CBI) monthly survey of manufacturers for April showing orders at -57, from -58 last month. Sterling was relatively unchanged and trading near the 1.4540 open just ahead of the New York kick off. This left EUR/GBP up around +30 pips to 0.8990. Look for resistance here into the obvious 0.9000 and then 0.9030 next.

The New York session now sees some important top-tier economic data. Initial jobless claims will be closely watched at 8.30am ET as the market braces for a reversal of last week's low-ball 610K number, which was influenced by seasonal adjustment difficulties around the Easter holiday. The consensus is for an increase to 640K but forecasts range from 610K to 700K. We think we should be expecting for the worse. A number near or above 700K should put a dent in the risk rally this morning and send EUR and the JPY long trades being closed.

Watch this space...

FXLR - Live Room Trade Update - Wed 22Apr09

FXLR Daily Roundup – 22nd April 2009

Summary

- 4 Live Room trade calls today; 4 wins.
- 1 Intra-day trade calls; 1 win.

Live room trades

USD/JPY - Short Call (+5 pips)
Live Room Call: Entry on the break of 98.20
Trade: Break of trendline
1st Level: 98.10, +10 pips
2nd Level: 98.20, +0 pips
Stop: 98.45
(Allow few pips for slippage on entry/exit levels)

GBP/USD - Short Call (+17 pips)
Live Room Call: Entry on the break of 1.4588
Trade: Break of support
1st Level: 1.4572, +16 pips
2nd Level: 1.4570, +18 pips
Stop: 1.4605
(Allow few pips for slippage on entry/exit levels)

GBP/USD - Short Call (+23 pips)
Live Room Call: Entry on the break of 1.4558
Trade: Break of flag
1st Level: 1.4538, +20 pips
2nd Level: 1.4532, + 26 pips
Stop: 1.4575
(Allow few pips for slippage on entry/exit levels)

AUD/USD - Short Call (+26 pips)
Live Room Call: Entry on the break of 0.7048
Trade: Break of flag
1st Level: 0.7028, +20 pips
2nd Level: 0.7016, + 32 pips
Stop: 0.7070
(Allow few pips for slippage on entry/exit levels)


Intra-day trades

USD/CHF - Short trade closed (+25 pips, ave.)
Opened Short: USD/CHF @ 1.1635
Stop level: 1.1670
Target level: 1.1560
Closed: 1.1615 (1/2: +30 pips, 1/2: +20)
Half position closed 1.1605

See you in the morning.

FXLR team
www.forexliveroom.com

FXLR - Live Room Round up - Tues 21Apr09

FXLR Daily Roundup – 21st April 2009

Summary

- 3 Live Room trade calls today; 2 wins, 1 breakeven.
- 2 Intra-day trade calls; 1 win, 1 loss.

Live room trades

EUR/JPY - Short Call (+40 pips)
Live Room Call: Entry on the break of 127.10
Trade: Break of rising wedge
1st Level: 126.78, +32 pips
2nd Level: 126.62, +48 pips
Stop: 127.35
(Allow few pips for slippage on entry/exit levels)

EUR/USD - Short Call (+25 pips)
Live Room Call: Entry on the break of 1.2955
Trade: Break of double bottom
1st Level: 1.2975, +20 pips
2nd Level: 1.2985, +30 pips
Stop: 1.2928
(Allow few pips for slippage on entry/exit levels)

USD/CAD - Short Call (+0 pips)
Live Room Call: Entry on the break of 1.2350
Trade: Break of double top
1st Level: 1.2350, +0 pips
Stop: 1.2375
(Allow few pips for slippage on entry/exit levels)


Intra-day trades

USD/CHF - Short trade closed (+12 pips)
Opened Short: USD/CHF @ 1.1670
Stop level: 1.1710
Target level: 1.1560
Closed: 1.1670 (1/2: +24 pips, 1/2: +0 pips)
Half closed at 1.1646
USD/JPY - Short trade closed (-36 pips)

Opened Short: USD/JPY @ 97.89
Stop level: 98.25
Target level: 96.60
Closed: 98.25 (-36 pips)

Have a great evening.

FXLR team
www.forexliveroom.com

FXLR - Live Room Round Up - Mon 20Apr09

FXLR Daily Roundup - 20th April 2009

Summary

- 1 Live Room trade call today; 1 win.
- 5 Intra-day trade calls; 4 wins, 1 breakeven.

Live room trades

EUR/USD - Short Call (+21 pips)
Live Room Call: Entry on the break of 1.2965
Trade: Break of support line
1st Level: 1.2944, +21 pips
Stop: 1.2985
(Allow few pips for slippage on entry/exit levels)

Intra-day trades

GBP/USD - Short trade closed (+33 pips, ave.)
Opened Short: GBP/USD @ 1.4736
Stop level: 1.4770
Target level: 1.4620
Closed: 1.4700 (1/2: +31 pips, 1/2: + 36 pips)
Half closed at 1.4705

EUR/USD - Short trade closed (+17 pips, ave.)
Opened Short: EUR/USD @ 1.3002
Stop level: 1.3025
Target level: 1.2900
Closed: 1.2990 (1/2: +22 pips, 1/2: +12 pips)
Half closed at 1.2980

USD/JPY - Short trade closed (+15 pips, ave.)
Opened Short: USD/JPY @ 98.56
Stop level: 98.85
Target level: 98.15
Closed: 98.56 (1/2: +30 pips, 1/2: +0 pips)
Half closed at 98.26

GBP/USD - Short trade closed (+21 pips, ave.)
Opened Short: GBP/USD @ 1.4540
Stop level: 1.4580
Target level: 1.4430
Closed: 1.4518 (1/2: +20 pips, 1/2: +22)
Half closed at 1.4520

GBP/USD - Short trade closed (+0 pips)
Opened Short: GBP/USD @ 1.4531
Stop level: 1.4550
Target level: 1.4470
Closed: 1.4531 (+0 pips)

Have a great evening.

FXLR team
www.forexliveroom.com

Stock Market Round Up - Mon 20Apr09

FTSE ends session sharply lower

The FTSE100 closed down 101.94 points at 3,990.86, whilst the FTSE250 closed down291 points at 7,016.68, and for those that are interested the FTSE Small Caps down 24 points at 2,072.86. The bigger shares closed sharply lower, as the positive start from banking shares soon turned when profit takers moved after lunch. Investors are obviously generally cautious ahead of the Budget speech.

Over the pond, US stocks fell in morning trade, with Bank of America sliding despite better-than-expected figures, as it warned of bigger loan defaults than predicted, and with the tech stocks lower on news of an Oracle move for Sun Microsystems, which has been a long a target of IBM. By the time London closed, the DJIA was down 218 points at 7,913, the S&P500 down 27 points to 842 and Nasdaq down 52 points to 1,621.

Back here in London, the banking shares turned from heroes to villains in afternoon trade as profit-taking wiped out early gains. RBS closed down 0.2p at 32.5p, Lloyds Banking Group down 0.1p at 104.5p, Barclays down 18p at 209p, and HSBC down 26p at 459p.

The insurers followed too, with Norwich Union owner Aviva down 12.25p at 274p, The Pru down 23.5p at 380.5p, and Legal & General down 1.9p at 49.10p.

Pharma heavyweight GlaxoSmithKline closed down 4.5p at 1,033.5p on confirmation it has acquired Stiefel Laboratories, the US-based maker of skin care products, in a US$3.6 bln deal.

There was the odd winner today, utility giant Centrica closing up 3.5p at 243.5p, Bunzl up 3.75p at 485.5p, and plumbing specialist Wolseley up 13p at 1,198p.

Forex Market Update - London - Mon 20Apr09

London Session

Risk aversion prevailed throughout the London session despite another major US bank reporting much better than anticipated Q1 earnings. European stock markets are all down more than -1.5% on average. That the markets have failed to print any significant gains over the last week or so despite a better tone to the economic and earnings news is ominous and suggests that the latest bear market rally could be petering out.

On to the shiny stuff, where Gold recovered some of the lost ground and is up about 3-bucks as we approach New York opening, sitting around the 871/872 area. Expect good resistance into the 900 level, while solid support still lurks into 865.

On to Forex, where moving back to the safety and the US dollar was once again the main beneficiary here.

EUR/USD shed another -40 pips and was sitting near 1.2960 ahead of the New York open. 1.2945 is key short-term support as this is a 61.8% Fibonacci retracement from the 4-Mar to 19-Mar 1.2460 to 1.3740 upmove. Expect weakness to accelerate sharply below there.

The Yen crosses continued to lose ground with USD/JPY off -33 points towards 98.60/70 and EUR/JPY down a more aggressive -80 pips into the 127.70/80 area. US futures are trading at overnight lows and we would expect a bad day in stocks to see commensurate losses in the JPY crosses. We think the Yen will gain tomorrow as well.

Looking ahead to the New York session, there are a couple of things to chew on. US leading indicators are due up at 10am ET and the market will be focused on this for any signs of a recovery on the horizon. Consensus is for a -0.2% decline in March after a -0.4% slip prior. We would expect a weaker number to see risk assets come off some more and the USD to remain better bid. Fed Chairman Bernanke will be giving a speech at the same time and while the topic looks mostly on the academic side, traders will be looking for potential market moving nuggets here. Look for earnings releases from a couple of major US companies after the 4pm ET stock market close as well. These should elicit some price action in the yen crosses.

FXLR - Trade Update - Fri 17Apr09

FXLR Daily Roundup - 17th April 2009

Summary

- 6 Live Room trade calls today; 5 wins, 1 loss.
- No Intra-day trade call.

Live room trades

GBP/USD - Short Call (+10 pips, ave.)
Live Room Call: Entry on the break of 1.4824
Trade: Break of support line
1st Level: 1.4804, +20 pips
2nd Level: 1.4824, +0 pips
Stop: 1.4845
(Allow few pips for slippage on entry/exit levels)

GBP/USD - Short Call (+15 pips, ave.)
Live Room Call: Entry on the break of 1.4824
Trade: Break of support line
1st Level: 1.4794, +30 pips
2nd Level: 1.4824, +0 pips
Stop: 1.4850
(Allow few pips for slippage on entry/exit levels)

GBP/USD - Short Call (+6 pips, ave.)
Live Room Call: Entry on the break of 1.4825
Trade: Break of support line
1st Level: 1.4813, +12 pips
2nd Level: 1.4825, +0 pips
Stop: 1.4840
(Allow few pips for slippage on entry/exit levels)

USD/JPY - Short Call (+35 pips, ave.)
Live Room Call: Entry on the break of 99.25
Trade: Break of support line
1st Level: 98.95, +30 pips
2nd Level: 98.85, +40 pips
Stop: 99.50
(Allow few pips for slippage on entry/exit levels)

EUR/USD - Short Call (-35 pips, ave.)
Live Room Call: Entry on the break of 1.3080
Trade: Break of support line
1st Level: 1.3115, -35 pips
Stop: 1.3115
(Allow few pips for slippage on entry/exit levels)

USD/CHF - Long Call (+6 pips, ave.)
Live Room Call: Entry on the break of 1.1547
Trade: Break of support line
1st Level: 1.1559, +12 pips
2nd Level: 1.1547, +0 pips
Stop: 1.1525
(Allow few pips for slippage on entry/exit levels)

Intra-day trades

None taken


Have a great weekend.

FXLR team

Stock Marke Update - Fri 17Apr09

FTSE ends session with modest gains

The FTSE 100 closed up 39 points at 4,092, whilst the FTSE 250 closed up nearly 83 points at 7,307.73, and for those that are interested, the FTSE Small Caps closed up nearly 30 points better at 2,097.22. The major shares made fairly modest gains with the financial stocks again providing the main support in London, taking heart from better-than-expected numbers from Citigroup. But there was not too much support for the fairly cautious start in New York.

Over the pond, the US stocks were a mixed bunch, with morning trade cautious as investors pondered over the earnings news from Citigroup and General Electric. By the time London closed, the DJIA was 9 points up at 8,134.83, the S&P500 up less than a point at 866, and the Nasdaq down 10 points to 1,660.

Back here in London, the Financial stocks contributed to the FTSE gains today, taking heart from the previously mentioned better-than-expected results from Citigroup, with upbeat announcements from Goldman Sachs and JP Morgan Chase earlier in the week still in mind. Lloyds Banking Group did the best, closing up 14.9p at 104.6p, Barclays up 15p at 227p, and RBS up 4.1p at 32.7p.

The Insurers also continued their revival, with Norwice Union owner Aviva having a good day, closing up 31.25p at 286.25p, whilst The Pru closed up 10p at 404p, and Legal & General up 1.7p to 51p.

The fund managers were also back in favour too, with Man Group up 22.5p at 274p and Schroders up 24.5p at 875p.

The London Stock Exchange (LSE:LSE) recovered from earlier pressure to close up 12p at 689p, adding to yesterday's strong gains.

The miners were mixed, with Anglo American down 33p at 1,379p and Rio Tinto down 76p at 2,398p. But Vedanta Resources closed up 22p at 964p aftrer a shaky start, and BHP Billiton closed up 5p at 1,403p.

On to the High Street, where Currys Digital & PC World owner DSG International closed up 1.5p at 36.25p, and peer Kesa Electronics closed up 3p at 119.25p. But fashion house Next closed down a hefty 50p at 1,401p on progress concerns.

Stock Market Update - Thurs 16Apr09

FTSE ends Comfortably Higher

The FTSE 100 closed up 84 points at 4,052, whilst the FTSE 250 up 115 points at 7,224, and for those that are interested, the FTSE Small Caps closed up 14 points at 2,058. It had been a slow start, but picked up later as the financial and mining stocks had a mini rally, which outweighed the bad news from outsourcing firm Bunzl. Wall Street started fairly mixed.

Across the pond, US stocks put in a mixed performance in morning deals as JP Morgan Chase beat earnings forecasts and jobless claims declined. By the time London closed, the DJIA was down 21 points at 8,008, the S&P500 was basically flat at 851, and the Nasdaq was up 8 points at 1,635.

Back here in London, the miers and financials had a mini rally, which helped support the FTSE100 during the session. The banks did the best, encouraged by the JP Morgan Chase performance, with Lloyds Banking Group closing up 5.6p at 99.7p, RBS up almost a penny at 28.6p, and Barclays closing up 15.2p at 212p.

Insurance firms also had a bouyant day, with The Pru closing up 31.25p at 394p after a Deutsche Bank upgrade to 'buy' with price target from 430p up to 457p. Norwich Union owner Aviva closed up 14p at 255p, and Admiral up 35.5p at 892p.

On to the miners, where Anglo American recovered from a poor start after revealing it is to raise $1.5 bln through a convertible bond issue. The company said the size of the issue may rise to $1.7bn, depending on subscription levels. Anglo shares ended the day up 14p to 1,412p, Xstrata up 15p at 588.5p, Vedanta Resources up 10p at 942p, Rio Tinto up 103p at 2,474p and BHP Billiton up 10p at 1,398p. The odd one out was Lonmin, down 58p at 1,331p.

London Stock Exchange (LSE:LSE) had a good day, closing up 48p at 677p after reports that more than £29.5 bln was raised on the main market and AIM in the first 3 months of this year.

Forex Market Update - London - Thurs 16Apr09

London Session

The London session was fairly mixed in terms of price action, but not too much happened. There were weaker than expected Chinese GDP numbers, which came in at 6.1% in Q1, plus the lowest run-rate in 10 years saw the risk trades come off a little early doors. Better than expected earnings from another major US investment bank later on during the session then saw a reversal of fortunes here. These bank's earnings may not be able to be sustained, though, we think, so whether others come in as good or not is anyone's guess. But the news has optimism, which always seems to cause a reaction.

The European markets are actually up about 1.0% across the board as we type.

On to the shiny stuff, where gold has fallen around US$2 toz to the 888/889 area.

While optimism remains relatively intact, the facts on the ground continue to suggest little improvement. Economic data out of the eurozone continued to print extremely negative. Industrial production plunged at an -18.4% annual rate in February and the worst read since records began back in 1986. We believe that the eurozone remains a touch behind the US in terms of their economic slowdown and that things are likely to get worse before they get better over there.

EUR/USD was little changed overall and sitting near the 1.3160/70 London open as some modest USD selling on the better bank earnings kept EUR somewhat supported. 1.3120 and then 1.3090 looks like key levels to watch now.

The news flow was also negative for the recently very bid British pound. Reports that public borrowing in the UK will rise to £175 bln in the next two years were negative for GBP as estimates had been nearly £10 bln below that.

Cable sank -90 pips as a result towards the 1.4870/80 area while EUR/GBP managed to rise some +50 pips to 0.8850/60 as well.

The Yen crosses were initially better bid on the earnings numbers but still have an overall heavy feel to them and USD/JPY and EUR/JPY added a mere 10 to 15 pips in the session. We would expect good USD/JPY support around 98.50 and 98.20/10, while the EUR/JPY 130.00 level will help there, and then 129.30 also looks like a good barrier as well.

FXLR Live Room Update - Wed 15Apr09

FXLR Daily Roundup - 15th April 2009

Summary

- 2 Live Room trade calls today; 2 wins.
- No Intra-day trade calls.

It was a fairly quiet morning in the Live Room, with just two trades taken Cable-Dollar and Euro-Dollar. Cable netted us +18 pips for half, then a break even for the 2nd half.

Euro-Dollar we took +12 pips on half then +26 on the rest as it hit strong overhead
resistance. A nice Head & Shoulder pattern formed in Cable on the 5 minute chart after that, with a break down not happening as we expected, but a break up to the 1.50 level sooner than we thought. We had been expecting Cable to hit the 1.50 level again, which was spoken about in the Live Room both last week and the week before. We did miss a Yen cross trade due to a 5 minute lesson being given on strategies, although a couple of members took a Euro-Yen trade and announced in the Room, gaining a nice win there.

After a strong move up in the Pound-Yen a nice rising wedge developed. We were looking for a failure of the top resistance level which just happened a few minutes ago. A short was taken at 148.82 with half profits already taken at 148.46. The trade is still open with a breakeven stop.

Live room trades

GBP/USD - Short Call (+9 pips, ave.)

Live Room Call: Entry on the break of 1.4860
Trade: Break of resistance line
1st Level: 1.4842, +18 pips
2nd Level: 1.4860, +0 pips
Stop: 1.4885
(Allow few pips for slippage on entry/exit levels)

EUR/USD - Long Call (+19 pips)
Live Room Call: Entry on the break of 1.3228
Trade: Break of upper channel line
1st Level: 1.3240, +12 pips
2nd Level: 1.3254, +26 pips
Stop: 1.3200
(Allow few pips for slippage on entry/exit levels)

Intra-day trades

GBP/JPY - Short trade open
Half profits taken at 148.46 (+36 pips), stop moved to few pips above breakeven.
Original trade;
Opened Short: GBP/USD @ 148.82
Stop level: 149.40
Target level: 147.25
Break of wedge (see trade idea email)

See you in the morning.

FXLR Team

Stock Market Update - Wed 15Apr09

FTSE ends session firmly lower

The FTSE 100 closed down 20 points at 3,968, whilst the FTSE 250 closed down 42 points at 7,109, and for those that are interested the FTSE Small Caps actually closed up 27points higher at 2,043. The bigger companies ended the session firmly lower, with the weak financial and mining sectors pushing the Index lower in London.

Over the pond, US stocks traded failry mixed following a cautious update and outlook from PC chip giant Intel. By the time London closed, the DJIA was up 8 points at 7,928, whilst the S&P500 about even at 841, and the Nasdaq down 20 points at 1,606.

Forex Market Update - Wed 15Apr09

London Session

News that Switzerland's largest bank will be cutting about 7,500 jobs was a reminder that the financial market turmoil is still far from over. The European stock markets were fairly flat, US futures were trading down a little as we type.

The shiny stuff did recover, with Gold about $4 towards the 895/896 level, which will probbably continue to the $900 resistance level as the day progresses.

EUR/USD didn't do much and traded sideways for the best part of the session, bobbing around the 1.3230 area, but has been pushed down just recently to a 1.3182 low after the ECB said that some non-standard measures will be announced at the May meeting. This is expected to mean 'quantitative easing', which seems flavour of the season with governments. This will push the Euro lower.

The UK Pound was better bid as news of a seemingly stabilising property market in the UK carried on through the London session. GBP/USD rose more than +130 pips to just below the 1.50 resistance level, whilst EUR/GBP continued to edge lower and slipped another -75 pips into the 0.8820/30 area. We do expect the Euro to weaken against Cable. A daily close above 1.50 in cable would be short-term constructive for the pair, whilst the growing possibility of 'quantitative easing' in the Euro Zone should also keep EUR/GBP under pressure as well.

The New York session sees much US economic data, with consumer prices and the NY Empire manufacturing index are the highlights. The market expects headline CPI to increase by +0.1% in March, whilst the core number is forecast to rise at the same pace. NY Empire is expected to improve to -35 in April, up from -38 in March, and this report will be key in assessing what the ISM number will look like. There is also the Fed's Beige Book during the New York afternoon session, where anything upbeat will see the JPY crosses edge higher.

Stock Market Update - Tues 14Apr09

The FTSE 100 closed up a little at 3,988.99, up +0.13% on the day, whilst the FTSE 250 closed at 7,152.16, a bit better, up +2.48% on the day. The FTSE had been north of 4k again, as high as 4,040, but poulled back as New York was not very positive.

The miners and the banks helped the earlier push, but a weaker start on Wall Street caused nerves to come to play again, and things tapered off sub-4,000 again as we approached the later part of the session.

Over the pond, Goldman's reported a pre-tax profit of $2.6 bln for the quarter to 27 March, compared with the loss of $3.6 bln for the preceding quarter. It said that it also plans to raise $5 bln (£3.4bn) in a share sale to pay off US government bail-out funds.

Back to London, where Barclays was up some 10% or so as talk that the bank is listening to offers for its entire asset management arm, Barclays Global Investors, was taken positive. Then some better than expected results from Goldman Sachs also helped the buyers move in. Barclays is up nearing 2-quid again. Lloyds Banking and RBS both also did well. HSBC did too, after confirming it’s contemplating selling off three of its major office buildings.

On to insurance, where Legal & General and Standard Life both rose on the back of analysts' reports that they were oversold.

The miners were shown the way ahead by Vedanta after an upgrade by Barclays Capital. Kazakhmys, Xstrata and Rio Tinto followed.

On to the black stuff, where demad for oil seems to be a concern. BP, BG Group and Tullow were big fallers today. US crude oil futures fell by over US$2 bbl after the International Energy Agency cut its forecast for global oil demand. Friday’s EIA report said global demand for oil would decrease by a further 1m bbl this year. Demand is now expected to be around 2.4m barrels a day below 2008 levels.

Stock Market Update - Thurs 09Apr09

The FTSE closed the week strongly

The FTSE 100 closed up 58.19 points, or 1.5%, at 3983.71, whilst the FTSE 250 closed up 3.88% at 6,978.91. The leading shares finished the day on a high after the FTSE 100 was almost joyed at Barclays' sale of its iShares business, and the fact that Wall Street had a very positive start also gave a nice feeling prior to the long weekend.

Over the pond news from Wells Fargo saw Wall Street kick off to a decent start, although many just feel we are in a bear market rally, and reality will soon retrun after the chocolate has been consumed over Easter. The Uk banking sector was helped by the news that that Wells Fargo & Co, the 4th largest US bank, forecast Q1 net income of about $3 bln. It also said its acquisition of Wachovia was going better than expected. This spread back to this side of the pond.

Back here in London, the Bank of England didn't move interest rates, which was expected, despite 6 changes since last October. The UK interest rate remains at 0.5%, which is an all time low.

As mentioned above, Barclays sold its iShare business, which gave the sector a boost. Barclays sold iShare to CVC for £4.4 bln, with financing of $3.1 bln for the deal, and it expects to make a net gain of some US$2.2 bln, or £1.5 bln, after taking into consideration goodwill of $1.4bn (£1bn).

On to the black stuff, where the heavyweight oil producers did well as oil pushed on to north of US$51 bbl. BP, RD Sheel BG group all pushed on.

Firm metal prices saw gains in the mining heavyweights, with Xstrata, Antofagasta, Kazakhmys all doing well. Vedanta saw production of aluminum and zinc hit a quarterly record during Q4, with aluminum production up 134k tonnes on the same time last year.

On to pharma giant AstraZeneca, who won approval for its new depression drug Seroquel XR from the US Food and Drug Administration (FDA) who announced it was acceptably safe for treating patients with depression.

Autonomy, the data search software company aid its Q1 results are ahead of forecasts and underlying earnings were significantly ahead with revenues are expected to be between US$128m and US$130m, which was better than the expexcted US$126m. The shares closd up 13.5p to 1348.5 in early trading.

FXLR - Live Room Update - Thurs 09Apr09

FXLR Daily Roundup – 9th April 2009

A lack-lustre start again, with a couple of false alarms this morning. A couple of trades made in the room this morning, but the server problem with members' access was a bit embarassing. This will be sorted over the weekend. Apologies there, guys. The Swissie break down didn't materialise, despte a nice double top forming, with the opposite happening in due course. Dollar strength returned after Wall Street opened, with lower level breaks occuring. Keep your eye on those levels.

Summary

- 2 Live Room trade calls today; 1 win, 1 breakeven trade.
- 3 Intra-day trade calls; 1 win, 1 stopped out, 1 closed for small loss.

Live room trades

GBP/USD - Long Call (+12 pips, ave.)
Live Room Call: Entry on the break of 1.4746
Trade: Break of resistance line
1st Level: 1.4770, +24 pips
2nd Level: 1.4746, +0 pips
Stop: 1.4721
(Allow few pips for slippage on entry/exit levels)

AUD/USD - Long Call (+0 pips)
Live Room Call: Entry on the break of 0.7138
Trade: Break of upper channel line
1st Level: 0.7138, +0 pips
Stop: 0.7110
(Allow few pips for slippage on entry/exit levels)

Intra-day trades

USD/CHF - Short trade closed (-40 pips)
Opened Short: USD/CHF @ 1.1435
Stop level: 1.1475
Target level: 1.1310
Closed: 1.1475 (-40 pips)

USD/JPY - Long trade closed (-5 pips)
Opened Long: USD/JPY @ 100.45
Stop level: 100.15
Target level: 101.40
Closed: 100.40 (-5 pips)
No real break through of the upper channel line.

AUD/USD - Long trade closed (+25pips, ave.)
Opened Long: AUD/USD @ 0.7145
Stop level: 0.7120
Target level: 0.7220
Closed: 0.7169 (1/2: +26, 1/2: +24 pips)

Please note that FXLR will take a break from 10th April to 14th April - so the Live Room and reports will resume on the 15th April.

Have a great Easter break.

FXLR team

www.forexliveroom.com

Stock Market Update - Wed 08Apr09

FTSE ends the Day Flat - An End to Directionless Session

The FTSE100 closed down 5 points at 3,925.52, whilst the FTSE250 closed down 1.6 points at 6,718.41, and for those that are interested the FTSE Small Caps closed just about whre eit kicked off, at 1,903.65. The bifgger blue chips were really directionless throughout the session, ending roughly flat, with the miners recovering some lost ground this morning helping a later rally. The buoyant commercial property companies also helped, after a poor day yesterday. The positive start on Wall Street also improved sentiment.

Over the pond, by the time London closed the DJIA was up about 29 points at 7,818, whilst the S&P500 was up 4.5 points at 820, and the Nasdaq up 17.5 points at 1,579. Wall Street was modestly higher after the news that the US government would be giving aid to life insurers was received well.

Back here in London, the fund managers had a poor day. Man Group closed down 5.25p at 220.75p after announcing a 2.29% weekly decline in its AHL fund. Peer Schroders fell in sympathy, closing at 810.5p, down 14p, whilst 3i Group closed down 9p at 319.75p, and Aberdeen Asset Management closed down nearly 6p at 121.5p after downgrades at CitiGroup and Singer.

Insurance stocks were mixed, with The Pru closing down 7.5p at 336.75p, but Old Mutual had a good day, closing up 4.2p at 58.3p.

On to the banks, where RBS closed down 0.6p at 26.1p, HSBC down 5p at 437p, and Lloyds Banking Group closed down 1.2p at 71.7p.

News from over the pond that heavier-than-expected losses at aluminium giant Alcoa spread to UK-listed miners, but most recovered this afternoon. Vedanta closed up 30p at 773p, Anglo American up 11p at 1,307p, Rio Tinto up 83p to 2,243p, and Lonmin closed up 45p at 1,372p.

On to the black stuff, where crude oil was settled at the US$48 bbl level, which didn't do the oil majors any favours, as BP closed down 2.25p at 443.25p, RD Shell down 21p at 1,422p, and BG Group 35p lower at 1,031p. BG Group went ex-div, which didn't help.

FXLR - Live Room Update - Wed 08Apr09

FXLR Daily Roundup – 8th April 2009

There was a Cable & Euro trade taken by one guy in the room which grabbed him some pips. Whilst the Cable broke him even in the end, a +47 & +28 on the Euro as it fell back to the 1.32 level, after a Euro long he took on the break of the 1.3166 level did him ok. He should have held it, as the USD has struggled against the Euro today. We took a a couple of trades, taking some profit on the Swissie and Dollar-Yen.

Summary

- 2 Live Room trade calls today; 2 wins.
- No Intra-day trade calls.

Live room trades

USD/CHF - Short Call (+15 pips, ave.)
Live Room Call: Entry on the break of 1.1480
Trade: Bearish head and shoulders
1st Level: 1.1450, +30 pips
2nd Level: 1.1480, +0 pips
Stop: 1.1507
(Allow few pips for slippage on entry/exit levels)

USD/JPY - Long Call (+7 pips, ave.)

Live Room Call: Entry on the break of 99.80
Trade: Double bottom
1st Level: 99.95, +15 pips
2nd Level: 99.80, +0 pips
Stop: 99.55
(Allow few pips for slippage on entry/exit levels)

Intra-day trades

No trade calls.

A rather non-eventful day, even on the stock market, which ended the day flat in London.

See you in the morning.

FXLR team

Forex Market Update - London - Wed 08Apr09

London Session

The London session was spent reversing some of the overnight moves as better than expected economic data in Europe outweighed the poor reports. The German trade balance beat forecasts and came in at 8.7B in February from 7.0B the prior month. French business sentiment, meanwhile, improved to 73 in March from a previous 71 read. The disappointment came in German factory orders which tanked -3.5% in February on the heels of an already dismal -6.7% result. This took the annual run-rate to -38.2% and the worst since records began in 1992.

EUR/USD recovered +70 pips towards the 1.3230/40 zone ahead of the New York kick off. A fall below 1.32 should see a pit stop near 1.3170 next. The upside resistance is the 1.33 level.

EUR/GBP also showed a little strength, with a +35 pip rise to 0.90 support. The daily trendline support is now at 0.8960, which contained the weakness earlier. This could be an important level in the short-term.

The Yen crosses had taken a beating in the earlier session. USD/JPY was up +40 pips to near the magic JPY 100 level, whilst EUR/JPY did better, up +125 pips towards the 132.40/50 area.

News from the US on corporate earnings was failry disappointing, so expect Wall Street to be lower on opening. This will result in the Yen crosses becoming heavy.

FXLR - Live Room Update - Mon 07Apr09

FXLR Daily Roundup – 7th April 2009

Summary

- No Live Room trade calls today.
- No Intra-day trade calls.

A mixed day today after yesterday’s promising move. Initially we had some dollar weakness, followed by some strength then again weakness. Overall it was a day of consolidation as there was a lack of conviction in any direction. With most of the pairs trading near major MAs the next move still has to be decided. I am still in favour of the trend to resume with dollar weakness across the board.

Live room trades

No trade calls.

Intra-day trades

No trade calls.


See you in the morning.

FXLR

Stock Market Update - Tues 07Apr09

FTSE pulls back from the 4,000 level

The FTSE100 closed down 63.02 points at 3,930.52, whilst the FTSE250 closed down 165.53 points at 6,720.01, and for those that are interested the FTSE Small Caps wwas fairly flat at 1,902.89. The bigger blue chips closed down today, with weakness in the banking sector coupled with a nervous start on Wall Street knocking the good effect from aerospace specialists BAE Systems and Cobham.

Over the pond, by the time London closed the DJIA was down nearly 140 points at 7,836, whilst the S&P500 was down 11 points at 824, and the Nasdaq down 23 points at 1,583. US stocks were mainly lower in early deals, with investor sentiment hit by worries about banks and nervousness ahead of the start of the reporting season.

Back here in London, mining heavyweights pulled back after an ok morning, with Rio Tinto down 48p at 2,160p after announcing it is cutting back on alumina and bauxite production in Australia, blaming the sharp fall in aluminium demand and prices in recent months. This move will mean 700 jobs being lost. Peers followed suit, with Anglo American down 41p at 1,296p, BHP Billiton down 26p at 1,359p, and Lonmin down 90p at 1,327p.

The oil majors fell too, as the price of the black stuff dipped under US$50 bbl, seeing BP close down nearly 8p at 445.5p, RD Shell down 46p at 1,443p, and BG Group down 32p at 1,066p.

Banking shares didn't do well at all, with Lloyds down 6.8p at 72.9p, Barclays down nearly 15p at 157.7p, and RBS down 3.1p at 26.7p after announcing 7,000 job cuts.

The insurers also fell back, with The Pru down 19.25p at 344.25p, Norwich Union owner Aviva down 11.5p at 226.5p, Friends Provident down 3.3p at 66.8p and Legal & General down 3.5p at 47.5p.

Commercial property firms were also out of favour, with British Land down 33.75p at 390.25p, Land Securities down 10p at 487.5p, and Hammerson down 12.5p at 269.5p.

Pharma giant AstraZeneca closed down 20p at 2,355p after announcing it has filed a lawsuit in the US against Canadian firm Apotex in an attempt to try and stop it selling a generic version of the Pulmicort Respules asthma medicine.

Aerospace specialists BAE Systems and Cobham were the stars of the day, though, but overshadowed by the banks and other issues elsewhere in the FTSE. Hopes of opportunities arising from the US military budget review, saw BAE close up 19p at 347.5p, and Cobham close up 3.9p at 180.4p.

The usual safety stocks seemed to become safe havens today, with National Grid up 12p at 537.5p and tobacco giant BAT gaining 26p at 1,581p.

Electrical specialist Kesa also showed progress amongst the retailers, closing up 3.25p at 116p, whilst Tesco closed up 2.2p at 329.2p.

FXLR - Live Room Update - Mon 06Apr09

FXLR Daily Roundup – 6th April 2009

Summary

- No Live Room trade calls today.
- 3 Intra-day trade calls; 3 wins.

A fairly lack-lustre morning until Cable started behaving in a very volatile way. We took a Euro short trade on the break of 1.3548, which gave us some +38 pips on the way down to the next level, where we closed half the position. We were sure it was still bearish for the day, so held on to the second half, which got stopped by just one pip.

The Euro then spent the New York session falling again, as the US bought dollars. Quite frustrating, but a stop is a stop. The break under the 3510 was missed as a call, which is a shame, but short trades were taken again later on, with half profits taken again. The technical problems with internet in Dubai meant that Daps wasn’t talking for the 2nd twohours of the Live Room session, but Mike had his charts up with levels which showed progress. Daps was back on writing comments, but didn’t realise he was cut off again during the summary time and no-one knew he was summarising. The rest of the team found this quite funny, as he had to re-write it all and e-mail it out.

The Swissie break up wasn’t taken early doors, despite being a break out of a nice down trend. It turned down again later on, but a trade was missed with all the tech goings on.

Live room trades

No trade calls.

Intra-day trades

EUR/USD - Short trade closed (+19 pips, ave.)
Opened Short: EUR/USD @ 1.3548
Stop level: 1.3580
Target level: 1.3420
Closed: (1/2: +38 pips, 1/2: +0)
Half profits profits taken at 1.3510, first support level.

USD/JPY - Short trade closed (+34 pips, ave)
Opened Short: USD/JPY @ 101.06
Stop level: 101.50
Target level: 100.00
Closed: 100.62 (1/2: +24 pips, 1/2: +44)
Half position closed at 100.82.

EUR/JPY - Short trade closed (+30 pips, ave.)
Opened Short: EUR/JPY @ 136.50
Stop level: 137.20
Target level: 134.80
Closed: 135.60 (1/2: +31, 1/2: +90) (+30 due to half trade size)
Half position closed at 136.19.

Have a good evening.

FXLR

Stock Market Update - Mon 06Apr09

FTSE closes day in negative territory

At close the FTSE100 was down 36 points at 3993, whilst the FTSE 250 closed at 6,885. It had been a better start this morning, but shares soon fell away this afternoon after Wall Street opened.

The banks had a mixed day, with news from HSBC that 97% of its US$17.5 bln Rights Issue had been taken up was taken positively. The bank said it expects that the sale of the remaining 3.4% of new shares will be complete today. HSBC closed up 16.25p at just shy of 451p, after remaining in positive territory all day. Barclays and Lloyds both closed about flat, whist RBS closed down.

On to insurance, where Legal & General closed flat at 51p, and The Pru closed down 6.75p at 363.50p

Commercial property did well, really, with Hammerson, British Land and Land Securities all staying positive throughout the day, although did back off from earlier highs.

The oil majors couldn't make their minds up, all 3 finishing the day down, with BP, RD Shell & BG Group all closing down.

On to the miners, where Rio Tinto had a poor day, closing down 282p at 2,208p. Uncertainty on takeover situation continued. The rest of the mining heavyweights didn't do much today.

Forex Market Update - London - Mon 06Apr09

The London session was fairly lack-lustre, but did see Cable jump around. Not even the weaker than expected data in UK would help it all. As wqe approach New York, it does look bearish for both Cable & Euro, though. The Euro Zone retail sales for February came in a weaker than expected at -0.6%, making the annual run-rate a poor -4.0%, down from -1.7% in January, which is the worst on record.

EUR/USD was fairly little changed, and sitting near the 1.3530 as we approach New York, although we did take a Euro short that got us over +30 pips for half. We still remain bearish on the Euro today.

The Yen crosses were also range-bound, but did look weaker early doors. USD/JPY was about -5 pips lower near 101 level, whilst EUR/JPY was down -10 points into the 136.70/80 zone as we approach New York.

There is some Loonie data this afternoon, with the Canadian data out early in the session and a -4.0% decline for February is expected. Then the Ivey purchasing managers index is due in a couple of hours which is expected to be a bit better. If this is the case then we should see USD/CAD test back below 1.23, with some up resistence at around 1.2340 as well.

Pound Hits 2-month High Against US Dollar

Pound hits two-month high against dollar

The pound hit a two-month high against the dollar in morning trading as investors reacted to further gains made by UK equities.

Reaching a peak of $1.4952 during Monday's session, the rise of over half a cent took the pound to its highest level since 9 February when it touched $1.4987.

The currency has recovered from a low of $1.38 seen in early March, in-line with rising equity markets and indicating buyers' appetites for riskier assets are increasing as they move away from the relative safe-haven of the dollar.

It was bolstered further today as markets climbed over 1%, with the FTSE 100 up 68 points at one stage, to 4,097.17.

Last week a round of better than feared economic data - including manufacturing and services purchasing managers indices - was released, which is also thought to have contributed to the rise. A combination of less dreadful economic news and the fact that sterling had been oversold was boosting the pound. There could be more to come, given that the pound was still trading below its historic average of around $1.60-$1.65. A combination of good news recently and the fact that sterling has been massively oversold is the reason for the rally, and it could go further as the pound is still way below it's historic average. But we do expect some pullback as the rise has been very swift, indeed. Any weakness in the stock market will likely result in a flight back into dollars’.

The Pound was back down to just under 1.4900 just after 11am this morning, roughly where it kicked off early doors.

Stock Market Update - Fri 03Apr09

The FTSE 100 closed down 95.3 points at 4,029.67, whilst the FTSE250 closed up 110.08 points at 6,926.2, and for those that are interested the FTSE Small Caps closed up 24.72 points at 1,871.24. A better start tailed off somewhat, as despite the banks doing fairly well the retail and mining sectors pulled it back. Jobs data over the pond didn't help, either.

By the time London closed, the DJIA was down 32 at 7,946.07, whilst the S&P500 was down 3 points at 831.19, and the Nasdaq down 2.5 points 1,600. After a promising opening the non-farm payroll figures put paid to that, with news that a further 663,000 joined the unemployed in March, making 8.5% unemployed, a 25-year high.

Back here in London, after early losses in the banking sector, shares recovered into positive territory with Royal Bank of Scotland taking centre stage on the day of its AGM.

The banks did ok, with RBS closing up 2.4p at 30.6p, Barclays up 2p at 170.4p, and Lloyds Banking Group up 2.7p at 79.2p. Although HSBC had a poor day, closing down 24.5p at 434.5p.

Insurance was doing well again, with Norwich Union owner Aviva having the best day, closing up 11p at 251.5p, whilst The Pru closed up 1.25p at 370.25p, and Legal & General up 0.2p at 50.7p.

A mention of British Airways may be in order, who closed up 9.4p at 165.1p, after they announced some planned job cuts, with 300 employees taking voluntary redundancy, but news of falling passenger numbers in March saw the price pull back from highs.

FXLR - Trade Update - Fri 03Apr09

FXLR Trade Roundup – 3rd April 2009

What a week. Even last week wasn't good. Not since we kicked this room off have we seen such a situation. The markets have not been friendly, at all. I’m glad this week is over! Market conditions have been bad and sometimes it’s better to sit out and then wait for the market to begin swinging more freely. Preservation of capital is the principal foundation of growing money. With something like +7,000 pips profit in the last 4 or 5 months, the past performance has been very profitable and we must expect some periods where the equity curve flattens. Our levels are excellent, so when they break we usually trade. This week we have been actually thinking twice as the breaks are turning back as the market finds its feet after such world turmoil and the pairs find theirselves.

However, it should now pick up, next week is a new week…

Summary

- One Live Room trade call today; 1 loss.
- 3 Intra-day trade calls; 1 win, 2 losses.

Live room trades

GBP/USD - Short Call (-20 pips)
Live Room Call: Entry on the break of 1.4680
Trade: Break of support level
1st Level: 1.4700, -20 pips
Stop: 1.4700
(Allow few pips for slippage on entry/exit levels)

Intra-day trades

GBP/USD - Short trade closed (+16 pips, ave.)
Opened Short: GBP/USD @ 1.4685
Stop level: 1.4740
Target level: 1.4570
Closed: 1.4685 (1/2: +32, 1/2: +0 pips)
Half closed at 1.4653

AUD/USD - Short trade closed (-5 pips)
Opened Short: AUD/USD @ 0.7125
Stop level: 0.7170
Target level: 0.7050
Closed: 1.7130 (-5 pips)

USD/CAD - Long trade closed (-42 pips)
Opened Long: USD/CAD @ 1.2433
Stop level: 1.2350
Target level: 1.2520
Closed: 1.2350 (-83 pips) (-42 pips due to 1/2 trade size)

Have a good weekend.

FXLR team

Forex Market Update - London - Fri 03Apr09

London Session

A quiet day today, really, but it was Friday we suppose. Markets seem to be waiting for the US non-farm payroll figures out in a while. The European markets are fairly mixed this morning, aolthough mostly failry flat, with the US futures similar.

Data here in in the UK was a little better than forecast. UK services PMI followed its manufacturing counterpart and was above the expected 45.5 in March, the best result for 5 months. The Euro Zone PMI composite was revised higher for March to 38.3, up from a preliminary 37.6.

The major currency pairs were fairly lack-lustre, with EUR/USD up + 20 pips to the 1.3430 area. Support is there at 1.34, whilst the 1.35 level will be quite a resistance.

The Yen crosses were up a little as investors move back for safe currencies. USD/JPY was up +25 pips at 99.70/80, whilst EUR/JPY was up +55 points to the 134 pivot.

The NFP figures will be out shortly, so be careful trying to trade that. The forecast of -660K, down from -651K in Feb, would mean a rise in the unemployment rate from 8.1% to 8.5%. We expect this sort of figure. Any worse would see investors run for cover, we think. Theer will probably be more action with the Yen pairs if the NFP figures are as expected. But do be careful.

FXLR - Trade Notes - Thurs 02Apr09

Summary

- No Live Room trade call today.
- No Intra-day trade call.

I was aware that this could be the day we saw the break lower in the Dollar… perhaps I should have made the point more forcefully.

So often we go through absolute dull market conditions and get hit a bit but then don’t want to extend that “getting hit” and miss out on the real trades.

Today was a day where we could have traded directly of the levels as pointed out by a
few room members. However, in these conditions I do like to use stricter rules of
wanting a pattern formation. It does mean throwing away good trades, but then it does
give a higher percentage of winners.

I have no idea what, if anything drove this move. You’ve seen in some of the set ups that I’ve published that you can get burned on these types of breaks – the one in EUR/USD(mentioned in this report) may well have been one of those... though the stop would have been moved to breakeven.

Stock Market Update - Thurs 02Apr09

The FTSE ended the day comfortably above 4,000, with the heavyweight miners and financial stocks having a good day. Wall Street roared ahead on opening, toipping 8,000, so the gains stayed this side of the pond. The FTSE100 closed up 169.36 points at 4,124.97, whilst the FTSE250 closed up 275.1 points at 6,816.12, and for those that are interested the FTSE Small Caps closed up 68.27 points at 1,846.52.

Over the pond, by the time London closed the DJIA was up over 267 points at 8,029, whilst the S&P500 was up 29 points at 840, and the Nasdaq was up over 62 points at 1,614. A good start, following London, with US stocks roaring ahead in morning trade. There is hope that there are now signs the economy is about to turn. False signs, we say.

Back here in London, the miners and financial issues were the leaders, with the FTSE firmly north of the 4,000 mark, with the G20 summit giving a good feeling to investors and traders alike.

Amongst the banks it was Standard Chartered who did the best, closing up 140p at 1,022p, whilst Barclays closed up 11.4p at 168.4p, HSBC up 48.25p at 459p, Lloyds up 5.5p at 76.5p and RBS closed up 3.1p to 28.2p.

The insurers stayed with the banks, with Legal & General closing up 5.7p at 50.5p, Norwich Union owner Aviva closing up 13.25p at 240.5p, and The Pru closing up nearly 27p at 369p.

Fund managers were also in demand, with 3i Group having the best day, closing up 45p (16%) at 326.75p, whilst Man Group closed up 36.5p at 254.25p, and Schroders closed up 46p at 837p. Even the London Stock Exchange (LSE:LSE) had a good day, closing up 49.5p at 606.5p.

The miners pushed higher, with Kazakhmys closing up 68p at 459.5p, ENRC closing up 65.5p at 514p, Xstrata up 57p at 567.5p, Vedanta up 101p at 793.5p, and BHP Billiton closed up 142p at 1,513p.

On to the black stuff, where crude prices hit the US$52 bbl level, thus helping the heavyweights. BP closed up 11.5p at 472.5p, RD Shell up 61p at 1,563p, and BG Group closed up 46p at 1,130p.

On to the High Street where the retailers were in demand, with Marks & Sparks having another good day, closing up another 19.25p at 328.5p. The supermarkets also had a good day, with Tesco closing up 15.4p at 348.7p, Sainsburys up 9p at 324p, and Morrisons closing up 17.75p at 272p.

Stock Market Update - Wed 01April2009

The FTSE 100 closed up 29.47 points at 3,955.61, whilst the FTSE 250 closed up 167.13 points at 6,541.02, and for those that are interested the FTSE Small Caps closed up20.69 points at 1,778.25. It was a late rally that made it all look better, with the London G20 summit attracting attention and the US picking up after a fairly shaky start.

Over the pond, by the time London closed the DJIA was up 70 points at 7,679, whilst the S&P500 was up 5 points at 803, and the Nasdaq up nearly 11 points at 1,539. Wall Street started poorl;y, but soon recovered after a fairly encouraging report on manufacturing helped offset grim employment figures.

Back here in London, the miners did ok despite being hit with some profit-taking, although volume was fairly quiet with eyes on the G20 summit. The banks had been under a bit of pressure aftre the rally yesterday, but soon turned and managed to finish well with a late rally. Barclays closed up 9p at 157p, Lloyds Banking Group up 0.3p at 71p, HSBC up nearly 16p at just shy of 411p, and RBS closed up 0.6p to 25.1p.

On to the black stuff, where the price of oil was around the US$48 bbl level. The oil majors pulled back as a result, with BP closing down 10.5p at 461p, and RD Shell down 29p at 1,502p.

The miners pulled back after a fairly weak start, with Xstrata closing up 43.75p at 510.5p. Kazakhmys up 20.5p at 391.5p, and Antofagasta closing up 4.5p at 509p.

On to the High Street, where Marks & Spencer did well after a postive media note, closing up 13.25p at 309.25p, Home Retail Group closed up 17.5p at 242.5p, and Next closed up 86p at 1,410p. The supermarkets didn't do as well, with Tesco down 0.1p at 333.3p, and Morrisons down 1.25p to 254.25p.

On to the pharmas, where Shire closed down 29.5p at 833.5p and GlaxoSmithKline closed down 15p at 1,072.5p after some profit taking.

Forex Market Update - London - Wed 01Apr09

What looked to have been an overreaction in risk aversion reversed in London trading as risk assets recovered most of their losses. The European stock markets were down about -1.0%, recovering from an early -2.5% early doors. The US stock futures are currently about even, recovering from deep in the red when London kicked off.

On to the shiny stuff, where Gold still managed to hang on to recent gains, where it was currently up about 7-bucks near the 926/927 level.

EUR/USD was up over +70 pips this morning towards the 1.3265/70 level - this despite disappointing economic data. German retail sales sank -0.2% in February, down from an expected +0.3% figure. This took the annual run-rate to a dismal -5.3%, down from -1.4%. Euro Zone PMI manufacturing was revised a little lower at 33.9, down from 34.0 in March, whilst Euro Zone unemployment rose from 8.3% to 8.5%.

UK data was better in the UK, with PMI manufacturing up to 39.1 for March from 34.7 in February. This helped Cable push up, with a steady rise of nearly +90 pips, pushing back above the 1.4400 level. EUR/GBP was down a little at 0.9210, despite the overall €uro strength.

As we approach the New York session we can expect some movement, as the ADP employment report is due early and is expected to show another massive -663K decline in private US payrolls. We then have ISM manufacturing figures, although this is expected to be a little better at 36.0, up from 35.8. US auto sales are expected to also nudge a little higher, but only to a still poor 9.2 million unit rate for March.

If the figures are worse than expected then expect some selling of risk and moves back in to the USD.