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New York and Canada for May 12 2009

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Good morning my fellow traders! Check out the news for this morning!!!

US NEWS:
Trade balance is down, but not as bad as the consensus expected it to be. A total deficit of 27.6 Billion.

Federal Open Market Committee member Dennis Lockhart reminded us that although things are starting to improve, do not start thinking that “The recession is over” but keep vigilant until we are out of the situation.

Later on, look for the Investor’s Business Daily Economic Optimism outlook and the Federal Budget Balance Statement.

CANADA:
Trade balance is up by 1.1 Billion.

NEWS FROM EUROPE:

England: Unemployment rises to 7.1 percent over the previous 6.7 percent rate. 6.9% was expected but the situation was way worse then originally thought of.

GDP estimate is down 1.5% according to NIESR. Average earnings are down .4% but not as bad as original consensus estimates, which were in the neighborhood of .9%. Still, the economy is headed downward, it’s not over yet!

England’s Trade Balance took a hit at -6.6 Billion. Industrial and Manufacturing production is in the red, and a staggering 13.6% decline from last year in house prices have been documented. OUCH!

EUROPE:
Germany Kept on an even keel with Consumer Price Indexes and Wholesale Price Indexes.

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London and Europe for May 12 2009

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PREVIOUS EVENTS:
Home loans in Australia have increased to 4.9% over a paltry 1.2% from last month. This is even over the 4.5% forecast. Ok so the economy is not messing everybody’s credit up! Ok, I spose.

Japan is getting their news on Leading Indicators very shortly.

LONDON CALENDAR (IN GMT):
8:30 - Trade Balance, Housing Price Index annuals and industrial Production monthlies. Manufacturing Production is a heavy hitter to watch closely.

EUROPE CALENDAR (IN GMT):
6:00 - Germany will release their Consumer Price Index and Wholesale Price Index.

LATE MARKET STRAGGLERS:
9:30 - Australia: Annual Budget Release: Trading and paying attention to the Aussie? Have a look on their budget as it will dictate their monetary situation and national debts versus surpluses.
15:00 - BundesBank President Axel Weber has some words to say in Munich at this time.
23:00 - NIESR Gross Domestic Product Estimate

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Ten Fundamental Terms in Trading Currencies and Understanding

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Brought to you by Forex Magic Machine

Top Ten Basic Terms in Forex Trading and Their Definitions

Forex refers to the foreign currency exchange market, the world’s largest financial trading market. Some terms that help a person understand Forex trading include:

Bid – to buy

Ask – to sell

Liquidity – financial ease of transaction, i.e. cash

Trading volume – the amount traded

Bid/ask spread – the difference between the proposed buying price and the actual selling price

OTC – over the counter

Exchange rate – the difference between currency values; for instance, a Canadian dollar is valued at .86 of a US dollar

Hedge funds – large mutual funds companies that control vast amounts of money and are able to manipulate the value of a currency through speculation

Central bank – the national bank of a nation, which usually exerts control over the value of that currency

Forex trading is in essence the investment in the currency of one country. Large international corporations that do business in many nations find value in keeping their cash reserves in a variety of nations, and holding their funds in a variety of ways. For example, a US company may have a percentage of its working capital in US dollars, but if it does quite a bit of business in Europe may also find it beneficial to keep a percentage of its money in Euros, in European banks. Many individual investors over the years have discovered that there is profit to be made in investment and speculation in the currency or forex markets.

As an example, during the 1970’s the German deutchmark was changing rapidly in value. It was worth anywhere from 1.7 marks to the US dollar to 2.5 US marks to the dollar. When the mark was worth 2.5 it was beneficial to spend dollars buying marks, since the mark would buy more goods or services at that rate. When the mark was only worth 1.7 to the dollar there was less incentive.

The forex market itself is not unified. There are many small forex markets specializing in trading various currencies. The most commonly traded currencies in forex trading are the US dollar, the Australian dollar, the British pound sterling, the Japanese yen, and the European Euro. The values of these currencies will vary depending on the market in which an investor is looking, so there is really no such thing as a single, unified dollar rate, but instead there are several dollar rates, which are different according to the market where the trade is occurring. The major cities in which trades occur are London, New York and Tokyo. This covers a 24 hour clock. When Asian trading ends, European trading beings, and when European trading ends, then American trading opens. Of course when American trading ends, it is time for Asian trading to open again, and so on.

The most commonly traded currency is the US dollar, involved in 89% of all trades. This is followed by the Euro involved in 37% of all trades, then by the yen in 20% and the pound in 17%. The fastest rising currency in trade is the Euro, but the US dollar is still widely considered the anchor point, and the currency to watch to judge how others will react. Differences in value of currencies come form the daily news. Changes n gross domestic product growth, in inflation, interest rates, budget and tirade deficits, surpluses and other economic conditions will cause changes in currency values. Investors and traders for this reason follow the news very closely. In fact, there are 24 hour cable news channels and many web sites devoted to news of value to currency traders.

It wasn’t long ago that the nation of Iran removed its currency from European investment banks. In anticipation of rising world tensions they removed their currency to become less vulnerable to freezing of their assets and to economic warfare, of which forex trading could be a part. The forex market is very susceptible to rumors. In fact the central banks of some countries have at times manipulated the value of their currency by spreading rumors about hikes in interest rates and other economic news that could have an impact on the value of the currency. When this news is false it is called a dirty float.

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Forex Insurrection - Steve Lee Jones Greatest Forex Signal Software yet?

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If you are a long time reader of goforextrade.com and remember Steve Lee Jones, you probably heard of his other products, such as the Forex Raptor and Forex Backlash system.

Well, as Steve Lee Jones usually does, he has returned with a new product for your forex trading arsenal. This time, the renown Forex Genius unleashed the “Forex Insurrection.”

Whoah! This sounds like just another software title that you see upon the sea of bullshit and lies that is already out there, isn’t it Tom?

Sure it is! Nah, it isn’t. Matter in fact, this is not the usual Forex Trading system that I have ever seen. The great thing with Forex Experts such as Steve Lee Jones, is that instead of just replicating systems and marketing them differently, Steve looks for EVOLUTION in his products.

EVOLUTION is the key to being successful. When it comes to anything, even including Forex Trading Systems is that you need to build a better and badder system than anybody else.

Let me tell you what the Forex Insurrection can do for you besides improve your forex trading experience and profitability:

Firstly, you are going to receive a forex expert advisor system, crafted by Steve Lee Jones which is totally different than what you have previously traded before!

Then with Forex Insurrection, you will receive a few pdf’s on the algorithm’s and a play-by-play on a forex trading system that Steve personally uses and trading basics manual that will turn you from novice to pro in the shortest time.

You will even get 6 DVD’s worth of intensive fast track forex trading. Steve wants to make sure that you are not only knowledgeable in forex trading and ready to rock and roll when you are completed with his software and course. Steve wants you to know that you are not going to be taken for a ride and that he guarantees that his software is guaranteed for 60 days from when you decide to purchase his Forex Insurrection system.

The cost of his system is $199, but compared to other systems that would cost at least a thousand, take this system and test it out before you go anywhere else.

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