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The Forex Daily Digest – February 2, 2010
The USD fell against the EUR and other major currencies after a report portrayed pending home sales in the U.S. increasing 1% in December. Analysts anticipated a slight gain after November's fall, when the federal homebuyer tax credit was extended.The EUR fell to a seven-month low against the USD last week as Greek bond yields increased in response to concerns about Athens' ability to meet its financing needs and to put its budget in order. The European Commission is scheduled to decide whether to formally accept Greece's budget plan. Greece plans to cut the deficit from a level equal to nearly 13% of gross domestic product last year to less than 3% -- the E.U. limit -- by 2012.European Union policy makers have no “plan B” to help Greece and Greek Finance Minister George Papaconstantinou said he’s not aware of any discussions of a possible rescue. Papaconstantinou told reporters he has no knowledge of any E-U bailout talks and promised deeper budget cuts, if required.The CAD is little changed against the USD following yesterday’s biggest gain in four weeks as equities and crude oil rose. The CAD rallied yesterday from C$1.0722, the weakest level since Dec. 18, as currencies related to global economic growth became more attractive to investors.Group of Seven finance ministers will discuss foreign exchange issues as part of a broader economic discussion and may bring up the Chinese currency among other matters including financial reforms. China has kept its currency pegged to the USD since July 2008 to help its exporters, rejecting calls from European and U.S. officials for it to appreciate. The Chinese economy grew at the fastest pace since 2007 last quarter and is set to overtake Japan’s as the second largest this year. The G-7 ministers will discuss the global economy and changes to U.S. financial regulations at the Feb. 5-6 meeting in Iqaluit, Canada.Australia's central bank kept rates steady at 3.75 percent, baffling expectations of an increase and as investors cut estimates for how high rates might go this year. The Reserve Bank of Australia surprised almost everyone by saying it wanted to judge the impact of its past three moves before lifting the cash rate any further. It had already raised rates by 75 basis points since October, putting it far ahead of most developed nations in removing economic stimulus.On the economic calendar tomorrow watch for the Challenger Job Cuts report, the ADP Employment Change report, the ISM Services Index and Crude Oil Inventories. Scheduled earnings include Comcast, ITT Industries, Brinks, Pfizer, Western Union, Time Warner, Cisco Systems, Visa and Yum Brands.Happy Trading,James DicksSee More
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The Forex Daily Digest – February 1, 2010
The USD fell against the EUR this morning after a report showed U.S. consumer spending increased less than economists expected in December. The EUR posted a modest rebound from last week's steep plunge after data showed stronger-than-expected activity in the euro-zone manufacturing sector. The EUR dropped last week as worried grew over Greece's ability to cut its deficit from more than 12% of gross domestic product last year to less than 3% in 2012.The GBP fell versus the USD and the EUR as a report showed housing prices in the United Kingdom posting an annual decline and banks granting fewer mortgages last month, prompting concern the economic recovery is stalling. BOE Governor Mervyn King is managing the threat of resurgent inflation against the risk of a relapse in growth after GDP barely moved in the fourth quarter. Officials must also measure whether the economy may need more stimuli to endure reductions in the record budget deficit after the general election, which is due by June.The AUD traded near its lowest in more than a month as speculation the global economic recovery might slow prompted traders to trim expectations of an interest-rate increase when the central bank meets tomorrow. Benchmark interest rates are 3.75 percent in Australia and 2.5 percent in New Zealand, compared with 0.1 percent in Japan and as low as zero in the U.S., attracting investors to the South Pacific nations’ assets. The risk in such trades is that currency market moves will erase profits.Commodity export prices in New Zealand fell for the first time in three months in January amid a decline in returns for dairy products and a gain in the nation’s NZD. Prices in local dollars fell 1.2 percent from December. The NZD rose to a two-month high during January while dairy prices fell in world markets for the first time in seven months. From a year earlier, prices in the NZD have gained 5 percent. Prices on world markets have surged 37 percent, and the NZD’s gains have all but wiped out those benefits.President Obama revealed a $3.8 trillion budget for 2011 that attempts to balance two competing goals: continued government spending to boost the fragile economic recovery and controlling the nation's deficit. Obama is currently under pressure to convince investors like China that he has a realistic method to control the country's deficit and debt over time. Polls show that voters are also worried by the state of U.S. finances, and he plans to create a bipartisan fiscal commission to figure out future options.A top White House officials told the World Economic Forum over the weekend that growth may be springing back faster than expected but recovery remains fragile and a better balance is needed between exporting and importing nations. Growth in U.S. GDP has increased optimism about the outlook for global economic growth but White House economic advisor Larry Summers told delegates at the World Economic Forum in Davos, Switzerland that a significant price of unemployment would be paid for some time to come.On Tuesday’s U.S. economic calendar watch for December’s Pending Home Sales, as well as U.S. Auto and Truck Sales. Scheduled earnings are Archer-Daniels-Midland, Entergy, Manpower, BE Aerospace, Hershey Foods, DR Horton, Kraft Foods, News Corp, Pepsi Bottling, UPS, Whirlpool, AFLAC, JDS Uniphase, MetLife, and Lexmark.Happy Trading,James DicksSee More
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The Forex Daily Digest – January 20, 2010
The USD gained after data showed mild inflation and an increase in future housing permits. The EUR dropped to a five-month low against the USD as fears that Chinese efforts to restrain lending led investors to avoid risky assets and concerns about Greece's budget problems sent kept pressure on the EUR.International Monetary Fund Managing Director Dominique Strauss-Kahn said the euro region will survive the turmoil caused by Greece’s credit downgrade, a day after finance chiefs expressed concern that debt problems are spreading. Policy makers gathering in Brussels yesterday called on Greece to take more action to contain the situation.The JPY and USD rose and stocks fell over concern that China’s lending decision would slow the global economic recovery. The AUD and NZD declined for a second day on apprehension over China, slowing demand for higher- yielding assets. The NZD also fell against all of its 15 most-active counterparts after a government report showed consumer prices unexpectedly fell last quarter, reducing speculation the central bank will raise interest rates.The CAD dropped to the lowest level in two weeks as oil fell and a report showed consumer prices rose less last month than forecast, reducing the chance the central bank will raise rates before the second half. Consumer prices rose 1.3 percent in December from a year earlier after gaining 1 percent in the previous month. The median forecast of economists was for a 1.6 percent rise.Some changes in the Canadian government were made this week. Canadian Prime Minister Stephen Harper shuffled his cabinet to put more focus on the economic recovery. He also made it clear the government would have to restrain the growth of spending. As expected, Harper left Finance Minister Jim Flaherty at his post. He also moved Stockwell Day from the Trade Department to the Treasury Board, where he will be responsible for helping to tame the budget deficit.On Thursday’s economic calendar look for the Initial Jobless Claims for the week of January 16, Leading Indicators for December, the January Philadelphia Fed Index and Crude Oil Inventories for the week of January 15. Scheduled earnings include Fifth Third Bank, Imation, Goldman Sachs, Legg Mason, PNC Bank, Continental Airlines, Southwest Air, Union Pacific, Xerox, American Express, Capital One, and Google.Happy Trading,James DicksSee More
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The Forex Daily Digest – January 19, 2010
The EUR lost ground as German investor sentiment deteriorated while relentless concern over Greece’s finances kept the pressure on the currency. Against the USD, the EUR dropped below its 200-day moving average around $1.4285. It also fell to a one-month low against the JPY and a four-month low against sterling after Kraft Foods agreed to buy Britain's Cadbury Plc, increasing demand for GBPs.The CAD fell as the nation’s central bank promised to leave the benchmark interest rate at a record low, 0.25 percent, through June, falling from almost a three-month high as the USD gained against all of its 16 major counterparts on less risk demand. The CAD briefly pared losses earlier after a Statistics Canada report showed the nation’s index of leading economic indicators posted its biggest gain in almost 27 years on household spending, housing and stock market gains.Royal Bank of Scotland Group Plc said the EUR’s relevance as a reserve currency may be diminished the by the sovereign risks in the region. One FOREX analyst said that “the problems in Greece will be much harder for the market to gloss over this year and there is not a solution which appears good for the euro.” He said that either the “core countries” come to its assistance, which spreads the risk across the euro zone and sends a bad message to other member states. Or they cut Greece loose, which triggers massive risk of default.A Hong Kong securities group is reporting today that China may allow its currency to increase from the second quarter as inflation accelerates in the world’s third-largest economy because of higher global commodity prices. Speculation is that China may allow the yuan to appreciate and raise interest rates before the “middle of the second quarter.The JPY fell from a four-week high against the EUR on speculation the Bank of Japan will extend its policy of keeping interest rates near zero and adding funds into the economy, lessening the appeal of the currency. The JPY weakened against 15 of its 16 major counterparts after the BOJ Governor said the central bank will continue with its policy of fighting deflation.The AUD increased slightly against the USD in Asia today, though technical factors weighed on the currency. A relatively sluggish day of currency trading in Australia picked up in late trading as selling pressure weighed on the AUD. Weaker equity markets around the region, due in part to a rise in China bill rates, also weakened the Australian dollar.Freddie Mac said it sold $3 billion of bills at lower rates and mixed demand compared with last week's sale of the same maturities and amounts. Freddie Mac said it sold $1.5 billion of three-month bills due April 19, 2010 at a 0.068 percent stop-out rate, down from 0.079 percent for $1.5 billion bills auctioned a week earlier.On the economic calendar for Wednesday, watch for December Building Permits, Housing Starts for December, and the Producer Price Index for December. On the earnings calendar, Bank of America, Morgan Stanley, Coach, State Street, US Bancorp, Wells Fargo, eBay, Seagate Technology, Starbucks and Xilinx.Happy trading,James DicksSee More
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The Forex Daily Digest – January 18, 2010
Financial markets in the U.S. are closed today for the observance of the Martin Luther King day holiday. Investors will closely watch U.S. earnings this week, with financial services heavyweights Bank of America and Morgan Stanley expected to report on Wednesday, and results from Goldman Sachs due on Thursday. The USD and JPY fell in subdued Asian trading today, giving up earlier gains as investors delayed trading actively with the New York stock market closed for the holiday.Analysts believe the EUR’s decline against the GBP may accelerate. Technical indicators gave a so-called sell signal for the EUR last week. The euro is weakening after European Central Bank President Jean-Claude Trichet said that the region’s economic outlook remains uncertain and said policy makers won’t rescue Greece as the country struggles to reduce its budget deficit. The pound gained versus the single currency last week on speculation the Bank of England will allow its bond-buying program to expire as the recovery takes hold.The JPY fell from a four-week high against the EUR on speculation the Bank of Japan will extend its policy of keeping interest rates near zero and adding funds into the economy, diminishing the appeal of the currency.Currency strategists are increasingly betting against the JPY after the carry trade lost money in December for the first time in 10 months. Analyst forecasts on the JPY against the USD varied from the mean by 9 cents at the end of last week, compared with 10 cents at the end of 2008. USD forecasts against the EUR also had a standard deviation of 9 cents last week, down from 12 cents. For the Swiss franc, the figure fell to 8 cents, from 11 cents. The Swiss National Bank’s key rate is 0.25 percent.The CAD gained against the USD, trading near the highest point in three months, as crude oil, gold and copper increased and rising stock markets polished the appeal of currencies tied to economic growth. The CAD has gained 2.5 percent this month against the USD. The Bank of Canada meets tomorrow to determine interest rates.The CHF rose to the strongest point in almost a week versus the EUR as traders tested Central Bank Chief Philipp Hildebrand’s vow to “resolutely prevent” an “excessive” strengthening of the currency. The CHF had its biggest monthly gain against the EUR in a year during December as traders bet the central bank had relaxed its resistance to a stronger currency. The CHF ended three days of advances after Hildebrand said the SNB will “monitor foreign-exchange market developments very closely.”There are no major economic reports on the economic calendar until Wednesday when we’ll see Building Permits, the Producer Price Index, and Crude Inventories. Scheduled earnings tomorrow include Citigroup, IBM, CSX Corp, Forest Labs, PetMed Express, Mercantile Bank Corp, and TD Ameritrade Holding Corp.Happy Trading,James DicksSee More
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The Forex Daily Digest – January 15, 2010
The USD headed for a second weekly decline on speculation the Federal Reserve will keep interest rates near zero to aid the U.S. economic recovery. The USD gained against the EUR amid worries about Greece's fiscal situation and refuted rumors that German Chancellor Angela Merkel was preparing to resign. The dollar held onto those gains and others against major currencies as reports showed inflation was tame and an index on regional manufacturing improved.Meantime, German Chancellor Merkel dismissed talk that she may resign as an "absurd" idea after rumors earlier in the day put the EUR under selling pressure. Merkel, who was reelected last September, said her possible resignation is such an outlandish idea that it doesn't need to be discussed further. The EUR remained under pressure, also taking a hit on worries about Greece's mounting deficit.The CAD fell from the highest level since October against the USD as oil and gold fell and stock futures slipped on an increase in risk aversion, worsening the appeal of commodity-linked currencies. The CAD declined for the first time in three days as the USD rose against 15 of its 16 most-traded counterparts. The CAD gained 16 percent last year, and is up 2.6 percent this year on a rebound in prices for commodities such as crude, which account for about half the nation’s export revenue.China charged the U.S. with “backsliding” toward protectionism and said companies must comply with foreign laws in the aftermath of Google Inc.’s threat to pull out of the country. A Chinese Ministry of Commerce spokesman said in Beijing today the U.S. use of trade remedies against China in 2009 was “unreasonable.” A U.S. State Department spokesman said the U.S. may take formal measures against China after Google said it was targeted by cyber attacks from the nation.Japan’s central bank may see escalating political pressure to act against deflation as the government seeks to remove the threat of a recession relapse before a parliamentary election in July. Finance Minister Naoto Kan, in his second week in office, said that “there are still various policy measures that could be taken” by the Bank of Japan. He also praised the BOJ’s Dec. 1 introduction of a 10 trillion yen ($109 billion) loan program that came days after he expected more “monetary support” from the bank. He was economy minister at the time. Kan said that he will work with the BOJ to keep the JPY at an “appropriate” level, adding that he wants it to weaken “a bit more.”The U.S. Federal Reserve's balance sheet rose to a record level in the latest week, boosted by its ongoing efforts to support the mortgage market. The Fed's balance sheet -- a broad gauge of its lending to the financial system -- rose to $2.274 trillion in the week ended January 13 from 2.216 trillion in the previous week.On the economic calendar for the coming week expect Building Permits, Producer Price Index, Housing Starts, Crude Inventories, Leading Indicators, Philadelphia Fed Index. The activity on the earnings calendar picks up with scheduled reports from Citigroup, TD Ameritrade, CSX Corp, IBM, Bank of America, State Street, US Bancorp, Wells Fargo, eBay, Starbucks, AMR Corp, Fifth Third, Legg Mason, Goldman Sachs, Southwest Airlines, American Express, and Advanced Micro Devices.Happy trading,James DicksSee More
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The Forex Daily Digest – January 14, 2010
The dollar gained a little ground on the euro and other major currencies in volatile trading Thursday after U.S. economic reports let some of the air out of hopes the largest global economy would continue to recover smoothly. Analysts noted news reports that William Dudley, president of the Federal Reserve Bank of New York, said the target interest rate as set by the Federal Open Market Committee could remain unchanged for up to two years.The European Central Bank left official interest rates unchanged, holding its key lending rate at a record low 1% as it begins to slowly drain hundreds of billions of euros in liquidity from the banking system due to the recovery in the economy and financial markets. The move was widely anticipated. European Central Bank President Jean-Claude Trichet last month outlined the ECB's plans for slowly withdrawing liquidity measures. .Trichet also said the euro zone economy will grow at a moderate rate in 2010 but recovery will be uneven. He told a press conference, "The Governing Council expects the euro area economy to grow at a moderate pace in 2010, recognizing that the recovery process is likely to be uneven and that the outlook remains subject to uncertainty."Trichet also said the idea that Greece could be forced to leave the euro zone is an "absurd hypothesis." Asked how realistic he thought talk of Greece or any other member of the 16-strong club being pushed out of the euro or leaving the euro, Trichet told a news conference, "I do not comment myself on absurd hypotheses, so that would be my response." But, he also said that the new Athens government had a lot work in ahead of it.The CAD traded at nearly the highest level in three months as an unexpectedly strong Australian jobs report encouraged investors to bid for higher- yielding assets such as stocks and commodities. The CAD has gained 2.1 percent in January against the USD. Crude oil, Canada’s largest export advanced which extended its 30-day advance to 15 percent.The JPY weakened against higher- yielding currencies for a second day after an Australian employment report beat analysts’ forecasts and stocks rose in Asia and Europe, increasing demand for riskier assets. The JPY fell versus all 16 of its most-traded peers, and dropping the most against the AUD. The EUR rose against the JPY before the meeting of the European Central Bank at which policy makers kept interest rates unchanged.On Friday’s economic calendar watch for the Consumer Price Index, the Empire State Manufacturing Index, Capacity Utilization and Industrial Production, as well as the University of Michigan Consumer Sentiment report. Scheduled earnings include J.P Morgan Chase, BH Global Marine, AEP Industries and Carter Holdings.Happy trading,James DicksSee More
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The Forex Daily Digest – January 13, 2010
The U.S. dollar held to minor losses against a basket of its rivals after the Federal Reserve's report on regional economic conditions said conditions were improving modestly, and the U.S. Treasury said the government ran a budget deficit of $91.8 billion in December. The dollar index traded at 77 versus 76.84 just ahead of the release, for a loss of about 0.2% for the day. The USD fell against the EUR, GBP and the CAD but gained against the JPY.The Fed's Beige Book was released this afternoon and it showed economic conditions continued to improve "modestly" as 2009 came to a close. Gains were also spreading across the country and ten of 12 Fed districts reported some increase in activity or improvement in conditions, up from eight in the last report in early December. The Beige Book said that the all-important Christmas retail season was better than weak season in 2008, but still far below 2007.The USD got a lift against the euro earlier today after government data showed Germany's economy contracted more than anticipated last year, building on an earlier increase over a U.S. Federal Reserve official's hawkish rate remarks. Germany's economy lost some ground in 2009 for the first time in six years. Gross domestic product contracted 5% compared with the previous year, posting its biggest decline since the World War II. Most economists expected a contraction of 4.8%.RBC Capital Markets report today that the CAD may weaken against currencies including the EUR and the JPY even as the USD faces “important resistance” against the so-called loonie at C$1.0420. And the Industrial Bank Co. and ING Groep NV said that China should widen the yuan’s trading band against the USD this year to allow greater exchange-rate swings that may discourage inflows of speculative capital.China, which has become the world's biggest exporter, is coming under new criticism in the U.S. and Europe for using an "undervalued" currency to support its own economic and trade competitiveness. Beijing's policy of keeping the yuan weak has helped China become the first major economy to recover strongly from the world financial crisis but at the expense of its trading partners still working on coming out of recession.The Bank of Japan (BOJ) is geared up to relax monetary policy even further this year as it braces for pressure from a new finance minister who is critical of the central bank. While BOJ officials don't expect Naoto Kan to make overt demands for action, they do see him as a tough negotiator who will pressure the central bank for more steps if the economy weakens. Among the options being proposed within the central bank are more BOJ buying of government debt or increasing the easy money it could make available from an expansion of the fund-supply operation put in place in December.Two Federal Reserve policy-makers said that even though the unemployment rate will likely stay high for a while, the U.S. central bank needs to guard against the potential for inflation as it unwinds its extraordinary economic support. Meantime, the White House said today that President Obama's emergency spending measures last year saved up to 2 million U.S. jobs.On Thursday’s economic calendar, watch for Initial Jobless Claims, Retail Sales figures for December, Import & Export Prices for December and the November Business Inventories. Scheduled earnings reports include Briggs & Stratton, Intel, Shuffle Master, Origin Agritech, and CRA International.See More
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The Forex Daily Digest - January 8, 2010
The USD turned higher against the EUR, boosted by some technical buying. The U.S. stock markets and oil declined while Treasuries rallied after American employers unexpectedly eliminated jobs last month, spurring concern the economic recovery will weaken. The U.S. Dollar Index, a six-currency gauge of the strength of the USD, fell 0.5 percent after a U.S. payrolls report showed 85,000 jobs were lost in December. Some investors buy gold to hedge against a decline in the U.S. currency.James Bullard, president of the St. Louis Federal Reserve Bank, said it would be good to see more improvement in the U.S. job market before exiting some stimulus programs. He told students at a university forum in Shanghai today that the U.S. economy was improving but some policies put in place to support the recovery should not be withdrawn yet. He said, "We haven't even seen a positive jobs report in the U.S. economy. We'd like to see at least one month of positive jobs growth.”Japanese Prime Minister Yukio Hatoyama said today that foreign exchange rates should move stably because rapid fluctuations could hurt the economy. Japan's newly appointed Finance Minister Naoto Kan said the JPY's exchange rate should be determined by markets, after his comments a day earlier were read as his preference for a weaker currency and sent the yen lower. Kan's comment followed remarks a day earlier, in which he said Japanese companies are in favor of the USD trading around 95 yen. Speaking at his first press conference since becoming finance minister, Kan reportedly said the currency-market trends have "corrected a lot toward yen weakness since the Dubai shock ... but I'm hoping the correction will make a bit more progress, making the yen weaker."The GBP rose against the USD after the Nonfarm Payrolls report, while British producer prices jumped more than forecast, a sign that inflation is picking up. The GBP advanced against 15 of its 16 most-traded counterparts, paring a weekly decline versus the USD. The median estimate of economists before the U.S. nonfarm payrolls report had predicted no change in employment.The CAD traded near the strongest level in more than two months against the USD after government reports showed employers unexpectedly cut jobs in both countries. Bank of Canada policy makers left the benchmark overnight lending rate at a record low 0.25 percent at their last meeting in December and reiterated a pledge to keep it there through June, barring a change in the outlook on inflation. The rate was 4.5 percent when the bank began cutting it in December 2007. The next policy meeting is scheduled for Jan. 19.On the economic calendar next week expect the U.S. Trade Balance, the Fed’s Beige Book, Retail Sales, Import/Export Prices, Business Inventories, the Consumer Price Index, the Empire Manufacturing Survey, Capacity Utilization, Industrial Production, and the University of Michigan Sentiment report. On the earnings calendar, Alcoa starts the fourth quarter earnings season on Monday when they report their earnings after the closing bell. Also, watch for Linear Technology, Douglas Holdings, and MDS Inc.See More
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The Forex Daily Digest - February 9, 2010
The European Central Bank has confirmed that ECB's President, Jean-Claude Trichet will leave a series of meetings and events in Sydney hosted by the Australian Central Bank earlier than planned in order to attend an informal meeting of European Union leaders in Brussels on Thursday. This month the EUR continues to fall as debt concerns surface in Greece. Last week, the EUR fell to an eight-month low below $1.37 versus the USD as worries rose over the possibility of a default by Greece as…
ContinuePosted on February 9, 2010 at 10:37am
The Forex Daily Digest – February 8, 2010
Concern over a potential economic default in southern Europe relaxed a little today, which allowed the EUR to gain some lost ground against the USD. Economists have warned that monetary concerns will likely continue to affect the EUR but there are expectations that a European Union rescue effort is building. Economists believe that the EUR’s slight gain today is simply a rally following a lack of any fresh weekend news on the credit front. Uncertainty over the financial situation of Greece,…
ContinuePosted on February 8, 2010 at 10:56am
The Forex Daily Digest – February 4, 2010
The USD traded higher against the EUR after European Central Bank President Jean-Claude Trichet said the economic outlook is subject to “uncertainty.” The EUR fell most against the JPY after Trichet said some governments in the region have “sharply rising” deficits and should have a “strong focus” on reforms. The pound fell against the dollar after the Bank of England kept its option open to extend its bond-purchase program.
ECB President Trichet reiterated his message that a strong… Continue
ECB President Trichet reiterated his message that a strong… Continue
Posted on February 4, 2010 at 9:30am
The Forex Daily Digest – February 3, 2010
The USD continued to extend its gains against the JPY after data showed the U.S. private sector shed fewer jobs than expected in January. Copper declined in New York as the dollar erased losses against a basket of six major currencies, easing demand for the metal as an alternative investment. The ADP Employment report showed the private sector eliminating 22,000 jobs in January, the 24th decline in a row but it was the fewest number of jobs lost since 22,000 jobs were added in January… Continue
Posted on February 3, 2010 at 10:22am
The Forex Daily Digest – February 2, 2010
The USD fell against the EUR and other major currencies after a report portrayed pending home sales in the U.S. increasing 1% in December. Analysts anticipated a slight gain after November's fall, when the federal homebuyer tax credit was extended.
The EUR fell to a seven-month low against the USD last week as Greek bond yields increased in response to concerns about Athens' ability to meet its financing needs and to put its budget in order. The European Commission is scheduled to… Continue
The EUR fell to a seven-month low against the USD last week as Greek bond yields increased in response to concerns about Athens' ability to meet its financing needs and to put its budget in order. The European Commission is scheduled to… Continue
Posted on February 2, 2010 at 10:30am
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Hi
My name is Michael Thomas; you might remember me as the former Head of Training for PremiereTrade. I have been friends with 'best-selling' Forex author James Dicks for many years, and have learned a great deal from him. James is launching a book tour and training course centered on his latest book "The Forex Edge". James mentioned I was the best person he knew to launch a Forex Introducing Brokerage firm. One of the most important lessons I took from James is the importance of unparalleled customer support. I am sending you a personal note letting you know that I have started a new Forex firm, OTCFX Inc., located in Lake Mary, Florida.
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--
Michael Thomas
President/CEO
OTCFX Inc.
103 Commerce Street
Suite #100
Lake Mary, Fl 32746
407-459-1188
1-888-813-4543
*Trading in the Foreign Exchange market involves a significant and substantial risk of loss and may not be suitable for everyone. You should carefully consider whether trading is suitable for you in light of your age, income, personal circumstances, trading knowledge, and financial resources. Only true risk capital should be used for trading in the Foreign Exchange market. Any opinion, market analysis or other information of any kind contained in this email is subject to change at any time. Nothing in this email should be construed as a solicitation to trade in the Foreign Exchange market. OTCFX Inc. (NFA ID# 0431979) is a registered Introducing Broker for Institutional Liquidity, LLC (ILQ). If you are considering trading in the Foreign Exchange market before you trade make sure you understand how the spot market operates, how OTCFX is compensated, understand ILQ's trading policy and rules and be thoroughly familiar with the operation of and the limitations of the platform on which you are going to trade. This message and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom it is addressed. It may contain sensitive and private proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any unintended transmission. If you are not the intended recipient, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. OTCFX Inc. reserves the right to monitor all e-mail communications through its networks. Any views expressed in this message are those of the individual sender, except where the message states otherwise and the sender is authorized to state them. Unless otherwise stated, any pricing information given in this message is indicative only, is subject to change and does not constitute an offer to deal at any price quoted.