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Singapore Consumer Prices Fall For Fifth Consecutive Month

Singapore’s consumer prices dropped for a fifth consecutive month, reflecting lower costs of housing, recreation as well as transport and communication, an official report showed Wednesday.

The Department of Statistics said consumer prices dropped 0.3% year-on-year in August, slower than a 0.5% fall seen in the preceding two months. The rate came in less than economists’ forecast for a 0.4% decline.

Housing costs fell 1.6% on an annual basis, due to lower electricity and gas tariffs and cheaper liquefied petroleum gas. Transport and communication costs slipped 0.4%, mainly due to cheaper petrol prices. Recreation costs were down 1.4%.

Meanwhile, health care prices climbed 2%, while food as well as clothing & footwear prices were up 0.9% and 1.7%, respectively.

Month-on-month, consumer prices rose 0.4%, but the pace was slower than the 1.1% in July. The increase was mainly due to higher costs of transport and communication, clothing and footwear, as also housing and stationery items.

On a seasonally adjusted basis, consumer prices climbed 0.4% in August, faster than the 0.3% in the preceding month. Excluding accommodation costs, consumer prices were down 0.9% year-on-year in August, but rose 0.5% compared to the previous month.

For the first eight months of the year, consumer prices were higher by 0.5% from the same period last year.

The Monetary Authority of Singapore in a report on September 2 said consumer prices could be flat this year compared to its earlier forecast for a 1.5% drop. The authority expects a slower pace of contraction for the economy.

The MAS expects the economy to decline 3.6% this year, slower than a 6.5% fall predicted in its June survey and compares with the 4% to 6% decline expected by the government for the year. For the next year, the agency forecasts the growth to be 4.5%, higher than the 4.2% rise expected in the June survey.

Meanwhile, the Asian Development Bank in a report Tuesday said developing Asian economies were poised to lead the global economic recovery, proving to be more resilient than initially thought. Moreover, the bank also raised its growth forecast for the year for the region. The lender expects a V-shaped rebound for the regional economy.

The latest update of Asian Development Outlook 2009 projects developing Asian economies, which excludes Japan, to grow 3.9% this year, faster than a 3.4% growth estimated earlier. Further, it revised upward the growth forecast for the next year, expecting a growth of 6.4% compared to a 6% rise estimated earlier. The Manila-based bank expects Singapore to shrink 5% this year and grow 3.5% next year.

Gold Slips Slightly, Holds Above $1,010

Gold prices inched lower on Friday as some traders collected profits, but remained above the $1,010 mark. Some traders expressed caution ahead of the interest rate decision.

December gold closed at $1,010.30 per ounce, up $3.20 on the session. Prices reached as high as $1,019.50 and as low as $1,008.

The Federal Open Market Committee’s policy meeting will conclude with the interest rate decision on Wednesday. Rates are widely predicted to remain at 0.25%.

There was no major economic data on Friday’s calendar. On Monday, leading indicators data for August is expected at 10 a.m. ET. A rise of 0.7% is forecast, compared to a 0.6% increase in July.

The dollar was little-changed against the euro, failing to mount much of a comeback from a yearly-low. The buck did climb to a two-week high against the sterling.

Gold fell $6.60 on Thusday after earlier reaching as high as $1,025.80 in overnight trading, approaching the record $1,033.90 reached in March 2008. When adjusted for inflation, however, gold moved near $2,000 back in 1980.

UK Sept. House Prices Increase On Dwindling Stock: Rightmove

British house prices increased in September on rising confidence and dwindling stock of property, results of a closely watched survey showed Monday.

Average asking prices were up 0.6% in September from August as autumn sellers raised price expectations, the property website Rightmove reported. House prices had declined 2.2% in August after rising 0.6% in July.

Currently, the average property asking price is GBP 223,996. Year-on-year, house prices dropped at a slower pace of 1.5% in September compared to a 3.1% fall in August.

Rightmove recorded the lowest average stock levels per branch for 18 months, with 29% more properties coming off the market than coming to the market.

With 151,591 properties measured as coming off the market this month, it indicates why property scarcity in popular areas is underpinning price levels, Rightmove said. This trend is clearly evident in the south of the nation.

According to the property website, would-be sellers were deterred from trading up by dwindling property choice and high deposit requirements. With choice getting increasingly limited in popular areas, they need to have a buyer lined up to improve their chances of securing their next home.

The recession hit prices harder in the north and it was compounded by conservative attitude of lenders. “Lenders quite naturally prefer to lend to lower risk borrowers in better locations, with better job security, larger deposits and more resilient property values,” Miles Shipside, commercial director of Rightmove said.

He expects many of the aspiring sellers to be trapped in their homes until house prices increase enough for them to join the equity-rich club. But, even then they would be heavily dependent on the number of bottom-of-the-chain first-time-buyers.

There are lots of positive signals like rising confidence, lower stock and increasing number of people searching houses, but too few buyers can put down the 40% deposits that are needed in order to secure the best mortgage deals, said Shipside.

SECO Upgrades Swiss GDP Outlook; Sees Sluggish Recovery

Tuesday, the State Secretariat for Economic Affairs raised Switzerland’s economic outlook, while forecasting the recovery to remain sluggish next year.

The expert group of the Federal Government expects the economy to shrink 1.7% during 2009, better than the 2.7% decline estimated in June, the agency said. With the global economy running out of steam again in the course of 2010, the government expects the economy to post a moderate growth of 0.4% next year compared to the previous forecast for a 0.4% fall.

While making the assessment, the expert group assumed that the current strong global economic upswing dynamics will loose a great deal of its momentum in 2010 with fiscal impulses fading out. But, cyclical upswing dynamics would continue for a longer period following the previous sharp drop in demand.

Recession in Switzerland was relatively mild compared to international scale due to a stable domestic demand which partly offset losses in the export industry and the finance sector. Strongest negative impulses on GDP came from a sharp decline in the value added in the financial sector.

With momentum picking up slowly, the prospects for the labor market remain bleak. Employment is likely to fall in the coming quarters and would not start to increase before late 2010. The jobless rate is set to rise to an annual average of 5.2% next year from this year’s 3.8%.

Regarding consumer prices, SECO expects the phase of negative consumer price development to halt within the coming few months as the price decreasing effects resulting from crude oil prices will disappear in the coming months. Consumer prices are expected to rise 0.9% in 2010.

On September 17, the Swiss National Bank kept its key interest rate unchanged at 0.25% for the second rate-setting session in a row. Also, the bank revised its economic outlook for 2009 citing improvements in the global economy and at home. It now expects the economy to shrink between 1.5% and 2% this year.

The revisions of SECO and the central bank were in contrast to the assessment of the Zurich-based KOF. The think-tank sees a contraction of 3.3% in 2009, worse than its March’s forecast of a 2.4% shrinkage. For 2010, the research institute expects a GDP decline of 0.6%, while it had predicted a 0.3% contraction in March.

Elsewhere, the Federal Customs Administration reported a decline in the Switzerland’s trade surplus for August. The surplus stood at CHF 1.79 billion, down from CHF 2.21 billion in July.

European Economics Preview

Wednesday, the Bank of England minutes and Eurozone industrial new orders are expected to dominate the newsflow from European economies.

At 2.45am ET, the French statistical office INSEE is scheduled to issue consumer spending for August. Consumer spending is forecast to rise 0.3% month-on-month in August following a 1.4% growth in July.

Thereafter, French business confidence survey results are due. Business sentiment is expected to rise to 81 in September from 78 in August.

The release of the Flash Purchasing Managers’ Index reports for major Eurozone economies is set to start at 3.00 am ET. The first one expected to hit the wires is the Flash French PMI for both manufacturing and service sectors. Thereafter, Flash German and Eurozone PMI data are also due.

At 4.30am ET, the Bank of England is slated to issue minutes of the Monetary Policy Committee held on September 9 and 10. The MPC had decided to maintain its interest rate at 0.5% and also voted to continue the GBP 175 billion asset purchase programme using central bank reserves. In the meantime, the Agents’ summary of business conditions report is also due.

At the same time, the British Bankers’ Association is set to release the details of mortgages approved in August. The number of mortgages approved in August is seen at 40,500 compared to 38,181 in July.

Half an hour later, Eurozone industrial new orders data is due from the Eurostat. After increasing 3.1% in June, economists expect new orders to grow 2%. At the same time, the Icelandic wage index is also due.

At 8.00am ET, the Norges bank is set to announce the interest rate decision. The Oslo-based central bank is expected to hold the interest rate at a record low level of 1.25%.

Verifone Stock Options Indicate Bullish Positioning At Payment Provider

September 11th, 2009 - Verifone Holdings, Inc. (PAY) - The designer of systems that enable secure electronic payments edged onto our ‘most active by options volume’ market scanner this afternoon after a large bullish stance was taken in the January 2010 contract. Shares of the firm have increased nearly 1% today to stand at $14.13. The options .
The designer of systems that enable secure electronic payments edged onto our ‘most active by options volume’ market scanner this afternoon after a large bullish stance was taken in the January 2010 contract. Shares of the firm have increased nearly 1% today to stand at $14.13. The options action observed indicates that one investor expects significant appreciation in shares by next year. But, the trader apparently does not see the stock rising much higher than the current 52-week high of 19.91, attained nearly one year ago on September 12, 2008. The bullish trader was seen partially financing the purchase of a long call spread by selling 12,000 out-of-the-money puts at the January 10 strike for 55 cents each. He then bought 12,000 calls at the January 12.5 strike for 3.10 per contract, spread against the sale of the same number of calls at the higher January 20 strike for 42 cents premium apiece. The net cost of the spread was reduced to 2.13. Thus, the trader stands to accumulate maximum potential profits of 5.37 should the stock surges to $20.00 by expiration in January. Shares would need to rally a whopping 42% from the current price for the trader to pocket the maximum available profits of approximately $6,444,000. We note that the 36,000 lot trade put on today exceeds the previous existing open interest on the stock of 29,251.

SPDR Gold Trust (GLD: 98.3326 +0.6326 +0.65%)- Option traders established ratio put spreads on the gold exchange-traded fund today amid a 1% rally in shares to $97.86. Gold is actually a couple of dollars lower today as the dollar regains its feet and investors critically assess the rationale for gold’s recent ascent. Today’s put spreads represent downside protection for investors hoping to lock in gains assumed to have been made during the recent rally in the price of gold. Using the November contract 2,500 puts were picked up at the November 97 strike for 4.20 apiece, and spread against the sale of 5,000 puts at the lower November 93 strike for 2.25 each. The investor pockets a net credit of 30 cents on the trade, which he will retain in full if shares of the GLD remain higher than $97.00 by expiration. Beneath a price of $97.00 for GLD, the investor faces rising profits should shares fall to $93.00 at which point maximum gains of 4.0 per contract would be made. Beneath this point, the investor is net short of a put and effectively watching gains disappear by the time shares reach $89.00.

Wells Fargo & Co. (WFC: 27.5818 -0.2782 -1.00%)- It appears that despite little change in the price of shares at Wells Fargo today ($27.65) some institutional money is betting on further downside. Two large plays were apparent earlier. In the January 2010 puts one investor bought a ratio put spread involving 150,000 contracts. Buying 50,000 puts at the 25 strike and selling 100,000 puts at the 20 strike cost a vastly reduced net premium of just 35 cents. The outright premium to get short stock at the 25 strike at 2.35 today would imply a breakeven on this trade of $22.65 but this investor has reduced that to a breakeven instead at $24.65. Maximum profits of 4.65 are achieved should the share price reach the rather bearish 20 strike by January, which is consistent with a decline of 28%. Profits would wilt should WFC reach $15.35. In the October contract one investor paid 60 cents to get long of 40,000 puts implying a near-term decline at Wells Fargo. Since the start of the month investors have lifted its share price steadily with a higher low apparent on the chart. Implied option volatility on the wane today provides little sense of increased panic.

Semiconductor HOLDRs Trust (SMH: 25.65 -0.50 -1.91%)- Bearish activity on the semiconductors fund launched the SMH ticker symbol onto our ‘most active by options volume’ market scanner this morning. Shares are currently off slightly by less than 0.25% to stand at $26.10. Trading of options set to expire in October suggests that some investors do not expect the SMH to surpass the current 52-week high on the stock of $27.57, attained nearly one year ago on September 19, 2008. Such sentiment was indicated by a bearish risk reversal, which was established through the short sale of about 5,000 calls at the October 27 strike for 53 cents apiece. The calls were spread against the purchase of approximately 10,000 puts at the lower October 25 strike for 64 cents per contract. Selling the calls offset roughly half of the cost of picking up the protective put options. The transaction will result in profits if shares fall substantially below the $25.00-level by expiration. Perhaps investors employing the risk reversal strategy are long the underlying stock. If this is the case, the actions taken today have partially offset the cost of protecting a long stock position.

Comcast Corp. (CMCSK: 16.49 -0.08 -0.48%) - Options activity by one investor on CMCSK this morning points to medium-term pessimism on the provider of entertainment and communications services going forward. Shares of Comcast are currently trading 0.5% higher to $16.50. The trader appears to have established a bearish risk reversal in the January 2010 contract by shorting calls to finance the purchase of put options. He shed 5,000 calls at the January 16 strike for a premium of 1.57 each and simultaneously bought 5,000 puts at the same strike for 1.40 per contract. The investor receives a net credit on the transaction of 17 cents. Additional profits may accumulate if shares of CMCSK decline beneath $16.00 by expiration next year. The net credit received may act as a buffer against losses in the event that shares remain higher than $16.00. However, losses would begin to accrue for the trader if shares are higher than the breakeven point to the upside at $16.17 by expiration. We’re unsure whether this transaction involves the simultaneous purchase of stock meaning the option combination would act as insurance.

Bay Street Stocks Add To Multi-Month Best Behind Resource Sectors - Canadian Commentary

The S&P/TSX Composite Index has jumped 97.84 points or 0.87% to move at 11,253.13 points. The market gained for a fifth time in six sessions.

Energy stocks are up 2.5%, led by a 6% spike for Encana (ECA.TO). The company announced plans to split into two separate companies last night. The move is expected to close November 30.

Gold stocks have gained 1.7% as the precious metal hit a fresh 18-month high. Iamgold (IMG.TO) is up 4.1%, Eldorado (ELD.TO) has added 4% and Royal Gold (RGL.TO) has added 3.5%.

In other corporate news, Altius Minerals Corporation (ALS.TO) has climbed 1.6% after the company reported first quarter net loss of C$597,000 or C$0.02 per share, compared to net earnings of C$380,000 or C$0.01 per share in the year-ago quarter.

Jaguar Mining (JAG.TO) has slipped 0.6% after the company said that it has entered into an agreement with a group of initial purchasers to issue and sell US$150 million of 4.50% senior convertible notes due 2014.

Harry Winston Diamond (HW.TO) has slipped 4.6% after the company posted second quarter net loss of US$24.5 million or US$0.32 per share, compared to net earnings of US$49.9 million or US$0.81 per share in the prior year quarter.

Compton Petroleum Corp. (CMT.TO) has plunged 20.4% after the company announced it will issue an aggregate of 120 million units on a bought deal basis at a price of C$1.25 per unit for aggregate gross proceeds of C$150 million.

In economic news, Canadian new home prices rose 0.3% in July following a 0.2% decline in June. This was the first increase since September 2008. Economists expected new home prices to slip 0.1% in July.

European Economics Preview: ECB Expected To Hold Key Rate

Thursday, the European Central Bank rate decision is in spotlight. The announcement is due at 7.45 am ET. The Governing Council of the ECB is expected to hold its key interest rate, which is the interest rate on the main refinancing operations, at 1%.

At 2.45am ET, the French ILO jobless rate for the second quarter is due. In the first quarter, the unemployment rate was 9.1%.

Thereafter, the Riksbank interest rate decision is due at 3.30am ET. In the meantime, the Statistics Netherlands is scheduled to issue Dutch consumer prices details. Annual inflation is seen at 0.4% in August, up from 0.2% in July.

The services PMI reports for major European economies are scheduled for the day. The Italian services PMI, to be released at 3.45am ET, is expected to rise to 46 in August. The French services PMI is seen at 48.9 and German PMI at 54.1, both reading are expected to match their flash estimates. Further, at 4.00am ET, the Eurozone PMI is also predicted to come in line with flash reading of 49.5.

Half an hour later, UK’s HM Treasury is set to issue official reserves for August. Meanwhile, British services PMI is also due. The index is expected to rise to 54 in August from 53.2 in July.

At 5.00am ET, the Eurostat is slated to issue Eurozone retail sales data for July. After declining 0.2% in June, retail sales are forecast to rise 0.1% in July.

Japan Capital Spending Down For Ninth Straight Quarter

Japanese capital spending continued to decline in the second quarter despite the Japanese economy having emerged from a recession, the Ministry of Finance announced Friday. The Ministry also revealed that capital investments were at their lowest level since the June quarter of 2002. Also, total sales dropped year-on-year in the second quarter, while ordinary profits fell at a slower pace during the same period.

Overall capital spending in Japanese industries decreased 21.7% in the second quarter compared to the 25.3% drop in the previous quarter. Economists were looking for a more severe 23% fall. Excluding spending in the software industry, capital spending decreased 22.2% annually. On a quarterly basis, spending was down 4.5% in the second quarter. Capital investments were down across almost all of the major industrial sectors.

Analyzing by separate industry groups, spending in the manufacturing sector plunged 32% year-on-year in the second quarter, faster than the 21.2% fall witnessed in the last quarter, and accounted for about 37% of the total spending. Of this, the information & communication electronics equipment industry recorded the biggest annual fall, down 51.9%. It was followed by electrical machinery, equipment & supplies, which slipped 42.8%, and transportation equipment, down 41.4%.

Spending by the non-manufacturing sector slid 14.2% on year in the second quarter. The fall was mainly driven by the goods rental & leasing industry, which slid 61.8% in the second quarter. Other notable decreases include the services industry, in which spending dropped 55.1%, and production, transmission & distribution of electricity, down 9.8%. The fall across the board was slightly offset by the real estate industry, where investments rose 25.3%, and wholesale & retail trade, up 4.2%.

Spending by total number of corporations with capital over 1 billion yen decreased 17.3% year-on-year in the second quarter, and amounted to 5.5 trillion in comparison to 8.4 trillion spent by the same category of corporations in the previous quarter.

Total sales were down 17% year-on-year in the second quarter compared to the 20.4% fall in the previous quarter. Sales in the manufacturing sector, accounting for about 28% of the total sales, dropped 26.8%, while the non-manufacturing sector sales decreased 12.4%. Sales of petroleum & coal products decreased 44.7%, and transportation equipment sales were down 38.3%. Iron & steel and fabricated metal products recorded sales declines of 37.4% each.

Ordinary profits plummeted 53% annually in the second quarter compared to the 69% fall in the first quarter. Profits plunged across most of the industry groups, with the construction industry recording the largest fall at a rate of 215.5%. Other industries that recorded declining profits were information & communication electronics equipment, iron & steel, and electrical machinery, equipment & supplies, down 189.5%, 147.3%, and 117%, respectively.

The ratio of ordinary profits to sales was up 2.4% in the second quarter compared to the 1.4% rise in the first quarter.

Premature Exit May Stall Global Recovery

Calls for continuing stimulus measures until the global economy recovers with sustainable growth, strengthened Friday, when the International Monetary Fund Managing Director Dominique Strauss-Kahn and European Central Bank President Jean-Claude Trichet voiced their support.

Speaking at the sixth annual Bundesbank Lecture in Berlin, Strauss-Kahn said he sees a real danger that policymakers may jeopardize the recovery by exiting from crisis measures too soon. But, he said it is the right time for policy makers to formulate their exit strategies.

The IMF official said, “Given the fragility of the recovery, there are risks that it could stall.”

A day earlier, Australian Treasurer Wayne Swan raised similar concerns saying that a premature withdrawal of stimulus measures would stall global recovery. He said Australia would gradually withdraw their stimulus measures in the last quarter of this year and would continue it through to 2011.

Meanwhile, Strauss-Kahn stated that early exit from accommodative monetary and fiscal policies is a principal concern. In addition, problems in the financial sector could persist or even intensify further, particularly if efforts to restore banks to health are not completed.

“Now is not the time to exit. But I would like to make it clear that the ECB has an exit strategy, and we stand ready to put it into action when the appropriate time comes,” Trichet said at the ECB Watchers conference in Frankfurt. He stressed that it would be premature to declare that the crisis over.

Trichet noted that the ECB’s non-standard measures, introduced to address the financial crisis, were designed with exit considerations in mind.

Selective Remains the Key is usd

USD has satisfied the bulls and bears in this week the question is in which pair as the bull and in which is the bear.
ForexCult.com mentioned that "although we expect a continual rally in the USD, traders need to be careful of what they buy." having that said because we had indicated that the USD could rally against the Eur and GBP but was turning resistance very close against the JP Yen.
Those moves that we were looking have already happened and are now becoming a bit over extended. However and for the most, the downtrend in the USD against the JP Yen and its up trends against the Euro currency and GBP should remain intact but being more precise will continue to be the key to trading currencies in the near future.
The marquee event of the week will be the United States retail sales report and even though it seems that consumer spending will falter, it may be a bit better and not such a bad report as market and speculator might have suggested.
The drop in consumer confidence and non-farm payrolls point to weakness, but the coming rise in food and the energy prices along with the stronger earnings from local companies such as Wal-Mart and Costco probably suggest otherwise.
The main reason why the market got a huge response to this report is because of its affect on a central bank's monetary policy decision. However with the Fed, a pause in Jun has already been discounted by the market.
The United States economy has been weakened massively in the past few months and will probably or shall we say quite surely to weaken in the coming months as well considering the next coming report, but after having cut interest rates by 325bp since August, the Fed has decided that it is time to shift their focus to inflation.
Oil (on $126 pick) and corn prices hit a new record high, making price pressures a growing concern and making harder for the proletarians to live peacefully.
Unfortunately for the Fed, they have no room to raise interest rates, leaving the USD as one of their only tools to curb inflationary pressures. By hinting that they will be taking a break from cutting interest rates, they have already gained some stability and control in the USD and in addition to the retail sales report, we shall also expect consumer prices, the Philly Fed survey, industrial production, and housing starts in next week.

The USD Bullish behavior continue with Fed Hike Forecasts Fading

Credit Market - What's going on basically?

After a boost of top economic event risk, the USD has come through this past week with a more promising outlook for growth as well as diminished potential for a Fed rate hike this year. After the policy board announced its intentions to hold the benchmark lending rate at 2.00 percent and offered rhetoric that was more or less in line with the group’s middle-of-the-road commentary from previous months’ statements, the probability that the central bank would raise rates by the end of the year dropped from 71.6 percent to 59.9 percent. However, with evidence that the financial and credit markets are stabilizing, economic activity is turning up from the worst and upstream inflation is cooling, the Fed may be emboldened to tighten well before the consensus and continue to raise rates to a level well beyond the 75bp over the next 12 months overnight interest rate swaps are currently pricing in.
Dollar will probably be on another rally soon.

CAD High Reward to Risk Trade

there is a high reward / risk short USDCAD opportunity. The EURUSD remains in a range, but the recent rally is corrective. This corrective advance could very well be part of a larger corrective advance however.
Not much has changed regarding the EURUSD this morning. We wrote yesterday that "the drop from 1.5701 is in 5 waves and is most likely wave 3 within a 5 wave drop from 1.6039. A corrective 4th wave advance is expected to unfold over the next several days. 4th wave usually reach at least the 4th wave of one less degree (1.5083 in this case). The 38.2% of 3 is also a common terminal point for 4th waves (1.5153 in this case)." Although a larger correction to the mentioned levels is preferred, the advance from 1.4815 is clearly in 3 waves and therefore corrective; leaving the EURUSD vulnerable to additional weakness as long as price is below 1.4981.
Things are playing out as expected with the USDJPY. "Bigger picture, we maintain that wave Y (the third wave in a 3 wave advance from 95.72) is underway from 103.76 and will end in the 113.25-116.65 zone (Fibo levels from the 124.13-95.72 drop) and give way to a long term reversal. The rally from 103.76 is probably the first zigzag in a double zigzag (as wave Y), so expectations are for a drop to reach the 38.2% of 103.76-110.40 (107.86)." The USDJPY fell to 108.36 this morning but we favor additional weakness with the first objective being 107.86 and the second 107.10.
The GBPUSD has plunged and is nearing the longer term support levels that we have mentioned in recent months near 1.85. The short term trend remains bearish as long as price is below 1.9034. It is worth mentioning that 13 day rate of change is at its lowest level since August 1997. When we do get an upward correction, it will probably be sharp.
The USDCHF has nearly reached the initial objective (already) of 1.0986 (the 100% extension of .9647-1.0624/1.0010. A reaction lower is expected to occur off of this line. There is potential support near 1.0740.
The AUDUSD decline is nothing has continued and counting short term waves is an exercise in futility right now. The pair may test the January (and 2008) low of .8512 before we see a rebound. Longer term expectations are for the drop to reach .6770 but there will be corrections along the way. It is not safe to enter short at this level since the risk of a large and sharp correction are simply too high.
The NZDUSD spiked lower this morning, touching the 161.8% extension of .8215-.7536/.7921. Short term channel support should lead to a larger advance from near current price. Resistance begins at .7082.

Professional Tutor of Forex World Training

here are plenty of self-selected experts online promoting their secret method to succeeding in the world of investing. A careful look at this market, however, reveals a tragic truth: These are the same old stories retold by hucksters looking to earn a buck. They jump on a particular stock that did well, they “reverse engineer” the trend line, they have their system ghostwritten, and then they promote “a forex training system like you’ve never seen before”.

The problem is we’ve seen it before. Again and again. It’s not a training system; it’s a focus on one part of technical analysis or another (often by people who don’t know the definition of technical analysis). They throw around words like “Fibonacci” or “Bollinger Bands” as if they themselves invented the term.

The tragedy is that “newbie” investors can get sucked in to the promises of huge earnings. They shell out for the ebook. And they’re left confused or overly-confident. Either way, they lose.

How does one succeed in the market? The truth of the matter is, one can succeed with solid, foundational forex training, and then back up that training with support and advice from real trading professionals, and then back up that training and that support with experience.

That’s where VIRT® Professional Tutor by Forex Worldwide Training and Support comes in. In a world of “me-too” content, VIRT® Professional Tutor is real forex training. This organization ignores the hype and instead focuses on doing one thing really, really well. They offer comprehensive, competent training delivered in a compelling way.

Their forex training is comprehensive and competent because it gives every level of investor a place to start. Are you brand new to forex investments? There’s a novice section. Are you experience in forex investments? There’s an advance section. Each section covers a wealth of material that truly takes the learner on a journey from basic introductions, step-by-step through the concepts.

Forex training for novices at VIRT® Professional Tutor is made up of 6 modules covering such diverse but fundamental topics as Market Terminology, Business Environment, Predictability, Capital Management, Probability Study, and Application of Entry Point System. Each module contains 5 to 9 lessons that look at that topic in-depth. Each lesson ends in a quiz to help the student uncover the effectiveness of their learning.

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This material is compelling in its delivery. There’s text, of course, and interspersed throughout the text are videos and interactive content – including graphics and graphical stories – to explain the concepts and illustrate with real world examples. The text talks about a concept and then a graph is shown to demonstrate an example in real life and to drive home the point.

This level of training enables investors of all backgrounds and investing experiences to enter markets confidently and to exit investments profitably. But to back up their training, a support forum is also available where investors can interact and where expert traders can offer advice, guidance, and mentorship to participants.