Black market currency traders in Sudan put their business on hold on Sunday to assess the impact of new government measures aimed at closing a wide gap between the official and unofficial forex rates.
From Monday, official foreign exchange bureaus will be allowed to buy and sell dollars based on the unofficial market rate rather than the official value of 2.7 Sudanese pounds for one dollar, said Abdelmoneim Nour al-Din, deputy general secretary of the forex dealers’ association.
He said his association would announce a daily price and start buying at 5.2 pounds per dollar, slightly off last week’s black market rate of 5.8 pounds to the dollar.
For the illegal black market traders who do business from street corners or cubbyhole offices, the new rules mean uncertainty.
“We’re gonna wait and see,” said one, who like many others had suspended operations.
“Today we stopped doing business. We will hold onto the foreign currency we have until the market stabilises” and the new rate becomes clearer, said another trader.
Bankrupt Sudan has lost billions of dollars in oil receipts since South Sudan gained independence last year, leaving Sudan plagued by soaring prices, a severe shortage of dollars needed to pay for imports, and a plunging currency.
The black market rate jumped above six pounds per dollar after South Sudan occupied the north’s main oil region of Heglig in April, during border fighting which raised fears of all-out war between Sudan and South Sudan.
The government has stuck to its fixed exchange rate of about 2.7 pounds for one US dollar, but the black market rate has been well above 4.0 since late last year.
Asked whether the new rules for forex bureaus amounted to a devaluation, one economist said the answer was unclear and he was still trying to figure out what had happened.
“This is really legalisation of the black market,” said another analyst, University of Khartoum economist Mohamed Eljack Ahmed. He added that the black market rate had essentially become the official rate.
He doubted the new rules will increase the amount of dollars in the economy or bring down the black market rate. Illegal traders would buy from the official dealers and hold their currency to sell at a profit.
At the same time, he said the measures will increase prices of imported goods, adding to the burden of Sudan’s poor already struggling with an inflation rate that jumped to 28.6 percent in April.
One black market trader said the illegal rate will fall only if the central bank can inject currency into the market. “If not, the rate will go higher and higher,” he predicted.
Local media reports last week said the government had received a large inflow of foreign cash which would help to strengthen the pound.
But if that were the case, the university economist asked, why had the government adopted the new rules for forex bureaus? Even if there had been an inflow of dollars from abroad, the government had not revealed the amount.
Article source: http://news.yahoo.com/sudans-forex-black-market-hold-113933395.html
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Forex Dominator review and bonus discount for Cecil Robles new system is revealed. A cash bonus, plus iPad’s, are being given at ForexVestor.com.
Houston, TX (PRWEB) May 19, 2012
Cecil Robles’ new Forex Dominator system is receiving many raving reviews as the program has almost sold out of the 500 available licenses. The program, which has a software program that offers one a low risk and high reward profit potential, providing them with an 84% accuracy to what the FOREX market is going to do at any given time. Along with training and many bonuses, the system is one of the hottest selling programs of 2012.
Forex Dominator reviews that are coming in on the Internet have been positive and are answering the question of people asking if it is a scam. The big draw of the program is summed up in the tagline, “More money. Less effort. No Guesswork. Minimal risk.” The writers at http://ForexVestor.com have completed a through review of the program and have drawn out the pros and the cons.
One can view the whole review at http://forexvestor.com/forex-dominator-system-review.
Also on their site, they are offering an exclusive bonus package for all those who purchase from their site. They are offering a cash discount to all those who buy from their site as well as giving Apple iPads away. One can get all the details and take advantage of the offer by going here: Forex Dominator bonus.
Cecil Robles is one of the few Forex educators who has been in the business for almost a decade. All of his trading programs have been top sellers in the Industry and has one of the best rates of returning customers. Cecil believes in his training so much that he is offering a 45-day money back guarantee on this system, so if someone is not satisfied for any reason they can return it.
Those who wish to get immediate access to the program can go to the official Forex Dominator system page here.
Mark Thompson
Forex reviews
832-690-6969
Email Information
Article source: http://news.yahoo.com/forex-dominator-review-plus-discount-ipad-bonus-revealed-070722946.html
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By PipHut
May 19, 2012 8:42 AM GMT
Spanish Non-Performing Debt Highest In 18 Years
Buying Facebook? Consider These Tech Titans That May Be Better Stock Bargains
Mark Zuckerberg Celebrates Facebook IPO As Shares Begin Trading
Facebook IPO: Meet The Company’s Billionaires
Top 10 Fashion Capitals of the World
America’s ‘Happiest’ Seaside Towns
Article source: http://www.ibtimes.com/articles/342955/20120519/forex-signals-eurusd-mixed-friday.htm
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Wall St Week Ahead: The market is oversold, but major signs say “sell”Reuters
Normally a big decline would set up Wall Street for a technical rebound. But that may not be the case next week, …
Article source: http://finance.yahoo.com/news/forex-weekly-trading-forecast-05-074900694.html
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* Traders position ahead of G8 meeting, but expectations low
* Greek politics, Spain bank problems still weigh
* Worries on Europe (Chicago Options: ^REURUSD – news) drive support for dollar, yen
(Updates prices, adds quotes, details)
NEW YORK (Frankfurt: A0DKRK – news) , May 18 (Reuters) – The euro rallied from a
four-month low against the dollar on Friday as investors pared
bets against the single currency after a more than 3 percent
drop this month, but concerns about Greece and Spain were likely
to keep it under pressure.
Positioning ahead of the weekend meeting of the Group of 8
major industrialized nations and technical support also helped,
traders said, as the euro approached its January low of $1.2623.
Gains accelerated after a wave of stops were triggered in the
euro’s grind higher.
Despite Friday’s rebound, investors preferred the relative
safety of the U.S. dollar and the Japanese yen as worries about
Europe persisted after Moody’s cut the credit ratings of 16
Spanish banks late on Thursday.
Some traders said investors were wary of placing bets ahead
of the meeting of the G8, even though expectations were low that
any significant actions would be taken to address the euro zone
debt crisis. Extreme short positioning in the euro, which hit a
record high in the week ended May 15, may have also prompted a
squeeze in short bets.
Although no economic policy decisions are expected from the
G8, officials said U.S. President Barack Obama hoped to promote
discussion on steps to resolve the euro zone
crisis.
“Even as position squaring dominates ahead of this weekend’s
summit of G8 leaders, strong undercurrents of risk aversion
persist, as a result of which the U.S. dollar remains net bought
on balance,” said Samarjit Shankar, managing director of global
FX strategy at BNY Mellon in Boston.
The euro tumbled to $1.2640, not far from its trough
of 2012, before recovering to trade 0.5 percent higher at
$1.2763. It hit a session peak of $1.2794 after stops were
triggered around $1.2750.
The euro was still on track for its third straight week of
losses, based on Reuters data. The 14-day exponential relative
strength index posted at 15.526, leaving the euro in oversold
territory since May 7.
The euro fell to 100.17 yen, its lowest since
early February, before reversing course to trade at 100.97, up
0.3 percent on the day.
Strong demand for the greenback helped drive the dollar
index to a four-month high early in the global session,
but those gains evaporated.
Currency speculators increased bets in favor of the U.S.
dollar to the highest level since at least mid-2008, according
to data from the Commodity Futures Trading Commission released
on Friday.
The value of the dollar’s net long position rose to $28.52
billion in the week ended May 15, from $20.95 billion the
previous week.
“Although the U.S. dollar remains overbought, the
headline-driven market continues to increase the appeal of the
greenback as the turmoil in Europe intensifies,” said David
Song, currency analyst at DailyFX.
SPAIN AND GREECE STILL LEAD THE MARKET
France’s new president, Francois Hollande, said on Friday
Spain’s banks should be recapitalized by Europe’s bailout funds
and everything must be done to keep Greece in the euro zone.
“If it’s not Greece, it’s Spain that we talk about to sell
the euro. People are looking for bad news and they are concerned
there appears to be no solution,” said Lutz Karpowitz, currency
analyst at Commerzbank (Other OTC: CRZBF.PK – news) in London.
Greece faces fresh elections on June 17, with many investors
increasingly concerned a victory for anti-bailout parties could
lead to Greece exiting the euro zone.
A recent poll showed Greece’s conservatives have overtaken
the anti-bailout leftist SYRIZA in popularity, although the
volatile political mood meant most analysts saw the outcome of
the elections as a significant risk.
Worries about Spain’s banks and prospects of more state
bailouts for lenders kept the country’s borrowing costs high.
Talk of a ban on naked short-selling of Spanish banking
stocks lifted Europe’s bank shares. This brought some
relief for the euro, but the common currency’s medium-term
prospects remained bearish.
Reflecting that, one-month euro/dollar implied volatility
climbed to around 11.55 percent while three-month risk
reversals – a measure of relative demand for bets on the euro
rising or falling – were at -3.5 vols on trading platform GFI in
favor of more euro weakness.
The dollar was down 0.4 percent against the yen at
79.02 yen after hitting a three-month low of 78.99, according to
Reuters data. Traders cited stop-loss orders below 79.00 yen and
78.80 yen, while offers were likely to cap dollar gains around
79.50.
(Editing by Leslie Adler)
Article source: http://uk.finance.yahoo.com/news/forex-euro-rallies-4-month-205938053.html
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* Euro rises off four-month low vs dollar
* Greek politics, Spain bank problems still weigh
(Updates prices, adds quotes, details; changes byline)
NEW YORK (Frankfurt: A0DKRK – news) , May 18 (Reuters) – The euro rose from a four-month
low against the dollar on Friday as investors pared bets against
the single currency after a 4 percent drop this month but
concerns about Greece and Spain were likely to keep it under
pressure.
Technical support also helped, traders said, as the euro
approached its January low of $1.2623. A break beneath that
would opened the door to a slide toward the 2010 lows around
$1.1875.
Despite Friday’s gains, investors preferred the relative
safety of the U.S. dollar and the Japanese yen as worries about
Europe (Chicago Options: ^REURUSD – news) persisted after Moody’s cut the credit ratings of 16
Spanish banks on Thursday.
Some traders had earlier said the euro’s recent decline
could slow, given investors may be wary of holding positions
over the weekend when leaders of the G8 major industrial
economies meet.
No economic policy decisions are expected from the G8 but
officials said U.S. President Barack Obama hoped to promote
discussion on steps to resolve the euro zone
crisis.
“Even as position squaring dominates ahead of this weekend’s
summit of G8 leaders, strong undercurrents of risk aversion
persist, as a result of which the U.S. dollar remains net bought
on balance,” said Samarjit Shankar, managing director of global
FX strategy at BNY Mellon in Boston.
The euro tumbled to $1.2640, not far from its trough
of 2012, before recovering to trade 0.3 percent higher at
$1.2726.
The euro was on track for its third straight week of losses,
based on Reuters data. The 14-day exponential relative strength
index posted at 15.526, leaving the euro in oversold territory
since May 7.
The euro fell to 100.17 yen, its lowest since
early February, before paring the loss to trade at 100.67,
little changed on the day.
Strong demand for the greenback helped the dollar index
to a four-month high early in the global session but
those gains evaporated.
“The U.S. dollar is struggling to hold its ground ahead of
the G8 Summit as hopes surrounding the meeting prop up market
sentiment, but the rise in risk-taking behavior is likely to be
short-lived as we don’t expect to see any major developments
over the weekend,” said David Song, currency analyst at DailyFX.
“Although the U.S. dollar remains overbought, the
headline-driven market continues to increase the appeal of the
greenback as the turmoil in Europe intensifies.”
SPAIN
“If it’s not Greece, it’s Spain that we talk about to sell
the euro. People are looking for bad news and they are concerned
there appears to be no solution,” said Lutz Karpowitz, currency
analyst at Commerzbank (Other OTC: CRZBF.PK – news) in London.
Greece faces fresh elections on June 17, with many investors
increasingly concerned a victory for anti-bailout parties could
lead to Greece exiting the euro zone.
A recent poll showed Greece’s conservatives have overtaken
the anti-bailout leftist SYRIZA in popularity, although the
volatile political mood meant most analysts saw the outcome of
the elections as a significant risk.
Worries about Spain’s banks and prospects of more state
bailouts for lenders kept the country’s borrowing costs high.
Talk of a ban on naked short-selling of Spanish banking
stocks lifted Europe’s bank shares. This brought some
relief for the euro, but the common currency’s medium-term
prospects remained bearish.
Reflecting that, one-month euro/dollar implied volatility
climbed to around 11.55 percent while three-month risk
reversals – a measure of relative demand for bets on the euro
rising or falling – were at -3.5 vols on trading platform GFI in
favor of more euro weakness.
The dollar was down 0.3 percent against the yen at
79.10 yen after going to a three-month low of 79.01, according
to Reuters data. Traders cited stop-loss orders below 79.00 yen
and 78.80 yen, while offers were likely to cap dollar gains
around 79.50.
(Editing by James Dalgleish)
Article source: http://uk.finance.yahoo.com/news/forex-euro-comes-off-4-180249565.html
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* Euro lifts off four-month low vs dollar, eyes 2012 low
* Broad demand for safe havens supports dollar and yen
* Greek politics, Spanish bank problems weigh on sentiment
(Adds details, updates prices, adds quotes, changes dateline,
previous LONDON)
NEW YORK (Frankfurt: A0DKRK – news) , May 18 (Reuters) – The euro lifted off a
four-month low against the dollar o n Friday as investors pared
bets against the single currency after a 4 percent drop this
month, but ongoing concerns about Greece and instability in the
Spanish banking system were likely to keep it under pressure.
Investors preferred the relative safety of the U.S. dollar
and the Japanese yen and were reluctant to increase risk
exposure after Moody’s cut the credit ratings of 16 Spanish
banks on Th ursday.
With no U.S. data likely to drive foreign exchange markets,
investors are most likely to consolidate positions ahead of the
weekend after days of euro losses.
“The biggest risk today is position squaring into the
weekend; however there appears to be increasing evidence that
the euro is likely to move lower in the days ahead,” said
Camilla Sutton, chief currency strategist at Scotia Capital in
Toronto.
The euro tumbled to $1.2640, not far from its trough
of 2012, before recovering to trade 0.2 percent higher at
$1.2724.
Some traders said the euro’s recent decline could slow,
given investors may be wary of holding positions over the
weekend when leaders of the G8 major industrial economies meet.
The euro, down 4 percent against the dollar this month to
date, was on track for its third straight week of losses, using
Reuters data. The 14-day exponential relative strength index
posted at 15.18, leaving the euro in oversold territory since
May 7.
The euro fell to 100.17 yen, its lowest since
early February, before recovering.
Strong demand for the greenback helped the dollar index
to a four-month high.
Strategists said the euro would remain vulnerable to further
bad news out of the euro zone, and looked set to test the 2012
trough. A break below there would take the euro to its weakest
level versus the dollar since August 2010.
“If it’s not Greece, it’s Spain that we talk about to sell
the euro. People are looking for bad news and they are concerned
there appears to be no solution,” said Lutz Karpowitz, currency
analyst at Commerzbank (Other OTC: CRZBF.PK – news) in London.
Greece faces fresh elections on June 17, with many investors
increasingly concerned a victory for anti-bailout parties could
lead to Greece exiting the euro zone.
A recent poll showed Greece’s conservatives have overtaken
the anti-bailout leftist SYRIZA in popularity, although the
volatile political mood meant most analysts saw the outcome of
the elections as a significant risk.
Worries about Spain’s banks and prospects of more state
bailouts for lenders kept the country’s borrowing costs high.
POLICY RESPONSE
Talk of a ban on naked short-selling of Spanish banking
stocks lifted Europe (Chicago Options: ^REURUSD – news) ‘s bank shares and this brought some
respite to the euro, but the common currency’s medium-term
prospects remained bearish.
Reflecting that, one-month euro/dollar implied volatility
climbed to around 11.55 percent while three-month risk
reversals – a measure of relative demand for bets on the euro
rising or falling – were at -3.45 vols on trading platform GFI
in favour of more euro weakness.
“A lot of bad news is already priced in by now – it depends
what happens in Greece and, of Spain, whether there will be a
further decline in bank deposits – if that would happen then you
would expect euro/dollar to go down,” said Jaco Rouw, fund
manager at ING Investment Management in London.
No economic policy decisions are expected from the G8 but
officials said U.S. President Barack Obama hoped to promote
discussion on steps to resolve the euro zone
crisis.
The dollar was flat against the yen at 79.35 yen and
well above a three-month low of 79.12 touched on Thursday,
according to Reuters data. Traders cited stop losses orders
below 79.00 yen and 78.80 yen, while offers were likely to cap
dollar gains around 79.50.
(Reporting By Nick Olivari)
Article source: http://uk.finance.yahoo.com/news/forex-euro-climbs-4-month-124121631.html
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SADDLE RIVER, New Jersey, May 18, 2012 /PRNewswire/ –
The MT4 Android™ App for FX Solutions LLC is a powerful tool for traders to access the global currency markets from virtually anywhere in the world, at any time.
Launching in April this year [2012], the mobile trading app – which is derived from the downloadable MetaTrader 4 platform – enables investors trading the fast moving forex markets full account access, allowing them to stay up-to-date with the latest developments in this 24-hour market.
MetaTrader 4 (MT4) Platform
The MT4 platform incorporates powerful charting with customizable indicators as well as FX Solutions’ EBS-derived pricing.
MT4 Android App
Incorporating the key features of the popular MT4 platform – also available to download through FX Solutions; investors can access the professional trading platform from virtually anywhere.
Key features of the MT4 Android App include:
- Real time streaming quotes
- Interactive charts
- Ability to trade directly from the charts
- Utilize the full range of orders (including pending)
- Access trading history
- Trade over several timeframes (M1, M5, M15, M30, H1, H4, D1)
- Access Bar, Japanese Candlestick and Line charts
- View and amend multiple Watch Lists
Download the Free MT4 Android App
To download the free MT4 Android App and start trading forex at a time that suits you – you’ll need a forex trading account with FX Solutions.
Step 1: Open a Forex Trading Account
It’s quick and easy to do – simply apply for a forex trading account online at FX Solutions.
Step 2: Search Download
You can search and download the MT4 Android App either direct from your Android Device or online where you can choose where to send the app.
Simply go to Google Play either on your device or online and search ‘MetaTrader 4.’
Click ‘Install’ in the top left hand corner and your app will start to download.
Step 3: Log In and Trade Forex
Once your app has downloaded and installed itself on your Android device, you can log in using your FX Solutions forex trading account details.
Warning: To access all the benefits of trading forex with FX Solutions, you must create an account first online. If you apply for a live or demo trading account through the app – you will not receive these benefits.
Trade Forex with FX Solutions
FX Solutions is a leading foreign exchange broker with a focus on advanced trading technologies, transparency of transaction and unparalleled customer service. FX Solutions serves retail clients institutional trading partners and introducing brokers in over 100 countries.
For more information, please visit http://www.fxsolutions.com/
Remember, forex trading involves a substantial risk of loss and is not suitable for all investors.
Android is a trademark of Google, Inc. MT4 Android is subject to FX Solution’s mobile terms found at http://www.fxsolutions.com/support/regulation.aspx
Article source: http://finance.yahoo.com/news/benefit-trading-forex-mt4-android-110000629.html
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