NASDAQ OMX to Sponsor Shift Forex FXIC NYC 2014 Event
Shift Forex LLC today announced that NASDAQ OMX will be the Presenting Sponsor at FXIC NYC 2014,
a global foreign exchange (FX) industry conference to be held on June
20, 2014 at the Grand Hyatt in New York City. FXIC is the premier FX
forum, bringing together the retail, institutional and wholesale
segments of the global foreign exchange industry.
NASDAQ OMX's sponsorship reflects the company's longstanding history of
driving innovation in financial markets as well as market participant's
growing demand, fueled partly by regulatory mandates in the US and
Europe, for greater transparency and efficiency in FX trading and
"We are committed to the foreign exchange space and we are already well
positioned, ahead of shifts in the regulatory landscape, to deploy our
strategy for multi-asset trading and clearing," said Hans-Ole Jochumsen,
Executive Vice President of Global Market Services at NASDAQ OMX. "Our
customer focus, product development and technology synergies will
continue to drive our growth in the FICC area as we offer market
participants additional trading opportunities."
"We are absolutely thrilled to have NASDAQ OMX as the Presenting
Sponsor this year in New York," said Matthew Miller, Founding Partner
and COO of Shift Forex, the event host. "NASDAQ OMX's premier
participation reflects the tectonic shifts that are occurring in the FX
markets with the move toward a centrally-cleared model, as well as the
continued blurring of the lines between various types of market
participants, which is a central theme of the event."
Shift Forex's FXIC event attracted more than 300 industry executives in
2013, the event's inaugural year. This year, interest has grown as
market participants grapple with rapid change and the resulting
challenges. As the FX space continues to mature with competitive forces
and industry standards, many new entrants accelerate the pace of
innovation. FXIC assembles the global FX community for two days of
industry discussions, predictions regarding the future of markets and
access to buy and sell-side participants, brokers and technology
providers, compliance and legal professionals.
Technical Analysis for USDCHF (adapted from dailyfx article)
The dollar fell on Tuesday as the market fretted ahead over a key U.S.
employment report that is due on Friday and shrugged off data that shows
U.S. manufacturing is picking up.
The dollar index plunged 0.12 percent to 80.008, down from a two-week
peak of 80.296 the previous day after Federal Reserve Chair Janet Yellen
backed the Fed’s loose monetary policy.
The euro rose 0.26 percent against the dollar to trade at $1.3810 in New
York. The dollar, however, rose against the yen to 103.61, the highest
level since March 7 as data showed U.S. factory activity grew for the
second straight month.
"The focus is on U.S. data," Shaun Osborne, a Toronto-based currency strategist at TD Securities told Reuters.
The U.S. March non-farm payrolls data will be released this coming
Friday. The yen slid after Japan’s Tankan research expressed doubts
whether the economy would improve further in 2014.
"If there is clear weakness in the economic data from Japan, we could
see the BOJ ease policy," said Yujiro Gato, a foreign exchange
strategist at Nomura. "But we do not expect that policy easing to take
place anytime soon, perhaps in the third quarter."
"So those expecting the BOJ to ease in the short term could be in for
a disappointment. But any dips in dollar/yen should be bought into, and
we eventually expect it to rise to 104 yen."
The euro rose 0.55 percent versus the yen to trade at 142.92 yen. It
had earlier reversed its decline that saw hit Monday’s low of $1.3721
against the dollar over fears that the European Central Bank may roll
out measures to combat price pressures.
2014-04-02 00:30 GMT (or 02:30 MQ MT5 time) | [AUD - Building Approvals]
if actual > forecast = good for currency (for AUD in our case)
Australia Building Approvals Fall In February
The total number of building approvals in Australia was down a
seasonally adjusted 5.0 percent on month in February, the Australian
Bureau of Statistics said on Wednesday, standing at 16,669.
That was well shy of forecasts for a decline of 2.0 percent following the 6.9 percent increase in January.
a yearly basis, building approvals climbed 23.2 percent - also missing
expectations for 27.9 percent after surging 34.6 percent in the previous
Approvals for private sector houses fell 2.1 percent on
month and climbed 21.8 percent on year to 9,293. Approvals excluding
houses dropped 8.7 percent on month and jumped 32.7 percent on year to
The value of total approvals fell 0.3 percent on month. The
value of residential building approvals fell 0.2 percent, while the
value of non-residential building approvals lost 0.5 percent.
2014-04-02 07:00 GMT (or 09:00 MQ MT5 time) | [EUR - Spanish Unemployment Change]
if actual < forecast = good for currency (for EUR in our case)
Spanish unemployment change March m/m -16,620 vs -5,300 exp
EURUSD lower at 1.3810 though with some EURGBP selling going through. Cable up to 1.6645
On the bright side, at least it is now headed in the right direction.
The manufacturing PMIs were largely positive, with only the German
number slightly missing expectations. On the bright side, the German,
French, Spanish and Italian numbers are all in growth territory which
may be a token win as far as the eurozone in concerned, but at least it
Forum on trading, automated trading systems and testing trading strategies
Forex Market Update
mapq, 2014.04.02 13:16
Forex Market Update 02 Apr 14
This morning, the greenback is trading mixed against most of the major currencies, ahead of the US ADP employment data and few planned speeches from top Fed officials.
The EUR is trading tad lower against its US counterpart despite a 0.5% rise in the Euro-zone annual GDP data for the fourth quarter. Yesterday, the ECB Vice President, Vitor Constancio played down the prospect of deflation threats in the economy. However, at the same time he also noted that a prolonged period of low inflation rate could “constitute a drag on the economy’s recovery.”
The GBP is trading higher against the USD as UK house prices registered a rise for a 25th consecutive month in March and following a strong domestic construction PMI data which indicated that the sector was still performing strongly.
In Japan, a survey from the BOJ revealed corporate Japan is not confident about the central bank achieving its 2% inflation goal by the April 2015 target date, on the back of the 3% sales tax hike which came into effect from yesterday. Separately, another survey from the BOJ indicated that nearly 70% of Japanese households planned to cut back on spending after the hike in the nation’s sales tax.
In yesterday’s New York session the USD traded mostly higher against the key currencies. In economic news, the ISM reported a less-than-expected rise in the US manufacturing activities in March while Markit Economics reported that it’s PMI on the US manufacturing sector fell in the previous month.
This morning at 9:40 GMT, the EUR is trading at 1.3792 against the USD, tad lower from the New York close. Euro-zone’s annual GDP rose 0.5% in the fourth quarter while the producer price index dropped more-than-expected in February. During the session, the pair traded at a high of 1.3821 and a low of 1.3790. Yesterday, the EUR traded marginally lower against the USD in the New York session, and closed at 1.3794. The ECB Vice President, Vitor Constancio expressed concerns on the prevailing low inflation in the Euro-zone but at the same time opined that there was no risk of deflation in the economy.
The pair is expected to find its first support at 1.3777 and first resistance at 1.3814.
At 9:40 GMT, the GBP is trading at 1.6644 against the USD, 0.08% higher from the New York close. In economic news, UK construction PMI edged down to a reading of 62.5 in March however it continued to remain in expansion territory. Separately, another report showed that the Nationwide house prices rose 0.4% (MoM) last month. During the session, the pair traded at a high of 1.6665 and a low of 1.6626. Yesterday, the British Pound traded slightly lower versus the Dollar in the New York session, and closed at 1.6631.
The pair is expected to find its first support at 1.6620 and first resistance at 1.6667.
The USD is trading at 103.82 against the JPY at 9:40 GMT this morning, 0.13% higher from the New York close. A BoJ survey released overnight showed that Japanese firms expects consumer prices in the nation to rise to an average of 1.5% a year from now and to 1.7% three years and five years from now, suggesting that the BoJ plan’s to achieve 2% inflation could be at risk. During the session, the pair traded at a high of 103.95 and a low of 103.64. In the New York session yesterday, the USD traded 0.30% higher against the JPY, and closed at 103.69.
The pair is expected to find its first support at 103.43 and first resistance at 104.08.
This morning at 9:40 GMT, the USD is trading at 0.8842 against the Swiss Franc, 0.06% higher from the New York close. During the session, the pair traded at a high of 0.8846 and a low of 0.8824. In the New York session yesterday, the USD traded 0.12% higher against the CHF, and closed at 0.8837.
The pair is expected to find its first support at 0.8822 and first resistance at 0.8854.
At 9:40 GMT, the USD is trading at 1.1020 against the CAD, 0.09% lower from the New York close. During the session, the pair traded at a high of 1.1043 and a low of 1.1019. Yesterday, the USD traded tad lower against the CAD in the New York session, and closed at 1.1030. The Canadian Dollar advanced after data showed that Canada’s raw materials price index increased 5.7%, the most in almost three years in February and its industrial product price index rose 1.0% (MoM) in the same month.
The pair is expected to find its first support at 1.0998 and first resistance at 1.1056.
The AUD is trading at 0.9243 against the USD, at 9:40 GMT this morning, tad higher from the New York close. However, the Aussie’s initial gains were pared after a report showed the number of building approvals in Australia declined more than market expectations in February, raising concerns over the health of the nation’s housing sector. During the session, the pair traded at a high of 0.9257 and a low of 0.9233. AUD traded marginally lower against the USD in the New York session, and closed at 0.9241.
The pair is expected to find its first support at 0.9220 and first resistance at 0.9269.
At 9:40 GMT, Gold is trading at $1283.90 per ounce, 0.22% higher from the New York close. This morning, Gold traded at a high of $1284.94 and a low of $1280.51 per ounce. In the New York session yesterday, the yellow metal traded 0.27% lower, and closed at $1281.02, following reports that showed holdings in the SPDR Gold Trust declined to 810.98 metric tons yesterday, the least since 7 March.
Gold has its first support at $1278.29 and first resistance at $1288.92.
Silver is trading at $19.88 per ounce, 0.43% higher from the New York close, at 9:40 GMT this morning. This morning, Silver traded at a high of $19.91 and a low of $19.76. Silver traded marginally higher against the USD in the New York session, and closed at $19.80, buoyed by gains in the prices of industrial metals.
Silver has its first support at $19.74 and first resistance at $19.97.
At 9:40 GMT, Oil is trading at $99.68 per barrel, 0.10% higher from the New York close, ahead of the EIA report on the US weekly crude supplies. This morning, Oil traded at a high of $99.83 and a low of $99.37. Yesterday, Oil traded 1.56% lower in the New York session, and closed at $99.61, as the recent batch of dismal manufacturing PMI data from China and the US weighed on the demand-outlook of the commodity while easing tensions in Libya bolstered the supply prospect of the commodity. Separately, API reported an unexpected 5.8 million barrels drop in the US weekly crude inventory for last week.
It has its first support at $98.83 and first resistance at $100.99.
UK Nationwide house prices rose at a slower pace in March
Nationwide reported that on a seasonally adjusted monthly basis, house prices in UK rose 0.4% in March, compared to a revised increase of 0.7% recorded in the previous month. Markets were expecting house prices to rise 0.8% in March.
UK construction PMI eased unexpectedly in March
The construction purchasing managers’ index (PMI) in UK eased unexpectedly to a reading of 62.5 in March, from a reading of 62.6 in the previous month. Market had expected the index to rise to a reading of 63.0 in March.
Euro-zone producer price index fell in February
On a monthly basis, the producer price index in the Euro-zone fell by 0.2% in February, compared to a 0.3% fall recorded in the previous month.
Euro-zone final GDP rose in Q4 2013
On a seasonally adjusted quarterly basis, final gross domestic product (GDP) in the Euro-zone rose 0.2% in the fourth quarter of 2013, compared to a 0.1% rise recorded in the third quarter of 2013.
Unemployment in Spain declined in March
The number of people unemployed in Spain dropped by 16.6K in March, compared to a decline of 1.9K unemployed reported in the previous month.
Australia building approvals fell more than expected in February
On a seasonally adjusted monthly basis, building approvals in Australia dropped 5.0% in February, compared to a revised 6.9% increase in the previous month. Markets were expecting building approvals to fall 2.0% in February.
2014-04-02 12:15 GMT (or 14:15 MQ MT5 time) | [USD - ADP Non-Farm Employment Change]
if actual > forecast = good for currency (for USD in our case)
U.S. Private Sector Job Growth Falls Just Of Estimates In March
Employment in the U.S. private sector showed a notable increase in
the month of March, according to a report released by payroll processor
ADP on Wednesday, with the report also showing a substantial upward
revision to the job growth in the previous month.
ADP said private
sector employment increased by 191,000 jobs in March following an
upwardly revised increase of 178,000 jobs in February.
job growth in March came in slightly below estimates for an addition of
195,000 jobs, the job growth in February was well above the previously
reported increase of 139,000 jobs.
US Stock Futures Advance Ahead of Jobs Report
US stock index futures surged on Wednesday ahead of the release of labor
market data. The employment report is expected to indicate whether or
not the US job market has improved after a hampering winter.
High-Frequency Trading Mainly Hurts The Traders And Short-Term Investors
Not to deflate the highly admirable “Flash” book of Michael Lewis, but
front-running on Wall Street, which is what high-frequency trading is
all about and what it really intends to be, is old news. Front-running
is one of the oldest tricks in the market, closely following the more
notorious and widespread illicit insider trading.
What’s new is that speedy price scalping is now accomplished much
faster, within nanoseconds, thanks to the latest technology and help
from smart algorithm manipulations – and its continued free reign in the
otherwise closely regulated industry. Where are all the market sleuths
and regulators that have been so blind to what Michael Lewis has
The flash traders aren’t in hiding. They are in fact proud of what they
have been able to achieve in the stock market that has bewildered a lot
of people. But who really gets hurt from such so-called high-frequency
Not so much the small individual investor, to be sure. But the largest
victims are the professional traders and short-term investors among the
institutional investors who are major heavyweights in stock investing,
and whose strategies matter most to the market. It is the insight and
advanced peek into these big investors’ massive scale of buying and
selling that high-frequency traders lust after as it’s pure gold to
their bottom lines.
Both traders and short-term investors who invariably whirl in and out of
financial securities are victimized in that they end up paying a higher
price over a short window or limited time for what they buy. But for
long term investors, the impact is much less and not as dramatic on
their total returns since they don’t depend on quick returns.
Long-term investing has proved to be the most rewarding investment
strategy, come high- or low-frequency trading. What counts the most to
the long-term investors is the quality of earnings and attractive
fundamentals that drive revenues and profits. In most cases, their stock
portfolios spiral higher in the span of five years to 10 years, or
Unless the individual investors are short-term oriented or engage in
market timing, the impact of the higher-frequency trades on their
transactions are pretty much insignificant. And the small investors’
market behavior matters much less to the fast traders as their
transactions are miniscule compared with those of the large managers of
mutual funds, private and government pension funds and major activist
To repeat, front-running is old hat, but what’s new is the sudden
decision by government agencies such as the FBI, Securities and Exchange
Commission, and the New York Attorney General to suddenly launch
separate investigations to ferret out possible criminal behavior among
the fast traders.
One aspect of the probe is to detefmine whether these front runners are
in fact guilty of insider trading. No doubt it’s admirable that they
have started to probe into fast trading and its impact and legitimacy,
but one wonders where they have been all these many decades when
front-running has been among the most lucrative trickeries in the
The paramount question is what is enabling and abetting high-frequency
trading? A major source of data that the flash traders pounce on can be
traced to the major stock exchanges which in fact share such proprietary
material to high-frequency trading companies that aims to stay ahead of
everyone else in trading securities. If that source of premium
information that aren’t otherwise available to everyone else is plugged
or banned, a big part of the problem would be resolved.
It’s that simple. Simply stop the exchanges from sharing and deploying
such material information in violation of the privacy of investors.
Clearly, if there are areas of the market that need to be urgently
regulated, high-frequency trading is one of them.
So is the stock market rigged?
That’s a far-fetched assumption and difficult to prove — and a gross
exaggeration. But what’s clearly visible is that most investors continue
to make money from stock investing despite the market’s volatility.
Over the years, investors have made tremendous retuns from the market
powered by the persistent climb by the Dow Jones industrial average,
S&P 500-stock index, and NASDAQ.
True, there have been all kinds of market irregularities, illegal
trading and distortions, and crashes along the way. Insider trading, for
one, is singularly a dark side of the market that continues to bedevil
investors and the market.
But then again, if you track the market’s various major stock price
charts over these many years, they have all been on the rise and
climbing to new all-time highs – rigged or not.