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Forex Trading Update - G7 pressures China to Make Currency More Flexible
Forex Trading Update - China came under renewed pressure today by G7 nations to make it's currency more flexible. Source: Bloomberg. Canadian Finance Minister Jim Flaherty yesterday said: ``We need to see more flexibility in the Asian currencies''.
An official said the group will issue a statement later today which repeats exchange rate flexibility in China would be ``desirable.''
G7 Meetings and statements have been closely watched by forex traders since the 1985 Plaza Accord in New York, where ministers of the largest economies called for a weaker dollar, stronger yen and higher deutsche mark. Those words sparked a three-year slide in the U.S. currency, which the group tried to halt in 1987 when they met at the Louvre in Paris.
Click here for the whole article: G7 pressures China to Make Currency More Flexible
It would be interesting to see what happens this weekend. Definitely we will see some moves after the G7 meeting. It will be a fun Monday morning for forex trading.
What's your opinion? A dollar fall and asain currencies rise like the we had in April Or...
will GBP going to 2.xxx ?
I need to know your long term analytics ....
will GBP going to 2.xxxx ?
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EUR/USD on historical minimum
EUR/USD was falling till absolutely historical minimum. Do dollar stop decline?
We will test 1.39 tomorrow, i suppose
aur going up to new level
is eur/usd going uo to 1.40 level.and turning down after this point ?.
Media/Market Specutaltion Index
I am since a while on this forum but I am not posting a lot. ok. Very shortly about me: I am a PhD student writing my thesis in communication science and analyzing central banks communication. At the same I am an active forex trader. In frames of my PhD work I am introducing a new sentiment index which is supposed to be predictive. I put a short description here from my blog:
"As promised in previous posts I am going to put my new index on this blog. I think that the index requires a small explanation what is the idea behind and how it works.
What?: the Media Speculation Index (MSI shortly) is a part of my PhD work - it is something very new and in a testing phase. As I am working in a communication science I use a quite new approach to measure the market sentiment. I am a believer of the theory that the sentiment of buyers and sellers are one of the most important market forces which affects price action almost every minute and on every tick.
I have studied different available sentiment indicators and have found them to be not reliable for the short term (intraday traders). Therefore I was forced to create a new indicator for this exact trading style.
Why Media Speculation?: because this index measures where the sentiment of most important media sources like Wall Street Journal, Financial Times, Economist, Forbes etc and it is based on the assumption that in these media sources are represented expectations, decisions, fears and hopes of most important market players.
What does it measure? In the future this index will be applicable to every currency pair or to every market product but currently I can use it only for EURUSD pair because of limitations in time (I am working alone on this and cannot conduct daily research for many indices).
How does it measure: MSI is based purely on qualitative content analysis.
How to read it: the initial starting point for the index is zero. It can move up or down that means it can go in plus or in minus - that is reach plus 500 pints or more or minus 500 points or less. Minimal rising pint is 0.1 and minimal falling pint is -0.1. It has no up or down limits. MSI can move 100 points up or down in a single day.
Why you need it: MSI is planned to be a price action forecasting tool, it is non lagging indicator.
How to interpret it: for exact methods of interpretation more empirical research is needed. Today I can say this: When MSI moves strongly up price action will be bullish and when it moves strongly down price action is expected to be bearish. If its moves are not strong in comparison with other days then market is expected to be range bound.
I will put first forecasts tomorrow. Please use it as a sentiment took for the market monitoring and not as only tool for the trades. It is very "beta" thing and only in the testing phase. And in this phase lot of unexpected things can occur."
ok that is all. I will appreciate your suggestions and will be happy for the new ideas.
Please note that this is not some commercial announcement. The index is completly free to use. Updates of index are available here:
If you have some questions I will answer them on this forum.
To moderators: if some parts of this post violate certain forum regulations please remove it.
Thanks for share your indicator here...what currency do u focus in ?
Hello there. As said above I am currently analyzing only EURUSD. The indicator is universal, it can be used for every pair but it cannot be automatized or mechanized that is why the intercoder is always needed.
Watching out for the BIGDOGs
on the 5th of frb it was released that the BIGDOGs are long on gbp and short yen well i take a long on gj at 208.55 looking at a probability of 220.00 then 240.00
and ask for more