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Forex focus: let's not kid ourselves about the pound - Daily Telegraph
With the the Olympics following hot on the heels of the Queen's Diamond Jubilee, he thinks UK consumers will start spending again. "Ticket sales alone for the Olympics are going to add 0.2pc to the GDP in the third quarter of the year. Things are set to get a lot better in the UK."
Simon Smith of FxPro is cautiously optimistic, pointing to the low yield on UK gilts and saying: "There's little doubt that the pound has benefitted from events in the eurozone. I would expect the pound to continue to appreciate vs. the euro as this effect continues, pushing EUR/GBP to new lows for the year."
However, many consider it is just a race for the bottom between the two currencies with the single currency definitely winning.
"We should be clear that this is not due to any inherent strength in the pound – just the euro's abject weakness," believes David Kerns of Moneycorp.
The pound is also being talked down. Christine Lagarde, head of the International Monetary Fund, has suggested the UK base rate should be cut further below its current record low of 0.5pc while the Bank of England is yet again considering pumping more money into the economy.
Jeremy Cook of World First thinks the Bank could bring in more quantitative easing as early as this month but he doesn't believe it will have much of an impact.
"We would prefer to see the Bank take on some form of 'credit easing' – the purchase of corporate debt as opposed to that of the government. The fact is that the liquidity that the banks are receiving is not making it through to businesses and consumers."
The UK certainly can't afford to be complacent and imagine we can get away with sitting on the sidelines.
Charles Purdy of Smart Currency Exchange says: "There is a great possibility that the UK could run into trouble. The UK has been masterful in its management of international investment sentiment as it convinces the international market to finance our debt at a fraction of the cost of that of Spain or Italy. If this changes then we are in the same position as the southern states of the eurozone."
And Smith adds: "The eurozone crisis is ultimately a banking crisis. We remain a nation still very much reliant on banking and financial services. Therefore, it can't be dismissed."
The situation in the eurozone is creating a vortex threatening to suck everyone into it. It is hoped that the drawn out debacle in Athens has bought sufficient time to work out how to limit the damage.
"Hopefully the time spent will have allowed the authorities to build up an adequate firewall to protect the other 16 members of the euro," says Alistair Cook of Currencies Direct. "If not, then we're in real trouble."
Trade Forex News in 5 Low-Risk Steps - Moneyshow.com
Step 4: Manage Orders
What if price comes down to open up our short position and then moves directly back to prior resistance to trigger us in a long position?
For traders in the United States, where first-in/first-out (FIFO) execution is the standard, it may close out our short position at a loss. So going into the trade, you have to know how you would want this situation handled.
If you would like the entry order to go long to be canceled as soon as the short position is entered (or vice versa), you can set a One Cancels Other, or OCO order. That way, when the short position is entered into, the long entry gets canceled. This can be done very easily from the FXCM Trading Station platform (and most every currency trading platform out there).
After all orders are entered, you can click on the tab for “Trading” on the platform, then choose “Orders,” followed by “Complex OCO.” Doing so will bring up the following box:
Initially, all entry orders will show in the top box. We can simply highlight the orders we want to be part of the OCO order (or clicking on “select all” will select all available orders), followed by the button below the top box and to the left for “Add.”
Step 5: Add Stops/Limits
Because we are anticipating volatility during a fast-moving environment, it benefits us to add proper risk management parameters in our trades.
We have to keep in mind that the number-one mistake forex traders make is risking too much to make too little. Despite lofty winning percentages, that type of inverse risk/reward ratio doesn’t allow for much long-term success.
Directly from the Traits of Successful Traders series compiled by DailyFX, David Rodriguez states:
“Traders are right more than 50% of the time, but lose more money on losing trades than they win on winning trades. Traders should use stops and limits to enforce a risk/reward ratio of 1:1 or higher.”
Because we have identified support and resistance previously when setting up our entry orders, we can look to place our stop on the other side of the range. So, for the short entry looking for breaks of support, stops can be placed slightly above resistance. And, for the long entry hoping for breaks of resistance, stops can be placed slightly below support.
Also, profit targets or limits should be, at minimum, 100% of that amount. If you are risking 50 pips on the trade idea, look for a minimum of 50 to make sure that is worth your time. Many traders will actually look for much more than the number of pips risked, seeking a much higher risk/reward ratio, such as 1:3 (50 pips risked, 150 pips sought) or even 1:5 (50 pips risked, 250 pips sought).
See also: Make Sure Risk/Reward Is on Your Side
By James Stanley, instructor, DailyFX.com
Forex: USD/CAD back to 1.0400 - FXStreet.com
Liverpool Manager Brendan Rodgers: Enough Money to Spend - ibtimes.co.uk
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Liverpool captain Steven Gerrard has, meanwhile, confirmed Werner's claim Rodgers was always first choice and confirmed also he had spoken to the new boss ahead of the appointment.
"I'm excited, I'm really looking forward to working with Brendan. We shared a phone call last night and I'm really looking forward to meeting him in person and getting started. What I can go on record and say is that Brendan was the first choice. I was in the loop all the way through the last few weeks with the Liverpool board and owners - and Brendan Rodgers was the first choice," ESPN quoted Gerrard as saying.
"When he was in the running for the job, I was speaking to the Chelsea boys and some of the players who had worked with him as well. They all spoke highly of him, said he was a good coach and a good guy: very honest and supports his players very well. That's all you ask for as a player," the England captain added.
Rodgers received praise from football pundits and fans across the globe last term for effectively deploying his positive, Barcelona-inspired tiki-taka style of play at Swansea's first season in the English top-flight and managing to finish 11th in the table.
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Forex: GBP/USD rebounds from session lows - FXStreet.com
Money Market Savings Account with Top Rate Offered by UFB Direct - Transworld News
Money Market Savings Account with Top Rate Offered by UFB Direct
Atlanta, GA 6/01/2012 03:04 PM GMT (TransWorldNews - Top Story)
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Money Market Savings Account with Top Rate Offered by UFB Direct
UFB Direct, a division of BofI Federal Bank, has recently launched their new money market account, a product that comes with one of the most competitive rates in the industry. UFB Direct has set their current rate, as of June 1, 2012, for account balances between $5,000 - $250,000 at 1.15% APY.
In addition to the high money market interest rate offered by UFB Direct, there are no monthly maintenance fees for accounts with a minimum $5,000.00 average daily balance. Along with their great rate UFB Direct provides money market account holders with a number of privileges to ensure their banking needs are met.
Opening a money market account through UFB Direct will afford you the opportunity to utilize Mobile Deposits- enabling you to deposit checks from anywhere, take advantage of free online banking with Bill Pay (limited), free mobile banking, email and text messaging alerts, access at no charge online images of checks and statements, make online transfers between your UFB Direct accounts, and many more perks.
The advantage that a money market savings account through UFB Direct holds over regular savings account is the top rate being offered by UFB. Most savings accounts can’t come close to matching the current 1.15% APY offered by UFB Direct, a rate that can produce significant returns for the account holder.
To learn more about the new money market account or any other products offered by UFB Direct visit the company website: www.ufbdirect.com
Money saving website sells for £87m - MSN UK News
Martin Lewis pledged to donate 10 million pounds to charity after agreeing to sell his MoneySavingExpert website
Personal finance journalist Martin Lewis has secured his own multimillion-pound fortune by agreeing the sale of his website for up to £87 million.
MoneySavingExpert.com, which was set up by Mr Lewis in 2003 and now sends a weekly email to around five million subscribers, is to be bought by price comparison website MoneySupermarket.
Mr Lewis, who is well known as a television pundit on money matters, will receive £60 million upfront in a mixture of cash and shares and a further £27 million conditional on meeting targets over the next three years.
He plans to donate £10 million to charity from the deal, including £1 million to Citizens Advice, while he will retain full control over the website.
According to Google Analytics, the MoneySavingExpert website attracted 39 million unique visitors and around 277 million page impressions in the year to October 31. It generated revenues of £15.7 million over the same period.
Mr Lewis said the deal, which needs the approval of MoneySupermarket shareholders, ensured the website would be around for many years to come.
He added: "MoneySavingExpert.com has become part of people's daily lives, far bigger than the man who founded it, and now is the right time for it to stand on its own two feet."
Mr Lewis said he chose Moneysupermarket because it is not owned by any product providers and had signed up to an editorial code which ensures the website's content will be free from commercial pressures.
He will stay as editor-in-chief for the next three years, with the help of Moneysupermarket's resources and the website's existing 42-strong staff.
"After that, the door is open for me to carry on, and I hope to do so, though perhaps with fewer hours than now, so I can spend more time on my media work and other projects I'm passionate about. These include getting financial education on the curriculum," Mr Lewis said.
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