US Dollar Mostly Down in European Trading

US dollar mostly down, gold higher in European afternoon trading

The U.S. dollar was mostly lower against other major currencies in European trading Monday afternoon. Gold rose.
The euro traded at $1.4205, up from $1.4067 late Friday in New York.

Other dollar rates:
--90.21 Japanese yen, down from 90.38

--1.0438 Swiss francs, down from 1.0675

--1.2163 Canadian dollars, down from 1.2221

The British pound was quoted at $1.4571, down from $1.4677.

Gold traded in London at $880.25 per troy ounce, up from $836.75 Wednesday. That market had been closed on Thursday and Friday for the Christmas holidays.

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Japanese Yen May Strengthen On Declining Global Outlook

Fundamental Outlook for Japanese Yen: Bullish

- Industrial Production Fell 8.1% in November, Which Was the Fastest Pace in 55 Years
- Inflation Slowed To 1% From 1.7% in November
- Japanese PMI Fell To 30.8 from 36.7, Which Was the Lowest Since Records Began In 2004

The Japanese Yen lost ground to the dollar for the first week in two months as Japanese fundamental data signaled that the economy is headed into a prolonged recession. Indeed, industrial production declined 8.1%, which was the fastest pace in 55 years. Additionally, the record low PMI reading of 30.8 leaves little hope that activity in the world’s second largest economy will rebound in the near-term as companies continue to pull back in the face of a recession. The release of the BoJ minutes revealed that the committee had discussed taking on credit risk a month before they started buying short-term debt following their announcement of a 0.2% rate cut. Policy makers stated that the increasing difficulty of Japanese companies to obtain credit due to “deteriorating markets” forced them to take further action. Yesterday, Bank of Japan policy board member Hidetoshi Kamezaki said officials may consider “extraordinary steps” to improve access to funding for companies.

The USD/JPY would rise to as high as 91.30 last week where it ran into resistance at the 20-day SMA. The failure to break above the short-term technical indicator may be a sign that investors are still reluctant to abandon their Yen long positions. The deteriorating fundamentals globally have increase fears that the current global recession will continue to deepen which remain a dampening factor on risk appetite. The lack of Japanese economic data on the docket and the New Year will leave many traders on the sidelines setting up for another week of low volume. However, we could see bargain hunting and year end buying fuel a bout of risk appetite. Where a break above the 20-day SMA may lead to a change in bias and further Yen losses.

[Partnership With ForexGen]

ForexGen offers three types of business partnerships:

*Introducing Broker
*White label
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ForexGen Introducing Brokers, White Label and Money Manager holders are recognized as a strategic business partners. The main focus of our service is to satisfy our partner's needs in order to deal with a qualified service and gain a huge income sharing plan.

[ForexGen] provide appropriate services satisfying the needs of all business partner's specified situation and requirements.

Getting Started with Your Practice Account

The best way for newcomers to get a handle on what currency trading is all about is to open a practice account.

Almost every forex broker offers a free practice account to prospective clients; all you need to do is sign up for one on the broker’s Web site. Practice accounts are funded with “virtual” money, so you’re able to make trades with no real money at stake and gain experience in how margin trading works.

Practice accounts give you a great chance to experience the forex market. You can see how prices change at different times of the day, how various currency pairs may differ from each other, and how the forex market reacts to new information when major news and economic data is released. You also can start trading in real market conditions without any fear of losing money, experiment with different trading strategies to see how they work, gain experience using different orders and managing open positions, improve your understanding of how margin trading and leverage work, and start analyzing charts and following technical indicators.

Practice accounts are a great way to experience the forex market up close and personal. They’re also an excellent way to test-drive all the features and functionality of a broker’s platform. However, the one thing you can’t simulate is the emotion of trading with real money. To get the most out of your practice-account experience, treat your practice account as if it were real money.

[ForexGen Live Accounts Contest]

Trade, Compete, and Win - Begins the 1st of Every Month!


ForexGen has the pleasure to announce the launching of its first monthly Live Accounts contest,
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this is a live trading [competition] open for all live mini account holders. At the beginning of each month, the slate is wiped clean and traders have a new opportunity to win the monthly prizes.

What makes this contest unique?

All prizes are CASH prizes with no restrictions on withdrawing the prize money! How Do I Enter?
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An individual who is responsible for the entire financial portfolio of another individual or another entity. A money manager receives payment in exchange for choosing and monitoring appropriate investments for the client.

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US Dollar Mixed in Europe

US dollar mixed, gold down in European afternoon trading

The U.S. dollar was mixed against other major currencies in European trading Tuesday afternoon. Gold fell.

The euro traded at $1.3962, down from $1.3990 late Monday in New York.

Other dollar rates:

--90.53 Japanese yen, up from 90.21

--1.0857 Swiss francs, down from 1.0930

--1.2160 Canadian dollars, down from 1.2187

The British pound was quoted at $1.4736, down from $1.4830.

Gold traded in London at $843.50 per troy ounce, down from $849.00 late Monday.

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1. Lowest spreads in the market with 0-1 pips in 10 pairs, no commissions, no swaps and instant account Activation.
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Moody's Revises Penske Automotive's Rating Outlook

Moody's revises Penske Automotive Group's rating outlook, reflecting auto sector's woes

Moody's Investors Service on Monday revised Penske Automotive Group Inc.'s rating outlook and placed two other auto companies' ratings on review for possible downgrade amid continued challenges facing car companies.
Moody's revised Penske Automotive's rating outlook to "Negative" from "Stable," reflecting worsening trends in automotive retail sales. These trends are expected to persist next year in the U.S. and U.K. for the automotive retailer, Moody's said.
"Penske's product mix does include a high proportion of luxury brands, and we are concerned that revenues could be adversely impacted as higher income and aspirational consumers show greater restraint in their spending in the current recessionary environment," Moody's said.
Shares of Penske declined 33 cents, or 4.5 percent, to $7.15.

Separately, Moody's placed Asbury Automotive Group Inc.'s "B1" corporate family and probability of default ratings on review for a possible downgrade, sending shares of the new and used automobile retailer down 61 cents, or 13.1 percent, to $4.06.
Moody's said Asbury's operating performance deteriorated in the third quarter, and prospects remain soft for at least the next year.
Moody's also placed Sonic Automotive Inc.'s "Ba3" corporate family and probability of default ratings on review for a possible downgrade, saying Sonic's credit metrics "will likely continue to deteriorate for the balance of 2008 and into 2009."
Shares of the auto retailer retreated 58 cents, or 14 percent, to $3.55.

Elsewhere in the automotive sector on Monday, Toyota Motor Corp. cut its earnings forecast and warned it will post an operating loss for the fiscal year through March.
That would mark the Japanese automaker's first loss since it started reporting results in 1941 and follows last week's news that General Motors Corp. and Chrysler LLC received a $17.4 billion lifeline from the federal government to ward off a major bankruptcy.

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The live/real account is provided to those clients who may have some experience in the online trading.


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The Engine of Democracy Coalition Praises Bush Decision To Provide Auto Bridge Loans

The Engine Of Democracy, a coalition of organizations representing more than 6 million jobs related to the American automotive industry, applauds the Bush Administration for its decision to provide $17.4 billion in loans to General Motors and Chrysler to provide a bridge across the global economic crisis and to provide continuation of jobs for millions of Americans.
The auto industry is a major part of the economic fabric of the United States. Almost 4 percent of U.S. gross domestic product is auto-related and represents 10 percent of U.S. industrial production by value. Ford, GM and Chrysler account for 60 percent of U.S. production and support more than 6 million jobs across all 50 states and the District of Columbia.

“This loan gives all those working in the auto industry – line workers, parts suppliers, dealership mechanics, dealers – hope that they will continue to be able to earn a living for their families,” said Carl Galeana, an automobile dealer in several states and a coalition organizer. “This loan, while it gives the automakers time to restructure, is really about addressing the needs of Main Street and the ability to help the auto industry move our nation’s economy forward.”
According to Driving the Future: The New American Auto Industry by The Automotive Trade Policy Council, the U.S. auto industry invests $10 billion in this country in plants and equipment each year. In addition, the U.S.-based auto industry is second only to the semiconductor industry in R&D spending – $12 billion last year alone, the study said.

“The supplier community plays a pivotal role in automotive research and development, much of which is to continue to develop fuel-efficient vehicles the American public and the world demands,” said Neil DeKoker of the 400-member Original Equipment Suppliers Association. “The loan will allow that research to continue and help make the U.S. a leader in alternative and renewable energy development.”
“We certainly agree that the President has made a monumental decision to support an industry that is vital to America’s future,” said Tim Leuliette, president and CEO of DURA Automotive Systems and a co-founder of the Engine of Democracy. “This relief establishes a foundation of security for the millions of Americans who’s very livelihood is driven by the success of American automobile manufacturing. Providing this immediate injection to liquidity was essential to avoiding a further collapse of an industry that continues to weather a global economic crisis.”

[ForexGen Introducing Brokers]

Introducing Brokers may be individuals or institutions who gain their income from the commissions and/or rebates by introducing customers to ForexGen trading.


WHAT are the advantages of being an INTRODUCING BROKERS with ForexGen?

* Providing the most huge income sharing plan
* Providing several ways for our IB's to charge commission.
* ForexGen IB can also charge commission for each lot the traders execute.
* Moreover, ForexGen IB is able to increase the spread for all or certain clients and have ForexGen Investments rebate the difference.

In case the IB does not increase the spread or charge their clients a commission, ForexGen rebate the IB a minor predefined amount for every client's executed lot.
Commission is paid out every month.

Individualized service

[ForexGen] offers our IB's individualized service created according to the individual needs and specified business situation for each IB.
Our Introducing Broker program provides a highly organized program for individualized services and organizations in order to introduce their clients to the online foreign currency exchange market, moreover they will enjoy the benefits of being a part of the ForexGen family.

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Forex Sentiment Accurately Forecasts Massive Swiss Franc Rally

USD/CHF Ratio: 1.06
Signal: Bearish

USDCHF – Recent US Dollar/Swiss Franc price action is a testament to the effectiveness of Speculative Sentiment Index-based currency forecasts. Forex trading crowds had remained heavily net-short the USD/CHF since July, and the pair went on to mount an impressive multi-month rally. Most recently, that same crowd capitulated and actually went net-long the USD/CHF near the 1.2000 mark. The US Dollar subsequently went on to post its biggest monthly loss against the Swiss Franc in history—incredible by any standards. Looking to very short-term trading, the crowd is currently net-short the pair, with short positions outnumbering longs by 1.08 to 1. Such a flip gives us reason to look for a reversal, but a sharp drop in open interest gives us little conviction in our forecast.

[ForexGen Academy]


If you are an experienced ‘FOREX’ Trader or just a beginner looking for the opportunities offered in the ‘FOREX’ market, [Forexgen] has created ForexGen Academy to give you the chance to get a ‘FOREX’ education and improve your trading skills. No hard expressions, no buzz words, and no rocket science language are used throughout these lessons.
How to Get Started?

People are introduced to the exciting world of foreign exchange in many ways: friends, current events, newspapers, television, and many others. For those of you who are new to forex, the following guidelines cover the basics of currency trading.

also do you Know ForexGen Lowest spreads in the market with 0-1 pip spread in 10 pairs, no commissions, no swaps and instant account Activation.

Ways To Make you a Successful Trader

16 Way To make you a Successful Trader :

1. Trade with pairs, not directional with currencies – More importantly, trade pairs that have a direct negative or positive correlation. There are only a few pairs that have this relationship; however, it drastically reduces your risks.

2. Gain a Basic Understanding - When starting out trading forex online, it is essential that you understand the basics of this market in order to make the most of your investments. There are some resources available that will give you a basic overview, so you don’t have to waste time doing the research yourself and trying to decipher what is right or wrong

Although there are lots of forex strategies, unequivocally, the main forex influencer is global news and events. For example, say an ECB statement is released on European interest rates which typically will cause a flurry of activity. Most newcomers react violently to news like this, close their positions, and subsequently, miss out on some of the best trading opportunities by waiting until the market calms down. The potential in the forex market is in the volatility, not in its tranquility. By using the right margins and leverage, you can position yourself to benefit in both good times and bad times.

3. Unambitious trading - Many new traders will place very tight orders in order to take very small profits. This is not a sustainable approach, because although you may be profitable in the short run (if you are lucky), you risk losing in the longer term as you have to recover the difference between the bid and the ask price before you can make any profit. This is much more difficult when you make small trades than when you make larger ones, which is why 95% of the newbie forex traders lose everything in the first 90 days.

4. Over-cautious trading - Like the trader who tries to take small incremental profits all the time, the trader who places tight stop losses with a retail forex broker is doomed. As we stated above, you have to give your position a fair chance to demonstrate its ability to produce. If you don't place reasonable stop losses that allow your trade to do so, you will always end up undercutting yourself and losing a small piece of your deposit with every trade.

5. Independence - If you are new to forex, you will either decide to trade your own money or to have a broker trade it for you. So far, so good. But your risk of losing increases exponentially if you do either of these two things:

• Interfere with what your broker is doing on your behalf (as his strategy might require a long gestation period);
• Seek advice from too many sources - multiple input will only result in multiple losses. Take a position, ride with it, and then analyze the outcome - by yourself, for yourself.

The best scenario is to utilize a system where you are in control of your money. With a good system, you will spend two or three hours getting up to speed and setting up your initial market position. After all, the system will do all the work for you, so you will only need to spend 15 – 20 minutes per week managing your account.

6. Tiny margins - Margin trading is one of the biggest advantages in trading forex, as it allows you to trade amounts far larger than the total of your deposits. However, it can also be dangerous to novice traders, as it can appeal to the greed factor that destroys many forex traders. The best guideline to follow is to increase your leverage in line with your experience and success.

7. No strategy – quite simply with no strategy, you have no plan or map to reach your investment goals. You may get lucky, but sooner or later, you will lose your money, so start off on the right foot, and develop a strategy that is proven to work. If you have no clue where to start, go here.

8. Trading Off-Peak Hours - Professional FX traders, option traders, and hedge funds posses a huge advantage over small retail traders during off-peak hours (between 2200 CET and 1000 CET), as they can hedge their positions and move them around when there a far smaller trade volume is going through (meaning their risk is smaller). The best advice for trading during off peak hours is simple - don't.

9. The only way is up/down - When the market is on its way up, the market is on its way up. When the market is going down, the market is going down. That's it. There are many systems which analyze past trends, but none that can accurately predict the future. But if you acknowledge to yourself that all that is happening, you can incorporate a strategy that always allows you to benefit in either direction the market is flowing. The simple concept of buying low and selling high – never selling low.

10. Trade on the news - Most of the really big market moves occur around news time. Trading volume is high, and the moves are significant; this means there is no better time to trade than when news is released. This is when the big players adjust their positions, and prices change, resulting in a serious currency flow.

11. Don't trade too short-term - If you are aiming to make less than 20 points profit, don't undertake the trade. The spread you are trading on will make the odds against you far too high.

12. Don’t Try to Outsmart the Market; it won’t happen – Keep your trading simple. Don't over-analyze all day and never make a trade, or you will miss opportunities. Follow your plan, which should consist of strategies for when your currency pairs are up or down.

13. Tops and Bottoms - There are no real "bargains" in trading foreign exchange. Trade in the direction the price is going in, and you're results will be almost guaranteed to improve.

14. Ignoring the technical indicators - Understanding whether the market is over-extended long or short is a key indicator of price action. Spikes occur in the market when it is moving all one way.

15. Emotional Trading – Without a trading plan and strategy, you're trades are essentially only thoughts, and thoughts are emotions, which is a very poor foundation for trading. Most of the time, when we are upset and emotional, we don't tend to make the wisest decisions. Don't let your emotions cause you to lose money.

16. Confidence - Confidence comes from successful trading. If you lose money early in your trading career, it's very difficult to regain it; the trick is to learn the business before you trade. Remember, knowledge is power.
The basic fundamentals included in both parts of this report will help you to get started on the right foot and will provide a good solid foundation that will allow both you and your profits to grow.

[ForexGen Services]

Client Services

• Customer Support
• Trading Support

ForexGen Partnership

ForexGen offers three types of business partnerships.

* [Introducing Broker]
* [White Label]
* [Money Manager]

ForexGen Introducing Brokers ,White Label and Money Manager holders are recognized as a strategic business partners. The main focus of our service is to satisfy our partner's needs in order to deal with a qualified service and gain a large income sharing plan.

[ForexGen] provides appropriate services satisfying the needs of all business partner's specified situation and requirements.

Forex Traders Push US Dollar to Key Support - Is the Correction Over?

The US Dollar has been punished by heavy selling pressure in recent days. The US Dollar Index, an average of the greenback's value against six top currencies, has now retraced 50% of the most recent leg of the rally starting in late September (see chart below). Support is being reinfoced by a key upward-sloping trend line that has guided USD higher since the multi-year down trend changed gears at historic lows in mid-July. This will be a formidable hurdle for US dollar bears to overcome, with any signs of exhaustion in downward momentum in the coming days opening the door for USD bulls to add to existing positions or initiate new ones.

US Dollar Index - Daily Chart


















[ForexGen Live Accounts Contest]

Trade, Compete, and Win - Begins the 1st of Every Month!


ForexGen has the pleasure to announce the launching of its first monthly Live Accounts contest,
This is NOT a demo contest

this is a live trading [competition] open for all live mini account holders. At the beginning of each month, the slate is wiped clean and traders have a new opportunity to win the monthly prizes.

What makes this contest unique?

All prizes are CASH prizes with no restrictions on withdrawing the prize money! How Do I Enter?
You don't have to pay any fee to enter this contest, all [ForexGen] mini Accounts with a balance of "$1000" and a default leverage of 1:200 are entitled to participate in this contest upon their account holder request by sending an e-mail request on live.contest@forexgen.com

For more information about our current and future promotions, kindly contact one of our customers support agents at promotions@forexgen.com

Wyoming, Montana Ski Resorts Adjust to Economy

Ski resorts in Wyoming and Montana see downturn in bookings; answer with deals

Wyoming and Montana ski resorts are rolling out deals to counter hard economic times that are cutting into their advance bookings.

Skiers heading to the three ski resorts in the Jackson Hole region of northwest Wyoming can get a free airline ticket with the purchase of three airfares.

The Whitefish Mountain Resort in northwest Montana is offering rental condos for half price through January.

Incentives are being offered at other resorts as well.

"I think what makes this year different is, of course, the economy, and the concern that people are really going to cut back on travel spending and so the packages this year are much more aggressive," Tim O'Donoghue, executive director of the Jackson Hole Chamber of Commerce.

Nationwide, early sales and reservations figures for some destination ski resorts suggests the economy is putting a crimp on the $6 billion ski industry.

At Jackson Hole, Wyoming's leading destination ski area, advance bookings for December were off about 30 percent to 50 percent from last year, O'Donoghue said.

However, the trend lately is for people to book ski trips closer to the time when they actually travel, he said.

"The well-informed, experienced skiers are waiting longer to see what deals are available," O'Donoghue said.

Donnie Clapp, spokesman for Montana's Whitefish resort, said advance bookings were down less than 10 percent.

"We're feeling pretty good about it," Clapp said.

Whitefish received a big boost when it landed a group trip that is bringing some 420 college students from California.

"They usually go somewhere different every year," Clapp said. "They chose us this year."

There's encouraging signs for Jackson Hole, too.

Enplanements of air travelers is down only 16 percent, and reservations at Jackson Hole Mountain Resort's ski school and for private lessons are running about the same at last year.

In addition, Jackson Hole Mountain Resort is debuting a new, $32 million aerial tram next weekend that can carry up to 100 skiers in a car at a time. It is one of the few U.S. ski resorts with a large aerial tram.

"In the ski world it's big news," resort spokeswoman Anna Olson said.

But the key to any ski resort, in good economic times or bad, is the amount of snow on the hills.

Grand Targhee Resort in the Jackson Hole area was one of the few U.S. resorts to have all its lifts and terrain open by last Friday thanks to plentiful snowfall.

"Travelers will go skiing and snowboarding if the snow is there -- hands down despite what the economy is doing," Grand Targhee spokesman David Hudacsko, said.

[Partnership With ForexGen]

ForexGen offers three types of business partnerships:

*Introducing Broker
*White label
*Money Manager

ForexGen Introducing Brokers, White Label and Money Manager holders are recognized as a strategic business partners. The main focus of our service is to satisfy our partner's needs in order to deal with a qualified service and gain a huge income sharing plan.

[ForexGen] provide appropriate services satisfying the needs of all business partner's specified situation and requirements.

Fed Mulls Interest Rate Cut, Maybe To All-Time Low

Fed ready to slash key interest rate, perhaps to all-time low, to halt downward spiral

With the country spiraling deeper into recession, the Federal Reserve is ready to slash its key interest rate -- perhaps to an all-time low-- in hopes of cushioning some of the economic fallout felt by many struggling Americans.

To battle the worst financial crisis since the 1930s, Fed Chairman Ben Bernanke and his colleagues already have ratcheted down their main lever for influencing the economy -- the federal funds rate -- to 1 percent, a level seen only once before in the last half-century.

The Fed opens a two-day meeting Monday to assess to economy and decide its next move on rates. Another reduction to the funds rate, the interest banks charge each other on overnight loans, is all but certain to be announced Tuesday.
Many economists predict the Fed will cut its rate in half -- to just 0.50 percent. A few think the Fed could opt for an even more forceful action -- lowering rates by a whopping three-quarters percentage point or more. If that larger cut occurs, it would be the lowest on records that track the monthly average of the targeted funds rate going back to 1954.
Even an aggressive rate reduction won't turn the economy around, analysts said.
"It is not so much going to give the economy a big push forward. It's more a case of trying to help the economy from being pushed further backward by all these negative events," said Stuart Hoffman, chief economist at PNC Financial Services Group.
However deeply the Fed decides to cut rates, the prime rate -- now at 4 percent -- for many consumer and small-business loans would drop by a corresponding amount. The prime lending rate is used to peg rates on home equity loans, certain credit cards and other consumer loans. Cheaper rates could give pinched borrowers a dose of relief.

The goal of lower borrowing costs is to entice people and businesses to spend more, which would revive the flat-lined economy. So far, though, the Fed's aggressive rate reductions have failed to lift the country out of a recession that started last December.
Clobbered by the financial crisis, worried banks have hoarded their cash and been extremely reluctant to lend money to customers. Fearful consumers, watching jobs vanish and their investments tank, have sharply cut back their spending, including big-ticket purchases like homes and cars that typically involve financing.
The negative forces have fed off each other, creating a vicious cycle that Bernanke and Treasury Secretary Henry Paulson have been desperately trying to break.
To unlock lending and get financial markets to operate more normally, the U.S. has resorted to a string of radical actions, including a $700 billion financial bailout where the government is making cash injections in banks in return for partial ownership stakes.
In terms of rate cuts, the Fed is getting ever closer to running out of ammunition.

It can lower the funds rate only so far -- to zero. Even if that were to happen -- a point of debate among economists -- the prime rate would fall to 3 percent but no lower.
Against that backdrop, Bernanke says the central bank is exploring other ways to stimulate the economy.
The Fed could buy longer-term Treasury or agency securities on the open market in substantial quantities, Bernanke says. This might lower rates on these securities and help spur buying appetites.
Another option the Fed has mulled: issuing its own debt, which would give the central bank cash and more flexibility to battle the financial crisis. To do that, however, the Fed would need new powers from Congress.
"The Fed wants to show that it has tools and options and is not out of tricks because interest rates are very low," said Michael Feroli, economist at JPMorgan Economics. "The problems holding back the economy are fairly long lived in nature."

To combat the financial crisis, the Fed already has created first-of-its-kind programs, such as getting cash directly to companies by buying up mounds of "commercial paper," the short-term debt firms use to pay everyday expenses such as payroll and supplies.
It also recently launched massive programs to boost the availability of consumer credit, including that for cars, student loans, homes and credit cards. The Fed also is making loans to banks, is providing a financial backstop to the mutual fund industry, and has injected billions of dollars in financial markets here and abroad.
The Fed could opt to expand programs by enlarging loans it's now making, providing loans to other types of companies, or buying more and different types of debt. The Fed's balance sheet has ballooned to $2.2 trillion, from close to $900 billion in September, reflecting some of those other activities to get credit flowing again.
Even with all the bold moves, the economy continues to sink deeper into despair.
Skittish employers axed 533,000 jobs in November alone. That drove the unemployment rate up to 6.7 percent, a 15-year high.
Since the start of the recession, the economy has shed nearly 2 million jobs. Analysts predict another 3 million more will be lost between now and the spring of 2010.

Last week alone, Bank of America Corp., tool maker Stanley Works and Sara Lee Corp., known for food brands such as Jimmy Dean and Hillshire Farm, announced job cuts.
General Motors Corp., Chrysler LLC and Ford Motor Co., meanwhile, are fighting for their survival. GM and Chrysler have said they're in danger of running out of money within weeks. The White House is exploring new ways to help Detroit after rescue efforts collapsed in Congress.
With the employment market eroding and consumers retrenching, the economy could stagger backward at a shocking 6 percent rate in the current October-December quarter, analysts predict. It shrank at a 0.5 percent pace in the third quarter.
President-elect Barack Obama is advocating an economic recovery plan that includes spending on big public works projects to bolster jobs. His plan also includes tax cuts to spur consumers to spend more and businesses to step up investment and hiring.
Americans are sorely feeling the toll of the housing, credit and financial crises.
Households' net worth fell 4.7 percent in the third quarter to $56.5 trillion as people watched the value of their homes and investments tank. It marked the fourth straight quarterly decline, the Fed said.

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Retail Sales, Fraud Case Worsen Auto Bailout Flop

Uncertainty over a bailout of U.S. automakers, and declining U.S. retail sales added new headaches for the world's financial stewards, already overwhelmed by recession, tight credit markets and a debilitated White House.

Meanwhile Wall Street was coping with the shock waves of a suspected $50 billion fraud that may rank as one of the biggest ever, Japan weighed a currency intervention, OPEC debated production cuts and Europe agreed to a 200 billion euro ($268 billion) stimulus package.

"This is ugly and getting uglier," Peter Kenny, managing director at Knight Equity Management in New Jersey, said on Friday.

"Pick your poison. Do you want to talk about autos, or some of the macroeconomic data we've had coming out or do you want to talk about Madoff? If there's something positive here, share it with me. I see nothing here that is going to give anyone any reason to buy the market."

Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday. The former chairman of the Nasdaq Stock Market also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses.

The U.S. Senate late on Thursday failed to enact a $14 billion auto bailout previously approved by the House of Representatives.

That prompted concerns that one of the last bastions of the U.S. manufacturing base could be forced into bankruptcy or collapse, jeopardizing millions of jobs and having repercussions worldwide.

General Motors Corp and Chrysler LLC had sought billions of dollars in immediate aid to avert collapse, while Ford Motor Co wanted a hefty line of credit.

'BAD CHRISTMAS'

"It's going to be a very, very bad Christmas for a lot of people," said U.S. Senate Majority Leader Harry Reid, a Democrat who favored the bailout. "I dread looking at Wall Street tomorrow. It's not going to be a pretty sight."

The Bush administration warned that the U.S. economy could not withstand such a collapse and said it might be willing to provide emergency funding to rescue the industry, possibly from the $700 billion financial bailout fund known as TARP.

That prevented a precipitous drop on Wall Street. The Dow was down 0.9 percent and the S&P 500 was off 0.7 percent.

Tokyo's Nikkei average fell 5.6 percent after Japan expanded a fiscal stimulus plan and bolstered a war chest for bank rescues to $131 billion. (nT91372)

But Tokyo kept markets guessing on whether it would intervene to stop a surging yen from pushing the economy deeper into recession.

European stocks were down 2.6 percent after European Union leaders sealed the 200 billion-euro stimulus package, which had exposed deep differences between Britain and Germany.

The euro zone clearly needs a boost -- data on Friday showed industrial output dived 5.3 percent year-on-year in October.

The United States was then hit by additional troubling indicators when retail sales fell for the fifth straight month and producer prices dipped 2.2 percent, raising the specter of deflation.

Even China has been unable to avoid damage.

Beijing launched a 4 trillion-yuan ($586 billion) stimulus plan on November 9 and followed up on Wednesday with a pledge after a strategy meeting to ramp up public spending and cut taxes.

Senior officials were confident of hitting 8 percent growth in 2009 -- the rate deemed necessary to create enough jobs for the millions joining the workforce each year.

Others disagree. The World Bank forecasts 7.5 percent growth next year; Goldman Sachs expects a rate of just 6.0 percent.

The good news for consumers was falling oil and commodities prices.

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Euro Falls Slightly Against Dollar

Euro falls slightly against dollar as investors anticipate interest rate cuts

BERLIN (AP) -- The 15-nation euro fell slightly against the U.S. dollar as markets anticipated rate cuts from both the European Central Bank and the Bank of England later Thursday.

In morning European trading the common currency bought $1.2620, down from $1.2655 late Wednesday in New York.


The British pound fell to $1.4599 from $1.4722 yesterday, while the dollar weakened slightly to trade at 93.08 Japanese yen from 93.09 yen in New York.

Both the ECB and the Bank of England are expected to cut their interest rates when they meet Thursday.

Though lower interest rates can jump-start an economy, they often weigh on its currency as traders transfer funds to countries where they can earn higher returns.

"Aggressive cuts are widely expected by both parties and this has been factored into prices so look for volatility initially if we don't see the anticipated 100 point cut in the U.K. and a 50-point cut in the euro zone," said James Hughes at CMC Markets. "However, it's worth bearing in mind that some speculation is circulating that an even softer stance could be adopted and this would certainly end up weighing on the respective currencies if it proves to be the case."

Many observers think the ECB will reduce its benchmark rate by half a percentage point to 2.75 percent -- though some are predicting it will cut it by three quarters of a point.

"Just a 50 basis point rate cut by the ECB should be mildly disappointing for markets, although investors would refrain from selling heavily the euro ahead of a new shocking jobs report in the U.S. tomorrow," said a statement from Milan-based UniCredit.

The Bank of England is expected by many to lower its rate by a whole percentage point to 2.00 percent, which would be equal to its lowest level since the bank was founded in 1694.

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Post of The Day USD/CAD

Question:
Here we can see a Double Top occurring on the USD/CAD chart. The MACD indicator shows the first peak, but gets nowhere near on the second peak. This to me indicates that the trend will turn and shows a good time at which to sell.






















Power Course Instructor’s Response:

Well done...

This is a dramatic example of divergence on this USDCAD pair. Coupled with a double top, this would be a solid indication of a potentially bearish move. It may not be an all out change in the trend, but, as can be seen on the chart, a pullback of several hundred pips did occur after the double top.

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Australian Dollar Technical Outlook

There remains potential for a large recovery back to the mid .70s given the 5 wave drop from the top (waves a and b of an a-b-c correction would be close to complete).

Bulls may attempt to ‘pick’ this bottom given that the AUDUSD has held above the October low.

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China Currency Issue Heating up on Eve of US talks

A decline in the Chinese currency's value against the U.S. dollar after months of hovering in a narrow range is threatening to bring the long-simmering issue to full boil as U.S.-China economic talks get under way in Beijing.
In Washington, U.S. Treasury Secretary Henry Paulson said Tuesday that Beijing must keep letting the yuan rise against the dollar to help ease trade tensions with the United States.

Signaling potential for a renewed tensions over the issue, the state-run newspaper China Daily ran a front-page article Wednesday morning headlined: "US urged not to harp on currency issue at talks."
It cited analysts arguing that Beijing might need to devalue the yuan, thus making goods made in China cheaper, to help its exporters weather the global recession.

"Pushing for a rising yuan now will be a lose-lose move for both China and the U.S.," the China Daily cited Zhou Shijian, a researcher at Beijing's prestigious Tsinghua University, as saying.
He said China would prefer to see the high-level talks Thursday and Friday in Beijing, known as the Strategic Economic Dialogue, focus on cooperation in energy and the environment.

The Chinese yuan was at 6.8783 late Wednesday in Shanghai. It closed last Friday at 6.8254 but jumped to above 6.88 Monday last Friday. The currency last traded above 6.8800 in June, and had hovered near 6.8300 in recent months after advancing against the dollar earlier in the year.
American manufacturers have long contended that the yuan is undervalued, giving Chinese companies an unfair edge and contributing to the record trade gap between the two countries. President-elect Barack Obama has said he will pressure Beijing to end what he calls the manipulation of its exchange-rate system.

China keeps the yuan trading in a relatively narrow range against the U.S. dollar, saying it needs to keep its currency stable while gradually loosening controls. It gained points with its neighbors for refraining from devaluing the yuan during the Asian financial crisis of the late 1990s.
Propping up exports runs counter to Beijing's policy of focusing on stimulating domestic demand. But the failure of thousands of factories hit by a slump in demand for Chinese-made products has raised worries over politically sensitive job losses.

Before this week's abrupt decline, the yuan had risen in value by more than 20 percent against the dollar over the past three years, taking some of the heat out of the issue. The U.S. dollar's rebound against the euro and other major currencies had further boosted the yuan's value, adding to pressure on exporters.
"If the dollar continues to rise against the euro, we will have to further adjust the renminbi," the China Daily and other reports cited Pei Changhong, director of the government-affiliated Institute of Finance and Trade Economics, as saying at a news conference in Beijing.

He called such adjustments "reasonable and necessary."

The Chinese currency's sudden drop Monday, when it fell 0.7 percent to close at 6.8848 to the U.S. dollar, was unexpected, analysts said.
But it did follow comments by China's central bank governor, Zhou Xiaochuan, that he would not rule out a devaluation of the yuan to help promote export growth.
"It seems the central bank is taking steps to depreciate the yuan to help boost export industries, due to the grim economic outlook. It could be seen as part of the country's stimulus policy," said Feng Yuming, an analyst at Oriental Securities, in Shanghai.

Still, Beijing's scope for depreciating the yuan is limited given the country's massive trade surplus and its huge and surging foreign exchange reserves.
Indicating a degree of controversy over the issue, some Chinese analysts argue that resorting to devaluation could cause capital to flee to other countries whose currencies are expected to gain in value. It could also trigger competitive devaluations by rival exporting nations.

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British Pound Remains Under Pressure Ahead

British Pound Remains Under Pressure Ahead of BOE Rate Cut as UK Construction PMI Falls to Record Low

The British pound initially eased back on the release of UK construction activity figures, but subsequently bounced back amidst broad US dollar weakness.

Focusing on the data on hand, construction PMI plummeted to 31.8 in November from 35.1, signaling the worst contraction in business activity since record-keeping began in 1997. Weakening employment conditions combined with tight credit markets have sapped demand for housing, adding to downside risks for the economy at large. Upcoming UK services PMI results are likely to reiterate this, as the index is forecasted to fall to a record low of 41.2 in November from 42.4. Disappointing readings should also add to speculation that the Bank of England will slash interest rates on Thursday, as Bloomberg News predicts a 100bp reduction to 2.00 percent. Support for GBP/USD looms below at 1.4805, and as long as price holds above that point, there is potential for a retracement higher. However, the trend and interest rate expectations remain overwhelmingly in favor of long-term GBP/USD declines.

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