MORNING FX
BRIEFING
Weekend press reports provided the main trading influence into early Asian trade Monday, ITEM Club report suggesting sterling would remain close to parity with the euro for up to 4 years weighed on the pound, article in the AFR that recent comments from RBA Stevens had been misinterpreted and next rate decision in Australia still data dependent knocked Aussie lower. WSJ report 'Euro strength is worrisome' noting that today's Luxembourg meeting of EU-16 FinMins is likely to talk about recent euro strength (ECB Trichet also due to travel to China before year end) helped weigh on the euro. Euro-dollar dropped to initial lows of $1.4829 before demand emerged ahead of stops at $1.4825 to correct it back to $1.4890, cable dropped to $1.6281 but release of positive Rightmove housing data allowed it to recover to $1.6371, filling the gap from NY's close before BOE Posen comments on support for QE extension knocked it lower again. Dollar-yen was basically sidelined, pivoting Y91.00. Main forex driver remains interest rates/time table of exit strategies for liquidity provisions.
EURO
Euro-dollar opened Asia around $1.4893 and initially edged to session highs of $1.4920 before reversing, the move down gaining momentum as a black-box fund provided added weight to take it through $1.4880, with triggered stops below $1.4850 and $1.4835 taking it to lows of $1.4829. Euro managed to recover, the recovery aided by euro-yen demand, taking the rate to $1.4890 ahead of the European open. The late rally saw early Europe sell back into the move, with a WSJ report further highlighting today's Luxembourg meeting of EU-16 FinMin's that currency strength will likely be discussed, the rate easing back to $1.4870, currently around $1.4880. Bids remain in place at $1.4870 (38.2% $1.4829/93), a break to allow for a deeper move toward $1.4855/45 ahead of $1.4829. Bids seen placed between $1.4830/25 with overnight talk mentioning stops placed on a break of $1.4825. A break here exposes next support at $1.4800, with more stops noted below $1.4795. Offers $1.4890/00, $1.4920-30/35 with stronger interest placed between $1.4960/70.
Potential double-day high at $1.4968, sets up risk of a reversal lower, especially as this level represented the near-term upside bull-flag objective and also the capped topside in November 2007. The dailt stochastic remains firm, but while $1.4968 defines the high, near-term Fibonacci levels are $1.4781, $1.4724 and $1.4666.
RES 4: $1.5163 76.4% of $1.6039 to $1.2329
RES 3: $1.5130 2.0% moving average envelope
RES 2: $1.5059 Top of October channel
RES 1: $1.4968/72 Double-top, Major high Nov 2007, Bull flag
CURRENT LEVEL: $1.4899
SUP 1: $1.4844 Support line, High 23 Sep
SUP 2: $1.4735 21-day moving average
SUP 3: $1.4500 Base of Bollinger band
SUP 4: $1.4480 Low 2 Oct
YEN
After extending October highs to Y91.33 in the NY session Friday, dollar-yen eased back to close around Y90.93, while euro-yen ended with decent gains on the week around Y135.50. Data released in Japan Monday showed the August Tertiary Index rising 0.3% versus 0.6% in July, slightly better than market expectations, while the minutes of the latest BoJ decision were released with no surprises. Dollar-yen hit early highs at Y91.15 in Asia as euro-yen topped out at Y135.91, both pairs then coming lower into the fix, dollar-yen easing back below Y90.80 as the cross dropped to Y134.76. Balance of the session was fairly subdued as dollar-yen struggled to regain the Y91 handle, slipping back to post late lows at Y90.73, while euro-yen held between Y135.00/20. Bids reported below Y90.60 from US accounts, while exporter supply is now placed at and above Y91.00 with stops said to come in on a break of Y91.25. Euro-yen still holding above the Ichimoku Cloud following last week's topside break, offers seen at Y136.00/10, ahead of resistance at Y136.44 (76.4% August-October sell-off).
Dollar-yen has put in a short-term base following bounce ahead of key support levels at Y87.12 -- the Dec/Jan low and Y87.44/51, where former is channel base from May 22 and latter a trend line from April 1995. In addition, the break above the 21-DMA at Y90.05 was also encouraging and close above will encourage bulls to target Y91.75 Fibonacci level.
RES 4: Y92.90 50% retracement of Aug/Oct decline
RES 3: Y92.53 Failure high 21 Sept
RES 2: Y91.75 38.2% retracement of Aug/Oct decline
RES 1: Y91.33 High 16 Oct
CURRENT LEVEL: Y90.62
SUP 1: Y90.44 High 12 Oct
SUP 2: Y90.05/25 5, 21-day moving average & Kijun line
SUP 3: Y89.60 Tenkan line of Ichimoku cloud
SUP 4: Y88.01 Low 7 Oct
STERLING
Gapped from the NY closing level around $1.6355 to an opening low at $1.6281 as early Wellington traders marked the rate lower on the back of the weekend ITEM Club report suggesting sterling would hold close to parity with the euro for up to 4 years. Rate reversed off of the early lows into Tokyo trade with demand for sterling-yen lifting the rate to a high of $1.6371, the move filling the gap. Cable drifted lower again, the move down gaining momentum as market then reacted to reported comments from BOE Posen that he would support further QE extension. Cable dropped back to retest earlier lows before again picking up demand interest on the dip, the rate edging back to $1.6340/45. Fresh sales emerged into early Europe to correct it back to $1.6285, snapping back to $1.6320/25 before settling above the figure. Sterling's underlying positive recovery tone said to remain in place, with Barclays suggesting that the pound is vulnerable more to upside data surprises. Support seen at $1.6285/80, stops noted $1.6280/75. A break exposes $1.6255/50. Offers $1.6320/25, $1.6340/50, $1.6370/80.
Cable broke and closed over the 21-DMA for the first time since Sep 17 with the move supported by bullish daily studies and a bull-cross of the 5 & 21-DMAs. The move is now testing the top of the Bollinger band and is stalling around the 100-DMA of $1.6350, which may encourage further profit-taking. Initial support is the 5-DMA at $1.6180
RES 4: $1.6740 High 11 Sep
RES 3: $1.6532 61.8% retracement of $1.7041-$1.5708
RES 2: $1.6449/67 Resistance line from Aug 6, High 23 Sep
RES 1: $1.6415 Top of the daily Bollinger band
CURRENT LEVEL: $1.6308
SUP 1: $1.6117/34 High 8 Oct, Low 1 Sept, Spike high 30 Sep, Low 21 Sep
SUP 2: $1.6040 21-day moving average
SUP 3: $1.5708/21 Low 13 Oct, High Dec 2008 & 50.0% of $1.44 advance
SUP 4: $1.5660/88 Daily Bollinger band base, 38.2% of $1.3500 to $1.7041
OPTIONS AND MORE
FX Option expiries for today's 1400GMT cut,
* Euro-dollar; $1.4900, $1.4980, $1.5000
* Dollar-yen; Y90.20, Y90.00
* Euro-yen; Y131.45, Y131.30
* Cable; $1.6000
* Sterling-yen; Y140.50
* Aussie; $0.9100
In terms of European government bond issuance this week, it decreases dramatically compared to last week and is due from Ireland and Slovakia -- total E1.15bln vs E29.5bln last week. Slovakia is due auction the 4.50% May 2026 SLOVGB series 206 bond on Monday for E100-200mln. The Ireland National Treasury Management Agency (NTMA) is due sell between E750mln to E1.0 billion of the the 3.90% Mar 2012 IGB and 4.60% Apr 2016 IGB issues on Tuesday. However, supply is outweighed by reinvestment flows, with no redemption and coupon payments from Greece E1.0bln, Austria E0.5bln, Ireland E0.3bln -- to turn net cash flows positive to the tune of E0.7bln vs -E25.7bln last week.
Elsewhere, Japan's benchmark stock indices ended Monday's session mixed, rallying off the session lows in the afternoon session. The Nikkei 225 was lower by 21.05 points, or 0.21%, to stand at 10236.51 However, the broader-based TOPIX was 4.85 points higher at 905.80. Volume for the Nikkei constituents totalled a preliminary 1.274 bln shares, with 110 issues trading higher, 101 lower and 14 unchanged.
DAILY CALENDAR
The Eurozone finance ministers meet in Luxembourg today, although data is limited in Europe with just the 0900GMT release of EMU construction production.
Also at 0900GMT, Ifo head Hans-Werner Sinn talks to the press in Berlin, while at 0930GMT, ECB Governing Council member Ewald Nowotny is due to hold the opening address at a conference on Austria and Central Europe, in Vienna
At 1000GMT, the Bundesbank issues it's monthly report, while later on, at 1215GMT, Ifo head Hans-Werner Sinn is back on the wires, delivering a speech on "European strategies in answer to the economic crisis," in Berlin.
US data starts at 1330GMT with the weekly MNI Capital Goods Index, which is followed at 1430GMT by the weekly MNI Retail Trade Index.
At 1500GMT, Fed Chairman Ben Bernanke delivers a speech on Asia and the global crisis at the San Francisco Fed's Asia Economic Policy Conference in Santa Barbara. An audience Q&A session is expected to follow.
At 1620GMT, Kansas City Fed President Thomas Hoenig moderates a panel on economic growth and the institutional framework, along with ECB's Christian Noyer, and Argentina Central Bank Gov. Martin Redrado at a Bank of Mexico International conference in Mexico City.
US data continues at 1700GMT with the Oct Housing Market Index (NAHB). Later on, at 2030GMT, Fed Vice Chair Donald Kohn delivers brief remarks on competition and productivity and also moderates a panel at the Bank of Mexico International conference, while at 2150GMT at the same event, Bank of Spain Gov. Miguel Fernandez Ordonez appears on a panel on price stability.
Best Regards,
NordMarkets.com
Monday, October 19, 2009
NordMarkets Morning FX - October 19
Friday, October 16, 2009
NordMarkets Morning FX - October 16
MORNING FX
BRIEFING
The dollar remained under pressure into Asian trade Thursday, though early rally in dollar-yen (due to Gotobi Day demand into the Tokyo fix being larger than normal) provided an early anomaly. Wednesday strong earnings report from JPM, followed by better than expected US retail sales helped to boost risk on trades/dollar sales in this session, with the later release of FOMC Minutes had little new info but showed that doves still outweigh hawks which will boost market perception that the Fed remains an expected laggard for rate hikes. Release of strong NZ CPI data provided the Kiwi with another boost, the move inturn prompting further movement into risk trades to the detriment of the dollar. Euro-dollar progressed higher, moving above $1.4950 to $1.4961 with rate retaining a firm feel into early Europe. Focus on $1.5000. Dollar-yen posted highs at Y89.66 into the fix before French name sales reversed the move to take it back to Y89.27. Cable extended to $1.6070 in Asia (Europe high now $1.6075). GS and Citi Q3 earnings today's highlight along with EZ and US inflation.
EURO
Euro-dollar opened in Asia around $1.4930 with risk on trades boosted by Wednesday's release of stronger than expected JPM Q3 earnings, US retail sales data, with FOMC Minutes continuing to suggest that the US will lag other major economies in hiking rates as doves appear to still outweigh hawks. Euro-dollar initially eased to mark session lows at $1.4920, as dollar-yen saw strong Gotobi Day demand into the Tokyo fix, but quick reversal after prompted renewed pressure on the dollar. Strong NZ CPI data, along with hawkish comments from RBA Stevens further boosted risk on trades, with commodity currencies again the main beneficiaries as they led the move against the dollar. Euro-dollar found the impetus to move above Wednesday highs at $1.4948 to take out suggested barriers at $1.4950, the move peaking in Asia at $1.4961. Further demand into early Europe has extended move to $1.4967. Offers are reported in place from around $1.4970, with further interest seen positioned ahead of option barriers at $1.5000. Support at $1.4920. GS and Citi Q3 earnings in focus, along with EZ and US inflation data.
Euro-dollar bulls remain focused on the recent bull-flag target, which nearly matches the $1.4968 level that capped topside of the pair in Nov 2007. The daily studies are still pointing higher and below historic levels of reversal, although trade is now pushing outside of the Bollinger band, which sends a warning against expecting rapid gains.
YEN
Dollar-yen closed the US session around Y89.45, with euro-yen holding gains within the Ichimoku Cloud at Y133.50. Traders noted model names buying the cross prior to the Tokyo open, lifting the rate through stops at Y133.75/85 en-route to the day's highs at Y133.91. Dollar-yen found larger than usual fixing demand thanks in part to Gotobi day, taking the pair up to Y89.67. A French name was the noted seller here, sending the rate back down to the day's lows at Y89.27 in quick time. Balance of the session was well contained as dollar-yen struggled to get back above Y89.50 and the cross held under earlier highs, pullbacks so far contained around the Y133.50 area. Stops said to be building above Y134.00 from system accounts, while techs note the top of the Ichimoku Cloud comes in at Y133.96 today, together with the 50% retrace of the August-October sell-off at Y133.90. Dollar-yen bids come in on approach to Y89.00, while offers are found at Y89.90/00 with stops at Y90.05.
Dollar-yen is attempting to break out of the first of it's broad falling ranges and tested the 21-DMA and Kijun lines to Y90.44. However, daily studies are failing to provide significant support to the recovery, keeping the overall downtrend in play. Meanwhile, the daily studies remain bullish in euro-yen as the cross tests major resistance levels at Y133.90/00, including the 100-DMA, top of the Ichimoku cloud and a 50% retracement of the post-August decline.
STERLING
Opened Asia around $1.6270, touched an early low of $1.6261 before recovering back, the upside gaining momentum on strong demand for sterling-yen from system funds, general yen sales seen into the Tokyo fix and triggered stops through stg0.9140/35 adding further weight. Cable moved above $1.6300, hitting a technical target level at $1.6350 (mentioned in bullets Thursday), with triggered stops through $1.6355 taking it on to $1.6401. Rate eased off highs, meeting renewed support at $1.6325 before recovering back to $1.6360/65. Early Europe took advantage of the late Asia recovery to take profit, easing the rate through earlier pullback lows to $1.6285. Rate currently trades around $1.6300. Support seen placed between $1.6285/80, stronger between $1.6260/50 ahead of $1.6210/00. Resistance seen at $1.6330, more toward $1.6350.
Cable was capped by the 21-DMA on Weds but this level is being broken at $1.6035 as daily studies point higher and momentum recovers the zero line. Close above 21-DMA would encourage bulls and be the first such close since Sep 17. Tuesday's high in euro-sterling matched that of March 27th and briefly popped over the Bollinger band top, which is currently at stg0.9395. The 21-DMA provides the main support, back at stg0.9180, although the previous highs should provide support ahead of there. Studies are neutral.
OPTIONS
Option expiries for today's 1400GMT cut,
* Euro-dollar; $1.4950, $1.4850, $1.4815
* Dollar-yen; Y91.00, Y90.70, Y91.30
* Cable; $1.6000
* Dollar-Canada; C$1.0400, C$1.0275
DAILY CALENDAR
The main European events for Friday start at 0800GMT when ECB Executive Board member Lorenzo Bini Smaghi delivers a speech, in Siena. This is followed by the EMU August trade balance at 0900GMT.
US data starts at 1300GMT with the Treasury International Capital System data, which is followed at 1315GMT by Industrial Production and Capacity Use data.
Industrial production is expected to rise 0.2% in September after posting stronger gains in the previous two months. Manufacturing production may decline this month due to a decline in auto sales.
Factory payrolls fell 51,000 in the month, with auto production jobs were down 4,000. The factory workweek slipped to 39.8 hours, while the ISM production index fell to 55.7. Capacity utilization is forecast to stay at 69.6%.
US data continues at 1355GMT, when The Reuters/University of Michigan Consumer Sentiment Index is expected to rise to a reading of 74.0 in early-October.
At 1400GMT, ECB Executive Board member Lorenzo Bini Smaghi delivers another speech, this time in Florence.
At 1415GMT, Dallas Fed President Richard Fisher delivers the keynote address at a conference co-sponsored by SMU's Cox School of Business in Dallas.
At 1530GMT, ECB Governing Council member Axel Weber delivers a speech, in Konstanz (Germany).
Late US data sees the 1800GMT Treasury Statement where the Treasury is expected to post a $31.0 billion deficit in September compared with the $45.7 billion surplus in September 2008. The full fiscal year deficit is much deeper than the previous year's level due to the fiscal stimulus packages and a dip in tax receipts.
Best Regards,
NordMarkets.com
Monday, October 5, 2009
NordMarkets Morning FX - October 5
MORNING FX
BRIEFING
The G7 failed to mention dollar weakness in its statement following the weekend meeting in Istanbul. Traders said dollar-yen and the crosses initially traded lower in Asia after Japanese Finmin Fujii comments, (if currencies show some excessive moves in a biased direction, we will take action). Dollar-yen was off 60-points to Y89.23 as euro-yen dropped back to Y130.50 before a strong bounce back as Tokyo names bought most pairs over the Tokyo fix. The market was caught short with liquidity reduced thanks to China and Australia holidays, with euro-yen putting on 100-points to Y131.65 as dollar-yen climbed back to Y89.90, while sterling-yen rallied 150-points to Y144.00. Yen moves dictated euro-dollar and cable direction, as these pairs climbed off $1.4582 and $1.5921 lows, euro moving back to $1.4648 as cable regained the $1.60 handle. Aussie was well bid after more hawkish domestic press articles ahead of tomorrow's RBA decision, moving up 100-points to $0.8740, with traders noting there is now a 50% chance of a 25bps hike priced in.
EURO
A volatile NY session Friday saw euro-dollar initially drop to $1.4480 in a knee-jerk reaction to the disappointing US employment data, before a strong bounce allowed the pair to close back on a $1.46 handle. Ireland's resounding "Yes" vote for the Lisbon Treaty over the weekend was seen as mildly euro supportive, though main flows into Asia were driven by moves in the crosses, as euro-yen initially came lower. Euro-dollar eased to early session lows at $1.4582 before a strong bounce in the cross pulled the pair back on to the $1.46 handle, momentum strong enough to move the rate back to $1.4648. Gains were capped ahead of Friday's $1.4650 NY high with the rate then consolidating above $1.4625 over the balance of the Asian day. Reserve interests are said to have been cushioning euro-dollar dips over recent sessions, while offers are seen into $1.4650, more around $1.4670 with stops above.
Turning to the technical picture, the euro is attempting to break out of a falling range from the 23 Sep highs with resistance strengthened by the 21-DMA at $1.4630 and 50% level at $1.4663. The daily stochastic study is still pointing lower and still well above oversold, while the 5 & 21-DMAs have now made a bear-cross. Initial support is the 5-DMA at $1.4595.
RES 4: $1.4845/62 Sep high, 100% proj of Q4 2008 rally, High 22 Sep 2008
RES 3: $1.4802 High 24 Sept
RES 2: $1.4663 50% retracement of the decline from $1.4845
RES 1: $1.4630 21-day moving average
CURRENT LEVEL: $1.4630
SUP 1: $1.4595 5-day moving average
SUP 2: $1.4445/47 50.0% of $1.4046 to $1.4845, High 5 Aug
SUP 3: $1.4380/97 55-DMA/ High 27 Aug
SUP 4: $1.4351 61.8% retracement of $1.4046 to $1.4845
YEN
Dollar-yen recovered initially NY losses Friday to close back around Y89.70, with euro-yen also bouncing to end the week around Y131.00. Finmin Fujii comments were again the focus into the Asian session following the G7 meeting, as he said "if currencies show some excessive moves in a biased direction, we will take action". Traders said dollar-yen and the crosses initially traded lower to Y89.23 and Y130.50 before the market seemingly took the Fujii comments as a veiled intervention threat, Tokyo names said to have been big buyers over the fix. Dollar-yen recovered back to trade just shy of Y90.00 as euro-yen traded up 100-points to Y131.65 and sterling-yen moved back to Y144.00. Dollar-yen easing back to trade around Y89.75 into the European session, traders now reporting stops on a break of Y90.00, more in the Y90.20/30 area. Note however exporter offers layered on a Y90 handle, ahead of larger stops on a break above Y91.00.
Dollar-yen's recovery remains below the Tenkan line of the Ichimoku cloud and 5-DMA at Y89.85 and Y90.20 with daily studies not at all convincing of a stronger recovery. Key topside level is at Y91.75, which was the major low seen in July and Fibonacci levels are Y91.94, Y93.05. Meanwhile, the cross remains below the Ichimoku cloud base as daily studies remain weak and bears look for a test of the 200-day moving average at Y129.60.
RES 4: Y92.53 Failure high 21 Sept
RES 3: Y91.75/94 Major low July, 38.2% retracement of Aug/Sep decline
RES 2: Y90.90/20 21-DMA, Kijun line of Ichimoku cloud
RES 1: Y90.20 Tenkan line of Ichimoku cloud
CURRENT LEVEL: Y89.79
SUP 1: Y88.23 Low 25 Sep
SUP 2: Y87.12 Major lows Dec/Jan
SUP 3: Y86.05 Monthly high June 1995
SUP 4: Y84.50 Monthly low July 1995
CABLE
Cable recovered from the $1.5805 NY low to close back above $1.5900 Friday, while, euro-sterling ended around stg0.9140. Flows into the Asian session were largely driven by sterling-yen as the cross initially sold off before a strong bounce back towards Y144.00. Cable bounced off the $1.5921 low to regain the $1.60 handle, moving to $1.6007 in Asia, while euro-sterling traded between stg0.9146/71. Cable initially moved above $1.6020 into the European session before slipping back to trade around $1.5975 at writing, with euro-sterling sitting towards the top-end of the day's range. Cable offers reported around the $1.6125 area with some stops above, while expiry interest is highlighted at $1.6135 for the NY cut. Key resistance area seen as last week's highs in the $1.6130 zone.
Cable sees the daily stochastic remain soft, although both it and momentum are attempting to turn off lows. While $1.5770 remains the low, the main Fibonacci retracements are $1.6141, $1.6255, $1.6369 and $1.6406 with more minor Fibonacci levels at $1.6119, $1.6201 and $1.6303. In euro-sterling, daily studies are now pointing back lower raising bear's hopes of a pullback towards further Fibonacci retracements of the Aug/Sep advance from stg0.8980. stg0.9191/98 offers initial resistance, being 50% of the stg0.9304 decline and Friday's high.
RES 4: $1.6467 High 23 Sep
RES 3: $1.6330/40 Low 23 Sept, 100-day moving average
RES 2: $1.6260 21-day moving average
RES 1: $1.6127/34 Spike high 30 Sep, Low 21 Sept
CURRENT LEVEL: $1.5997
SUP 1: $1.5803 Low 8 June, 1 Oct
SUP 2: $1.5770 Low 28 Sept
SUP 3: $1.5721 High Dec 2008 & 50.0% of $1.44 advance
SUP 4: $1.5688 38.2% of $1.3500 to $1.7041
INDICATORS
FX: Option expiries for today's 1400GMT cut
* Euro-dollar; $1.4650
* Dollar-yen; Y88.95, Y90.00, Y91.00
* Dollar-Canada; C$1.0700, C$1.0900
* Aussie; $0.8750
* Cable; $1.6135
European government bond supply drops dramatically this week and is due from Austria, Germany and Slovakia, totalling E4.3bln vs E30.255bln last week. Slovakia is due on Monday for no more than E127mln. Austria taps E2.2bln on Tuesday and Germany up to E2.0bln on Wednesday. Supply is countered by reinvestment flows from Germany, with redemption for E18bln and coupon payments for E1.7bln -- to turn net cash flows positive to the tune of E15.4bln vs -E14.05bln last week.
Elsewhere, seculative accounts increased their net euro long positions and modestly pared back their net yen long positions as implied by the September 29 data released Friday by the U.S. CFTC. The net position in non-commercial futures (ex-options) showed that speculators increased their net euro long to +39,766 contracts from last week's net long of +38,000 contracts. In the yen, speculative accounts had a net yen long of +44,856 contracts versus last week's net yen long of +45,615 contracts, which was the largest since February 3.
DAILY CALENDAR
Monday morning in Europe sees the final releases of services PMIs from France (0743GMT), Germany (0753GMT), leading up to the EMU release at 0758GMT.
UK data at 0830GMT also sees the CIPS Services PMI data as well as Official Reserves.
Further European data sees EMU August retail trade at 0900GMT, which is expected to come in at -0.4% m/m, -2.2% y/y.
At 0945GMT, ECB Executive Board member Lorenzo Bini Smaghi participates in a Euro50 Group seminar in Istanbul, while at 1100GMT, Bundesbank Board member Thilo Sarrazin delivers a speech on the results of the German election.
US data starts at 1330GMT with the weekly MNI Capital Goods Index, which is followed at 1400GMT by the Employment Trends Index and the non-manufacturing ISM Index as well as at 1430GMT by the weekly MNI Retail Trade Index.
The ISM's non-manufacturing index is expected to rise to a reading of 50.0 in September after rising to 48.4 in August.
Meanwhile, back in Europe at 1415GMT, ECB Executive Board member Gertrude Tumpel-Gugerell is due to give a keynote speech at Bad Ischler Dialog organised by sterreichische Sozialpartner, in Bad Ischl, Austria.
Best Regards,
NordMarkets.com
Tuesday, June 16, 2009
Friday, January 16, 2009
Thursday, December 4, 2008
Where's GBPJPY will go now?
ICT
Wednesday, December 3, 2008
Tuesday, December 2, 2008
Monday, December 1, 2008
Friday, November 28, 2008
Thursday, November 27, 2008
Cable for a while
Take a look this pictures below
Always Play Safe
ICT
Consolidation
Always play safe
ICT
Wednesday, November 26, 2008
Price Projection II
ICT
Tuesday, November 25, 2008
Scalp Part II
Regard
ICT
