Merry Christmas and Happy New Year
December 24, 2009 at 4:32 pm | In News about Forex | Leave a Comment
Dear Sirs!
Best wishes for a Merry Christmas and a safe and happy New Year! We Hope New Year will bring you a lot of joy, happiness, love, health and prosperity!
Forex Ltd would like to show respect to you for being with us in 2009. For our part, we do our best to provide the services of the best standards meeting our Client`s highest requirements.
Stay with us in 2010.
Our greetings,
BOJ Keeps Rate at 0.1%
December 18, 2009 at 1:22 pm | In News about Forex | 1 CommentTags: BOJ, economy, Federal reserve, interest rate
Today the Bank of Japan`s policy board made a decision to maintain its benchmark interest rate at 0.1%.
The Bank made such a decision in order to fight against deflation. The banking officials consider deflation as a new problem for Japan`s economy, as it may make harm to recovery. The decision to maintain the key rates came in line with all prior analysts` expectations. Now the majority of economic observers predict that the BOJ will keep overnight call rate on hold throughout 2010.
The world`s leading central banks have already started withdrawing stimulus measures. The Bank of Japan remains the sole financial institution to continue implementing financial aid measures. Thus the Japanese government pledged to inject additional 7.2 trillion yen into economy, the first stimulus package since Hatoyama took the office in September.
In its assessment of the nation`s economy the BOJ stated that the economy continues picking up, however, further recovery should be uneven. But increase in Japan`s output is continuously slowing. Thus, GDP in the third quarter rose an annualized 1.3%.
Earlier on December 16, the Federal Reserve decided to keep its federal funds rate at 0.25% as the economy now is not strong enough for increase in rates. The only bank to surprise analysts was the Norges Banks, which made a decision to lift the benchmark rate to 1.75% signaling that the country`s economy is recovering.
The complete coverage of all interest rate updates may be viewed at Interest Desicion Page.
Changes in Company`s Working Hours and Trading Terms During Christmas and New Year Holidays.
December 16, 2009 at 1:47 pm | In News about Forex | Leave a CommentTags: forex, forex CFD
Dear Sirs! Please take notice of Company’s working hours and trading terms during Christmas and New Year Holidays.
Changed working hours and client support
| Date | Trading (GMT) | Customer service (GMT) |
| 24.12.2009 | trade closes at 17:00 | open |
| 25.12.2009 | trade closed | closed |
| 26.12.2009 | trade closed | closed |
| 27.12.2009 | trade closed | closed |
| 28.12.2009 | trade open | open |
| 29.12.2009 | trade open | open |
| 30.12.2009 | trade open | open |
| 31.12.2009 | trade closes at 17:00 | closes at 13:00 |
| 01.01.2010 | trade closed | closed |
| 02.01.2010 | trade closed | closed |
| 03.01.2010 | trade closed | closed |
| 04.01.2010 | trade open | open |
Please note that days of December 31, 2009 and January 1, 2010 are banking holidays, thus, wire transfers will not be carried out during these days. Other means of payments will be carried out according to client support working schedule.
Changed trading terms
| Forex margin | 3% | from 27.12.2009 to 31.12.2009 |
| CFD margin | 20% | from 27.12.2009 to 31.12.2009 |
| Spread (all instruments) | tripled | from 27.12.2009 to 31.12.2009 |
The above mentioned trading terms will be applied to all positions of the Clients, including those opened prior to introduction of temporary trading terms. Please consider this information while trading operations planning. Should you have any questions regarding holiday working hours or trading terms, please feel free to contact by phones indicated on Contacts page or via internal mailing system of the Client-Service.
You may view the complete story at Company News Page.
Bank of Canada Holds Rate Unchanged
December 9, 2009 at 12:40 pm | In News about Forex | Leave a CommentTags: boc, interest rate
The Bank of Canada did not surprise economic community announcing its decision to maintain its key interest rate at 0.25%.
The BOC monetary policy decision announced on Wednesday matched all analysts` expectations. Besides, the Bank declared its desire to maintain the overnight lending rate at its current value until the middle of the next year.
In its final monetary policy statement this year the BOC anticipates inflation to decrease to traditional 2% level until the middle of 2011. The total risks to inflation are “tilted slightly to the downside,” the BOC officials said in a statement.The Bank officials outline that economic outlook has improved since the Bank made its last predictions in October. The Canadian central bank, headed by Mark Carney, expects modest recovery throughout the next year. Canadian economy tends to rely on domestic consumers and many analysts predict that the recovery will not sustain until export, boosted by strong demand in the USA and Japan, surge.
Next time the Bank is gathering on 19 January 2010 and is not likely not to raise the overnight rate target.
The complete Bank of Canada statement is given here.
ECB Kept Rate at 1%
December 4, 2009 at 1:26 pm | In News about Forex | Leave a CommentTags: ECB, economy, interest rate, Trichet
Yesterday the Governing Council of the European Central Bank after its monetary policy meeting made a decision to remain its key refinancing tender rate at record low level of 1%.
At his press-conference the ECB chairman Jean-Claude Trichet announced the bank`s plans to withdraw stimulus measures sooner than expected. He plans to tie up current 12-month loan program. However, Trichet did not give any confirmative answer when exactly the bank intends to lift the benchmark rate. ECB`s head again emphasized that rate level is appropriate for the European economy.
Bank`s plans include withdrawal of emergency measures should not threaten economic recoveries in 16-nation zone as these measures are designed to come back to normal refinancing operations.
Raising further economic outlook the bank, headed by Trichet, forecasts that Euro-Zone`s economy will perform rise from 0,1% up to 1,5% this year. According to analysts, low rates are capable to trigger inflation. However the Bank predicts that inflation will be contained below 2% level.
The next ECB rate decision is due on January 14, 2010. However it is widely predicted that the rate will remain at the same level up to mid-2010.
RBA Lifts Australian Key Interest Rate to 3.75%
December 1, 2009 at 1:13 pm | In News about Forex | Leave a CommentTags: forex rates, interest rate, rba
Today the Board of Governors of the Reserve Bank of Australia voted to raise its benchmark interest rate by 0.25%.
The Reserve Bank of Australia, headed by Glenn Stevens, lifted the cash rate for the third straight month to the level of 3.75%, the decision came in line with analysts` expectations. Previously Australian central bank rose its benchmark rate in October to 3.25% and in November to 3.5%.
Such a decision was made taking into account positive signs delivered by Australian economy in recent months. Thus, official figures delivered consumer confidence rose in November spurred by rising demand from China for raw materials. Official Australian GDP figures also added to optimism. Thus, the economy rose 0.6% in the second quarter after surging 0.4% in Q1. Australian economy proved to be the most irresistible to the global downturn. Glenn Stevens told the reporters at his press conference that he foresees rapid growth of Chinese economy and the whole Asian region as well as the degree of production climbs there.
Nevertheless, now experts tend to think that the RBA will take a pause and stop raising rates until March 2010 to constrain inflation, thus, the monetary policy of rising rates will be halted for some time. Inflation rate rose by an annual 1.3% in the third quarter and analysts expect such a dynamics to continue throughout the next year.
After the decision was announced the Australian Dollar felt versus the US Dollar on the currency market to the level of $0.9119.
USA Celebrates Thanksgiving Day
November 26, 2009 at 10:58 am | In News about Forex | Leave a CommentTags: forex CFD, NYSE, us holiday
November 26, 2009 is Thanksgiving Day celebrated as the US national holiday. Most financial institutions such as Federal Reserve, commercial banks, stock and futures exchanges including the US majors such as New York Stock Exchange, New York Mercantile Exchange and Chicago Mercantile Exchange suspended thier operation for this day.
Thanksgiving Day is a national holiday celebrated on the fourth Thursday in November in the USA and on the second Monday in October in Canada. The holiday backs its origins deeply in American history when in 1620 first settlers came from England to American coast (now the state of Massachusetts) and founded a site called Plymouth Plantation which would become one of the first US colonies. Helped by local Indians they started cultivating wheat and corn. The following year settlers` efforts were awarded with huge harvest. In their attempt to thank the settlers invited 90 Indians to have a meal together. Later all colonists observed the tradition to celebrate good harvest. Nowadays Thanksgiving dinner usually includes roast turkey, cranberry sauce, potatoes and pumpkin pie.
The first US President George Washington introduced this holiday as a national one and decided to celebrate it on November, 26. In 1941 the Congress adopted a bill setting Thanksgiving Day on the fourth Thursday in November.
Thus, Forex Limited would like to inform that all the trading operations with Contracts for Difference (CFD) will not be available during this day.
Contract for difference (CFD) is a way to trade shares with no obligation of physical owing them. CFD trading is based on margin,therefore traders only need to invest a little proportion of the total value of a position to carry out trades. CFD on share owner is entitled to obtain dividend payment. Here you may view the complete CFD on share list.
BOJ Maintains Rate at 0.1%
November 20, 2009 at 3:03 pm | In News about Forex | Leave a CommentTags: BOJ, forex rates, interest rate
The Bank of Japan, Japan`s central bank, finished its November monetary policy meeting. The policy board made a decision to keep its Overnight call rate at its current extra low level of 0.1 percent admitting that Japan`s economy is on the rail of recovery.
The BOJ`s updated forecasts are caused by growing demand in China as well as in other developing countries spurring Japanese producers to export more. Slow and fragile recovery in Euro-Zone and USA is still an issue of concern for Japanese policymakers who decided to maintain its benchmark interest rate at 0.1 percent. The current level is expected to be maintained through 2010. In December 2008 the Overnight call rate was reduced from 0.3 percent. Before that lowering the rate was at 0.5 percent level for more than 7 years.
Friday before BOJ`s monetary policy decision was announced, Naoto Kan, Japan`s Deputy Prime-Minister stated that the country is facing firm deflation. Though Japan`s GDP for the third quarter delivered optimistic figures, both wholesale and retail prices shrank putting Japan`s economy under threat to be derailed from downturn. Analysts admit that giving independence to the Bank of Japan, the government is now unable to command. That is why mentioning the term “deflation”, the government offers the bank to increase the number of purchased government bonds.
This BOJ decision influenced Forex rates. On hearing this news after some consolidation the Japanese Yen rose versus other major currency pairs.
The next interest rate decision is set on December 18, however, no significant change in Japanese rate policy is expected.
BOJ Starts Its Monetary Policy Meeting
November 19, 2009 at 11:08 am | In News about Forex | Leave a CommentTags: BOJ, business, forex rates, interest rate
Today the Bank of Japan starts its two-day monetary policy meeting.
The bank is expected to hold its key interest rate at 0.1 percent as it seems to be reluctant to lift Overnight call rate until 2010. The bank is likely not to raise long-term lending costs. The BOJ released its updated forecast for economic development of the country predicting higher pace of economic recovery than it had been previously announced. The bank`s prediction may be criticized by the government concerned about high deflation and probable second stage of recession.
Today Japan finance minister Hirohisa Fujii told the reporters that monetary policy steps taken by the BOJ are in line with government`s policy. He also expressed hope of further closer cooperation between the BOJ, headed by Masaaki Shirakawa, and Japanese government.
The BOJ policymakers are not predicted to announce launch of any additional emergency programs. Japan`s monetary policy is not expected to accept any essential changes till the end of the year as well causing moderate reaction of the market as majority of market participants are convinced that Japan`s central bank will stick to its policy of extremely low rates of 0.1 percent until the middle of 2010.
Previously the Bank of Japan lowered its benchmark rate in December 2008 after keeping the rate at 0.5 percent level for seven straight years. After the reduction in December the BOJ introduced emergency measures stimulating financial sector including purchasing of bank assets.
The official BOJ meeting announcement is set on Friday, November 20 at 3:30 GMT. Please go to Economic Calendar to view the time table of the major upcoming economic events.
US NFP Deliver Worse Than Expected Data
November 9, 2009 at 8:52 am | In News about Forex | Leave a CommentTags: economy, forex rate, non-farm payrolls, NYSE
The USD headed lower on Friday after the US Nonfarm payrolls figures were released showing that unemployment rate in the USA rose well beyond 10 percent level reaching the mark of 10.2 percent higher than all the expectations.
According to the Department of labor, the US non-farm payrolls, an important market indicator, in October showed that 190,000 Americans lost their jobs last month, well above the reading in September when the level was 9.8 percent. October data appeared to be well worse than expected by economists as 175,000 job losses were forecasted.
Thus, that overall number of people who lost their jobs since the start of global downturn in 2007 hit the level of 8.2 million. The jobless market figures continue delivering signs that recession is not over in the USA and it is not high time to withdraw government stimulus measures as an important psychological level of 10 percent has already been exceeded.
In spite of absence of encouraging data from the US job market, the Dow Jones Industrial Average kept its positive run after stock of financial group General Electric rose 6.2 percent adding to optimism at NYSE. The DJIA inclined 17.46 points, or 0.2 percent closing the week trades 3.2 percent higher.
Find more information on world economy and all latest currency market updates at Forex Trading Website.
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