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Rabu, 31 Agustus 2011

UPDATE 1-Russia delays sending new crew into space

MOSCOW, Aug 29 (Reuters) - Russia's space agency on Monday delayed the return of three crew from the International Space Station and postponed the launch of new crew members following the crash of a cargo craft last week.

RIA news agency said the crew would now return to Earth around Sept. 16 instead of Sept. 8 and new crew members would blast off for the orbiting station in late October or early November instead of on Sept. 22.

Interfax news agency quoted an official at the Roskosmos space agency as saying officials may have to consider leaving the space station unmanned if no new crew can reach it before the end of November.

'If for any reason we will not be able to deliver the crew before the end of November, we will need to review all possibilities including leaving the station unmanned,' Alexei Krasnov, an official in charge of manned flights at Roskosmos, was quoted as saying by Interfax.

The International Space Station, which serves as a research laboratory, has been permanently manned for more than a decade.

An unmanned Russian cargo ship carrying food and fuel to the International Space Station failed to reach orbit and burned up in the atmosphere shortly after launch on Aug. 24 because of an apparent failure of the rocket's upper-stage motor.

An investigation into the cargo ship accident is under way. Krasnov said Roskosmos would carry out one or two test launches before sending the new crew into space.

The rockets which carry Progress cargo ships and Soyuz manned spacecraft have the same type of engines.

(Writing by Gleb Bryanski and Timothy Heritage, editing by Tim Pearce) Keywords: SPACE RUSSIA/

(gleb.bryanski@thomsonreuters.com)(+74957751242)(Reuters Messaging: gleb.bryanski.reuters.com@reuters.com)

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INSTANT VIEW 4-US consumer spending rebounds strongly in July

NEW YORK, Aug 29 (Reuters) - U.S. consumer spending

rebounded strongly in July to post the largest increase in five

months on strong demand for motor vehicles, a government report

showed on Monday, supporting views the economy was not falling

back into recession.

STORY: TABLE

COMMENTS:

BRIAN LAZORISHAK, PORTFOLIO MANAGER AT CHASE INVESTMENT COUNSEL

IN CHARLOTTESVILLE, VIRGINIA

'My early take is that this is neutral to slightly

positive. Consumer spending has been focused on the past couple

of months, so any kind of strength there is a good thing for

the economy and the market.

'Doesn't seem to be much of an impact. I imagine getting

through Irene without any major negative was enough to have the

early lift. This data might help a little.'

RUDY NARVAS, SENIOR ECONOMIST, SOCIETE GENERALE, NEW YORK

'It was better than expected after a couple of soft months.

The three-month annual rate has come down a bit but it is a

pretty good sign for July, and if you look at the real dollars,

real dollars are firm too. With oil prices coming down it has

really given a boost to the personal spending.'

JEFFREY GREENBERG, ECONOMIST, NOMURA SECURITIES, NEW YORK

'The biggest surprise was the jump in personal spending. We

were looking for half a percent and we got 0.8 percent. It's

the biggest since 2009. It looks like this spending boost in

July is durable goods and it's most likely vehicle sales.

'This could imply some upward revisions to Q3 GDP. If

anybody was concerned about this recession risk people were

taking about, this personal spending number seems to be another

point against that recession argument. It seems at least

through July, the economy was not too poor.

'I'd say given that core PCE is running at a pace that's

approaching the Fed's 2 percent mandate it means any action the

Fed's going to have to take has to address both sides of the

mandate. It makes it a lot harder for the Fed to act when

there's no deflation risk as there was at this time in 2010.'

VIMOMBI NHSOM, ECONOMIST, IFR ECONOMICS, A UNIT OF THOMSON

REUTERS

'Personal income's 0.3% increase in July was aligned with

recent trend however, spending's above-trend growth of 0.8% was

markedly above forecasts and the largest increase since in

nearly two years (Aug '09, 1.2%). Revisions to June figures

were minimal, with income up from 0.1% to 0.2%, and spending

still recorded as falling 0.1%. Disposable income matched the

headline's rise of 0.3%. The $42.4 bln change in income was

boosted by a $24.2 bln rise in wages, about three times better

than June's performance (which had originally been reported as

a decline of $2.6bln). Other sources of income were modestly

positive such as supplements ($3.7 bln), rental ($5bln), and

receipts on assets ($7.5bln). Each an improvement from June.'

'The savings rate fell to 5% from 5.5%.'

MARKET REACTION:

STOCKS: U.S. stock index futures held onto earlier gains.

BONDS: U.S. Treasuries prices add to losses.

FOREX: The dollar held steady versus the euro and

maintained slight gains versus the yen.

Keywords: USA ECONOMY/INSTANT

(Americas Economics and Markets Desk; +1-646 223-6300)

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DIARY-Federal Reserve Events

TO HAVE EVENTS INCLUDED, PLEASE CONTACT THE WASHINGTON

NEWSROOM AT 202-898-8370/202-898-8318, OR BY FAX AT

202-898-8383 OR 202-842-2527

THIS DIARY IS FILED DAILY.

***Denotes a new entry.

--------------------------------------------------------

FOMC MEETING DATES:

2011

(STATEMENT RELEASED 1415 EDT/1815 GMT ON ONE-DAY MEETINGS.

STATEMENT RELEASED ON SECOND DAY OF TWO-DAY MEETINGS, UNLESS

OTHERWISE NOTED)

***Tuesday-Wednesday, September 20-21 (NOTE: extended to a

two-day meeting)

Tuesday, November 1-2 (NOTE: Statement released 1230

EDT/1630 GMT on November 2)

(STATEMENT RELEASED 1415 EST/1915 GMT ON ONE-DAY MEETINGS.

STATEMENT RELEASED ON SECOND DAY OF TWO-DAY MEETINGS)

Tuesday, December 13

2012

Tuesday-Wednesday, January 24-25

(STATEMENT RELEASED 1415 EDT/1815 GMT ON ONE-DAY MEETINGS.

STATEMENT RELEASED ON SECOND DAY OF TWO-DAY MEETINGS)

Tuesday, March 13

Tuesday-Wednesday, April 24-25

Tuesday-Wednesday, June 19-20

Tuesday, July 31

Wednesday, September 12

Tuesday-Wednesday, October 23-24

(STATEMENT RELEASED 1415 EST/1915 GMT ON ONE-DAY MEETINGS.

STATEMENT RELEASED ON SECOND DAY OF TWO-DAY MEETINGS)

Tuesday, December 11

2013

Tuesday-Wednesday, January 29-30

-------------------------------------------------------------

FEDERAL RESERVE CHAIRMAN BEN BERNANKE

Wednesday, November 2

WASHINGTON - Federal Reserve Chairman Ben Bernanke holds

media briefing live via Web site following a two-day meeting of

the Federal Open Market Committee on interest rate policy, 1415

EDT/1815 GMT. Contact: 202 452 2955. Information:

http://www.federalreserve.gov/newsevents/press/monetary/20110324a.htm

---------------------------------------------

OTHER FED OFFICIALS

Tuesday, August 30

***CHICAGO - Federal Reserve Bank of Chicago President Charles

Evans discusses monetary policy issues in live interview on

CNBC, 0700 CDT/0800 EDT/1200 GMT. Contact: Laura LaBarbera,

laura.labarbera@chi.frb.org or 312 322 2387

BISMARCK, N.D. - Federal Reserve Bank of Minneapolis

President Narayana Kocherlakota speaks before the National

Association of State Treasurers, 1115 CDT/1215 EDT/1615 GMT.

Topic TBD. Audience Q&A expected. Ramkota Hotel, 800 South 3rd

Street. NOTE: media Q&A begins 1330 CDT in the Radisson Hotel,

605 East Broadway, second floor, Wyeth/Rockwell Room. Contact:

Patti Lorenzen, Patti.Lorenzen@mpls.frb.org or 612 204 5261.

Information: http://www.nast.org/2011annual/agenda.htm

Wednesday, August 31

LAFAYETTE, La. - Federal Reserve Bank of Atlanta President

Dennis Lockhart speaks on the U.S. economy before the Lafayette

Chamber of Commerce, 1130 CDT/1230 EDT/1630 GMT. Audience Q&A

expected. Media Q&A TBD. Lafayette Cajundome Convention Center,

444 Cajundome Blvd. RSVP: Angelle Theriot, 337 233 2705

Thursday, September 1

WASHINGTON - Federal Reserve Board Governor Elizabeth Duke

speaks on 'Rebalancing the Housing Market' before conference,

'The Housing Market Going Forward' hosted by the Federal

Reserve, 1200 EDT/1600 GMT. Audience Q&A expected. The Fed,

Martin Building, 20th and C streets N.W. Must RSVP: Joe Pavel,

202 452 2955 or joe.pavel@frb.gov

Tuesday, September 6

MINNEAPOLIS - Federal Reserve Bank of Minneapolis President

Narayana Kocherlakota speaks before the Carlson School of

Management First Tuesday Speaker Series, 1210 CDT/1310 EDT/1710

GMT. Topic TBD. Audience Q&A expected. No media Q&A. University

of Minnesota, Memorial Hall, McNamara Alumni Center, 200 Oak

Street S.E. Contact: Patti Lorenzen,

Patti.Lorenzen@mpls.frb.org or 612 204 5261. Information:

http://www.carlsonschool.umn.edu/firsttuesday/index.aspx

Wednesday, September 7

***LONDON - Federal Reserve Bank of Chicago President Charles

Evans speaks on U.S. monetary policy before the European

Economics and Financial Centre: Distinguished Speakers Seminar,

1115 EDT/1515 GMT (1615 London time). Audience and media Q&As

expected. House of Commons, Palace of Westminster, Committee

Room #10, 20 Dean's Yard, City of London SW1A, QAA, United

Kingdom, 020 7219 300. RSVP: Michael Drew, +44 (0)207 2290402

or eefc@eefclondon.org

SEATTLE, Wash. - Federal Reserve Bank of San Francisco

President John Williams speaks on economic policy and outlook

before a Seattle Rotary Club luncheon, 1300 PDT/1600 EDT/2000

GMT. Audience Q&A if time permits. Media Q&A expected. Grand

Hyatt Hotel, 721 Pine Street, Leonesa Conference Room. Contact:

Carol Eckert, 415 977 3853 or carol.a.eckert@sf.frb.org

Friday, September 9

SAN FRANCISCO - Federal Reserve Bank of San Francisco

President John Williams gives opening remarks before the

'Symposium on Asian Banking and Finance: Risk Management in a

Global Environment' hosted by the Federal Reserve Bank of San

Francisco, 0815 PDT/1115 EDT/1515 GMT. 101 Market Street. RSVP:

Carol Eckert, 415 977 3853 or carol.a.eckert@sf.frb.org; or

Matthew Schiffgens, 415 974 3240 or

matthew.schiffgens@sf.frb.org

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Sri Lanka shares end weaker amid retail buying; rupee up

COLOMBO, Aug 29 (Reuters) - Sri Lanka's stock market fell on

Monday on concerns over the lack of liquidity as a block trade

in HVA foods and retail speculation in Singer Finance boosted turnover.

The island nation's main share index lost 0.23

percent or 15.61 points to 6,837.35. It is the second-best

performer in Asia with a return of 3.04 percent on the year

after Indonesia.

Banking and manufacturing shares pulled the market down with

losers outperforming gainers by 123 shares to 82, Thomson

Reuters data showed..

Shares of the HVA Foods rose 19.5 percent. After the market

closed, the company in a statement said 6.64 million shares held

by its parent company HVA Lanka exports (private) limited was

purchased by media related company Divasa Equity (Private)

Limited at 45 rupees a share.

Singer Finance closed 5.6 percent firmer on speculation that

the company would perform better.

Both HVA and Singer Finance collectively accounted for 34.7

percent of the day's volume and 47.9 percent of the turnover.

The bourse witnessed a foreign outflow of 27.3 million

rupees on Monday, and thus far in 2011, offshore investors have

sold 10.49 billion after a record 26.4 billion in 2010.

The day's turnover was 2.60 billion Sri Lanka rupees ($23.64

million), more than last year's average of 2.4 billion and this

year's 2.7 billion.

After the end of a long civil war, Sri Lanka's bourse turned

into Asia's best performer in 2009 and 2010, gaining 124 percent

and 96 percent, respectively, but has touched negative

on-the-year territory this year.

Monday's total volume was 83.5 million, against a five-day

average of 67.6 million. The 30-day and 90-day average trading

volumes were 97.2 million and 117.6 million. Last year's daily

average was 67.9 million.

The rupee ended firmer at 109.88/90 a dollar from

Friday's close of 110.00, as a state bank, through which the

central bank usually directs the market, dropped the dollar

trading band by 10 cents to 109.60/90, dealers said.

FACTORS TO WATCH:

Whether:

- Retail investors continue buying shares

- Foreign investors buy shares in large volumes

- Rupee will rise after the cenbank relaxed tough FX

controls

DATA

Colombo Stock Exchange:

Stock Market Volume (Shares)

Current Volume Average Volume 30 Days

83,515,050 97,227,433

Yield and Price of Sri Lanka's sovereign bonds:

Maturing year Tenure amount Reuters yield 2012 5-yr $500 mln 3.533-3.103 2014 5-yr $500 mln 4.659-4.355 2020 10-yr $1,000 mln 6.2126-6.0681 2021 10-yr $1,000 mln 6.2475-6.1114

* For Sri Lankan treasury securities benchmarks and data,

please click and

* For interbank lending rate or call money rate or

* For secondary market rates, please see.

($1 = 109.990 Sri Lanka Rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Bryson

Hull)

((ranga.sirilal@thomsonreuters.com; +94-11-237-5903; Reuters

Messaging: ranga.sirilal.thomsonreuters.com@reuters.net))

Keywords: MARKETS SRILANKA/

(If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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Forex: Euro Consolidation Ahead, Sterling Advance To Accelerate

The Euro struggled to hold its ground during the overnight trade and the single-currency may give back the advance from the previous week as the uncertainties surrounding the economic outlook weighs on market sentiment. Talking Points

Euro: IMF Calls For Bank Recapitalization, Range-Bound Prices Ahead British Pound: Retraces Monthly Decline Ahead Of U.K. Event Risks U.S. Dollar: Income/Spending Increase, Pending Home Sales on Tap Over the weekend, International Monetary Fund Managing Director Christine Lagarde said recapitalizing the banking system in Europe ‘is key to cutting the chains of contagion, and went onto say that monetary policy should remain ‘highly accommodative’ as the region faces a slowing recovery. In response, Germany’s Finance Ministry argued that steps have already been taken, noting the new rules under Basel III, and noted that the ‘instruments of the strengthened European Financial Stability Facility are available’ while speaking in Berlin.

As the fundamentals for Europe highlight a weakened outlook for growth and inflation, we expect the European Central Bank to uphold its current policy throughout the remainder of the year, and market participants may diversify away from the single-currency as ECB President Jean-Claude Trichet softens his hawkish tone for monetary policy. In turn, the EUR/USD may trade heavy over the near-term, but we may see the exchange rate continue to consolidate in the days ahead as it retraces the decline from the previous month. As the euro-dollar trades back above the 78.6% Fibonacci retracement from the 2009 high to the 2010 low around 1.4440-60, it seems as though the pair will trade sideways going into September, and we may have an opportunity to take advantage of the range-bound price action as the recent rally fails to produce a test of the July high (1.4577).

The British Pound extended the rebound from Friday to reach a high of 1.6408, and the sterling may continue to gain ground over the next 24-hours of trading as risk appetite continues to flow into the currency market. As the economic docket this week is expected to show a pickup in private sector activity, a slew of positive developments could lead the GBP/USD to retrace the decline from earlier this month, and exchange rate may work its way back towards the yearly high (1.6745) as the pair appears to be trading within an upward trend channel. However, the cautious tone held by the Bank of England may impede on the sterling, and comments from the central bank may highlight an increased willingness to expand monetary policy further as Governor Mervyn King sees a risk of undershooting the 2% target for inflation.

The U.S. dollar weakened against most of its major counterparts following the rise in risk appetite, and the greenback may continue to trade heavy as equity futures foreshadow a higher open for the U.S. market. As private spending gathers pace, the higher rate of growth and inflation may continue to fuel risk sentiment, but the rise in investor confidence could be short-lived if pending home sales in the world’s largest economy show a marked contraction in July. At the same time, the Dallas Fed manufacturing report could highlight a weakened outlook for future production, and a slew of dismal data could spur a shift in risk as it dampens the outlook for future growth. In turn, we may see the USD regain its footing later today, and market participants may increase their demands for the reserve currency as they scale back their appetite for yields.

Will the EUR/USD Trend Sideways in September? Join us in the Forum

Related Articles: Weekly Currency Trading Forecast

To discuss this report contact David Song, Currency Analyst: dsong@dailyfx.com

FX Upcoming

Pending Home Sales (MoM) (JUL)

Pending Home Sales (YoY) (JUL)

Dallas Fed Manufacturing Activity (AUG)

Hometrack Housing Survey (MoM) (AUG)

Falls for fourth straight month.

Hometrack Housing Survey (YoY) (AUG)

HIA New Home Sales (MoM) (JUL)

Italian Consumer Confidence Index s.a. (AUG)

German Consumer Price Index (MoM) (AUG P)

Easing price pressures dampen the prospects for higher interest rates.

German Consumer Price Index (YoY) (AUG P)

German CPI - EU Harmonised (MoM) (AUG P)

German CPI - EU Harmonised (YoY) (AUG P)

Spending rises the most since February, raising the outlook for growth.

Personal Consumption Expenditure Deflator (YoY) (JUL)

Fastest pace of growth since October 2008, dampening the prospects for further monetary easing.

Personal Consumption Expenditure Core (MoM) (JUL)

Personal Consumption Expenditure Core (YoY) (JUL)

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Selasa, 30 Agustus 2011

Randgold says heavy rains hits Mali output

DAKAR, Aug 29 (Reuters) - West Africa-focused gold miner Randgold Resources on Monday revised its 2011 production lower to 740,000-760,000 ounces from 750,000-790,000 ounces after abnormal rainfall hit production at its Loulo/Gounkoto mining complex in Mali.

Chief Executive Mark Bristow said in a statement that more than 400mm (15.7 inches) of rain had fallen in the past 12 days, an equivalent to about 40 percent of the region's annual precipitation, swamping pits and affecting mining schedules.

'Randgold's annual production guidance for the year has been slightly revised from between 750 000 and 790 000 ounces to between 740 000 and 760 000 ounces, on a consolidated basis,' Bristow said.

(Reporting by Bate Felix; editing by David Lewis and Alison Birrane) Keywords: RANDGOLD MALI/

(bate.felix@thomsonreuters.com)(+221 33 864 5077)(Reuters Messaging: Reuters Messaging: bate.felix.reuters.com@reuters.net)

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WRAPUP 1-US consumer spending rebounds, calms recession fears

WASHINGTON, Aug 29 (Reuters) - U.S. consumer spending rose at its fastest pace in five months in July, supporting views the economy was not falling back into recession.

The Commerce Department said on Monday consumer spending increased 0.8 percent on strong demand for motor vehicles, after slipping 0.1 percent in June.

Economists had expected spending, which accounts for about 70 percent of U.S. economic activity, to rise 0.5 percent.

When adjusted for inflation, spending rose 0.5 percent last month, the largest gain since a matching increase in December 2009, after being flat in June.

The data was the latest to suggest the economy started the third quarter with some strength after growth almost stalled in the first half of the year.

It also offered hope that output would continue to expand, though at a moderate pace. However, the risks of a new recession have risen following a sharp drop in stock prices and the erosion of consumer sentiment.

'If anybody was concerned about this recession risk people were taking about, this personal spending number seems to be another point against that recession argument,' said Jeffrey Greenberg, an economist at Nomura Securities in New York. 'It seems at least through July, the economy was not too poor.'

U.S. stock index futures held onto earlier gains after the data, while U.S. Treasuries prices added to losses. The dollar held steady versus the euro and maintained slight gains versus the yen.

Industrial production, retail sales and employment data have so far been consistent with a slow economic growth scenario rather than an outright contraction in output.

Consumer spending braked sharply to a 0.4 percent annual pace in the second quarter after advancing 2.1 percent in the first three months of the year.

The overall economy grew at a 1 percent pace in the second quarter after expanding only 0.4 percent in the prior quarter.

Real spending on durable goods increased 2 percent last month, likely reflecting a pick-up in motor vehicle sales as the shortage of autos caused by the supply disruptions from Japan eased.

Overall spending in July was lifted by a 0.3 percent rise in income as employers stepped-up hiring. Income rose 0.2 percent in June and economists had expected a 0.3 percent increase last month.

Disposable income increased 0.3 percent, but when adjusted for inflation fell 0.1 percent -- the first decline since September.

With spending outstripping real disposable income, savings fell to an annual rate of $582.8 billion from $638.6 billion in June.

The report also showed inflation pressures remain elevated. The personal consumption expenditures price index, or PCE, rose 0.4 percent after slipping 0.1 percent in June.

Compared to July last year, the index was up 2.8 percent, the largest increase since October 2008, after advancing 2.6 percent in June.

The core PCE index -- excluding food and energy - rose 0.2 percent for the second straight month.

The core index, which is closely watched by Federal Reserve officials, increased 1.6 percent in the 12 months through July, the largest increase since May 2010, after rising 1.4 percent in June. The Fed would like to see it close to 2 percent.

(Reporting by Lucia Mutikani; Editing by Neil Stempleman) Keywords: USA ECONOMY/

(lucia.mutikani@thomsonreuters.com; Tel: 202 898 8315; Reuters messaging: lucia.mutikani.thomsonreuters.com@reuters.net)

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Fannie Mae to sell $2 billion bills on Wednesday

NEW YORK, Aug 29 (Reuters) - Fannie Mae announced it plans to sell $2 billion benchmark bills on Wednesday, Aug. 31, in a Dutch auction.

The sale will include $1 billion of three-month bills due Nov. 30, and $1 billion of six-month bills due Feb. 29, 2012, Fannie said on Friday.

In such uniform price auctions, successful bidders pay only the price of the lowest accepted bid rather than the actual price as in a conventional multiple-price auction.

Bids will be accepted from authorized dealers from 9:00 a.m. (1300 GMT) until 9:45 a.m.

Settlement is Sept. 1-2.

( Reporting by Pam Niimi; Editing by W Simon ) Keywords: FANNIEMAE BILLS/ANNOUNCEMENT

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Russia to cut diesel exports via St Pete port-sources

MOSCOW/ST PETERSBURG, Russia, Aug 29 (Reuters) - Russia set to stop exporting diesel at the yearly rate of 2.5 million tonnes from the Baltic Sea terminal of St Petersburg from Nov. 1, industry and the port sources told Reuters on Monday.

The volumes will be halted after Russia's Transneft said it will shut the terminal-linked link due to numerous 'technical faults' of the outdated pipeline.

(Reporting by Maxim Nazarov and Denis Pinchuk; Writing by Vladimir Soldatkin; Editing by Andrey Ostroukh) Keywords: RUSSIA/DIESEL

(vladimir.soldatkin@thomsonreuters.com)(+7 495 775 12 42)

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BRIEF-Uranium Energy receives final state authorization for South Texas project

Aug 29 (Reuters) - Uranium Energy Corp:

* Receives draft radioactive material license, the final state authorization,

for the Goliad project in South Texas

* RML is the last state-level authorization needed by the company to begin

construction at its Goliad ISR project

((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))

(For more news, please click here)

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INSTANT VIEW 3-US consumer spending rebounds strongly in July

NEW YORK, Aug 29 (Reuters) - U.S. consumer spending

rebounded strongly in July to post the largest increase in five

months on strong demand for motor vehicles, a government report

showed on Monday, supporting views the economy was not falling

back into recession.

STORY: TABLE

COMMENTS:

RUDY NARVAS, SENIOR ECONOMIST, SOCIETE GENERALE, NEW YORK

'It was better than expected after a couple of soft months.

The three-month annual rate has come down a bit but it is a

pretty good sign for July, and if you look at the real dollars,

real dollars are firm too. With oil prices coming down it has

really given a boost to the personal spending.'

JEFFREY GREENBERG, ECONOMIST, NOMURA SECURITIES, NEW YORK

'The biggest surprise was the jump in personal spending. We

were looking for half a percent and we got 0.8 percent. It's

the biggest since 2009. It looks like this spending boost in

July is durable goods and it's most likely vehicle sales.

'This could imply some upward revisions to Q3 GDP. If

anybody was concerned about this recession risk people were

taking about, this personal spending number seems to be another

point against that recession argument. It seems at least

through July, the economy was not too poor.

'I'd say given that core PCE is running at a pace that's

approaching the Fed's 2 percent mandate it means any action the

Fed's going to have to take has to address both sides of the

mandate. It makes it a lot harder for the Fed to act when

there's no deflation risk as there was at this time in 2010.'

VIMOMBI NHSOM, ECONOMIST, IFR ECONOMICS, A UNIT OF THOMSON

REUTERS

'Personal income's 0.3% increase in July was aligned with

recent trend however, spending's above-trend growth of 0.8% was

markedly above forecasts and the largest increase since in

nearly two years (Aug '09, 1.2%). Revisions to June figures

were minimal, with income up from 0.1% to 0.2%, and spending

still recorded as falling 0.1%. Disposable income matched the

headline's rise of 0.3%. The $42.4 bln change in income was

boosted by a $24.2 bln rise in wages, about three times better

than June's performance (which had originally been reported as

a decline of $2.6bln). Other sources of income were modestly

positive such as supplements ($3.7 bln), rental ($5bln), and

receipts on assets ($7.5bln). Each an improvement from June.'

'The savings rate fell to 5% from 5.5%.'

MARKET REACTION:

STOCKS: U.S. stock index futures held onto earlier gains.

BONDS: U.S. Treasuries prices add to losses.

FOREX: The dollar held steady versus the euro and

maintained slight gains versus the yen.

Keywords: USA ECONOMY/INSTANT

(Americas Economics and Markets Desk; +1-646 223-6300)

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Senin, 29 Agustus 2011

Novatek board approves interim div of 2.5 rbl/shr

MOSCOW, Aug 29 (Reuters) - Board of Russia's largest non-state gas producer Novatek recommended to pay 2.5 roubles per share, or 25 roubles per GDR, in the first-half dividend, the company said on Monday.

Total dividend pay-out will amount to 7.59 billion roubles ($262 million). ($1 = 28.955 Russian Roubles)

(Reporting By Vladimir Soldatkin; Editing by Andrey Ostroukh) Keywords: NOVATEK/DIVIDEND

(vladimir.soldatkin@thomsonreuters.com)(+7 495 775 12 42)

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UPDATE 3-Venoco CEO's go-private offer values co at $770 mln

BANGALORE, Aug 29 (Reuters) - Venoco Inc's chief executive and top shareholder offered to take the natural gas producer private, valuing the company at about $770 million at a time when low gas prices and higher costs are weighing on the sector.

Debt-heavy, natural gas-weighted companies are selling off assets to raise the cash they need to meet higher capital spending forecasts, although there is no corresponding increase in their production outlook.

The proposed price of $12.50 a share by Venoco's CEO Timothy Marquez, who owns half the company's shares, is 44 percent below the stock's 52-week high of $22.46 in February.

However, the proposal is a 39 percent premium to Friday's closing price. Marquez shares rose 34 percent before the bell on Monday on the New York Stock Exchange.

The stock's weakness mirrors that of other companies as natural gas prices have slumped 6 percent to $3.88 per million British thermal units.

Marquez's proposal comes when Venoco looks to offset low gas prices by investing heavily in the oil-rich Monterey shale formation. It spent about half its capital expenditure on the shale in its most recent quarter.

The low gas prices have led to the likes of Southwestern Energy, Quicksilver Resources Inc, Cabot Oil & Gas and Range Resources running low cash flows and high debt -- making them potential acquisition targets.

Quicksilver and EXCO Resources were both recently the target of management-led buyout offers. However, both the deals did not go through.

Earlier this month Venoco -- which has long-term debt of about $644 million and cash and equivalents of just over $3 million as of June 30 -- cut its full-year production outlook by 5 percent and said it would shift certain activities from this year to 2012.

Venoco will form a special committee of independent directors to consider the proposal and that no decision has been made regarding the proposal, it said in a statement.

Marquez, who owns about 50.3 percent of the company's outstanding shares, said he was confident of getting the financing required to make his offer.

'I would expect to reinvest 100 percent of my equity ownership through this transaction,' Marquez wrote in the letter to Venoco's board.

(Reporting by Vaishnavi Bala in Bangalore; Editing by Gopakumar Warrier) Keywords: VENOCO/

(vaishnavi.bala@thomsonreuters.com within U.S. +1 646 223 8780 outside U.S. +91 80 4135 5800 Reuters Messaging:vaishnavi.bala.reuters.com@reuters.net)

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REFILES-UPDATE 7-Japan's finance minister to be new PM; may not last long

By Linda Sieg and Yoko Kubota

TOKYO, Aug 29 (Reuters) - Japanese Finance Minister Yoshihiko Noda was chosen on Monday to become the sixth prime minister in five years, but he needs to overcome a divided parliament and deep rifts in the ruling party if he is to make more of a mark than his recent predecessors.

Noda appears to be a safe pair of hands to lead the world's third-biggest economy but there are serious doubts whether he will have sufficient support to tackle Japan's myriad economic woes, lift it out of decades of stagnation and cope with a nuclear crisis.

The 54-year-old Noda, who defeated Trade Minister Banri Kaieda in a run-off vote in the ruling party, must deal with a resurgent yen that threatens exports, forge a new energy policy while ending the worst nuclear crisis since Chernobyl, and find funds to rebuild from the March 11 tsunami at a time when huge public debt has already triggered a credit downgrade.

'Noda has inherited all the same problems -- a divided parliament, a divided party, a strong yen, a Tohoku (northeastern Japan) desperate for progress on reconstruction and an early end to the nuclear crisis,' said Jeffrey Kingston, director of Asian Studies at Temple University's Japan campus.

'I think the honeymoon will be very short-lived.'

No Japanese prime minister has lasted much more than a year since 2006 and most market players polled by Reuters this month thought the next government head would be no exception. .

Noda, who will be confirmed by parliament on Tuesday, will be the third premier since his ruling Democratic Party of Japan swept to power in 2009, promising change.

Instead of a deep debate over how to jolt Japan out of decades of stagnation, the party vote turned into a battle between allies and critics of Ichiro Ozawa, a 69-year-old political mastermind who heads the party's biggest group even as he faces trial on charges of misreporting donations.

Kaieda, backed by Ozawa, got 177 votes in the run-off while Noda, supported by Ozawa critics, won the backing of 215 MPs. That suggests Ozawa will remain a divisive force, although his clout is less than it once was.

FRICTION WITH CHINA

Noda's rise to the top job could cause some friction with China after he recently repeated that Japanese wartime leaders convicted by an Allied tribunal after Japan's defeat in World War Two were not 'war criminals' under domestic law.

He has also said China's rapid military buildup and expanding naval activities pose a serious regional risk, and stressed the importance of the U.S.-Japan security alliance.

The Chinese Foreign Ministry congratulated Noda on his appointment, but China's state-run Xinhua news agency set a brusker tone amid a sea dispute and deep-seated Chinese bitterness over Japan's military occupation before and during World War Two.

'Tokyo has managed its relationship with Beijing without due respect for China's core interests and legitimate demands for development,' Xinhua said.

'The new Japanese government needs to start to appreciate the undisputed fact that a deeply troubled China-Japan relationship and dire mistrust would by no means serve the interests of either side.

'Furthermore, Japan needs to show enough respect for China's national sovereignty and territorial integrity, especially when it comes to matters concerning (the) Diaoyu islands' -- the group of islets in the East China Sea that Japan also claims as the Senkaku islands.

Financial markets were little affected although a rise in the stock market was tempered since the prime minister in waiting has said Japan will need to raise taxes.

Bond markets however welcomed the choice of Noda, who among the candidates was the only one consistently calling for Japan to face painful reforms to curb its massive debt.

'Let's do the utmost to tackle what we have promised and if there's not enough money, we might ask the people to share the burden,' Noda said before the party vote.

The finance minister, who knocked out telegenic former foreign minister Seiji Maehara -- the favourite of ordinary voters -- in the first round, injected a rare moment of levity into the tense event.

The jowly, stocky lawmaker compared himself to a 'dojo' loach fish -- an eel-like inhabitant of the deep.

'I do look like this and if I become prime minister, the support rate would not rise, so I would not call a snap election. A loach has its own abilities even though it cannot do as a goldfish does.'

Optimists said that Noda's low-key style might in fact be what Japan needs now. 'Just because the world never heard of him doesnt mean he doesn't command quiet respect,' said Andrew Horvat, director of the Standfor Center in Kyoto.

'That is one of the qualities of a great Japanese leader ... This is not a time for big talk and inappropriate actions.'

One of Noda's big challenges will be seeking opposition help in parliament, where it controls the upper house and can block bills. He has floated the idea of a 'grand coalition' with opposition rivals, but the two biggest rival groups are cool.

'We won't flat out oppose one. But realistically thinking, the likelihood of it succeeding is small and there are more factors that are likely to make it fail,' Natsuo Yamaguchi, the head of the No.2 opposition party, the New Komeito, told Reuters when asked about the possibility of a coalition.

The main opposition Liberal Democratic Party, he added, wants to press for a snap election.

Noda has said Japan should not build new atomic reactors, effectively phasing out nuclear power over 40 years. But he wants to restart off-line reactors after safety checks to avoid a power crunch. Japan relied on atomic power for about 30 percent of its electricity before the Fukushima nuclear crisis.

(Additional reporting by Tetsushi Kajimoto, Yoko Kubota, Leika Kihara and Kaori Kaneko; Editing by Nick Macfie) Keywords: JAPAN POLITICS/

(linda.sieg@thomsonreuters.com)(81-3-6441-1881)(Reuters Messaging: linda.sieg.reuters.com@reuters.net)

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INSTANT VIEW 2-US consumer spending rebounds strongly in July

NEW YORK, Aug 29 (Reuters) - U.S. consumer spending

rebounded strongly in July to post the largest increase in five

months on strong demand for motor vehicles, a government report

showed on Monday, supporting views the economy was not falling

back into recession.

STORY: TABLE

COMMENTS:

JEFFREY GREENBERG, ECONOMIST, NOMURA SECURITIES, NEW YORK

'The biggest surprise was the jump in personal spending. We

were looking for half a percent and we got 0.8 percent. It's

the biggest since 2009. It looks like this spending boost in

July is durable goods and it's most likely vehicle sales.

'This could imply some upward revisions to Q3 GDP. If

anybody was concerned about this recession risk people were

taking about, this personal spending number seems to be another

point against that recession argument. It seems at least

through July, the economy was not too poor.

'I'd say given that core PCE is running at a pace that's

approaching the Fed's 2 percent mandate it means any action the

Fed's going to have to take has to address both sides of the

mandate. It makes it a lot harder for the Fed to act when

there's no deflation risk as there was at this time in 2010.'

VIMOMBI NHSOM, ECONOMIST, IFR ECONOMICS, A UNIT OF THOMSON

REUTERS

'Personal income's 0.3% increase in July was aligned with

recent trend however, spending's above-trend growth of 0.8% was

markedly above forecasts and the largest increase since in

nearly two years (Aug '09, 1.2%). Revisions to June figures

were minimal, with income up from 0.1% to 0.2%, and spending

still recorded as falling 0.1%. Disposable income matched the

headline's rise of 0.3%. The $42.4 bln change in income was

boosted by a $24.2 bln rise in wages, about three times better

than June's performance (which had originally been reported as

a decline of $2.6bln). Other sources of income were modestly

positive such as supplements ($3.7 bln), rental ($5bln), and

receipts on assets ($7.5bln). Each an improvement from June.'

'The savings rate fell to 5% from 5.5%.'

MARKET REACTION:

STOCKS: U.S. stock index futures held onto earlier gains.

BONDS: U.S. Treasuries prices add to losses.

FOREX: The dollar held steady versus the euro and

maintained slight gains versus the yen.

Keywords: USA ECONOMY/INSTANT

(Americas Economics and Markets Desk; +1-646 223-6300)

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INSTANT VIEW 5-US consumer spending rebounds strongly in July

NEW YORK, Aug 29 (Reuters) - U.S. consumer spending

rebounded strongly in July to post the largest increase in five

months on strong demand for motor vehicles, a government report

showed on Monday, supporting views the economy was not falling

back into recession.

STORY: TABLE

COMMENTS:

DAVID ADER, HEAD OF GOVERNMENT BOND STRATEGY, CRT CAPITAL

GROUP, STAMFORD, CONNECTICUT

'The headlines were a tad better than expected on the

spending side, with that a function of a decrease in savings.

The income figures were less impressive though with real

disposable income slipping 0.1 percent and real incomes flat

after transfer payments raising for us the question of where

further consumption gains come from if not better incomes. The

(Treasuries) market is little changed to a tad lower as you

move out the curve.'

BRIAN LAZORISHAK, PORTFOLIO MANAGER AT CHASE INVESTMENT COUNSEL

IN CHARLOTTESVILLE, VIRGINIA

'My early take is that this is neutral to slightly

positive. Consumer spending has been focused on the past couple

of months, so any kind of strength there is a good thing for

the economy and the market.

'Doesn't seem to be much of an impact. I imagine getting

through Irene without any major negative was enough to have the

early lift. This data might help a little.'

RUDY NARVAS, SENIOR ECONOMIST, SOCIETE GENERALE, NEW YORK

'It was better than expected after a couple of soft months.

The three-month annual rate has come down a bit but it is a

pretty good sign for July, and if you look at the real dollars,

real dollars are firm too. With oil prices coming down it has

really given a boost to the personal spending.'

JEFFREY GREENBERG, ECONOMIST, NOMURA SECURITIES, NEW YORK

'The biggest surprise was the jump in personal spending. We

were looking for half a percent and we got 0.8 percent. It's

the biggest since 2009. It looks like this spending boost in

July is durable goods and it's most likely vehicle sales.

'This could imply some upward revisions to Q3 GDP. If

anybody was concerned about this recession risk people were

taking about, this personal spending number seems to be another

point against that recession argument. It seems at least

through July, the economy was not too poor.

'I'd say given that core PCE is running at a pace that's

approaching the Fed's 2 percent mandate it means any action the

Fed's going to have to take has to address both sides of the

mandate. It makes it a lot harder for the Fed to act when

there's no deflation risk as there was at this time in 2010.'

VIMOMBI NHSOM, ECONOMIST, IFR ECONOMICS, A UNIT OF THOMSON

REUTERS

'Personal income's 0.3% increase in July was aligned with

recent trend however, spending's above-trend growth of 0.8% was

markedly above forecasts and the largest increase since in

nearly two years (Aug '09, 1.2%). Revisions to June figures

were minimal, with income up from 0.1% to 0.2%, and spending

still recorded as falling 0.1%. Disposable income matched the

headline's rise of 0.3%. The $42.4 bln change in income was

boosted by a $24.2 bln rise in wages, about three times better

than June's performance (which had originally been reported as

a decline of $2.6bln). Other sources of income were modestly

positive such as supplements ($3.7 bln), rental ($5bln), and

receipts on assets ($7.5bln). Each an improvement from June.'

'The savings rate fell to 5% from 5.5%.'

MARKET REACTION:

STOCKS: U.S. stock index futures held onto earlier gains.

BONDS: U.S. Treasuries prices add to losses.

FOREX: The dollar held steady versus the euro and

maintained slight gains versus the yen.

Keywords: USA ECONOMY/INSTANT

(Americas Economics and Markets Desk; +1-646 223-6300)

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The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.


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Senin, 22 Agustus 2011

Forex Autopilot Trading System - Forex Help or Hype slick marketing?.

The autopilot system forex trading is developed by Marcus Leary.
 This programing application is one forex trading software that is rapidly rising in popularity today.
Thousands of people who wanted to become a better forex traders bought this software.
 But does the  automated Forex Autopilot system actually help you trade more profitably or is all just slick marketing hype?
This particular program, just as any other decent application on the market, doesn't guarantee 100% winning trades.
No software can do.
 But that doesn't mean that Forex Autopilot is a scam.
Many people have used this system in order to sharpen their negotiating skills and increase their income.
 It's very reasonable to assume that you too can use it with much success if you do not forget its purpose.
This software is a tool that will guide you in you better trading decisions.
 It's not some magic wand you can wave and make yourself a millionaire without doing any work.
That said, there are two serious errors in the use of forex autopilot, which could severely limit your potential to make money with this application.
1. Groped commerce without guidance.
While the Forex Autopilot trading system appears deceptively easy to use, don't kid yourself that you shouldn't read each and every word of the detailed user's manual that's included with your software.
Take time to study the manual.
 trade with a demo account until you're comfortable with the process.
A good rule of thumb is to double your demo account twice, before the risk real money in a trade in live animals.
 Although it requires extra time, it's a better alternative than losing money.
2.  Relying too much on an automated trading system.
Do not neglect your education.
 Even though you can profit with this automated currency trading system simply by carefully following the instructions, nothing beats a good education.
C can learn much about the dynamics of the foreign exchange market and the significant changes happen quickly,.
 The more informed and well educated you are in the art of currency trading, the better chances you will have of being well satisfied with the income you can make with Forex Autopilot.
Marcus Leary has created a solid product with its trading system, forex auto pilot, but must be treated as an instrument rather than some magical creation.
 It can be used to take the stress out of learning about forex trading, but it can never replace the educational process itself.
You can buy Forex Autopilot and learn to trade very profitably with it, but never replace common sense and common sense.


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Automatic Forex Trading Systems - Best Kept Secret Forex.

Introduction One of the most important trends affecting the industry at this time Forex Trading pure price action.
 It amazes me that after all the advances in technical analysis, charting software and trading indicators over the years, Forex traders are going back to trading with price action alone.
Obviously, this drastic step was returned by a growing frustration, with manual trading triggered in general, but should not be this way.
 By the end of this article, you'll understand how you can harness the winning advantage of automatic Forex trading systems to earn a Forex trading income.
The problem with Trading Manual The big problem is that manual trading is so subjective, and c is much room for error in making judgments and emotional decision making.
 It's a well known fact that the human mind is limited to process only 7 bits of information at any given moment, which is why Forex traders get overwhelmed by the sheer amount of information that's being spit out of their charting program by the second.
Trading is a very stressful activity as well, and when you consider that most Forex traders hold full-time positions, and exposure to trade can be stressful.
 All these emotional and mental factors can combine together to severely impact trading performance, leading to losses and further emotional damage.
The winning advantage of automated Forex Trading With Forex trading systems, there is a separation of emotion from the decision making process of trade, because everything is pre-programmed and executed without emotional disturbances.
 This works to protect the "edge" or winning advantage of the system from poor judgement and emotional failings of the trader.
Even if a leader is established in a system, replicate that success by 100%, because that's what it was designed to do.
 That's the beauty of automatic Forex trading systems: you get consistency of profits, and you don't even have to be present to trade it at all.
This means that you are free to continue with your daily routine as usual, only now you have a trading system for you on autopilot to give you a beautiful, healthy income Forex Trading.
Clearly, manual trading is not for most people, because it's extremely difficult to master.
Instead of banging his head against the wall, like the other 95% of people out there, why not, the potential of automated Forex trading? You can build a healthy income Forex Trading, and enjoy your life, at the same time!.
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Understanding Online Forex Trading Systems - Forex Trading for Beginners.

Understanding Online Forex trading system is not as difficult as it may seem.
 The first concept you need to grasp is what trading foreign exchange actually involves.
No amount of forex strategies will help you to make money online if you do not understand how the forex market.
 If you already have a strong understanding fx trading and then I recommend you skip to the following paragraph were I will explain how to find the most profitable online Forex trading systems.
FX trading is essentially trading currency.
 If you think a currency will go up or down in value then you can take advantage of this by trading forex.
In very simple words like buy or sell shares on the Stock Exchange.
 There are a few main differences
- When you buy a currency you are actually buying it in relation to another currency or its 'pair' as it is often called.
- It is practically impossible to make a monetary approach zero, unlike the stock market, where companies go bankrupt all the time - if the forex trading online, you may not be using large volumes of debt, of that fear, since there is no need to actually use the leverage available.
There are many other slight differences that you will learn as you develop your forex knowledge and open you own forex platform.
Now that you know what to act on foreign exchange, a look at the best online FX trading systems that are available.
 Becoming a successful trader basically comes down to 4 things
1. With a proven Forex 2.
 Getting access to great fx trading signals

3. With the right attitude to be able, with the various emotions that address the trade port 4.
 Having an array of different forex trading strategies available to you at any time
I would to focus on finding the right Online FX Trading System that will suit your investment style.
There are two kinds of people who trade forex - resellers and passive.
If you want to be an active forex trader then the online forex trading systems that suit you will include lots of training, learning in depth about forex signals, finding the best forex broker to suit your needs and lots of time in front of your computer.
If dealers want to be a passive, then there are a number of automated forex trading online, what is right for you.
 Automated trading has been around for a while but it is only recently that the results have started to be impressive.
What is the next step to a successful trader of foreign exchange? I want to decide what kind of trader you are and then try to the best education system that meets your needs.
 I have no doubt that there are plenty of online forex trading systems that would suit your exact preferences.
It is simply a matter of finding them.


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A review of the Forex currency trading system Forex MegaDroid highly regarded.

Forex currency trading system Megadroid by Albert Perrie and John Grace a couple of FX investors with a combined 38 years experience between them created.
 The reason for doing this Forex review is simple enough, this is one of the top rated products as well as best selling products the industry has ever seen and I want to provide my personal perspective on its capabilities.
The combined investment professionals with a group of software engineers with the program we wish many years of experience and expertise in product development.
 There goal was to provide the private investor a Forex software trading system that functioned as they would like there own personal system to work.
They also wanted the software program to do it myself or as if they were to recommend a possible investment in foreign currencies.
 It is pretty easy to determine they accomplished both of there well thought out goals.
Or because it can be so popular and have sold many units.
I have personally have been using the software for approximately six months now.
During this time he played excellently, especially in the critical category that most investors are more interested in generating their ability, income, of course, is.
It has an extremely strong cash management system that permits your profits to run and build up, while you bad investments are cut short and loses are kept to a minimum.
This criticism can only be positive for the forex MegaDroid Forex currency system because of what he has done for me financially.
 If you have a chance to check out its website you will find much more information on the product and be able to decide for yourself if this is what you have been looking for.
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