Australian Dollar Climbs On Upbeat Chinese PMI

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Title : Australian Dollar Climbs On Upbeat Chinese PMI
link : Australian Dollar Climbs On Upbeat Chinese PMI

October 2013

The Aussie advanced 0.3% against the greenback on Thursday, after the release of the Chinese HSBC flash manufacturing PMI rose to a seven-month high, lifted by the higher commodity prices which also supported demand. The Australian dollar advanced 0.24% higher at $0.9648 against the US dollar as of 5:30am GMT, after the aussie reached its highest level since June 3.

The aussie rose 0.20% higher at A$1.4288 against the euro at the same time.

China’s HSBC’s flash Purchasing Managers Index (PMI) came in at a reading of 50.9 in October, advancing from its previous reading of 50.2 in the previous month. An index reading above 50 indicates an expansion in the sector. Meanwhile China’s benchmark money-market rate advanced for a second day, rising to its highest level since July.

Commodity Currency

The Australian dollar edged higher against the greenback on Thursday, driven by the high oil and metal prices lifted commodity-linked currencies. New Zealand’s kiwi rose 0.35% higher at $0.8414 against the US dollar at the time of writing, while the Canadian dollar advanced 0.08% to C$1.0374 at the time of writing.

While the West Texas Intermediate crude climbed 0.63% higher at $97.47 per barrel, while the European benchmark Brent crude oil was seen trading 0.05% higher at $107.87 per barrel at the time of writing. Yellow metal contracts for December edged 0.15% higher to $1,336.10 an ounce on New York’s Comex at the time of writing, while silver futures added 0.52% to $22.735. RBA Deputy Governor Philip Lowe said the he observes signs of improvement in the country’s economy and Australia’s central bank is at a stronger position after the one-off grant from the government. He also commented on the positive developments from China, which are important to Australia.

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Australia’s Benchmark Index Jumps To Highest Level.

October 2013 - Hello, forexnpx, in the article that you're reading entitle October 2013, we have provided the article with the best for being read and we hope you will get the good information. And I hope the content of the post Artikel Australian Market updates, which we have written, you can understand well, and happy reading.

Title : Australia’s Benchmark Index Jumps To Highest Level.
link : Australia’s Benchmark Index Jumps To Highest Level.

October 2013

The Australian S&P/ASX200 index rose 37.3 points higher at 5358.8 points, its highest level since February 2008. “It looks like a good firm opening and that just follows on from the US on Friday night,'' said Ric Spooner, chief market analyst from CMC.

Last week the European and US markets finished the week in a positive territory after the 16-day US government shutdown ended. According to Mr Spooner, the local market is at a inflection stage at which it could either rise in the coming weeks or fall and drop back.

“It will be interesting to see which way the market plays it over the coming days,'' Mr Spooner added. Investors and analysts are focusing on the BHP’s production report and the US jobs data expected to be released later today. BHP Billiton was seen edging 32 cents higher at $36.07 while Fortescue Metals Group jumped 8c to $5.38 and Rio Tinto gained 28 cents to $63.78.

The main four banks also saw gains with Westpac advancing 35 cents to $34.35, ANZ gained 26 cents to $32.12 while the Commonwealth Bank jumped 42 cents to $74.49 and National Australia Bank edged 28 cents higher to $36.26.

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Aussie Dollar Reaches Fresh High | Aussie Fx brokers

October 2013 - Hello, forexnpx, in the article that you're reading entitle October 2013, we have provided the article with the best for being read and we hope you will get the good information. And I hope the content of the post Artikel Australian Market updates, which we have written, you can understand well, and happy reading.

Title : Aussie Dollar Reaches Fresh High | Aussie Fx brokers
link : Aussie Dollar Reaches Fresh High | Aussie Fx brokers

October 2013

The Australian dollar rose, reaching a four-month high, trading at approximately US96.73, driven by the commodity prices. Australia’s biggest exporters have remained sturdy, showing signs of strong Chinese steel industry activity, according to Ray Attrill, the head of currency strategy at National Australia Bank.

Last week, the Reserve Bank of Australia said that it is not in a hurry to cut the interest rate any further. "It's hard to see the RBA cutting rates given improving confidence and house-price

gains. Unless data turns this thesis on its head in coming weeks, November and December are shaping up as on-hold months," Mr Attrill said. Analysts are expecting the third quarter inflation data will be tough to predict whether the central bank will cut its inflation rate further.

According to a survey compiled by the Wall Street Journal, approximately 14 economists are expecting the inflation to increase by 0.8% in the third quarter from the previous quarter and a rise of 1.8% in a year. "Inflationary pressures should remain muted and should reinforce to the RBA board that an easing bias remains appropriate," Sue Trinh commented, currency strategist at RBC Capital Markets in Hong Kong. HSBC Australia’s chief economist, Paul Bloxham said that the record-low interest rate are starting to boost parts of the economy such as the housing sector, business sector and consumer confidence.

"Inflation is expected to be low enough that the RBA could consider cutting rates. But, at the same time, the cash rate is already low, monetary policy is gaining traction in the housing market, and confidence is lifting," Mr Bloxham said. "It is becoming increasingly clear that while the RBA remains concerned about the economic growth transition from mining investment to non-mining investment, the RBA is also somewhat concerned about record low interest rates lifting local Australian house prices to elevated levels," Commonwealth Bank of Australia (CBA) stated in a note to clients.

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What is "Forex Market maker" , "Dealing desk vs no dealing desk" ?

October 2013 - Hello, forexnpx, in the article that you're reading entitle October 2013, we have provided the article with the best for being read and we hope you will get the good information. And I hope the content of the post Artikel Forex Education, which we have written, you can understand well, and happy reading.

Title : What is "Forex Market maker" , "Dealing desk vs no dealing desk" ?
link : What is "Forex Market maker" , "Dealing desk vs no dealing desk" ?

October 2013

Market Maker

With the Forex market being the world’s largest financial market, traders can come across a lot of fraudsters that pretend to be a Forex brokerage company. Most of them use the Market Maker method to rip-off traders that are looking for the fastest way. This leads to traders losing their money through trading with unregulated and unreliable brokers. Market Makers are dealers that quote both the bid and ask prices and also create a two-sided market by taking the long and short positions to profit from the spread. It provide traders with high liquidity, however some traders lose their money because of the lack of experience.

The Forex market use to be a financial system used by only banks to trade currencies against each other, which have expanded and grown with the use of technology, such as the internet. Through the internet anyone can start trading with just a small amount of money in their account with a forex brokerage company which is eligible to trade on the Foreign Exchange Market. Banks and big financial corporations use the electronic systems to trade currencies in bulk. Single traders however, would need huge amount of money in their accounts to be able to trade with banks and with financial corporations.

Dealing Desk

When a forex broker act as a Market Maker, the forex broker uses a dealing desk to take the orders and give currency rates to clients that they would trade on. Most currency rates provided to traders are either the same or close to what the banks provide the forex broker. So when you win a trade, you profit from your Forex broker or it can be the other way round when your broker profits from your losses. Dealing desks can also be found in banks and large finance companies to execute trades in securities. A lot of financial institutions have dealing desks around the world.

Some of the advantages of using Market Maker broker includes, the minimum amount required to trade, the bonus you receive with your first deposit and many more. However there are a few disadvantages when you use the small Forex companies, such as the poor customer service, slow server connections, limited trading styles etc.

Non-dealing desk

A non-dealing desk is when a forex broker company automatically offsets positions to liquidity providers such as banks, hedge fund and so on, instead of keeping the orders for itself. As mentioned earlier, forex brokers can make money from your trading losses. The forex broker may want to keep the order for itself if the broker is certain that the price will not go the way you predict or the forex broker can offset orders to the interbank.

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Banned Aussie trader hits back at ASIC

October 2013 - Hello, forexnpx, in the article that you're reading entitle October 2013, we have provided the article with the best for being read and we hope you will get the good information. And I hope the content of the post Artikel Australian Market updates, which we have written, you can understand well, and happy reading.

Title : Banned Aussie trader hits back at ASIC
link : Banned Aussie trader hits back at ASIC

October 2013

After failing to lodge an annual compliance certificate when requested, South Australian director of Gryphon Financial Alexander Dryden was banned by the Australian Securities and Investments Commission (ASIC) for six months. Mr Dryden spoke to The Adviser, saying that he complied with the requests of the financial authority and received his compliance certificate in August.

“Before ASIC came in for the review, I made sure all our compliance and paperwork was up to date," Mr Dryden said. “I told ASIC prior to them coming in that I would hold back my compliance certificate submission until such time that the review was over because I wanted to ensure my processes were compliant. I didn’t want to put in my compliance for the previous year if I had problems.”

“They only picked up one area of concern in my mandate, which I’d been using for many years; I had a clause in there that I could put a caveat on the property. I’ve never ever put a caveat on a property, and the moment they said I couldn’t have that there, I immediately removed it,” he added.

“It was ignorance on my part and I completely accept that. But I’ve done all my training, and during that they said ‘abide by the regulation’, and there is no mention of caveats in the regulation at all – it’s in the act.” According to Mr Dryden, in early 2013 he informed ASIC he was waiting for the outcome of their review before proceeding with lodging his compliance certificate. Mr Dryden said he had to wait for an additional five months after the given deadline to receive any information of his certificate.

“Even though it was removed, never acted on, and it was an honest mistake of mine, I had no recourse. I can understand their position on the caveat because I was naïve, but I’m disappointed that I got a six-month suspension for lack of compliance – that surprised me,” he said.

Broker and CEO of More Group Aaron Upcroft also commented on the incident, saying the case shows the importance of legal advice. “It does appear that ASIC have tried to make a bit of a statement in this case. From a broker's perspective, I definitely feel for the guy, but from a lawyer's perspective, this goes to show how important legal advice is," he said. Just recently ASIC banned a broker for fraudulently compiling a company bank account from liquidators. On October 1st NSW broker David Barrett pleaded guilty and was banned from managing a corporation for five years.

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