Monthly Archives: May 2010

Coming into this week the bears had all the momentum. The talk in the markets was how low are we going to go? 1.18 in EURUSD and 1018 in the S&P 500 index were common benchmarks. So much for consensus thinking right? Going into Friday EURUSD is hovering around 1.24 and the S&P 500 has traded back above 1100. With a holiday weekend ahead I’d be surprised if that upward momentum did not carry through for at least one more day.

So what happened that changed things around this week? Europe, Greece and the debt/deficit problems in Spain were the initial focus and little has changed there. Economic reports are being overshadowed at the moment.

What happened this week was China. By its pure size alone anything that happens or is speculated upon regarding China is impacting the markets. Of course over the last few years China has been investing into Europe and because of that they have been accumulating Euro’s. As we all know the Euro was quite a bit stronger a few years ago and one would imagine that their European sovereign fixed income holdings were worth a few more Euros a few years ago as well. Sometime between Tuesday and Wednesday this week a rumor started that China would dump some of these holdings which quickly caught the market’s attention.

What is a trader to do? Sell. The smart play, buy! As I discussed the other day, the US and a few other countries tend to think and act short-term (generally speaking). China (and as I mentioned Dubai and elsewhere) are used to thinking longer-term. To paraphrase China’s reaction “No, we are not selling”.

The markets rebounded, the focus of the markets changed from Europe to China and the doom and gloom had temporarily given way to higher spirits. The most interesting aspect of this whole rumor was the fact that China did publicly come out and deny that they would be selling.

Ok, now what to traders do? China denied the rumor; US Treasury Secretary Geithner’s trip to China and Europe is coming to an end. Post the holiday break (in the UK as well) what will grab the market’s attention? Next week does have a full slate of economic reports including a rate decision from the RBA and the US Payroll report. The prior two Payroll report in the US showed total job creation of +520k jobs in March and April. A continuation of this job creation should offer some leverage to bulls who want to put risk back on while a disappointing report may give bears the upper hand again. Of course it won’t be long before the G20 summit at the end of June starts to grab trader’s attention as the focus will move back to Europe and China. Will the markets focus on the short-term economics or wait for longer-term solutions? Enjoy the weekend for now and tune in to find out later.

This report is for your information only and does not constitute investment or business advice or an offer to buy or sell securities.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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Now that May is near the end it may be time to look back and see how your trading performance was for the past month. Or not! Some will surely want to forget this month and for those who do it should be noted that this was no ordinary month. Who will ever forget the swings on Thursday, May 6th! If you had capital at risk you certainly will not. EURJPY’s move from 122 all the way down to 110 and back to 116 in the same afternoon reflected what had to have been the most volatile period in the currency markets in recent times. I can only wish that you were on the right side of the trade.

That said one day does not make a month. Although there is a high degree of uncertainty in all markets at the moment I would not expect this past month to be repeated often in the months ahead. I say often since I’m not discounting the potential of another crazy summer, in other words “all traders off the beach!”

Whether you are creating profits or still using demo accounts you can always stand to learn more about the markets. In many cases you will find that the ones who do the most research happen to be the ones with the most experience.

This Thursday there is a webinar on Currensee titled “Using Elliot Wave analysis for Forex trading setups”. It is being presented by Lara Iriarte. The webinar is free for Currensee members. Lara analyzes patterns to help determine the most probable direction for her clients and trades forex using a pure Elliot Wave perspective.

Whether you trade EURUSD, Gold or S&P e-mini’s this webinar should add to your knowledge base of the markets. For example the moves in the currency markets this past month are well known. The image below shows hourly charts on EURUSD and EURJPY since early May.

EURUSD is on the left and EURJPY is on the right.

Chart is courtesy of Boston Technologies MT4.

Despite both pairs having Euro as the base currency and being traded against ‘safe-haven’ currencies their moves were far from identical. EURUSD found a bottom towards May 17th which would be well ahead of EURJPY. It also weathered a sizable rebound around May 20th while EURJPY would whip around before creating a lower-low for itself.

Point being that understanding the bigger picture and knowing when a security has reached its short, medium or long term target may help you create more trading profits. Trading separate securities identically may not be the way to go. All the more reason to expand your knowledge base when you have the chance and put the work in to help you become a better trader in the days ahead.

This report is for your information only and does not constitute investment or business advice or an offer to buy or sell securities.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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The pips of Currensee Towers are excited to welcome back Lara Iriarte of ForexInfoUSA for another Elliott Wave webinar on Thursday, May 27 at 8:00am New York time.  It's free to attend with the code "blog" (that's creative, isn't it?)  We hope you'll join us.  This webinar is for your if you're curious about how to apply Elliott Wave analysis to your Forex trading setups, even if you don't know (yet) what Elliott Wave is all about.

If you need some background info on Elliott Wave, you can check out some of Lara's free analysis at her web site, meet other Elliott Wave traders on Currensee using the Community tool or the Trader Leaderboard, or you can listen to a clip from April's Forex Expert webinar with Mike Baghdady, Shaun Downey and John Forman that features some alternate views of Elliott Wave.  And don't forget to tune in to the webinar on Thursday to learn from Lara and get a special offer from the Currensee marketplace, too.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

Monday is an official holiday across many of the European countries. Just in time right? Next Monday is a holiday in the US as those of us in the Northern Hemisphere get geared up for the summer time season. It’ll probably be a much needed break for all involved in the markets as the current on-goings have been breathtaking.

As the calendar moves toward the summer time season traders are asking if there will be a break in risk aversion. After all stocks rallied last Friday from negative territory to the highs of the session in the last 30 minutes of trade as traders took profits on their short positions. Currensee shows that traders are Long EURUSD (based on volume) but still Short USDJPY as we enter the new week of trade. This is an indication that currency traders are not universally set to place risk back on despite the holidays.

Those that may not be celebrating a holiday break on either day may be central bankers from both sides of the Atlantic. The ECB has begrudgingly started to become more accommodative as the turbulence in the markets has increased and it’s unlikely they will be stepping away from their offices for long. The Federal Reserve on the other hand has its own issues. Last Thursday the Federal Reserve released the Money Supply figures for the US. These are no longer a top focus point for the markets but economists still watch them for clues. The latest report showed that M1 and M2 have both declined with M2 hitting its lowest level since last September. M2 is essentially cash in circulation and money in short-term deposits that is readily available.

Why is this concern? Basically for the same reason that US jobless claims jumped unexpectedly higher on the same day. They were far above expectations at 471k while continuing claims rose as well. Just when we thought the economy was improving we find that fewer people may be landing jobs and less money is circulating through the economy. To paraphrase economists this is a concern on the direction of inflation. Inflation is a cause of excess consumer demand and if there is less demand at already low levels of inflation then it may be time to start discussing the threat of disinflation. Not exactly what the Federal Reserve wants to do as they were hoping to start unwinding their extraordinary monetary policy.

Traders are asking if risk aversion is going to take a summer holiday. It may be time to start placing great emphasis on economic events again to see just how strong the US economy is. A sudden change in direction in the economy would not be a welcome sign for an already nervous market.

This report is for your information only and does not constitute investment or business advice or an offer to buy or sell securities.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

I was speaking to an investor in Dubai the other day and he clearly stated that his investments are for the long term. No interest in selling because of market turbulence. The US and other Western countries are known for focusing on the short-term. The real dilemma here is what happens when challenges that are considered long-term in nature all of the sudden impact today’s market and therefore the long-term outlook of your investment?

This appears to be what we are experiencing right now. If you talk to a market bull they usually point to strong corporate earnings especially those in the US and many Pacific Rim countries. Risk-taking should bounce back because of this which bodes well for stocks and the Euro. Looking at the US for example apparently 15% of the S&P 500 company revenue is derived from Europe. This is the minority of their revenue and even with a 15% depreciation in the Euro market bulls should be salivating at valuations right now. Bears seem to be salivating for another reason. They are the ones in command right now. Their calls for a correction were eventually correct and to them the question for the Euro and other securities is how low they will go.

The crash that occurred two weeks ago, or ‘flash crash’ as people are now calling it, has to remind those experienced enough of October 1987. Back then one-third of the Dow Jones value was wiped out in just a few trading sessions. Program trading was tainted as the cause and the bears claimed victory. Less than 2 years later though those losses were erased and the Dow Jones had regained its prior status above 2,700. Those that focused on the long-term ended up doing quite well.

How may have you seen that crash coming? Yes, it is easy to say in hindsight but have a look at the US Dollar. The monthly chart in USDCHF shows that this pair fell from a high of 2.84 in 1984 to 1.26 in 1987. USDJPY fell from 264 to 120 over that time. Talk about an impact on corporate earnings! By the time that October 1987 had come around the depreciation of the US Dollar was near the end. The damage had already been done. As we’ve discussed before not all the markets had priced this in. The US Dollar was certainly overvalued back then just as the Euro has been overvalued more recently.

Certainly the recent correction in USDCHF or USDJPY are not on the same magnitude as what we saw in the ‘80s but those focused on the long term may have seen this signal of turbulence in the markets. I’m sure today’s traders wish they were around for the volatility of ‘80s but there should be enough right now to trade with. The good news for short and long term investors alike is that the US Dollar will probably set the tone for the next upward trend in risk-taking before another correction occurs. If and when history repeats long term investors watching the currency markets will be prepared for the turbulence that follows.

This report is for your information only and does not constitute investment or business advice or an offer to buy or sell securities.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

Reminiscent of when China used to announce their monetary policy decisions during the North American trading session Germany indicated on Tuesday afternoon that they are looking into banning short-selling on certain securities. Yet another reason to trade foreign exchange. If you want to short the Euro then just find your preferred FX broker and short the Euro against any currency that you want. If you want to discuss which currency that you should have shorted the Euro against then hop on Currensee and discuss it with the community or your team members.

Why is Germany making such a decision in the first place? Debt. It has been all about debt since the credit crisis began in 2007 and right now the worry is over European debt and one can only guess when it will end. At the moment countries with large fiscal deficits and debt to GDP ratios are being punished or should I say that these countries are hampering the global markets right now. This begs the question on why the US Dollar is doing so well when we all know that the US is laden with debt itself. Furthermore why is it so important for these countries to rectify their debt problems now and not leave this pile of debt for the generation behind them?

Lets first take a look at the US population. The reason will be evident later. In 2001 the UN projected that the US would have 321m people at the end of 2015. Per the US Census the US already has 309m thus it is well ahead of the forecasted pace. In 2050 the US is projected to have 397m, so a 28% growth rate from current day. The fact that the US has doubled its population since 1950 I’d guess that the forecast of 397m is well on the conservative side. More likely to be 425m - 450m by then for many well known reasons.

Compare that population growth to the well known European countries that are having trouble with their debts right now. Greece currently has just over 10m people living there. That is expected to decline by 16% in 2050. Italy has close to 60m people and that is expected to fall to nearly 40m. Talk about needing tourism. Portugal and Spain have similar UN forecasts in terms of declining population although they should each receive a bit of assistance from those that that bought 2nd dwellings in their countries over the past decade and with the proliferation of cheap airfares to these locals. Ireland is the only country where growth is expected and that is at a whopping 39% for the tiny country of 4m.

How about the country that seems to be paying for Greece’s miscues, Germany? Their population growth is expected to decline in the future. These are forecasts so they are doomed for error but unless the current trends change the respective tax bases in Europe will be declining. The US has a chronically high debt to GDP level as well but as mentioned its tax base is expected to grow quite substantially. As long as these trends remain in place and markets are worrying about debt then the US will remain a safe-haven and parts of Europe will be in need of assistance.

This report is for your information only and does not constitute investment or business advice or an offer to buy or sell securities.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

This week Germany has announced a variety of measures to combat what it regards as unfair manipulation of markets by those in a position to short sell a variety of instruments. Once again this typifies the attitude that it is the market that is at fault and not Central Banks and Governments. I find it somewhat incredulous that this has extended to the sales of certain financial stocks, when a glance at the market shows that the Dax is still up on the year. It begs the question what would happen if the market actually did turn negative. The history of intervention is awash with failure down the years and whilst they often create temporary respite, the dominant theme and therefore trend that the market dictates usually quickly re-asserts itself. When the Sec banned short selling on Sept 19 2008 a 450 point one day rally in the Dow to 11,500, saw the market then collapse to 7900 just 3 weeks later. Obviously those naked short sellers couldn’t have been the reason. Neither for that matter, was the panic and huge falls of May 6 this year the result of a fat finger as was muted at the time. Thus far they cannot find a reason. I can give them one. Panic and a complete lack of faith in the ability of Governments and regulators to get there act together.

Once again the powers that be fail to see the folly of there own policies. The faults in the Euro zone are obvious to all apart from those who hang onto a flawed dogma. The market was led to believe that the Greece bailout was to the tune of 30 billion, but it didn’t believe this and punished Greece and the Credit Default Swap market. Then, low and behold the bailout suddenly becomes 100 billion, with another 450 billion plucked out of thin air in case there was any other countries being economic with the truth about there attitude to debt. Is it any wonder that the currency fell?

The reality is that the markets are there to provide the reality check and expertise in understanding the fault lines and weaknesses in the Global economic system, and whilst markets overshoot when panic sets in, prompting cries of the evil forces that would destroy, the regulators and politicians are happy to see markets overshoot equally when the outlook is viewed through rose colored glasses.
Therefore whilst some measure such as providing circuit breakers to excessive short term falls makes sense and moves to take certain OTC markets into the exchange traded world can also be viewed as a positive, more blanket measures to curb what is regarded as rampant speculation are counter productive. The irony of the latest Hedge Fund directive from the European Union, when viewed against the move to Mifid which has caused large scale market fragmentation in exchange traded instruments and the creation of dark pools is obviously lost on them. All politicians and regulators would be best served to be reminded of the law of unintended consequences before looking for someone other than themselves to blame.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

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This guest post comes from Joel Arnold of Forextraders.com. Joel became a financial and forex analyst firsthand through years of self-taught investment. His interest in economics has been a lifelong hobby, fulfilled through various books, magazines, and courses. Joel has added to his knowledge of international economics through business trips around the world including Europe, Asia, and Africa. Currently, he is writing an academic book while continuing his exploration of economics.

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For a currency trader to be successful, three essential qualities must be present: knowledge about what you are doing, experience gained from both good and bad decisions, and most important of all, control of one’s emotions. Preparation is key to starting out, but a new and aspiring student to the world of trading in any market is immediately faced with information overload. Websites, articles, charts, tutorials, demo accounts, and training classes of all types and sizes are but a few items demanding your precious attention when you are starting your process. Where do you begin?

There are many excellent forex training courses available on the Internet. You must invest the time to familiarize yourself with the process, the lingo, technical analysis and chart indicators, brokers, and demo accounts. From these humble beginnings, you will begin to build the knowledge base necessary to satisfy your first “quality” requirement.

There are also many sites that offer reviews of forex brokers. Your broker will provide access to the market, a forex demo account for you to gain risk-free trading experience (“quality” number two), and charts to guide you through the process and help you develop your own profitable trading strategies. Forex charts come in a variety of styles and types, some two-dimensional, some even three. Let’s keep it simple and use the figure below as our guide, taken from one of many free educational papers on the web.

This chart tracks the daily price activity for the British Pound (GBP) versus the U.S. Dollar (USD). Notice the nice wave pattern of the red and blue “candlesticks”. The candlestick symbol presents the high, low, open and close for the trading period. The little box represents the open and close value range, and in this case, it is Blue if the closing price was higher than the opening. The price figures on the right of the chart represent the conversion from Pounds to Dollar. Every currency pair has an “accepted” way of being communicated. Be sure to learn these conventions. One example above is “1.8825”, which translates to one Pound equals 1.8825 Dollars. If you ever hear the term “Pips”, that refers to the furthest figure to the right, or 5 pips in this case.

The chart also illustrates how to use indicators to determine when it may be the best time to buy or sell a position. Did you notice the “RSI” chart on the bottom? This stands for “Relative Strength Index”, one of a variety of “momentum” indicators. A momentum indicator attempts to calculate when the market is overbought, a “sell” signal, or oversold, a “buy” signal, by analyzing the magnitude of recent gains and losses. In this case, the chart uses an 8-day prior period RSI, the blue line, and also inserts an 8-day Moving Average curve, the red line, in the chart. When these lines cross, a signal is given that it may be advantageous to buy or sell as represented by the purple and green shaded areas.

The market strategy presented above is one of the most basic ever conceived, i.e., buy on the lows and sell on the highs. In forex, you can also use “leverage” to magnify your gains, and unfortunately, also your losses. With leverage, you borrow from your broker in order to purchase a larger lot of currency, which generally comes in $100,000 lot sizes. If you have $10,000 in your account, your broker may allow you to borrow $100,000, thus giving you the opportunity to increase your profits ten-fold. These decisions are highly dependent on risk and volatility issues that must line up correctly before engaging in the practice.

Foreign currency exchange rates fluctuate based on a variety of determinants, both technical and fundamental. Technical factors relate to the study of the dynamics of market trends once they are under way, rather than with the supply and demand factors, which cause them. Technical analysis searches for recurring patterns, resistance levels, and the strength of trends by using moving averages and momentum indicators. Fundamentals relate to conditions of a country, either economic, financial, political, or of a crisis nature. The recent debt crisis in Europe confirmed the important role that fundamentals play in our global markets.

After a bit of preparation, knowledge gathering and assimilation, the next step in the process is to gain experience with a broker’s forex demo account. Many offer $10,000 of “play money” to try your hand at online trading from a virtual account status. Gaining experience is the second quality you must master before putting real capital at risk in the market.

Lastly, there is a psychology of trading which must be respected. Emotions can undo even the best trader’s intentions. Document and develop a trading routine. A disciplined approach is the only way to effectively control one’s emotions, “quality” number three in our hit parade.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

Earlier in the year the currency markets were lacking a bit of volatility. In fact more than a few markets were grinding away with volatility on the low side. The last 3 weeks that has all changed. Volatility is skyrocketing and traders in currency, commodity, equity and fixed income markets are all being presented with opportunities each and every day. Currency traders have certainly been active as just recently Currensee went over the 1m trades mark. Have you missed out on some of that volatility? If so then I would not worry, my guess is that there is plenty more to come.

Why? There continues to be a divergence in the amount of risk-taking that is being placed on the markets. Equity markets for the past year have been rebounding as economic growth rebounds in the G7 nations. We saw last Friday how the utilization rate in the US increased to its highest level since 2008. This week the ZEW and IFO surveys will be released in Germany. They represent business confidence in Germany and although it would not come as a surprise if they regress with the ongoing Greece saga overall they have rebounded quite convincingly over the past year. IFO reported a reading of 101.6 for April which is higher than the levels that it was reporting for German business confidence in the last ‘90s when the markets were in a very bullish mood.

On the flip side a combination of events which started with the credit crises have kept yields at incredibly low rates. Among the 5 top industrialized nations only the UK had its 10 year yield close above 3.5% on Friday; and that was at a paltry 3.7%. This is keeping the carry trade on the sidelines right now. Commodities are caught between safe-haven status (how many times have you heard about fiat money being questioned of late?) and that rebound in business confidence.

Have a look at the chart below. Once the global economies emerged from the 2002 recession both equities and the Euro, or in this case EURUSD, made significant gains. In 2007 they no longer moved in tandem they way they had the prior few years. Fast forward to today and there still is a sizable difference in the pricing in of risk in both markets.

Right now you are hearing a lot of calls for Parity in EURUSD and for good reason. The currency markets continue to price the Euro at a premium even with the problems with the PIIGS as the twin-deficits in the US continue on. Whether or not we hit Parity is a call that I am not going to make but I’m pretty sure that we will not be hovering 1.25 for all too long.

What is moving the markets right now? Is it growth rates or central bank policy? Or are the markets readjusting their expectations on poor fiscal policy decisions and risk-taking in general? In the end if are you worried that you missed out on some of the recent market moves I would not worry as there should be plenty more volatility ahead for traders in all markets.

This report is for your information only and does not constitute investment or business advice or an offer to buy or sell securities.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

On Friday there are multiple economic releases that deserve attention and will provide some insight into how the US economy is doing. The headlines will gravitate towards the retail sales figures. They are expected to show a 4th consecutive month of increased consumption, although down from the breakneck speed of +1.6% m/m in March. For my money though the indicator to watch is Capacity Utilization. This will be released at 9.15 am est. It can be seen on Currensee on the Research Dashboard as well as on the Feeds widget with expected independent reporting and analysis.

Capacity Utilization is just what it sounds like and in the Fed’s own words it is “an estimate of sustainable potential output”. It is also released monthly as compared to the GDP report or corporate profit reports which can also be used to gauge the economy but are released quarterly instead. Economists expect another improvement in utilization to 73.6% which would mark a 10th consecutive monthly improvement. This is very simple to understand, the economy is improving. If you ask me that should be the economic headline going int the weekend. The bottom in utilization of the current downturn was at 68.3% last June. Thus if markets are expected to be forward looking they did their job last year when risk started to turn around last March/April. By comparison analyzing the retail sales figures will produce a much cloudier picture as they are constantly revised and inherently include inflation.

What will a rebound in Capacity Utilization mean for the FOMC and any change to policy right now? Probably zero. The Fed has signaled quite clearly that they are in no rush to withdraw their extraordinary accommodation any time soon. Should they be hiking? Some would suggest yes, absolutely before they have a repeat of what occurred earlier this decade under Chairman Greenspan. The chart below compares Capacity Utilization and the Federal Funds rate since 2000. My focus today is on our expanding economy thus on the chart focus on 2003 until 2006. This is when it was argued that the FOMC was too lenient on policyd for too long. Fast forward to 2009 and 2010 we appear to be in the early stages of another ultra accommodating period.

This has some suggesting that the FOMC cannot wait too long before they remove their extraordinary policy. Others would argue that the economy is fragile and will head back towards a double-dip recession scenario. Nobody knows. That is precisely why these Capacity Utilization numbers are so important. They will become increasingly important if they head up towards 78 or fall back to 70. It is worth mentioning again that these figures are released by the Federal Reserve.

What does this mean now and in the future to traders? Higher rates in the US as compared to its peers in the UK and elsewhere should bode well for the US Dollar when considering interest rate differentials. Of course you have to be on the lookout for the next credit or Greek crisis, but I think that is understood by now.

The next time you are asked what you think of the economy answer with economic data that the Federal Reserve provides.

This report is for your information only and does not constitute investment or business advice or an offer to buy or sell securities.

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.