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Dollar falls against yen in late trading

NEW YORK (AP) - The dollar fell against the Japanese yen, trading at 103.82 yen late Monday night in New York compared with 104.17 yen late Monday afternoon.Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Singapore Telecom end-March mobile subscribers over 185 million

SINGAPORE (Thomson Financial) - Singapore Telecommunications Ltd. (SingTel), Southeast Asia's biggest telecommunications operator, said Tuesday the group's combined mobile subscribers rose to over 185 million as of end-March from about 124 million a year ago.SingTel units in Singapore, Australia, Bangladesh, India, Indonesia, Pakistan and the Philippines added 13.8 million new subscribers in the first quarter, the biggest quarterly increase.The group will release its year to March 2008 results tomorrow.Based on a Thomson Financial poll of 13 analysts, SingTel's full-year net profit should average S$3.77 billion, little changed from S$3.78 billion a year ago.

Forex - Dollar trading in tight ranges ahead of Bernanke speech, data

TOKYO (Thomson Financial) - The dollar was trading in narrow ranges against major currencies in afternoon trading on Tuesday,with investors hesitant to take fresh positions ahead of a series of data this week that could provide further clues on the magnitude of a U.S. economic slowdown.Retail sales figures are expected to be released on Tuesday, while consumer price inflation datawill be released on Wednesday and housing starts are due on Friday.Investors were also waiting for a speech by Federal Reserve Chairman Ben Bernanke for fresh leads on the health of the U.S. economy and where interest rates are headed. Bernanke is due tospeak on Tuesday at a financial markets conference organized by the Federal Reserve Bank of Atlanta.At 1:45 p.m. (0445 GMT), the dollar was at 103.85 yen, compared to 103.69-103.79 yen in late New York trade. The euro was at $1.5525, compared to $1.5477-$1.5487.The euro advanced against the dollar on speculation that European monetary authorities maytolerate a stronger currency, traders said."While a slew of economic events this week could move the market drastically, there is also a possibility that we end up with rangebound deals at between 102 and 104 yen as the market currently lacks focus," said Yosuke Hosokawa, currency dealer at Chuo Mitsui Trust & Banking Co.Traders are also closely watching developments in Asian markets after a strong earthquakeshook China's Sichuan province, raising worries about reconstruction costs. The death toll from the 7.8-magnitude quake has risen to nearly 10,000, according to China's state media.
Tokyo 1:45 p.m. (0445 GMT)
U.S. dollar yen 103.85
Swiss franc 1.0450
EuroU.S. dollar 1.5525
yen 161.26
Swiss franc 1.6224
pound 0.7945
PoundU.S. dollar 1.9536
yen 202.90S
wiss franc 2.0415
Australian dollar
U.S. dollar 0.9456
pound 0.4838
yen 98.20

USD Slips, ECB & BoE Unchanged

The dollar eased against the euro and the yen in the Thursday session, falling to 1.5441 and 103.42, respectively. Central bank decisions garnered the lion’s share of the attention today, with the European Central Bank and the Bank of England both announcing rate decisions in the morning.

The US economic calendar was light today, which saw weekly jobless claims improve to 365k versus 380k a week earlier. Meanwhile, wholesale inventories posted a 0.1% decline in March compared with a 1.1% increase in February. Friday’s data will see the March trade deficit, expected shrink to $61.3 billion down from $62.32 billion in February.

Forex online

The FX market
The foreign exchange market, also known as the FX market, or FOREX, is the global market of exchanging or converting one currency for another, this conversion is accomplished by selling one currency and buying another. The relative amount of each currency in the transaction is determined by the foreign exchange rate between the two currencies (also known as the currency pair). There is no formal exchange location where FX trading occurs. They are done OTC, or over-the-counter. The transaction of exchanging a currency pair takes place directly between two counterparties via telephone or electronic data link (trading platform). The counterparties for an FX transaction may be located anywhere in the world. These exchanges take place 24 hours a day from Monday morning in Australia, through Friday afternoon in New York. The size of the market and the ability to trade it worldwide, day or night provides the facilitation and liquidity that make FOREX an excellent investment opportunity.Speculating on the price changes between two currencies is what brings such large numbers of investors and traders to the FX market. The exchange rate is in constant fluctuation and is influenced by several different factors, including fundamental, technical and political. This affects one or both members of the currency pair, and therefore the relative supply and demand. Traders can make significant profits buying or selling a currency’s pair at one rate and then reversing or closing the transactions at a more favorable rate.
There is more speculation and trading opportunities in the FX market than in all other financial markets combined. Since trading in FOREX is a leveraged transaction, there is a significant opportunity to make a profit while maintaining a healthy risk/reward ratio. Leverage, liquidity and 24 hour facilitation all combine to make the FX market one of the premier investment vehicles available to investors and brokers alike.

Wall Street looks to US consumers for direction

NEW YORK (AP) - With millions of stimulus checks going out to taxpayers, Wall Street wants to know where that money will be spent -- and this week's data could help investors gauge the mind-set of the average consumer.Tax rebates have historically been helpful in boosting the economy, but they only really work if they're used to buy goods and services. With many consumers weighed down by debt and saving up to keep up with the cost of basic necessities, some market experts are concerned that what's best for most individuals -- saving their rebates -- might not end up helping the broader economy.Whether the average consumer feels financially healthy could determine whether the economy gets that late-2008 lift that so many investors have been betting on.On Tuesday, the Commerce Department reports on retail sales in April. Economists surveyed by Thomson Financial/IFR estimated, on average, that sales dipped by 0.1 percent last month after growing by 0.2 percent in March.Also this week, several big retailers -- Wal-Mart Stores Inc., Macy's Inc., JCPenney Co. and Kohl's Corp. -- release their first-quarter results, along with outlooks for later in the year.After seeing last week's batch of mixed April sales figures from individual retailers, Wall Street knows that spending remains weak, but investors want more information. Retailers have made clear that consumers are changing their spending habits to accommodate the rising cost of energy and food, but no one knows how long these conditions will last.Investors will learn more about the inflation consumers face when the Labor Department releases its consumer price index Wednesday. The index is expected to have risen by 0.3 percent in April after increasing by a similar amount in March. Core consumer prices, which strip out food and energy, are expected to have climbed by 0.2 percent after rising at the same pace the previous month.Last week was a downbeat one in the stock market, with the major indexes retrenching following three straight weeks of gains as a few poor earnings results and surging oil prices weighed on investors. The Dow Jones industrial average sank 2.39 percent, the Standard & Poor's dropped 1.81 percent, and the Nasdaq composite index slid 1.27 percent.Crude oil soared by about $10 last week to settle near $126 a barrel, yet another all-time high. Meanwhile, the average roadside price for a gallon of gasoline jumped above $3.67.Market experts are split over whether oil prices will remain at these levels, surge higher, or collapse, so stock traders will continue to monitor the energy markets closely.In other economic data this week, on Thursday, the National Association of Home Builders releases its May index and the Philadelphia and New York Federal Reserves report on their regions' manufacturing activity. On Friday, the Commerce Department reports on housing starts in April and the University of Michigan releases its consumer sentiment index.Other major companies releasing earnings this week include MBIA Inc., Sprint Nextel Corp., Toll Brothers Inc., Deere & Co., Freddie Mac, and Hewlett-Packard Co.

Forex - Euro in focus before Trichet testimony

LONDON (Thomson Financial) - The euro was firmly in focus as markets await the imminent testimony from Jean-Claude Trichet, president of the European Central Bank (ECB).The ECB left interest rates on hold at 4.00 percent on Thursday, a decision fully expected by markets because of the bank's inflation concerns. The euro was little changed, continuing a gradual drift higher against the dollar and the pound.The key focus, however, is on Trichet's press conference, which investors will comb though for any signs the ECB is softening its tone on inflation. Ashraf Laidi, chief FX analyst at CMC Markets, said: "We certainly do not expect Trichet to temper the bank's persistent hawkish stance as oil prices surge to new highs."Instead, he may shed a little more attention on the emerging signs of weakness, such as euro zone retail sales," he said.Laidi predicted the euro would weaken even without a softer tone from Trichet, because markets are revising their expectations for euro zone interest rates going forward.Euro zone CPI inflation remained way above target at 3.3 percent in April, albeit down from 3.6 percent in March, and continued inflation pressures are expected to keep ECB rates on hold for some months to come. However, many analysts are penciling in cuts later this year as economic indicators turn lower.Indeed, data are beginning to reveal cracks, with German industrial production figures earlier on Thursday showing a 0.5 percent drop in March from February. Euro zone retail sales earlier in the week were also soft.Elsewhere, on currency markets, the pound was steady, benefiting little from the Bank of England's (BoE) widely expected decision to keep interest rates on hold at 5.00 percent.After gaining a brief fillip from the decision, because markets had priced in some chance of a cut, the pound quickly settled back to previous levels, with many analysts expecting the bank to deliver a quarter-point in June."It seems odds-on that the Bank of England will trim interest rates from 5.00 percent to 4.75 percent in June, thereby maintaining the trend of cutting by 25 basis points every two months," said Howard Archer, chief UK economist at Global Insight.Later on, markets will also look at data out of the United States.Initial jobless claims are expected at 370,000 for the week ending May 3, from 380,000 last time, while continuing claims are also seen edging down.Meanwhile, wholesale inventories are expected to increase just 0.5 percent from the previous month's 1.1 percent gain.London 1157 GMT London 0805 GMTU.S. dollar yen 104.16 up from 103.84Swiss franc 1.0546 down from 1.0556EuroU.S. dollar 1.5366 up from 1.5334yen 159.99 up from 159.22Swiss franc 1.6206 up from 1.6188pound 0.7853 up from 0.7852PoundU.S. dollar 1.9568 up from 1.9523yen 203.69 down from 203.76Swiss franc 2.0624 up from 2.0612Australian dollar U.S. dollar 0.9419 up from 0.9390pound 0.4814 up from 0.4809yen 97.99 up from 97.56

Romanian central bank raises 2008 inflation forecast

BUCHAREST (Thomson Financial) - The National Bank of Romania raised its inflation forecast for the current year on Thursday but predicted that price pressure would begin to ease from the summer after peaking in March.The central bank said it expected consumer price inflation to average 6.0 percent for the whole of 2008, fractionally higher than the previous forecast of 5.9 percent. The bank's governor Mugur Isarescu said inflation should start to slow in the summer after peaking at 8.63 percent in March, the highest level since January 2006.Nevertheless, there were still upside risks, Isarescu cautioned, pointing to wage hikes over and above increases in productivity; a steeper-than-expected decline in the value of the national currency, the leu; lax fiscal policy and fast-rising fuel prices.The only factor having a beneficial effect on inflation was the strong performance of the agricultural sector, following the catastrophic drought last year, the central bank chief said.The National Bank of Romania also downgraded its inflation forecast for 2009 to 3.5 percent from 3.9 percent previously.

Forex - Dollar strengthens after robust U.S. productivity data

LONDON (Thomson Financial) - The dollar rose following a robust rise in U.S. productivity data and evidence that inflationary pressures from wages have been contained.Non-farm business productivity increased by an annual rate of 2.2 percent in the first quarter, beating Thomson IFR Markets' consensus forecast for a 1.7 percent gain.In addition, unit labour costs rose by 2.2 percent, below the 2.6 percent economists were expecting."The first-quarter productivity and unit labour cost figures provide a timely reminder that the inflation outlook isn't quite as apocalyptic as many commentators seem to be suggesting," said Paul Ashworth, U.S. economist at Capital Economics."If labour costs are barely rising at all the inflation outlook may not be anywhere near as bad as many people now fear," said Ashworth.The positive U.S. data adds pressure on the euro following Wednesday morning's weak retail sales figures from the single currency zone.Following the data, the dollar had strengthened to a day high of 1.5396 per euro, from 1.5433 prior to the release. Meanwhile, the pound had fallen to a day low of $1.9534 from 1.9554.

FOREX Slovak crown jumps to new all-time high on euro adoption news

WARSAW (Thomson Financial) - The Slovak crown broke through 32 against the euro in afternoon trade to hit a new record high after the European Commission gave the country a green light on Wednesday to adopt the common currency next year.Slovakia will become the euro zone's 16th member and the second country from Eastern Europe's former communist bloc to join.The currency strengthened to 31.985 per euro above the previous high of 32.1 crowns hit earlier in the day before the European Commission announced its decision.

Eurosystem currency reserves down 0.1 bln euros to 153.3 bln in week to May 2

FRANKFURT (Thomson Financial) - The European Central Bank (ECB) said net foreign currency reserves in the eurosystem fell by 0.1 billion euros to 153.3 billion euros in the week to May 2, compared with the previous week.Banknotes in circulation within the eurosystem -- comprising the ECB and the central banks of euro zone countries -- increased by 7.4 billion euros to 671.7 billion.Gold and gold receivables remained unchanged at 209.643 billion.

Canada Morning: C$ Up On Strong Data, Higher Oil Prices

TORONTO (Dow Jones)--The Canadian dollar is higher early Tuesday, having at least momentarily broken with its earlier pattern of light, narrow range trading on a better-than-expected outcome for Canada's April Ivey Purchasing Managers' Index of manufacturing activity. The U.S. dollar was trading at C$1.0065 at 10:18 a.m. EDT (1418 GMT), from C$1.0118 at 8:00 a.m. EDT (1200 GMT) and C$1.0137 late Monday. The Ivey survey of purchasing managers achieved a reading of 57.6 in April, beating consensus estimates and causing the Canadian dollar to spike from the C$1.0140 area past the C$1.0100 figure. Prior to that, the currency had been locked in fairly tight dealings in the mid-C$1.0100s, as it consolidated Monday's improvement on the back of soaring world oil prices. High oil prices are seen continuing to lend some support to the Canadian dollar, though the offsets of high oil including a renewed downdraft on the U.S. dollar and shakier equity markets are also having some restraining effects on potential gains for the Canadian currency. While higher oil prices benefit Canada as a net oil exporter, fears that these higher prices could further erode U.S. and by extension Canadian economic performance have a somewhat countervailing impact on the Canadian dollar in the current environment. Most currency watchers believe that these competing influences will continue to limit potential movements for the Canadian dollar until at least Friday, when some fresh fundamental trading incentives emerge in the form of Canada's April employment and March merchandise trade reports. "Any gains for the Canadian dollar on the back of stronger crude oil prices are likely to be mitigated by position-squaring ahead of the Friday's dual releases," said Jack Spitz, director of foreign exchange at National Bank in Toronto. "For the moment, it's better bid, but the reaction is ultimately likely to be muted." Canadian bonds are slightly higher in light trading early Tuesday, with the benchmark 10-year bond yielding 3.58% from 3.62% late Monday. These are the exchange rates at 10:18 a.m. EDT (1418 GMT), 8:00 a.m. EDT (1200 GMT), and late Monday.
USD/CAD 1.0065 1.0118 1.0137
EUR/CAD 1.5682 1.5724 1.5707
CAD/JPY 103.57 103.19 103.43

Carry Trade On The Rise As Volatility Cools, Rate Differentials Improve

Through there is growing concern as to how long high yielding currencies like the New Zealand and Australian dollars can keep their rates at record highs, interest in the carry trade has still improved over the past week. The DailyFX Carry Trade Index rose $296 since last week with help from a modest cooling in currency market volatility and a general improvement in the outlook for the yen crosses.

Trade1_5-2

• Carry Trade On The Rise As Volatility Cools, Rate Differentials Improve
• Fed And BoE Boost Risk Appetite By Widening Their Collateral Nets
• Caution Still In Place As Market Questions High Yielders Buoyancy

Through there is growing concern as to how long high yielding currencies like the New Zealand and Australian dollars can keep their rates at record highs, interest in the carry trade has still improved over the past week. The DailyFX Carry Trade Index rose $296 since last week with help from a modest cooling in currency market volatility and a general improvement in the outlook for the yen crosses.

There has been a tangible rebound in risk appetite over the past few weeks; and the carry trade has been one of the primary benefactors. Considering the thawing in credit markets recently, it seems that the cooperative effort by global central banks to revive liquidity is paying off. In fact, even with conditions improving, the Bank of England and Federal Reserve have upped their efforts to put financial markets on an even keel once and for all. Both the Monetary Policy Committee the Fed announced it they were widening their definitions of acceptable collateral for access their respective liquidity injections. These efforts must be potent indeed considering volatility has cooled and the carry basket has rallied over the past few weeks despite headlines of further writedowns from big banks and warnings from the BoE that falling UK commercial property values may trigger considerable defaults and another wave of massive losses for banks. And, while conditions seem to be improving for the carry trade, the mood is still one of caution. While pairs like USDJPY, USDJPY and GBPJPY have put in for a tentative trend change, the higher-end of the yield curve is actually starting to fall as traders expect the central banks with high benchmark rates will eventually be forced to ease like the Fed, BoE and BoC.

Falling Rupee May Add to India's Inflation, Rates, ICICI Says

A weakening Indian rupee, Asia's second-worst performing currency this year, may quicken inflation and prompt the central bank to raise its benchmark interest rate, according to ICICI Securities Ltd.
The Reserve Bank of India may increase its repurchase rate by a quarter-percentage point for the first time in more than a year, said Prasanna Ananthasubramaniam, an analyst at the Mumbai-based unit of India's second-biggest bank by market value. The rupee has declined almost 3 percent this year as equity purchases by overseas funds slowed amid a global credit crisis and rising oil prices pushed import costs higher.
``The offset of a strong rupee isn't available to contain the pass-through of global prices. In such a scenario, we don't rule out a hike in the repo rate,'' Prasanna said in an interview yesterday. Further rupee weakness ``cannot be ruled out, adding to inflation risks.''
Central bank Governor Yaga Venugopal Reddy kept the benchmark rate unchanged at a six-year high on April 29. He instead told lenders for the second time in less than two weeks to set aside more cash as a proportion of their deposits to slow growth in money supply.
The rupee fell 0.8 percent the same day, the biggest decline in almost two months, after the bank said the current- account deficit will be ``marginally'' higher in the fiscal year through March and said prospects for growth stand ``trimmed.''
The local currency weakened 0.1 percent to 40.51 a dollar on April 30, according to data compiled by Bloomberg. Financial markets were closed yesterday for a holiday in Mumbai.
Oil, Deficits
An advance in crude oil prices to an all-time high of $119.93 a barrel this week spurred demand for dollars as refiners settled import bills, placing the rupee on course for its biggest weekly loss since the five-day period ended March 7.
India's trade deficit widened 45 percent in the year ended March 31 to $80.4 billion, the government said yesterday. The shortfall in the current account, a broad measure of trade and investment flows, widened 46 percent to $5.4 billion in the quarter through December from $3.7 billion a year earlier.
The rupee's 12.3 percent rally last year, the most in more than three decades helped cool inflation to a five-year low in October before flaring up to a 3 1/2-year high.
Slowing Growth
Asia's third-largest economy should be prepared to face ``potentially large'' outflows of capital as the global credit crisis, now in its 10th month, makes global investors more risk averse, the Reserve Bank said April 29.
Global funds, who bought a record $17.2 billion in Indian shares than they sold last year, have dumped a net $2.6 billion this year as the central bank expects economic expansion to slow to as low as 8 percent this fiscal year. Growth averaged a record 8.7 percent in the past five years.
``With inflows slowing down, higher outflows on the trade account are likely exerting pressure on the currency'' to weaken, Prasanna said. ``We attach a reasonable probability'' to an increase in the benchmark rate.
The currency may trade between 40 and 40.50 to the dollar in coming weeks, he said. The median forecast in a survey of 22 analysts compiled by Bloomberg is for the rupee to advance to 39.45 by year-end

Dollar Rises to Five-Week High on Below-Forecast Job Losses

The dollar rose to a five-week high against the euro after a government report showed U.S. employers eliminated fewer jobs in April than economists forecast, indicating the labor market is weathering the economic slowdown.
The currency is headed for a second weekly gain versus the euro after the Federal Reserve cut interest rates on April 30 and said ``substantial'' easing since September would help foster growth. The yen fell against the Brazilian real and the South African rand as the jobs report encouraged investors to buy higher-yielding assets financed in Japan.
``It's pretty likely we've seen the lows in the dollar,'' said Robert Sinche, head of global currency strategy at Bank of America Corp. in New York. ``You've got a market that has been buying dollars, and certainly it got a nice reinforcement.''
The dollar increased 0.4 percent to $1.5411 per euro at 2:05 p.m. in New York, from $1.5475 yesterday. It touched $1.5361, the highest level since March 24. The dollar rose 0.8 percent to 105.25 yen, from 104.44 yesterday. It touched 105.70 yen, the strongest since Feb. 28. The euro rose 0.4 percent to 162.21 yen, from 161.60 yen.
Treasuries fell today on the payroll report, pushing the two-year note's yield to 2.54 percent, the highest level since January. Gold headed for a third weekly drop, its longest losing streak in a year, as the dollar's gain against the euro made the metal less attractive as a currency hedge. Gold futures traded in New York climbed 0.8 percent to $857.50 an ounce today.
Fed Rate Outlook
Interest-rate futures on the Chicago Board of Trade showed an 86 percent chance that policy makers will keep the fed funds target unchanged at 2 percent when they next meet June 25, compared with 80 percent odds yesterday. The balance of bets is for a decrease of a quarter-percentage point. The Fed cut the benchmark rate from 2.25 percent this week in its seventh reduction since September.
The dollar has risen 1.2 percent against the euro this week, its biggest rally since March, and has appreciated 3.6 percent from a record low of $1.6018 reached on April 22. It's the first time the dollar has posted two weeks of gains since December. The dollar rose 0.8 percent against the yen this week.
The yen fell more than 1 percent against the Brazilian real, the South African rand and the New Zealand dollar on speculation the payroll data led investors to resume carry trades, in which they get funds in a country with low borrowing costs and buy assets where returns are higher. The 0.5 percent target rate in Japan compares with 11.75 percent in Brazil, 11.5 percent in South Africa and 8.25 percent in New Zealand.
`Fed Is Done'
``This report reinforces that the Fed is done for the time being,'' said Alan Ruskin, head of international currency strategy in North America at RBS Greenwich Capital Markets Inc. in Greenwich, Connecticut. ``It reinforces all of the recent favorable trades, selling the yen.''
The dollar pared gains versus the euro after failing to break through $1.5340, where sell orders concentrated, according to Ruskin. ``The market is certainly very cautious not to push it too far,'' he said.
The pound was headed for a third weekly gain against the euro, the longest rally since May 2006, after the Bank of England said yesterday in its twice-yearly financial stability report that ``risk appetite will return gradually'' in coming months. Sterling increased 0.4 percent to 78.04 pence per euro, from 78.37 pence yesterday, and is up 0.9 percent this week.
The European Central Bank will cut its 4 percent main refinancing rate to 3.75 percent by the end of September and 3.50 percent by year-end, according to a Bloomberg News survey of economists.
Bund Spread
The yield advantage of two-year German bunds over comparable-maturity Treasuries decreased to 1.37 percentage points, the narrowest since February, making dollar-denominated assets more attractive to investors.
The Labor Department reported that U.S. payrolls shrank by 20,000 last month following a revised decline of 81,000 in March. The median forecast of 82 economists surveyed by Bloomberg News was for a drop of 75,000.
The U.S. Dollar Index, which measures the currency against six major counterparts, touched 73.698, the highest level since March 5. The index fell to 70.698 on March 17, the lowest since its 1973 inception.
``Buy the dollar!'' said Benedikt Germanier, a currency strategist at UBS AG in Stamford, Connecticut.
The U.S. currency increased 0.9 percent versus the Swiss franc and was up 0.7 percent against the South Korean won. It dropped 0.9 percent against the Brazilian real and 0.4 percent versus New Zealand's dollar.
Traders see the dollar will fluctuate less in the next several months. The implied volatility of options on the dollar against the most actively traded currencies declined to 10.4 percent today, the lowest since Feb. 28, according to data complied by JPMorgan Chase & Co. The volatility jumped to 14.5 percent on March 17, the highest since 1998.

India spot gold prices close 1.3 percent lower; revives domestic demand

MUMBAI (Thomson Financial) - India spot gold prices closed 1.3 percent down, led by overseas leads, triggering domestic demand ahead of the festival and wedding season, traders said.
In London, gold slipped to a fresh four-month low of $844.90 an ounce in early afternoon trade after U.S. employment data came in better than expected, boosting the dollar amid hopes that the world's biggest economy could be turning a corner.
Most physical buyers took this opportunity to buy at lower levels, said a treasury official at India's state-run Corporation Bank.
The Indian festival of Akshaya Tritiya is due in India on May 7 and is considered to be an auspicious day for buying gold and silver.
Mumbai gold of 0.995 purity closed 145 rupees lower at 11,255 rupees per 10 grams, while gold of 0.999 purity closed 150 rupees lower at 11,310 rupees per 10 grams.
Silver of 0.999 purity closed 385 rupees lower at 22,330 per kilogram.

HIGHLIGHTS Outlook of US economic indicators to be released in the coming week

WASHINGTON (Thomson Financial) - The following is a synopsis of US economic indicators to be released in the coming week, with forecasts compiled by Thomson's IFR Markets.
The coming week will be light with economic data compared to this past week. Among the most closely-watched numbers will be the ISM non-manufacturing index and the international trade deficit. Also in the week, there will be speeches by Federal Reserve Chairman Ben Bernanke, Fed Governor Randall S. Kroszner, and Kansas City Fed President Thomas Hoening.
MONDAY, MAY 5
The week will begin with the release of the Institute of Supply Management's non-manufacturing index, which in April is expected to have dipped to 49.3 from 49.6.
"In general, the economy is weakening and so you'd expect this number to remain below fifty and drop lower," said Jay Bryson of Wachovia. A level of 50 is considered the contraction/expansion threshold.
WEDNESDAY, MAY 7
Preliminary productivity in the first quarter is expected to have decreased to a 1.7 pct annual rate, below the 1.9 pct rate in the previous quarter.
Bryson pointed out that when the economy is in a downturn, output decreases, but because companies are slow to lay off workers, productivity ultimately increases.
"We're not looking for a huge decline in productivity, and it could keep unit labor costs relatively under control," he said. Preliminary unit labor costs are expected to have increased by 2.6 pct in the first quarter, the same rate of change as in the previous quarter.
Pending home sales in March are expected to have dropped to 83.8 from 84.6 in the previous month.
"Consumer sentiment plunged in March to the lowest level since the 1980 recession, suggesting growing concern about future financial prospects and the state of the economy," said economists from Lehman Brothers. "This should discourage new home purchases," they added.
Consumer credit is expected to have increased to 6.0 bln usd in March, up from 5.2 bln usd in the previous month. Economists say much of the credit will be in the form of credit cards.
Joel Naroff of Naroff Economic Advisors says consumer credit is hard to predict. "On one side consumers are pressured to spend less. On the other side, they may be forced to put expenses on credit card." Lately, credit cards are being used for every day expenses, like food and gasoline, which have increased in price, he said.
THURSDAY, MAY 8
Initial jobless claims are expected to have increased to 370,000 in the week ending May 3rd. This past week, claims increased 35,000 to 380,000.
Meanwhile, continuing claims are expected to have totaled 3.000 mln in the week ending April 26, above the previous week's four-year high of 3.019 mln.
Economists expect that wholesalers increased their inventories in March by just 0.5 pct, well below the 1.1 pct accumulation rate in the previous month.
"We believe that some unnecessary inventory building has occurred in the wholesale sector, forcing firms to cut production and liquidate stocks," said economists from Lehman Brothers. "However, a rise in commodity prices during the month is likely to boost the nominal value of wholesale stocks, offsetting some of this contraction and leaving overall wholesale inventory growth positive."
Wholesale sales are expected to have recovered in March, increasing 0.7 pct compared to a 0.8 pct decline in the previous month.

Where do you start if you want to learn Forex trading online?

Well a good starting point is to look at just what Forex trading is and who the players in this market are. We should also think about just why you should be learning Forex trading and thinking about starting you own online Forex trading business.
Don't forget to check outour growing collection ofin-house Forex articles.
The Forex market (which is sometimes referred to as the FX market and for which the full title is The Foreign Exchange Market) was established as we know it today in 1971 following the demise of fixed currency exchanges. Forex currency trading is conducted around the clock, 5 days a week, and daily currency trades are worth in the region of $1.9 trillion US dollars. This means that the Forex the largest market in the world and puts the major stock markets very firmly into second place.
A world-wide market established to facilitate the buying and selling of currency, the Forex market involves large organizations, such as central governments, commercial companies and international commercial banks as well as smaller players such as brokerage houses and individual brokers.
There is no set location for the market (although there are major trading centers around the world in a number of cities such as London, Frankfurt, New York and Tokyo) but it is essentially an 'over-the-counter' market with the vast majority of trading being conducted by telephone and on the internet.
The exchange of currencies is a central element in supporting global trade and, as the major currencies such as the US dollar (USD), the British pound (GBP), the Euro (EUR), the Japanes yen (JPY) and others move against each other and the foreign currency exchange rate for any given pair of currencies changes, there is the opportunity to make money from currency exchanges.
The major players in the market take advantage of this by buying and selling in deals which often run into many millions of dollars, but the smaller players are also extremely active and often trade in deals of as low as one hundred thousand dollars. And, by trading on the back on the smaller players, individuals can get into the market with a lot less than that!
The fact that even small players can join this market means that, as long as you are prepared to take the time to understand the currency markets and to learn the skills of Forex trading, then, with a little bit of capital to invest, it is possible to enjoy an excellent income from online currency trading.
Despite the fact that you cannot trade on your own and will have to use the services of a Forex broker, you certainly don't need a fortune and many Forex brokers will now allow you to open an online Forex mini account with as little as $250.
The Forex market is a technical market and it does takes a while to come to grips with the basic principles underlying the currency markets, to develop the necessary skills in the use of some of the 'tools of the trade' (like technical and fundamental analysis tools) and to learn Forex currency trading online.
Despite this, you do not have to be an expert in the currency markets to profit from them. As long as you take the time to learn foreign exchange currency trading and put in a bit of effort it is quite easy to gain enough of an understanding to begin making money through Foreign trading online.
Foreign currency trading provides an excellent opportunity for the small investor to make money but learning to trade Forex is essential before heading out into the market.
Through a large and growing collection of articles covering everything from the history of foreign currency trading to fundamental and technical analysis, psychology and strategies, tools and software we aim to help you learn to day trade Forex quickly and easily.

What Is Online Currency Trading?

Online currency trading or the foreign exchange (FOREX) provides an incredible opportunity for the average person.
1) You can set up a demo account for trading that will provide you with real time trading information. The feeds are real and the movements are real, this allows you to learn and tweak your trading style.
2) A new trader can start with a few hundred dollars. One BIG thing to consider is the leverage the FOREX gives you. A $300 account will enable you to control $60,000.00 worth of currency. That alone should peak your interest.
3) Successful Forex traders live a life style most people only dream about.
The foreign exchange averages 3.2 trillion dollars a day, which is more than stocks and commodities, combined. In addition, stocks have some pitfalls that are not present with online currency trading, such as insider trading or executives that "cook" the books.
Education is the key and the great thing is most of it is free to learn.
There are a few things you can do to start, first Google "forex" and you will see a lot of places that allow you to set up a free demo account. Next learn what technical analysis is and how to use it to your advantage.
In the event you need to ask some questions or have comments we are here to assist you. We are active traders, however, we are not brokers. So we will tell you our real opinion. Along with that you will have other traders placing their own experiences as well. So here is to learning forex.

Forex - U.S. dollar up sharply, extending gains after ISM manufacturing data

LONDON (Thomson Financial) - The U.S. dollar was up sharply, extending earlier gains after a better-than-expected survey on U.S. manufacturing activity.The ISM manufacturing index held steady at 48.6 in April, still below the 50 level to signal continued contraction in the sector but beating forecasts for a decline to 48.0.The release gave market players further excuse to buy the U.S. dollar, taking the euro to a five-week low of $1.5440."The report was a real mixed bag, providing no fundamental basis for buying the greenback. Nonetheless, players used the report as an excuse to extend the overnight dollar rally," said Michael Woolfolk at the Bank of New York Mellon.The U.S. dollar has been gaining since last night's decision by the Federal Reserve to cut interest rates by 25 basis points, marking a departure from the aggressive monetary easing of recent months and prompting optimism that the worst of the credit crisis may be over."A lot of people believe the worst is over and the perception is that this will be the end of the rate cuts," said Mic Mills, a trader at TradIndex.com.Attention Friday will turn to the release of key U.S. jobs data, where another better-than-expected reading will allow the U.S. dollar to extend its gains further."If non-farm payrolls surprises tomorrow on the upside, the resulting dollar rally has more potential than recent history suggests," BNY Mellon's Woolfolk said.London 1519 GMT London 1106 GMTU.S. dollar yen 104.08 up from 104.03 Swiss franc 1.0490 up from 1.0440 EuroU.S. dollar 1.5439 down from 1.5533 pound 0.7819 unchanged yen 160.71 up from 161.60 Swiss franc 1.6196 down from 1.6220 PoundU.S. dollar 1.9746 down from 1.9862 yen 205.51 down from 206.60 Swiss franc 2.0707 down from 2.0733 Australian dollar U.S. dollar 0.9322 down from 0.9377 pound 0.4720 unchanged yen 96.98 down from 97.50

Dollar rises as markets consider end to rate cuts

NEW YORK (AP) - The dollar gained strength Thursday amid mixed economic data following the Federal Reserve's signal that it might be done with rate cutting for the near term.The 15-nation euro dropped to $1.5432 in midday New York trading, down from the $1.5642 it purchased in New York late Wednesday. The British pound also slid to $1.9723 from $1.9893.The dollar rose to 104.56 Japanese yen, up from 104.17 late Wednesday.The Commerce Department said consumer spending edged up 0.4 percent in March, while the Institute for Supply Management said an index of manufacturing activity in April was 48.6 for April, unchanged from March. Both readings, while weak, were better than expected and offset the 1.1 percent March drop in construction spending and the larger-than-expected jump in weekly jobless claims to 380,000.By midday, the Dow Jones industrial average had jumped more than 150 points as investors took hope from a surging dollar and oil's fall back toward $111 a barrel.The Federal Reserve cut a key interest rate by a quarter-point Wednesday, a smaller move than the aggressive easing it undertook earlier this year. There were signs the Fed may believe it has done enough to prevent a deep recession.The Fed action pushed the federal funds rate down to 2 percent, the lowest level since late 2004. It marked the seventh rate cut by the central bank since it began easing credit conditions last September.The European Central Bank has left rates unchanged at 4 percent.Though lower interest rates can spur a nation's economy, they can weigh on its currency as traders transfer funds to countries where they can earn higher returns.In other midday New York trading, the dollar rose to 1.0500 Swiss francs from 1.0338 francs late Wednesday in New York, and soared to 1.0191 Canadian dollars from 1.0046.