1st on Forex

FOMC Holds Rates Steady - Dollar Holds

Possible Turning Point Getting More Confirmation

The consensus in the Live FOMC Webinar was that Ben Bernanke would keep rates steady. This was in line with the pundits consensus. The Fed Funds Futures Rates Shot up indicating that there are expectations that rates will be on hold for the time being. I posted on the blog a while back that there is the possibility that the FED may not raise rates until after the election in November. So much for a "independent" Federal reserve an just doing what is right.

High and Low Water Mark Spike

Often a FOMC, GDP,  or NFP release will "spike the charts and create what I call "High and Low" water marks. The 1 minute chart above shows the high point at 1.5495 and the Low Mark at 1.5443- As of this typing the Euro was trading inside the range at 1.5457

 

Euro Still at Support

The Weekly Chart Above Shows the Euro Heading down after making a "Double Top" on July 15th. The 32 SMA is prepared and ready to hold support at approximately 1.5390 a Break below 1.5350 could signal the US Dollar is reclaiming it's way back up.

Rate Increase is Needed Badly

The simpleton side of the debate screams that "you must be crazy to raise rates" with an economy like this. However,the person on the street has no access to the 2% rates that are reserved for the banks. No..... The dirty little secret is that Credit Card companies are charging 17% to regular clients - and heaven help you if you miss a payment - The rates can jump to 30% plus!

Mortgage Rates have nothing to do with Fed Rates - What would happen if...

The standard fixed rate mortgage today is approximately 7% - What would happen If.... the Fed raised a quarter point to 2.25%?  You would see the US Dollar rally - and the Black Crowes sitting on the fence that are waiting to buy houses - would fly off the fence and start to clear some of the inventory off the market in fear that rates would continue to go higher. So the Fed rate really has nothing to do with the trickle down effect that is needed to get things moving. Again - a rate increase will bring down the price of oil and help us all.

Australian Dollar Ready To Fall?

The Weekly Chart above shows the AUD-USD with the 50 SMA clearly holding support is ready to crack as rumors of the RBA needing to cut rates in the near future are getting louder.

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.

 

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Bernanke & Paulson - Together Again!

Brothers in Arms Face Down a Angry US Congress

Ben Bernanke and Hank Paulson were in the hot seat today, as Senators took turns asking probing questions that neither the FOMC chief or the Treasury Secretary could answer - at least without some matter of stuttering, or weakness in their voice. When the history books are written on the trying economic times that we are living through, there is a chance that pictures from today's US congressional testimony may be used.

Forked Tongue Questioned

Paulson has demonstrated that he is getting much better at answering questions without saying anything of substance. Senator Ron Paul grilled Paulson on his “Strong Dollar Policy" and specifically asked about why he wants China to “Pull the Peg” if that would devalue the dollar even more! I wish I could tell you what the Treasury Secretaries  answer was to the Senators question! Of course we know the answer - He really wants a weak US Dollar as a way to lower the trade deficit. One of these days the government might figure out that by creating jobs and manufacturing goods within US borders might also bring down the deficit.

FOMC and others in Denial

Bernanke stated that he believes headline inflation will come down even if oil remains at current levels - as soon as the current data in the "pipeline" comes out in upcoming reports. Such revelations come on the same day that former US Senator Phil Gramm stated that Americans are  "whiners" and in a "Mental Recession". Gramm was presidential hopeful John McCains economic advisor - until today's gaff.

BOE - Hold Rates Steady

No Change in Policy - No Statement - No Change in Pound

30 Minute Pound Chart July 10 - 22:30 EDT - Going Sideways

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Bernanke,Paulson,FOMC,Treasury Auction Facility,BOE,Pound,Dollar,interest rates,Ron Paul,China

Bernanke & Paulson - Together Again!

Brothers in Arms Face Down a Angry US Congress

Ben Bernanke and Hank Paulson were in the hot seat today, as Senators took turns asking probing questions that neither the FOMC chief or the Treasury Secretary could answer - at least without some matter of stuttering, or weakness in their voice. When the history books are written on the trying economic times that we are living through, there is a chance that pictures from today's US congressional testimony may be used.

Forked Tongue Questioned

Paulson has demonstrated that he is getting much better at answering questions without saying anything of substance. Senator Ron Paul grilled Paulson on his “Strong Dollar Policy" and specifically asked about why he wants China to “Pull the Peg” if that would devalue the dollar even more! I wish I could tell you what the Treasury Secretaries  answer was to the Senators question! Of course we know the answer - He really wants a weak US Dollar as a way to lower the trade deficit. One of these days the government might figure out that by creating jobs and manufacturing goods within US borders might also bring down the deficit.

FOMC and others in Denial

Bernanke stated that he believes headline inflation will come down even if oil remains at current levels - as soon as the current data in the "pipeline" comes out in upcoming reports. Such revelations come on the same day that former US Senator Phil Gramm stated that Americans are  "whiners" and in a "Mental Recession". Gramm was presidential hopeful John McCains economic advisor - until today's gaff.

BOE - Hold Rates Steady

No Change in Policy - No Statement - No Change in Pound

30 Minute Pound Chart July 10 - 22:30 EDT - Going Sideways

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Bernanke,Paulson,FOMC,Treasury Auction Facility,BOE,Pound,Dollar,interest rates,Ron Paul,China

Decent GDP and Home Sales - But US Indexes Crater

The Daily Chart of the US Dollar - Swiss Franc

The Dollar is Losing Ground Again - The Chart Above (click to enlarge) shows a nice Consolidation Range that goes back to Early May when the pair was trading at approximately 1.0600. That level has been Resistance as the 1.0200 level has held Support. The chart above shows the 25% and 50% retracements are holding the upper and lower extremes of this range. The 38.2% Retracement is symmetrically splitting the range in half. At the current time of this post - the Dollar is testing the support level.

 

CBOE- VIX - Volatility Index - June 26, 2008 Close

The VIX  - Threatening a Spike ???

A surprise rate increase by the Fed would have been a boost of confidence for the dollar and Bernanke. A day after the FOMC meeting,  Oil and Gold Spiked as the Dow Dropped 358 and the Nasdaq went down 80. The Volatility Index - otherwise known as the "fear indicator" is looking to break above the current 38.2 Fibonacci resistance level of 24.

Friday's News

Over night the UK is reporting GDP at 4:30 EDT and the Euro Zone will report on Consumer Confidence at 5:00. The US will report on Personal Income and Spending at 8:30am and at 10am Consumer Sentiment should set the stage for Trichet to talk at 12;30 EDT to either slaughter the dollar with continued threats of a rate hike - or - If he wants stable currencies - he might state that the status quo is good enough for now.

But then again - Be prepared - as anything might spook the markets at this time....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Swiss Franc,US Dollar,Euro,Pound,FX,Currency,chart,Fibonacci extensions.,Support,resistance is futile,consolidation range,Trichet,Bernanke,interest rates,retracements,DOW,Gold,oil,consumer confidence,personal spending,GDP

FOMC Leaves Rates Unchanged = No Confidence: Indeed

Currencies barely phased by inaction

 

What Happened to the Strong US Dollar Policy?

So the Fed did what was predicted - left rates steady and no real hint of propping up the US Dollar. This raises the main issue. Will the Fed and the others back up what they mean when they say they support policy of a strong US currency. The sooner they realize that:

It's All About the Money

Oil is transacted in US Dollars, and the cheaper US Dollars become the more expensive Oil becomes. I fail to see how there is any debate about this.

Next Up - US GDP Report

Free Webinar starts at 7:30 am EDT - Click Here to Register 

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

 

Technorati Tags: FOMC,interest rates,oil,GBP,pound,sterling,US Dollar,currency,trading,technical analysis,support,resistance

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

Euro Faces Support and Resistance

Currency Without a Nation 

Fundamentally - Political uncertainty can undermine a nations currency. The Euro is in a unique and interesting situation that may cause some currency volatility as the European Union itself is being reopened to debate.

Will the Euro stay in the current consolidation range of 1.53 -1.60, or fall back into the 1.43-1.50 range?

Euro Daily Chart - June 18, 2008

Lower Highs as Support is Getting Closer - (Click to Enlarge Chart)

Interest Rates vs European Unity - Which is Stronger?

With Trichet's reputation as being quite clear that their will be a .25 rate increase in the next 30 days - the question will focus on whether all the jawboning coming from the US will result in a FOMC increase later this month. If there is no rate increase from Bernanke - there may be a credibility and transparency crisis over just what the definition of a "Strong US Dollar Policy" means.

EU: Concept is in Question - Focus on Brussels

So which factor or variable  will trump the current currency situation? The European Union has been moving along for several decades as if it will just happen. Last weeks vote in Ireland on the Lisbon Treaty puts the "concept in question". On Thursday European Union leaders will gather to tackle the issue of what to do with a treaty that has been defeated every time it has been put up for referendum.

Don't Blame it on the Irish

The French and Dutch themselves have said "No" to this idea of giving up national sovereignty long before last weeks vote in Ireland. The fact is that the creation of a European Nation, patterned after the United States formation in 1776, is going to be a hard sell for countries with proud histories going back many generations.

Not Just a EU Issue

Currencies are not just facing the European Issue. Canadians should also take note about tampering with the status quo, as they came close to breaking in two not that long ago just over the issue of language. The United States is facing a historic election process of it's own, while struggling with external and internal issues galore.

Snails Anyone?

Enabling (or forcing) Europeans to pay with the same currency will not automatically make it easy to order off the same menu!  People trusting in the waiter to tell us what we are eating because we can not read the menu is one thing. Covering insects in chocolate and frog legs in garlic makes it enticing. Call it a delicacy and the elite will part with huge sums for fungus arranged on a pretty plate.

Some commoners  may argue quite forcefully that they do not like eating snails - and would rather just eat in places that seem familiar, with menus they can read. The meeting in Brussels this week will be the first step in identifying the next step - But what's for Dinner - and Who's cooking???

Interesting Times - Indeed....

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: Euro,currencies,EU,Lisbon Treaty,Brussels,dollar,daily chart,support,resistance,interest rates,Trichet,Bernanke,FOMC

1987 Crash Conference Call and "TAF" - Exposed Online

Treasury Auction Facility or "TAF" - Defined

During today's "1st on Forex - The Week Ahead" Webinar I was asked by a participant if I could explain what the "TAF" is and why it is important. I hemmed - and hawed and choked - debating with myself - for about 2 seconds - on whether I should embark on this relevant tangent or focus on the charts.

The charts won.... But I want to answer the question here.  The Treasury Auction Facility - otherwise known as "TAFS"  allows the Federal Reserve to provide liquidity to banks during times of interbank stress.

FOMC Historical Documents Now Online

Lot's of great information at the Federal Reserve web site. 

1987 Crash Conference Call - "Why is the Dollar so Strong?"

I found interesting a transcript of a conference call during the Crash of 1987 where Chairman Greenspan is asking Sam Cross manager of Foreign Operations to explain, "Why is the dollar as strong as it is?" Mr. Cross replies, " That's a very good question  and I wish I had a good answer for it."

It reminds me of a line from the movie "Apocalypse Now" when Martin Sheen asks a soldier in the middle of a fire fight "Who's in charge here?" to which the soldier replies, "I thought you were!"

Link to the 1987 conference call transcript is:

http://www.federalreserve.gov/monetarypolicy/files/FOMC19871020confcall.pdf

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: TAF,Treasury Auction Facility,Greenspan,1987 market crash,Apocolypse Now,Martin Sheen

1987 Crash Conference Call and "TAF" - Exposed Online

Treasury Auction Facility or "TAF" - Defined

During today's "1st on Forex - The Week Ahead" Webinar I was asked by a participant if I could explain what the "TAF" is and why it is important. I hemmed - and hawed and choked - debating with myself - for about 2 seconds - on whether I should embark on this relevant tangent or focus on the charts.

The charts won.... But I want to answer the question here.  The Treasury Auction Facility - otherwise known as "TAFS"  allows the Federal Reserve to provide liquidity to banks during times of interbank stress.

FOMC Historical Documents Now Online

Lot's of great information at the Federal Reserve web site. 

1987 Crash Conference Call - "Why is the Dollar so Strong?"

I found interesting a transcript of a conference call during the Crash of 1987 where Chairman Greenspan is asking Sam Cross manager of Foreign Operations to explain, "Why is the dollar as strong as it is?" Mr. Cross replies, " That's a very good question  and I wish I had a good answer for it."

It reminds me of a line from the movie "Apocalypse Now" when Martin Sheen asks a soldier in the middle of a fire fight "Who's in charge here?" to which the soldier replies, "I thought you were!"

Link to the 1987 conference call transcript is:

http://www.federalreserve.gov/monetarypolicy/files/FOMC19871020confcall.pdf

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: TAF,Treasury Auction Facility,Greenspan,1987 market crash,Apocolypse Now,Martin Sheen

1987 Crash Conference Call and "TAF" - Exposed Online

Treasury Auction Facility or "TAF" - Defined

During today's "1st on Forex - The Week Ahead" Webinar I was asked by a participant if I could explain what the "TAF" is and why it is important. I hemmed - and hawed and choked - debating with myself - for about 2 seconds - on whether I should embark on this relevant tangent or focus on the charts.

The charts won.... But I want to answer the question here.  The Treasury Auction Facility - otherwise known as "TAFS"  allows the Federal Reserve to provide liquidity to banks during times of interbank stress.

FOMC Historical Documents Now Online

Lot's of great information at the Federal Reserve web site. 

1987 Crash Conference Call - "Why is the Dollar so Strong?"

I found interesting a transcript of a conference call during the Crash of 1987 where Chairman Greenspan is asking Sam Cross manager of Foreign Operations to explain, "Why is the dollar as strong as it is?" Mr. Cross replies, " That's a very good question  and I wish I had a good answer for it."

It reminds me of a line from the movie "Apocalypse Now" when Martin Sheen asks a soldier in the middle of a fire fight "Who's in charge here?" to which the soldier replies, "I thought you were!"

Link to the 1987 conference call transcript is:

http://www.federalreserve.gov/monetarypolicy/files/FOMC19871020confcall.pdf

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: TAF,Treasury Auction Facility,Greenspan,1987 market crash,Apocolypse Now,Martin Sheen

1987 Crash Conference Call and "TAF" - Exposed Online

Treasury Auction Facility or "TAF" - Defined

During today's "1st on Forex - The Week Ahead" Webinar I was asked by a participant if I could explain what the "TAF" is and why it is important. I hemmed - and hawed and choked - debating with myself - for about 2 seconds - on whether I should embark on this relevant tangent or focus on the charts.

The charts won.... But I want to answer the question here.  The Treasury Auction Facility - otherwise known as "TAFS"  allows the Federal Reserve to provide liquidity to banks during times of interbank stress.

FOMC Historical Documents Now Online

Lot's of great information at the Federal Reserve web site. 

1987 Crash Conference Call - "Why is the Dollar so Strong?"

I found interesting a transcript of a conference call during the Crash of 1987 where Chairman Greenspan is asking Sam Cross manager of Foreign Operations to explain, "Why is the dollar as strong as it is?" Mr. Cross replies, " That's a very good question  and I wish I had a good answer for it."

It reminds me of a line from the movie "Apocalypse Now" when Martin Sheen asks a soldier in the middle of a fire fight "Who's in charge here?" to which the soldier replies, "I thought you were!"

Link to the 1987 conference call transcript is:

http://www.federalreser