US Dollar Mostly Down in European Trading

US Dollar Mostly Down, Gold Higher in European Afternoon Trading

The U.S. dollar was mostly lower against other major currencies in European trading Monday afternoon. Gold rose.
The euro traded at $1.4205, up from $1.4067 late Friday in New York.

Other dollar rates:
--90.21 Japanese yen, down from 90.38

--1.0438 Swiss francs, down from 1.0675

--1.2163 Canadian dollars, down from 1.2221

The British pound was quoted at $1.4571, down from $1.4677.

Gold traded in London at $880.25 per troy ounce, up from $836.75 Wednesday. That market had been closed on Thursday and Friday for the Christmas holidays.

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After High-Profile Start, SC Limps to End of 2008

Trials both communal and personal highlight a 2008 that for SC ends on a dark economic note

South Carolina started 2008 with a hand in shaping the nation's future. The year ends with the state battered by repercussions, from both within and beyond its borders.
Turmoil in the nation's housing market morphed into a crisis of credit and consumer confidence. Companies announced layoffs and the state's unemployment rate shot to the third-highest in the U.S. in November -- 183,000 were jobless as the holidays approached.

"The little people are suffering. It seems like the CEOs are walking away," Michael Jones, a 61-year-old former Army sergeant, as he applied for unemployment benefits earlier this month because his savings was drying up.
The state's drooping economy means fewer taxes to pay for the services expected from state and local governments, and trouble is in store for some schools and universities. State employees are losing pay through furloughs. For the state's low-income residents, programs that provide care for HIV patients, the terminally ill and the hungry are being slashed.
Economic forecasters believe it will get worse. They predict double-digit unemployment for 2009.

But in a year that for many ended with intensely personal economic travails, others had memories far more frightening.
A family in Anderson was slaughtered in April, and their teen son now stands accused of the murders. High schoolers in Chesterfield worried for their own safety this spring after authorities say a classmate planned to blow up the building.
A Hilton Head Island couple vanished in March and their former accountant committed suicide as suspicion fell on him. A boy in Sumter was gunned down as he and his family did the most innocent of activities: trick-or-treating on Halloween. Four people died and two musicians suffered burns when their private jet ran off the end of a Columbia runway in September and burst into flames.

There were moments when the state's dismay was communal, too.
Months after it opened, the $400 million Hard Rock Park filed for bankruptcy protection as the economy dashed the cheery predictions made before it opened. The owners now hope to sell it off.
The high price of gas this summer surely hurt the Myrtle Beach attraction. There was a sense of shared burden as drivers stood, cringing, in lines to pay $4 per gallon and then watched pumps run dry after hurricanes Gustav and Ike shut down refineries in the Gulf of Mexico. State prosecutors issued 37 subpoenas for price gouging and say the investigation continues.

Weather made life tough, especially in the Upstate, as a multiyear drought dragged on.
In Greenville, hundreds of suspected illegal immigrants were arrested in October and pointed toward deportation after an investigation into a poultry plant's hiring practices. The sweep that left the city's Spanish-speaking community wringing its hands left others wondering why local officials looked the other way for so long.
Dashboard cameras allowed a look into the working lives of South Carolina state troopers, and not everyone enjoyed the view. Footage showed a trooper striking a motorcycle with his cruiser; an officer not bothering to get out of his car as he chased a running suspect across the grounds of a populated apartment complex; a trooper striking a man with a shotgun after the suspect was subdued.
The heads of the state's Public Safety Department and Highway Patrol resigned in February. One trooper was acquitted of a federal charge in 2008, while a second awaits trial.

But the state also banded together to set the nation's course during the presidential primary season.
South Carolina's Republicans boosted John McCain on his path to the nomination, as the Arizona senator avenged his loss in the state to President George W. Bush in 2000. A week later, Democrats gave Barack Obama a resounding win and momentum the history-making candidate would never relinquish.
In all, the state hosted three debates between presidential contenders, and after vaulting Obama and McCain into a General Election showdown, a record 1.9 million state residents cast ballots in November.
But those days of presidential primaries are almost a year old. The focus now is on the economic troubles expected to cut a wider and deeper swath in the coming months.

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Understanding Rollovers and Interest Rates

One market convention unique to currencies is rollovers. A rollover is a transaction where an open position from one value date (settlement date) is rolled over into the next value date. Rollovers represent the intersection of interest-rate markets and forex markets.

Currency is money, after all

Rollover rates are based on the difference in interest rates of the two currencies in the pair you’re trading. That’s because what you’re actually trading is good old-fashioned cash. When you’re long a currency, it’s like having a deposit in the bank. If you’re short a currency, it’s like having borrowed a loan. Just as you would expect to earn interest on a bank deposit or pay interest on a loan, you should expect an interest gain/expense for holding a currency position over the change in value. Think of an open currency position as one account with a positive balance (the currency you’re long) and one with a negative balance (the currency you’re short).

But because your accounts are in two different currencies, the two interest rates of the different countries apply. The difference between the interest rates in the two countries is called the interest-rate differential. The larger the interestrate differential, the larger the impact from rollovers. The narrower the interest-rate differential, the smaller the effect from rollovers. You can find relevant interest-rate levels of the major currencies from any number of financial-market Web sites. Look for the base or benchmark lending rates in each country.

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Oil Falls 9 Percent on Economic Gloom

Oil dropped 9 percent on Wednesday as another round of gloomy economic data showed the United States has fallen deeper into recession.
U.S. crude settled at $35.35, down $3.63 or 9.31 percent. London Brent crude settled at $36.61 a barrel, down $3.75.
The losses came after government data showing U.S. jobless claims rose to a 26-year high and consumers cut spending for the fifth consecutive month in November.

Nearly 2 million U.S. workers have lost their jobs this year, driving the unemployment rate up to 6.7 percent and slowing consumer spending as incomes shrank.
The negative economic news reinforced expectations of a continued slowdown in energy consumption.
"Until the price is low enough to break through the cloud of economic gloom and doom, oil is going to be under some pressure," said Mike Fitzpatrick, vice president at MF Global in New York.

Oil prices have dropped about $110 a barrel since July as a global financial crisis has cut consumer and business demand for fuels, raising alarm bells for OPEC producers that have slashed 5 percent of global oil production to stem the slide.
The dismal economic data outlook overshadowed a U.S. Energy Information Administration report on Wednesday showing that U.S. crude inventories dropped 3.1 million barrels last week as imports slowed, countering expectations of a 400,000 barrel rise.

Gasoline stockpiles, meanwhile, rose by 3.3 million barrels, exceeding the build of 500,000 barrels predicted by analysts. Distillates, including heating oil, rose by 1.8 million barrels versus expectations for a 200,000 barrel increase.
"Although this market could scoop up some modest support off of the 3.1 million barrel draw in total crude stocks, the data looks bearish from our perspective given the larger-than-expected increases in (refined fuel) supplies," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.

Record inventories of crude at the NYMEX delivery point in Cushing, Oklahoma, also may have encouraged selling, analysts said.
Demand, which has deteriorated during a worldwide economic downturn, sank again. Distillate consumption slipped 5.1 percent over the past four weeks compared with the same period a year ago and gasoline demand fell by 2.7 percent.

The Organization of the Petroleum Exporting Countries (OPEC) already has announced cuts of around 5 percent in global oil supplies and may call an emergency meeting before March if prices extend their slide, OPEC's President Chakib Khelil said on Tuesday.


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Japanese Yen Pulls Back Across the Majors as Volatility Cools

Japanese Yen Pulls Back Across the Majors as Volatility Cools, Industrial Production Expected to Fall by Record

he Japanese yen slipped lower against the US dollar and euro on Tuesday, but fell the most against the Canadian dollar and Swiss franc, which were actually some of the strongest currencies in the forex markets. Given the lower volumes associated with holiday trading, as well as a significant drop in financial market volatility as indicated by declines in the CBOE’s VIX volatility index over the past month or so, much of the fuel behind the Japanese yen’s past gains have been eliminated. This is surely comforting to the Bank of Japan, as the appreciation of the currency has been extremely detrimental for the Japanese economy. However, this does not mean that Japan will not attempt to intervene in the currency markets, as the yen remains historically high. Indeed, if there is a good time for the country to step in to physically drive the currency down, this may be it.

Looking ahead, the Japanese economy fell into recession during Q2 and Q3 of 2008, and upcoming data is likely to indicate that it extended into Q4 as well. Industrial production for the month of November is forecasted to fall by 6.8 percent, bringing the annual measure down to a record low of -15.0 percent. Manufacturers are feeling the impact of a slowing in domestic demand, as well as foreign demand, which has only been exacerbated by the rapid appreciation of the Japanese yen. Individual economic releases don’t tend to have a huge impact on the Japanese yen, but this is still an indicator that may be worth watching.

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Russia Allows Ruble to Weaken 2nd Time in 2 Days

Ruble ratchets downward, as Central Bank loosens support for second time in 2 days

The ruble ratcheted downward Thursday as the Russian Central Bank again loosened its defense of the currency, which is under constant pressure from declining oil prices and increasing economic woes.
The depreciation was the second in as many days, the third this week, and the eighth since Nov. 11, when the bank began backing off support of the ailing national currency.
The bank manages the value of the ruble against the dollar and euro, and has sought to let it fall in value more slowly than it would have under free market conditions. Currencies of other economies based on commodities industries have tumbled much faster on expectations the global economic recession will crimp demand.

By late afternoon in Europe, the ruble traded at 33.03 against a basket comprised of the dollar and the euro, roughly a 1.1 percent drop from the previous day. It was down 1.4 percent at one point Thursday.
Russia's economic troubles have begun to snowball in recent weeks, with the ruble down about 15 percent since August in the wake of Russia's five-day war with Georgia. Stock markets have shed nearly 70 percent year to date, and investors have pulled billions of dollars out Russia. The price of oil, the mainstay of Russia's economy, has plunged by roughly $100 a barrel since July.
Analysts said the Central Bank was taking advantage of the strengthening euro to allow the ruble to depreciate while keeping the national currency steady against the dollar.

The average Russian watches the dollar-ruble rate far more closely, as it beams from exchange booths found on nearly street corners across the country.
The Central Bank fears that a sharp drop in the ruble's value against the dollar would cause panic, similar to what happened in 1998, when a collapsing ruble prompted runs on banks. The government insists it will not allow a steep devaluation of the currency.

"The euro has been strengthening rapidly against the dollar, providing an opportunity to widen the band while the ruble remains stable versus the dollar," said Tatiyana Orlova, an economist at ING Wholesale Banking in Moscow. "That's what most people tend to watch, and this move shouldn't alert people."

Economists question how long Russia can drain its international reserves to defend the ruble and have called for a steep one-off devaluation to stem capital outflows and quell speculative attacks.
Tatiyana Orlova, an economist at ING Wholesale Banking in Moscow, said she expected the Central Bank to let the ruble depreciate by 20 percent before the end of the first quarter 2009.

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What Moves Currencies?

This section discusses the relevance of certain fundamental factors that impact the different currencies. Currency prices are primarily driven by fundamental shifts. When fundamental data is disseminated to the public, there is a reaction from investors and speculators, and that reaction drives the price movements.

Since currencies are traded in pairs, you have to compare the fundamental outlook for one currency against that of another currency. This section will teach you which economic indicators are the most important to the various currencies, and reveal what are the fundamental factors you should look out.

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ForexGen Partnership

ForexGen offers three types of business partnerships.

* [Introducing Broker]
* [White Label]
* [Money Manager]

ForexGen Introducing Brokers ,White Label and Money Manager holders are recognized as a strategic business partners. The main focus of our service is to satisfy our partner's needs in order to deal with a qualified service and gain a large income sharing plan.

[ForexGen] provides appropriate services satisfying the needs of all business partner's specified situation and requirements.