Gold bullion sets new all-time high above $1280

Gold bullion sets new all-time high above $1280

The gold bullion continues to soar on Friday, as global foreign exchange rate policy tensions as well as US dollar weakness make the precious metal attractive as an alternative investment. In early trading over Europe, the gold contract for December delivery has set a new record high in $1284.40 a troy ounce, nearly $8.00 from the opening price.

Despite a slightly improved risk appetite by the end of Thursday with US equities finishing the day in positive territory, the gold bullion remains strong as exchange rate tensions multiply. The US Treasury Secretary Tim Geithner yesterday testified against Chinese exchange rate policies, stating the yuan has not been allowed to appreciate quickly enough. Consequently speculation is spreading through the market of competitive depreciation, only a few days after the BoJ intervened in their own foreign currency market in order to counter the strength of the yen.

UK's Public Sector Net Borrowing soars

UK's Public Sector Net Borrowing soars

National Statistics relase of public sector finances revealed that the United Kingdom's Public Secotr Net Borrowing rose to an astonishing £15.302Bn in August. 

The previous data was revised down to reflect a net borrowing of £1.991Bn in July. Although a rise in borrowing was expected, forecast anticipated it to be capped by £12.2Bn.

Public Sector Net Borrowing

£15.302B

Actual

£12.200B

Consensus

£1.991B

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Australia: RBA Minutes - Higher interest rates would be required if growth continues

Australia: RBA Minutes - Higher interest rates would be required if growth continues

 The RBA have just released their latest minutes, and as expected some hawkish comments were seen. 

The RBA commented that the inflation pressure coming from the increase in investment that leads to a rise in the resources utilization, will probably need higher interest rates to ensure inflation remained consistent with the medium-term target.

"The central scenario remained for the Australian economy to grow at trend pace, or a bit above, over the next few years. This forecast incorporated quite a subdued outlook for the main G7 economies and around trend growth in Asia", the Reserve Bank of Australia said.

While the bank remains alert to risks such as weaker global growth, "members considered that if the central scenario came to pass it was likely that higher interest rates would be required, at some point, to ensure that inflation remained consistent with the medium-term target". 

RBA Meeting's Minutes

Sep 21

01:30

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Consensus

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EUR Long−Term Objectives Could See It Go Further Down Against US Dollar

EUR Long−Term Objectives Could See It Go Further Down Against US Dollar

	Long signal	Short signal
	Buy a break of resistance level at 1.2800	Sell a break of support level at 1.2655
EUR/USD	Buy a break of resistance level at 1.2750	Sell a break of support level at 1.2600
	Buy a bounce at 1.2655	Sell a failure of breaking the resistance 1.2800

Fundamental

The Euro finished the week at fresh monthly lows against the US Dollar, briefly breaking below the psychologically significant 1.2700 mark before recovering marginally into Friday’s close. A relatively uneventful week of trading left the EURUSD in a tight range until the very end; a near-2 percent decline in the Japanese Nikkei 225 sparked similar declines in European equity indices and took the EURUSD lower on a broad-based US Dollar advance. The week ahead promises a pickup in economic event risk, and the recent EURUSD downtrend leaves it at clear risk of breaking below key support at 1.27. It will be critical to watch whether economic data will be enough to deep the European currency aloft against its US counterpart.

Technical

Technical analysis shows us the euro may continue its downtrend against U.S. dollar as MACD shows a divergences. RSI is in a downtrend. Bollinger gives a bearish signal by closing the candle below the middle band.

EUR/USD (Daily Chart)

The primary tendency gives a bearish trend.

EUR/USD (4 Hour Chart)

The pair breaks 2 moving averages downwards.

EUR/USD (Hourly Chart)

The Minor trend is trying to break Fibonacci fan.

Resistance
1.2800
1.2750

Support
1.2655
1.2600

Alpari Expands: New Offices And New Hires Support Growth Strategy

Alpari Expands: New Offices And New Hires Support Growth Strategy

Alpari (US), a leading provider of global online foreign exchange trading services is moving forward in the market with another key initiative. Today, the company announces the opening of a new U.S. branch office in Boston which will support the aggressive business acquisition strategy put in place following recent appointments.

Daniel Skowronski, who joined Alpari as Global Chief Commercial Officer and CEO of Alpari (US) in June 2010 states, “The establishment of Alpari Boston is another step in the strategic growth plans of Alpari in the U.S. and in the Institutional forex space. This strategy will position Alpari to drive new proprietary products and technologies into the various markets across the global.” 

The Boston office, featuring a knowledgeable Sales team, will be managed by former CMS FX Institutional Sales leader, Jacob Plattner. As VP of Institutional Sales at Alpari Boston, Jacob will push the company’s professional and corporate sales and partnership model by asserting Alpari’s technological expertise, competitive pricing structure and customized business solutions. 

Managing Jacob and the growth of Alpari’s reputation in the institutional space will be Jermaine Harmon, former VP of Sales from Currenex and the new Alpari (US) Institutional Sales Manager in North America. Jermaine, now in charge of all institutional product and sales development, has over 10 years of institutional FX experience. 

"This is a very exciting time at Alpari and I am delighted to welcome the new additions to our team," says Co-founder of the Alpari Group and CEO of Alpari (UK), Andrey Vedikhin. "Each will bring a wealth of expertise that will be instrumental in revolutionising our trading technology and enforcing a high quality, sophisticated business model. As leaders in the Retail FX market, Alpari is well positioned to build on existing offerings and exceed our potential in these markets."