Citibank prices equity offering at $ 20.5 billion

NEW YORK (CNNMoney.com) -- Citigroup said Wednesday it intends to raise $20.5 billion in the stock market as part of its plan to repay bailout money and free itself from government restrictions.
The New York-based lender said it will offer 5.4 billion shares of common stock priced at $3.15 per share. It will also offer 35 million "tangible equity units," which are are comprised of a prepaid stock purchase contract and a note, for $100 each.
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The stock offering is expected to raise $17 billion, while the tangible equity units could bring in another $3.5 billion. Citi said the combined offering is the largest public equity offering in U.S. history.
Citigroup said it would no longer be considered a recipient of "exceptional financial assistance" under the Treasury Department's Troubled Asset Relief Program once the offering is complete and the loss-sharing agreement it has with the government is terminated.
That would free Citi from government imposed restraints on, among other things, executive compensation.
Citi also said that the Treasury, which holds a 34% stake in the bank, decided not to sell any of its shares in connection with the offering. The Treasury also extended the "lock-up period" on the sale of its 7.7 billion shares to 90 days from 45 days, Citi said.
Citigroup became one of the biggest recipients of bailout money last year after the government injected $45 billion into the company to help stabilize the embattled lender.
Concerned about the company's underlying health and ability to endure future loan losses, the government converted $25 billion of its preferred-stock stake in the company into common stock over the summer. That effectively gave U.S. taxpayers a 34% stake in one of the world's largest financial institutions.

Nakheel repaymant

Nakheel, which is building palm tree-shaped islands off the emirate’s coast, posted a first-half loss of 13.4 billion dirhams ($3.65 billion) as revenue fell and it wrote down the value of land and property.
Nakheel’s repayment of the $3.52 billion bond was the biggest debt obligation for a Dubai entity since global credit markets froze after the September 2008 collapse of Lehman Brothers Holdings Inc. Nakheel accumulated debt during a six- year real-estate boom in Dubai, when the sheikhdom borrowed $10 billion and its state-controlled companies $70 billion to help diversify the economy.
Nakheel’s 2009 sukuk redeems at 115.52 cents, increasing the total payment to $4.1 billion. The amount includes a 6 percent premium to bondholders because the company didn’t do an initial public offering during the life of the bond, and the remaining part of the annual coupon.
Nakheel Bond Speculation
Nakheel’s bond had surged 18 percent in the last two trading days to 53 cents on the dollar, according to Citigroup Inc. prices, on speculation the developer will seek to avoid a default. They traded as low as 45 cents on Dec. 9.
Dubai’s government will also announce a “comprehensive reorganization law, a framework that is based upon internationally accepted standards for transparency and creditor protection,” according to the statement. “This law will be available should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations.”
Islamic bonds, known as sukuk, are governed by Shariah laws barring investors from profiting from the exchange of money.
To contact the reporter on this story: in Dubai on

Nakheel repaymant

Nakheel, which is building palm tree-shaped islands off the emirate’s coast, posted a first-half loss of 13.4 billion dirhams ($3.65 billion) as revenue fell and it wrote down the value of land and property.
Nakheel’s repayment of the $3.52 billion bond was the biggest debt obligation for a Dubai entity since global credit markets froze after the September 2008 collapse of Lehman Brothers Holdings Inc. Nakheel accumulated debt during a six- year real-estate boom in Dubai, when the sheikhdom borrowed $10 billion and its state-controlled companies $70 billion to help diversify the economy.
Nakheel’s 2009 sukuk redeems at 115.52 cents, increasing the total payment to $4.1 billion. The amount includes a 6 percent premium to bondholders because the company didn’t do an initial public offering during the life of the bond, and the remaining part of the annual coupon.
Nakheel Bond Speculation
Nakheel’s bond had surged 18 percent in the last two trading days to 53 cents on the dollar, according to Citigroup Inc. prices, on speculation the developer will seek to avoid a default. They traded as low as 45 cents on Dec. 9.
Dubai’s government will also announce a “comprehensive reorganization law, a framework that is based upon internationally accepted standards for transparency and creditor protection,” according to the statement. “This law will be available should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations.”
Islamic bonds, known as sukuk, are governed by Shariah laws barring investors from profiting from the exchange of money.
To contact the reporter on this story: in Dubai on

Dubai world's contractors

Dec. 14 (Bloomberg) -- Abu Dhabi provided $10 billion to help Dubai World, the state-owned holding company, meet its obligations, including $4.1 billion needed to repay an Islamic bond maturing today for the real-estate unit Nakheel PJSC.
Dubai will use the rest of the money to pay Dubai World’s contractors, suppliers, interest and operating costs until the company reaches a standstill agreement with its creditors, Dubai’s government said in an e-mailed statement today. “This support provides funding and a stable basis for the restructuring process, which continues,” Dubai World said in a separate e-mailed statement.
Dubai shares surged the most in 14 months, and Asian stocks and U.S. index futures rebounded from losses on optimism that the emirate’s debt problems won’t spread to other emerging markets. Dubai World said Dec. 1 it’s seeking to restructure $26 billion of debt, less than half the $59 billion of liabilities it had at the end of 2008.
“It comes as a relief for the market, underpinning hopes that the implicit government support for Dubai corporate issuance is intact,” said Jason Watts, head of credit trading at National Australia Bank Ltd. in Sydney. “Whilst we are not out of the woods yet, it is definitely a step in the right direction.”
Dubai Shares Jump
Dubai’s benchmark share index added 10 percent, the most since October 2008, to 1,866.82 at 10:04 a.m. in the emirate. The measure had lost 19 percent since Dubai World on Nov. 25 sought a “standstill” agreement on its debt. Abu Dhabi’s measure climbed 6.1 percent. The MSCI Asia Pacific Index rose 0.6 percent to 120.37 at 4:20 p.m. in Tokyo. Futures on the Standard & Poor’s 500 Index rose 0.8 percent.
“The fund injection gives some leeway to Dubai World to put together an orderly debt restructuring plan as it tries to alter its debt profile,” said Abdul Kadir Hussain, chief executive officer of fund manager Mashreq Capital DIFC Ltd.
The cost of protecting against Dubai defaulting on its government debt plunged 32 percent, with credit-default swap contracts falling 175 basis points to 375 basis points, according to National Australia Bank Ltd. prices.
While Dubai’s government owns 100 percent of Dubai World, it hasn’t guaranteed the company’s debt and creditors must help it restructure, Abdulrahman Al Saleh, director general of Dubai’s Department of Finance, said

Dinstinct technology

Oracle Chief Executive Larry Ellison has complained publicly that the European Commission's hold up of the merger is costing Sun roughly $100 million per month, due to uncertainty among its customers.
Oracle is expected to present an argument at the hearing in Brussels along the lines of statements made previously - that its technology is distinct from MySQL, and that it couldn't squelch the development of MySQL, even if it wanted to.
"It is well understood by those knowledgeable about open-source software that because MySQL is open source, it cannot be controlled by anyone," Oracle said in a statement issued in November. "That is the whole point of open source."
Unlike proprietary software, open-source technology can be freely altered by outside developers, who share their innovations with a larger community.
An Oracle spokeswoman declined to comment.
The European Commission issued a statement of objections to Oracle's planned merger with Sun in November. EU Competition Commissioner Neelie Kroes said publicly on Wednesday that she's "optimistic that we can reach a satisfactory outcome that will ensure that there is no adverse impact on effective competition in the European market."
U.S. antitrust regulators cleared the merger between Oracle and Sun in August.
A group of 59 U.S. Senators has written to the European Commission, urging it to speed up its decision-making on the matter.

Value of the dollar has soared

The US dollar is doing very well these days and is at 75.964 on the DX this morning, just a tiny fraction below 76. It is also doing particularly well against the Euro these days and will explode upwards against the Euro over the coming months as the European economies crumble further. Greece is near default on its debts and those problems are spreading throughout Europe. If you value the dollar basis on the amount of gold it will buy, the VALUE OF THE US DOLLAR HAS SOARED OVER 8% within the past few days.

Value of the us dollar soared

The US dollar is doing very well these days and is at 75.964 on the DX this morning, just a tiny fraction below 76. It is also doing particularly well against the Euro these days and will explode upwards against the Euro over the coming months as the European economies crumble further. Greece is near default on its debts and those problems are spreading throughout Europe. If you value the dollar basis on the amount of gold it will buy, the VALUE OF THE US DOLLAR HAS SOARED OVER 8% within the past few days.

American patriot

The US dollar is doing very well these days and is at 75.964 on the DX this morning, just a tiny fraction below 76. It is also doing particularly well against the Euro these days and will explode upwards against the Euro over the coming months as the European economies crumble further. Greece is near default on its debts and those problems are spreading throughout Europe. If you value the dollar basis on the amount of gold it will buy, the VALUE OF THE US DOLLAR HAS SOARED OVER 8% within the past few days.

Saber-rattling announcement

The Friday before Bear Stearns made their saber-rattling announcement of insolvency I loaded up on put options (puts allow you to profit when a stock falls). On Monday morning I sold them for a 419% profit. I only held them for one day.
That means a $1,000 turned into $5190 over the weekend. $5,000 ballooned into $25,950. And $10,000 multiplied into $51,900. Talk about manna from the sky.
Heck, that's as much as some people make in an entire year slaving away at their job all day. That trade only took me a few minutes to complete and the money was in my account the next day and could be used to pay bills, take a vacation, or roll back into other trades compounding my money even further.
I'll admit the home-run 400% to 700% trades aren't the norm for me. I prefer to get a bunch of base hits of 80% to 200% because they are much easier to find and allow me to compound my money quicker - with less risk.
Do I have losing trades? Of course, no system is 100% fool-proof. If someone claims otherwise. RUN!
But when you have a system that allows you to win more often than lose, and make substantially more money on your winners than what's lost on the loser you can get rich while your still young and have the time to enjoy it. Don't wait until you 65 and pinching pennies. That's no way to live! Using my system you can immediately start living the good life.

Gold for december delivery

Gold for December delivery rose to a high of $1,134 an ounce on Globex, up $13.60, or 1.2%.
Standard & Poor's cut Spain's credit outlook on Wednesday to negative from stable. S&P had put Greece on negative watch on Monday. See story on Spain's outlook cut.
"What is happening in Europe is exactly what we have been predicting for some time -- a sovereign debt crisis across most Western countries that is just starting," said Martin Hennecke, associate director at Tyche Group Ltd.
"Gold will increasingly take the role of a shelter from ... hyperinflation that will be the most likely outcome of these crises," he said, adding that the "metal is not just a dollar hedge, but going forward, will more likely take a much more significant role of being a hedge against the uncertainties and rising inflation risks of all of the world's major currencies."
Also Wednesday, Moody's Investors Service placed the ratings of government-related issuers in the United Arab Emirates on review for possible downgrade. See story on Moody's decision.
But Ned Schmidt, editor of the Value View Gold Report, argued that the climb in gold's price, at least for now, is "nothing more than a trading bounce from hitting $1,115."
The price of gold "will not be done going down till it looks like it will never go up," he said.
December gold had fallen by $22.40, or 2%, to close at a nearly one-month low of $1,120.40 on the Comex division of the New York Mercantile Exchange on Wednesday.
Since hitting a new high above $1,226 an ounce on Dec. 3, gold had tumbled nearly $100, or 8%, in the four sessions, its longest losing streak in six weeks as the U.S. dollar edged higher against its foreign rivals, taking away some investor interest from the precious metals

The bank of america shareholders

The bank already has diluted shareholders through a $10 billion offering of 455 million shares in October 2008 and $13.5 billion equity offering in May. It exchanged $5.9 billion in preferred shares for common stock the same month, further increasing the size of the bank's float.
The move also is surprising given that the bank is struggling to maintain regular profitability outside of one-time gains, and has yet to name a permanent successor to Kenneth Lewis, whom the bank ousted as CEO in October.
Without a recent record of success, a leader or a vision, B of A's future without government aid is cloudy. Its defenders will argue that the bank is paying back the taxpayers, but they're wrong: the bank's investors are footing the bill.

The yen firmed against

The yen firmed against the majors, rising to 87.38 versus the dollar and to 128.81 against the euro as risk aversion continues to be the driving force behind the currency’s direction. Japan downwardly revised its Q3 GDP report by more than consensus estimates, which had forecast the revision to 0.6%, instead revealing its economic growth had slowed to 0.3% versus the previously reported reading of 1.2%. On an annualized basis, the revised Q3 GDP was trimmed to 1.3%, falling by more than expected from the 4.8% reported in the preliminary reading. According to Japan’s Cabinet Office, the downward revision was the largest since 2002 and raises doubt over the sustainability of Japan’s economic recovery.

Mortage saving zone

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Federal reserve fines

Federal Reserve Fines Rusciano $75,000 In Trading Case

WASHINGTON -(Dow Jones)- The Federal Reserve said Thursday it fined a former employee of a UBS subsidiary $75,000 on allegations of unsound banking.

The Fed said Francesco Rusciano consented to the civil penalty without admitting the allegations.

The Fed order described Rusciano as a former institution-affiliated party of UBS AG, of Zurich, Switzerland.

The Fed had alleged Rusciano, while an employee of a UBS subsidiary in the U.S., engaged in unsound banking practices. It alleged he committed violations of the law by concealing substantial losses arising from proprietary trading in Brazilian real/U.S. dollar non-deliverable forward contracts and Brazilian bonds on behalf of UBS AG.

-By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=NsViVaG0MhuownGg9OaPgQ%3D%3D. You can use this link on the day this article is published and the following day.

Energy company boost

Obama's new spending plan also calls for renewable energy companies to get additional support. That could come in the form of loan guarantees - basically, money the government uses to secure loans for startups.

In the original stimulus bill passed earlier this year, $6 billion was earmarked for such loan guarantees. But then lawmakers took away $2 billion to fund Cash for Clunkers - the popular program that paid people to turn in their old cars.

The $4 billion from the original bill has funded about $40 billion in loans, said the staffer on the Senate Energy Committee. Meanwhile, firms are hoping for another $4 billion in loan guarantees, since they have another $40 billion worth of projects that need funding.

A bill on energy efficiency reimbursements already has supporters in the Senate.

"Not only will [such legislation] increase our energy security and transform our energy infrastructure to a modern, clean and efficient one," Senate Energy Committee Chairman Jeff Bingaman, D-N.M., wrote in a recent op-ed column in the Hill, a Capitol Hill newspaper. "But it also will position the United States to lead in the development of clean energy technologies."

Obama proposed a new program

NEW YORK (CNNMoney.com) -- President Obama proposed a new program Tuesday that would reimburse homeowners for energy-efficient appliances and insulation, part of a broader plan to stimulate the economy.

The administration didn't provide immediate details, but said it would work with Congress on crafting legislation. Steve Nadel, director at the American Council for an Energy-Efficient Economy, who's helping write the bill, said a homeowner could receive up to $12,000 in rebates.

The proposal is part of the President's larger spending plan, which also includes money for small businesses, renewable energy manufacturing, and infrastructure.

We know energy efficiency "creates jobs, saves money for families, and reduces the pollution that threatens our environment," Obama said. "With additional resources, in areas like advanced manufacturing of wind turbines and solar panels, for instance, we can help turn good ideas into good private-sector jobs."

The program contains two parts: money for homeowners for efficiency projects, and money for companies in the renewable energy and efficiency space.

The plan will likely create a new program where private contractors conduct home energy audits, buy the necessary gear and install it, according to a staffer on the Senate Energy Committee and Nadel at the American Council for an Energy-Efficient Economy.

Big-ticket items like air conditioners, heating systems, washing machines, refrigerators, windows and insulation would likely be covered, Nadel said.

0:00 /5:19Obama must lead at Copenhagen

Consumers might be eligible for a 50% rebate on both the price of the equipment and the installation, up to $12,000, said Nadel. So far, there is no income restriction on who is eligible. That would mean a household could spend as much as $24,000 on upgrades and get half back.

Homes that take full advantage of the program could see their energy bills drop as much as 20%, he said. The program is expected to cost in the $10 billion range.

It's not clear how the home efficiency plan would be administered - the government may issue rebates to consumers directly, homeowners might get a tax credit, or the program could be run via state agencies.

If consumers have to spend a lot of money up front to get the credit, it could throw a wrench in the works, David Kreutzer, an energy analyst at the Heritage Foundation, told CNN.

"This will not be something that's attractive to people who are having trouble already making their budget payments month to month or week to week," he said.

To keep consumers from having to spend thousands of dollars before getting reimbursed, Nadel said, one idea is to have contractors or big box retailers pay part of the cost up front.

Fraud issues could also come up, Kreutzer said.

"Any program that is going to run through a third party and is going to distribute billions of dollars needs to have lots of checks and balances to make sure there's not abuse," he said.

Nadel noted that as a way to guard against fraud, contractors would have to be certified to participate.

Ikb deutsche industriebank

IKB Deutsche Industriebank AG (DE:IKB: news, chart, profile) reported Thursday a consolidated net loss of 398 million euros ($603 million) for the six months between April 1 and Sept. 30. That compares with a net profit of 240 million euros in the same period a year ago. The half year-results came on the back of losses on the equity and liabilities side. The provision for possible loan losses increased by 103 million euros year-on-year to 210 million euros because of "the continuing poor economic situation." IKB, a Dusseldorf-based lender that is going through a restructuring, suffered massive losses from the subprime crisis.

Ikb deutsche industriebank

IKB Deutsche Industriebank AG (DE:IKB: news, chart, profile) reported Thursday a consolidated net loss of 398 million euros ($603 million) for the six months between April 1 and Sept. 30. That compares with a net profit of 240 million euros in the same period a year ago. The half year-results came on the back of losses on the equity and liabilities side. The provision for possible loan losses increased by 103 million euros year-on-year to 210 million euros because of "the continuing poor economic situation." IKB, a Dusseldorf-based lender that is going through a restructuring, suffered massive losses from the subprime crisis.

Ikb deutsche industriebank

IKB Deutsche Industriebank AG (DE:IKB: news, chart, profile) reported Thursday a consolidated net loss of 398 million euros ($603 million) for the six months between April 1 and Sept. 30. That compares with a net profit of 240 million euros in the same period a year ago. The half year-results came on the back of losses on the equity and liabilities side. The provision for possible loan losses increased by 103 million euros year-on-year to 210 million euros because of "the continuing poor economic situation." IKB, a Dusseldorf-based lender that is going through a restructuring, suffered massive losses from the subprime crisis.

The london stock exchange

The London Stock Exchange (UK:LSE: news, chart, profile) said Wednesday that its fiscal first-half net profit fell 40% to 49.3 million pounds, hit by lower income from equity trading as well as costs related to staff cuts and an acquisition. The group said revenue for the six months to Sept. 30 fell 9.2% to 310.9 million pounds. The exchange operator said the average daily U.K. equity value traded declined 16% compared to the second half of the previous year, while the volume of trading in its derivatives markets rose 15%. "Despite testing markets, there are some encouraging elements within our first half results. Both the post-trade and the information and technology divisions performed well and in our primary markets business there was a continued flow of capital raising activity," said CEO Xavier Rolet. The company left its dividend unchanged at 8.4 pence.

Gold Price

Front-month December gold futures have posted gains in all but two trading sessions since the beginning of last month.
The contract climbed as high as $1,217.30 an ounce in electronic trading on Globex, surpassing the record set in the previous session.
December gold was last up $13, or 1.1%, to $1,212.10 an ounce.
"The continued weakness in the (U.S. dollar) as well as falling U.S. real interest rates have spurred strong investment interest for precious metals over the last few months," said analysts at Credit Suisse in a note to clients Wednesday.
"Speculative positioning shows a sharply rising net long position in gold and silver," they said.
Commodity sector funds took in more than $1 billion for the second week in a row during the week ended Nov. 25, according to data from EPFR Global.
The inflows fell just short of the previous week's record-setting $1.34 billion, as investors sought hedges against U.S. dollar weakness and inflation.
Year-to-date, flows into this fund group stand at $14.6 billion, EPFR Global said.
/quotes/comstock/13*!gld/quotes/nls/gld GLD 117.38, +1.74, +1.50%
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"As long as these drivers, i.e. the softer U.S. dollar, lower interest rates, reduced risk aversion and benign equity markets, remain at play, the upward trend in commodities should continue," said analysts at Commerzbank AG in a note.

The saying of uae prersident

The UAE president said the Gulf region would not slip due to what he called the global financial crisis.
Sheikh Khalifa also praised the ruler of Dubai - who is also his UAE vice president, prime minister and defence minister - saying Sheikh Mohammed bin Rashid al-Maktoum and his cabinet "face every morning challenges, but plan and remove all obstacles to score achievements".
Dubai World has unveiled plans to restructure $26bn (£15.8bn) in debt, its first comment since the crisis began last Wednesday.
In a statement, the firm said that it "intends to adopt a policy of regular communication and will provide further updates as the process develops".
The proposed restructuring process will only include its main property firms, but leave other companies, which it described as "on a stable financial footing", untouched.
Hassaim Arabi, chief executive at Gulfmena Alternative Investments said the statement was good news.
"It shows they are still committed to their payments and it removes all fears that this is a complete default," he said.
On Sunday, the central bank of the UAE stepped in and announced a facility to provide banks with extra liquidity.
The liquidity will be available to all UAE banks as well as foreign banks operating in the Emirates.
On Monday, Dubai's government distanced itself from Dubai World's problems saying that it would not guarantee the company's debt.
"[Creditors] think Dubai World is part of the government, which is not correct," said finance minister Abdulrahman al-Saleh.

Working people lifetime

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Investors value traders

Option traders can't be value investors, or any kind of investor for that matter. Outside of the next month, maybe two, we don't care at all what happens to a stock. However, the greatest value investor of all time, Warren Buffet, summed it up best when he said “be fearful when others are greedy and greedy when others are fearful”! This is the “rock” upon which I've built my system.
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Canadian dollar

The Canadian dollar, which gained sharply versus the greenback on the beginning of the week, plunged since yesterday as Dubai World, a government owned investment company is trying to delay its debts payments, bringing risk aversion to high levels in foreign-exchange markets.
Optimism in markets declined since Dubai tried to reschedule its debts payments, affecting risk appetite and specially commodities and stocks throughout the world, which are highly influential for the Canadian dollar’s performance, paring all its previous days’ advances and is heading for a weekly loss versus its U.S. counterpart. The crude oil barrel fell to as low as $72.50 dollars after trading near $80 earlier this week, causing an important impact on the loonie, since the energy commodity is one of Canada’s main exports having the U.S. as its destination, allowing the greenback correct previous losses versus its Canadian counterpart and also other currencies from commodity exporter nations around the world.
Not only international pessimism affected the loonie today since a report showed a rise in the current account deficit, making basically everything to force the Canadian currency down, according to specialists. The events regarding Dubai’s debt will play a major role in risk aversion levels, eventually setting the loonie further down in the short term.
USD/CAD traded at 1.0734 as of 14:09 GMT from a previous rate of 1.0576 in the intraday, showing high volatility for the CAD this week. CAD/JPY declined to 80.73 from 81.61.

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Forex goal

Our Forex Trading goal is to provide our visitors with the best trading strategies available. We work exclusively with Forex brokers who specialize in news trading, and also include extensive reviews on the best in the business. Any relevant and helpful information related to Forex news trading can be found on this site.
There are many trading methods that exist to help you succeed as a trader, but there also many factors you need to consider before you execute your trades. Each news event moves differently. What we do is provide you with techniques and systems on how to trade these major news events. How can you maximize your gains and limit your loses? Not easily done, unless you truly know what you are doing.
Forex News Trader will teach you the moves you need to make. In volatile or fast moving markets, such as news trading events, it is imperative to be completely focused and on top of your game. You need to constantly learn new styles and techniques if you want to stay ahead.
Whether you profit, or end up like the other 95% of traders, depends on your ability, knowledge, patience, and how the market moves that day. With such a large world market there are numerous opportunities to pull profits on a consistent basis.
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Economic develop

Forex News Trader was developed to give traders the edge they need to learn how to trade based on economic news events from around the world. The same edge the institutions use to make hundreds of millions and even billions of dollars in profit each year.

Forex News Trading will provide you with the information you need to give you a true insider’s understanding of the Forex markets. You will feel confident in your trading, and never doubt your trades again.

Does this mean you will win every trade? No, of course not, but armed with the knowledge Forex News Trader will provide you, you will never be afraid to take that next trade – as the odds will now be tipped in your favor.

Each and every month there are a tremendous number of news releases for the Off Exchange Retail Foreign Currency Market (FOREX). Many of these events and announcements move the markets considerably. But how do you properly capitalize on these moves? Get it wrong and you could be wiped out. Get it right and you can be in a small group of trading elite, consistently pulling pips out of the market each and every week.

Europe managed

EURUSD has managed to climb pretty high on Monday, considering the fact that most banks in the Christian world where on holidays. However, the “range effect” of the holiday has soon taken over the market, and as we see this morning the pair has already corrected around 100 pips down from its top at 1.3393.
The reason for safe haven strength in the first place was the Dow Jones Industrial Average closing on the green before the holiday, supporting risk appetite trades.
The British Pound, although trading lower this morning, has managed to maintain a stronger position throughout the holiday, with EURGBP dropping to a 30 day low breaching under its support 0.8952.
GBPUSD printed 1.4925 getting closer to its target 1.5 resistance. The pair has definitely kept its upward momentum since first of April.In an anti-dollar environment, the pound is bound to continue and cross the 1.5 target. However, if things will turn back to risk aversion play, cable might drop like a stone with its accelerated volatile nature, a flip in market sentiment might easily drive us under 1.45 before we know it. Therefore, be on the alert if you are trading GBPUSD at this particular juncture.

Business center

Dubai, one of the biggest and busiest business centers in the Middle East might be sliding into a negative spiral. Dubai world the big real-estate venture which is most famously known for developing the artificial Islands project in Dubai has entered into solvency problems due to excess leverage and was forced into restructuring. This fact was long known and has been already digested by investors. However the announcement by the Dubai authorities which are reasonable for the restructuring, stressing that they expect the company’s creditors to accept a halt in the debt payments spurred worries over the economic health of the region and specifically the real-estate sector. Why did it affect market so severely? Investors got used that whenever large ventures in Dubai falter the authorities step in to maintain stability but the fact the authorities want lenders to participate in the cost of restructuring signaled things might be changing for investors in the region. The largest banks in Europe and the US have a high exposure to the real-estate market in the region and less government support could mean loan losses for the big players. Another important fact is that Dubai sovereign and private funds are very active in the global investment scene especially in the banking and Auto sector, troubles in home could cause them to repatriate funds.

Dubai announced

After Dubai announced that it intends to delay debt payments, emergent markets and commodities fell worldwide, declining attractiveness for the South African currency in foreign-exchange markets this Thursday.
Emergent markets were the most affected today after Dubai World, the nation’s investment company affirmed that debt payments will be delayed, setting confidence levels down among traders that preferred to opt by safer bets than those available in emergent markets, forcing the rand down.
USD/ZAR closed at 7.3720 from an opening rate of 7.3676.
If you want to comment on the South African rand’s recent action or have any questions regarding this currency, please, feel free to reply below.