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EUR/USD Classical Technical Report 03.22 EUR/USD: The market has been well supported on the latest dip towards key support at 1.2975 and the subsequent bounce back above 1.3100 delays bearish prospects and opens the door for additional consolidation over the coming days. The key levels to watch above and below come in by 1.3315 and 1.2975 respectively and a break and close above or below will be required for clearer directional bias. In the interim we remain sidelined. Mar 22, 2012 00:49 OctaFX.Com News Updates OctaFX is proud to offer top-notch service level to its customers. Please stay tuned for the news and updates from OctaFX!

Japanese Yen Gains as Export Data Outperforms Forecasts The Japanese Yen rose as the country’s exporting sector performed better than expected, weighing on the likelihood of near-term BOJ currency intervention. THE TAKEAWAY: Merchandise Trade Balance rose to ¥ 32.9 Billion from -¥ 1476.9 Billion > Traders Bought Yen as the Chance for Further BOJ Inflationary Action in the FX Market Diminished > USDJPY Fell Data released by the Ministry of Finance and the Customs Office showed that the merchandise trade balance in February rose to 32.9 billion Yenfrom -1476.9 billion Yen. The figure surpassed the -120 billion Yen deficit that analysts expected. Additionally, trade exports fell only 2.7 percent on the year, beating the 6.5 percent drop forecasted and improving upon the 9.3 percent decline the prior year. The figures painted a rosier than expected picture of an export-dominated Japanese economy and jumped on bears who forecasted a larger drop in the country’s export sector. Though the data did not go as far as suggesting a warming exports industry, they did show the market that Japanese exporters were not faring as poorly as analysts thought. As exports performed better than expected, the likelihood declined that the Bank of Japan would infuse currency markets with more Yen anytime in the near future. As a result, traders positioned themselves closer to the Yen. In the minutes after the release, USDJPY fell from 83.440 to as low as 83.140.[/b] Mar 22, 2012 00:49 OctaFX.Com News Updates

FOREX: Pound Aiming Higher Against Euro, Yen on BOE Minutes Result LONDON (Reuters) - Copper rose on Wednesday after sharp falls in the previous session as the dollar pared gains after disappointing U.S. housing data, although evidence of slower growth in China's demand for commodities restrained gains. Three-month copper on the London Metal Exchange closed at $8,455 from a close of $8,430 on Tuesday, when it fell to its lowest since March 9 at $8,383 a tonne. Copper has risen more than 11 percent this year, but prices have struggled to rise further since they hit the year's peaks above $8,750 early last month. The unexpected fall in home resales in the United States, the world's largest economy, underscored the many hurdles for the broader economic recovery. Demand from top consumer China has been slow to pick up after the Lunar New Year, raising worries that prices could retreat sharply. Imports of refined copper into China had soared to a record of 406,937 tonnes in December from a year earlier, but inflows have slowed since then. China's inflows of refined copper rose 12 percent month-on-month in February although they were below December's record. But China's apparent demand for refined copper slumped 12.5 percent in February as imports slowed and stockpiles held at the Shanghai Futures exchange grew, Reuters calculations based on official Chinese data showed. "China is the most important player for the copper market as it accounts for 40 percent of global consumption. Fundamentally, it's not balanced at the moment because we don't have the drive from China," said Andrey Kryuchenkov, an analyst at VTB. "For sustained gains for copper from here, you will need China to drive this market higher. If not, copper is likely to be stuck in its current range for a while longer." The metal has traded in a range between around $8,200 and $8,700 since early March. The dollar trimmed earlier gains against a basket of currencies, putting pressure on base metals. A weaker dollar makes commodities priced in the U.S. unit less expensive for holders of other currencies. HIGH CHINESE INVENTORIES High base metals inventories in China remain a key concern among market participants, even though copper and aluminum stocks at LME warehouses have been declining, Standard Chartered said in a note. "Rising inventory levels in China suggest that the domestic market remained in surplus in the past week. Although this is negative for metals prices, a seasonal improvement in metals demand going into Q2 should support base metals prices," Standard Chartered said. "Yet the upside should be limited by a lack of confidence and lacklustre demand in H2." Stockpiles of the metal in Shanghai's free trade zone have been climbing, two Shanghai-based sources said, further adding to worries about demand. Bonded stockpiles are expected to hit the 600,000-650,000 tonne mark by the end of the month, they said. This is close to record highs seen this time last year and up from 285,000-300,000 tonnes in mid-January. In contrast, copper stocks held in LME-registered warehouses have been declining since late last year. The latest numbers showed a 2,500 tonne outflow on Tuesday, bringing inventories to their lowest levels since mid-July 2009 at 258,325 tonnes. The global market for refined copper is seen in a 101,000 tonne deficit this year, according to a median estimate of analysts polled by Reuters. The 2011 deficit was 358,000 tonnes, in line with 2010, the International Copper Study Group (ICSG) said on Wednesday. Lead closed at $2,044 a tonne from Tuesday's close of $2,013, and zinc at $2,020 from $2,036. Aluminum closed at $2,209.5 a tonne from $2,245, and nickel at $18,805 from $19,050. Tin ended at $23,000 per tonne from Tuesday's close of $23,420. Mar 21, 2012 12:19 OctaFX.Com News Updates

Euro gains versus yen, steady against dollar NEW YORK (Reuters) - The euro reached a near five-month high versus the yen and held steady against the dollar on Wednesday as the Greek bailout appeared to progress, prompting some investors to pare back bets against the single currency. Many analysts said the approval had been seen as a formality but signs the Greek bailout was on track boosted the euro zone common currency. Further gains could be capped if a stronger dollar trend driven by higher Treasury yields reasserts itself. The euro could run out of steam above $1.33, especially if euro zone purchasing managers surveys on Thursday come in weak. The euro rose to an almost two-week high of $1.3284, according to Reuters data, after Greece's lawmakers approved the country's second bailout deal, as expected. It was last little changed at $1.3224. "Greek parliamentary support for the new 130-billion-euro bailout package is encouraging"," said Camilla Sutton, chief currency strategist at Scotia Capital in Toronto. "Tomorrow's PMIs will be important, as recent data has pointed to some stability in several European economies and the PMI will help confirm this, which would be positive for the euro." Technical analysts said the euro rally was likely to run out of steam around $1.33, just above the 61.8 percent retracement of its late February to mid-March fall. "There has been an easing in general concerns about euro zone liquidity and the creditworthiness of euro zone banks, plus euro short positions can carry on being unwound," said Adrian Schmidt, currency strategist at Lloyds in London. He saw potential for the euro to rise towards $1.35 against the dollar, around the top of its recent range, although short-term resistance at $1.3320 may prove too high a hurdle if Thursday's preliminary PMI data comes in weak. Investors remained wary of the risk of another flare-up in the euro zone debt crisis. Greece got its first batch of bailout payments this week, but the Italian government looked set to clash with unions over employment law reforms. A firmer dollar, due to fading expectations of more monetary easing by the U.S. Federal Reserve after a modest brightening of its economic outlook, may also hamper the euro. Ten-year U.S. Treasury yields were last trading around 2.3393 percent, within sight of a near five-month high touched this week. U.S. housing data, due at 10 a.m. EDT (1400 GMT), could boost the dollar if it adds to expectations that growth in the world's largest economy is picking up. WEAK YEN, UK BUDGET Rising U.S. yields and monetary easing from the Bank of Japan last month have boosted the dollar, particularly against the yen. The greenback rose 0.4 percent to 84.02 yen, just shy of an 11-month high touched last week. During the Asian session Japanese exporters were seen selling the dollar ahead of the end of their financial year on March 31, but market players said there was good demand to buy the greenback on dips. The euro also hit a near five-month peak of 111.43 yen, according to Reuters data, nearing resistance around the peak hit on October 31, when Japanese authorities last intervened in the market. It was last at 111.07, up 0.3 percent. Mar 21, 2012 12:19 OctaFX.Com News Updates

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Dollar rises as growth-linked currencies slip NEW YORK (Reuters) - The dollar gained against the euro and yen in quiet trade on Tuesday, while the Australian dollar tumbled on central bank hints of more room to ease and fears about China's growth. Global miner BHP Billiton said it saw signs that growth in iron ore demand was flattening in China, Australia's single biggest export market, pushing the Australian dollar down more than 1 percent. The Aussie was also undermined by minutes from Australia's central bank, which were deemed as dovish as they suggested that the bank has ample room to ease policy should conditions worsen. Against the U.S. dollar, the Australian dollar slid to $1.0492, down 1.1 percent for the day, while the New Zealand dollar slumped 1.3 percent to 0.8158. Key technical support for the Australian dollar lies at the 200-day simple moving average of $1.0401 while the 100-day SMA lies at $1.0370. Resistance is seen near $1.064. "In my opinion, there has been a bit of an overreaction to the BHP Billiton news because while it painted a bearish picture, it was not all that bad," said Brad Bechtel, managing director at Faros Trading in Stamford, Connecticut. "It nevertheless put the Australian dollar on its back foot." Most currency activity was in the crosses, with investors covering short positions in the euro while selling the Aussie, Kiwi and Canadian dollar, he said. "Euro/dollar is sidelined today and those trying to sell into rallies should continue to be frustrated as the currency pair remains stuck in a range," he said. "Having said that, news flow out of Europe should become more neutral-to-positive and that could take the euro higher." A recent surge in U.S. Treasury yields is likely behind the sudden breakdown in the correlation between the Australia dollar and U.S. dollar and the S&P 500 stock index, according to David Rodriguez, quantitative strategist at DailyFX in New York. The currency pair is trading near the middle of its year-to-date range while the S&P 500 index had recent hit its highest since the global financial crisis in 2008. "The clear disconnect suggests the correlation may have broken down," Rodriguez said. ""Yet the Aussie dollar continues to offer a substantial yield advantage to its U.S. namesake, and this may ultimately be the most important driver of AUDUSD moves for the foreseeable future." Mar 20, 2012 10:42 OctaFX.Com News Updates

China growth worries weigh on stocks, boost Treasuries NEW YORK (Reuters) - Renewed concerns about China's economic growth weighed on global stocks on Tuesday, giving a boost to safe-haven U.S. government bonds and the dollar. U.S. crude oil prices dropped nearly 2 percent as increased supply from Saudi Arabia and a return to pre-war exports from Libya eased pressure on the market. Concerns about the scale of China's economic slowdown resurfaced as BHP Billiton , the world's largest miner, said it was seeing signs of "flattening" iron ore demand from the country. U.S. stock indexes traded more than half a percentage point lower after a rally on Monday drove the S&P 500 to a level less than 10 percent shy of its 2007 all-time high. "It seems like a market that probably just needs to take a rest, but I wouldn't be surprised (if) we rally into the day," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. "It is now a focus back on the fundamentals on the economy and those news items aren't quite as daunting. It's really just fine tuning." The Dow Jones industrial average (DJI:DJI) was down 66.41 points, or 0.50 percent, at 13,172.72. The Standard & Poor's 500 Index <.SPX> was down 6.54 points, or 0.46 percent, at 1,403.21. The Nasdaq Composite Index (NAS:COMP) was down 20.25 points, or 0.66 percent, at 3,058.07. The S&P 500 has gained more than 11 percent so far this year as a steady flow of strong U.S. economic data encouraged stock investors. Tuesday's U.S. housing data was mixed, however, with housing starts falling in February, but permits for future construction jumping to the highest level since October 2008. World stocks measured by the MSCI All-Country World Index <.MIWD00000PUS> dropped 0.76 percent, after closing on Monday near levels last seen in late July. In Europe, the FTSEurofirst 300 index <.FTEU3> fell 0.9 percent as autos and miners were hit by worries of a Chinese economic slowdown. "Stocks are being driven down on reports of major discounts amongst the luxury good car brands in China and comments about weak iron ore demand," said Richard Batty, strategist at Standard Life Investments, with $248.37 billion of assets under management. The dollar rose 0.1 percent against a basket of major trading-partner currencies, according to the U.S. Dollar Index <.DXY>, as Chinese economic worries weighed on growth-related currencies. The euro, however, was stable against the greenback at $1.3233. U.S. crude oil prices dropped 1.6 percent to $106.78 a barrel, also pressured by the strength of the dollar, which makes the commodity more expensive to non-U.S. investors. Benchmark 10-year Treasury notes were trading 1/32 higher in price to yield 2.37 percent, down from 2.38 percent late Monday, while 30-year bonds gained 11/32 to yield 3.46 percent, down from 3.48 percent. hitting a 2-1/2 week high of 79.739. Mar 20, 2012 10:42 OctaFX.Com News Updates

Copper falls on China demand concerns, dollar strength LONDON (Reuters) - Copper fell on Tuesday as the dollar strengthened and equities markets retreated and after BHP Billiton , the world's biggest miner, raised concerns about the possibility of a sharp slowdown in iron ore demand from top metals consumer China. Three-month copper on the London Metal Exchange was $8,408 per ton in official rings from a close of $8,570 on Monday. It was down more than 2 percent after U.S. housing data, before recouping some of those losses. U.S. housing starts fell last month, but permits for future construction jumped to their highest level since October 2008, according to a government report that showed steady improvement in the housing market. "There is a big difference between permits being awarded, and building taking place, but the housing data should be notionally positive," Citi analyst David Wilson said. "There are still concerns that China is slowing and not consuming as much copper, that's definitely been an issue," he added. The metal, used extensively in construction, hit its highest in two weeks at $8,690 on Friday and is up more than 12 percent this year, but has struggled to breach that level. "It's choppy within a range. It's partly dollar strength, but also I suspect a rather more cautious commentary from BHP," BNP Paribas analyst Stephen Briggs said. "There is a slowing trend in China...moving increasingly away from the growth model that they have had, which may be a little less metals intensive. This is not new, but recognition by big mining companies would have had an effect." Australian iron ore miners, key beneficiaries of China's modern-day industrial revolution, signaled on Tuesday demand growth was finally slowing in response to Beijing's moves to cool its economy. BHP Billiton said it was seeing signs of "flattening" iron ore demand from China, though for now it was pushing ahead with ambitious plans to expand production. Official Chinese data last week showed home prices fell in February from January for a fifth consecutive month, and the government reaffirmed its commitment to measures to control the property market to cool speculation. China accounts for 40 percent of global refined copper demand. Copper is used mostly in building construction and power. Demand in the world's biggest copper consumer has not picked up after the Lunar New Year holiday in late January, prompting importers to delay some term shipments, traders have said. The dollar rose against a basket of currencies, supported by safe-haven demand as risk sentiment soured, partly because of concerns that a slowdown in China could hit global growth. <.DXY> Gains in the dollar can pressure dollar-denominated commodities by making them more expensive for consumers using other currencies. European stocks fell on the scale of China's growth slowdown, and investors eyed talks between Italy's government and unions on reforms seen key to turning around the euro zone's third-largest economy. Nickel, used in steelmaking, was $18,825 in rings from $19,050 at Monday's close. It is the worst performing base metal in the complex so far this year, and is up around 1.6 percent, compared with copper's 12 percent rise. "Exchange inventories have risen over 8 percent and Chinese premiums remain weak," RBC Base Metals said about nickel in a research note. "That said, a move below $18,000 will begin to see a supply-side response." Zinc, used to galvanize steel, was untraded in rings, but bid at $2,041 from $2,079. Tin, also untraded, was bid at $23,200 from $23,595, lead was bid at $2,062 from $2,108. Aluminum was $2,239 in rings from $2,275. LME aluminum stocks are near record highs at more than 5 million ton, but most of the metal is locked up in financing deals and not available for sale. The large stockpile, and the economic slowdown in Europe, has hurt aluminum prices, spurring global producers such as Rio Tinto , Alcoa and Norsk Hydro , to cut production. Metal Prices at 1337 GMT Comex copper in cents/lb, LME prices in $/T and SHFE prices in yuan/T Metal Last Change Pct Move End 2010 Ytd Pct move COMEX Cu 382.80 -7.90 -2.02 444.70 -13.92 LME Alum 2243.00 -32.00 -1.41 2470.00 -9.19 LME Cu 8400.00 -170.00 -1.98 9600.00 -12.50 LME Lead 2057.00 -51.00 -2.42 2550.00 -19.33 LME Nickel 18806.00 -244.00 -1.28 24750.00 -24.02 LME Tin 23251.00 -344.00 -1.46 26900.00 -13.57 LME Zinc 2036.25 -42.75 -2.06 2454.00 -17.02 SHFE Alu 16265.00 -10.00 -0.06 16840.00 -3.41 SHFE Cu* 60350.00 50.00 +0.08 71850.00 -16.01 SHFE Zin 15885.00 10.00 +0.06 19475.00 -18.43 ** Benchmark month for COMEX copper * 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07 Mar 20, 2012 10:13 OctaFX.Com News Updates

Dollar gains broadly as growth currencies slip LONDON (Reuters) -The dollar index climbed against a basket of currencies on Tuesday, helped by higher U.S. Treasury yields, while growth-linked currencies came under pressure from concerns China's demand for raw materials could be slowing. Global miner BHP Billiton said it saw signs growth in iron ore demand was flattening in China, Australia's single biggest export market, pushing the Australian dollar more than 1 percent lower on the day to $1.0488. "The (U.S.) dollar looks better bid against the euro and the yen. Interest rate expectations do seem to be gaining a bit more traction on the currency," said Daragh Maher, currency strategist at HSBC. "But it strikes me the move in the Australian dollar may be a bit overdone. I would think it's a good idea to buy Aussie on these dips." The dollar index <.DXY> rose 0.3 percent to 79.692, recovering from a one-week low hit the previous day. Analysts said much of the greenback's recent surge was due to improving U.S. data and a modest brightening of the U.S. Federal Reserve's economic outlook in its latest policy statement. That spurred a rise in U.S. Treasury yields as investors scaled back expectations of further quantitative easing in the near term, and prompted some speculation the Fed may tighten monetary policy earlier than it had pledged. The 10-year U.S. Treasury yield rose to as high as 2.392 percent on Monday, its highest level since late October. The two-year Treasury yield was last trading at roughly 0.367 percent, in sight of last week's peak of 0.414 percent which was the highest since late July. But some strategists said the move in the greenback and U.S. Treasury yields could soon run out of steam. "The recent dollar rally has been based on unrealistic expectations for U.S. rates and I don't think it is well founded," said Adam Cole, global head of FX strategy at RBC Capital Markets. "The market is priced for rate hikes much earlier than the FOMC (Federal Open Market Committee) has indicated." ITALY TALKS EYED The euro eased 0.3 percent to $1.3196, slipping away from a one-week high near $1.3266 hit on Monday and below support from the 100-day moving average around $1.3199. Some investors were cautious about pushing the shared currency higher ahead of talks between Italy's government and unions on reforms seen as key to turning around the euro zone's third largest economy and paying down massive debts. There have been some signs of stabilization in the euro zone sovereign bond market this year, with the 10-year Italian government bond yield spread over German Bunds standing at 286 basis points on Tuesday, down from 535 basis points on January 9. But concerns remained that Portugal may eventually need to restructure its debt like Greece, prompting another flare up in the crisis, while Italy is potentially a far bigger worry. Moves in the dollar versus the yen picked up in European trade after a quiet Asian session when Japanese financial markets were closed for a national holiday. Mar 20, 2012 09:17 OctaFX.Com News Updates

Euro, shares dip as growth worries revive LONDON (Reuters) -The euro dipped to just below recent highs and European stocks fell on Tuesday amid concern about the scale of China's growth slowdown, while investors eyed crucial talks between Italy's government and unions on labor reforms. Prime Minister Mario Monti's meeting with union bosses could make or break his brief tenure as head of a government struggling to pay down massive debts and find ways to revive an economy in which factory output has fallen sharply. Ahead of the meeting, equity investors were trimming positions after shares rose to eight-month peaks on signs of a recovery in the giant U.S. economy and after big improvements in corporate balance sheets. "Strategically, I am bullish on equities," Neil Dwane, chief investment officer for Europe at Allianz Global Investors/RCM, said. "The thing is that they have rallied quite a long way, so it's harder to be as confident when you think: have we solved any of the economic issues?" The FTSE Eurofirst 300 <.FTEU3> was down 0.5 percent at 1,099.71 points after snapping a four-session winning streak on Monday that saw it touch levels last seen in July. Traders' growing nervousness about the outlook could be seen in the Euro STOXX 50 volatility index <.V2TX>, a key gauge of sentiment, which jumped 4.3 percent after three days of falls. The higher the volatility index, the lower the investor appetite to take on more risk. RECOVERY HOPES IN THE BALANCE Meanwhile U.S. Treasury yields, which have risen sharply in the past week on the improved U.S. economic outlook and reduced expectations of further monetary easing in the near term, also dipped on Tuesday but the fall was expected to be short lived. "I think that movement (in U.S. Treasury yields)...is definitely a confirmation that the market is switching much more in terms of its mentality towards a recovery mentality," Graham Neilson, chief investment strategist at Cairn Capital said. "I think yields are going to go higher from here as well." The 10-year U.S. Treasury yield, which moves inversely to price, stood at 2.35 percent after rising as high as 2.392 percent on Monday, its highest level since late October. German government bond yields followed Treasuries and dipped slightly as investors were lured back into the market after 10-year yields broke last week above 2 percent, the upper end of the year's trading range to that point. Among the weaker euro zone economies, Italian bonds rose on wariness about the labor talks, and 10-year yields were last up 4.2 bps at 4.88 percent. The equivalent Spanish yield was up 4 bps at 5.21 percent after ratings agency Moody's said Spain's fiscal outlook remained challenging despite recently softened deficit targets. Commodities were broadly weaker, with base and precious metals both edging down after the worries about a sharp slowdown in China grew when BHP Billiton , the world's biggest miner, noted signs of "flattening" iron ore demand there. Earlier this month China cut its 2012 growth target to an eight-year low of 7.5 percent, fuelling caution about demand for natural resources and heightening fears the euro zone crisis would hit global growth. Mar 20, 2012 OctaFX.Com News Updates

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EUR/USD: The market has been well supported on the latest dip towards key support at 1.2975 and the subsequent bounce back above 1.3100 delays bearish prospects and opens the door for additional consolidation over the coming days. The key levels to watch above and below come in by 1.3300 and 1.2975 respectively and a break and close above or below will be required for clearer directional bias. In the interim we remain sidelined. Mar 19 2012 , OctaFX.Com News Updates

EUR/USD: The market has been well supported on the latest dip towards key support at 1.2975 and the subsequent bounce back above 1.3100 delays bearish prospects and opens the door for additional consolidation over the coming days. The key levels to watch above and below come in by 1.3300 and 1.2975 respectively and a break and close above or below will be required for clearer directional bias. In the interim we remain sidelined. Mar 19 2012 , OctaFX.Com News Updates

LME copper slips on firmer dollar, Shanghai rises SINGAPORE (Reuters) - London copper futures edged lower on Friday, hurt by a firmer dollar, after rising more than 1 percent in the previous session on a tighter global supply outlook. FUNDAMENTALS * Three-month copper on the London Metal Exchange dropped $22 to $8,543 a tonne by 0119 GMT. But the metal is up marginally for the week so far, its third gain in four weeks. * The most-traded June copper contract on the Shanghai Futures Exchange gained 0.7 percent to 60,850 yuan ($9,600) a tonne, chasing Thursday's gains in London. * Freeport McMoran Copper & Gold Inc said first-quarter copper output would be down by about 10 percent because of labor-related problems at its Grasberg mine in Indonesia which will not return to full production until the second quarter. * LME copper has risen more than 12 percent so far this year, benefitting, like other risk assets, from increased liquidity across markets as central banks around the world ease credit curbs to spur economic growth. * Copper's price gain comes despite a shaky outlook for demand from top consumer China. Premier Wen Jiabao said on Wednesday China must embrace slower growth and bolder political reform to keep its economy from faltering, and also dampened hopes for any near-term relaxation of curbs in the property sector. * Aurubis , Europe's biggest copper producer, is confident of strong copper demand from China this year despite forecasts of slower growth in the country. * RUSAL Plc <0486.HK>, the world's largest aluminum company, is expected to pick a new chairman on Friday to steady a ship still rocking from the parting shot fired by Viktor Vekselberg, who said it was in "deep crisis". * For the top stories in metals and other news, click , or MARKETS NEWS * The dollar rose against a basket of currencies <.DXY>, with the greenback's upward momentum seen intact amid a brightening U.S. outlook. * The S&P 500 closed above 1,400 for the first time since the 2008 financial crisis on Thursday as stocks resumed the upward climb that has produced a steady stream of gains this year. <.N> * U.S. crude futures rose on Friday, after dropping for two straight sessions, as robust economic data in the world's top oil consumer countered news that the United States and Britain were preparing a release from strategic oil stocks this year. Mar 16, 2012 02:56 OctaFX.Com News Updates

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Australian Dollar Falls Without Regard to Rising Inflation Expectation The Australian Dollar dismissed rising expectations for consumer inflation as overall risk appetite continued to deteriorate, pushing the currency downward. THE TAKEAWAY: Aussie Consumer Inflation Expectation Rose to 2.7% from 2.5% > Market Risk Aversion in the Face of Slowing Chinese Growth Poor for Aussie Dollar > AUDUSD Continued to Fall Data released by the Melbourne Institute of Applied Economic and Social Research showed that Australian inflation expectations rose this month. The country’s consumers expected price levels to rise to 2.7 percent for the month of March, up from 2.5 percent during February. The Australian Dollar has been trending downwards this month as overarching risk appetite has moved traders away from the Aussie. Recent negative growth estimates in China have tempered appetites for the currency. China is Australia’s largest consumer of mining and construction exports, and slower Chinese economic growth equates to a decline in demand for Aussie goods. Contracting demand for Australian exports would hurt to country’s manufacturing and mining sectors, and the Australian dollar would suffer as a result. The inflation estimates have hovered in between the 2.4 percent to 2.8 percent range for the last five months, and March’s figure certainly continues the pattern. Markets appeared unaffected by the data, and the AUDUSD continued its slow trend downward. Mar 15, 2012 01:24 OctaFX.Com News Updates

Dollar stronger across the board, hits 11-mth high vs yen TOKYO (Reuters) - The dollar hit an 11-month high against the yen and 1-month high on the euro on Wednesday, extending its gains after a modest brightening of the Federal Reserve's economic forecasts nudged traders to downplay expectations of further monetary easing. U.S. 2-year Treasury yields hit a 7-1/2-month high after solid retail sales data, making the dollar less attractive as a funding currency for carry trades. Tokyo exporters were also reluctant to sell it now, expecting more strength, traders said. These factors saw the dollar hit a session high at 83.32 yen, its highest level since mid-April, with most traders expecting a short correction soon, before refocusing on last year's high at 85.53 yen. "The move in the yields was essential for the dollar rally to continue," said Sumino Kamei, senior currency analyst at the Bank of Tokyo-Mitsubishi UFJ in Tokyo. Recent easing steps by the Bank of Japan, the country's trading deficit amid surging demand for fossil fuels in the wake of the nuclear crisis have also helped the dollar rise a staggering 9 percent on the yen since the beginning of February. "We are getting to a point where people will be looking for a trigger to take profits on this rise. There aren't many scheduled events that could prop it further, while risks -- most notably elevated oil prices -- loom large." But investors said that a pullback in the dollar would likely be limited to the mid-82 area with the previous high of 82.65 lending support. Longer term, they were mostly bullish, with Barclays Capital raising its three month target to 88 yen. The U.S. unit gained also against all other currencies, with its index hitting a 7-1/2-week high of 80.42 <.DXY>. Hot on the heels of Friday's encouraging U.S. jobs report, a strong 1.1 percent rise in retail sales provided fresh evidence of improvement in the world's largest economy. Acknowledging this trend, the Fed slightly upgraded its outlook, expecting "moderate" growth over coming quarters and a gradual decline in the unemployment rate, although it said the jobless rate "remains elevated. "There is nothing for risky assets not to love about the Fed stance; either the economic outlook will continue to improve, or the Fed will take action to inject more liquidity into markets," said Julia Coronado, BNP Paribas chief economist for North America. Mar 14, 2012 07:03 OctaFX.Com News Updates

Dollar hits 11-month high versus yen, euro slips LONDON (Reuters) - The dollar hit an 11-month high against the yen and hovered near a seven-week high versus a basket of currencies on Tuesday, backed by expectations that a U.S. economic revival will keep the Federal Reserve from resorting to fresh stimulus. The dollar recouped knee-jerk losses against the yen made after the Bank of Japan stopped short of taking aggressive easing steps on Tuesday. That wrongfooted investors who had bet on a repeat of the central bank's surprise easing last month. The greenback is being supported by signs of improvement in the world's biggest economy. Data last Friday showed February was the third straight month to record a gain of more than 200,000 jobs. The dollar index <.DXY> stood at 80.008, not far from a high of 80.132 struck on Monday, its highest in seven weeks. Analysts say that with the Fed unlikely to be in a hurry to announce fresh measures, given that its $400 billion stimulus program known as Operation Twist, is in play, the focus would be on retail sales for February. Retail sales are expected to reflect solid car and gasoline sales and are likely to push the dollar higher, especially against the yen. "There is an upside risk to U.S. retail sales data, given the underperformance seen last month. That should give reasonable support to the dollar against the yen," said Steve Barrow, head of G10 currency research at Standard Bank. The dollar rose to 82.795 yen on trading platform EBS after stop loss buy orders were triggered above Friday's high of 82.65. Traders reported option structures at 83.00 which were attracting protective dollar sell orders. A break above 83.00 would expose resistance at 83.11 yen, the 76.4 percent retracement of the dollar's decline from April to a record low in October last year. The yen's losses have gathered pace since the surprise BoJ easing and there were some expectations it might have acted again on Tuesday. "Speculators were positioning for more aggressive easing from the BOJ and so far those expectations have been disappointed," said Lee Hardman, currency strategist at BTM-UFJ. "We expect the dollar to outperform generally but against the yen it looks to have come too far in the short-term." Dealers said a widening in the spread between two-year U.S. government bond yields and their Japanese equivalents was helping to support dollar/yen. The premium in favor of U.S. yields was last at 21.4 basis points, the highest since August 2011. The spread is closely correlated with dollar/yen. LIFE AFTER GREECE The dollar's strength saw the euro ease and move closer towards a one-month low struck on Monday. The common currency is still smarting from fears the European debt crisis could worsen, despite Greece's success in securing a debt-cutting swap deal. The euro was down at 0.3 percent on the day at $1.3115, not far from a one-month low of $1.3079. Technical support for the euro is at its daily Ichimoku cloud top at $1.3087 and the 55-day moving average around $1.3081. Westpac strategists said they have entered a short euro/dollar trade. They have sold euros at $1.3180 and would look to sell more into a rally to $1.3350. The currency's outlook remains shaky given that the euro zone economy is slipping into recession, in contrast with a brightening picture in the United States. While the euro is supported by relief after Greece successfully swapped most of its privately-held bonds and cut its debt by more than 100 billion euros, many market players are concerned that other peripheral countries like Portugal may suffer a similar fate. The Australian dollar bounced back after hitting a seven-week low of $1.0475 on Monday, to trade at $1.0528. While its latest rebound could open the way for a test of resistance around $1.0670, the currency is for now stalling at $1.0545, capped by its 55-day moving average around $1.0555. Mar 13, 2012 11:41 OctaFX.Com News Updates

Yen rises after no surprises from BOJ TOKYO (Reuters) - The yen rose against the dollar and other major currencies on Tuesday after the Bank of Japan refrained from taking drastic easing steps after a two-day policy meeting. The dollar fell to around 82.10 yen from around 82.35 yen following the BOJ's decision. While few expected fresh easing, market players were nervous after the central bank surprised the market by boosting asset purchases last month. Mar 13, 2012 05:32 OctaFX.Com News Updates

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OctaFX.Com - Copper weakens as China demand worry persists SINGAPORE (Reuters) - London copper edged lower on Monday as persistent concerns about sluggish demand in China took the momentum out of a three-day rally, but optimism on the global economy after upbeat U.S. jobs data is likely to cushion the price slide. Copper rallied about 2 percent on Friday, after better-than-expected U.S. labor market data boosted confidence in the recovery of the world's largest economy, and Greece's success with a debt swap deal eased fears about euro zone debt crisis for the time being. But the dim prospects of copper consumption in China, as reflected in multi-year high stockpiles in warehouses monitored by the Shanghai Futures Exchange, kept investors wary. "Theoretically we are in the peak consumption season but it doesn't feel like it this year," said a Shanghai-based physical copper trader, "Factories are not in any rush to stockpile the material, as the overall economic situation has weakened." Prices below 58,000 yuan a tonne have attracted buying, but the current level was not at all attractive, he added. China, the world's top consumer of raw materials including copper, has cut its 2012 growth target to an eight-year low of 7.5 percent, dampening hopes that its appetite for these materials would continue to expand rapidly. Three-month copper on the London Metal Exchange lost 0.3 percent to $8,461 a tonne by 0300 GMT, reversing course after three sessions of consecutive rise. The most-traded June copper contract on the Shanghai Futures Exchange edged up 0.3 percent to 60,700 yuan ($9,600)a tonne. Mar 12, 2012 03:17 OctaFX.Com News Updates

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OctaFX.Com - British Pound At Risk Amid Weakening Labor Market, Slowing Trade Fundamental Forecast for British Pound: Neutral The British Pound pared the sharp selloff from Friday to maintain the range carried over from the previous month, and the sterling should continue to track sideways in the following week as market participants weigh the outlook for monetary policy. Indeed the Bank of England refrained from releasing a policy statement after the central bank kept the benchmark interest rate at 0.50% while maintain its asset purchase program at GBP 325B, and we may see the GBPUSD works its way back towards the top of the range as the exchange rate continues to hold above the February low (1.5644). As market participants look forward to the BoE Minutes due out on March 21, the range-bound price action could ultimately lead to another run at 1.6000, but we may see the sterling struggle to hold its ground next week as the economic docket is expected to highlight a slowing recovery for the U.K. Indeed, fears of a double-dip recession may resurface amid the ongoing weakness in the labor market paired with the slowdown in global trade, and we may see the British Pound quickly give back the advance from earlier this year as currency traders see scope for more quantitative easing in 2012. As the fundamental outlook for Britain remains clouded with high uncertainty, the policy statement could foreshadow a growing rift within the Monetary Policy Committee, but we may see Governor Mervyn King scale back his dovish tone for monetary policy as BoE officials talk down the risk of undershooting the 2% target for inflation. As BoE officials expect to see a stronger recovery later this year, the MPC may see scope to conclude its easing cycle in 2012, and the central bank may lay the foundation to start normalizing monetary policy in the following year as growth and inflation picks up. As the GBPUSD clears the 50-Day SMA (1.5677), a slew of dismal developments coming out of the U.K. could spark a bearish breakdown in the exchange rate, and we may see the pair work its way back towards the 50.0% Fibonacci retracement from the 2009 low to high around 1.5300 as it searches for support. However, as long as the February low (1.5644) holds up, we should see the pair track sideways ahead of the BoE Minutes, and we may see the sterling move against its major counterparts should the central bank talk down speculation for additional asset purchases. – DS Mar 10, 2012 00:34 OctaFX.Com News Updates

Euro holds gains on Greek relief; yen slips SINGAPORE (Reuters) - The euro dipped on Friday but held on to the bulk of the previous day's gains after Greece moved closer to securing fresh funds needed to avoid a messy debt default. The single currency eased 0.1 percent to $1.3267 after rallying about 1 percent on Thursday, its losses limited after Greece successfully closed its bond swap offer to private creditors. "The euro has reacted positively to the removal of near-term anxiety (over Greece)," said a trader for a major Japanese bank in Singapore, adding that the ECB's comments on inflation the previous day were also lending the single currency support. The ECB left interest rates unchanged at 1 percent on Thursday but gave a surprise warning on inflation, suggesting further policy easing was unlikely. The yen dipped to a 9-1/2 month low versus the dollar of 81.899 yen on trading platform EBS at one point, pressured by yen-selling by Japanese importers and stop-loss selling, traders said. The positive news on Greece was another factor that weighed on the yen, a safe haven currency that tends to come under pressure when investors' risk tolerance increases. The dollar last stood at 81.80 yen, up 0.3 percent from late U.S. trade on Thursday. Commodity currencies were steady to firmer with the Australian dollar holding flat at $1.0644 after having risen around 0.6 percent on Thursday, while the New Zealand dollar rose 0.2 percent to $0.8263. With Greece's debt swap headed for success, analysts said they expected investors' appetite for risky assets to hold firm in the near term. Such positive risk sentiment can weigh on funding currencies including the dollar and the yen, while supporting currencies leveraged to global growth like the Australian dollar. To be sure, the exact take-up of Greece's debt swap was unknown and it was not yet clear whether Greece could avoid activating collective action clauses (CAC), which would enforce the debt exchange on recalcitrant holdouts. If they are, that could trigger payouts on credit default swaps (CDS) that some investors hold on Greece's bonds. Rob Ryan, FX strategist for BNP Paribas in Singapore, said the take-up for Greece's debt swap may not be high enough for Greece to avoid activating the enforcement clauses, but added that market players were likely prepared for that possibility. "We think that they're not going to have the 90 plus percent that they want and that they will have to activate the CAC," Ryan said. "That's what we assume is going to happen, and in fact there's an argument now that says that if it's not triggered, there's going to be worries about who bought CDS as insurance and now finds that the insurance is useless," he said. "So at this stage, it may be less damaging to trigger the CACs and therefore the credit default (swaps)," Ryan said. Preliminary results of Greece's bond swap offer are expected to be announced officially at 0600 GMT, before a conference call with euro zone finance ministers in the afternoon. U.S. jobs data due late on Friday will also be closely watched, especially after the Wall Street Journal reported earlier in the week that Federal Reserve officials were considering sterilized quantitative easing to further help the economic recovery. An outcome that bolsters such expectations could be the dollar's undoing. "Our long-term view is still that the EUR/USD will be higher and the relative hawkishness of comments from ECB President Mario Draghi is a reminder that at its heart, the ECB 'wants' to normalize policy while Ben Bernanke 'wants' to buy more protection against disaster," said Kit Juckes, strategist at Societe Generale. Mar 09, 2012 05:17 OctaFX.Com News Updates