Mena Report

Browse past and current articles from this publication.

A Stalled Dollar Still Requires a Quick Range Setup for USDCHF.
Summary: Like we said yesterday, the bearish wave in the dollar has been sidelined; and many of the majors are threatening at least modest retracements. USDCHF... Like we said yesterday, the beari . . .

Euro Crosses: Is Weakness Just a Correction?
Summary: -EURGBP support from channel and moving average -EURCHF support at 1.51 -EURNZD tests Fibonacci support -EURGBP support from channel and moving average -EURCHF support at 1.51 -EURNZD tes . . .

US Dollar, Japanese Yen Gain Amidst Broad Consolidations - US Durable Goods Orders May Fall for 7th Straight Month.
Summary: - British Pound the Strongest of the Majors as UK CPI Unexpectedly Rises to 3.2% - Euro Pulls Back From 1.3700 - German IFO Report Could Impact Trade on... - British Pound the Strongest o . . .

British Pound Strongest of the Day, What to Watch on Wednesday (Forex Video).
Summary: The British pound was the strongest of the day thanks to an unexpected surge in UK CPI figures. Which indicators could drive US dollar, euro price action... The British pound was the stro . . .

Daily Forex Trend Report.
Summary: -EURUSD support at 1.3330/70 -AUDUSD support at .6840 -NZDUSD support at .5530 -USDCAD nears support line -EURUSD support at 1.3330/70 -AUDUSD support at .6840 -NZDUSD support at .5530 -U . . .

Obama Seeks Long-Run Investments in Budget.
Summary: In President ObamaEoe1/4aos prime-time speech given at 8pm EST, the 44th president reminded the country that the financial crisis was caused because of policies... In President Obama's pr . . .

Daily Forex Trend Report.
Summary: -EURUSD upside looks limited -AUDUSD and NZDUSD advance for 10 consecutive days, beware of a pullback -USDJPY bearish against 99 -EURUSD upside looks limited -AUDUSD and NZDUSD advance fo . . .

US Dollar, Japanese Yen Fall as Treasury's Plan Spurs Investor Optimism, 6.84% Rally in DJIA.
Summary: - Euro, British Pound Gain Versus Safe-Havens, Mixed Against Other Majors - Australian Dollar, New Zealand Dollar the Currencies of Choice Amid Improved... - Euro, British Pound Gain Vers . . .

Broader Technicals Look To Shore Up USDCAD Range.
Summary: The dollar-based majors are still cooling from momentous volatility that was catalyzed over this past week. Many of these pairs have stalled ahead of significant... The dollar-based major . . .

Geithner Will Work With Congress For Money If Needed, He Says.(Geithner, Timothy)(Brief article)
2009 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company Summary: U.S. Treasury Secretary is currently speaking at a conference in Washington where is offering his first . . .

FXbootcamp London Outlook 03/24/2009.(Brief article)(Column)
Hey everyone, for today's trade plan I look at the Pound Yen and Euro USD. We have hit some critical levels for the Pound Yen and I establish a good looking fib entry and or break out plan, above 14 . . .

Euro Zone Current Account - Economic Data Preview.
Summary: JanuaryEoe1/4aos Euro Zone Current Account reading is likely to see the deficit widen after showing a -7.3 billion euro shortfall in the previous month. Earlier... January's Euro Zone Cur . . .

UK Consumer Price Index - Economic Data Preview.
Summary: In the UK, anemic economic growth is set to bring inflation lower, with the Consumer Price Index expected to decline to just 2.6% in the year to February,... In the UK, anemic economic gr . . .

10 per cent cash dividend approved at Air Arabia Annual General Meeting.
Summary: Following the conclusion of its second Annual General Meeting (AGM), which was held today in Sharjah, the Board of Director of Air Arabia announced that the assembly approved the distributi . . .

Overnight Interest Rate Update 03.24.09.
Summary: Current Yesterday USD 0.28125 0.29625 GBP 0.63000 0.63500 EUR 0.81625 0.80375 JPY 0.20000 0.19750 CHF 0.13333 0.14333 AUD 3.31250 3.28750 CAD 0.49667 0.48000 NZD 2.77500 2.82500 Current Y . . .

US Dollar Follows Familiar Pattern, Declines as Asian Stocks Rise on US Bank Plan (Euro Open).
Summary: The US Dollar returned to a familiar pattern in overnight trading, falling in tandem with rising stock prices as the US bank rescue plan boosted risk appetite.... The US Dollar returned t . . .

Etisalat general assembly approves dividends at 35%.
Summary: The General Assembly of Etisalat today approved the recommendation of the Board of Directors to distribute dividends at 35% of nominal share value for the second half of 2008. The General . . .

Dubai World subsidiary Infinity World files lawsuit against MGM to protect rights and viability of CityCenter JV.
Summary: Dubai World has announced that its subsidiary Infinity World, which is a joint venture partner with MGM for the development of the CityCenter development project, has filed a lawsuit agains . . .

Abu Dhabi's Aabar Investments to become a major Daimler shareholder.
Summary: Daimler AG has welcomed Aabar Investments PJSC (Aabar) of Abu Dhabi, as a major investor. Daimler AG has welcomed Aabar Investments PJSC (Aabar) of Abu Dhabi, as a major investor. Daimler . . .

Shamil Bank reports a busy 2008, despite global financial crisis.
Summary: Shamil Bank Member of the Board of Directors and Annual General Meeting Chairman, Mohammed A. Rahman Bucheerei said today that 2008 had proved, generally, a positive year for Shamil Bank. . . .

Chart of the Day: EUR/JPY.
Summary: With most currencies pairs trading in a range bound situation, or directionless as some would call it. The EUR/JPY may be showing a real trend change. With most currencies pairs trading i . . .

Post of the Day: Double Tops.
Summary: StudentEoe1/4aos Question: Double TopEoe1/4A*Yes? Student's Question: Double Top-Yes? Power Course Instructor's Response: I can see how you came to your conclusion... However, while we do . . .

Short-Term Forex Technical Outlook: EUR/CHF.
Summary: The EUR/CHF surged higher following the SNB interest rate decision earlier this month, and as Governor Roth pledges to counter the downside risks of higher... The EUR/CHF surged higher fo . . .

Forex Market Update: USD-JPY Underpinned by Broad-Based JPY Cross Buying.
Summary: Another wave of JPY cross buying dominated the Asian currency market moves on Tuesday with broad-based JPY cross demand seen from model funds. USD-JPY,... Another wave of JPY cross buying . . .

French Fundamentals Deteriorate Further as Recession Deepens.
Summary: French February consumer spending dropped 2.0% m/m and 2.0% y/y, after rising 1.7% m/m and 1.8% y/y in January. Expectations had been for a decline of... French February consumer spending . . .

Euro-Zone Manufacturing PMI Rose From Record Low to 34.0.
Summary: The Euro-Zone March manufacturing PMI rose to 34.0 from 33.5 in the previous month, while the services PMI rose to 40.1 from 39.2. Our medians were 33.8... The Euro-Zone March manufacturi . . .

Euro/Yen Sell Recommendation Issued @133.20.
EURO/YEN SELL RECOMMENDATION ISSUED AT 133.20 Techs - Eur/Jpy: The latest sharp rally is starting to look very stretched and the risks from here are for a decent sized corrective pullback at a minim . . .

U.K Inflation Unexpectedly Rises on Food and Transportation.
Summary: U.K. February inflation came in far stronger than expected, with import prices helping to push food prices higher, causing Gilt futures to slump. Inflation... U.K. February inflation came . . .

Tech Talk 03.24.2009.
Questions? Comments? You can send them to Joel at jskruger@fxcm.com 2009 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company . . .

Pound Pares Gains After BoE King Says Downside Risks Remain For Inflation.
Summary: The Pound shot up nearly 80 bps after the U.K. CPI report showed that inflation unexpectedly rose to 3.2% from 3.0%, putting it back above the central... The Pound shot up nearly 80 bps a . . .

Euro-Zone PMI Composite Holds Near Record-Low as Demands Falter.
Summary: The Euro-Zone PMI composite unexpectedly rose to 37.6 in March from a record low of 36.2 in the previous month, while the PMI reading for manufacturing... The Euro-Zone PMI composite unex . . .

Euro Profit Taking Picks Up Ahead of US Session (Morning Slices).
Summary: The rally in global equity prices over the past several days has not been met with the same positive reaction in the FX market, with currency traders seemingly... The rally in global equi . . .

EUR/USD: Trading the US Durable Goods Orders Report.
Summary: The U.S. dollar is likely to face increased selling pressures over the next 24 hours of trading as economists forecast demands for durable goods to contract... The U.S. dollar is likely t . . .

Aussie/Dollar Spotlight: Indicator of the Day.
"INDICATOR OF THE DAY" - 78.6% FIBONACCI RETRACEMENT We have talked of the importance of using Fibonacci retracement levels as a tool to help better gauge potential shifts within the market. Today, . . .

Australian and New Zealand Dollars Due for a Pullback.
Summary: -EURUSD choppy trade ahead of 1.38-1.39 resistance -GBPUSD short term pattern unclear -AUDUSD and NZDUSD 10 consecutive up days -USDJPY threatens bearish... -EURUSD choppy trade ahead of . . .

Euro Technical Outlook.
Summary: The next big move is most likely down for the EURUSD but it is unclear whether or not the pair will test resistance from the 61.8% retracement at 1.3811... The next big move is most likel . . .

British Pound Technical Outlook.
Summary: The break through the top of the channel that contained wave B signals that wave C (flat) is most likely underway to above 1.50. Near term, there may be... The break through the top of th . . .

Australian Dollar Technical Outlook.
Summary: Price action in the AUDUSD since the October 2008 low has carved out what could be a head and shoulders continuation pattern. This is pure speculation... Price action in the AUDUSD since . . .

New Zealand Dollar Technical Outlook.
Summary: The NZDUSD is in a position similar to that of the AUDUSD. There is a count in the NZDUSD that calls for a wave 2 high to form before .6090. If this is... The NZDUSD is in a position simi . . .

Yen Technical Outlook.
Summary: The longer term USDJPY decline may have resumed. The advance from 87.09 is in 3 waves and price has dropped below the wave A high at 94.67, confirming... The longer term USDJPY decline ma . . .

Canadian Dollar Technical Outlook.
Summary: The drop below 1.2350 negates the previously held bullish bias. The USDCAD did exceed its wave 3 terminus on March 9, so it is possible that that advance... The drop below 1.2350 negates . . .

Swiss Franc Technical Outlook.
Summary: Watch for USDCHF support from Fibonacci all the way down to 1.0925. The decline from 1.1973 is wave C of a flat (an extremely violent flat at that) that... Watch for USDCHF support from F . . .

US Housing, Manufacturing Data Better-Than-Expected Yet Again.
Summary: Following Monday's better-than-expected NAR existing home sales report, Tuesday's US data was surprisingly strong. First, the Federal Housing Finance Agency... Following Monday's better-t . . .

USD Recovers on Profit Taking and Ongoing Financial Stability Concerns (Midday Snapshot).
CROSS COUNTRY: MIDDAY SNAPSHOT & ANALYSIS OF SELECTED RATES The greenback is finally finding some bids on Tuesday following the latest sharp broad based sell-off with all major currencies giving bac . . .

Commodity Currencies Starting to Show Signs of Weakness (Daily Classical).
Summary: Euro trading with heavy tone into close. Dollar/Yen gains seen extending back towards 2009 highs. Cable close above 100-Day SMA opens 1.4990 retest. Dollar/Swiss... Euro trading with heav . . .

First Gulf Bank pays US$750 syndicated term loan facility.
Summary: First Gulf Bank (FGB) announced today that the three year syndicated term loan facility of US$ 750 million which was signed in March 2006, matured on 16 March 2009 and was paid in full. F . . .

Bahrain ranked 'Best For Business' in the Gulf by Forbes.
Summary: Bahrain has been ranked the best country for business in the Gulf by Forbes, one of the most trusted information resources for the world's business leaders. Bahrain has been ranked the be . . .

Qatar's property market remains strong as economy continues to grow.(DAMAC Properties)
Summary: Luxury lifestyle provider, DAMAC Properties has said the demand in the Qatar's property market will continue to grow in medium term outlook even as other markets start to feel the impact of . . .

TAQA completes the acquisition of 50% equity stake in Marubeni's Caribbean power portfolio.
Summary: US$ 320 million deal grows TAQA's power assets to 11,650 MW from 10,500 MW; and extends TAQA's energy value chain to power transmission and distribution. Abu Dhabi National Energy Company . . .

Euro 1.38-1.39 a Strong Resistance Zone This Week.
-EURUSD Fibonacci and 200 day SMA at 1.38-1.39 -GBPUSD at risk of near term weakness -AUDUSD and NZDUSD at risk of pullbacks -USDJPY bearish below 99 Euro / US Dollar The EURUSD has exceeded the 50% . . .