Abu Dhabi to host Forex Expo and Conference

(MENAFN - Emirates News Agency (WAM)) Abu Dhabi will host the 2nd Middle East Forex Trading Expo and Conference taking place at Beach Rotana Hotel Abu Dhabi on 27th and 28th November.

Organisers Arabcom Group says the twin events will provide a platform for the guru?s from the most active and large Forex trading companies in the world to speak at the conference to educate and impart information to the attendees about the currency trading markets at the expo.

The event is aimed to give today?s investors more opportunities and choices as the Forex market is becoming more and more popular not just in the Middle East. The reasons are evident it?s a highly liquid Market, with 24 hours ? 5 days a week access around the globe plus an opportunity of leverage.

There are US$ 3.2 trillion trading hands every day and the advantage in monetary terms that people gain daily is phenomenal. This is not only true for speculations but also benefits businesses which depend on hedging their currency exposure, that is why sophisticated market platforms are becoming more and more important.

?Arabcom Group takes great pride in understanding the dynamic business issues of our customers, specifically their goals and objectives. That is why Arabcom Group tailored an event in regards with the currency market for its valued clients. The Middle East Forex Trading Expo & Conference is the means of acquiring knowledge and obtaining business relationships in the Forex industry ?

CEO of Arabcom Group Mrs. Katia Tayar? ?It is this expo's mission to create an avenue to promote an enhanced level of awareness on currency trading, cultivate learning among foreign exchange enthusiasts across all levels and ultimately encourage business in the marketplace,' said Jean Louis Farwagi ?

Vice President of Arabcom Group? ''There is a growing tendency among Middle Eastern investors to request online trading platforms that can support much more sophisticated and diversified trading strategies. These investors need a first class multi product platform to execute their strategies successfully,''he added.

The participation at the exhibition is from a highly diversified market from around the globe, companies from USA, UK, Switzerland, Cyprus, Denmark, Ireland, UAE and Singapore are going to showcase there expertise and there elaborate trading platforms.

Middle East Forex Trading Expo & Conference enables attendees to find more possible investment opportunities whereas Brokers meet Dealers and increase clientele.

Bankers, financial institutions, speculators, investors, teachers, university students, and other working professionals as well as beginners interested in trading currencies online, retired people, house wives, etc get an insight on what Forex trading is all about.

Source : http://www.menafn.com/qn_news_story_s.asp?StoryId=1093174837

Stocks Futures Hint at Early Gains

A WALL STREET JOURNAL ONLINE NEWS ROUNDUP
November 20, 2007

Stock futures Tuesday advanced after a miserable session, with rate-cut hopes and Hewlett-Packard's upbeat earnings helping to provide some cheer. But poor results from Freddie Mac seem likely to keep housing and credit concerns front and center.

About an hour before the start of trading, S&P 500 futures advanced 8.3 points at 1445.80 and Nasdaq 100 futures rose 19 points at 2,047.00. Dow industrial futures rose 68 points to 13061. Futures trading doesn't always accurately predict how markets will develop after the opening bell.

Stocks took a beating Monday, with the Dow Jones Industrial Average falling below 13000, as two old culprits -- financials and housing -- contributed to the market's widespread distaste for equities. All three major indexes were down more than 1%.

The Dow industrials fell 218.35 points to 12958.44, only the second time since Aug. 16 that the blue-chip barometer closed below 13000. Other market gauges also fell. The S&P 500 dropped 25.47 to 1433.27, and the Nasdaq Composite Index declined 43.86 to 2593.38.

The impact of the ongoing credit crunch was seen Tuesday in results from the government-backed mortgage buyer Freddie Mac, which said the fair value of net assets dropped $8.1 billion in the third quarter, leading to a $2 billion loss for the quarter and the company considering a cut in its fourth-quarter dividend. In pre-open trading, Freddie Mac dropped over 5%.

After a big market drop Monday, traders speculated that the Federal Reserve may step in with an emergency rate cut, talk that helped lift international stock markets. There also was speculation of intervention to help the beleaguered U.S. dollar. Such speculation aside, news from the Fed is due in the form of the minutes from its October meeting. The minutes are scheduled for release at 2 p.m. Eastern time.

Currency analysts at Credit Suisse say markets are currently pricing in a 90% chance of a Fed funds cut in December. "Any disappointment here would likely hit carry trades and risky assets in general," they said.

October housing starts data also will be released.

The euro rose to a new all-time record against the dollar, and gold futures jumped $11.50 to $789.50 an ounce. January-dated crude-oil futures rose $1.05 to $95.69 a barrel.

Of stocks in focus, Hewlett-Packard rose 3.2% in pre-open trading after the computer maker reported a stronger-than-forecast 28% profit rise, and importantly, forecast current-quarter earnings ahead of Wall Street estimates.

Nordstrom shares may rise after the retailer expanded its share buyback plan to $2.5 billion and reported a 22% profit rise.

Builder D.R. Horton gained 6% in pre-open trading after losing less during the most recent quarter than analysts had estimated.

In major market action Monday:

Stocks were lower. On the New York Stock Exchange, 563 stocks advanced and 2,741 declined.

The dollar declined. The dollar fell to 109.81 yen from 110.91 yen. The euro rose to $1.4666 from $1.4654.

Bonds gained. The two-year note was up 8/32 at 3.18% and the 10-year note was up 19/32 at 4.08%.

Write to the Online Journal's editors at newseditors@wsj.com

Source : http://online.wsj.com/article/SB119556458735099167.html?mod=googlenews_wsj

FOREX-Dollar hits record low vs euro after housing data

NEW YORK, Nov 20 (Reuters) - The dollar fell to a record low against the euro on Tuesday after U.S. housing starts data for October came in slightly above consensus, but failed to ease fears about continued weakness in the sector.

The euro was trading at $1.4790 , up 0.85 percent on the day and just below a record high of $1.4800, according to Reuters data. (Reporting by Steven C. Johnson; Editing by Tom Hals)

Source : http://today.reuters.com/news/articleinvesting.aspx?type=usDollarRpt&storyID=2007-11-20T133754Z_01_N20567041_RTRIDST_0_MARKETS-FOREX-UPDATE-5-URGENT.XML

Currency Market Update

Forex - Swiss Currency Falls Against Euro Tuesday []

11/20/2007 8:34:15 AM In trading against the euro on Tuesday, the Swiss franc saw some weakness into the morning action. The decline brought the franc to a mark of 1.6401 by 8:30 AM EST. Traders considered that EU motor vehicle output rose 5.1% year-on-year to 14.6 million vehicles in the first nine months of 2007. Production of passenger cars accounted for 87% of the whole production. This is 5% higher on year between January and September. Output from the truck sector posted significant growth of 13.8%, while light commercial vehicles went up 3.9%. Production of buses declined 25%.


Forex - Swiss Currency Rises Against Buck Tuesday Morning [USD/CHF]

11/20/2007 8:32:40 AM The Swiss currency was strong against its American counterpart in trading on Tuesday morning in New York. The franc advanced to a mark of 1.1082 as action progressed. The pair moved ahead of the FOMC minutes from the October 30 - 31 which will be revealed at 2:00 pm ET. They represent a shift from a system that has been in place since 1979 of bi annual economic projections spanning two years from the Federal Reserve. However, as announced last week, the FOMC revealed that it will now deliver these projections four times a year and extend the projection horizon from two to three years.


Forex - Dollar Sags To New Record Low Versus Euro, Eases To Sterling Tuesday Morning [EUR/USD]

11/20/2007 8:30:52 AM The dollar plunged to a new record low against the euro Tuesday morning on speculation the U.S. housing market data will show a deepening property slump, prompting the Federal Reserve to lower interest rates.

Versus its European counterpart, the dollar fell to 1.4797 by 6 am ET, down sharply from an overnight level near 1.4650.

Housing starts for October will be made public at the bond market open Tuesday morning. Analysts expect a decline from September, down to 1.175 million from 1.191 million.

The greenback lost ground to the sterling Tuesday morning in New York, slipping to 2.0650 from an overnight level near 2.05. With the decline, the dollar moved away from last Friday's multi-week high of 2.0352.

U.K.'s balance of manufacturing firms reporting growth in order book levels stood at plus 8%, the latest Industrial Trends survey results of the Confederation of British Industry, or CBI, indicated Tuesday.

The dollar was little changed against the yen after seeing modest weakness late Monday evening. The dollar slipped to 110.26, staying near a year and a half low of 109.11 from earlier in the month.

Source : http://www.rttnews.com/FOREX/Currency_mkt.asp?date=11/20/2007&item=43