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<title>Automated Trader NTKN items search results for at round</title>
<link>http://automatedtrader.net</link>
<description>
Automated Trader delivers immediate in-depth coverage of automated and algorithmic trading across all asset classes. Our global resource base utilises both online and print media to support market participants from both a business and a technological perspective. Give yourself an edge. Subscribe today.

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<copyright>Copyright 2009 Algorithmic Media ltd</copyright>
<pubDate>Thu,  8 Jan 2009 16:56:57 -0600</pubDate>
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<title><![CDATA[FX Update: European Outlook]]></title>
<link>http://automatedtrader.net/real-time-news-1818.xhtm</link>
<description><![CDATA[The RBA&#039;s mammoth 100bp rate cut -- its biggest since 1992 -- has set a precedent and boosted speculation for a coordinated round of global rate cuts to counter recessionary winds. That saw Australian stocks rally and Asian markets pare losses. Commodities, which fell limit down in Shanghai trading, managed to find a footing. 

In the FX world, the relaxation in risk aversion saw the USD, JPY and CHF give back some of their recent gains versus the AUD and the main European currencies, though lower global rates are likely to ultimately benefit the US currency more. As Fed members Bullard, Fisher and Evans implied on Monday, the US monetary policy cycle is already at its outer limits in terms of effectiveness (real rates are negative). Focus will remain on the unfolding crisis, and currency moves are likely to reflect the ebb and flow of risk aversion. 

European data today are likely to reflect the weakening economic picture, which can only get worse with money markets remaining near frozen, while a Bernanke speech and Sep-16 FOMC minutes highlight the US calendar.]]></description>
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<title><![CDATA[FX: Flight To Quality Supports Swissy  ]]></title>
<link>http://automatedtrader.net/real-time-news-1866.xhtm</link>
<description><![CDATA[CHF remained supported by global risk aversion, with EUR-CHF trading on a heavy footing underneath the 1.5500 handle, although it has held up since it rebounded from Monday&#039;s 1.5377 lows.

Meanwhile, USD-CHF is trading ahead of 1.1400, with the dollar benefiting on selling interest via the European majors, although it trades below the 1.1485 highs seen in Asia and in Monday&#039;s session. The CHF should benefit from further unwinding of leverage positions, although hopes for a coordinated round of rate cuts has tempered fresh gains.]]></description>
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<title><![CDATA[FX Update: Yen Bolstered by Sellers]]></title>
<link>http://automatedtrader.net/real-time-news-1998.xhtm</link>
<description><![CDATA[Japanese name sellers triggered USD/JPY stops to send the pair down to 99.36 lows. Sellers included Japanese lifers and exporters, although follow through has been stymied by importer bids and option related demand. Meanwhile, EUR/JPY down turn was limited to 135.47 lows, which is still a short distance from Asian session lows of 135.02. 

Elsewhere, AUD/JPY recorded fresh session lows of 66.73 on the latest round of JPY buying. Traders are wary of more heavy selling on Wall Street today, with the SEC&#039;s short selling ban expected to expire today at 11:59 ET.]]></description>
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<title><![CDATA[ECB Statement on Rate Cut]]></title>
<link>http://automatedtrader.net/real-time-news-2032.xhtm</link>
<description><![CDATA[Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets.

Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and other commodity prices. Inflation expectations are diminishing and remain anchored to price stability. The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability.

Some easing of global monetary conditions is therefore warranted. Accordingly, the Bank of  Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, Sveriges Riksbank and the Swiss National Bank are today announcing reductions in policy interest rates. The Bank of Japan expresses its strong support of these policy actions.

The Governing Council of the ECB, by means of teleconferencing, has taken the following monetary policy decisions:

1. The minimum bid rate on the main refinancing operations of the Eurosystem will be reduced by 50 basis points to 3.75 %, with effect from the main refinancing operation to be settled on 15 October 2008.

2. The interest rate on the marginal lending facility will be reduced by 50 basis points to 4.75 %, with immediate effect.

3. The interest rate on the deposit facility will be reduced by 50 basis points to 2.75 %, with immediate effect.

In the euro area, upside inflationary risks have recently decreased further. It remains imperative to avoid broad-based second-round effects in price and wage-setting. Keeping inflation expectations firmly anchored in line with our objective and securing price stability in the medium term will support sustainable growth and employment and contribute to financial stability.]]></description>
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<title><![CDATA[City AM&#039;s Morning Newspaper Round-Up]]></title>
<link>http://automatedtrader.net/real-time-news-2140.xhtm</link>
<description><![CDATA[Pressure was mounting on Sir Fred Goodwin to resign as chief executive of Royal Bank of Scotland (RBS) last night as the bank prepares to tap the Government&#039;s &Acirc;&pound;500 billion rescue fund. The Government is thought to be reluctant to consent to RBS&#039;s participation in the bailout unless the chief executive relinquishes his role, says the Times.

Asian central banks on Thursday joined their western counterparts in coordinated cuts to interest rates in an effort to curb the risk of the credit crisis sparking a severe global recession. Six of the world&#039;s most important central banks, including the Federal Reserve, the European Central Bank and the Bank of England, on Wednesday announced unprecedented simultaneous emergency interest rate cuts of half a percentage point, writes the FT.

One of Britain&#039;s biggest lenders withdrew some of its most popular mortgage deals last night after the Bank of England cut its base rate, reports the Times.

Anti-terrorism powers were used on Wednesday to recoup money owed to UK depositors in a failed Icelandic bank in a move that risked sending Britain&#039;s relations with Reykjavik to their lowest since the 1970s &quot;cod wars&quot;. UK taxpayers are likely to pay out at least &Acirc;&pound;2.4bn as part of a &Acirc;&pound;4.6bn scheme to compensate hundreds of thousands of account holders at Landsbanki, the Icelandic lender, according to Whitehall sources, says the FT.

Dozens of local authorities are facing the prospect of losing hundreds of millions of pounds after it was revealed that many had sizeable deposits with the failed Icelandic banks Landsbanki and Kaupthing, according to the Independent.

The Telegraph adds that hundreds of British jobs are under threat after the Kaupthing, Singer and Friedlander, the UK division of Iceland&#039;s largest bank, was put into administration. Icelandic Prime Minister Geir Haarde last night refused to rule out the seizure of Kaupthing, saying it was &quot;unlikely&quot; but possible. This would put almost the entire Icelandic banking system under state control.

The City watchdog has insisted on vetting new bank directors, amid concerns that a lack of expertise in boardrooms contributed to the financial crisis. The Financial Services Authority (FSA) recently abandoned its rubber-stamping approach and insisted on face-to-face interviews with all new bank directors, the Times has learnt.

Amid the chaos that was sweeping across global markets on Wednesday, the UK&#039;s largest retail banks won an elusive sliver of good news in their long-running legal battle over overdraft charges. The High Court backed most lenders&#039; arguments that fees levied over the past several years when customers exceeded their agreed account limits or bounced a cheque could not be classified as unlawful &quot;penalty&quot; charges, according to the FT.

Gordon Brown and Alistair Darling will begin an international drive today to persuade other countries to implement a British-style rescue package for their banks, writes the Independent.

The Federal Reserve is preparing to lend American International Group a further $37.8 billion just three weeks after the ailing insurance giant received an $85 billion US government loan to prevent it going bankrupt, reports the Times.]]></description>
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<title><![CDATA[FX Update: European Midday Summary]]></title>
<link>http://automatedtrader.net/real-time-news-2175.xhtm</link>
<description><![CDATA[Risk aversion abated as stock markets rebounded, which saw the JPY weaken and the likes of the commodity currencies and recently hard pressed emerging nation units find a footing. EUR/USD also recouped some recent losses, making a new high for the week of 1.3784. Solid EUR/JPY gains, seen as some safe haven positions were unwound, helped EUR/USD higher. Meanwhile, USD/JPY recovered most of the losses the pair saw yesterday in making a 101.39 peak during London morning trade. 

US equity futures along with European and most Asian stock markets posted decent recovery gains. Markets finally found something to cheer, with IBM announcing after the Wall Street close on Wednesday a 20% rise in profit while reaffirming its full-year profit outlook. This together with a round of rate cuts across Asia today, following up on yesterday&#039;s coordinated move from the US, ECB, BOE and others, have helped settle nerves after what has been the worst five-day rout on Wall Street since 1987.]]></description>
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<title><![CDATA[Update: ECB&#039;s Stark]]></title>
<link>http://automatedtrader.net/real-time-news-2185.xhtm</link>
<description><![CDATA[ECB executive board member Jurgen Stark said the signals are that inflation is easing more quickly than before, even though it is still high. Easing will depend on the progress of oil prices and on second-round effects (wage bargaining).

Stark also said markets should not get too accustomed to central bank funding, signalling that this assistance will be pulled once market tensions are resolved.

He said US property prices have not reached a bottom yet.]]></description>
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<title><![CDATA[Dow Jones up over 500 points, SPX adds 55, Nasdaq up 106]]></title>
<link>http://automatedtrader.net/real-time-news-2511.xhtm</link>
<description><![CDATA[U.S. stock markets are rocketing higher on hopes the worldwide effort to revive the banking industry will be effective.&Acirc;&nbsp; EU and ECB officials have had a coordinated round of jawboning the market higher but skeptics would lke details of the ECB and TSY plan.&Acirc;&nbsp; TSY&#039;s Kashkari told an international banking meeting this morning about the structure that will support the rescue package including Government officials and private sector people with expertise in the mortgage finance markets.&Acirc;&nbsp; TSY and FED officials are meeting with the heads of major money center banks this afternoon at 3pm to keep the momentum going forward.]]></description>
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<title><![CDATA[FX Summary ]]></title>
<link>http://automatedtrader.net/real-time-news-2801.xhtm</link>
<description><![CDATA[The dollar largely held its own on Wednesday with the exception of versus the yen, despite soggy U.S. economic data, and another drubbing of equity prices. The greenback retained a safe haven bid in the face of global recession concerns, and as credit markets remained in a mostly frozen state, though overall, activity was relatively muted. The dollar showed modest reaction to the generally lousy round of U.S. data, where retail sales were worse than expected, core PPI was hotter than forecast, and the Empire State Index outcome was fairly ugly. U.S. equities worsened on the back of the data, which put some downward pressure on USD-JPY, though EUR-USD remained relatively soft through the session. Fed chief Bernanke offered little new on the bailout and policy outlook, and as a result, there was little USD reaction. The Fed&#039;s Beige book elicited a bit more reaction later in the session, as USD-JPY in particular reacted to the weak report.]]></description>
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<title><![CDATA[FX Summary ]]></title>
<link>http://automatedtrader.net/real-time-news-2872.xhtm</link>
<description><![CDATA[The USD index firmed modestly though the N.Y. session on Thursday, though was unable to take out overnight highs. EUR/USD maintained a soft footing, despite the rather ugly round of U.S. economic releases, while USD/JPY was jittery, and ebbed and flowed with the fortunes the U.S. equity market. September industrial production and the October Philly Fed index were particularly ugly, and kept the &quot;recession&quot; word close to the surface through the morning session. Meanwhile, risk aversion and plummeting oil and commodity prices took the wind out of the AUD and CAD&#039;s sails. Extreme volatility has kept many speculative traders on the sidelines, which has largely led to illiquid and choppy markets.]]></description>
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