China Watch: US Should Fail To Push RMB Higher

Several events happened in China during a week are approaching to affect, or during slightest marketplace expectation of, a financial process for a world’s second largest economy. Earlier in a week, Central Huijin, a Chinese government’s investment arm, announced that it bought shares of 4 large banks (the Industrial Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank) yesterday and will continue ‘related marketplace operations’ when necessary. The boost in holding this time was tiny when compared with existent stake. However, a pierce by a largest shareholder directed to kindle a banking zone and to assuage concerns about China’s economy, non-performing loans, and a fortitude of financial system. Buoyant view valid to proxy as a US Senate upheld a check to retaliate China for gripping Renminbi undervalued.

While not approaching to be authorized by a House, a bill, if turn law, will concede US policymakers to find duties to recompense for ‘misaligned’ currencies. House Speaker John Boehner pronounced that it ‘poses a really critical risk of a trade fight and unintended consequences that could come as a result’. The Chinese supervision objected a bill, observant it ‘is protectionism and a critical defilement of a WTO’. The impact on RMB would be minimal and a Chinese supervision will approaching continue a regulated appreciation approach.

China’s trade over-abundance narrowed for a second uninterrupted month in September, dropping -12.4% from a same duration in 2010 to $14.5B. Exports rose +17.1%y/y to $169.7B, compared with a +24.5% boost in a before month, while imports soared +20.9% to $155.2B, moderating from a +30.2% enlargement in August. The slack in exports and imports was especially brought about by mediation in tellurian mercantile outlook. Considering exports, conveyance to a EU usually climbed 9.8% in September, neatly easing from 22.3% in a August. Shipments to modernized economies also fell though a decrease was not as most as Europe’s. For instance, exports to a US moderated to 11.6% from 12.5% while those to Japan slowed to 21.6% from 29.8%. Exports to rising markets remained clever with conveyance to ASEAN stretched 27.3%, adult from 26.8% in August. Imports generally remained strong notwithstanding a thrust in oil imports that competence have harm oil prices in a near-term. In entrance months, expansion in exports and imports will approaching delayed serve as universe economy deteriorates further. However, imports will continue to overtake exports expansion given a relations volatile expansion opinion in China.

Headline CPI eased to 6.1% y/y in September, easing from 6.2% in a before month. While this supposing serve justification that acceleration has appearance during 6.6% in July, a reading above 6.0% suggested a supervision would not be means to change a process from commitment on cost pressures to expansion stimulus. Food prices soared 13.4% while non-food prices climbed 2.9%. PPI moderated to 6.5% y/y from 7.3% in August. The dump was some-more than expected. In entrance months, we design acceleration will continue to tumble and a reading next 5% by a finish of a year is probable given decrease in tellurian oil prices, China’s rebate of sell gasoline and diesel prices, stabilization in pig prices as good as debility in tellurian mercantile outlook. Yet, it’s doubtful that a supervision will exercise broadly formed rate cut or rebate in RRR until a transparent downtrend of acceleration is seen.

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BOE Increases Asset Bond Purchases to 275B Pound

The BOE astounded a marketplace by augmenting a bond squeeze module by +75B bruise to 275B bruise in response to a thespian decrease in tellurian mercantile outlook. The Bank rate was kept during 0.5%, though. The executive bank was in a quandary on either to tie or to palliate as a UK’s economy has been ripped between gloomy enlargement and high inflation. Reactivation of bond purchases was formed on a faith that acceleration will undershoot a 2% aim in a medium-term due to ‘the decrease in a outlook’.

Policymakers concurred that ‘the gait of tellurian enlargement has slackened, generally in a United Kingdom’s categorical trade markets’ and ‘vulnerabilities compared with a indebtedness’ in some countries in a Eurozone have resulted in ‘severe strains in bank appropriation markets and financial markets some-more generally’. UK’s GDP grew +0.6% y/y in 2Q11, tolerably neatly from +1.6% in a before quarter. Fiscal tightening in a nation is approaching to harm enlargement in a future. Moreover, purgation measures to be implemented by UK’s trade partner, a Eurozone, will put vigour on a country’s growth.

Heightening acceleration remained an issue. Headline CPI rose to +4.5% y/y in August, accelerating from +4.4% in a before month. Despite this, policymakers believed stream high acceleration has been driven by proxy factors such as VAT travel and boost in application price. It’s approaching that cost vigour will tumble and lapse next BOE’s aim amid weaker mercantile outlook.

The squeeze module will take about 4 months to complete. The BOE affianced to examination a scale of a purchases. The bruise slumped after a proclamation as a grade of easing was incomparable than expected. Expanding item purchases is disastrous for a bruise in inlet and a bigger-than-expected boost indicated that UK’s mercantile opinion would be worse than formerly anticipated.

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RBA Turns Dovish, Rate Cut Stance Looms

As expected, a RBA left a money rate unvaried during 4.75%. Yet a post-meeting matter came in some-more dovish than a prior one. Governor Glenn Stevens downplayed impacts of new decrease US and European outlook. Nevertheless, it now appears some-more expected that a executive bank will cruise a rate cut in entrance months if acceleration is underneath control. We keep a perspective that a rate cut will be carried out in a fourth quarter.

In a statement, Stevens concurred that ‘conditions in tellurian financial markets have continued to be really unsettled’, ‘recent information advise a stability duration of soothing mercantile conditions in both Europe and a United States’ and ‘the doubt and financial sensitivity have reduced confidence, that could outcome in some-more discreet function by firms and households in vital countries’. Yet, he believed ‘it will take some-more time for justification of any effects of a new European and US financial turmoil on mercantile activity in other regions to emerge’. Continued enlargement in China and many of Asia should assistance support a economy.

Policymakers signaled they have incited some-more loose towards a acceleration outlook. The RBA had been struggling in handling between aloft acceleration and slower growth. As mentioned in a statement, ‘underlying acceleration stopped descending and began to boost progressing this year’ and policymakers have been endangered about ‘a serve pick-up’ in cost levels ‘over a duration ahead’. At a same time, a stagnation rate surprisingly increasing to 5.3% in Sep from 5.1% a month ago. House prices have been negligence consistently and domicile spending has been cautious. These are opposing issues inspiring a executive bank financial stance.

Yet, they also combined that ‘recently revised information uncover a pick-up to date in a underlying gait of cost rises that was reduction pointy than primarily indicated’. It’s also combined in a matter that ‘improved acceleration opinion would boost a range for financial process to yield some support to demand, should that infer necessary’. This paved a approach for financial easing in entrance months.

Now that a RBA has incited somewhat is position towards financial easing. The subsequent critical eventuality would be recover of 3Q11 CPI in late October. The pivotal doubt is either a reading is low adequate for a executive bank adopt a rate cut

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Fed Favors Improving Communication, Balance Sheet Expansion Appears Unlikely Unless Deflation …

Home Special Reports Fed Favors Improving Communication, Balance Sheet Expansion Appears Unlikely Unless Deflation …

Some new information was delivered in a Sep FOMC minutes. First, many policymakers lowered their forecasts for a rest of 2011 and 2012. Yet, retrogression is not their concerns. Second, many members saw advantages in improving communication per a goals for acceleration and unemployment. However, there were concerns about a correct resource to equivocate misunderstanding. Moreover, 3 process options for handling a distance and combination of a System Open Market Account (SOMA) were discussed during a meeting: a reinvestment majority prolongation program, a SOMA portfolio majority prolongation program, and a large-scale item squeeze program. While a second option, famous as operation twist, has been chosen, 2 members adored stronger movement while 3 members dissented to take additional accommodation’.

As indicated in a minutes, a staff ‘lowered a projection for a boost in genuine GDP in a second half of 2011 and in a middle term’. Information perceived given a final assembly suggested ‘that mercantile expansion remained delayed yet did not advise a contraction in activity’. The acceleration opinion was small changed. It’s believed that ‘upward vigour on consumer prices from increases in import and commodity prices early in a year, along with a proxy boost to engine car prices from low inventories, were approaching to incline serve in entrance quarters’. Meanwhile, ‘stable long-run acceleration expectations and substantial tardy in labor and product markets’ indicated that acceleration would sojourn resigned in entrance 2 years.

Policymakers believed improving communication with a marketplace would be helpful. ‘Most participants indicated that they adored holding stairs to boost serve clarity of financial policy, including providing some-more information about a Committee’s longer-run process objectives and about a factors that change a Committee’s process decisions’. Most of them ‘saw advantages in being some-more pure about a conditionality in a Committee’s brazen superintendence by providing some-more information about a mercantile conditions to that a superintendence refers’. However, there were debates on either a superintendence would ‘be mistaken for a matter of a longer-run objectives’. Some believed this risk of perplexity could be managed by clever communications, though.

There were also discussions per a rebate of seductiveness on pot (IOR) rate. ‘A series of participants’ suspicion that it would ‘help kindle bank lending’ and ‘several’ pronounced that it would ‘help vigilance a Committee’s goal to keep a sovereign supports rate low’. However, many of them endangered a pierce would risk ‘costly disruptions to income markets and to a intermediation of credit, and that a bulk of such effects would be formidable to envision in advance’.

Regarding a 3 options for handling a distance and combination of a SOMA, a re reinvestment majority prolongation module suggested that a Fed would reinvest deduction of group bonds exclusively in long-term Treasury securities. For a second one, a Fed would squeeze long-term Treasury bonds and concurrently sell a same volume of shorter-term Treasury securities. For a third option, a Fed would squeeze longer-term Treasury securities, augmenting a distance of a change piece and a supply of haven balances. As announced after a assembly final month, a second choice was adopted. It’s remarkable in a mins that this choice was selected as it would not enhance a Fed’s change piece or a turn of haven balances. Members also remarkable that that ‘the scale of such a module was indispensably singular by a distance of a Fed’s land of shorter-term bonds so that it could not be steady to yield serve stimulus’. While 2 members adored ‘stronger process action’, it speared that a ardour for expanding a change piece was minimal unless deflation fear returns.

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Weekly Review and Outlook: European Majors Lost Steam After Central Banks Triggered Risk Rally, …

Home Market Overview Weekly Review and Outlook: European Majors Lost Steam After Central Banks Triggered Risk Rally, …

Markets were anxious by a corner proclamation by 6 of a world’s vital executive banks to boost liquidity, as good as China’s relaxation of financial process final week. DOW jumped from an intraweek low of 11232 to as high as 12146 before shutting during 12019, behind above 12000 marketplace gain. However, a risk convene afterwards unsuccessful to extend benefit even in box of a plain non-farm payroll news from US. Investor’s concentration are changeable to pivotal eventuality of EU “crunch summit” for measures to finally “complete” a emperor debt predicament response. Dollar index was deserted from a conduct and shoulder bottom neckline mentioned final and dipped neatly nonetheless downside is pivotal good next pivotal nearby tenure support spin during around 77.5 and so left no acknowledgment of reversal. Meanwhile, European majors, while also rebounded opposite dollar, were partially weak. Main nearby tenure insurgency in EUR/USD and GBP/USD were kept total and gave no acknowledgment of nearby tenure reversal. The selloff in these dual pairs highlighted a disadvantage of sentiments towards Europe’s situation.

To recap, FED, ECB, BOE, BOJ, BOC and SNB concluded to cut, effective from Dec 5, 2011 to Feb 1, 2013, a cost on a existent proxy USD liquidity barter arrangements by -50 bps, to a USD OIS+50 bps. As indicated in a statement, a aim of these actions is’ to palliate strains in financial markets and thereby lessen a effects of such strains on a supply of credit to households and businesses and so assistance encourage mercantile activity’ while a FED endorsed that ‘US financial institutions now do not face problem receiving liquidity in short-term appropriation markets’.

The People’s Bank of China cut a haven requirement ratio (RRR) for all repository financial institutions by -50 bps, effective Dec 5, 2011 as rebate in inflationary vigour has lowered a need for tightening financial policy. This was a initial cut given Dec 2008 and was seen as a pierce to giveaway adult capitals for lending to cash-strapped smaller firms. More importantly, this is seen as a transparent summary that PBoC is prepared to serve disencumber a financial policy.

In US, NFP showed 120k enlargement in a pursuit marketplace in November, somewhat above expectation. Prior month’s figure was revised adult from 80k to 100k. However, stagnation suddenly forsaken from 9.0% to 8.6%, a best reading given Mar 2009. The information is over certain and shows light alleviation in a labor market. But, it’s not clever adequate to trigger suggestive moves in a financial markets. ISM production information posted stronger than approaching benefit form 50.8 to 52.7 in November. Fitch downgraded US’s AAA rating opinion to negative, observant “declining certainty that timely mercantile measures compulsory to place U.S. open finances on a tolerable trail will be forthcoming.”

The entrance EU limit on Dec 9 is a quite critical one as EU Economic and Monetary Affairs Commissioner Rehn remarkable before that’ EU contingency “at this connection strengthen a financial firewalls” to “reduce marketplace turbulence.” And “this week, a fast destiny of a euro and so a mercantile liberation in Europe and practice are during stake,” and “this calls for a convincing package of measures from a European Council.”

German Chancellor Merkel and French President Sarkozy will accommodate on Monday to strech “French-German propositions” on bill policing for a summit, that could engage covenant changes. But it’s reported that a agreement competence not be reached as Merkel and Sarkozy are still carrying diverged position on a purpose of ECB. There were speculations that ECB would channel as most as EUR 200b by IMF to tackle a emperor debt crisis. But as usual, was against by Germany even nonetheless Merkel seems prepared for ECB’s stepping adult of bond buying.

On Saturday, German Finance Minister Schaeuble summarized his offer for a inhabitant emancipation supports that any Eurozone republic would take a apportionment of their debts and repay it over a march of 20 years while committing to reforms on gripping debt levels underneath control. Under a plan, any nation would be compulsory to put into a special account that partial of a debt that surpass 60% of GDP and should compensate that off with taxation revenues. And after a 20 years period, debt spin would afterwards be reduced to 60%. Using Germany as an example, it’s debt is during around 80% of GDP and Germany would put in around EUR 500b.

Meanwhile, 5 vital executive banks will accommodate this week. BoC, RBNZ, BoE are approaching to mount pat. ECB and RBA are both approaching to cut rates by 25bps to 1.00% and 4.25% respectively.

Technical Highlights

Dollar index was deserted by a conduct and shoulder neck line and forsaken neatly on lapse of risk appetite. With daily MACD crossed next vigilance line, a brief tenure tip should be in place during 79.70. However, a lift behind was contained above 77.53 nearby tenure support level, and thus, giving no denote of reversal. We’ll spin neutral in a dollar index initial and we don’t order out a probability of conduct and should bottom annulment yet. A mangle of 79.84 insurgency would pull dollar index by 81.31 insurgency to 61.8% retracement of 88.70 to 72.69 in middle term. However, a mangle of mentioned 77.53 nearby tenure support should order out a bullish box and spin opinion bearish for a exam on 72.69 low instead.

DOW’s pointy pointy miscarry final week indicates that a choppy tumble from 12284.31 to 12231.56 was merely a correction. But there is no follow by shopping to send it by 12284.31 insurgency nonetheless and some-more sideway converging could be seen. But a stream growth nonetheless reduced a risk of deeper tumble behind to 10404 level. And even nonetheless we competence see some-more choppy sideway trade around a 55 days EMA in nearby term, preference is now on another convene to retest 12876 high eventually.

The CRB commodity index perceived clever support from 305.17 support spin and rebounded. While upside is still singular by 55 days EMA, daily MACD is behind above vigilance line, that advise brief tenure bottoming. Also, it’s also shortening a risk of low tumble to retest 292.39 low. Focus is behind on 324.99 resistance. Should risk ardour be clever adequate to pull CRB by this resistance, 292.39 would afterwards be seen as a middle tenure bottom and clever convene would be seen behind above 350. And in a case, dollar index would be pressured.

GBP/USD rebounded clever to as high as 1.5779 final week nonetheless lacked follow by momentum. Also, note that a span is singular good next a unwell 55 days EMA and 1.5887 insurgency and thus, there is no denote of nearby tenure annulment yet. Initial disposition is neutral this week with concentration on 1.5525 teenager support. Break there will prove that miscarry from 1.5422 is finished and should flip disposition behind to a downside to extend a tumble from 1.6165 by 1.5422 to retest 1.5271. Above 1.5779, however, will spin concentration to 1.5887 resistance.

In a bigger picture, no change in a perspective that cost actions from 1.3503 are treated as consolidations to prolonged tenure down trend from 2.1161. At this point, we’re bearing a box that such converging is possibly finished with 3 waves to 1.6746, or 5 waves as a triangle during 1.6165. Break of 1.5271 support will attest possibly box and should aim 1.4229 pivotal support. Decisive mangle there should extend a prolonged tenure down trend by 1.3503 low. Meanwhile, clever miscarry forward of 1.4229, or a mangle of 1.6165, will moderate a evident bearish perspective and extend a converging from 1.3503 instead.

In a longer tenure picture, a visual inlet of a multi-decade allege from 1.0463 (85 low) to 2.1161 as good as a guileless inlet of a tumble from there suggests that GBP/USD is now in an early theatre of a prolonged tenure down trend. Another low next 1.3503 is expected after converging from 1.3503 is reliable to be completed.

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ECB Resumes Covered bond Purchases, Leaves Rates Unchanged

The ECB left a categorical refinancing rate unvaried during 1.5% in October. However, a array of liquidity sustenance measures, including LTROs, MROs and a many awaited lonesome bond purchases program, were announced. The executive bank remained discreet towards a mercantile opinion as there are ‘intensified downside risks’. Moreover, ‘ongoing tensions in financial markets and adverse effects on financing conditions are approaching to moderate a gait of mercantile expansion in a euro area in a second half of this year’.

2 LTROs, 1 with a 12-month majority in Oct and 1 with a 13-month majority of 13 months in December, will be conducted during bound rate full subsidy tender, regulating a seductiveness rate on a weekly categorical refinancing operations (MROs). Weekly MROs will continue for as prolonged as necessary, and during slightest until Jul 10 2012. The special-term one-month refinancing operations will also be conducted during slightest until a finish of 2Q12. These are also during bound rate full allotment. Meanwhile, a ECB has motionless to control a 3-month LTROs to be allotted on Jan 25, Feb 29, Mar 28, Apr 25, May 30 May and Jun 27, 2012 as bound rate proposal procedures with full allotment. The rates in these operations will be bound during a normal rate of a MROs over a life of a particular LTRO.

As distant as a new lonesome bond squeeze module (CBPP2) is concerned, a purchases volume will be 40B euro, with a ability to be conducted in a primary and delegate markets and will be carried out by means of approach purchases. The purchases will start in Nov 2011 and are approaching to be entirely implemented by a finish of Oct 2012. Further sum on a modalities of CBPP2 will be announced after a Governing Council assembly of Nov 3, 2011.

At a press conference, Trichet pronounced that ECB deliberate that it would not be suitable for a executive bank to precedence a EFSF. Policymakers deliberate that ‘governments themselves have a ability to precedence a EFSF’.

With courtesy to a easing measures and prospects of destiny rate cut, Trichet settled there was a ‘consensus’ for a decisions and there had been a contention on either to leave seductiveness rates unvaried or to reduce it. These signaled some members adored pleat seductiveness rates. Trichet pronounced that short-term seductiveness rates ‘were low’ and a measures announced currently were ‘help revive a improved delivery of a financial process in resources where we do not have markets that are functioning routinely and segments of markets that are disrupted’. The ECB had done no import on a rate cut subsequent month. The categorical change in denunciation in a matter was dismissal of a anxiety that ‘monetary process position stays accommodative’.

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Breaking News: Forex Arbitrage Exploits Real-Time Inefficiencies In Forex Markets

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Forex Arbitrage, a new module program, levels a personification field, given it allows a tiny financier to take advantage of a same real-time marketplace insights that until now usually vast companies could exploit.

(PRWEB) Nov 30, 2011

A new module program, Forex Arbitrage™, grown by Austin, Texas-based module programming organisation Sharptrade Partners, LLC, allows Forex traders to simply feat real-time inefficiencies in a Forex markets, permitting them to boost increase while shortening risk, a association announced today.

Forex Arbitrage™ concurrently marks a movements of comparison currencies on mixed exchanges, and alerts traders to pricing discrepancies that arise in a markets. Traders can afterwards use arbitrage techniques to distinction from marketplace movements when a exchanges tighten a gap. For example, if a banking is trade during a reduce cost in one marketplace than in another, a merchant can concurrently take a prolonged position in a cheaper marketplace while holding a brief position in a some-more costly market. When a opening between a dual prices closes, a merchant increase from a arise in a cheaper cost and a decrease in a aloft price.

“Historically, usually Wall Street fat cats with a many modernized resources were means to use arbitrage opportunities to beget trade profits,” pronounced Jason Fielder, handling member of Sharptrade Partners, LLC. “Forex Arbitrage, a new module program, levels a personification field, given it allows a tiny financier to take advantage of a same real-time marketplace insights that until now usually vast companies could exploit.”

Forex Arbitrage™ will interest to Forex traders who place their possess brokerage orders, and who rest in technical research to make investment decisions.

Forex Arbitrage™ is designed exclusively for a renouned Metatrader 4™ online Forex trade platform. Metatrader 4™ is a giveaway Forex pricing module module that allows traders to perspective and investigate banking cost changes and buy and sell Forex online.

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Trading has been Jason’s passion for a past 18 years. He has been a full-time veteran merchant given 2006.

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Talking Points

    Sharptrade Research unveils Forex Arbitrage™ module program.    The module allows traders to use arbitrage techniques to distinction from Forex cost discrepancies.    Forex Arbitrage™ levels a personification margin by permitting small, eccentric Forex traders to precedence record routinely accessible usually to institutions.     The module is designed to work with Metatrader 4™.

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Reduced Interest Rate on Dollar Swaps

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FOREX-Euro consolidates ahead of U.S. jobs data

* Markets awaiting U.S. non-farm payrolls data

* Euro seen consolidating in Asian session

* Next (Xetra: 779551 - news) week's EU Summit key to year-end sentiment

SYDNEY, Dec 2 (Reuters) - The euro and commodity currencies struggled to make much headway in Asia on Friday, continuing to consolidate hefty gains made earlier in the week as investors retreated to the sidelines ahead of the closely watched U.S. non-farm payrolls report.

Due at 1330 GMT, the labour data is expected to show an increase of 122,000 jobs and a steady unemployment rate of 9.0 percent. A positive surprise is likely to underpin risk sentiment, while a weaker-than-expected outcome could prompt investors to take more profits on recent gains.

The euro stood at $1.3460 versus $1.3457 late in New York. It was off a one-week peak of $1.3531 set on Wednesday after major central banks moved to ease a credit squeeze stemming from the euro zone debt crisis.

But a lack of hard action to resolve the euro zone's debt problems had seen the rally come to a halt and left investors looking towards the jobs report as well as next week's European Central Bank (Other OTC: CBSU.PK - news) policy meeting and the EU summit for fresh cues.

If political leaders can agree next week on much tighter budget controls, that could pave the way for more aggressive action from the European Central Bank (ECB), as signalled by the bank's new chief on Thursday.

"Our economists believe that a satisfactory fiscal compact agreed upon at the summit next week should open the door to ECB quantitative easing, which we expect could come as soon as Q1 2012," wrote analysts at BNP Paribas (Other OTC: BNPQF.PK - news) .

But analysts at Societe Generale (Paris: FR0000130809 - news) warned a lack of progress on the root causes of the euro zone crisis will translate into wider bond yield spreads and a weaker euro, in January.

With the euro on the front foot for now, the dollar index slipped 0.1 percent to 78.305. Against the yen, the dollar was at 77.75, still hemmed in a 77-78 range with investors wary of more massive intervention by Japan (EUREX: FMJP.EX - news) .

Commodity (Euronext: COMIN.NX - news) currencies, while off the week's peak, stayed well supported. The Australian dollar stood at $1.0227, not far off a three-week high of $1.0335 set earlier in the week.

It is on track to end the week up more than 4 percent. Key resistance is seen around $1.0337, a level representing the 61.8 percent retracement of the November (Stuttgart: A0Z24E - news) decline.

There is no major data in Asia, while euro zone producer inflation numbers are due later in the day. (Editing by Ed Davies)

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FOREX-Euro rises for 5th day on US jobs, ECB-IMF loan talk

* U.S. payrolls number broadly in line with expectations

* U.S. unemployment rate falls to 8.6 percent

* Focus on EU summit next week

(Recasts, adds U.S. data, comment, updates prices, changes byline, dateline, previous LONDON)

NEW YORK (Frankfurt: A0DKRK - news) , Dec 2 ( Reuters) - The euro rose for a fifth straight session against the dollar on Friday, bolstered by speculation that the European Central Bank may lend to weak euro zone countries through the International Monetary Fund.

The drop in U.S. unemployment rate to 8.6 percent last month also stoked the market's appetite for risk, even though the headline figure of 120,000 new jobs created was well short of the whisper number of 200,000 touted just before the release of the report. For more, click on.

The payrolls data also lifted the euro, which was on track for its best weekly gain since late October, and some of the risk-friendly currencies such as the Australian and New Zealand dollars.

Gains in the euro, however, kicked off after talk that the ECB would make loans available to the IMF (Berlin: MXG1.BE - news) for debt-ridden euro zone countries. That sparked hopes of some kind of solution to the European sovereign debt crisis.

"We've seen a lot of improvement lately -- the U.S. data is better, the sentiment surrounding Europe (Chicago Options: ^REURUSD - news) has improved in the last few days on the hope a grand plan, so all that is out there in the market,: said Bob Sinche, global head of currency strategy at Royal Bank of Scotland (LSE: RBS.L - news) in Stamford, Connecticut.

"This is good enough to consolidate the gains we've had. I think the euro around $1.35 is not a bad level at which to end the week."

In early New York trading, the euro was last up 0.3 percent at $1.35024. It hit a high $1.35505 on electronic trading platform EBS immediately after the U.S. non-farm payrolls data, currency's highest since Nov. 22.

Investors though were wary of buying the single currency aggressively, however, given that it has already rallied more than 1 percent this week and it remains vulnerable to the region's debt problems.

"I think the issue is that there is still so much risk associated with Europe. No one wants to be long the euro going into the weekend," said Michael Woolfolk, senior currency strategist, at BNY Mellon in New York.

In other currencies, the dollar was down 0.2 percent against a currency basket at 78.122. Against the yen, the dollar edged up 0.2 percent to 77.870 yen.

With the U.S. data out of the way, markets are now awaiting a European Union summit on Dec. 9 for signs of progress on the euro zone debt crisis.

French and German leaders are meeting next Monday to outline joint proposals to be discussed at next week's EU meeting, which is viewed as yet another make-or-break meeting for the 12-year-old currency bloc. (Additional reporting by Steven C. Johnson and Wanfeng Zhou; Editing by Chizu Nomiyama)

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FOREX-Euro falls 1st time in 5 days ahead of key events=2

Currency bid prices at 2:18 p.m. EST (1918 GMT). All data taken from Reuters calculated from the levels in the previous New York (Frankfurt: A0DKRK - news) session.

Last US Close Pct YTD Pct 2010

Dec. 1 Change Change Close ------------------------------------------------------------- Euro/dlr 1.3398 1.3463 -0.48 +0.16 1.3377 Dlr/yen 77.940 77.740 +0.26 -3.96 81.150 Euro/yen 104.43 104.60 -0.16 -3.87 108.63 Dlr/swiss 0.9206 0.9154 +0.57 -1.38 0.9335 Stg/dlr 1.5590 1.5693 -0.66 -0.06 1.5599 Dlr/cad 1.0181 1.0139 +0.41 +2.15 0.9967 Aus/dlr 1.0221 1.0227 -0.06 +0.18 1.0203 Euro/swiss 1.2334 1.2323 +0.09 -1.23 1.2488 Euro/stg 0.8593 0.8579 +0.16 +0.24 0.8572 Nzd/dlr 0.7780 0.7782 -0.03 -0.14 0.7791 Dlr/Norw 5.7890 5.8036 -0.25 -0.56 5.8218 Euro/Norw 7.7548 7.8131 -0.75 -0.45 7.7895 Dlr/Swed 6.7557 6.7704 -0.22 +0.68 6.7098 Euro/Swed 9.0492 9.1154 -0.73 +0.76 8.9809 All spots Tokyo spots Europe (Chicago Options: ^REURUSD - news) spots Volatilities Tokyo Forex market info from BOJ World central bank news Economic Forecasts... Official rates... Forex Diary....... Top events........ Diaries........... Diaries Index........ Press Digests..... Polls on G7 economies.. European markets......

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Traders Take Advantage of Daily Forex News From Vantage FX UK

LONDON, November 30, 2011 /PRNewswire/ --

Vantage FX UK (http://www.vantagefx.co.uk), the London-based Forex trading dealer, is helping its clients to keep on top of the latest currency market news and trends with daily insights from currency trading experts.

Head of market analysis Jay Mawji is a key contributor to the Vantage FX Market Wrap email, which is sent out at the end of every trading day with a summary of the key news from the previous 24 hours. The company also uploads a daily overview of FX trading highlights [http://www.vantagefx.co.uk/market-news/daily-currency-highlights ] on its website.

As well as this, Vantage FX UK provides a Forex economic calendar to keep traders informed of the latest indicators and economic events from around the world. There is also a free Forex trading demo account where each trader can test strategies and Expert Advisors on a replica MetaTrader 4 platform.

Currently, traders who sign up for the 30 day Forex demo account [http://www.vantagefx.co.uk/get-trading/demo-account ] can download a free copy of the "MetaTrader 4 User Guide" eBook - a step-by-step guide to using the cutting-edge trading platform.

Discover the latest Forex news from Vantage FX at: http://www.vantagefx.co.uk/market-news/market-wrap

Trading derivatives and Forex carries a high level of risk to your capital and you should only trade with money you can afford to lose. Forex trading may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.

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FOREX-Euro gains on talk of ECB/IMF aid, before U.S. data

* Euro rises vs dollar, buoyed before U.S. jobs data

* Currencies in tight range, traders wary of big bets before data

* EU summit next week awaited for signs of progress on debt crisis

LONDON, Dec 2 (Reuters) - The euro rose against the dollar on Friday on expectations that U.S. jobs data would show the economy slowly recovering and on talk of the possibility the European Central Bank may lend to weak euro zone countries via the IMF (Berlin: MXG1.BE - news) .

The talk sparked hopes of some kind of solution to the euro debt crisis, pushing the euro up 0.5 percent to $1.3538, its strongest in more than a week, with traders saying it extended gains after stop loss orders were triggered about $1.3530.

A positive surprise in U.S. jobs numbers at 1330 GMT would underpin a recent string of solid U.S. data and would be likely to boost risk sentiment and lift the euro further versus the safe-haven dollar. A weaker-than-expected outcome may push investors to take more profits on recent euro gains, however.

The non-farm payrolls report is forecast to show a rise of 122,000 jobs and a steady unemployment rate of 9.0 percent.

Investors were wary of buying the single currency aggressively, however, given that it has already rallied more than 1 percent this week even as it remains vulnerable to the region's debt problems.

Johan Javeus, chief strategist at SEB (Frankfurt: 862948 - news) in Stockholm, said he expected the data would confirm the U.S. economy is faring better than it was in the first half of the year, although it would not show a very strong recovery trajectory.

"It should confirm what we've seen in other data, that things are not as bad as people thought a few months ago. In that sense I don't expect a really big reaction from this number should it come in line with expectations or slightly better," he said.

"In the end, focus is on what could happen with the political process in Europe (Chicago Options: ^REURUSD - news) and that will take precedent."

But with investors sidelined before the jobs report, market participants showed little reaction to a speech by German Chancellor Angela Merkel, who told parliament the euro zone debt crisis could not be solved in one fell swoop and urged tighter fiscal integration.

French and German leaders are meeting next Monday to outline joint proposals to put to a Dec. 9 EU summit, seen as yet another make-or-break meeting for the 12-year-old currency bloc.

Nervousness ahead of this summit was expected to limit any euro gains from strong U.S. jobs data.

"It will just be one more piece of good data coming on the back of a few positive things this week and there may be some reaction but I wouldn't expect it to be massive," said Nomura strategist Lefteris Farmakis.

Other currencies perceived to be higher risk, including the Australian and New Zealand dollars, also rose against a softer dollar, which slipped 0.4 percent versus a currency basket to 78.026.

A 1.5 percent rise in European share prices suggested an ongoing improvement in risk appetite this week, which has prompted investors to sell the safe-haven U.S. currency.

Against the yen, the dollar edged up 0.2 percent to 77.86 yen.

EU SUMMIT AWAITED

The euro has held gains after rallying earlier in the week, when major central banks around the world took coordinated measures to increase dollar liquidity to prevent a liquidity crunch in markets.

Analysts said this had provided a stop-gap measure to stabilise markets for now, while adding that investors had big expectations for the EU summit next week.

Morgan Stanley (EUREX: DWDF.EX - news) said it had used the euro's gains this week to establish a renewed bearish position on the single currency as it stuck to its view of more weakness in the currency in the mid-term.

"We continue to look for the market to be disappointed by the European Summit," its analysts said in a note, adding that they expected the euro to also underperform commodity currencies, particularly the Canadian and Australian dollars.

The European Central Bank hinted on Thursday it was ready to move more aggressively to tackle the crisis if politicians agree on much tighter budget controls in the euro zone, though it stopped short of detailing what exact measures it would take.

Still, there is no agreement among EU policymakers regarding how such controls could be implemented and many other problems, including securing resources to leverage the euro zone's bailout fund, linger unresolved. Analysts believe this will keep the euro on the back foot. (Additional reporting by Naomi Tajitsu; editing by Ron Askew)

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FOREX-Euro falls 1st time in 5 days ahead of key events

* U.S. unemployment rate falls to 8.6 percent

* ECB's Stark says crisis cure needed to avoid disaster

* Euro reverses gains ahead of key event risks next week

Updates prices, adds quotes, links and graphics, changes byline)

NEW YORK (Frankfurt: A0DKRK - news) , Dec 2 (Reuters) - The euro fell against the dollar for the first time in five sessions on Friday, with investors wary of placing aggressive bets in favor of the currency ahead of a European Central Bank meeting and a European Union summit next week.

The euro zone's common currency posted sharp gains after data showed the U.S. unemployment rate fell to a 2-1/2 year low in November (Stuttgart: A0Z24E - news) . Reports the ECB may lend to weak euro zone countries through the International Monetary Fund in hopes of easing the the debt crisis also supported it earlier in the global session.

But the euro reversed course on various market rumors, including one of a potential downgrade of Spain. Investors were also hesitant to buy the single currency in the aftermath of a strong rally this week.

"It's a very rumor-driven market so there's a lot of caution," said David Watt, senior currency strategist at RBC (MCX: RBCI.ME - news) Capital Markets in Toronto. "We also have an ECB meeting next week, which may probably cut rates," he added, noting a potential negative for the euro.

The ECB hinted Thursday it was ready to move more aggressively to tackle the crisis if regional politicians agree on much tighter budget controls, though it stopped short of detailing what exact measures it would take.

Leaders must urgently find a solution to the euro zone debt crisis or there will be widespread macroeconomic and financial disaster, Juergen Stark, one of the European Central Bank's top policymakers, warned on Friday.

The euro fell as low as $1.33630, blowing through stops at $1.34150. It was last at $1.3398 on trading platform EBS, down 0.5 percent on the day. It rose to a 10-day high of $1.35505 immediately after the U.S. non-farm payrolls report.

The U.S. unemployment rate fell to a 2-1/2 year low in November, though the pace of hiring remained too slow to suggest a significant quickening of the recovery.

The report could temper the appetite among some Federal (SES: E1:F20.SI - news) Reserve officials to ease monetary policy further.

"I guess with the superficial improvements in the U.S. jobs report, that suggests a third round of quantitative easing by the Federal Reserve is further away, which is a positive for the dollar," said Brian Dolan, chief currency strategist at Forex.com in Bedminster, New Jersey.

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INSTANT VIEW- US jobless rate drops

Graphic - U.S. payrolls: http://link.reuters.com/suf45s

Graphic - U.S. jobless rate, payroll change. http://r.reuters.com/was53s

Graphic - U.S. nonfarm payrolls by type. http://r.reuters.com/kus53s

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Despite the euro's drop, it was on pace to end the week higher by about 0.4 percent, its best weekly performance since late October.

Morgan Stanley (EUREX: DWDF.EX - news) said it was using the euro's gains this week to establish a renewed bearish position on the single currency, sticking to its view of more weakness in the currency in the midterm.

"We continue to look for the market to be disappointed by the European Summit," Morgan Stanley analysts said in a note, adding that they expected the euro to underperform commodity currencies, particularly the Canadian and Australian dollars.

The dollar rose 0.4 percent against a currency basket , to 78.646. Against the yen, the dollar rose 0.3 percent to 77.94 yen.

With the U.S. jobs data out of the way, markets were awaiting a European Union summit set for Dec. 9 for signs of progress on the debt crisis.

French and German leaders are to meet on Dec. 5 to outline joint proposals to be discussed at the EU meeting, which is viewed as yet another make-or-break meeting for the 2-year-old currency bloc.

(Additional reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Grebler)

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FOREX-Euro consolidates with focus on US jobs, EU action

* Markets awaiting U.S. non-farm payrolls data

* Euro seen consolidating in Asian session

* Next (Xetra: 779551 - news) week's ECB, EU meets key to year-end sentiment

* Kiwi slightly higher, fails to break above this week's high

TOKYO, Dec 2 (Reuters) - The euro struggled to make much headway on Friday, consolidating this week's gains as traders stuck to the sidelines ahead of a crucial U.S. jobs report and event-packed week that could prove decisive for the currency bloc.

The non-farm payrolls report is expected to show an increase of 122,000 jobs and a steady unemployment rate of 9.0 percent. A positive surprise would underpin a recent string of solid U.S. data and bolster risk sentiment, while a weaker-than-expected outcome could prompt investors to take more profits on recent gains.

The euro changed hands at $1.3468 against $1.3457 late in New York (Frankfurt: A0DKRK - news) . It was off a one-week peak of $1.3534 set on Wednesday after major central banks moved to ease a credit squeeze stemming from the crisis.

"The move by the central banks simply eased liquidity worries for now. The big-bazooka solutions are coming next week and the euro's strength hinges on their feasibility," said Sumino Kamei, senior currency analyst at the Bank of Tokyo-Mitsubishi UFJ in Tokyo.

French and German leaders are meeting next Monday to outline joint proposals to put to a Dec. 9 EU summit, seen as -- yet another -- make-or-break meeting for the 12-year-old currency bloc.

"EU leaders have disappointed in the past, so nobody is naive enough to simply pile into the euro on mere statements, especially since Europe (Chicago Options: ^REURUSD - news) faces serious economic headwinds anyway," Kamei said.

She (SNP: ^SHEY - news) added, however, that the currency may move another leg higher if the actions are strongly supported by the European Central Bank (Other OTC: CBSU.PK - news) and even if the move up is not sustained, it may still prove an important chance to sell into a rally.

The central bank hinted on Thursday it was ready to move more aggressively to tackle the crisis if politicians agree on much tighter budget controls in the euro zone, though it stopped short of detailing what exact measures it would take.

Economists also expect the ECB to help banks and an economy on the verge of recession by cutting interest rates next week and announcing longer-term cheap liquidity tenders with easier collateral rules. Markets are pricing in a 25 basis point cut to 1.0 percent at ECB's Dec. 8. policy meeting.

The common currency briefly nudged higher on buying by a U.S. bank, which traders said was neither fundamentals- nor news-based and occurred in a thin Friday trade. They also reported some sell orders from short-term accounts, underscoring a still fragile sentiment about the currency.

Decent stop-loss euro bids were spotted in the $1.3520-25 area, while offers were lurking near $1.3500. One possible resistance for the currency lied near $1.3525, the bottom of the weekly Ichimoku cloud.

"Our economists believe that a satisfactory fiscal compact agreed upon at the summit next week should open the door to ECB quantitative easing, which we expect could come as soon as Q1 2012," wrote analysts at BNP Paribas (Other OTC: BNPQF.PK - news) .

But analysts at Societe Generale (Paris: FR0000130809 - news) warned a lack of progress on the root causes of the euro zone crisis will translate into wider bond yield spreads and a weaker euro, in January.

With the euro on the front foot for now, the dollar index slipped 0.1 percent to 78.307. Against the yen, the dollar was mildly bid at 77.83, still hemmed in a 77-78 range with investors wary of more massive intervention by Japan (EUREX: FMJP.EX - news) .

The New Zealand dollar tested this week's high set on Wednesday at $0.7824 for the third time in three straight sessions, but came slightly short of it, last changing hands at 0.7806. It has risen nearly 4 percent this week.

Support for the kiwi is seen around $0.7730, while the 55-day moving average at $0.7900 is likely to cap the topside.

The Australian dollar stood at $1.0222, not far off a three-week high of $1.0335 set earlier in the week.

Key (NYSE: KEY - news) resistance is seen around $1.0337, a level representing the 61.8 percent retracement of the November (Stuttgart: A0Z24E - news) decline. (Editing by Chris Gallagher)

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FOREX-Euro rises for 4th day vs dollar, but debt woes linger

17:22, Thursday 1 December 2011

* Euro lifted by good demand at Spain's auction

* Short-covering may lift euro, but debt worries remain

* ECB's Draghi says downside risks have increased

* Strong U.S. ISM number adds to U.S. recovery hopes (Updates prices, adds quote, U.S. data)

NEW YORK (Frankfurt: A0DKRK - news) , Dec 1 (Reuters) - The euro rose for a fourth straight session against the dollar on Thursday, bolstered by generally successful Spanish and French debt auctions, although traders were inclined to view its gains as good selling opportunities.

Spain sold 3.75 billion euros of three bonds at the top of the targeted range, although its borrowing cost was the highest in 14 years and at levels seen as unsustainable for public finances. France also found demand for its sale of 4.35 billion euros of debt in several maturities. [ID:nL5E7N11J2]

The euro's gains have dissipated a bit in midday trading as stocks turned mostly negative, with traders saying investors are consolidating their positions ahead of Friday's all-important U.S. non-farm payrolls report.

"We have had some big moves in the euro the last couple of days and a lot of event risks so the market is taking a little bit of a breather and consolidating their gains before tomorrow's big U.S. employment number," said Steven Butler, director of foreign-exchange trading at Scotia Capital in Toronto.

Investors are looking at 122,000 new jobs added to the U.S. economy last month and a steady unemployment rate of 9.0 percent. A higher-than-expected number could whet risk appetite once again and lift risk-friendly currencies such as the euro.

The euro was last up 0.3 percent at $1.34811.

Traders said news that the International Monetary Fund will likely cut its global growth forecasts in late January took the steam out of the rally in risky assets. For the IMF (Berlin: MXG1.BE - news) story, click on [ID:nW1E7MS00Q].

On Wednesday, the euro had hit a one-week high of $1.35337 on trading platform EBS after central banks of the United States and the euro zone, as well as Canada, Britain, Japan (EUREX: FMJP.EX - news) and Switzerland cut the cost of dollar loans to the banking system. [ID:nL5E7MU118]

The euro also rose to a two-week high against the yen

A break above $1.3533 though could see the euro rise toward its Nov. 18 high of $1.3615, analysts said. If it fails to retest Wednesday's high, however, the rally may peter out.

An increase in the Institute for Supply Management's U.S. manufacturing index for November (Stuttgart: A0Z24E - news) to 52.7 pushed the euro up against the dollar above $1.35 earlier as it increased the market's appetite for risk and reinforced the view that the world's largest economy is on a stable path to recovery. For the data, click on [ID:nN1E7B008U].

In midday trading, the dollar index was down 0.1 percent at 78.277, though off the 77.923 low hit on Wednesday.

Shaun Osborne, chief currency strategist at TD Securities in Toronto, said hints from French President Nicolas Sarkozy about considerable progress on fiscal integration within the euro zone could see a push toward $1.3554 in the euro. He added, though, that the market's strategy remained selling the euro on any significant rally.

Many analysts are awaiting Sarkozy's speech on the euro- zone crisis at around 12:30 p.m. (1730 GMT) for an update as to what euro-zone policy-makers have planned to prevent the crisis from spreading to other healthier economies in the region.

On Thursday, European Central Bank President Mario Draghi highlighted the euro zone's fragile outlook, saying downside risks to the economy have increased and that the bank's temporary measures are only limited. For more click on [ID:nF9E7LQ00L], [ID:nL5E7MU5LM].

That reinforced a market view that the ECB could cut interest rates and extend its liquidity measures when it meets to decide on monetary policy next week -- and this could well negate the euro's rally.

More important for markets will be whether European leaders are able to agree on a comprehensive solution to tackle the debt crisis at a European Union summit on Dec. 9. (Editing by Jan Paschal)

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Breaking News: Forex Arbitrage Exploits Real-Time Inefficiencies In Forex Markets

An Austin-based Forex trader has unveiled a new software program that allows traders to exploit hidden inefficiencies in the worldwide foreign exchange, the company announced today. Forex Arbitrage™, a cutting-edge software program designed to work with the popular MetaTrader 4™ trading platform, tracks the movements of currency prices on multiple exchanges and alerts users to any discrepancies that occur. Traders can then use arbitrage techniques to take advantage of the difference between the two market prices, profiting with very little risk.

(PRWEB) November 30, 2011

A new software program, Forex Arbitrage™, developed by Austin, Texas-based software programming firm Sharptrade Partners, LLC, allows Forex traders to easily exploit real-time inefficiencies in the Forex markets, allowing them to increase profits while reducing risk, the company announced today.

Forex Arbitrage™ simultaneously tracks the movements of selected currencies on multiple exchanges, and alerts traders to pricing discrepancies that arise in the markets. Traders can then use arbitrage techniques to profit from market movements when the exchanges close the gap. For example, if a currency is trading at a lower price in one market than in another, the trader can simultaneously take a long position in the cheaper market while taking a short position in the more expensive market. When the gap between the two prices closes, the trader profits from the rise in the cheaper price and a decline in the higher price.

“Historically, only Wall Street fat cats with the most advanced resources were able to use arbitrage opportunities to generate trading profits,” said Jason Fielder, managing member of Sharptrade Partners, LLC. “Forex Arbitrage, our new software program, levels the playing field, because it allows the small investor to take advantage of the same real-time market insights that until now only large companies could exploit.”

Forex Arbitrage™ will appeal to Forex traders who place their own brokerage orders, and who rely in technical analysis to make investment decisions.

Forex Arbitrage™ is designed exclusively for the popular Metatrader 4™ online Forex trading platform. Metatrader 4™ is a free Forex pricing software program that allows traders to view and analyze currency price changes and buy and sell Forex online.

For more information, visit the Sharptrade Partners LLC Website at http://www.foreximpact.com, or call 512-394-8188

About Jason Fielder

Jason Fielder is a ten year Forex currency trading veteran, and though you’ve never seen him on CNBC, he’s become a widely followed and respected Forex ‘guru’ because he’s helped thousands of traders with the systems and tools he’s developed and published.

Never comfortable in the spotlight, Jason has purposely remained “underground” for the better part of his trading career, so he doesn’t appear on television or accept invitations to speak at conferences.

Trading has been Jason’s passion for the past 18 years. He has been a full-time professional trader since 2006.

About Sharptrade Partners, LLC

Sharptrade Partners, LLC is an Austin, Texas-based trading advisory and software development firm founded by Jason Fielder. The company has produced popular training videos on trading techniques, as well as several cutting-edge software products, including Triad Formula™, Delphi Scalper™, and the unique Correlation Code™ email alert service.

Talking Points

###

Jason Fielder
Sharptrade Partners LLC
5128920298
Email Information

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FOREX-Euro gains 4th day vs dollar, but trend seen tenuous

19:49, Thursday 1 December 2011

* Euro lifted by good demand at Spain's auction

* France's Sarkozy outlines euro crisis stance

* ECB's Draghi says downside risks have increased

* Strong U.S. ISM number adds to U.S. recovery hopes (Updates prices, adds quotes, links and graphics, changes byline)

NEW YORK (Frankfurt: A0DKRK - news) , Dec 1 (Reuters) - The euro gained against the dollar for a fourth straight session on Thursday, a trend seen as tenuous given unresolved fiscal and economic issues in the region and despite initiatives from global central banks.

While the single-currency was buoyed by generally successful Spanish and French debt auctions, traders were inclined to view gains as good selling opportunities.

While Spain sold 3.75 billion euros of three bonds at the top of the targeted range, they were at levels seen as unsustainable for public finances. France also found demand for its sale of 4.35 billion euros of debt in several maturities. [ID:nL5E7N11J2]

The euro reached a high of $1.3521 , according to Reuters data but gains dissipated in early afternoon New York trading as stocks turned mostly negative after Wednesday's record rally.

Investors were said to be consolidating their positions ahead of Friday's all-important U.S. non-farm payrolls report for November (Stuttgart: A0Z24E - news) .

"We have had some big moves in the euro the last couple of days and a lot of event risks, so the market is taking a little bit of a breather and consolidating their gains before tomorrow's big U.S. employment number," said Steven Butler, director of foreign-exchange trading at Scotia Capital in Toronto.

Investors are looking at 122,000 new jobs added to the U.S. economy last month and a steady unemployment rate of 9.0 percent. A higher-than-expected number could whet risk appetite once again and lift risk-friendly currencies such as the euro.

French President Nicolas Sarkozy said the European Central Bank is independent and will remain so. [ID:nL5E7N13N6] [ID:nP6E7LO02B]

The euro was last up 0.3 percent at $1.3472. A break above $1.3533 could see the euro rise toward its Nov. 18 high of $1.3615, analysts said. If it fails to retest Wednesday's high, however, the rally may peter out.

On Wednesday, the euro had hit a one-week high of $1.35337 on trading platform EBS after central banks of the United States and the euro zone, as well as Canada, Britain, Japan (EUREX: FMJP.EX - news) and Switzerland cut the cost of dollar loans to the banking system. [ID:nL5E7MU118]

Although investors cheered Wednesday's joint central bank action, they are worried that the debt crisis remains unresolved, with little time for politicians to find a solution.

European Central Bank President Mario Draghi signaled it stood ready to act more aggressively to fight Europe (Chicago Options: ^REURUSD - news) 's debt crisis if political leaders agree next week on much tighter budget controls in the 17-nation euro zone. He also painted a dark picture of the state of the banking system. [ID:nL5E7N11XQ]

Draghi, however, did not spell out what action the ECB might take.

The ECB is under huge political and market pressure to massively step up purchases of euro zone government bonds or lend money to the IMF (Berlin: MXG1.BE - news) to support ailing Italy and Spain.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Other stories on euro zone crisis [ID:nL5E7LR1WL]

Analysis on drive to boost IMF resources [ID:nN1E7AT27A]

BREAKINGVIEWS-Euro-IMF scheme questions [ID:nL4E7N11SW] Euro zone in graphics http://r.reuters.com/hyb65p

Market disconnect graphic http://r.reuters.com/van64s

Interactive timeline http://link.reuters.com/rev89r ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

An increase in the Institute for Supply Management's U.S. manufacturing index fueled the market's appetite for risk and reinforced the view that the world's largest economy is on a stable path to recovery. [ID:nN1E7B008U]

The dollar index was last down 0.1 percent at 78.292, though off the 77.923 low hit on Wednesday. Against the yen, the dollar was up 0.2 percent at 77.64 . (Additional reporting by Gertrude Chavez-Dreyfuss; Editing by Kenneth Barry)

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Forex leverage explained

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Totally automated forex system.

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The approach to Trade Forex instead of Lose.

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The Benefits of Investing in Managed Forex Accounts

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Forex – NZD/USD Weekly Outlook: Nov 28 – Dec 2

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Currency trade — Buying and offered Using Foreign sell Alerts

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Forex – EUR/CHF adult in Asian trade hours

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An Approach to Forex Analysis

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Forex – EUR/USD Weekly Outlook: Nov 28 – Dec 2

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India’s forex pot unemployment by $5.71 billion

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