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EUR/USD: Euro hovering around 1.4700

FXstreet.com (Córdoba) – The Euro has recovered part of previous losses against the Dollar and is holding above 1.4700. EUR/USD fell earlier to 1.4671, posting a fresh intra-day low. Form there the pair started to recover and the upside found resistance at 1.4720. EUR/USD is still moving with a downside bias for the session.

Despite being traded 0.57% below today’s opening price, the Euro is consolidating a weekly gain of more than a hundred pips.

The ecPulse.com analysis team affirms: “So far, the green Benjamin continues on strengthening slightly against the majors; the euro and the royal pound, after that the Fed Chairman; Bernanke, proclaimed that interest rates will be raised once that the economy of the U.S shows strong signs of a recovery. As a result, the euro-dollar is plunging slightly and may plummet further to the downside according to the one-hour stochastic oscillator.”

• EUR/USD

EUR/USD (Oct 10 at 07:00 GMT)

1.4727/31 (0.02%)

H 1.4729 L 1.4721

S3	S2	S1	R1	R2	R3
1.4653	1.4690	1.4727	1.4727	1.4764	1.4801

[?]Trend Index	[?]OB/OS Index
Slightly Bullish	Neutral
Data updated on Oct 10 at 06:50 (15-minute timeframe)

[ View EUR/USD technical studies ]

ICE US Equity & Currency Closing Estimated Volumes For Jul 10

Image via Wikipedia

SOURCE:http://www.djnewswires.com/eu
ICE US Equity & Currency Closing Estimated Volumes For Jul 10

Estimated Volume Report for 10-Jul-2009

Total Floor Floor Total
Futures Calls Puts Options
FINEX
Aus. Dollar - N.Z. Dollar 0 0 0 0
Australian $-Canadian $ 0 0 0 0
U.S. Dollar - Aus. Dollar 0 0 0 0
U.S. DOLLAR INDEX 3,886 2 19 21
Euro Index 0 0 0 0
Euro-Japanese Yen 465 0 0 0
Euro - US $ 72 0 0 0
Euro-Canadian Dollar 7 0 0 0
Euro - Czech Koruna 5 0 0 0
Euro - Sterling 111 0 0 0
Pound Sterling-N Z.Dollar 3 0 0 0
Euro-Hungarian Forint 9 0 0 0
Canadian $-Japanese Yen 4 0 0 0
Aus $-US$ 0 0 0 0
Euro-Japanese Yen 0 0 0 0
Euro- US$ mil 0 0 0 0
Euro-Canadian Dollar 0 0 0 0
Euro-British Pound 0 0 0 0
US $ - Swedish Krona 0 0 0 0
US $ - Swiss Franc 0 0 0 0
British Pound-US$ 0 0 0 0
Euro-Swedish Krona 0 0 0 0
Euro-Swiss Franc 0 0 0 0
US $ - Japanese Yen 0 0 0 0
US $ - Canadian $ 0 0 0 0
Swedish Krona-Japanese Yen 0 0 0 0
US Dollar/Swedish Krona 97 0 0 0
Norwegian Krone-Jap. Yen 0 0 0 0
Small US$-Swiss Franc 51 0 0 0
Sm.British Pound-US$ 107 0 0 0
Norwegian/Swedish 0 0 0 0
US Dollar/Norwegian Krone 93 0 0 0
Euro-Norwegian Krone 1 0 0 0
Pound Sterling - Canadian$ 0 0 0 0
Pound -Norwegian Krone 0 0 0 0
Pound Sterling-Sw. Krona 0 0 0 0
Pound Sterling-S.A. Rand 0 0 0 0
Pound-Australian $ 7 0 0 0
Euro-Australian Dollar 165 0 0 0
Euro-SWEDISH KRONA 16 0 0 0
Euro - Swiss Franc 42 0 0 0
Small US$-Japanese Yen 6 0 0 0
British Pound-Swiss Franc 0 0 0 0
Small US $-Canadian $ 0 0 0 0
British Pound-Japanese Yen 10 0 0 0
US Dollar/Czech Koruna 0 0 0 0
US $/Hungarian Forint 1 0 0 0
Australian $-Japanese Yen 58 0 0 0
Euro-South African Rand 0 0 0 0
New Zealand $-Japanese Yen 0 0 0 0
U.S. Dollar-S.African Rand 1,455 0 0 0
U.S. Dollar - N. Z. Dollar 0 0 0 0
Swiss Franc- Japanese Yen 106 0 0 0

INDEXES
Continuous Commodity Index 1 0 0 0
RJ CRB Index 50 0 0 0
Russell 1000 Growth Index 0 0 0 0
Russell 1000 0 0 0 0
Russell 1000 Mini 793 0 0 0
Russell 2000 Mini Index 130,612 0 99 544
Russell 2000 Index 0 0 0 0
Russell 1000 Value 0 0 0 0
NYSE Comp Index 0 0 0 0




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What is Hedging & How it works?

Hedging is defined as holding two or more places at the same time, with the goal to lose in the first place by obtained from the other positions.

Usual hedging instrument is the position in a currency, the opening of an inverse for this function in the same currency A. This type of hedging instrument to protect the trader from taking margin calls as the other position will be if the first loses, and vice versa.

However, traders developed more hedging techniques to try to benefit from hedging and profit instead of just offset the losses.

On this page we'll talk about some of the hedging instrument techniques.

1. 100% Hedging.

This technique is safest ever, and most profitable of all hedging techniques while the minimum risk. This technique uses the arbitrage of interest rates (roll over rates) between brokers. In this type of hedging you two brokers. One broker which pays or charges interest at the end of the day, and the other does not cost or payment of interest. However, in this case should try to offer the maximum profit from, in other words, the greatest benefit from this kind of hedging.

The main idea of this type of cover to open foreign currency position HP to the broker, you'll pay high interest rates for each night of the position and is carried to open the field to position HP for the same currency with a mediator who does not charge interest for the implementation of trade. In this way, you'll have the interest or rollover that is credited to your account.

But there are many factors that you need to be taken into account.

A. The currency to use. The best combination for use GBPJPY, because at the time of writing this article, the interest credited to your account will be EUR 24 for every 1 regular long lot you have. You must contact your broker, because each broker credits a different amount. The range can be from $10 to $26.

B. The interest free broker. This is the hardest part. Before your account with a broker, you need the following:

i. Does the broker allow opening the position for an unlimited time?

ii. Does the broker charge commissions?

Some brokers are $ 5 flat every night for each lot held, this is a good, not appearance. For, when the broker charges the money to save your position, your broker will probably leave his position indefinitely.

C. Ownership of your account. Hedging requires a lot of money. For example, if you want to use the GBPJPY you 20000USD in each account. This is necessary because the maximum monthly range for GBPJPY in the last few years was the 2000 Pips. You do not want to be one of your accounts to margin calls. Remember that if your 2 position on the 2 agent, you pay the spread of some 16 stones together. If you are using 1 regular lot, then it is about 145 USD.

So you trade, lost $ 145. So you have the first 6 days just to cover the cost of expansion. So, if you have margin calls again, to close your position, and then transfer money to your other account, and then re-open position. Each time this happens, you will lose $ 145! It is important that it is not activated. It is possible to manage large capital, and a quick way to transfer money between brokers.

D. Money management. One of the best ways to manage such an account is to monthly withdraw profits and balancing your positions. This can be a surplus of withdraws from one account and receive the investment of surplus in the losing account. However, this can be expensive. You would also need to contact your broker if he allows withdrawals and your position is still open. Effective way to is to use the services brokers provide withdrawals the third company

GM Files for Bankruptcy, Split Into 'Old,' 'New' Firms

General Motors (GM: 0.9, 0.105, 13.21%) filed for bankruptcy protection Monday morning, and will be split over time into “new” and “old” companies with billions of new dollars in support from the U.S. government as well as the governments of Canada and Ontario.

GM filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York at 8 a.m. Eastern time Monday. The case was assigned to Judge Robert Gerber, who was appointed in 2000 after having worked 30 years in private practice, the last 11 of which were mainly in bankruptcy proceedings with a specialty in large Chapter 11 cases, according to his bio on the court's Web site.

President Obama is expected to make a statement about the bankruptcy at around 11:55 a.m., and GM CEO Fritz Henderson will hold a briefing in New York after the President speaks, around 12:15 p.m.

The “painful, but necessary” restructuring will take 60 to 90 days, and take GM to a breakeven point of 10 million annual car sales, Obama Administration officials said, down from its current breakeven level of 16 million.

Administration officials said they expect to proceed “broadly” in the same manner as with Chrysler, which already filed for Chapter 11 bankruptcy protection and is working to emerge. However, they noted that GM is more complicated and has many more moving pieces than Chrysler did, so it could take longer.

A steering committee to a group of GM bondholders confirmed that bondholders representing at least 54% of GM’s unsecured bonds have agreed to a deal. That removes what could have been a sticking point in a GM bankruptcy filing.

GM will organize into a new company that will purchase “substantially all” of the assets of the old GM that it needs to implement its business plan, Administration officials said. It said that New GM would “have far less debt and a world class balance sheet.”

The Treasury Department will provide $30.1 billion in financing to support GM in its transition, Administration officials said, noting that Treasury “does not anticipate providing any additional assistance to GM beyond this commitment.” The government said it will receive $8.8 billion in debt and 60% of equity in New GM, as well as the right to appoint all but two initial directors.

“We certainly intend to maximize taxpayer proceeds,” an Administration official said, but declined to project how much money taxpayers would get back -- or when.

An official said that the Administration is considering business leaders and CEOs as well as those from “other walks of life” for the board positions. Also, a number of existing directors will stay with the company.

GM is expected to name Al Koch of AlixPartners as its chief restructuring officer on Monday. Koch and the Administration declined to comment.

The governments of Canada and Ontario will lend $9.5 billion to GM and New GM, the Administration said. In exchange, they will receive $1.7 billion in debt and preferred stock, plus 12% of the equity of New GM. The Canadian government will have the right to appoint one initial director.

New GM will establish an independent trust to pay for GM retiree health care. The trust will be funded by a $2.5 billion note payable in three installments ending in 2017, and $6.5 billion in 9% perpetual preferred stock.

That health-care trust will receive 17.5% of the equity of New GM, with warrants to purchase another 2.5% of the company. It will also be able to select one of the company’s independent directors, but will have no governance rights and will not be able to vote its shares.

The pension plans for hourly and salaried employees will be transferred to the New GM.

Also, GM will announce the closing of 11 plants and the idling of three. The Administration said New GM would try to build a "new small car" in an idled UAW factory.

The Administration took pains to say it was not planning to be involved with GM for long.

In the Sunday statement, officials said the government was “a reluctant equity owner,” but would be a “careful steward of taxpayer resources.”

It outlined four principles related to GM: One, that it would “seek to dispose of its ownership interests as soon as practicable”; Two, that in “exceptional” cases the government “will reserve the right to set upfront conditions to protect taxpayers”; Three, that the government would manage “its ownership stake in a hands-off, commercial manner” and “will not interfere with or exert control over day-to-day company operations, adding that no government employees would be on the boards or employees of the company; Four, that the government would vote its shareholder stake only “on core governance issues.”

GM will continue to honor consumer warranties, the government noted, adding that the Treasury had made a support program for warranties available to GM.

The Administration said GM would continue to operate “in the ordinary course” after the filing. Employees will get pay and benefits, and the pension and health-care costs will be transferred to New GM “assuming the sale moves forward as expected.” It said GM would seek immediately to continue paying its suppliers, noting that there is a Treasury Supplier Support Program in place to help them.

GM will also seek authority to continue to honor customer warranties and honor its dealer incentives, the Administration said. GM has already identified some dealers that will be cut off, and the Administration said “it is expected that the terminated dealers will be offered an agreement to orderly wind down their operations over the next 18 months.”

New GM will assume the modified labor agreement reached by GM and the United Auto Workers union, the Administration said. There are “significant concessions by the UAW, stronger than required by the previous Administration in its loan sheet,” an Administration official said.

GM also found a buyer for its European subsidiary Opel, which allows Opel to avoid the bankruptcy. Canadian auto-parts maker Magna and Russia's Sberbank are going to provide financing to the firm. Reports have indicated that that ownership structure could give GM 35% of the company, Sberbank 35%, Magna 20% and 10% to Opel employees and/or dealers.

An Administration official said that Ford Motor (F: 6.076, 0.346, 6.04%), the only remaining of the Big Three U.S. auto makers that has not filed for bankruptcy, has ample resources, adding, "We do believe this country can support three domestic, successful, viable auto companies."

GM shares closed below $1 on Friday. They would be basically worthless in the bankruptcy reorganization, with all the new equity going to the governments, the union health-care trust and to bondholders. It's widely expected that GM will be removed imminently from the Dow Jones Industrial Average, an event which could occur Monday morning as well.more