EUR Corrects Itself Following German Debt Auction

Thursday, 5 Jan 2012

The euro staged a downward reversal yesterday, following a German debt auction that caused investors to once again place their funds in safe-haven assets. Today, traders will want to pay attention as major market volatility is expected following news events from the UK, US and Canada.

Economic News

USD - USD Rebounds Following Return to Safe-Haven Assets

The US dollar had a very bullish day yesterday, following a less than enthusiastic German debt auction which sent investors back toward safe-haven assets like the USD and CHF. The dollar saw upward movement against many of its main currency rivals, particularly the euro and UK pound. The EUR/USD tumbled well below the psychologically significant 1.3000 level, while the GBP/USD fell under 1.5600 before staging a slight correction.

Turning to today, US and euro-zone news are forecasted to generate major volatility, so traders should be prepared for heavy market movement. Most notably, the ADP Non-Farm Employment Change is likely to influence USD pairs. The ADP report is a precursor to Friday's Non-Farm Employment Change figure. While it is not considered as serious as Friday's report, it has been known to generate major price shifts.

Analysts are forecasting the ADP figure to come in at around 176K, which if true, would signal significant job growth for the month of December in the US. Should the ADP figure come in at 176K, it may boost investor confidence in the US economic recovery and signal a return to riskier assets. The USD would likely fall as a result. On the other hand, if tomorrow's news comes in under analyst predictions, investors may decide that the economic recovery is not happening as quickly as possible, and revert back to the safe-haven dollar.

EUR - German Debt Auction Leads to Bearish Euro

Yesterday's German debt auction caused the euro to slide throughout the day, particularly against the USD. The EUR/USD once again fell below the 1.3000 level, in a clear sign that investor's lack confidence in the euro-zone economic recovery. The euro also recorded a bearish day against the UK pound. The EUR/GBP fell throughout the day following a better than expected British construction PMI.

Turning to today, in addition to the ADP Non-Farm Employment Change, euro traders will want to keep their eyes on the UK Services PMI. Analysts are predicting a solid PMI figure, which if true, may cause the euro to slide even further against the pound. Also, traders should pay attention to any news coming out of the euro-zone relating to the current debt crisis. Any further negative news will likely lead to further bearish movement for the single currency.

JPY - Safe-Haven JPY Records Gains Wednesday

The Japanese yen saw a very bullish day Wednesday, especially against riskier currencies like the euro. At the same time, confidence in the US economic recovery led to slight increases for the USD/JPY.

The yen is likely to maintain its bullish trend against the euro as long as negative news regarding the euro-zone debt crisis stays in the headlines. That being said, traders should note that a positive ADP Non-Farm Payroll figure today may help boost riskier currencies like the euro against the JPY.

Additionally, Friday's US Non-Farm Payrolls report is likely to create a lot of volatility for yen pairs. A positive figure may boost risk taking which could cause the JPY to close the week in a downward trend.

Crude Oil - Crude Maintains Upward Momentum

Crude oil maintained its upward momentum yesterday, despite some slight downward movement during mid-day trading. Oil was able to stay above the $102 a barrel level as tensions between Iran and the US stayed high. Investors are worried about crude oil supplies out the Middle East should the current situation between the US and Iran maintain.

Today, oil could see further price shifts depending on how the ADP Non-Farm Payrolls figure comes in. A positive number may increase risk appetite, which typically causes commodities like oil to rise. At the same time, a less positive number may cause investors to revert back to safe-havens which could cause oil to fall.

Technical News

EUR/USD

Technical indicators are showing that the pair may see an upward correction this week. The Relative Strength Index on the weekly chart has entered the oversold region, while the Stochastic Slow on the same chart has formed a bullish trend. Taking a bullish long term trend may be a wise choice.

GBP/USD

Most long term indicators show this pair trading in neutral territory, meaning that major market movements are not expected this week. That being said, the Williams Percent Range on the weekly chart is creeping toward the oversold region. Should the indicator fall below the -90 level, it may be a sign for traders to go long in their positions.

USD/JPY

Following the bearish trend late last week, technical indicators are showing that the USD/JPY may be due for an upward correction this week. Daily chart indicators, like the Relative Strength Index and Stochastic Slow, are showing the pair in the oversold region. Going long this week may be a wise strategy for the pair.

USD/CHF

Following the slight upward movement the USD/CHF experienced last week, technical indicators are showing that the pair may turn bearish in the coming days. The Williams Percent Range on the daily chart is creeping toward the -20 level. Should it go above this level, it may be a sign that the pair will stage a downward correction. Traders will want to keep an eye on the daily and weekly chart for further signs of bearish movement.

The Wild Card

Silver

Technical indicators are showing that silver may fall during the trading day today. The Stochastic Slow on the 8-hour chart has formed a cross above the upper resistance line, meaning that bearish movement could occur. Furthermore, the Williams Percent Range on the daily chart has entered overbought territory. Forex traders may want to go short in their positions today.

Source: http://www.forexyard.com/en/market-analysis/eur_corrects_itself_following_german_debt_auction-2012-01-05

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Fed: communications are changing | Bankrate.com

The Fed's tea leaves are set to become even less obfuscated in 2012.

At the January meeting of the Federal Open Market Committee, the Fed will launch a new strategy for communicating the path that interest rates might take, the minutes from the Dec. 13 meeting show.

This is what the minutes say:

The subcommittee on communications recommended an approach for incorporating information about participants? projections of appropriate future monetary policy into the Summary of Economic Projections (SEP), which the FOMC releases four times each year. In the SEP, participants? projections for economic growth, unemployment, and inflation are conditioned on their individual assessments of the path of monetary policy that is most likely to be consistent with the Federal Reserve?s statutory mandate to promote maximum employment and price stability, but information about those assessments has not been included in the SEP.

Each component in the SEP typically includes a graph which shows the range of the committee's individual projections.

Until this point, the Summary of Economic Projections has not included an interest rate forecast. Beginning this month however projections of the target federal funds rate will be added in order to provide more clarity to the public and financial markets.

The SEP released in January will "include information about participants? projections of the appropriate level of the target federal funds rate in the fourth quarter of the current year and the next few calendar years, and over the longer run; the SEP also will report participants? current projections of the likely timing of the first increase in the target rate given their projections of future economic conditions," the minutes show.

That means the previously stated target of mid-2013 for a rate increase could be shifting depending on the views expressed by individual committee members.

Accompanying the interest rate projections will be explanations of the factors on which they are based. Plus we'll get some information about expectations for the Fed's balance sheet. The decision to let the balance sheet reduce will be an indication that less easing is needed. It will be interesting to see how participant's thoughts on that are communicated.

But that's not all, the minutes from the December meeting show the subcommittee for communications hard at work on another innovation.

In the November FOMC meeting, a policy framework was discussed that would specify long-run inflation goals, clarify policy and interpret the path of the federal funds rate. The communications subcommittee caucused on that topic and brought a draft statement of the Committee's longer-run goals and policy strategy to the December meeting.

The minutes show that even though participants agreed that a statement like that could be helpful in clarifying monetary policy, it could also be confusing if it included the wildly varied opinions of individual members. The subcommittee on communications will come up with a revised draft for the January meeting.

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Source: http://www.bankrate.com/financing/federal-reserve/fed-communications-are-changing/

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Ball ties NCAA FBS single-season TD record

PASADENA, Calif. ? The merits of Montee Ball's record-tying touchdown season can be debated for years to come. But by NCAA rules, Ball is now on an even plane in the college game with Barry Sanders, one of the greatest running backs in football's illustrious history.

Ball scored a touchdown during Wisconsin's 45-38 Rose Bowl loss against Oregon to match Sanders' all-time single-season FBS mark of 39. The Badgers' junior sensation did so in a way that epitomized his season ? with a bruising three-yard run up the middle of the Ducks' defense with 10:52 remaining in the second quarter.

"It's been an honor, since Day One, being mentioned with him," Ball said of tying Sanders' 23-year-old record. "But as the game was going on, I was concentrating on getting the victory."

The 5-foot-11, 210-pound Ball, a Heisman Trophy finalist, finished Monday's game with 32 rushes for 164 yards and a touchdown. He also caught four passes for 51 yards. For the season, he rushed for 1,923 yards with 33 scores on the ground. He tallied six receiving touchdowns.

"The reason Montee got that record was he prepares and puts himself in a frame of mind going into every game this year as good as anybody I've ever been around," Badgers coach Bret Bielema said. "He's truly blessed with a lot of athleticism, but he got that record because of the way he works."

Some might point out that Ball needed 14 games to reach 39 touchdowns ? three more than Sanders. Sanders scored his 39 touchdowns in 11 games at Oklahoma State in 1988. And he added five touchdowns that season in the Holiday Bowl, but the NCAA does not include that game in his season statistics. Prior to 2002, bowl game statistics were not included in a player's single-season totals.

Sanders, for his part, seemed more than willing to embrace Ball as part of the club when Ball's score put Wisconsin ahead 21-14 in the first half against Oregon.

On Monday, Sanders tweeted, "Congrats @M_Ball28 ? I love that it was a go-ahead TD," after an earlier tweet saying that he hoped Ball would break the record on a game-winning touchdown.

Perhaps the biggest surprise to come from Monday's game was that Ball didn't actually break the record. He became the first player in FBS history to score at least two touchdowns in each of the first 13 games of the season. But Monday was the only game in which Ball did not tally multiple scores this season.

That fact did little to quell praise for Ball's spectacular season.

"The things that Montee has done for us have been incredible," Badgers offensive lineman Travis Frederick said. "Just having a guy back there that you can trust is going to hit the hole, he's going to go north and south, he's going to run to the right track, maybe he'll pull the linebacker over just two feet that you need him to step over.

"That helps us on the offensive line. There have been a lot of things that he's made up for that we screwed up. It's really nice to have a guy back there like that."

Ball said he will decide on his NFL future in the next few days, though it seems highly unlikely he will return. Wisconsin will be without star quarterback Russell Wilson, who has used up his eligibility, as well as offensive coordinator Paul Chryst. Chryst recently accepted the head coaching position at the University of Pittsburgh.

The decision for underclassmen to declare for the NFL draft is Jan. 15.

"I had a great season," Ball said. "I'll look back on this season, and if I decide to come back I'll make sure to carry this season forward."

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Source: http://feedproxy.google.com/~r/Foxsports/rss/CFB/~3/eQwVV-Uf6NU/Wisconsin-RB-Montee-Ball-ties-NCAA-FBS-single-season-TD-record-010212

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Fed shot dead was buying cancer meds for dad

The federal agent gunned down outside a Long Island pharmacy was buying cancer medicine for his father when he died foiling a robbery, relatives said.

?He never walked away from anything,? said James Capano, 82, the father of John Capano, 51, an explosives expert with the Bureau of Alcohol, Tobacco, Firearms and Explosives killed Saturday. ?He always got involved.?

?I don't know where he gets it from,? added James Capano, a retired NYPD detective. ?They say he got it from me.?

John Capano was shopping at Charlie?s Family Pharmacy in Seaford Saturday afternoon when the store was held up at gunpoint.

?I was going down to the store,? the elder Capano said. ?He said, ?No, I?ll go.??

?I should have gone,? he added. ?I?m just trying to accept it."

John Capano confronted the thief, identified Sunday as James McGoey, 43, of Hampton Bays, who was carrying stolen cash and OxyContin, outside the pharmacy.

Meanwhile, someone ran for help to the deli next door, and an off-duty NYPD cop and retired Nassau County lieutenant jumped into the action.

John Capano was shot in the mayhem. The robber then pointed his gun at the cop and retired lieutenant, sources said, and was fatally shot by one of them.

The names of the off-duty cop and retired lieutenant have not been released. They were uninjured but treated at a local hospital for trauma, officials said.

Investigators have been working to determine who fired the shot that killed Capano. FBI and ATF agents, along with Nassau County Police detectives, were in and out of the pharmacy Sunday.

?I have no idea,? James Capano said of the identity of his son?s shooter.

James Capano had planned to celebrate New Year?s Eve at his son?s house.

The family is grieving the death of James Capano?s wife of 57 years, Helen Capano, mother of John Capano. She died of cancer on Dec. 18.

James Capano said his son had volunteered to share his explosives expertise with military personnel in Iraq.

?He knew what he was doing, and he was the best one they had,? James Capano proudly said.

A tearful Rep. Peter King consoled the elder Capano on the blood-stained sidewalk outside the pharmacy New Year?s morning.

King?s wife was slain agent?s fourth grade teacher.

?I?ve known John Capano for years,? King said, recalling giving Capano an award for bravery during a four-month tour of Iraq and Afghanistan

?He had a unique personality, a great personality,? King said. ?Everybody loved him.?

King refused to speculate on how John Capano was killed.

?Unfortunately, I know all the people involved,? King said. ?Let?s wait for it all to come out.?

bpaddock@nydailynews.com

Source: http://www.nydailynews.com/news/federal-agent-shot-long-island-pharmacy-buying-cancer-medicine-dad-died-foiling-robbery-article-1.999455?localLinksEnabled=false

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TUAW Best of 2011: Vote for your favorite iPad productivity app

The nominations are in, and the poll is ready to go! The TUAW Best of 2011 awards are all about you -- the readers -- and what you think is the cream of the crop of Apple or third-party products and software. To vote, select one entry from the top nominations made by readers. We'll be announcing the winner in just a few days. Vote early and often!

TUAW is asking for your votes for the best iPad productivity app of 2011. This category pulled in the largest number of nominations so far in the Best of 2011, with two apps surprising the staff here at TUAW with the number of nominations they grabbed -- "Universal Translator" app Communilator Pro (US$2.99, also available in a free version) and Virtual Office Pro ($0.99).

The rest of the nominees are:

You have a couple of days to vote, and the winners will be announced on January 3, 2012. Let the voting begin!

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Source: http://www.tuaw.com/2011/12/31/tuaw-best-of-2011-vote-for-your-favorite-ipad-productivity-app/

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Golf Blogger :: Sports Authority January Coupon OFfer

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Hundreds of Iraqis cheer departure of U.S. troops

By The Associated Press
Published: December 31, 2011 Updated: December 31, 2011 - 12:00 AM

BAGHDAD --

Hundreds of Sunni Muslims gathered in Baghdad on Friday to celebrate the withdrawal of American forces, but in a sign of sectarian divisions that re-emerged immediately after their departure, Shiite Muslims did not join the event.

The celebration took place near the Abu Hanifa mosque, the main house of worship in the primarily Sunni neighborhood of Azamiyah in northern Baghdad. To secure the event, Iraqi troops blocked traffic on roads leading to the mosque and searched people approaching the area.

During the rally, men and children waved Iraqi flags and raised banners praising those who resisted the U.S. presence in Iraq.

"Baghdad is the castle of resistance," one banner read. "The deeds of the heroes are stronger than the weapons of the occupiers," read another banner.

Women threw chocolates to the crowd as a sign of joy.

In his sermon, the mosque's preacher, Sheik Ahmed al-Taha, accused the Americans of stirring up sectarian tension among Iraqis.

"The occupiers created the sectarian conflict as an exit from the quagmire they found themselves in when they were facing 200 military operations against them every day. By dividing Iraqis, the Americans made Iraqis attack each other instead of attacking them," al-Taha told worshippers.

The preacher also called on the government to demand compensation from America for the loss of lives and damage caused during the occupation.

The lingering sectarian divisions Iraq faces were clear during the prayer service and rally, which was almost entirely Sunni. Shiites had been invited to join the celebration but did not show up.

Shiites have given the departure of the U.S. forces a different name than the Sunnis have. Sunnis generally call it the "evacuation day," whereas Shiites refer to it as the "fulfillment day" as a way to show Prime Minister Nouri al-Maliki, who leads a Shiite-dominated government, fulfilled his promise to get all the troops out of Iraq.

The tensions between Sunnis and Shiites have deepened since al-Maliki's government issued an arrest warrant for the country's top Sunni politician. The government also is trying to push out another member of his government, leaving many Sunnis to question whether they will ever have a place in the Iraqi power structure.

In spite of the problems, some Sunnis were optimistic.

Omar Abdul-Aziz, 28, said the sectarian conflicts Iraq experienced a few years ago "won't be repeated because Iraqis now understand that sectarianism was planned by the occupiers."

Source: http://feedproxy.google.com/~r/tbo/nationworld/~3/RR5v5I7w3vQ/

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