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US Morning Notes - USD & JPY lower tracking a rebound in risk appetite

FX Highlights

• The USD and JPY start Wednesday's session lower pressured by improving risk appetite as global equity markets rally and the price of gold and crude trade higher, the World Bank upgrades China's growth forecast, GBP supported by report of rising consumer confidence and services PMI, UK services PMI at its best level in two years, EU PPI weakens for the ninth straight month, Fitch cuts Ireland's rating limiting EUR gains, commodity currencies mixed as gold trades at new record high and Australia's retail sales decline
• Focus turns to today's release of US ADP employment, non-manufacturing ISM and FOMC policy decision
• Japan's Finance Minister Fujii shows Japan will issue more bonds this year to cover the tax shortfall, Japan's October monetary base expands 4.4%, BOJ Governor Shirakawa says that interest rates will remain low, JPY lower
• Australia's September retail sales fall 0.2%, building approvals rose 2.7%, PSI rises 5.5 points to 54.8, AUD higher
• UK October nationwide consumer confidence rises to its highest level since April 2008 at 72, BRC October shop price index unchanged, October services PMI rises to 56.9 from 55.3, GBP higher
• ECB's Weber says liquidity measures will expire on their own, EU September PPI falls 0.4%, October services PMI rises to 53 from 51.1, EUR higher
• Challenger October job cuts were 51% lower than last year
• White House officials warn against withdrawal of stimulus too quickly
• Chrysler October autos sales -32.3%, Ford October auto sales rose 2.6%, Toyota sales fell 3.5%, Nissian sales rose 5.6%, GM sales rose 4%, Kia sales rose 45.3%, Auto sales for October 10.46mln
• J & J plans to cut 8,200k jobs and will save more than a $1bln
• US equity markets set to open higher, European equities 1.5% higher, Nikkei closed 41 points higher

Upcoming Events

• US - Wednesday, October ADP employment will be released expected at -190k compared to -263k last month along with October non manufacturing expected at 51.5 compared to 50.9 last month and the FOMC policy decision
• CAN - Wednesday , no major Canadian economic data is due for release today

Read More... [Source: Easy-Forex - News and Reports - Posted by FreeAutoBlogger]

Daily Forex Outlook - US Unemployment Rate passes 10%

CURRENCY TRADING SUMMARY - 9th November (00:30GMT)

U.S. Dollar Trading (USD) a surprise jump in the October Unemployment Rate to above the psychological 10% barrier kept the rebound in investor confidence contained on Friday with the stock market ending unchanged and the Dollar on the back foot. The actually figure of -190k was only slightly worse than forecasts of -175k but enough for commentators to agree that the Fed will not be raising rates in the next 6 months. In US Stocks, DJIA +17 points closing at 10023, S&P +3 points closing at 1069 and NASDAQ +7 points closing at 2112.

The Euro (EUR) traded briefly above the 1.4900 level as traders shrugged off the disappointing US jobs data to focus on the USD and US FED rates. Without heavy selling in the equity markets the Euro remained firm and closed at the 1.4850 level. EUR/JPY did struggle however as the Yen was broadly strong. September Industrial Orders were at 0.9% vs. 2.1% previously. Overall the EUR/USD traded with a low of 1.4815 and a high of 1.4913 before closing at 1.4846. looking ahead, German Trade Balance forecast at 11.5bn vs. 10.6bn previously.

The Japanese Yen (JPY) gained heavily against the dollar as the market began to once again favor the USD as the funding currency of choice. A weak US jobs number and lackluster equities meant crosses were at the mercy of the major and AUD/JPY and GBP/JPY slipped. Overall the USDJPY traded with a low of 89.62 and a high of 90.85 before closing the day around 89.85 in the New York session.

The Sterling (GBP) was very contained tracking the euro down then up again after the US data but sticking to a tight range. The Pair is struggling to gain above the 1.6600 level but is finding solid support below 1.6500. EUR/GBP is also staying in a tight range within the 0.8900 figure waiting for further direction. Overall the GBP/USD traded with a low of 1.6521 and a high of 1.6635 before closing the day at 1.6615 in the New York session.

The Australian Dollar (AUD) was very strong as the market seized upon hawkish comments in the Quarterly Monetary Policy statement to argue for faster rate rises. Also noted in the report was the help that the strong AUD was having in keeping inflation down. Overall the AUD/USD traded with a low of 0.9093 and a high of 0.9197 before closing the US session at 0.9174.

Oil & Gold (XAU) broke above the $1100 level briefly in the US session. Overall trading with a low of USD$1088 and high of USD$1101 before ending the New York session at USD$1095 an ounce. Fell heavily on concerns US consumer demand will be weaker as Unemployment grows. Crude Oil was down $2.19 ending the New York session at $77.43.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4702	1.4811	1.4870	1.4927	1.4959
USD/JPY	89.20	89.62	89.85	91.32	91.62
GBP/USD	1.6402	1.6467	1.6650	1.6693	1.6742
AUD/USD	0.8971	0.9026	0.9210	0.9218	0.9329
XAU/USD	1080.00	1084	1098.00	1101.00	1107.00
OIL/USD	75.00	76.50	77.80	78.00	80.00

Euro - 1.4870

Initial support at 1.4811 (Nov 5 low) followed by 1.4702 (Nov 4 low). Initial resistance is now located at 1.4927 (Oct 27 high) followed by 1.4959 (0.764 retrace of 1.5063-1.4624)

Yen - 89.85

Initial support is located at 89.62 (Nov 6 low) followed by 89.20 (Nov 2 low). Initial resistance is now at 91.32 (Nov 4 high) followed by 91.62 (Oct 29 high).

Pound - 1.6650

Initial support at 1.6467 (Nov 5 low) followed by 1.6402 (Nov 4 low). Initial resistance is now at 1.6693 (Oct 23 high) followed by 1.6742 (Sept 11 high).

Australian Dollar - 0.9210

Initial support at 0.9026 (Nov 5 low) followed by the 0.8971 (Nov 4 low). Initial resistance is now at 0.9218 (Oct 27 high) followed by 0.9329 (Oct 21 high).

Gold - 1098

Initial support at 1084 (Nov 5 low) followed by 1080 (Nov 4 high). Initial resistance is now at 1101 (Nov 6 high ) followed by 1107 (905.10 plus 1.618 of 864.97-990.00).

Oil - 77.80

Initial support at 76.50 (Intraday Support) followed by 75 (key Level). Initial resistance is now at 78 (Intraday resistance) followed by 80 (Key Level).


Read More... [Source: Easy-Forex - News and Reports - Posted by FreeAutoBlogger]

cotton bowl

DALLAS — Cotton Bowl Stadium has found a replacement for the namesake game that is moving to the new Cowboys Stadium.

The Dallas Football Classic at the 77-year-old Fair Park venue will debut on New Year's Day after the 2010 season with teams from the Big Ten and Conference USA.

The Cotton Bowl is moving this season to the Cowboys' $1.15 billion stadium in suburban Arlington. The Cotton Bowl on Tuesday extended its deal with the Big 12 through 2014 and plans to the same with the SEC.

The Big Ten will end a 14-year relationship with the Alamo Bowl in San Antonio after this season. Instead, the Big Ten will send teams to Dallas and the Texas Bowl in Houston, where a Big 12 team will be the opponent.

red river rivalry

First came the flyovers. Then the Big 12 tiebreaker that helped Oklahoma win the league title. A few months later in Austin there was — briefly — an asterisk.

The annual Texas-Oklahoma rivalry at the Cotton Bowl is always a grudge match. Saturday's game between the No. 3 Longhorns and No. 20 Sooners also carries national title implications and promises to be extra spicy after what happened last season.

Forgot? Here's a rundown.

Texas beat Oklahoma to vault to No. 1. A few weeks later, the Sooners, Longhorns and Texas Tech were in a three-way tie in the Big 12 South. The border battle then became the banner war.

A plane circled the stadium at Oklahoma's regular-season finale with a banner: "Texas 45 OU 35 — Settled on a Neutral Field." A few days later, a flying message over Austin teased Texas with "Hey Mack, quit whining. U knew the rules."

The Big 12 tiebreaker went to Oklahoma. The Sooners went to the BCS title game in Florida and Texas got bumped to the Fiesta Bowl.

Still seething months later, the Texas staff claimed the 2008 Big 12 title on the champions wall in the team complex, putting an asterisk next to the year before coach Mack Brown ordered it taken down.

So now Texas tries to tries to get revenge against a team it beat last season.

"I'm sure they're a little bitter," Oklahoma quarterback Sam Bradford said. "We're a little bitter that they beat us last year. I'm sure both sides are going to be pretty amped up come Saturday."

The Longhorns (5-0, 2-0 Big 12) insist they've put the past in the past and that Saturday is about trying to win league and national titles in 2009, not replaying 2008.

"OU had nothing to do with keeping us out," Brown said. "We lost at Tech. It was on us. We should have been mad at ourselves for letting it get out of the control of our own destiny."

The Longhorns opened this season at No. 2 eyeing three goals: the Big 12 and national titles and a Heisman Trophy for quarterback Colt McCoy. The first two are still in reach if they keep winning. McCoy's trophy campaign needs a boost.

McCoy, runner-up to Bradford for the Heisman last season, has 1,410 yards passing with 10 touchdowns but also has six interceptions. Some early missteps led to slow starts and the Longhorns managed just two offensive touchdowns in the first half of three games this season.

McCoy has played some of his best games against the Sooners the last three years and knows another big game could vault into the favorite's role again.

"These four games I've played in have been some of the most fun. They're the ones that you remember because of the tradition, the rivalry and what it means to your conference and your season," McCoy said.

Oklahoma (3-2, 1-0) and Bradford were in the mix for the same goals when the season started. Then Bradford hurt his throwing shoulder in the first game and missed the next three.

Bradford returned last week in a win over Baylor and looked good. The losses may have ended their national title hopes, but with Bradford back, the Sooners are very much in the hunt for a seventh Big 12 title in 10 years.

"How can he not make a difference? Last year he was the best player in college football," Oklahoma coach Bob Stoops said. "In the end, we're not talking about just any old guy. He's been pretty special over and over."

For McCoy and Bradford, it will be the last time the friends face each other on the field in college. McCoy is a senior and Bradford, a junior, will likely leave for the NFL after this season.

Brown said he's glad Bradford made it back in time to play Texas.

"I thought it would be great for college football if it was Sam and Colt again," Brown said.

Saturday will be the 104th meeting between the schools in a rivalry that dates to 1900. Since 1912, they have met in Dallas, about halfway between each campus.

The Cotton Bowl sits amid the rides, food and livestock shows at the State Fair of Texas, giving the game a carnival atmosphere unrivaled in college football.

The game kicks off at 11 a.m. local time but fans still come early to taunt each other while chewing on turkey legs, corny dogs and trying to stomach the latest fried concoction. This year, it's fried butter, a scoop of pure butter frozen and covered with dough.

"It was crazy," said Texas safety Earl Thomas, who was a freshman last season and got his first taste of the rivalry.

"You would think it's like 5 p.m., but it's 11 in the morning," Thomas said. "Everybody's out there being rowdy."

illegal alien halloween costume

How does an illegal alien Halloween costume get on a website "by mistake"? It is a question one might put to Target,

According to NBC Los Angeles, Target spokesperson Joshua Thomas stated that the offending Illegal Alien Halloween costume was being removed after Target had received several complaints regarding it. Of course, it probably did not help that a civil rights group, the Coalition for Humane Immigrant Rights of Los Angeles, also asked Target to remove the Illegal Alien Halloween costume from the website.

The Illegal Alien Adult Costume pictured on the website offers the description: "He didn't just cross a border, he crossed a galaxy! He's got his green card, but it's from another planet! Sure to get some laughs, the Illegal Alien Adult Costume includes an orange prison-style jumpsuit with 'Illegal Alien' printed on the front, an alien mask and a 'green card.'"

Thomas also told the Associated Press that the offending costume was never intended to be sold by Target but was placed among the Halloween costumes offered online by mistake.

The Illegal Alien costume did not get a laugh out of Angelica Salas, Director of the Coalition for Humane Immigrant Rights of Los Angeles, who asked Target to remove the Halloween costume. She said that it was "distasteful, mean-spirited and ignorant of social stigmas and current debate on immigration reform.

state college area school district

School districts in the rural Itasca County area already know how to cope with difficult times. Schools here have faced declining enrollment, and thus declining revenues from the state, for more than a decade.

While watching student enrollment numbers edge downward each fall has presented its challenges, it also offered opportunity to work together in ways that 20 years ago would have seemed unfathomable.

Rural school districts in this area, including Grand Rapids, Greenway, Nashwauk-Keewatin, Deer River, Remer, Floodwood and Hill City, began working together collectively in 1987 as the Quad County Telecommunications Project. Then the focus was simple: making interactive television studios a reality for rural education.

In 2005, the school districts, joined by Itasca Community College, reorganized as the Itasca Area Schools Collaborative (IASC). The group re-launched with a greatly expanded mission dealing with: declining enrollments, strained budgets, high poverty, stagnant or declining state aid funding, the need to maximize resources, the declining ability to provide recovery, remedial or elective classes, and the need for data-driven decisions. In short, IASC’s redefined focus dealt with many of the same issues that face rural communities as a whole.

Grand Rapids School District Superintendent Joe Silko, a 2004 alumnus of the Blandin Educational Leadership Program, said one of the main benefits of membership is that districts can choose whether to participate in any given initiative. “It’s a menu-driven approach,” he said.

The umbrella IASC is a pick-and-choose model for member educational institutions, but there is plenty on the menu. Some of the collaborations include: Project Lead the Way, a pre-engineering curriculum offered at the high school level, a shared fiber network, cost savings through combined staff development and textbook purchasing and combining resources to greatly expand community education offerings. IASC also fed into northeastern Minnesota’s Applied Learning Institute, a workforce development collaboration of 16 school districts and five community colleges.

Rochelle Van Den Heuvel, a 2008 BCLP alum and former Greenway superintendent, said the greatest benefit of the collaboration has been to students. “I believe the value to Greenway is significant both in financial savings as well as being able to provide increased opportunities for students in the district,” she said. “As a district moving to get out of statutory operating debt, we were reducing core and elective courses as well as staff development options. Through IASC partnerships and programs, we were able to continue, or bring back, some of those opportunities.”

“The relationships that have been established through IASC have enabled changes to happen more quickly,” added Mike Johnson, a 2004 BCLP alumnus, ICC Provost and Blandin Foundation trustee. “The social capital that has developed has allowed a crisis to create opportunities. Reality is upon us and we have the trust and willingness to make bold moves to enhance educational opportunities for students.”

The collaborative approach has not only been successful but it also is beginning to expand. An IASC online learning collaborative, VITAL, merged with a Brainerd-based online learning group last year to become Infinity Online Learning. The new online learning group is comprised of 35 member school districts.

Through Infinity, about 900 students from IASC member districts were able to take courses from about 50 offerings during the 2008-2009 school year. There was a much wider spectrum of offerings available through Infinity than ever would have been possible for any small school district operating on its own.

“Through Infinity, we can offer everything from intermediate to advanced coursework in a number of areas,” said Joe.

“We have a responsibility to improve the quality of education for all students in the region, not just the pupils in our individual districts,” said Joe.