| Derek Frey's Outlook
Derek Frey, Head Trader at Odom & Frey Futures Options and FOREX, will walk you through his weekly FOREX newsletter and offer you extensive insight into how, where, and why he feels the currency markets will move for the week ahead. The great part about this is, it is an open session in which he will answer any and all market related questions, giving you the chance to pick the brain of an experienced trader.Derek has been trading for over 15 years and specializes in Options. He has been a regular contributor here at FXstreet.com since 2004.Join him free and find out why traders around the world listen to his opinion every week. Who is Derek Frey? Derek Frey has been a futures trader since 1989 and is Head Trader and partner at Odom & Frey Futures & Options, a firm that specializes in high probability, defined risk option spread trades for the futures markets.
Shipping chief denies key role in collapse of dry bulk rates
One of the most controversial figures in world shipping markets has denied playing a pivotal role in the past few weeks' decline of dry bulk shipping rates, saying it resulted from fundamental market changes. Nobu Su, whose privately held Taiwan Maritime Transport is the largest participant in shipping futures markets, responded to the suggestion through a London-based spokesman. .
MCX to support Microsoft's rural technology training programme
MUMBAI: Multi Commodity Exchange of India on Thursday announced its support to an ongoing computer literacy programme of Microsoft and Indian Society of Agribusiness Professionals in rural Maharashtra.
This marks the launch of MCX's Corporate Social Responsibility initiative aimed at empowering the youth and women of rural areas of the state with technology skills.
Till now over 15,500 people have been trained and more than 24,000 people are using this service across 16 districts by the means of understanding the futures markets prices of the area specific commodities.
MCX's support will help in increasing deployment of laptop and desktop computers and thereby strengthen the ongoing technology training and adoption efforts through the project.
Dollar - How Low Will The Fed Go?
Nevertheless, the yen may have an opportunity to gain this week, as risk aversion trends remain the primary driver of the low-yielding currency. As a result, traders should keep an eye on global stock markets, as a plummet in equities could push USDJPY back down towards 109.00. – TB Can Cable Hold Above Critical Support at 2.02? Last week we questioned whether the Bank of England would opt to cut rates in December, and indeed, they did. The BOE cut rates by 25bp to 5.50 percent for the first time in more than two years, in line with what futures markets were pricing in but against consensus estimates of economists polled by Bloomberg News. In the bank's policy statement, the MPC noted that signs had emerged that growth has started to slow, and that downside risks were mounting as "conditions in financial markets have deteriorated and a tightening in the supply of credit to household and businesses is in train." Meanwhile, the BOE judged that inflation would hold above target in the short-term, but that a slowing of demand growth would pull inflation "back to target in the medium term." The minutes of this meeting will be published on December 19, but with Cable bouncing from critical support at 2.02 following the decision, the markets have judged the BOE's statement as somewhat neutral as the MPC is not likely to continue easing monetary policy in January given inflation risks.
Pressure mounts for new controls on oil futures speculators
Sean Cota runs a family-owned fuel oil business in Bellows Falls, Vt., and has been active in the futures markets for 20 years, locking in prices to protect both himself and his customers. But over the past five years, he has watched in amazement -- and growing anger -- as speculators flooded into the market. It has created tremendous volatility and, he believes, driven up prices for crude oil, heating oil and a host of other commodities. As prices hover near record levels this year, his customers are bearing the brunt -- turning down their thermostats, taking longer to pay their bills and even using credit cards to pay for home heating. "All of these things are having a huge impact on people for something that is just not justified by supply and demand," Cota said.
Major grain merchandiser does away with HTAs
DTN Markets Blogger Pat Hill reports Thursday that the Andersons will no longer write hedge-to-arrive contracts for grain for delivery after August of 2008.
Hedge-to-arrive contracts are forward contracts that don't set the basis until a later date. When basis is wide, that's often a good deal for ag producers. But given the increasingly speculative nature of futures markets, it's become harder and harder for grain merchandisers to hedge that basis risk.
According to the DTN story, there aren't any other major grain firms that have sworn off on hedge-to-arrive contracts yet. But some have reportedly increased fees for those contracts.
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