RED ALERT: FX Dislocation In Process

Originally posted by Allegory of Illumination
Well I guess it's not as bad as you guys were saying??
It's been 12 min since UK market opened right?
No one is pulling out their hair or dropping bombs on this thread.
I hope everythings not as bad as we might have thought

Not sure what you are watching but right now the Polish zloty, Hungarian forint and the Czech koruna are all taking a beating

FWIW:

From the news wires:

Concerns over the financial sector in Europe - where Moody’s warned over Eastern banks’ troubles potentially impacting their Western “parents” with possible credit rating cuts - translated into steep losses in the Euro. Single currency bearish bias was also magnified by earlier comments from German Finance Min Steinbrueck warning that Ireland is in a difficult spot and may need a coordinated Euro Zone rescue, sending EUR/USD down to levels not seen since December 8th. A breach of 1.27 February support in EUR/USD unleashed a technical wave of USD buying, sending the pair below 1.2650. GBP and CHF followed suit to multi-session lows against USD, with the former falling below 1.42 and USD/CHF rising to 1.1740.

Spot Gold is trading sharply higher in Asia, after moving to a fresh 7-month high earlier during the session. Some dealers noted that stops were triggered after $950/oz was breached on financial sector concern from Europe. In other gold related news, Russia’s first Deputy Chairman Alexei Ulyukayev noted that the country central bank’s gold holdings increased and that Russia was seeking to continue this tendency this year.

Can anyone give a quick update on what's happened in this thread? I'm abit to tired to read all the posts.

reply to post by Tentickles


We watched the Asian markets buy up a ton of US Dollars, which devalued a lot of Asian currencies, having no idea what sparked the immense purchase of USD.

Now we are trying to keep an eye on Eastern Europe (which is KNOWN to be in financial trouble) to see if the currencies there also devalue

reply to post by redhatty


That's okay, it doesn't take a much more complex answer than that.

Well that answers a lot of questions. Still doesn't please me very much to know that the whole monetary system is essentially handled by people like Maddof.

So I guess the only thing to do is to work your butt off and gain financial independence and be very smart with your money.

Man the all of the Asian markets are getting killed.

reply to post by redhatty


Thanks for the update. I got through 3 pages before my eyes started to bleed from the information.

Keep up the good information, I'm watching the market as well now.

reply to post by Hastobemoretolife


Stay out of debt, save and then buy, and produce something - even if it is only in your own vegetable garden

Then help your friends and family do the same thing

BTW ON topic: new daily lows on GBP/USD, EUR/USD, USD/PLN

Edit to add on topic

[edit on 2/17/09 by redhatty]

reply to post by redhatty


Will do. Kind of figured the only way to really fight them is to play them at their own game.

I guess it doesn't really matter what your credit score is if your legit and can pay for whatever it is you want in cash.

I have yet to see anybody turn down a sell no matter how big it is as long as the person has the cash.

what realtime websites do people here use, to track financials?
Im usually on CNN or yahoo, but they tend to lag.

anyone throw me a good link so i can watch it for the rest of my working day?

Originally posted by OBE1

Forex failure continues in Poland

Polish authorities’ apparent reluctance to intervene is really beginning to worry analysts who believe the best solution is some sort of coordinated forex intervention, ideally with other Eastern European states.

Text

Event driven...possibly, official sector intervention.

Watch the Eastern European Exchanges...open around 2am ET.

*Time delayed quotes*

GL

Ref: JSMineset

Well it appears the above foreign currency exchange site is down.

Something sure must be going on for the servers to crash like that.

[edit on 17-2-2009 by TH3ON3]

It's not open yet, it opens at 3AM Eastern.

So don't panic yet. 23 minutes to doom.

Originally posted by Agit8dChop
what realtime websites do people here use, to track financials?
Im usually on CNN or yahoo, but they tend to lag.

anyone throw me a good link so i can watch it for the rest of my working day?

unless you have a real-time trading account you will have a lag

But you can open a free "play money" account on www.thinkorswim.com where you can see the charts and volume (on stocks, not currencies)

Just takes a little bit of time to learn all the controls if you've never had a trading account before

For those that do not have it:

FXSTREET.COM


East European and other currency exchange ticker.

reply to post by Vitchilo


Oh, is the link bad?, cause it's not connecting.

Anyone know another link to watch the trading on?

The question still remains.
WHO?
I'm all over this and not much in the MSM

The link is working again now, no change to anything yet though

reply to post by TH3ON3


USD/PLN (Feb 17 at 07:41 GMT)
3.8736/36 (2.44%)H 3.9107 L 3.7718S3 S2 S1 R1 R2 R3
3.8556 3.8712 3.8869 3.9181 3.9338 3.9494
[?]Trend Index [?]OB/OS Index
Strongly Bullish Neutral
Data updated on Feb 17 at 07:40 (15-minute timeframe)

[ View USD/PLN technical studies ]

Someone who knows what's going on please keep an eye on this for us non currency tradin noncoms.

Oh, and splain it please lucy. I don't get all the 287/$%$#@ stuff!



[edit on 17-2-2009 by TH3ON3]

I just read this whole thread... is there any possibility that the unaccounted for money from the first bailout was flipped a few times over into different currencies to make money and is now being used to buy up USD?
Its a stretch for sure.. but AIG, one of the main companies that received money from the bail out, is known to be scandalous... Here is just one example "Investigators believe that AIG may have goosed its financial performance with dubious transactions and improper accounting." in 2005 www.businessweek.com...

You all remember back when AIG refused to tell us what they did with the money right? In regards to the 150 billion dollars they received... "“You don’t just suddenly lose $120 billion overnight,” said Donn Vickrey of Gradient Analytics, an independent securities research firm in Scottsdale, Ariz." www.nytimes.com...

Anyways... is the above possible

Edit to add - Someone back in the thread said that doing these types of transactions is very risky.. so doing it with our money instead of their own limits the risk so that if they mess up we just loose our money and they owe us it.. but they could just file bankrupcy right?? Anyways.. could someone answer the above question?

[edit on 17-2-2009 by danman23]

I find Charts much more effective in telling a story

For an easy explanation see this post