Ackman asks J.C. Penney to replace CEO Ullman

Submitted by Keshav Seth on Sun, 08/11/2013 - 15:42. 

• Retail Sector
 
• Featured
 
• TNM
• William Ackman
 
• J C Penney
 
• United States

Billionaire hedge fund manager, William Ackman has asked the board of directors of struggling retailer, J. C. Penney to replace CEO Myron Ullman.
Ackman is himself a member of the board as his Pershing Square hedge fund is the biggest shareholder in the company with an 18 per cent stake in the company. He warned that if the board does not move to remove Ullman from the top job, he would sell his 18 per cent stake in the company.
The spat between the investor and the board become public after a letter sent by Ackman to the board asking them to replace Ullman soon, found its way to the media. Ullman was brought back into the company to help revive the troubled retailer. Ackman has bought in Ron Johnson, a former Apple employee to push Ullman to a corner. However, the retailer was not able to revive its business under Johnson.
As a response Thomas Engibous, chairman of J. C. Penney’s board said that rd “strongly disagrees with Mr. Ackman and is extremely disappointed that his letter was released to the media at the same time that it was sent to the Board.” The board described his behaviour disruptive and counterproductive at a time that is important for the company. Ackman has now said that the board has ceased to function properly and he has lost confidence in board chairman Engibous.

30-year loan edged up to 4.40 percent, says Freddie Mac

Submitted by Malini Ranade on Sun, 08/11/2013 - 15:48. 

• Real Estate
 
• Featured
 
• TNM

Mortgage buyer Freddie Mac has said on Thursday that the 30-year
mortgage rate increased to 4.40 per cent from 4.39 per cent in the
previous week, indicating some stability in the market ahead of the
proposed liquidation by the government of two major mortgage firms.

The average interest on the 15-year fixed loan was unchanged at 3.43
per cent. Experts have said that if the plans to liquidate
government-controlled mortgage guarantee giants, Fannie Mae and Freddie
Mac are implemented, and the mortgage rates are expected to up in the
US economy. US President Barak Obama is working on measures to ensure
that the 30-year mortgages are widely accessible to the US public,
which is not generally available in other countries.

A group of senators in the US congress are set to complete a plan to
liquidate Fannie Mae and Freddie Mac (FMCC) and replace the failed bank
with a government reinsurer of mortgage securities with private
capital. The two firms, which were rescued by a $187 billion taxpayer
bailout during the financial crisis, now guarantee 30-year mortgages
for generations. Most banks appear unwilling to offer loans for such
duration without any backing from the government.

The new plan would require private financiers to accept first-loss
position for covering steep losses, according to the draft of the plan.
The senators are planning to introduce the plan within this month for
the plan to be implemented soon.

It’s been awhile since I was able to say this: The Australian dollar was the best performer this week

by Adam Button

AUD/USD longs were the best trade this week, gaining 3% or 291 pips. It was impressive gain after months of declines but it still wasn’t enough to wipe out the losses last week.

Technical analysis for NZD/USD on 09.08.13

AUTHOR: ARTEM HELIUM

The NZD/USD continues to rise after crossing a strong resistance level of 0.8000.

Direction	Period	Expected price dynamics	Price movement corridor
↑↓	1 day	≈105 pips	Max. 0.8160 Min. 0.7860

If the price holds above 0.8000, the uptrend is likely to continue its move up with a target set at a strong resistance level of 0.8105.

Alternative forecast

Should the price breach the support level of 0.8000, this may start a short-term correction, which will be possible after the pair forms a reversal at around 0.8000. In this case, a potential target for the bearish move will be set at 0.7910 – 0.7910.

Technical analysis for USD/JPY on 09.08.13

AUTHOR: ARTEM HELIUM

A quick fall of the dollar against the Japanese yen graduated into a small correction to the strong resistance level of 97.00.

Direction	Period	Expected price dynamics	Price movement corridor
↑↓	1 day	≈145 pips	Max. 98.60 Min. 94.00

The move to 97.00 was changed into a sharp pullback down, which may mean a continued bearish trend with the target at the support level of 95.00. In addition to the decline in the USD/JPY, the U.S. dollar is still weakening against the major currencies, like the EUR, GBP, AUD and the NZD.

Alternative forecast

Breaching up the resistance level of 97.00 will give the opportunity for short buying at 97.65. Moving to 97.65 will result in consolidation or a rebound to 97.00.

Technical analysis EUR/USD, GBP/USD and USD/JPY 8 August 2013

AUTHOR: ARKADY NAGIYEV

EUR/USD

It looks like the market has chosen the bullish forecast: the price returned to the resistance level of 1.3340/50 and is now testing the strength of this level. The pair is trading at around 1.3345/50. The indicators show the growth resumption. Obviously, this gives reason to expect that the price will reach the target at 1.3410/20. At the same time, a strong resistance in the current price area warns of a pullback down from the current levels. The divergence on the MACD is one of the signals confirming such possibility. Should the price cross the support of 1.3300 and consolidate below, this will indicate a change in the sentiment.

GBP/USD
The bearish move to the supports at 1.5300/1.5280 and 1.5240 resulted in a false breakdown. The price has quickly pierced at these levels, mentioned as the key levels on the way down. The subsequent growth resumption pushed the price up above the resistance at 1.5400/1.5390. Now the price is testing the level of 1.5520/30, mentioned earlier as the next target for rising. The indicators already show the bullish sentiment. Obviously, this situation can be considered as growth resumption; the next target is likely to be set at 1.5570/80 or even a bit higher, at 1.5610/20. Should the pair fall below 1.5380/1.5400, this will open the way for a move down.

USD/JPY

The support at 97.60/70 did not resist the bearish pressure. The price continued to fall and is now trading at 96.30/40. The indicators clearly support a continuing decline. At the same time, the current price area shows many strong supports. One of such supports at the level of 96.00/10 indicates a high probability of stopping a fall down. This forecast is confirmed by smaller time frame (H1), where you can see the divergence on the MACD. Obviously, the price may start its consolidation in the range of 97.00/20 – 96.00/10. At the same time, the end of the move down can be discussed only after the price correction. Meanwhile, the bears will have enough strength to test the support at 95.50/60. Should the price rise above 98.20/00, this will signal the uptrend resumption.

EUR/JPY Signal Update - August 8, 2013

• 08 August 2013 10:08 AM GMT

By: Fahad khaliq

Update to yesterday's EUR/JPY short signal: the level of 130.14 was not hit and the signal expired at Midnight GMT yesterday.

D20P FOREX SIGNAL 08 AUG 2013 RELEASED 01.26 GMT

D20P BUY B GBP/USD 1.5448

take profit 1.5468

stoploss 1.5418

DAILY20PIP.COM ADVICE : BULLISH MARKET AHEAD

SIGNAL VALID FROM 6.00 GMT - 18.00 GMT

Technical analysis for GBP/USD on 08.08.13

AUTHOR: ARTEM HELIUM



The GBP/USD broke above a strong resistance level of 1.5385, which was the correction maximum (61.85 Fibonacci level from the high of 1.5750) and approached the weekly downtrend line at 1.5525, amid increasing volume.

• Direction	Period	Expected price dynamics	Price movement corridor
  ↑↓	2 days	≈230 pips	Max. 1.5800 Min. 1.5200

  

  The possibility of further rise is very high, amid positive correlation on the EUR/USD, which also continues to rise, while the bullish signals remain dominant. First, the pair should cross the downtrend line 1.5525 to open the way to 1.5585. Should the pair cross the resistance level of 1.5585, this will support short-term buying with the target at 1.5720.

  Alternative forecast

  

  Should the price kickback from the downtrend line 1.5525 or the resistance level of 1.5585, this will signal a return and a short-time reversal in the market. A bearish target will be set at the support level of 1.5385.
  TAGS: GBP/USD

Technical analysis for EUR/USD on 08.08.13

AUTHOR: ARTEM HELIUM




The EUR/USD breached and fixed above the downward trend line and a strong resistance level of                        1.3300, which held back the price rise for over two weeks. 

                       

                                     

• Direction	Period	Expected price dynamics	Price movement corridor
  ↑↓	1 day	≈130 pips	Max. 1.3585 Min. 1.3185

  

  Since the bulls have crossed the major obstacles, the bulls can easily raise the price to the nearest resistance level at around 1.3395. This level will be reached on declining volume, which may result in a deep retest with a price reversal. If the level of 1.3395 does not hold back the rise, further move up will lead the pair to 1.3420, 1.3460.

  Alternative forecast

  

  Should the pair return to the support level 1.3300, this will signal of a reversal in the bullish trend. The closest target for the fall is the support level of 1.3240 in the uptrend channel; breaching below this level will open the way down to a strong support level of 1.3185.
  TAGS: EUR/USD

TOP GLOBAL MARKET STORIES

FX: Impact of US and CAD Trade, Where RBA wants AUD

By DailyFX on Aug 6, 2013 01:47:21 GMT

By Kathy Lien Better than expected U.S. economic data and hawkish comments from Atlanta Fed President Lockhart failed to provide much support to the greenback.  The U.S. trade balance reached its best level since October 2009 and yet the dollar barely budged.  Investors were not impressed that the trade deficit narrowed 22.4% to -$34.2 billion [...]

TOP TRADE IDEAS

Top Trade Idea for August 6th, 2013 – GBP/AUD

By Brenda Kelly on Aug 6, 2013 01:38:47 GMT

The RBA has acted on the signals, this morning cutting its main cash rate by 25 basis points to a record low of 2.5% in an effort to stem the economic decline. This move should help to ease pressure on the domestic industry and also help to life miners out of the current slump particularly [...]

GLOBAL MARKET COMMENTARY

Chart of the Day for August 6th, 2013 – USD/JPY

By DailyFX on Aug 6, 2013 01:49:35 GM

By Ilya Spivak

Prices slipped below support-turned-resistance at 98.85, the June 3 low, exposing the 38.2% Fibonacci expansion at 97.72. A further drop below that eyes the 50% level at 96.54. Alternatively, a move back above 98.85 eyes a falling trend line set from the May 22 swing high, now at 99.73.

Forex Market Trends

Forex Market Trends

	EUR/USD	GBP/USD	USD/JPY	USD/CHF	AUD/USD	EUR/GBP
Daily Trend
Weekly Trend
Resistance	1.3370	1.5380	99.10	0.9360	0.8980	0.8760
	1.3350	1.5360	98.90	0.9340	0.8960	0.8740
	1.3320	1.5330	98.60	0.9310	0.8930	0.8710
Support	1.3260	1.5270	98.00	0.9250	0.8870	0.8650
	1.3230	1.5240	97.70	0.9220	0.8840	0.8620
	1.3210	1.5220	97.50	0.9200	0.8820	0.8600

Turkish lira weakens after inflation accelerates in July

ISTANBUL, Aug 2 (Reuters) - The Turkish lira weakened against the dollar on Monday after annual inflation neared 9 percent in July, boosting the case for further tightening of monetary policy.
The lira was at 1.9333 to the dollar at 1430 GMT having hovered around the 1.9258 mark in the morning, before the July inflation data was released.
Consumer prices rose 0.31 percent month-on-month last month, in line with a Reuters poll forecast of 0.30 percent, for a year-on-year acceleration of the inflation rate to 8.88 percent from 8.30 percent in June, the Turkish Statistics Institute said.
The yield on Turkey's 10-year bond barely moved, inching up to 8.92 percent from 8.91 percent late on Friday in quiet trade ahead of an extended holiday starting on Wednesday afternoon to mark the end of Ramadan.
The main Istanbul share index was up 0.24 percent at 74,211 points, slightly outperforming the wider emerging markets index which rose 0.14 percent.

(Reporting by Dasha Afanasieva; Editing by Nick Tattersall and Stephen Nisbet) Keywords: MARKETS TURKEY/CLOSE
(Dasha.Afanasieva@thomsonreuters.com)(+90 212 350 7051)(Reuters Messaging: Dasha.Afanasieva.thomsonreuters@thomsonreuters.net)

Featured Chart

Chart of the Day for August 5th, 2013 – USD/CHF

By DailyFX on Aug 5, 2013 12:36:52 GMT

By Ilya Spivak

Prices broke higher, completing a bullish Falling Wedge chart pattern and exposing the 23.6% Fibonacci expansion at 0.9374. A push above this barrier targets the 38.2% level at 0.9465. Wedge resistance-turned-support is now at 0.9250, followed by a trend line set from February at 0.9235.

Weekly Losses of Sterling Limited by Positive Fundamentals

 August 03rd, 2013 at 11:24

 Great Britain Pound

The Great Britain pound weakened this week against the US dollar and the euro, but losses were limited because of favorable fundamentals. The currency was also falling versus the Japanese yen, but managed to rebound by the weekend.

Rates

EUR/USD Dips as ECB Holds Rates

 August 01st, 2013 at 13:33

 Euro

The euro sank against the US dollar after the European Central Bank maintained interest rates and suggested that monetary policy will remain accommodative for a long time. The currency managed to gain against some other majors, including the Japanese yen and the Swiss franc.

FEATURED ARTICLE

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Market Trends

• Forex Market Trends

	EUR/USD	GBP/USD	USD/JPY	USD/CHF	AUD/USD	EUR/GBP
Daily Trend
Weekly Trend
Resistance	1.3295	1.5200	100.40	0.9450	0.8995	0.8820
	1.3275	1.5180	100.20	0.9430	0.8975	0.8800
	1.3245	1.5150	99.90	0.9400	0.8945	0.8770
Support	1.3185	1.5090	99.30	0.9340	0.8885	0.8710
	1.3155	1.5060	99.00	0.9310	0.8855	0.8680
	1.3135	1.5040	98.80	0.9290	0.8835	0.8660