FXCM MENA Wins Online Trading Summit Award for “Best Execution House”
BEIRUT, November 28, 2010 /PRNewswire/ — FXCM MENA (Forex Capital Markets Middle East & North Africa) (http://www.fxcmmena.com/en/index.php) is proud to have been the main sponsor of the Online Middle East Trading Summit & Awards 2010. ( http://www.meotsummit.com/) Held at the Jume
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Republicans Claim Control of House
Republicans leaders said they won control of the House as Democrats managed to retain their majority in the Senate following months of voter discontent over the economy and government policy.
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China Pledges to Balance Trade as U.S. House Prepares Tariff Vote
Washington, D.C., United States (AHN) – The Chinese government announced Wednesday it would allow the value of its currency to rise one day before a vote in Congress on whether to penalize countries that undervalue their money.
China will “further improve” its currency exchange rate and “increase the flexibility” of the yuan, the People’s Bank of China said in a statement on its Web site.
U.S. economists accuse China’s government of subsidizing its currency exchange rate to make it artificially low compared to the currency of the United States and other countries.
As a result, its manufactured products can be sold internationally at lower prices compared with competitors.
Some members of Congress say the undervalued Chinese currency is unfair competition that is forcing American manufacturers out of business and has cost millions of jobs.
A bill in Congress would allow American companies to petition the U.S. government to impose tariffs on the products of any country with undervalued currency, such as China.
The bill is set for a vote Sept. 30 in the House of Representatives. The Senate plans to vote on its version of the same bill after the November elections.
“The bill we vote on this week will help level the playing field for American businesses and workers,” House Majority Leader Steny Hoyer (D-Md.) said in a speech Tuesday.
However, a new Congressional Budget Office report questions whether the proposed legislation would be effective in equalizing trade between China and the United States.
Some economists say China’s undervalued currency helped it surpass Japan this year as the world’s second largest economy. China beat out Germany last year as the biggest exporter.
Chinese government reforms would “enhance exchange rate flexibility against the backdrop of a recovering global economy,” the People’s Bank of China announcement said.
However, it gave no details of the planned reforms.
Some members of Congress are skeptical of the Chinese government’s sincerity.
In June, the Chinese made other pledges to stop underwriting the value of their currency.
Since then, the value of the Chinese yuan has risen only 2 percent while the value of the U.S. dollar declined amid ongoing economic problems.
During congressional hearings in recent weeks, economists said China’s exchange rate has contributed to the high U.S. unemployment rate, which stands at 9.6 percent.
Congress is under pressure from voters and industry to create more jobs.
The Precision Metalforming Association, a trade group of small auto-parts makers, said in a statement this week that China’s currency exchange rate “gives an unfair and illegal advantage to our overseas competition.”
China’s central bank did not mention the pending congressional bill in its announcement Wednesday of currency reform measures.
The new value of the yuan would be “based on market supply and demand with reference to a basket of currencies,” the Web site announcement said.
If Congress does approve the trade bill, the new tariffs are likely to raise only $20 million a year, a Congressional Budget Office report released this week said.
The $20 million a year is tiny compared with the $1 billion per day China imports into the United States, the report said.
“Many [Chinese] imports do not injure domestic firms because there are no competitors currently operating in the United States,” the Congressional Budget Office report said.
U.S. businesses that previously made the products already have shut down after being overwhelmed by foreign competition.
As a result, there are likely to be few U.S. manufacturers who would petition for the U.S. government to impose tariffs on Chinese competitors, the Congressional Budget Office reported.
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Forex Dealers In India – Forex Broker Houses Are Key Players in Forex Trading
Though Stock Market and Share trading is an age old practice, Forex trading has gained importance since last couple of decades. Forex trading involves trading of foreign currencies in the financial market. Foreign exchange market primarily helps international businesses to transact the currencies or in other words, convert the currencies. Since Forex involves the currencies for the countries worldwide, it is a market which operates 24X7. Because of the given nature of the trading involved, it is imperative to have managed currency trading. Possibly one of the reasons why central banks, Hedge funds, investment agencies, etc are active participants in the Foreign Currency trading exchange.
Forex Trading is unique in itself because of the huge volume of liquidity involved. A small change in the currency value would give a higher return only if the investment is high. So players in the Forex market trade using high volume of money. However, the Forex is somewhat different and complex than that of stock trading. There are lots of broker houses involved in Forex trading. The advantage is that these Forex brokers act as advisors or dealers on behalf of the retail customers and to an extent contribute to have a managed currency trading. Forex Dealers In India
The brokers try to get a good deal for the customer by trading at the most profitable price and in turn charge a commission for the trade they do on the customer’s behalf. These houses also provide Forex trading tips based the technical aspects of the Forex trading by considering the apparent patterns and studying price chart movements. Since huge liquidity is involved, the broker houses that have the authorization to trade in the currency market woo the customers and go head on in the competition. And then each house wants to be the Best Forex Broker and entice the customers. The Broker houses attract the customers to open accounts with their own houses which do professional Forex account management. Year after year, some broker house is chosen as the Best Forex Broker by experts in the Currency trading market.
The broker houses then sell the Forex Tips for a cost to the small broker houses and the currency traders. If you have equity shares with a broker house, you might as well get a margin for Forex trading, depending on your equity portfolio.
Though broker houses provide Forex trading tips for a cost, sometimes, retail customers may not be so well versed with the intricacies and the price movement of the currencies, it is advised that broker houses be used. A small change in price is what is seen in the currency market and these are very much dependent on the Economic changes, international events, central bank decisions, etc. Forex Dealers In India
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