Economic Projections of Federal Reserve Board Members

Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents, April 2012
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U.S. Durable Goods Down Sharply Falling 4.2 Percent In March

New orders for durable goods in the U.S. for March fell at the largest rate in several years, according to figures released Wednesday by the Commerce Department. Advance estimates of new durable goods orders for the month came in at $202.6 billion, a 4.2 percent decrease from February levels, marking the largest monthly decline since January 2009.
Most economists had predicted durable goods orders to fall from February levels but the market generally expected a much less severe drop of around 1.5 percent.
New orders of durable goods outside of the transportation sector were also down, falling 1.1 percent.
Overall non-defense orders for new durable goods fell 4.6 percent in March, the largest drop since August 2009.

Malaysia Feb. Jobless Rate At 5-Month High

Malaysia's unemployment rate increased to the highest level in five months in February, after falling in the previous month, data released by the Department of Statistics showed Monday.
The unemployment rate increased to 3.2 percent in February from 3 percent in January. The latest figure was the highest since October 2011. In February 2011, the jobless rate was 2.9 percent.
The number of unemployed persons in the country increased to around 402,200 in February from about 385,600 in January.
The labor force participation rate was 64.5 percent in February, lower than the previous month's rate of 65.1 percent. At the same time, the number of employed persons dropped to around 12.33 million during the month from around 12.44 million in February.

Surprise drop in Australia producer prices

Rate cut closer as producer prices fall 

Costs in the economy have dropped for the first time in more than two years, adding to the case for a rate cut when the Reserve Bank meets next week.
Australia’s producer price index fell by 0.3 per cent in the March quarter, taking the annual figure to 1.4 per cent, the Australian Bureau of Statistics said. Economists had tipped first-quarter PPI to rise 0.5 per cent and 2.2 per cent for the year.
The last time the PPI fell for a quarter was in the final three months of 2009 amid the turmoil of the global financial crisis. Read more

Research: Cad Remains Well-positioned Among the G10 Currencies

Quotes from RBS:
-The CAD remains well-positioned among the G10 currencies as improving domestic economic momentum and lessened external headwinds prompted the Bank of Canada (BoC) to upgrade its outlook in its 17 April policy decision and the April Monetary Policy Report (MPR).
-Prior to the BoC's updated assessment, CAD performance had been choppy in recent weeks amid shaky broader risk-seeking sentiment. Indeed, a disappointing US labour report and slowing Chinese GDP growth prompted increased caution among market participants.
-But rate expectations over the next twelve months for the BoC remain relatively elevated and we continue to positively view the CAD for relative value trades versus the rest of the G1

USD/CAD Elliott Wave Count for April 20, 2012

USD/CAD Elliott Wave
Yesterday the USD/CAD pair has started to move in a bearish mood. During the European session we could observe the descending movement towards 0.9880 level. We can consider this movement as end of the wave B (coloured pink). Therefore, during the New York session we could observe the strong upward move towards the 0.9961 level. We can consider this move as end of the wave 4 (coloured blue). Today during the Asian session this major has started in a bearish mood and we can expect the price to be located around 0.9900 level. Presently we can observe the start of the 5 wave of the bigger 3 wave (coloured green). In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0049-0.9925-1.0032); the Take Profit at 0.9832 (161.8% of wave 1) .As Stop Loss the Invalidation point 0.9900 can be used. Also it is necessary to consider the data concerning the CAD Core CPI m/m ,CPI m/m, IMF Meetings and G20 Meetings that can affect the rate of the pair.
Support and Resistance levels
(S3) 0.9848 (S2) 0.9880 (S1) 0.9900 (PP) 0.9932 (R1) 0.9964 (R2) 0.9984 (R3) 1.0016
Trading Forecast
Proceeding from Elliott Wave Rules today the trend is expected to begin the downward movement. That is why short positions at level 0.9940 with Stop Loss at 0.9900, Take Profit 1 at 0.9832 and Take Profit 2 at 0.9857 are recommended.

AUD/USD Elliott Wave Count for April 20, 2012

AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading within the downward movement. During the Asian and European sessions we could observe the ascending movement toward 1.0389 level.Therefore, during the New York session the AUD/USD pair start falling rapidly to the 1.0308 level. We can consider this move as end of the 2 wave (coloured pink).Today during the Asian market the AUD/USD pair has started to push and we could observe price around the 1.0345 level. Presently we can observe the beginning of the 3 wave. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0304-1.0417-1.0309) and Take Profit at 1.0492 (161.8% of wave 1). For Stop Loss the invalidation point 1.0302 can be used. Also it is necessary to consider the data concerning the IMF Meetings and G20 Meetings that can affect the rate of the pair.

Alternation: The AUD/USD pair has finished B wave (coloured pink) of the bigger wave 2 (coloured blue). Presently we can observe C wave. In accordance with our wave rules and taking into account that the wave C (coloured pink) ia equal to the wave A, we can define the potential targets with Fibonacci extensions (1.0451-1.0304-1.1.0417) and Take Profit at 1.0271(100% of wave A). For Stop Loss the resistance level 1.0350 can be used.
Support and Resistance levels
(S3) 1.0267 (S2) 1.0297 (S1) 1.0315 (PP) 1.0344 (R1) 1.0374 (R2) 1.0392 (R3) 1.0421
Trading Forecast
Proceeding from Elliott Wave Rules today the trend is expected to begin the upward movement. That is why long positions at level 1.0350 with Stop Loss at 1.0302 and Take Profit at 1.0492 are recommended.

Philly Fed Index Falls Much More Than Expected In April

While a report released by the Federal Reserve Bank of Philadelphia on Thursday showed a modest expansion in regional manufacturing activity in the month of April, the index of activity in the sector fell by much more than economists had been anticipating.
The Philly Fed said its diffusion index of current activity fell to 8.5 in April from 12.5 in March, although a positive reading still indicates growth in the manufacturing activity. Economists had expected the index to edge down to a reading of 12.0.

USD/CAD Elliott Wave Count for April 19, 2012

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading within the sideways movement developing 4 wave (coloured blue). During the European session we could observe the price starting in a descending movement towards 0.9880. We can consider this move as wave B (coloured pink) of the bigger 4 wave, therefore during the session in New York we could observe the bullish mood in the USD/CAD pair that brought this major to the 0.9915 level (wave C), the major did not manage to hold this level and price fell back to 0.9882 (wave D). At the end of the session in New York we could observe the price touching the 0.9924 level (50EMA resistance). We can consider this move as the end of triangle in a 4 wave. Today the USD/CAD pair has started in a bearish mood and we could observe the price to return to the 0.9885 level. Presently we can observe the developing of the 5 wave of the bigger 3 wave. In accordance with our wave rules and taking into account that the wave 3 retraces 261.8% of the wave 1, we can define the potential targets with Fibonacci extensions (0.9923-0.9902-13); the First Take Profit at 0.9870 (200% of wave 1) and second Take Profit at 0.9857 (261.8% of wave 1). As Stop Loss the resistance point at 0.9900 can be used. Also it is necessary to consider the data concerning the U.S Unemployment Claims, Existing Home Sales, Philly Fed Manufacturing Index and G20 Meetings that can affect the rate of the pair.
Support and Resistance levels
(S3) 0.9863 (S2) 0.9879 (S1) 0.9889 (PP) 0.9905 (R1) 0.9921 (R2) 0.9931 (R3) 0.9947
Trading Forecast
Proceeding from Elliott Wave Rules today the trend is expected to begin the downward movement. That is why short positions at level 0.9880 with Stop Loss at 0.9900, Take Profit 1 at 0.9870 and Take Profit 2 at 0.9857 are recommended.

AUD/USD Elliott Wave Count for April 19, 2012

 AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading within the downward movement. During the European session we could observe the AUD/USD pair breaking through 50 EMA support and touching 100 EMA. Therefore during the early New York session this major continued to go in a bearish mood and we saw the price at the 1.0340 level. We can consider this move as end of 2 wave (coloured pink). Today during the Asian session the price started pushing up and we could see the price retracing to 1.0390. Presently we can observe the start of 3 wave (coloured pink). In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0304-1.0417-1.0342) and Take Profit at 1.0526 (161.8% of wave 1). As Stop Loss the invalidation point at 1.0340 can be used. Also it is necessary to consider the data concerning the U.S. Unemployment Claims, Existing Home Sales, Philly Fed Manufacturing Index and G20 Meetings that can affect the rate of the pair.
Support and Resistance levels
(S3) 1.0295 (S2) 1.0324 (S1) 1.0341 (PP) 1.0370 (R1) 1.0399 (R2) 1.0416 (R3) 1.0445
Trading Forecast
Proceeding from Elliott Wave Rules today the trend is expected to begin the upward movement. That is why long positions at level 1.0400 with Stop Loss at 1.0340 and Take Profit at 1.0526 are recommended.

IMF says secures $320 billion in drive for new funds

(Reuters) - The International Monetary Fund said on Wednesday it had raised $320 billion so far in a bid to boost its firepower to deal with the euro zone debt crisis, with Poland and Switzerland joining the effort.
IMF Managing Director Christine Lagarde said she had received commitments of $34 billion on Wednesday, including $8 billion from Poland and "a substantial amount" from Switzerland.
"Ensuring that the Fund has sufficient resources to tackle crises and to promote global economic stability is in the interests of all our members," she said in a statement.
Lagarde is hoping to secure at least $400 billion in commitments from finance officials from around the globe, who meet this week in Washington under the auspices of the Group of 20 nations and the IMF and World Bank.
The issue has taken on new urgency given increased borrowing costs in Spain and Italy that have reignited fears the euro zone crisis could flare again, and that the fallout could imperil the global economic recovery.
The United States has declined to provide fresh funds, saying it had done its part by ensuring dollar liquidity for banks in Europe, but it threw its weight behind the fundraising effort on Wednesday.
"We're actually very supportive of that process and we'll be very supportive of it this week," U.S. Treasury Timothy Geithner said, avoiding past rhetoric about Europe needing to do more first to erect its own financial firewall.
Europe had already said it would provide about $200 billion to the IMF and Japan pledged $60 billion on Tuesday, becoming the first non-European nation to offer a commitment.
Sweden said it would commit $10 billion and increase the amount to $14.7 billion later, while Denmark said it would give $7 billion. Norway pledged about $9.3 billion.
The effort to expand the IMF's coffers is expected to dominate a meeting of G20 finance officials over dinner on Thursday and during the day on Friday. It will also be front and center at the IMF's semi-annual session on Saturday.
Speaking at the Brookings Institution, Geithner said the commitments that had already flowed in should make it apparent to financial markets that the fund can bulk up quickly when necessary, a prospect that could ease crisis-related jitters.
He said it was a positive that the IMF could raise money quickly to "cushion if necessary the effects of European trauma" on the economies of other nations.
HOPING FOR A DEAL
While Europe has won some praise for actions it has taken to build up its own defenses to keep its debt troubles contained, the IMF warned this week that the crisis was still the single greatest threat to the world economy.
"Solving the issues in Europe is not about a firewall, it's about decisions that will be taken in Europe over a sustained period of time; and it's European actions that will be decisive here as opposed to outside money," Bank of Canada Governor Mark Carney told a news conference.
Carney, who also heads the global Financial Stability Board, said the G20 had yet to reach a consensus on how to proceed.
Like the United States, Canada has ruled out putting more money into the IMF. "Really, the Europeans need to step up to the plate much more than they have," Canadian Finance Minister Jim Flaherty told reporters in Toronto.
But Canada seemed increasingly isolated.
In Mexico, Finance Minister Jose Antonio Meade sounded an optimistic note about a deal for more IMF money. He said commitments made by Japan, Sweden and Denmark were a sign of good progress - a potentially significant comment because Mexico, as this year's G20 chair, has a chance to shape not only the agenda but the outcome of this week's talks.
"It creates a good environment for the meeting," Meade said of money pledges.
Germany's finance minister, Wolfgang Schaeuble, predicted in an interview with Reuters on Tuesday that a deal would be reached this week.
In a report on global financial stability, the IMF offered advice for Europe: set a course for fiscal union to match the existing monetary union so that unified policy can be passed that works equally for members and makes it harder for financial markets to single out the weakest for attack.
"European authorities need to provide investors with a clear vision of where monetary union is going, because the answer to this is more and better Europe, not less Europe," IMF financial counselor Jose Vinals said as he issued the report.
The IMF urged central supervision of European banks. It also suggested that the European Union should consider injecting public capital into banks - a tactic the United States employed in 2008 when its banking system was at risk of collapse.

USD/JPY Wave Analysis for April 18, 2012

Wave marking analysis:
In course of yesterday’s trades the USD/JPY pair continued the slow rebound from the newly reached high 80.30. Therefore, we can suppose that the wave C of the whole descending correction developing since March 21 has completed the formation of its inner wave structure. If that is true, then the yesterday’s ascending movement will continue towards the point 81.50 or level of the figure 82. At the same time the wave 3 in C is likely to become more complicated and the price in turn will reach the point 79.00.
Targets for the option with continuation and further complication of the descending correction or its transformation into downside impulse movement:
79.91 – 127.2% according to Fibonacci

Targets for the option with the resumption or beginning of the new impulse upward movement:
80.97 – 76.4% according to Fibonacci
81.27 – 61.8% according to Fibonacci
General conclusions and trading recommendations:
At the moment it is quite possible to resume the formation of the ascending part of the trend with target seen in the area of figure 85. Presently we can see the descent within the wave 4 of the global ascending trend. The current correction has downside targets at level 76.91 which is equal to 127.2% according to Fibonacci. Every day the correction is getting more and more complicated and, therefore, there are not so many chances to resume the uprising part of the trend. If the quotes move below the point 80.50, it will be almost impossible to rise towards the point 85.00.

Europe markets lower led by Spanish stocks

MADRID (MarketWatch) — Spanish stocks were again at the heart of losses for European markets on Wednesday, as banks dropped on news of a record rise in bad loans, and Iberdrola SA was hit by a stake sale.

Investors were showing a clear lack of follow-through after a rally for Europe stocks the prior day. The Stoxx Europe 600 index XX:SXXP -0.57%  fell 0.5% to 258.14, following a 2% rally on Tuesday, driven by gains for the financial sector, an upbeat Spanish auction and positive signals on the global economy. READ MORE

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USD/CAD Elliott Wave Count for April 18, 2012

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading within the downward movement. During the European session we could observe the price reaching daily high at 1.0011 level. We can consider this move as end of wave 2 (coloured blue). Therefore during the New York session the USD/CAD pair start falling rapidly after bad Housing Starts, we could observe price testing 0.9865 support level. We can consider this move as wave 3 (coloured blue).Today during the Asian session the USD/CAD pair was developing 4 wave and we are expecting to see price in a bearish mood today for 5 wave. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0049-0.9925-1.0032); the Take Profit at 0.9832 (161.8% of wave 1). For Stop Loss we can use the resistance level at 0.9925.Also it is necessary to consider the data concerning the USD Crude Oil Inventories and CAD BOC Monetary Policy Report, BOC Press Conference that can affect the rate of the pair.
Support and Resistance levels
(S3) 0.9778 (S2) 0.9834 (S1) 0.9869 (PP) 0.9925 (R1) 0.9981 (R2) 1.0016 (R3) 1.0072
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why short positions at level 0.9880 with Stop Loss at 09925 and Take Profit at 0.9832 are recommended.

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U.S. Housing Starts Fall To 654,000 In March, Below Expectations

New housing construction in the U.S. dipped unexpectedly in March, but an equally unexpected jump in construction permitting offers hope for the future of the beleaguered housing market.
According to figures released Tuesday by the Commerce Department, new privately-owned housing starts came in at a seasonally adjusted annual rate of 654,000, a 5.8 percent drop from February levels.
Additionally the February figures were revised down slightly from the 698,000 rate initially reported to 694,000.
The March rate of new housing starts comes in well below the expectations of most economists, who had predicted a slight uptick to a rate of 700,000.

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Euro Steady Against Majors; Eurozone Trade Balance Turns To Surplus

The euro halted its Asian session's sharp sell-off in early European trading on Monday after a report showed that the eurozone trade balance swung to a surplus in February.
The trade surplus amounted to EUR 2.8 billion in February compared to revised EUR 7.9 billion deficit in January. Economists had expected a surplus of EUR 3 billion.
In February last year, the balance was in a deficit of EUR 2.8 billion.
Exports by the 17-nation euro-currency bloc rose 11 percent year-on-year in February, while imports grew 7 percent.
European shares are mixed in early trading, in contrast to its Asian peers that were mostly down on worries over global economic growth concerns.
Lingering concern about Chinese growth and fears about the debt-plagued euro zone fueled risk aversion in the morning after a surge in the nation's borrowing costs prompted Spain's deputy economy minister, Jaime Garcia-Legaz, to call on the European Central Bank to step up purchases of bonds.
Traders are also cautious ahead of Spain auctions bills and longer-dated securities on Tuesday and Thursday, respectively and the direction of yield will be closely watched.
Thus far, France's CAC-40 index climbed to 0.82 percent and Germany's DAX jumped 0.72 percent while the U.K. FTSE 100 index fell 0.35 percent.
The euro that fell below the key 1.30 mark against the dollar for the first time since mid-February in the morning, snapped back to above that level and stayed a tad above 1.3030 in its recent trading.
Against the Swiss franc, the common currency moved past the 1.2030 level and the pair was rather unchanged from the 1.2025/35 area. Last week, the pair touched near its 1.20 floor rate.
Swiss producer and import prices dropped for the eleventh consecutive month in March, data released by the Swiss Federal Statistical Office showed today.
The producer and import price index fell 2 percent year-on-year, after declining 1.9 percent in February. Economists had expected the index to drop 1.8 percent.
Month-on-month, the producer and import price index rose 0.3 percent in March, following a 0.8 percent gain in the previous month. Economists had forecast 0.5 percent monthly increase.
The single currency that slumped to a 19-month low of 0.8212 against the pound ahead of the European session recaptured almost 20-pips in so far in the session.
House prices in the U.K. rose to a new-record high in April, buoyed by London's strong performance amid lower supply, property website Rightmove said.
Average asking prices for a property in the U.K. rose 2.9 percent month-over-month to a new record-high of 243,737 pounds in April. This surpassed the previous record set nearly four years ago in May 2008.
Rebounding from its Asian session's 2-month low of 104.67 against the yen, the common currency rose as high as 105.36 before holding steady around 6:00 am ET.
Looking ahead, the US retail sales for March, empire manufacturing data for April, business inventories for February and the National Association of Homebuilders' housing market index for April are expected to garner market attention in the upcoming New York session.

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3 numbers to watch: Eurozone ind. prod., US PPI, jobless claims

Non-Independent Investment Research

With a Greek election now officially scheduled for May 6 - where the current technocrat government will be replaced - we can return to the numbers watching game. And today promises to be exciting, with several high profile US reports all reported simultaneously and before that Industrial Production from the struggling - and economically divided - Eurozone.
Feb. Eurozone Industrial Production (09:00 GMT) to decline: The chasm between the haves and have-nots in the Eurozone continues to widen, with Germany and the surrounding countries doing well - relatively speaking, at least - while most Southern economies struggle. This is, of course, reflected in overall production, which consensus sees down 0.2% m/m in February after a revised flat reading in January (from +0.2%). While this is by no means impressive, a simple model of GDP vs. industrial production suggests a positive 1Q'12 GDP growth print. Having said that, such a simple model clearly does not adjust for various negative factors such as the ongoing austerity measures, which weigh negatively on most Eurozone governments' impact on GDP. Hence we still expect another drop in economic activity in the first quarter. Consensus is currently forecasting a -0.2% 1Q'12 GDP growth number (the GDP report will be out on May 15).

Mar. US Producer Price Index (12:30) to show deceleration: Yesterday's report on import prices confirmed our view of a deceleration in US price indices. They printed 3.4% y/y (in line with expectations) in March vs. 5% a month earlier. The question is for how long? While today's report on producer prices is expected to show a deceleration in y/y inflation to 3.1% from 3.3% - which is quite reasonable given the close correlation of the two series (something we detailed in yesterday's 3 numbers to watch: housing starts, import prices & Beige Book) - the longer-term outlook suggests the the deceleration will not last much longer; potentially to around mid-to-late summer with import prices turning first. Consensus looks for PPI to increase by 0.3% m/m and 3.1% y/y compared with 0.4% and 3.3% in February.

US Initial Jobless Claims (12:30): Despite the US Trade Balance also scheduled for publication at 12:30 , we will keep a closer eye on the jobless claims report, particularly in light of last Friday's much weaker than expected employment report, which saw only 120,000 nonfarm payrolls added in March against 205,000 expected. Initial Jobless Claims did not see a deterioration similar to what we saw in payrolls in March. This suggests both that the labour market is holding up rather well (remember that the Bureau of Labor Statistics' Nonfarm Payrolls number is an estimate just like ADP Employment), but also that any weather-related payback was, perhaps, not a big contributor to the March downside surprise. That means we could well see weakness in the coming employment reports as well. Consensus forecasts 355,000 new claims for jobless benefits (357k last week) and 3.335mln. claims for continuing benefits (3.338mln.).
As noted above we will also be treated to the February US Trade Balance report at 12:30, and consensus expects a deficit of $51.8bln. - a narrowing of $1.2mln. compared with January. This report has a direct impact on 1Q'12 GDP so expect changes to tracking estimates in case of a large surprise (either way).

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We remind that the company’s clients are granted an option to make deposits by InstaForex MasterCard. Today all holders of branded cards InstaForex MasterCard may fund their accounts in shortest terms paying no charges. From now on, the total deposit amount is accrued to your trading account without any deductions!

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Australia consumers fret on finances in April-survey

(Reuters) - A measure of Australian consumer confidence fell for a second month in April as people fretted about their finances even as they became a little more optimistic on the economic outlook, a survey showed on Wednesday.
The survey of 1,200 people by Westpac Bank and the Melbourne Institute showed its index of consumer sentiment fell 1.6 percent in April to 94.5, showing pessimists outnumbering optimists. That was the lowest reading since August last year and came on top of a hefty 5 percent drop in March.
All the weakness came in respondents' assessments of their own finances, an odd result given unemployment remains low and income growth solid.
The survey's measure of family finances compared to a year ago slid 14.4 percent in April, while that for family finances over the next 12 months dropped 4.1 percent.
In contrast, the measure of economic conditions over the next 12 months rose by 0.8 percent and that for the next five years increased by 1.5 percent.
Consumers also seemed to feel well enough off to spend more. An index measuring whether it was a good time to buy a major household item climbed 4.3 percent in April.
Westpac chief economist Bill Evans was surprised by the overall drop in sentiment given the outlook for the economy had improved and the Reserve Bank of Australia (RBA) had clearly flagged it would consider cutting interest rates in May.
"We can only conclude that concerns around job security; house prices; high debt levels; petrol prices; utility costs; and uncertainty around the imminent introduction of a price on carbon, are weighing heavily on households' concerns about their financial position," said Evans.
"The results of this survey should be sending a very clear message to the Reserve Bank that Australia needs lower interest rates," added Evans, who has been calling for an easing for some time.
Evans expects the central bank to cut its main cash rate by a quarter point to 4.0 percent when it meets on May 1, with a further easing possible afterwards.

US Adds 120,000 Jobs; Unemployment Falls to 8.2%

U.S. payrolls rose far less than expected in March, keeping the door open for further monetary policy support from the Federal Reserve, even as the unemployment rate fell to a three-year low of 8.2 percent.
Employers added 120,000 jobs last month, the Labor Department said on Friday, the smallest increase since October.Economists polled by Reuters had expected nonfarm employment to increase 203,000 and the unemployment rate to hold at 8.3 percent.  READ MORE 

 

Forex Trading for Beginners What the brokers don't tell you

Watching it. Great information from this video.

Phishing: how to protect your account. InstaForex Recommendations to Clients

 Phishing attacks are one of the main widespread crimes in the global network. Every day hundreds of large companies across the world as well as their clients undergo the phishing attacks of different levels. However, the companies do not lag behind the time: right after the phishers have developed new types of attacks, the business reacts with a new safeguard system implication in order to protect the personal details of their clients, thus they attract the experts on strengthening the electronic mail defense. In their turn, the clients also attempt to get secured from the flow of unauthorized posting and create strict rules for operating with electronic mail.

Nevertheless, the “arms race” between the companies and their clients on the one hand and phishing-fraudsters on the other, is not the most reasonable and simple solution. Consolidation of efforts of a company and its customers is most effective and rational. Companies ought to actively inform their clients about the possibility of using a set of measures directed to minimize the risks of the phishing-attacks.

InstaForex recommends the basic rules for its clients, following which it will be possible to secure the funds and trading from the scam of third parties:

* make sure that your computer is not infected by the malicious software. The work of viruses and malware is often directed to transmit the confidential information to third parties. Install the anti-virus programme and update the software regularly;

* under no circumstances should you provide the information containing your password to somebody, including InstaForex employees. InstaForex staff members never require giving them the password of your trading account;

* install and exploit the personal firewall. This will guard against the unauthorized access to the information on your computer;

* if you suspect that somebody is aware of your login and password, change the password in your cabinet or refer to the support service of InstaForex Company;

* never open suspicious files sent to you by e-mail;

* before entering your login and password, assure that you have connected to secured area of instaforex.com, in the address line you will see https://secure.instaforex.com/en/account.aspx;

* never follow the questionable links contained in the electronic letters allegedly from InstaForex, even if the address may seem similar to the emails of real InstaForex pages;

* never answer the email which were supposedly send by InstaForex Company with an offer to receive the bonus, a prize or any other reward and to prove the login and the password for your trading account.

RBA keeps interest rates on hold

THE Reserve Bank has unsurprisingly chosen to keep interest rates on hold, ignoring growing concerns about job losses and a dramatic slowdown in the non-mining economy.
The official cash rate was today left unchanged at 4.25 per cent, with analysts instead pencilling in the next likely cut for May.
National Australia Bank chief economist Alan Oster said the decision was the right one, as there was "no clear justification'' for a rate reduction after the RBA ignored the problems in the nation's two-speed economy last month.
"The worries about the global economy are gone, and despite the mixed messages about the Australian economy we didn't think there was any reason from the RBA to change its position,'' he said.
But the decision has come despite retail sales in February were only 2.0 per cent higher than a year earlier.
retail trade figures from the Australian Bureau of Statistics today showed turnover rose by 0.2 per cent in February, a weak rise by any standard.  READ MORE

RBC Sued by U.S. Regulators Over Wash Trades

Royal Bank of Canada was sued by U.S. regulators over claims that the Toronto-based lender engaged in illegal futures trades worth hundreds of millions of dollars to garner tax benefits tied to equities.
Canada’s biggest bank made false and misleading statements about “wash trades” from 2007 to 2010 in which affiliates traded among themselves in a way that undermined competition and price discovery on the OneChicago LLC exchange, the Commodity Futures Trading Commission said yesterday in a complaint filed in Manhattan federal court.
“A fundamental purpose of the futures markets is to provide an arm’s-length mechanism for market participants to discover prices and shift risks associated with products traded in those markets,” CFTC enforcement director David Meister said in an e-mailed statement. “RBC not only designed and executed a wash sale scheme that undermined that purpose, it went a step further and misled the exchange into believing that its conduct was lawful.”
The lawsuit is meritless and the bank intends to defend against the allegations, Kevin Foster, a Royal Bank spokesman, said in an e-mailed statement.
“Before we made a single trade, we proactively contacted the exchange to seek its guidance,” Foster said. “These trades were fully documented, transparent, and reviewed by both the CFTC and the exchanges, and for the next several years were monitored by them.” The trading was permissible under the CFTC’s published guidance, Foster said in the statement, which also described the lawsuit as “not a financially material event to RBC.”
Royal Bank traded at $58.50 in U.S. after-markets trading yesterday, down 1.2 percent from the U.S. market close. READ MORE

Markit/CIPS UK Manufacturing PMI

March rounded off a positive start to 2012 for UK manufacturing, but conditions in the sector remain tough overall. Output and new orders expanded throughout the opening quarter, with rates of increase ticking higher at the end of Q1. However, the increase in output was heavily supported by a depletion in backlogs of work and record inventory building. Cost inflationary pressures are also intensifying due to high oil and metal prices. The seasonally adjusted Markit/CIPS UK Manufacturing Purchasing Managers’ Index® (PMI®) rose to a ten-month high of 52.1 in March, from a revised reading of 51.5 in ... READ MORE

Employment Probably Kept Growing in March: U.S. Economy Preview

Payrolls in the U.S. probably increased by more than 200,000 workers in March for a fourth consecutive month as companies became more optimistic about the outlook for growth, economists said before a report this week.
Employment rose by 205,000 after climbing by 227,000 in February, according to the median projection of 54 economists surveyed by Bloomberg News. The last time hiring advanced at a similar pace and period was in late 1999-early 2000. The jobless rate probably held at a three-year low of 8.3 percent.
The pickup in hiring has boosted consumer confidence to a four-year high, raising the odds that gains in household spending, which accounts for 70 percent of the economy, can be sustained. The improvement in the job market may also help Americans weather the rising cost of gasoline, which Federal Reserve Chairman Ben S. Bernanke said posed a risk to growth.
“The underlying health of the economy is getting better,” said Stephen Stanley, chief economist at Pierpont Securities LLC in Stamford, Connecticut. “We’re getting to a point where some of the hurdles to getting a healthier expansion are starting to be removed.”
The Labor Department report is due April 6. Payroll estimates in the Bloomberg survey ranged from increases of 175,000 to 255,000. Projections for joblessness ranged from 8.1 percent to 8.4 percent.
Another report may show that expansion in the services industry, which makes up almost 90 percent of the economy, held near the fastest pace in a year. READ MORE