Algeria protesters push for change

Algeria protesters push for change

Algerian security forces and pro-democracy protesters have clashed in the capital, Algiers, amid demonstrations inspired by the revolution in Egypt.

Heavily outnumbered by riot police, at least 2,000 protesters were able to overcome a security cordon enforced around the city's May First Square on Saturday, joining other demonstrators calling for reform.

Earlier, thousands of police in riot gear were in position to stop the demonstrations that could mimic the uprising which forced out Hosni Mubarak, Egypt's long-serving president.

Security forces closed all entrances to Algiers and arrested hundreds of protesters, sources told Al Jazeera.

Elias Filali, an Algerian blogger and activist, said human rights activists and syndicate members were among those arrested at the scene of the protests.

"I'm right in the middle of the march," he told Al Jazeera. "People are being arrested and are heavily guarded by the police."

Officials banned Saturday's opposition march but protesters were determined to see it through.

Arabs react to Mubarak exit

Arabs react to Mubarak exit

Egypt's revolution is being celebrated across the Arab world, where people are lauding Egyptians' show of people power, and also asking their own leaders to change their policies.

Al Jazeera's Nisreen El Shamayleh in Amman, Jordan, Anita McNaught in Istanbul, Turkey, and Nicole Johnston in the Palestinian enclave of Gaza report.

Egypt's army vows smooth transition

Egypt's army vows smooth transition

Egypt's new military rulers have pledged to enact a smooth transition to civilian rule, amid celebrations marking the country's first day in 30 years without Hosni Mubarak as president.

The Supreme Council of the Armed Forces vowed on Saturday to hand power to an elected, civilian government in a statement that came a day after Mubarak was swept from power following an 18-day public uprising.

The military will "guarantee the peaceful transition of power in the framework of a free, democratic system which allows an elected, civilian power to govern the country to build a democratic, free state", a senior army officer announced on state television.

The council also pledged to honour its international treaties - in an apparent nod to the country's 1979 peace treaty with Israel.

"The Arab Republic of Egypt is committed to all regional and international obligations and treaties," the military statement read.

Concerns for the future

Our correspondent said questions now remain over how the military's transition to civilian rule will take place.

"I’m worried about the future," one Egyptian told Al Jazeera. "Nobody knows what's coming. We need to rebuild our country and economy because we are venturing into the unknown."

Despite the uncertainty, celebrations continued in Cairo and other parts of the country on Saturday a day after Mubarak stepped down, handing power to the military.

New Home Sales Plunge to Record Low

New Home Sales Plunge to Record Low

The Japanese yen relinquished some of its recent strength versus the greenback in the Wednesday session, shedding almost 1%. Meanwhile, the major currencies were marginally higher against the dollar, with the British pound edging up by 0.35%. US equities also recouped from earlier losses, finishing slightly higher as the Dow Jones recovered above the 10k-level. Crude oil also climbed higher, stemming its steep losses in recent weeks to trade higher by 1.7% to $72.83-per barrel while spot gold firmed by 0.8% to settle at $1,240-per ounce.

Data continues to reflect further deterioration in the US housing market, adding to the recent string of dismal economic reports and raising fears for a double-dip recession. The July new home sales report sharply missed consensus estimates for a flat reading, instead plunging by 12.4% to a record low at 276k units compared with a downwardly revised 12.1% reading from June at 315k units. The home price indexes were mixed with the Q2 home purchase price index increasing by 0.9% and beating estimates for a decline of 0.4% from a 2.1% drop in the previous quarter. On a monthly basis, the home price index declined by 0.3% versus a 0.5% increase previously. Durable goods orders were also softer than anticipated, with the headline index improving by 0.3% and missing calls for a 3.0% increase while the excluding transportations index printed sharply weekly, down 3.8% versus a marginal 0.2% increase previously.

Risk-Aversion Buoys JPY

Risk-Aversion Buoys JPY

Risk-aversion continued to dictate market direction, with the Japanese yen touching a fresh 15-year high against the dollar while most of the major currencies tumbled against the greenback. The Canadian dollar slid by 1.2% and the euro dropped by more than 1.5%. The US equity bourses slid after returning from the long-weekend, with the major indexes shedding more than 1%. Meanwhile, safe-haven flows propped spot gold it’s a new record higher to settle around $1,257.30 per ounce while crude oil drifted lower to dip beneath the $73-per barrel mark.

Central bank policy decisions will be the key event risks in the week ahead. The Reserve Bank of Australia announced the results of its policy deliberation, leaving interest rates on hold at 4.5%. The accompanying policy statement was largely unchanged from the August statement, widely seen as more dovish and indicative the RBA leaving rates on hold for the rest of the year.

The Bank of Canada is scheduled to announce its monetary policy decision at 9:00 AM EDT, with consensus forecasts calling for a 25-basis point rate hike to 1.0%. Traders will closely scrutinize the accompany statement from the BoC. In light of the sharp pullback in second quarter GDP growth, which revealed the pace of economic growth slowing to 2.0% and down drastically from first quarter growth of 5.8%, it will be interesting to see whether the Bank will downwardly revise its growth outlook again following the downgrades from the policy statement issued in July. Given market expectations leaning toward a rate hike tomorrow, the risk stands with an unchanged BoC decision and a signal that interest rates will remain on hold in the near future as a result of the pullback in economic activity. If that scenario was to materialize, the reaction in the currency market will likely prompt a knee-jerk sell-off in the Loonie to breach the 1.0550-mark.

Forex trading accounts have interest considerations

Forex trading accounts have interest considerations

"Interest," "roll-over," "tomorrow-next," and "cost of carry" are all terms used by dealers to describe the premium paid or charged on each forex pair.

Each pair has an interest payment and charge associated with holding the position long or short. On some pairs, a payment may be made if you are in a long position, and a charge is made if you are short the pair.

But on other pairs, an interest payment may be made if you are short and a charge occurs if you are long. Your dealer may list those premiums and charges within their trading software, or you may have to look on their website for more information. The premium can change on a daily basis but will typically not change very much.

Euro slides across the board

Euro slides across the board

The common currency is falling sharply on Thursday after ECB rate decision and Trichet’s press conference while the Dollar is mostly higher across the board. The Aussie is the best performer among majors supported by the rally in gold.

“The U.S. dollar extended its gains for a second day after strong economic data supported confidence over the outlook, and the ECB confirmed they will continue to support economic growth in the Euro Zone region, meanwhile, clashes continued for a second day in Egypt between pro and anti Mubarak protestors, as concerns over the Middle East region mount, and fears that the crisis will spread to other neighborhood countries” the ecPulse.com Analysis Team said.


EUR/USD reached a fresh session low at 1.3609. The pair is headed toward the biggest daily decline in months. GBP/USD remains near session lows, barely above 1.6100.

USD/JPY is trading around 81.60, at the same price level it had at the beginning of the day, recovering from 81.40. The pair was rejected earlier from levels on top of 82.00.