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.

Dow Jones, S&P 500, Nasdaq unchanged

Dow Jones, S&P 500, Nasdaq unchanged

Main stock indexes are flat ahead of the last trading hour in Wall Street. In Europe, stocks posted mix results. In London, the FTSE 100 lost 0.28% while in Germany the DAX gained 0.14%. Gold is holding above $1,350 an ounce posting a daily gain of 1.4%, after soaring $25 in a few hours.

Economic reports release earlier in the US showed a decline in jobless claims to 415.000 last week; an improvement in factory orders and also in the ISM Non-Manufacturing index. According to the US Labor Department productivity grew 3.6% during 2010, the largest increase since 2002

RBA: Raises 2011 GDP forecast to 4.25%, CPI inflation to 3%

RBA: Raises 2011 GDP forecast to 4.25%, CPI inflation to 3%

The AUD/USD has popped 20 pips to 1.0165 where ther's a fight going on between some good sized offers and stop-losses just above this level.

EUR/AUD fast approaching critical technical support

EUR/AUD fast approaching critical technical support

The 1.2920 double-bottom that we've been following has a neckline at 1.3325. The 61.8% retracement of the 1.2920/1.3880 rally comes in at 1.3285. A clean break below the latter would negate the double-bottom pattern in my opinion. EUR/AUD currently trades around 1.3385.

AUD/USD: UK clearer buying in size

AUD/USD: UK clearer buying in size


All the stops have been cleared but there could be more above 1.0200 as a UK clearer is being named as the main AUD buyer. The high so far has been 1.0193 and the next major technical resistance is at the 1.0253 recent daily high.

Forex: NZD/USD holds above 0.7700 despite USD

Despite the Greenback broad bounce across the board, the Kiwi managed to hold pretty well after the strong slump seen early Thursday on worse-than-expected NZ job data.

NZD/USD held above the 0.7700/10 area, that represents the 38.2% retracement of the last 0.7523/0.7823 rally, although it peeped below briefly and set a fresh 3-day low at 0.7689 before rebounding to current levels around 0.7730 where the pair has been consolidating for the last trading hours.

The pair holds a slightly bullish tone with next resistance levels around 0.7750, 0.7780 and 0.7820. On the other hand, supports might be faced at 0.7700/10, 0.7670 and then 0.7640.

Airbus delivers record number of corporate jets

Airbus delivered 15 corporate jets in 2010, worth more than US$ 1.5 billion at list prices, setting a new record for this facet of its business. The aircraft comprised 13 A318 Elites, Airbus Corporate Jetliners (ACJs) and A320 Prestiges, plus two VIP widebody A330/A340s.

Airbus also won eight orders for its corporate jets in 2010, taking total orders to date to more than 170 aircraft. The new orders comprised seven aircraft from the A318 Elite/Airbus ACJ/A320 Prestige Family, plus one widebody A330/A340

ALC takes delivery of the first of 51 Airbus A320 Family on order

Air Lease Corporation (ALC), the aircraft financing and leasing company, has taken delivery of its first brand new A320 aircraft directly ordered from Airbus and to be leased to and operated by Air New Zealand.

Air New Zealand has designed a one-off livery for the new aircraft as part of its Crazy About Rugby campaign, evoking the colours of New Zealand’s world famous national rugby team, the “All Blacks”.

It is the first of two A320s powered by IAE to be delivered to ALC and operated by Air New Zealand.

Centaur Begins Flight Test Program.

Centaur Begins Flight Test Program.

The flight crew for the first flight was Thomas Washington, serving as test director and pilot, and Jason Fine, serving as flight engineer. “The first flight served mainly to validate that all the hardware and software were working as planned,” explained Washington. “Following a careful review of the data, we conducted a second flight on the 24th and a third flight on the 25th, during which all the basic UAV flight modes were turned on and carefully monitored. The initial results look fantastic.”

Centaur will gradually expand its flight envelope over the next several months, leading to fully automatic takeoffs and landings by late spring. Centaur will then be fitted with an electro-optical payload and a high-bandwidth data link to demonstrate intelligence, surveillance and reconnaissance (ISR) capability.

All of Centaur’s test flights are being conducted with the flight crew on board. Fully unmanned flights will begin later this year, at a test range to be announced.

Centaur is based on the highly successful Diamond DA42 NG general aviation aircraft. The combination of advanced avionics, efficient diesel engines and composite structure make the DA42 NG the ideal platform for persistent ISR flights. Centaur is able to support many commercial and military electro-optical, radar and communication payloads in its universal nose pod and belly pod modifications.

Aeroplan strikes the right chord as the Presenting Sponsor of Angèle Dubeau & La Pietà

Aeroplan strikes the right chord as the Presenting Sponsor of Angèle Dubeau & La Pietà

As a long-standing patron of arts and culture, with a history of supporting artists and arts initiatives across Canada and internationally, Aeroplan is pleased to announce that we are the Presenting Sponsor of Angèle Dubeau & La Pietà.

Angèle Dubeau is one of Canada's most prominent virtuoso violinists. She has performed on the world's greatest stages for more than 30 years. Dubeau is the only Canadian classical musician with two Gold Records. La Pietà is a string ensemble with Canada’s top-ranking female musicians. Together, they’ve performed throughout North America, South America and Asia.

Enjoy the exquisite music of Angèle Dubeau & La Pietà at these concerts:

- March 6 - Chan Shun Concert hall, Chan Center, Vancouver (B.C.)
- March 10 - Florence Gould Hall, New York (New York)
- March 19 - Salle André-Mathieu, Laval (Québec)
- March 25 - Jane Mallett Theatre, St. Lawrence Centre for the Arts, Toronto (Ontario)
- March 30 & 31 - L’Astral, Montréal (Québec)
- April 1 - Palais Montcalm, Québec (Québec)

As an Aeroplan Member, you can enjoy the following:

- Preferred seating and a 15% discount on concert tickets! Be sure to come back here soon to purchase your tickets online

Important: Status mile accumulation change for Air Canada

Important: Status mile accumulation change for Air Canada

For travel as of January 1, 2011, mileage (or flight segment) accumulation for all Air Canada code-share flights operated by non-Star Alliance member airlines - including Air Creebec - will not qualify as Air Canada Status Miles (or Status Flight Segments). As a result, this mileage (or flight segment) accumulation will not count towards Air Canada Top Tier status.

Important: Accumulation change for Air Canada

Important: Accumulation change for Air Canada

The opportunity to earn Bonus Aeroplan Miles, for every dollar spent on Air Canada flight bookings or Flight Pass purchases at aircanada.com, ends on February 15, 2011.

You can still earn on aircanada.com when you make a hotel reservation or pre-order duty free items. You can also continue to earn up to 150% of the miles you fly with Air Canada.

Air Canada would like to thank everyone who participated in this offer.

Daily technical outlook

Quote of the day: “Passion is absolutly necessary to achieve any kind of long-lasting success.” – Donald Trump EURUSD – 1.3612 @06:30 GMT Trading strategy: looking to sell at 1.3660, stop at 1.3710 (0.5% risk), 1st objective at 1.3610, 2nd objective at 1.3560 The euro has retreated on Friday on speculation that Egypt’s turmoil will affect the entire Middle East. Therefore, equities and risk sensitive pairs including EURUSD are trading lower and pressure is likely

The Euro posted solid gains in overnight trading

The US Dollar begins the day on the defense as generally strong risk appetite weighs on the dollar’s appeal. Global financial markets have been shaky for the past week, and investors have been apprehensive to assume riskier positions in light of political unrest in Egypt. However, demonstrations have been relatively peaceful since the Egyptian military took control of security in the country’s major cities, and the wave of unrest has yet to spread to more volatile neighbors like Yemen

Cairo unrest spurs demand for safety

Despite a strong reading from the ADP employment report on Wednesday there are a couple of dampeners to cause a bid to fixed income prices. Earlier enthusiasm for a lasting solution to the Eurozone sovereign debt crisis took a ding following comments from a German official while a reminder of the lingering crisis came in the form of an Irish downgrade. The one-sided Egyptian political crisis took a peculiar turn in light of President Mubarak’s announcement that he wouldn’t seek reelection in

EUR/USD: Bullish up 1.3740

Despite 4 hours chart shows indicators heading lower above their midlines, euro managed to close the day above 1.3800 against the greenback, as dips are being seen as buying opportunities in this bullish trend the pair is involved. With 20 SMA converging with the 61.8% retracement of Fibonacci at 1.3740, bias bullish will remain intact as long as above that level. An acceleration above 1.3830, should signal a continuation rally towards 1.3880 area first, followed them by 1.3910/20 area.

Below 1.3730 pair could extend the bearish corrective movement towards the 1.3650/60 price zone

GBP/USD: approaching 1.6160

GBP/USD: approaching 1.6160
Exhausted to the upside in the 4 hours chart, and with stocks struggling to turn positive, dollar is drawing some corrections against Pound, approaching to 1.6160 support zone; break below that level should favor a deeper correction, towards the 1.6080/1.6100 area, 38.2% retracement of the last bullish daily run.

To the upside, immediate resistance lies around 1.6190: consolidations above this last, should signal correction is over and pair is ready to resume its trend.

Technical Analysis: Currencies

Technical Analysis: Currencies
EUR/CHF

Comment: January’s bounce from the record low at 1.2400 has been a little stronger than we had originally allowed for yet all elements of the weekly Ichimoku ‘cloud’ chart continue to suggest a short position, as has been the case all last year. Therefore we continue to expect further declines where 1.2000 and then 1.1400 are targets.

A weekly close above 1.3200 would force us to adjust.

Forex: Kiwi plummets on downbeat jobs data

The New Zealand Dollar fell almost 50 pips in the past hour of trading, after the country released an unemployment rate much worse-than-expected. The number stood at 6.8% actual vs 6.5% expected.

Forex: EUR/USD firm at multi-month highs

Current price: 1.3804. Ahead of the ECB meeting next European session, Euro remains strong despite a small intraday correction; expected with no changes, rates had remained on hold since May 2009 at 1.00% yet volatility could be triggered by Trichet’s comments regarding inflation, and sovereign debt crisis.

Forex: GBP/USD, uptrend in good health

Current price: 1.6185. Pound extended gains this Wednesday, hitting a new 12-week high at 1.6220. The UK currency was supported by better than expected construction data, and oil strength, back around $ 91.00 a barrel after early fall below $90.00.

Australia: Trade Balance (Dec): 1.98B vs 1.92B

Australian cyclone pushes copper prices to new highJust after Queensland, Australia had gotten over the worst flooding in a century, the people there are bracing for a huge category 5 hurricane/cyclone – being compared to the US’ Hurricane Katrina. Winds are gusting up to 300 km/h, and there is warning of life and property damages.

Forex: USD/JPY, under pressure at 81.50

Current price: 81.50. Having spent most of the day consolidating in a tight 30 pips range, bullish attempt of recovery stalled at the 81.80 area, previous strong support over the past few weeks. Still inside the long term daily triangle, the cross consolidates near the base at 81.00.

U.S: Credit Still Tight

U.S.: Credit is still low

The economic recovery should continue throughout this year, albeit at a slower pace. The household deleveraging in the United States and in many European countries, coupled with the possible fiscal consolidation in some nations, would eventually slow the recovery next year. In effect, consumer confidence stays subdued, and not only in the U.S., as financial incentives are ending, while hiring remains slow. Banks are still resilient in expanding credit, especially to the private sector. As a result, consumer credit fell 4.5% in May, while delinquency in the credit card business slid to the lowest level of the past seven years. Both the manufacturing and service sector appear to the moderating from higher levels, while the housing market is still near the bottom in many nations. In reality the US manufacturing industry grew for the sixth consecutive month, but new orders declined in June, although remaining in the expansionary mode. The index is now at 54.4 from 62.3 reached in March. The service sector fell instead to 53.8 from 55.4, but business activity stays strong at 58.1. Exports are falling, probably due to the strong U.S. dollar and the contraction in the world economic recovery. Nonetheless, in the U.S., the whole sale inventories rose 0.5% month on month in May, marking the fifth consecutive month of increase. The Federal Reserve is expected to keep rates low for most part of 2010, as inflation is mild and recovery still bumpy.


Angelo Airaghi is a Commodity Trading Advisor, registered with the National Futures Association and the Commodity Futures Trading Commission. He has been an active professional since 1990 working for major international financial companies. In the past 10 years, Angelo Airaghi has been an analyst and commentator for national and international media.