FOREX PRO WEEKLY, November 16-20, 2015

[VStar]

Looking to profit from this atrocity?

NOOOOOOOooooo ! I didn't get my LONG EUR/USD closed before my broker shut down. And even though my Stop Loss is now moved into profit, the last time something big happened (CHF) Stops didn't mean a thing , price jumped right over and people's accounts were cleaned out. I'm wondering if we can expect the same thing here. Especially since I'm now a profitable trader.

 

[Sive Morten]

NOOOOOOOooooo ! I didn't get my LONG EUR/USD closed before my broker shut down. And even though my Stop Loss is now moved into profit, the last time something big happened (CHF) Stops didn't mean a thing , price jumped right over and people's accounts were cleaned out. I'm wondering if we can expect the same thing here. Especially since I'm now a profitable trader.

Well, I think it is not time for panic yet. May be reaction will not be as terrible as you describe. This is just my opinion, this is logical - to see drop down on Monday. But how deep it will be... who knows...

 

[Stag]

Dear Sive, China on Saturday welcomed backing from IMF experts that the yuan should be included in its reserve currencies. It now looks likely the yuan will be formally admitted to the IMF's "special drawing rights" currency basket at the end of the month. If a decision to include the yuan is made this month, the actual inclusion could take place as late as September 30, 2016. Bloomberg says, at least $1 trillion of global reserves may migrate to yuan if it gets reserve-currency status.

Don't you think that if the yuan goes global officially this year, demand for dollars will go down noticeably and start pushing the EURUSD up as a result?

Thanks in advance.

 

[VStar]

Dear Sive, China on Saturday welcomed backing from IMF experts that the yuan should be included in its reserve currencies. It now looks likely the yuan will be formally admitted to the IMF's "special drawing rights" currency basket at the end of the month. If a decision to include the yuan is made this month, the actual inclusion could take place as late as September 30, 2016. Bloomberg says, at least $1 trillion of global reserves may migrate to yuan if it gets reserve-currency status.

Don't you think that if the yuan goes global officially this year, demand for dollars will go down noticeably and start pushing the EURUSD up as a result?

Thanks in advance.

I would like to add my 2 cents here.
I have read what you read, and I have also read the Chinese economy is a Ponzi scheme run with smoke and mirrors . I think you will see a lot of fluctuation with every little announcement, just as with any announcement, only with these they will last for days not hours. I don't see other banks buying for the long term.
BUT what do I know . Who really knows ? They said Bitcoin would never last, then declared it dead. Now it has rallied more then Gold tried. I'm not a fan of Bitcoin. They say it's not a currency, but it's as much a currency as the phony paper passed back and forth in FX.
That's my rant.

 

[Sive Morten]

Don't you think that if the yuan goes global officially this year, demand for dollars will go down noticeably and start pushing the EURUSD up as a result?

Well, my thought is hardly we will see any big shifts on global markets due to this event. IMF was created by US for US needs and it is controlled by US. US never will accept lost of this control. That's why may be the voting rights of yuan will increase but with domination of US, hardly it will get some global impact.
Speaking on bitcoin, guys, this is just big financial pyramid and creams are already taken out. This market could be easily manipulated by its creators for extraction of addtional profit. Personally I never will deal with it. (IMHO, of course.)

 

[stelore]

Dear Sive,
very nice updates and analysis, thanks a lot!!!

Do you have anything to suggest about GBPUSD? What should we expect next?

TX 1.000
Stefano

 

[Sive Morten]

Do you have anything to suggest about GBPUSD? What should we expect next?

 

[stelore]

Thanks a lot Sive, appreciated!

and wish you a great weekend.....

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