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Whats happening on the FOREX Front?

Today's Sexy forex updates!

Rate cut prospects hit Kiwi


Kiwi falls to a 10-week low against its US counterpart, while the good old dollar fails to gain any safe and secure traction from risk aversion in other markets





US jobs data a spot of cheer for Asian stocks


Shares in Asia bounced back as investors were heartened by stronger US jobs market data but tensions in the Middle East continued to crimp gains

Brazil seeks to curb rising inflation


Brazil's central bank raised interest rates by 50 basis points in the second such move this year as it seeks to curb rising inflation - eeish whats next









Rise in crude propels gold to record high


Fighting between rebels and pro-Gaddafi forces in Libya fuel fears that the country could descend into civil war, heightening worries about prolonged supply disruptions

Top Forexfundi News Feeds for today

Budget 2011

SA BUDGET 2011


Government has set out five priorities:

They are:

• Education

• Health Car

• Fighting Crime

• Rural Development

• Creating Jobs

The Twelve outcomes adopted by Cabinet are:

• High quality Basic Education

• Improved Health and Life expectancy

• Greater Public protection and safety

• More rapid employment creation and inclusive growth

• Skilled and capable workforce

• Sustainable human settlements and improved quality of household life.

• Responsive and accountable local government

• International cooperation for a better and safer world

• A development-oriented public service and inclusive citizenship

• Efficient economic infrastructure networks

• Vibrant rural communities and food security

HIGHLIGHTS OF THE 2011 BUDGET:

Towards inclusive growth and Equitable Development

• South Africa’s new growth path aims to create 5 million jobs over the decade ahead

• Education and skills development remain top priorities in Government Expenditure

• Investment in infrastructure of over R800 billion over the next three years

• Phased implementation of Social Security and national health insurance reform

• Key fiscal policy guidelines: stability over the business cycle, sustainability and inter-generational equity

Economic recovery and Employment

• Economic growth of 3.4% is projected for 2011, increasing by 4.4 % by 2011

• Consumer price inflation dropped from 7.1% in 2009 to 4.3% in 2010, and is expected to rise to 5.5 % by 2013

• 63 000 formal non-agricultural jobs were created between April and October 2010 and unemployment fell from 25.3 % in the 3rd Quarter to 24% in the 4th quarter.

• Job creation potential of 485 000 over the next three years in trade and construction sectors

• Investment incentives in manufacturing, with a special focus on job creation

• R9 billion jobs fund to co-finance employment initiatives with self-sustaining potential

• Youth employment subsidy to create net 178 000 jobs over three years

• Expansion on FET college, skills development and extension of learnership



Fiscal Framework



• Additional R94.1 billion in government expenditure plans over the next three years

• Budget deficit of 5.3% projected in 2010/11, 4.8% in 2012/13 and 3.8% in 2013/14

• National government net loan debt projected to rise from R526 billion at the end of 2008/09 to over R1.4 trillion in 2-013/14



Tax Proposals

• Personal tax relief of R8.1 billion

• A third rebate relief for individuals 75 years and older

• Conversion of medical tax deductions to tax credits

• Transfer duty relief

• General fuel levy increase of 10c a liter, and 8c a liter more for Road Accident Fund

• Increases of 4.5% - 10.3% in taxes on alcohol and tobacco products

• Taxation of gambling winnings



Additions to spending plans over the next three years



• R10 billion for job creation, small enterprise development, youth employment

• R10.4 billion for public transport, roads and rail infrastructure

• R9.5 billion to increase enrolment at further education colleges and promote skills development

• R8.2 billion for upgrading school facilities and improved learner support materials

• R7.9 billion to improve primary health care , revitalize hospitals and HIV care

• R7.2 billion for human settlement upgrading, municipal services and waer infrastructure

• R2.8 billion for rural development and emerging farmer support

• R8.9 billion for social security benefits and social grants old age and disability grants increase by R60.00 R1 140.00 per month and a further R20.00 to R1 160 per month for those over75; the child support grant will increase from R260.00 to R 270.00 in October

• 1.8 billion for municipalities and provinces to deal with immediate disaster needs and R600 million for post-recovery and reconstruction following the floods in early 2011

Cost of Travelling fees fees fees

What super news and finally a bank getting it together.

Chase has some great news for international travelers who are sick and tired of fees that ALL credit card companies tack on when merchants process a transaction outside of the United States of America.


This week, Chase announced it would no longer smack everyone with these heavy currency conversion fees on its United Mileage Plus Club Visa and the Continental Presidential Plus card.

Finally some credit for your efforts. If you have a Chase United or Continental card with a different name, you will probably continue to pay the fee for non-United States transactions, though you should call the company to clarify this. These guys are great in selling you additional services and products, thats the game.

While there are plenty of card companies that continue to levy these fees, the momentum is clearly swinging toward getting rid of them, thanks in part to people like you who have complained loudly and then found ways around them and people like me who never tire of pointing out how questionable the fees are.

Chase has already dropped the fees on British Airways, Priority Club and Hyatt co-branded credit cards. Citigroup has done so on select cards, and American Express plans a similar move.

So will we see this happening with localised credit card service providers in South Africa, UAE etc we will see.!!












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SA Rates work well for the UK Pound

So the weaker Rand against the pound - thats interesting.

Sterling has managed a stellar recovery against a very weak Rand since New Year.

The 9% rally in the exchange rate has been prompted by a general shift in investor risk appetite.

The high yielding currencies had been doing well in Q4, and the Rand enjoyed the same kudos as the Aussie dollar even while the South African Reserve Bank are in rate cutting mode.

A slide in the gold price (which came off its $1,430 per ounce peak over New Year and now trades around 6% lower at $1,336) impacted sentiment toward the high yielders, and as we know well from experience over recent years, these currencies tend to rise steadily and then suffer sharp setbacks when investors sense trouble.

The so called "carry trade" has been largely responsible for the inexorable rise in the Aussie dollar and Rand, and when traders unwind these positions the currencies come under short term selling pressure. A carry trade is where investors borrow in a low interest rate currency and change the money for higher yielding currencies. The bet works well as long as the high yielding currency rises. A fall in the high yield currency can cause a stampede as traders head for the exit. That's what we've seen over the last few weeks in the Rand.



In the UK inflation and interest rates were the dominant theme last week after news that the Consumer Prices Index rose to 3.7% in December, well ahead of the forecasted 3.4% rise. Retail prices (which include a wider basket of goods including housing costs) rose to 4.8%. The inflation figures prompted traders to consider the possibility of interest hikes sooner than previously expected. Then we heard this week that fourth quarter GDP growth was - 0.5%, which makes any notion of a near term rate hike extremely unlikely as the economy flirts with recession. Bank of England governor Mervyn King added weight to the case for no rate hikes when he commented that any rise in rates would not be helpful.


South African consumer prices rose 3.5% in December, giving the central bank plenty of scope to keep interest rates on hold at 5.5% at last Thursday's policy meeting. The last change in the bank's benchmark rate was a cut on November 19th from 6%.


The technical outlook is still precarious for Sterling. We've seen these sharp rallies dissipate all too often over the last few years as investors invariably head back into higher yielding assets. The market has found resistance around the 11.27 level, which marked the high back in November. If Sterling could manage a daily close above there it would open the way to our next key resistance level at 11.75. Buyers of the Rand should strongly consider covering any requirement now, locking in the 9% gain we've seen over the last 3 weeks. This has been the sharpest rally since November 2009.






Market Analysis by Jon Beddell thanks Mate!!

Money money money!!

One thing that we all want in life, would be money. the larger the amount we can get, the bigger our smiles would be:)


But sometimes, when we want something, but don't have the money, we have to get a loan. Whether it's  personal loans, a home loan or even a loan to cover that Ferrari of yours.


Some people believe that money makes the world go round, some believe that money leads to success, leads to happiness. But I've got news for you, my friend...


The road in life begins with happiness. If you're not happy without money, how will you ever be happy with it? Something for you to think about for the remainder of the day;)

Inflation jumps in the UK - Now 3.7% eeeeeish!!

So now we seeing UK inflation jumping at least 0.3% more than expected by analysts.

The Pound rallied above 1.60 against the U.S Dollar for the first time this year, while the UK currency also jumped 0.4% higher versus the Euro, after a report from the Office of National Statistics showed that UK inflation accelerated much more than initial forecasts.

Consumer prices rose 3.7% from a year earlier, despite expectations of a more modest increase to 3.4%.



Inflation has remained stubbornly above the government's 3% limit for ten months in a row and will probably accelerate further with the recent increase in VAT. The increase in prices within the UK means that the pressure is growing on the Bank of England to begin raising interest rates from a record low of 0.5%. Will this happen...well it would be interesting see what kind of gumption they have.


The BoE face a difficult balancing act in tempering rising inflation against weak economic growth. Speculation of an interest rate increase over the coming months is supporting the Pound and we may see a sustained move higher over the coming days.


The Bank of England have adopted a wait-and-see approach for the past year, but the MPC is losing some credibility for allowing inflation to remain above the government's upper limit of 3%.



Thanks to the Market Analysis by Adam Solomon from TORFX.