Domestic Spying, Mainstream Source - NSA, Internet Spying, AT&T

Dollar Drop Boosts Tourist Spending in U.S.

The price is right for foreign shoppers in the U.S. as the sagging dollar boosts their purchasing power on everything from jewelry to vitamins.

“When I come to New York, it feels like I am getting great deals,” said Molly Lewis, a 40-year-old nurse from Manchester,England, who spent an afternoon last week hunting down bargains on Louis Vuitton handbags in Manhattan. “Things are much cheaper here than back home.”

The British pound had climbed 13 percent against the U.S. dollar in the past year, along with gains in the euro and Canadian and Australian dollars. That’s given travelers a zest for spending, which may help U.S. retailers make up sales as budget-wary U.S. consumers stick to the sidelines. Travelers from abroad spent $8.9 billion on food, lodging, gifts and entertainment in the U.S. in February, up 7 percent from last year, according to the Department of Commerce.

The Mall of America, the biggest shopping center in the U.S. with 520 stores, is reporting a surge in international visitors, hitting retailers from Columbia Sportswear Co. (COLM) to Coach Inc. in search of American goods.

The dollar has weakened by about 4 percent this year, according to Bloomberg Correlation-Weighted Currency Indices. The measure of 10 developed-nation currencies has fallen 15 percent in the past year amid concern the Federal Reserve’s accommodative monetary policy will debase the value of the dollar and spur inflation.

IMF Strauss-Kahn Setup alleged

http://www.telegraph.co.uk/finance/dominique-strauss-kahn/8517387/Dominique-Strauss-Kahn-conspiracy-theories-mount.html 

http://online.wsj.com/article/SB10001424052748703421204576329690735300066.html?mod=googlenews_wsj

From the Media Research Center

While reporting on the sexual assault case against International Monetary Fund Chairman Dominique Strauss-Kahn on Tuesday's Today, NBC correspondent Jeff Rossen noted how the would-be Socialist Party candidate for the French presidency had "worried his political opponent, current French President Nicolas Sarkozy, would try to frame him with a fake rape..."

Rossen further added that Strauss-Kahn once told a French newspaper that the rape victim would be "promised 500,000 or a million euros to invent this story" by Sarkozy. Following Rossen's report, correspondent Michelle Kosinski highlighted French outrage over Strauss-Kahn's arrest: "I would say that the reaction ranges from disbelief to outright disgust. To see their VIP paraded before cameras, the socialists are calling it 'inhumane'....they're saying that this looks like a humiliating public exhibition like something from ancient times."

The headline on screen during the segment read: "French Conspiracy Theories; Was Banker Set Up as Part of Political Plot?"

After Kosinski's report, co-host Meredith Vieira discussed the case with the former head of the New York City Sex Crimes Unit, Linda Fairstein. Vieira began by touting: "There are some people in France who are speculating that this could be a political set-up." The headline on screen at that time had changed to read: "Sexual Assault or Political Plot?; The Case Against French Banker Strauss-Kahn."

DRS R 3.6 on USD/JPY for the week

http://eesfx.com/portal/30-drs-r/194-usdjpy-for-last-week-5162011-drs-r-36.html See Forum (must be logged in)

About DRS - R http://eesfx.com/portal/drs-r/drs-r.html

Automated Trader Global AlgoMarkets Update

Orc released a new version of the Orc Spreader 2.0, Colt is to buy a majority stake in MarketPrizm from Instinet, and Saxo Bank has begun publishing market data from the OTC FX Options market. Options IT's PIPE Velocity reduced Chicago - New York round trip latency by 2 milliseconds, ISE selected CorvilNet and CorvilClear solutions for its new options trading system, smartTrade Technologies completed CME Group Connectivity Certification for FX Futures, and TOM (The Order Machine) MTF market data is to be included in Thomson Reuters European real-time feeds.

ConvergEx enhanced its NorthPoint platform for mutual funds using alternative strategies, TAG launched Meteor platform for Custom Analytics, Fidessa is to host its Canadian trading platform in Equinix's Toronto IBX data centre, Brazilian brokerage Banif Corretora selected the Progress Apama platform for high frequency trading strategies, and also in Brazil BM&FBOVESPA joined TradingScreen's TradeNet.

Edge combined the data feed and order routing capabilities of RealTick and Sterling Trader with new software, FIX Flyer signed a distribution agreement with German company FIX Solutions,  Direct Edge is offering customers market access to seven major dark pools through Connect Edge, and UBS announced a new suite of intuitive algorithms for trading US Options. 

Euro Slides as Trichet Signals Rate Rise Won’t Come in June

The euro slid against the dollar and yen after European Central Bank President Jean-Claude Trichet said inflation risks will be watched “very closely,” signaling the ECB may wait until after June to raise interest rates again.

Speaking at a news conference in Helsinki, Trichet refrained from using the phrase “strong vigilance,” which might have signaled a June rate increase. European policy makers left the main refinancing rate unchanged at 1.25 percent today, as predicted by all 48 economists in a Bloomberg survey. Japan’s currency climbed against all of its 16 most actively traded peers. The Australian dollar declined for a fourth day.

The euro dropped 1 percent to $1.4684 at 2:45 p.m. in London, posting the biggest intraday decline since April 18. It earlier climbed to $1.4900. The 17-member common currency slid 1.8 percent to 117.39 yen, while the Japanese currency surged 0.8 percent to 79.93 per dollar.

“By signaling that a June rate hike is not likely, Trichet has put the euro under pressure,” said Kasper Kirkegaard, a senior currency strategist at Danske Bank A/S in Copenhagen. “A June hike has to be priced out of the market.”

The central bank last month raised the rate by 25 basis points, the first increase in almost three years. While inflation accelerated to 2.8 percent last month and economic growth is gaining momentum, higher borrowing costs may exacerbate Europe’s debt crisis, which has already forced Greece, Ireland and Portugal to ask for external help.

http://www.bloomberg.com/news/2011-05-05/euro-is-little-changed-after-ecb-keeps-key-interest-rate-stable-at-1-25-.html

Jobless Claims in U.S. Unexpectedly Jump Due to Anomalies

WASHINGTON (Reuters) - The number of Americans filing for jobless benefits rose to an eight-month high last week and productivity growth slowed in the first quarter, clouding the outlook for an economy that is struggling to gain speed.

Initial claims for state unemployment benefits rose 43,000 to a seasonally adjusted 474,000, the highest since mid-August, the Labor Department said on Thursday.

Claims were pushed up by factors ranging from spring break layoffs to the introduction of an emergency benefits program.

Economists had expected claims to fall to 410,000.

A second report from the department showed nonfarm productivity increased at a 1.6 percent annual rate, braking from a 2.9 percent pace in the fourth quarter. The growth pace was above economists' expectations for 1 percent.

"I think we're in a situation where the markets and the Fed have been too optimistic," said Bob Andres, chief investment strategist and economist at Merion Wealth Partners in Berwyn, Pennsylvania.

"I don't think we're going to fall off a cliff but the road to real recovery and full unemployment is going to take a long time, and people ought to get back into that mode."

U.S. stock index futures extended losses after the jobless claims data, while government debt prices touched session highs the data. The dollar extended losses against the yen, but rose against the euro.

http://finance.yahoo.com/news/New-jobless-claims-jump-to-rb-1852891451.html?x=0&.v=1

EES Releases Tick Monster High Frequency EA

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Osama bin Laden killed, buried at sea. Al Qaeda to unleash nuclear hellstorm

SHOT IN HEAD; BIN LADEN IS DEAD.....
Mission was to kill, not capture...
Crowds gather at White House, Ground Zero to celebrate...
Obama: U.S. Carried Out Operation 'At My Direction'...
W: 'No Matter How Long It Takes, Justice Will Be Done'...
Killing brings anger, relief in Arab world...
Heat on Pakistan...
Hamas condemns killing of 'holy warrior'...
WIKILEAKS: Al Qaeda to unleash 'nuclear hellstorm' if Osama killed...

FEAR: Security Tightened at NY Airports, World Trade Center Site... 

NFA bars Clash Financial for greater than 20% commission / equity ratio

NFA's analysis of trades in Clash customer accounts identified commission to
equity ratios that were consistently higher than 20%. Owens generated more than
$91,500 in commissions on invested equity of approximately $314,000 between
July 1 , 2009 and March 31 , 2010. In 2009 alone, Clash customers lost more than
$243,000 while paying almost $50,000 in commissions. Approximately 95o/o of
Clash customers lost money during that year. More than 80% of the trades tested
by NFA had to achieve positive returns of greater than 30% simply to overcome
commissions and fees. In fact, break even points required to cover commissions
and fees reached as high as 81o/o,86% and even 977o.

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=2624


NFA permanently bars Georgia firm, Clash Financial LLC

April 1, Chicago - National Futures Association (NFA) has permanently barred from NFA membership Clash Financial LLC (Clash Financial), an Introducing Broker located in Lawrenceville, Georgia. Phil A. Owens, sole principal and associated person of Clash Financial, is also barred from NFA membership and principal status for a period of six years and barred from associate membership for a period of three years. In the event that he reapplies for NFA membership after the expiration of the bar he must also pay a fine of $15,000. The Decision, issued by an NFA Hearing Panel, is based upon an NFA Complaint filed in October 2010 and a settlement offer submitted by Clash Financial and Owens.
The Complaint charged that Owens and Clash Financial recommended trades that maximized commissions without regard for the best interests of a customer and made deceptive sales solicitations.

The complete text of the Complaint and Decision can be found on NFA's website (www.nfa.futures.org).

DBFX leaves retail FX - moves clients to Gain

We'd like to inform you that from Friday 13 May 2011, Deutsche Bank will no longer provide dbFX, its online FX trading platform for individuals and small institutions. dbFX has made arrangements that will allow existing clients to open an account with FOREX.com, one of the largest providers of retail foreign exchange in the market. http://www.dbfx.com/

In a very surprising move Deutsche Bank, a very large forex liquidity provider, and one of the few ‘retail fx banks’ has announced that it is ceasing to provide dbFX (its retail forex arm). This effectively leaves forex traders with only one forex bank trading option – CitiFX Pro. Gain Capital is the big winner here as it acquires client assets (of those who’ll agree to this move) of dbFX’s current clients while FXCM loses what’s probably its largest White Label. In the latest chapter of the battle between two largest US forex brokers Gain Capital takes the upper hand.
This is what dbFX had to say about the reason for this step: “dbFX has been a strongly performing business for Deutsche Bank but has reached a point where in order to reach its full potential it requires significant investment in specific resources which are not consistent with Deutsche Bank’s current strategic initiatives.” If I read between the lines then what I can gather is that perhaps the White Label relationship with FXCM has become too expensive or non-competitive, perhaps of the ever reducing spreads and/or increased competition and regulatory scrutiny in the US. Another good reason would be that by June this year dbFX would probably be required to become an RFED due to its foreign bank status which would require major restructuring and additional compliance – which probably wasn’t worth it for Deutsche Bank.

http://forexmagnates.com/dbfx-is-exiting-the-retail-forex-market-transfers-clients-to-gain-capital-forex-com/

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NFA expands its jurisdiction of forex regulation to reflect changes in retail market

NFA expands its jurisdiction of forex regulation to reflect changes in retail market

NFA has proposed several changes to its Forex Requirements, including an amendment that will subject all NFA Members that engage in retail forex transactions, regardless of whether they are an otherwise regulated entity under the Commodity Exchange Act (CEA), to NFA's Forex Requirements. In addition, the proposed amendments require Members to comply with the same "know your customer" requirements for forex customers as are currently required for futures customers. The amendments are currently being reviewed by the Commodity Futures Trading Commission (CFTC).
"The regulation of retail forex continues to evolve and these amendments are a reflection of that evolution," said NFA's General Counsel Tom Sexton. "Most importantly, regulatory exemptions that NFA established several years ago now need to be eliminated in light of recent legislative changes."
Currently, NFA Bylaw 306 excludes certain entities from the definition of Forex Dealer Member (FDM), and NFA Compliance Rule 2-39 excludes these same entities that engage in soliciting or managing retail forex accounts from certain Forex Requirements. The list of excluded entities includes, in part, NFA Members that are otherwise regulated financial institutions, financial holding companies, insurance companies, broker-dealers that are members of the Financial Industry Regulatory Authority (FINRA) and material associated persons of broker-dealers (if the broker-dealer is a member of FINRA).
"NFA adopted these exclusions about a decade ago because we were reluctant to impose additional regulatory burdens on Members who were highly regulated in other industries and who offered retail forex as a limited portion of their business," said Sexton. "With the growth of retail forex trading, however, we are now concerned that these exclusions could lead to unintended regulatory gaps."
Specifically, NFA had concerns that an otherwise regulated entity that is not subject to any meaningful regulatory scheme could become an NFA Member for the primary - or sole purpose - of cloaking itself with a mantle of respectability for its forex activities. Because these entities are NFA Members, their customers or potential customers could mistakenly believe that NFA regulates their forex activities.
"By eliminating the exclusions, we will ensure that all NFA Members conducting retail forex business are subject to our Forex Requirements," said Sexton.
Another proposed amendment will require that the "know your customer" requirements set forth in Compliance Rule 2-30 be applied to Members engaged in forex activities. "We don't see any reason why Members and Associates should have a different obligation with respect to forex customers as opposed to futures customers," said Sexton.
The proposed amendments will also require FDMs registered as Retail Foreign Exchange Dealers to maintain an office in the continental United States, Alaska, Hawaii or Puerto Rico that is responsible for preparing and maintaining CFTC and NFA required financial records and reports and be under the supervision of a listed principal and registered associated person of the FDM who resides in that office. "These are the same requirements that FCMs are subject to," said Sexton.
A copy of the complete rule submission letter is available on NFA's website.
http://www.nfa.futures.org/news/newsletter2.HTML#forex

Rising Tomato Prices Attract Vegetable Thieves

 The high price of produce, especially for tomatoes after the deep winter freezes, has attracted more than heightened attention from consumers. A ring of sophisticated vegetable bandits was watching, too.

Late last month, a gang of thieves stole six tractor-trailer loads of tomatoes and a truck full of cucumbers from Florida growers. They also stole a truckload of frozen meat. The total value of the illegal haul: about $300,000. 

The thieves disappeared with the shipments just after the price of Florida tomatoes skyrocketed after freezes that badly damaged crops in Mexico. That suddenly made Florida tomatoes a tempting target, on a par with flat-screen TVs or designer jeans, but with a big difference: tomatoes are perishable.

http://www.cnbc.com/id/42607118/

Standard & Poor’s put a“negative” outlook on the AAA credit rating of the U.S.

Standard & Poor’s put a“negative” outlook on the AAA credit rating of the U.S., citing a “material risk” the nation’s leaders will fail to deal with rising budget deficits and debt.
“We believe there is a material risk that U.S. policy makers might not reach an agreement on how to address medium-and long-term budgetary challenges by 2013,” New York-based S&P said today in a report. “If an agreement is not reached and meaningful implementation does not begin by then, this would in our view render the U.S. fiscal profile meaningfully weaker than that of peer ‘AAA’ sovereigns.”

Longer-term Treasuries fell, reversing earlier gains, after S&P lowered its outlook to negative from stable. The cost to protect against a default by the government and the nation’s banks jumped and stocks declined after the New York-based ratings firm’s action, which assigns a one-in-three chance that it will lower the U.S. rating in the next two years.

http://www.bloomberg.com/news/2011-04-18/standard-poor-s-puts-negative-outlook-on-u-s-aaa-rating.html

* 18 Apr 11: 15:02 GMT (LDN) - FX NOW! EUR/USD, USD/JPY Flows-Client/corporate flows stimulated by debt news, EUR gets hurt
Debt has been the only issue of real note today. Finish complaints eurozone rescue funds, Greek restructuring rumors and finally S&P's decision to lower its projections for the US due to lack of agreement amongst lawmakers about how to cut spending/deficits. While there have been some intraday reversals, the "risk off" momentum build up has given JPY a bid across the board, which cements it as the "safe haven" currency. USD, surprisingly, has taken back the knee jerk losses seen in reaction to the S&P downgrade news and it is outperforming everything, including CHF, except for JPY. Retail and corporate order flows are generally limited on Mondays. Today's constant news noise, has stimulated greater activity than usual, and so far the added flows are just adding to the advances in JPY and USD, while ensuring that EUR continues to suffer under a cloud of growing uncertainty. Uncertainty has apparently sent sovereign buyers to the sidelines, which is not an unfamiliar place for them to be when the eurozone debt malaise gets more attention. M.B.

Other sources related to this topic:

http://www.zerohedge.com/article/stunner-sp-revises-us-outlook-negative

http://www.bloomberg.com/news/2011-04-18/euro-falls-versus-dollar-yen-on-concern-sovereign-debt-crisis-worsening.html

http://www.cnbc.com/id/42643384