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"Commerzbank: bears on EUR/GBP"(2012-08-07) Commerzbank: bears on EUR/GBP Analysts at Commerzbank expect the corrective upside of EUR/GBP to end soon. In their view, a break below 0.7832 will confirm the end of the upside corrective phase and signal a slide back to 0.7753 (July minimum). Chart. Daily EUR/GB Comment here http://www.fbs.com/analytics/18660-commerzbank-bears-eurgpb

"EUR/USD: technical update"(2012-08-07) EUR/USD: technical update As you may see on the daily chart, EUR/USD formed a long-legged doji yesterday. This is the sign of the market’s indecision. Today the pair was consolidating around $1.2400 in Asia, but then moved up breaking above the 50-day MA. Resistance: $1.2443 (yesterday’s maximum), $1.2470 (resistance line drawn through June and July maximums), $1.2500 (psychological level), $1.2620. 41.2692. Support: $1.2340/25, $1.2248 (July 31 minimum, July 12 maximum). Risk appetite is based on new speculations regarding a potential ECB bond purchases. In addition to that the Monetary World Fund (IMF) signals a “progress in Greece”, which means that the hopes that the nation will remain in the euro area have not been completely wiped out yet. The outlook for EUR/USD will improve, if the pair surpasses yesterday’s maximum at $1.2443. Chart. Daily EUR/USD Comment here http://www.fbs.com/analytics/2012-08-07/18658-eurusd-technical-update

"BofA: EUR/GBP may reverse the trend"(2012-08-07) BofA: EUR/GBP may reverse the trend According to analysts at Bank of America, EUR/GBP may reverse its yearlong downtrend. In their view, a break above the strong resistance at 0.7916/20 opens the way for a further rise to 0.8018. A further move above 0.8140 would confirm a trend reversal. Chart. Daily EUR/GBP Comment here http://www.fbs.com/analytics/2012-08-07/18656-bofa-eurgbp-may-reverse-trend

"Key options expiring today"(2012-08-07) Key options expiring today Market prices tend to move towards the strike price at the time large vanilla options (ordinary put and call options) expire. It happens (all things equal) as each side of the deal seeks to hedge its risk exposure. This action is most noticeable ahead of 10 a.m. New York time when the majority of options expire (2 p.m. GMT). Here are the key options expiring today: EUR/USD: $1.2250, $1.2400, $1.2425, $1.2500; GBP/USD: $1.5750; USD/JPY: 78.00, 78.50, 79.50, 80.00; USD/CHF: 0.9700, 0.9800; AUD/USD: $1.0500, $1.0550, $1.0615, $1.0635; EUR/GBP: 0.7800, 0.7910, 0.7925, 0.7970. Have a profitable trade with FBS! If you have any questions to our analysts, you're welcome to ask them in comments to this article! Recent market news from FBS Comment here http://www.fbs.com/analytics/2012-08-07/18654-key-options-expiring-today

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"August 7-10: economic events"(2012-08-06) August 7-10: economic events Tuesday, August 7 Australia: According to the consensus forecast, the RBA will keep rates unchanged at 3.5% after cutting the borrowing costs in May and June and staying on hold in July. Australian headline inflation was at 1.2% in June, at the lowest annual level in 13 years. The RBA’s preferred measure of inflation, which abstracts from volatile price movements, grew by 2% in June (y/y), which is at the bottom of the Reserve Bank’s inflation target of between 2-3%. Although the RBA has room to cut rates, it seems that the central bank may wait to see how the things elsewhere in the world are going. The nation’s Treasurer Wayne Swan said Australia's “rock solid economic fundamentals” were in stark contrast to conditions in Europe and elsewhere. Switzerland: The unemployment rate fell from 3.2% in April to 2.9% in May an June. In July the figure is expected to remain unchanged. The SNB’s foreign currency reserves have been rising so far and rose to CHF 364 billion in June – now July data is due for release. Swiss CPI fell by 0.3% in June and analysts expect a sharper decline of 0.5% in July. Deflationary figures indicate a slowdown in economic activity. Euro area: Italian GDP may have contracted by 0.7% in Q2 (q/q) after declining by 0.8% in the first 3 months of the year. This would be the forth quarterly decline in a row. Britain: Manufacturing production may have contracted by 3.9% after adding 1.2% in May, surviving the biggest decline since March 2009. Also watch the NIESR GDP estimate which attempts to estimate the quarterly GDP release on a monthly basis. The previous reading was a weak -0.2%. The markets will be hoping for a July reading in positive territory. US: Another speech of Bernanke. This time the Chairman will dwell on the need of financial education in the wake of the recent financial crisis. The audience will be allowed to ask questions. Canada: Ivey PMI fell from 60.5 in May to 49.0 in June. An improvement to 51.7 is predicted in July. Building permits, on the contrary, may have dropped by 3.5% in June after rising by 7.4% in the previous month. Japan: According to the forecasts, Japanese current account increased from 0.28T yen in May to 0.75T in June. Note however, that for 2 last times actual data came far below the predictions. Wednesday, August 8 Switzerland: SECO consumer climate index, released every 3 months, been moving upwards in the last 3 releases. This time economists are looking forward to another gain in July to -4 points from the previous reading of -8. Britain: The Bank of England will release Inflation report which may contain clues for the next moves of the central bank. The BoE will likely lower its current growth forecast as there were enough disappointing data since the report was last time released in May. Lower forecasts increase the likelihood of the BoE’s announcing additional asset purchases in September, though the current round of stimulus finishes only in November. The Bank is expected to predict almost zero growth for the economy in 2012, while just 3 months ago it was forecasting growth of around 0.7%. New Zealand: The nation’s unemployment rate may have declined from 6.7% in Q1 to 6.5% in Q2. Thursday, August 9 Australia: Australian labor market may have added 10.3K jobs in July after the unexpected contraction of 27K in June, while the unemployment rate may edge up from 5.2% to 5.3%. China: Analysts predict CPI to continue its declining trend and even hit a 30-month low of below 2%. Low inflation is welcome news to government officials looking to enact additional stimulus measures in the face of slowing growth. The recent PMI figures have pointed to evidence that recent efforts by the Chinese authorities to reinvigorate growth have at least managed to stabilize the economy, though a return to trend growth still seems elusive. Markets expect retail data to show that sales increased by 13.6% y/y in July, down slightly from 13.7% growth in June. Industrial output likely expanded by 9.8%, up from 9.5% in June. Fixed asset investment levels – a key component of China's economic expansion over the past decade – are expected to have edged up to 20.6% growth ytd/y from 20.4% at the end of June. Japan: The Bank of Japan is expected to keep monetary policy steady but may escalate its warnings over slowing global demand and renewed gains in yen, signaling its readiness to ease again if the economy’s recovery comes under threat. Deflation remains one of the main concerns of Japanese monetary authorities and there’s scope for future stimulus. US: American trade deficit probably shrank in June as cheaper oil reduced the import bill and slower global growth led to reduced demand for American-made goods. According to the consensus forecast, the gap probably narrowed to $47.5 billion, the 4-month minimum, from $48.7 billion in May. Weekly jobless benefit claims are expected to edge up to 371K from 365K in the previous week. Friday, August 10 Australia: The RBA releases its quarterly monetary policy statement. In the February the central bank reduced near-term forecasts for both economic growth and inflation. Then in May the RBA not only reduced near-term economic growth forecasts but also reduced the forecasts at the bottom of its indicative range for growth through to the end of 2013. At the same time, the RBA trimmed inflation forecasts to the end of 2012. This time, the RBA may lift the near-term economic growth estimate but it is likely to retain the medium-term view that economic growth will be around “normal” levels of 3.0-3.25%. Little change is expected in the inflation forecasts with the Reserve Bank projecting that inflation will hold in the 2.0-3.0% target band. In short, the Reserve Bank will leave the door open to further rate cuts over 2012. China: Trade surplus may have expanded from $31.7B in June to $35.1B in July. Britain: PPI Input index has been well below the zero line since April. However, the markets are forecasting a much stronger July reading, with an estimate of a 1.3% gain. Canada: According to the economists, the number of employed people rose by 10.2K in July, while the unemployment rate rose last month to 7.3% from 7.2% in June. Have a profitable trade with FBS! If you have any questions to our analysts, you're welcome to ask them in comments to this article! Recent market news from FBS Comment here http://www.fbs.com/analytics/2012-08-06/18650-august-7-10-economic-events

"Macroeconomic indicators"(2012-08-06) Macroeconomic indicators The table below provides recent data on the main macroeconomic indicators and is an extremely valuable resource for any trader. Table. Main macroeconomic indicators Comment here http://www.fbs.com/analytics/2012-07-30/18520-macroeconomic-indicators

"BBH: comments on AUD/USD"(2012-08-06) BBH: comments on AUD/USD According to specialists at BBH, AUD/USD weekly close above $1.0550 opened the way to the $1.0640-70 area. Analysts warn, however: investors don’t expect RBA to cut rates and buy Aussie ahead of the RBA meeting. As a result, AUD is vulnerable to "buy the rumor, sell the fact" trading after the RBA. What’s more, squeezing of short positions on EUR/AUD may also hurt the Australian currency. Chart. Daily AUD/USD Comment here http://www.fbs.com/analytics/2012-08-06/18648-bbh-comments-audusd

"BNZ: outlook for NZD/USD"(2012-08-06) BNZ: outlook for NZD/USD Specialists at Bank of New Zealand recommend buying NZD/USD on dips towards $0.7850, because they expect the pair to edge higher by the end of 2012. In their view, the likelihood of further global policy easing, a high and rising interest rate differential, and buoyant soft commodity prices will support the kiwi. Chart. Daily NZD/USD Comment here http://www.fbs.com/analytics/2012-08-06/18645-bnz-outlook-nzdusd

"CFTC trader positioning data"(2012-08-06) CFTC trader positioning data The latest Commitments of Traders (COT) report, released on Friday, August 4, by the Commodity Futures Trading Commission (CFTC), showed that on a week ended July 31: Non-commercial currency traders decreased their bets in favor of the U.S. dollar two days before ECB President Mario Draghi disappointed the markets. The value of the dollar's net long positions fell to $13.65 billion in the week ended July 31 from $20.44 billion the previous week. Euro net short positions declined in the latest week to 139K contracts from 155K contracts in the prior week. From the chart below you may see that the number of euro shorts squeezed to the January level. At the same time, the single currency trades about 700 pips below its January levels. It means the potential for further short squeezing is low. Source: Zerohedge Demand for safe Japanese yen keeps growing: net long positions increased to 32K contracts by 7K contracts. British pound net short positions declined to 1.8K contracts. Investors cut Swiss franc net short positions by 7K to 19K contracts. It is necessary to note the demand for Canadian dollar grew significantly to 12K long contracts. Net long New Zealand dollar positions increased by 1.3K to 10K contracts, while net long Aussie positions rose by 10K to 73K contracts. It’s necessary to note that the figures cited above are always a week old at the time of their release. Never the less, CFTC data gives a good oversight into how the market is positioned and if/how these positions are being unwound. Although the CME speculators represent a small fraction of trading in the currency markets, their trades are widely seen as typical of hedge fund investors' currency movements. In the COT report all the market players are divided into three categories: hedgers (commercials), big speculators (non-commercials) and small traders (non-reportable positions). We analyze only non-commercial positions (mainly, these are banks and investment funds). We recommend you paying attention to: Extreme Positions: If everyone is already long or short it is a strong indication price may reverse because there is no one left for buyers to buy from and no one left for sellers to sell to. Changes in Market Positions: When large speculators change their position and go from net long to net short or vice versa, there typically is a good reason they do this. Changes in Open Interest: Rising or falling open interest may reflect directional commitment or lack thereof and therefore indicate strength or potential reversal of a particular price trend. Comment here CFTC trader positioning data // FBS Markets Inc.

USD/JPY: weekly Ichimoku report USD/JPY: weekly Ichimoku report Weekly USD/JPY On the weekly chart there was another hammer-like candle formed last week, the same as the week before. The market seems well supported above 78 yen whether it’s due to the risk of the Bank of Japan’s intervention or something else. Tenkan-sen (1) is no longer eager on the upside: the line has turned horizontal at 79.26 and provided resistance for the prices. The next resistance lies at Cloud’s top and the long-term downtrend resistance line around 80.50. USD/JPY is going sideways and will soon face the bottom on the Cloud which is turning upwards. This line may help the pair if the bulls manage to grasp it and head up following its lead. If the bears pull the pair below Kumo and key support in the 78 yen area, USD/JPY will become more vulnerable for further declines. The next support lies at 77.30 (lower border of the Cloud). The Ichimoku Cloud (3) remains extremely thin indicating that the market is in the indecision mode. Chart. Weekly USD/JPY Daily USD/JPY On the daily chart the prices managed to get above Tenkan-sen (1). Now this line together with the recent minimums is supporting USD/JPY. As for the resistance, there’s one at 79.00, psychological level plus the horizontal Kijun-sen (2). The bulls will also face some hurdles around 78.60/75, the upper line of the pair’s current consolidation range. The lines on the chart are going sideways, so, as it was last week, the chart doesn’t show potential for some extensive moves. This week we will probably see the pair above 78 yen as it continues to struggle on the upside. The Bank of Japan will probably stay on hold, but all speaks in favor of more easing in future. Chart. Daily USD/JPY Comment here http://www.fbs.com/analytics/2012-08-06/18635-usdjpy-weekly-ichimoku-report

"FX majors from top forecasters"(2012-08-06) FX majors from top forecasters Here are the forecasts for EUR/USD, GBP/USD, USD/JPY, USD/CHF and EUR/JPY from top forecasters. Data were submitted on August 3. Source: FX Week Comment here http://www.fbs.com/analytics/2012-08-06/18633-fx-majors-top-forecasters

"Key options expiring today"(2012-08-06) Key options expiring today Market prices tend to move towards the strike price at the time large vanilla options (ordinary put and call options) expire. It happens (all things equal) as each side of the deal seeks to hedge its risk exposure. This action is most noticeable ahead of 10 a.m. New York time when the majority of options expire (2 p.m. GMT). Here are the key options expiring today: EUR/USD: $1.2300, $1.2400, $1.2500 (large); GBP/USD: $1.5600; USD/JPY: 77.75, 78.00, 78.25, 78.35, 79.00, 79.20; AUD/USD: $1.0425, $1.0500, $1.0530; EUR/JPY: 95.50; EUR/GBP: 0.7775. Comment here http://www.fbs.com/analytics/2012-08-06/18631-key-options-expiring-today

"August 6: forex news"(2012-08-06) August 6: forex news EUR/USD is trading about 60 pips below 1-month maximum around $1.2440. Spanish 10-year yields closed on Friday right below the critical 7% mark, while Italian ones closed at 6.08%. Demand for the euro was limited before data tomorrow may show that Germany’s factory orders and Italy’s industrial production fell in June. The MSCI Asia Pacific Index (MXAP) of shares gained 1.8%, snapping a three-day drop: markets still expect central bankers to stimulate economic growth. Demand for safe currencies, therefore, declined: Japanese yen and US dollar touched the lowest in more than three weeks against the euro. However, risky currencies’ growth is limited and “safe havens” have already started going up ahead of important events scheduled this week. USD/JPY remains flat, demonstrating a decline today. Risky currencies carefully weaken after Friday’s rally on US NFP release: AUD/USD trades around $1.0560, slightly below a four-month high, while NZD/USD slipped from a three-month high and trades below $0.8200. USD/CAD trades on its lowest level in three month, hovering right above parity. Events to watch today: Euro area: Sentix investor confidence (8:30 GMT) is expected to decline from -29.6 in July to -30.8 in August. The indicator is in the negative zone since the second half of 2011. US: You must have missing Bernanke with all the talk about the ECB, haven’t you? Well, we’re going to hear the news about the Fed’s Chairman anyway as he will speak in a prerecorded video about economic measurement before the 32nd General Conference of the International Association for Research in Income and Wealth. Bernanke may add some comments about the central bank’s decision to add monetary stimulus last week, but will probably say he’s still worried about the state of American economy. Comment here http://www.fbs.com/analytics/2012-08-06/18629-august-6-forex-news

“Predict NFP”: contest results Dear friends! According to Bureau of Labor Statistics, U.S. Department of Labor data Nonfarm Payrolls indicator for July is 163K. Khodam Fx gave the closest answer. The contestant gets an exclusive T-shirt from FBS. Congratulations to the winner. Kind regards, FBS

Dear friends! According to Bureau of Labor Statistics, U.S. Department of Labor data Nonfarm Payrolls indicator for July is 163K. Khodam Fx gave the closest answer. The contestant gets an exclusive T-shirt from FBS. Congratulations to the winner. Kind regards, FBS

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Roubini: 5 reasons why US growth will slow (2012-07-31) Nouriel Roubini is ‘cheering us up’ with another article in which he prophesizes gloomy future fort the US. Well, one can’t write something optimistic after he’s officially dubbed “Dr. Doom”, can he? Roubini gave 5 reasons why US economic growth will slow further in the second half of 2012 and be even lower in 2013: 1. US GDP growth in the second quarter has decelerated from a mediocre 1.8% in Q1 to 1.5% in Q2, as job creation – averaging 70,000 a month – fell sharply. 2. Expectations of the “fiscal cliff” – automatic tax increases and spending cuts set for the end of this year – and the presidential elections will affect spending and growth. 3. The fiscal cliff would amount to a 4.5%-of-GDP drag on growth in 2013 if all tax cuts and transfer payments were allowed to expire and draconian spending cuts were triggered. Tax increases and spending cuts will be milder, but even if the fiscal cliff turns out to be a mere 0.5% of GDP and annual growth at the end of the year is just 1.5%, as seems likely, the fiscal drag will suffice to slow the economy to stall speed: a growth rate of barely 1%. 4. Growth in disposable income has been sustained since last year by another $1.4 trillion in tax cuts and extended transfer payments. That means US is stealing some growth from the future. 5. Negative external factors: escalating euro zone crisis, an increasingly hard landing for China, a generalized slowdown of emerging-market economies and the risk of higher oil prices in 2013 as the conflict with Iran progresses. Roubini expects more QE from the Fed, but the economist thinks it won’t be efficient as US interest rates are already extremely low. US dollar will remain strong due to the risk aversion created by Europe and amid easing in other countries. As a result, the policies won’t help and US growth will be weaker. According to Roubini, significant equity-price correction could trigger the contraction of US economy in 2013. The review is based on Mr. Roubini’s article for Project-Syndicate, 2012 Source: The Australian Have a profitable trading day with FBS! If you have any questions to our analysts, you’re welcome to ask them in comments to this article! Recent market news from FBS. Comment here http://www.fbs.com/analytics/2012-07-31/18544-roubini-5-reasons-why-us-growth-will-slow

GBP/USD: technical comments (2012-07-31) GBP/USD declines for a second consecutive day after on Friday the pair reached a five-week high. Sterling tested the upper boundary of a sideways channel aligned with the 200-day MA, but then slipped back. On the H4 chart GBP/USD trades above the up-headed 200-, 100- and 50-day MAs. The pair has been bouncing in a flat since June after trading in a bearish channel in May. In our view, GBP/USD is likely to remain in a sideway channel in the nearest future because of the strong resistance levels concentrated in the $1.5743/80 area. A close above $1.5780 could open the way for a further rise to $1.5904. On a downside the next support for the pair out of the bounds of the sideways channel lies at $1.5392 (July 12 minimum) and at $1.5267/33 (June and 2012 minimums). Chart. Daily GBP/USD Have a profitable trading day with FBS! If you have any questions to our analysts, you’re welcome to ask them in comments to this article! Recent market news from FBS. Comment here http://www.fbs.com/analytics/2012-07-31/18540-gbpusd-technical-comments

QE3 is possible, but “in reserve for now” (2012-07-31) When one thinks about the Fed these days, the most common question which comes to mind is “When?” – When will Bernanke and his colleagues finally announce QE3? It’s been already more than a year since QE2 finished and the talk about the next round has begun. The question is as pressing as it could be as the Federal Reserve announces its policy stance tomorrow. Experts answer: “Later, not tomorrow”. Rabobank: “The fact that the Committee extended its current asset purchase program, Operation Twist, at its last meeting in June would present a substantial hurdle to launching another asset purchase program (QE3 or sterilized purchases) this week. The Committee may prefer to have some ammunition left to offset the fiscal cliff, which will present itself at the start of 2013. Therefore, we would probably have to see a further deterioration in economic data or at least a prolonged episode of the weak data that we are seeing now, before the Fed makes that decision. However, the Fed does have other options that may offer some support in the meantime.” NAB: “With little momentum in the economy, a high level of uncertainty about the future pace of growth and both unemployment and inflation below the Fed’s view of their desirable level, additional monetary easing is extremely likely. We suspect this won’t mean an announcement of additional QE following the meeting currently underway, given ‘operation twist’, which is intended to impact on the economy in a similar way to QE, extended in the previous meeting this appears too soon. A more likely intermediate step would be to extend the Fed’s forward guidance on how long the Feds Fund Rate will remain exceptionally low from late 2014 into 2015. However, the Fed Chairman has explicitly identified further QE as one of the measures they would consider if they decided to ease policy further. Therefore, additional QE is possible, although it may be kept in reserve for now.” Image from williambanzai7.blogspot.com Have a profitable trading day with FBS! If you have any questions to our analysts, you’re welcome to ask them in comments to this article! Recent market news from FBS. Comment here QE3 is possible, but

QE3 is possible, but “in reserve for now” (2012-07-31) When one thinks about the Fed these days, the most common question which comes to mind is “When?” – When will Bernanke and his colleagues finally announce QE3? It’s been already more than a year since QE2 finished and the talk about the next round has begun. The question is as pressing as it could be as the Federal Reserve announces its policy stance tomorrow. Experts answer: “Later, not tomorrow”. Rabobank: “The fact that the Committee extended its current asset purchase program, Operation Twist, at its last meeting in June would present a substantial hurdle to launching another asset purchase program (QE3 or sterilized purchases) this week. The Committee may prefer to have some ammunition left to offset the fiscal cliff, which will present itself at the start of 2013. Therefore, we would probably have to see a further deterioration in economic data or at least a prolonged episode of the weak data that we are seeing now, before the Fed makes that decision. However, the Fed does have other options that may offer some support in the meantime.” NAB: “With little momentum in the economy, a high level of uncertainty about the future pace of growth and both unemployment and inflation below the Fed’s view of their desirable level, additional monetary easing is extremely likely. We suspect this won’t mean an announcement of additional QE following the meeting currently underway, given ‘operation twist’, which is intended to impact on the economy in a similar way to QE, extended in the previous meeting this appears too soon. A more likely intermediate step would be to extend the Fed’s forward guidance on how long the Feds Fund Rate will remain exceptionally low from late 2014 into 2015. However, the Fed Chairman has explicitly identified further QE as one of the measures they would consider if they decided to ease policy further. Therefore, additional QE is possible, although it may be kept in reserve for now.” Image from williambanzai7.blogspot.com Have a profitable trading day with FBS! If you have any questions to our analysts, you’re welcome to ask them in comments to this article! Recent market news from FBS. Comment here http://www.fbs.com/analytics/2012-07-31/18539-qe3-possible-reserve-now

Staff changes in the SNB (2012-07-31) Staff changes in the SNB Fritz Zurbruegg will join the 3-person governing board of the Swiss National Bank and work together with Chairman Thomas Jordan and Vice Chairman Jean-Pierre Danthine. Zurbruegg, 52, used to be the head of the federal budget office. His work at the SNB starts on August 1. As you probably remember, Philipp Hildebrand, the former chief of the Swiss central bank resigned after a currency trading scandal in January. Zurbruegg will now be tasked, along with Mr. Jordan and Mr. Danthine, with maintaining the currency cap and managing forex reserves so as to keep the Swiss franc pegged to the euro at 1.20 euro per franc. "He's a very good and experienced economist, who had excellent international contacts due to his many years in Washington," said Aymo Brunetti, former head of the government's economics secretariat (SECO) and now head of a research institute at the University of Berne, who worked closely with Zurbruegg during the financial crisis. "He can stand his own ground in the global arena, and from my point of view this quality is at the current time a particular asset for the central bank." Photo Reuters Have a profitable trading day with FBS! If you have any questions to our analysts, you’re welcome to ask them in comments to this article! Recent market news from FBS. Comment here http://www.fbs.com/analytics/2012-07-31/18534-staff-changes-snb

JPMorgan: bullish on NZD/USD (2012-07-31) JPMorgan: bullish on NZD/USD On Tuesday NZD/USD trades close to $0.8100, staying above the upper boundary of the sideway channel the pair left on Friday. The pair traded sideways after an uptrend early June. According to analysts at JP Morgan, NZD/USD is likely to reach $0.8240 (the highest since April 30). Specialists believe the recent kiwi’s rally suggests there is potential for the pro-risk sentiment to push the pair higher. On a downside, nearest support for the pair lies at $0.7960 (crossing of the 100- and 200-day MAs). Chart. Daily NZD/USD Have a profitable trading day with FBS! If you have any questions to our analysts, you’re welcome to ask them in comments to this article! Recent market news from FBS. Comment here http://www.fbs.com/analytics/2012-07-31/18527-jpmorgan-bullish-nzdusd