AUTOREFRESH 
ForexLive Asian market open: EUR/USD nears important resistance
By Sean Lee || July 29, 2010 at 20:56 GMT
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Some big flows overnight led to interesting moves with rumours taking care of the rest.
There was some AUD bought for month-end but not nearly as much as some would suggest and there may still be some more to be bought today. The CHF made big gains on rumours that the SNB will hike rates. If you really want to go long CHF against the USD or the EUR at these low levels based on the fact/expectation that the SNB might raise rates by 25 bps in a few months, good luck to you. Sterling didn’t have the momentum to follow the other majors and lost ground on the crosses. EUR/USD stalled just shy of the supposedly big offers starting at 1.3115. Technical resistance is at 1.3140 (38.2% retracement)
Good luck today and TGIF.
China’s Desert Ghost City Shows Property `Madness’ Persists
Yu Jiang looks into the front window at his two-bedroom apartment in the center of Kangbashi, in China’s Inner Mongolia, and says he may buy another. The place has been empty for three years, as are as many as 90 percent of the units near it. Investors are stockpiling empty apartments because there are few alternative investments, undermining government efforts to deflate a property bubble, said Patrick Chovanec, an associate professor at Tsinghua University in Beijing. The nation’s 13.6 trillion yuan ($2 trillion) of new loans in the past 17 months, bigger than the economies of South Korea, Taiwan and Hong Kong combined, is “unprecedented in 400 years of economic history,” said London-based hedge fund manager Hugh Hendry, co-founder of Eclectica Asset Management, which manages $420 million.
http://www.bloomberg.com/news/2010-06-23/china-s-desert-ghost-city-shows-property-madness-as-buyers-pay-in-cash.html
Artlcle from June but problem is obviously increasing !!!!!1
China’s economy is out of control
In a train wreck, there comes the moment when it’s no longer possible to avert disaster. Pull the brakes as hard as you can, the momentum of the train is so great that disaster is unavoidable.
I fear that China’s economy passed that point of no return in the second quarter of 2006.
http://articles.moneycentral.msn.com/Investing/JubaksJournal/ChinasEconomyIsOutOfControl.aspx
Morning Sean…. Gonna be an interesting day I feel
Hey Chris don’t you like lead in your milk. Jamie has a good point though. GDP From 12-10 whoopdy-dooo!
Yep. Gettin’ pretty close, to putting on the shorts. Nearly short the S&P, going into the close. It was looking ripe, for a beating! For the short term, at the least. GDP number, has me worried. There’s always Monday. Aud/jpy, is starting to annoy me, with it’s slackness to the upside. So I think it needs a beating, as well.
Hey Sean, do you really think the SNB is going to raise rates? When I first read that I thought it had to be a bogus rumor making the rounds so someone could get in a good, full long usd/chf position at 1.04…
They’ve been saying they’d be doing it for a long time, JR, so it shouldn’t come as a surprise?
JR, I cannot see them raising rates before the ECB.
they’ve spent so much to support the eur, raising rates will just make their holdings worth less… back in the day didn’t they go negative on int rates? i guess i don’t follow the snb as closely as i ought, but it was a short-term technical trade that i’m now out of with a few pips profit.