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Today Forex Update :-
European markets advance after upbeat earnings; Pound collapses on GDP contraction

European markets are going through gains on Friday as an string of upbeat corporate earnings report has buoyed investors' sentiment. In Forex markets the Pound has collapsed after an unexpected contraction in UK GDP.

Eurostoxx 50 Index rises 1.05%, German DAX Index adds another 1.05% and the French CAC Index advances 1.1%. In the UK, the FTSE Index rises 1.0%.

On the macroeconomic domain the shock of the session has been the unexpected 0.4% decline in UK GDP, which, according to preliminary data makes the sixth consecutive negative quarter, the largest recession period on record.

Sterling plunges, euro back to highs

GBP/USD has dropped almost 300 pips after GDP figures were released, as the pair has dropped from from 1.6685, fresh 6-weeks high to a session low at 1.6410 where the Pound is attempting to set a bottom.

EUR/USD remains on the upside after having bounced at 1,4990 on early European session, and the pair advances around 1.5050, with year high at 1.5060 on sight.

USD/JPY uptrend from Tuesday's low at 90.05 has extended during European session as the pair broke above 91.70 to hit a fresh one-month high at 91.90, before easing back to 91.70 area at the moment of writing.

EUR/USD: Euro returns upwards and approaches 1.5060 high

Euro retreat from 1.5060 high has found support at 1.4990 on early European session and the Euro bounced, reaching back to 1.5050 with 14-month high at 1.5060 on sight.

Next resistance area, at the moment, lies at 1.5060 (session high), and above here, 1.5085 (Aug 11 08 high) and 1.5100. On the downside, support levels at 1.4990/00 (session low/ oct 20 high), and below here 1.4975 and 1.4940 (Oct 22low).

According to Per Enk karlson technical analyst at Advantage Financial GMBH, the Euro remains bullish while above 1.4920: "No clear break out above 1.50 as we were looking for, still bullish above 1.4920 with next resistance level now up at 1.5284."

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Regulation of the business of insurance :-
Insurance regulation that governs the business of insurance is typically aimed at assuring the solvency of insurance companies. Thus, this type of regulation governs capitalization, reserve policies, rates and various other "back office" processes.
In the United States each state typically has a statute creating an administrative agency. These state agencies are typically called the Department of Insurance, or some similar name, and the head official is the Insurance Commissioner, or a similar titled officer. The agency then creates a group of administrative regulations to govern insurance companies which are domiciled in, or do business in the state.
The origins of insurance policies in general differs through various countries. Limited policies (particularly against damage to homes) can be traced to the 17th and 18th centuries, though establishment of newer policies (such as health insurance and car insurance) did not come until the 20th century.
In the United States regulation of insurance companies is almost exclusively conducted by the several states and their insurance departments. Various states have different names for their regulatory agencies and regulators. In many states the department is called the Department of Insurance, and the regulator is called the Insurance Commissioner - although there are numerous variations. The federal government has explicitly exempted insurance from federal regulation in most cases.
However, regulation of the insurance industry began in the 1940s in the United States, through several United States Supreme Court rulings. The first ruling on insurance had taken place in 1868 (in the Paul v. Virginia ruling), with the supreme court ruling that insurance policy contracts were not in themselves commercial contracts. This stance did not change until 1944 (in the United States v. South-Eastern Underwriters Association ruling), when the Supreme court upheld a ruling stating that policies were commercial, and thus were regulatable as other similar contracts were.
Nowadays, many countries - and states in the United States - regulate insurance companies through laws, guidelines and independent commissions and regulatory bodies. These laws and statutes ensure that the policy holder is protected against bad faith claims on the insurer's part, that premiums are not unduly high (or fixed), and that contracts and policies issued meet a minimum standard.
A bad faith action may constitute several possibilities; the insurer denies a claim which is seemingly valid in the contract or policy, the insurer refuses to pay out for an unreasonable amount of time, the insurer lays the burden of proof on the insured - often in the case where the claim is unprovable. Other issues of insurance law may arise when price fixing occurs between insurers, creating an unfair competitive environment for consumers. A notable example of this is where Zurich Financial Services - along with several other insurers - inflated policy prices in an anti-competitive fashion. If an insurer is found to be guilty of fraud or deception, they can be fined either by regulatory bodies, or in a lawsuit by the insured or surrounding party. In more severe cases, or if the party has had a series of complaints or rulings, the insurers license may be revoked or suspended.

St. Petersburg, Another View

Forex latest Update :-

Forex: AUD/NZD: Aussie rallies above 1.2200 to 1.2245/55 area

Australian Dollar has rallied during the day so far, and the pair's bounce at 1.1935 low on Tuesday, has extended to levels above 1.2200/10 area, breaking, thus, above the downtrend line off mid September highs to test 1.2240 (Sept 30 high) at the moment of writing.

In case of breaking above 1.2240/55 (Sept 30/21 highs), next resistance levels would be at 1.2300 (Sept 14 high) and 1.2400 area, on the downside, support levels lie at 1.2155/70 , previous highs, and once below there, 1.2055/65 (Oxct 2 low/intra-day low) and 1.1990 (Oct 5 low).

According to the Varengold Bank Research Team, the pair has reached strong resistance area, and a pull back towards 1.2000 should be taken into account: "As we can see, the market has reached two strong resistance levels. The resistance levels are the horizontal line from the middle of September of around 1.22 and the bearish trend line, which has also been established during September. The pair could be overbought and may probably pull back towards the support line at around 1.20."

European markets rise on upbeat earnings season's kickoff; Euro and Pound, higher

European markets are going through considerable advances on Thursday following a positive start of U.S. earnings season and further advance on basic resources. Euro and Pound have rallied to last weeks' range tops.

Eurostoxx 50 Index advances 1.5%, while German DAX Index advances 1.3%, and the French CAC Index advances 1.51%. In the UK, the FTSE Index trades 1.0% higher in the first hours of trading.

Risk appetite has improved on the back of Alcoa's third quarter's profits. The aluminum producer swung into profits after three consecutive quarters with losses. Alcoa's shares have advanced 8.2% in Frankfurt market.

Euro and Pound testing resistance areas

EUR/USD remains struggling against 1.4770 resistance on rally from 1.4650 low on Wednesday; after having hit fresh two-week high at 1.4788.

GBP/USD rally from 1.5860 low, has extended to 1.6075, one-week high, although the Pound has eased to levels below 1.6050. At the moment the pair trades at 1.6040; 0.50% above its day-opening level.

USD/JPY recovery from 88.00 low on Wednesday was halted at 89.40, and the Dollar returned to levels right above 88.00. During European session, the pair has been moving between 88.15 and 88.40.

Beautiful Mosques In The World -3

Forex latest Update :-

USD / JPY Technical Forex Analysis for Forex Traders :-

Yesterday's drop stopped with great accuracy at what we called "the most important support" 89.31 (yesterday's low was 89.34). And today, 90.20 will still be the most important resistance. If the dollar fails to break it, this pair will go back to falling, after that sharp bounce from 88.22. But, a break of 90.20 would give a chance to approach 91 since the first important resistance in these areas 90.90.
Euro / Dollar Technical Forex Analysis for Forex Traders :-

The Euro is testing at this very moment the short-term support 1.4563, after dropping hard in the last half hour. This support is the last barrier before testing Fibonacci 50% which is at 1.4509. Short
-term resistance is 1.4622, and breaking it would give another attempt to reach 1.47 (after yesterday's attempt).
If 1.4563 is broken, then the falling correction will try to reach Fibonacci 50% support at 1.4509, or Fibonacci 61.8% at 1.4430. In this case, this support in particular will become the most important support for the medium term, since breaking it would mean that this drop is more than just a correction, and that the uptrend which started at 1.4176 is already over.