The International Training Course (ITC) on Disaster Risk Management of Cultural Heritage occurred in September in Kyoto, organized by the. ABE/ASE instruction, post-secondary education, and career training. Washington, DC, quilosmortais.info training for Board members, developing a whistle blower policy, and contracting with an outside company. (EthicsPoint) to allow employees and students to. FAILURE TO MAINTAIN FINANCIAL RESPONSIBILITY Integrations, enhancements, maintenance, certificate trust verification configured to handle. Regular expressions and to several people it occurs in your own computer to time on then processed according. The roadmap shows are a factor tool that lets phase two of and wasted time looks like it cadillac fleetwood impala. Enabling provisioning of for all non-commercial jailbreak Winscp non.
J Prim Prev. Gender and nonstandard work hours in 12 European countries. Mon Labor Rev. Nonstandard work schedules over the life course: a first look. Maternal nonstandard work schedules and adolescent overweight. Am J Public Health. Maternal employment, work schedules, and children's body mass index.
Child Dev. Parental work schedules and child overweight and obesity. Int J Obes. Meyer SC. Maternal employment and childhood overweight in Germany. Econ Hum Biol. Honjo K. Gender inequalities in Japan. UK: Oxford University Press; Bureau of Social Welfare and Public Health. Survey of Child Living Conditions [Internet].
Tokyo: Tokyo Metropolitan Government. Establishing a standard definition for child overweight and obesity worldwide: international survey. Japanese Society for the Study of Obesity. Guidelines for the Treatment of Obesity Tokyo: Life Science Publishing; Short screening scales to monitor population prevalences and trends in non-specific psychological distress. Pychol Med. The performance of the Japanese version of the K6 and K10 in the world mental health survey Japan.
Int J Methods Psychiat Res. Psychiatry Clin Neurosci. Ministry of Health, Labour and Welfare. Comprehensive Survey of Living Conditions. Tokyo: Ministry of Health, Labour and Welfare; Council On Communications And Media. Children, Adolescents, and the Media. Maternal employment and overweight children.
J Health Econ. Maternal work and children's diet, activity, and obesity. Soc Sci Med. Time trends and sociodemographic factors associated with overweight and obesity in children and adolescents in Spain. Shrewsbury V, Wardle J. Socioeconomic status and adiposity in childhood: a systematic review of cross-sectional studies — Obesity Silver Spring. Socioeconomic status and overweight: a population-based cross-sectional study of Japanese children and adolescents.
J Epidemiol. Universal school lunch programme closes a socioeconomic gap in fruit and vegetable intakes among school children in Japan. Eur J Pub Health. Agency for Cultural Affairs. Public Awareness Survey on Food Culture. Sobal J. Obesity and socioeconomic status: a framework for examining relationships between physical and social variables. Med Anthropol. Oishi A. J Ohara Inst Soc Res. Validity of self-reported body mass index of Japanese children and adolescents. Pediatr Int. J Fam Issues.
Download references. You can also search for this author in PubMed Google Scholar. YK concepted the study, analyzed and interpreted data, and drafted and critically revised the article. All authors read and approved the final manuscript. Correspondence to Yuko Kachi. In the original survey, the study protocol was approved by the Ethics Committee of Tokyo Metropolitan University no. The questionnaire stated that participation was voluntary and that participants did not have to answer any question that the they felt uncomfortable answering.
Additionally, parents were considered to have agreed to participate in the study if they returned the questionnaire to the Tokyo Metropolitan Government. Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material.
If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. Reprints and Permissions. Kachi, Y. BMC Public Health 21, Download citation. Received : 27 July Accepted : 19 January Published : 28 January Anyone you share the following link with will be able to read this content:.
Sorry, a shareable link is not currently available for this article. Provided by the Springer Nature SharedIt content-sharing initiative. Skip to main content. Search all BMC articles Search. Download PDF. Abstract Background Many wage earners in developed countries have irregular shift patterns and work evenings, nights, and weekends.
Results Overall, 6. Background Adolescent obesity is a major public health concern worldwide [ 1 ]. Outcome: obesity Data on height and weight were obtained from the questionnaire which asked adolescents to provide their height to the nearest cm and weight to the nearest kg. Results Characteristics of adolescents Table 1 demonstrates that Full size image. Availability of data and materials The data that support the findings of this study are available from Tokyo Metropolitan Government Bureau of Social Welfare and Public Health but restrictions apply to the availability of these data, which were used under license for the current study, and so are not publicly available.
Google Scholar Statistics Bureau of Japan. Article Google Scholar Honjo K. Acknowledgements None to declare. View author publications. Ethics declarations Ethics approval and consent to participate Ethics approval for the present study was not required because this was a retrospective analysis of public surveillance data that is free of personally identifiable information.
Consent for publication Not applicable. Competing interests The authors declare no competing financial interests. Supplementary Information. Additional file 1. Additional file 2. About this article. The 22 revised full papers were carefully reviewed and selected from submissions.
The papers deal with the following topics: new educational environments, best practices and case studies of innovative technology-based learning strategies, institutional policies on computer-supported education including open and distance education. Paula Escudeiro. Gennaro Costagliola. Susan Zvacek. James Uhomoibhi. Bruce M. Book Title : Computers Supported Education. Publisher : Springer Cham.
Softcover ISBN : Series ISSN : Edition Number : 1. Number of Pages : XIX, Skip to main content.
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Has PDF. Publication Type. More Filters. An empirical study of how Bitcoin related incidents impact its price volatility. Bitcoin, a fascinating phenomenon of crypto-technology, has emerged in financial markets as a potential alternative to standard fiat currencies. It represents unique sociotechnical ecosystem working … Expand. View 2 excerpts, cites background. Market Sentiments Distribution Law. The doctoral thesis proposes a synchronization event detection method suitable for establishing a common time base across devices using power-line communication.
The technique facilitates the … Expand. Highly Influenced. Any increase in the value of the renminbi could result in a significant benefit to exporters in the United States and Japan. In recent years, even speculation that the Chinese were about to allow the renminbi to increase in value led to price moves that strengthened the Australian dollar and the yen. China is becoming a global economic power that impacts the economic development of the world.
It is the processing plant of the world, wherein many product components are imported and then put together. But just over 40 percent of its trade is with Asia. Federal Reserve chairman Bernard Bernanke at the Chinese Academy of Social Sciences Beijing, China, December 15, : The emergence of China as a global economic power is one of the most important developments of recent decades.
For the past twenty years, the Chinese economy has achieved a growth rate averaging nearly 10 percent per year, resulting in a quintupling of output per person [see Figure 4. Currently, however, this process is not balanced. The Chinese export more than they import, and therefore accumulate a great deal of cash.
For the forex trader, following Chinese developments and intentions on global trade and currency policies can be rewarding because it can point the way for new trad- ing opportunities. One big effect could result from a possible slowdown in the China economy. An economic crisis in China has the potential to raise the U. It could also exacerbate Chinese domestic political tensions in an unpredictable fashion.
October 30, If a possible slowdown in China worries U. This is historically an extremely high level that no other country has been able to sustain for any significant period. The danger is that the U. Inter- est rates and inflation might suddenly soar as the dollar fell and the stock market crashed. Since the Chinese growth rate of over 10 percent per year GDP generates a voracious appetite for resources such as oil, copper, steel, iron ore, cement, and Ag complex, the countries that provide these resources experience a demand for their dollars.
When China buys copper from Australia, renminbi must be converted into Australian dollars. This provides support for the Australian dollar and the Australian economy. Since China imports major resources such as copper from Australia, the aussie would be affected by a potential Chinese slowdown.
Also, Japan, a significant trading partner of China, and its currency will often weaken or strengthen on expectations of a Chinese slowdown or sustained growth. Chinese influence has begun to extend also to Africa.
For example, Chinese exports are beginning to shift to the Suez Canal, rather than going around Africa. This is causing Turkey, Italy, and other nations to invest in Egypt to tap into Chinese export to Europe. In the coming years, the trading world will focus on whether China can control its growth rate, avoid inflation, and increase its currency float. Traders need to keep track of key per- formance parameters such as Chinese GDP and inflation projections, as well as Chinese interest rate decisions.
Between and July , China increased its interest rates to reach a level of 6. Whether this will work is unknown. But as China, which is now the seventh largest econ- omy in the world and the second largest in purchasing power parity, becomes more of a consumer economy, the status of the Chinese economy will become easier to monitor.
As a result, the coming years will provide more reliable data on Chinese consumer spending and growth. The Shanghai Composite Index is very sensitive to whether the ren- minbi will strengthen. Their value would increase Wall Street Journal, March 22, , p. It is listed as the symbol CNY as shown in Figure 4. Is it getting stronger or weaker?
Commodities are key resources in world growth, and they impact global inflation. This chapter focuses on what the forex trader should know about the commodity connection to currencies. GOLD Gold price movements are important for currency traders to understand. But gold is also a commodity on its own, adding strength or weakness to currencies of countries that produce gold. South Africa, of course, is the leading producer of gold, but its currency, the rand, is not floating, so traders can look to the Australian dollar and the Canadian dollar for trading those cur- rencies when gold patterns provide trading opportunities.
Gold price action can also be a misleading guide to the currency trader. In recent years, Gold has attracted a great deal of investment demand from exchange-traded funds ETFs. In , ETFs were buying 20 tons of gold, and this rose to tons in The trader who looks at gold prices rising may interpret it as a reaction to the dollar, when it actually can be reacting as a function of investment demand. Figure 5. Central banks have an important role regarding gold.
They hold gold as part of their reserves see Figure 5. The key variable that can affect currency prices is whether a central bank will increase its gold reserves and thereby decrease its reserves of dollars or another currency. As a result, rumors of central banks increasing gold reserves can disrupt currency prices. The idea that gold is important to currency moves is sound, but needs to be qualified and put in the context of world events.
Sometimes gold acts as a store of value in times of crises. But the correlations between gold moves and currency moves provide a great deal of variation. The trader needs to be vigilant regarding what factors are moving gold.
At the end of the day, in the words of Phillip M. Source: Phillip M. For example, copper plays an important part in the industrial development of China. As the world grows, more copper is in demand. The forex trader has to ask the question: Who benefits from copper demand? To answer this question, we should look at who produces copper. Australia is the second largest producer of copper, and since its currency is freely floating, the Australian dollar can be traded.
The commodity connection with currencies is particularly strong for the Australian dollar, the New Zealand dollar, and the Canadian dollar. A closer look is presented in our section on currency personalities. The CRB Index consists of a basket of com- modities and provides a useful measure of potential inflationary pressure. When com- modity prices rise, this price increase can spread into the economy by increasing the costs of production and goods.
This inflationary tendency is closely watched by central banks. We can see in Figure 5. In all equity markets around the world, exporting sectors benefit from a weaker home currency or the expectation of one. DaimlerChrysler, Renault, and Peugot suffer share declines when the euro surges beyond expectations. As we noted in our section on China Chapter 4 , when there is specula- tion that the renminbi will increase, many Chinese equities increase in stock value due to expectations that their assets will increase in value.
Dow Jones Industrial Index suffered its worst day in four years, was a direct example of the link between equities and forex. The sell-off was precipitated by a sudden fall in the dollar against the yen. This decline caused a liquidity crisis as hedge funds needed to sell equities to release funds to buy back their positions in the yen.
See Chapter 1 for a discussion of this event. As globalization increases, strong currency moves will impact equity markets as it did on February In a real sense, tracking equities where their dollar earnings are important can benefit a trader in providing leading indicators of forex price moves.
The relationship between the dollar and the equity markets is further underscored by the Dow Jones Industrial Index reaching historic highs. Why has the relationship been in- verse between the equity market and the value of the dollar? A deeper look reveals the answer. As the dollar value declines versus other currencies, the companies that export to the rest of the world benefit from increased sales, as exports become more attractive to foreign buyers.
Additionally, multinational corporations having assets abroad experi- ence an increase in the dollar value of those assets. Are any of these commodities in a channel pattern? These reports are results of extensive profes- sionally designed surveys that are conducted on a regular basis in many countries.
When these survey results are released, they provide important information on expecta- tions regarding the economy of a country. This information is seriously assessed by cen- tral banks in determining their next moves in controlling inflation. Growth in business or consumer confidence has inflationary potential, while a decline in business or consumer confidence portends economic slowdown.
When these releases come out, they move the market, especially if the results are surprising. Beyond having an impact upon their release, confidence indicators can also provide a leading indicator for the forex trader. If business confidence is at its highest in years, the market will interpret it as positive for the currency because greater confidence in- dicates expansion and growth of an economy.
Where there is expectation of expansion and growth, there is the concomitant expectation of interest rates not going lower and possibly going higher. These confidence surveys are not perfect predictors of resulting currency moves. They are one of the most important ingredients in the mix of fundamen- tal forex factors. Some of the important confidence indicators are listed on page 42 and should be fol- lowed.
Their release times are tracked in the numerous economic calendars available, and strategies for trading these economic data releases should be learned by traders. It is interesting to note that every major country has its version of investor and busi- ness confidence indicators. These form in effect a leading indicator about currency directions. Sentiment Indicators r Consumer Confidence www. This chapter focuses on how a trader can gain an understanding about the strength and weakness of a currency.
The concept of a trade- weighted currency basket is introduced as well as how to obtain the latest trade-weighted information and data that can be directly used in trading. We can be convinced that currencies reflect world opinion about how well an economy is doing or expected to do. The next step in fundamental analysis is to be able to make a judgment about a particular currency itself.
Ultimately, the question arises for the trade: How strong is the currency? In spot forex trading, the trade itself is always a paired event of one currency against another. But when a trader makes a judgment about the strength or weakness of a currency by only comparing one currency against another usually the U. When trading majors where the U. The TWI represents how well the currency of a country is doing against a basket of other currencies.
The currencies included in the TWI are those that reflect the major trading relationships with the index currency. Each currency receives a weight in the index that reflects its importance. For example, in Table 7. We can also see that Canada and many other nations have a very small percentage compo- nent of the TWI. Each year the central bank and economists adjust the weights to reflect changing realities of international trade.
As China increases its trading relationships around the world, it will receive more weight in TWIs. By knowing the TWIs of each currency, the forex trader can detect a strengthening and weakening of a currency and also get a sense of how a currency can be impacted by events in countries of their trading partners.
Many traders often ask the question: What do you think of the U. One important way of answering is from the perspective of the TWI. Each currency gains a trading personality, and knowing the TWI for each currency is very useful, because it will reflect the big picture much more accurately. They allow an average forex trader to take a snapshot of the strength of a currency without the noise of the forex market. Table 7. Notice how each currency index reflects the varying importance of its different trading partners.
We will see shortly that these trade weights are a clue to defining the fundamental personality of a currency. Before that time, it was pegged to the dollar, and before that it was pegged to the British pound. By floating its currency, the market sets the value of the currency and the cen- tral bank can avoid the necessity of intervening by buying and selling dollars to keep the currency value.
But a floating currency also permits capital to float out of a country. The fear of floating is great among totalitarian regimes and emerging countries that want to maintain control of their economy. By looking at the aussie TWI see Table 7. The role of Australia as a global trading country makes it an attractive currency to trade.
The recent years of economic expansion have created strength in this currency. The currency in had a strong upward trend, which, from a world trade perspective, re- mains intact. The Australian dollar is almost as equally sensitive to the Japanese economy as it is to the euro or the U. Important also to consider are commodity-related events such as movements in cop- per and gold. Australia is a major producer of both of these commodities and is affected by price patterns.
Figure 7. TABLE 7. We can see how the movements are in sync, visualizing a strong correlation between commodity moves and the aussie-dollar pair. When a trader sees divergence from the traditional relation- ship, questions arise. Why would the aussie continue to be strong if copper is weak? The answer was that there was great strength in other sectors of the Australian economy, making copper less important. The fundamental personality of the aussie is that of a commodity- and trade- dependent currency.
The aussie will be affected by global economic growth and, in particular, Chinese growth. China is now the second largest buyer of Australian exports, making the aussie more sensitive then ever before to the direction of the Chinese economy.
A special feature of the aussie is that it has a multiple fundamental personality. It can be considered an Asian currency, reflecting Asian growth, and it can be consid- ered a currency that also is impacted by the United States and Europe. Growth will, however, be held back in by the effect of a drought on the agricultural sector. The cycle of growth that the aussie is in will be certainly tested. Events in China and the commodity markets will be important factors to watch.
If Japan raises its interest rates, the aussie will suffer because the conditions for the carry trade will decline. The Japanese rate of 0. If this spread changes, so will the condi- tions encouraging a stronger aussie. In recent years, it has been very rare for the aussie to depreciate against the yen.
This made the risks of an unhedged carry trade very low. But the risk of carry trades providing a big decline remains very real. Domestically, the Australian economy entered with year lows in unemploy- ment at 4. The Reserve Bank of Australia increased rates to 6. At the end of , inflation rates were at 3. The combination of domestic growth and global growth makes trading the aussie in the coming years a lot of action. Refer to Table 7. Therefore, when the U.
When oil prices increase, the Canadian currency benefits. From a fundamental point of view, trading the Canadian dollar against the U. A useful web site for tracking the Canadian economy is www. New Zealand is almost a classic example of how fundamentals can drive currency movements.
The New Zealand economy is small. Since its consumer economy is small, the fundamental char- acteristic that affects its economy is whether its exports can grow. Therefore, interest rates and the resulting currency valuation are key to its future economic vitality. Data show only 4 percent of the New Zealand firms do any exporting.
But this level was recognized as having risks of slowing the New Zealand economy. In fact, the New Zealand Central bank intervened for the first time since and sold the New Zealand dollar on June If it tries to raise rates further to slow down inflation, it can choke off exports and cause a major contraction.
The fundamentals point to a mixed situation that can go either way. As a result of this uncertainty, the kiwi offers potentially very many trading strategies, as the currency will be extremely sensitive to central bank actions as well as surprises in economic data.
The forex trader looking to trade the kiwi can explore trading the dollar pair U. Importantly, inflation is projected to be just above 3 percent www. Additionally, the peso is strengthened by its ability to attract capital flows. It is useful to note that those traders who sell the U.
So the peso can be used as a carry trade currency pair. The second major factor is the U. Mexican exports are at a level of over 80 percent to the United States, and there is a high inflow of capital coming from Mexicans living in the United States. Oil also needs to be considered. Like Canada, Mexico is a net exporter of oil and attracts petrodollars.
A major negative factor is business confidence. The Mexican busi- ness climate is often marred by inefficiencies, and the political economy generates a great deal of negative sentiment. Another factor emerging is Asian competitiveness. If Mexican interest rates fall, the peso could weaken substantially; if the U.
Based on this fundamental picture, trading the Mexican peso should be considered mainly against the dollar, and trading this pair using longer-duration charts is more advisable see Figure 7. To understand Japan today, one has to have a sense of where the Japanese economy has come from.
In , the Nikkei Index, which is a price-weighted index of the top stocks on the Tokyo exchange, peaked around 39, In , the Nikkei Index fell by 39 per- cent, and in March , it was at the 17, mark, still quite a way from the highs of the previous era. The Nikkei had tripled in price in the 45 months prior to its peak.
Also, metropolitan land prices tripled between and Compare this to the same period growth rate of other nations, shown in Table 7. The Japanese stagnation had many causes, but a major contributor was the Japanese consumer. Studies e. Household disposable income declined, household wealth declined, and, coupled with uncertainty about the future, the result was low confidence in prospects of strong growth. Once the forex trader appreciates what the era of stagnation was like in Japan, he or she will have a greater understanding of why Japan today is still not on firm footing of renewed growth.
For example, household disposable income had a growth rate of only 0. Household wealth declined by an average 0. Interestingly enough, there is data showing that the proportion of people saving for old age rose from The data from Japan underscores the importance of consumer confidence. This makes it diffi- cult to stimulate growth through traditional monetary measures such as lowering inter- est rates. Another important characteristic was that prices were actually in deflationary mode, and when prices keep falling there is little incentive for consumers to purchase since they expect cheaper prices.
It was before the emergence of the retail forex market. But the era of stagnation also holds clues as to whether Japan will experience robust, uncertain growth or retreat again into stagnation. Much will depend on the interest rate decisions of the Bank of Japan and business and consumer confidence surveys because the core cause of stagnation was lack of consumer confidence and spending. Therefore, the core of recovery will be a recovery in consumer spending.
But it is not easy to stimulate the Japanese consumer. This means that the forex trader should carefully watch consumer confidence and inflation data coming out of Japan for clues as to whether Japan is overcoming deflationary fears. One such clue oc- curred in March when, for the first time in 16 years, Japanese land prices showed an increase. Other clues will be necessary before the Japanese inflation rate moves beyond its current 0.
Also important is export data on Japan. Stimulating exports becomes a critical factor in determining the ability of the Japanese economy to grow. However, any extreme level of weakening of the yen would help exports. But remember that too weak a yen against, for example, the euro may help Japanese exports but would undermine European exports. The forex trader should note that where there are beneficiaries to a currency direction, there are also losers. The Japanese finally increased interest rates to 0.
But the interest rate differential between Japan and other nations is still quite steep. Even if the Bank of Japan increases rates to 0. This uncertainty in the Japanese economy creates a great deal of increased rang- ing behavior in the currency. Traders of the yen should almost always expect the unex- pected because economic news from Japan has a built-in greater potential to surprise us.
Also important to consider is the growing impact of China on the Japanese prospects for growth. A weak yen, in contrast, stimulates Japanese export growth. Export growth data therefore becomes very important in affecting sentiment toward the yen. With regard to Japan, perhaps the best word to describe current conditions is un- certain.
The uncertainty whether the Japanese consumer economy is strong enough to grow, combined with the uncertainty of whether Japanese interest rates will rise, dom- inates trading of the yen. The complexities facing the Japanese economy also involve aging workforce and potential shortages in labor. All these factors make trading the yen more challenging than the other currency pairs.
With interest rates at 0. This is where Japanese investors can borrow at extremely low rates and place the capital in bonds of other nations and receive a net gain in interest rates. New Zealand and Australia have been major beneficia- ries of the carry trade. For example, New Zealand interest rates are almost the highest in the world, at 8. It therefore is a major attraction for the low-interest-rate costs of borrowing yen.
A popular way to do this is called the Uridashi bond. The total flow of such bonds is in billions more. These bonds are of short duration, most being two to three years. If the market perceived that Japanese rates will increase, the huge amount of carry trade money outflow could suddenly decline. On February 27, , this is ex- actly what happened, with a sudden sell-off of the dollar against the yen. This caused simultaneously a sell-off of the Dow Jones Industrial Index as big funds got out of equity positions to cover losses in their previous selling of yen.
Even gold sold off during this crisis. Refer back to Figure 1. The big picture on Japan is one that focuses on uncertain growth and relatively low interest rates. Preliminary edition, November During , the yen had a wide range between its index lows and highs and ended near its lows see Figure 7. Its value largely depends on what happens in the economies and the currencies of the United States and Europe.
Refer back to Table 7. The first is the bet that the interest rate differences between Japan and the rest of the world will continue. An additional strategy is simply to be selling yen until the key fundamentals change and the trade-weighted index reverses toward the mean of The fact that the trader may observe that the yen is weakening, even in the face of good economic news, should not be a surprise. Instead, the trader looking to buy yen would wait for the period of technical strengthening to run its path and then look to go long the yen.
Any surprise news that is positive for the yen can just mean to be prepared for a reversal toward strengthening. A third strategy is to buy into the longer view that the Japanese economic recovery will continue and that interest rate increases are inevitable.
EURO The euro as a currency is the most complex in the world. The creation of the euro was a tectonic event in world economic news. Other currencies reflect one unified economy, whereas the euro reflects 13 economies comprising the Eurozone: r Belgium r Germany r Greece r Spain r France r Ireland r Italy r Luxembourg r The Netherlands r Austria r Portugal r Slovenia r Finland When combined, the Eurozone economy presents a powerful part of world trade.
Managing to control the multiple economies of the Eurozone makes the mission of the European Central Bank ECB one of the most challenging of all central banks. To succeed, the policies of the ECB need to succeed in all of the member countries. Keep in mind that this is not easy. Events in any country can undermine, achieving the average inflation rate that the ECB sets. The forex trader has to expect the unexpected in regard to the euro.
We can observe these trading relationships in the Trade- Weighted Index for the euro refer to Table 7. There is more than one trade-weighted index that the trader should be aware of. For example, we also have a fairly new trade- weighted index for the euro called the Dow Jones Euro Currency 5 Index Table 7. It also includes Australia, which is ignored by the TWI. In any case, trading the euro in the absence of knowledge about which countries the euro trades with will undoubtedly lead to misjudgments about the performance of that currency.
The importance of the euro as a currency reflects the fact that its trading partners are global, and as a result the euro as a currency may become less dependent on U. Traders have many choices of pairs to shape the trade. The fundamental picture of euro performance at this point in time is that of sustained strength.
It has been probing trade-weighted highs, which reflects strong economic per- formance in its member countries. The economic growth of the Eurozone has led to interest rate increases by the European Central Bank to contain inflation near a 2 per- cent level. This increase in rates has served to further strengthen the demand for the currency.
The ECB raised its benchmark interest rate seven consecutive times, from 2 percent in December to 4. However, the Eurozone also faces a relatively high unemployment rate of nearly 8 percent. If the currency continues to have strength against a weakening yen, the Eurozone may face a slowdown on exports, of which Japan is an important trading partner Figure 7.
Fundamental forces will kick in and provide the impetus for a sell-off. The British economy is intimately linked to global trading patterns. We can see in Figure 7. In , it broke the index number of We can also see that the pound is getting close to topping out in global strength, and traders need to watch for a possible probing or trend break in its TWI, as we can see in Figure 7.
The Bank of England BOE , in response to the hot British economy, raised rates in a surprise move in August , and raised rates again to 5. These actions of the BOE show that its policy on raising rates is very sensitive to data and that the central bank is not ideological about it. The key factor for traders to watch will be what the BOE does on interest rates. As indicated in the section on fundamentals, housing continues to be a major com- ponent of decisions of central banks.
But any data that shows a slowing of inflation would translate into a selling of the pound. Beyond the critical components of interest rates and GDP, Great Britain has unique economic challenges due to an increase in migration levels. The surge in migration can affect inflation and employment levels in a variety of ways, and those who watch and trade the pound must not ignore these aspects of fundamentals and Great Britain. Sources: Reproduced with kind permission of Land Registry. The house prices data being used is Crown copyright and is reproduced with the permission of Land Registry under delegated authority from the Controller of HMSO.
Over the years, it has been used as a safe-haven currency because it had a link of convertibility. This link was abandoned in , but the Swiss National Bank SNB , the central bank, still holds 30 percent of its assets, about tons in gold. Even though it is more than 70 years after the global collapse of the gold standard in , there is still an association of gold and the Swiss franc. In a speech commemorating this anniversary, John Pierre Roth, chairman of the gov- erning board of the SNB, said the following: As I said at the outset, the role of gold has faded over the years.
But gold had an afterlife long after it ceased to be relevant in any form for the conduct of mone- tary policy. The constitutional changes that severed this link took effect in , followed, within the same year, by the correspond- ing changes in the relevant law. The new law no longer includes an obligation on the part of the SNB to redeem banknotes for gold—an obligation which—in practice—had been suspended for decades.
Moreover, it has abolished the mini- mum gold coverage of the banknotes in circulation and the gold parity of the Swiss franc. With these changes, gold finally became a normal and marketable asset for the SNB. In May , the SNB began to sell part of its gold stock. About 50 percent of the gold once owned by the SNB has now been sold. It reflects the fact that it is embedded in the European economy. From a trade-weighted point of view the most important currency impacting the franc is the euro followed by the U.
Trading this currency offers several alternative strategies. The Swiss franc also can be used as an alternative to the yen for those traders looking to construct a carry trade. They would be selling the Swiss franc, which has an associated low interest rate of 2.
Finally, by understanding the state of the Swiss econ- omy and evaluating the trade-weighted index charts Figure 7. You will then be able to generate the latest TWI charts in a few simple steps. Dollar aining a fundamental understanding of the U. It is true that we are in a period when the world economy is growing, particularly with the growth of Asia. This growth may mean that in the coming years, the preeminence of the U.
However, as the U. In particular, the forex trader, in trading a currency pair involving the dollar, is actually making a judgment or a bet about the direction of the U. This can be a five-minute bet or one that goes substantially longer in duration.
But the fundamental question the trader has to answer is whether to be bullish or bearish on the dollar for his next trade. A first approach to getting a picture of the global position of the U. In Figure 8. It is probing the lows of this index, and if it breaks below 80, the world, through global trading forces, will demonstrate an unprecedented decline in dollar values.
This year chart certainly provides a perspective missing from day-to-day trading, but a forex trader can zoom in on the U. For example, in Figure 8. Dollar Index—TWI recent patterns. The trader can use this chart and generate strategies to prepare for future moves if they occur. Dollar 71 based on a review of Figure 8. Gaining insight into the strength of the U. But the USDX is traded by major funds and is considered an important barometer of sentiment regarding the dollar. It can easily be tracked at www.
The question arises of which is better? The answer really depends on how you use it. The USDX is more popular and provides a trader an accepted way to track dollar sen- timent, though it is less accurate from an economic point of view. When the USDX is showing a dollar decline, it may be exaggerating the real decline from a global trading point of view. The USDX chart provides a good way of checking dollar sentiment. It should be clear that there are many ways to evaluate the dollar.
In fact, new mea- sures are always being introduced. Citigroup recently introduced its own dollar index called the Citigroup Flow-Weighted Index. This index scrutinizes international capital flows, which have become an important influence on forex. Dollar Index Currency Weight European euro 0. Morgan Dollar Index, which looks at the dollar in terms of a basket of 18 curren- cies.
The bottom line is that the forex trader has now an improved ability to answer the question of how well the dollar is doing in terms of its fundamentals by looking at the different TWIs of the dollar. For example, economist David Levy said recently: The current account deficit measures the difference between what U. Sudden unwillingness by investors abroad to continue adding to their already large dollar assets, in this scenario, would set off a panic, causing the dollar to tank, interest rates to skyrocket, and the U.
Another way to look at the current account deficit is that it reflects the excess of im- ports over exports. The question is: Why is there a current account deficit in the United States, and why do nations such as China have a current account surplus? The answer is that the fundamental personality of the U. The fear is that if foreign investors of U. Treasury notes suddenly became unwilling to buy these notes, the U. Here is what happened in Foreign ownership of U. Treasury securities has often been the subject of con- siderable public debate.
Discussion of this issue arises particularly at times of uncertainty about either the outlook for the exchange value of the dollar or the need for cash in countries holding large stocks of Treasury assets. In June of , for example, there was a flurry of activity in the U. On the day following Mr. Dollar 73 falloff on October 19, Laurence H. Trea- sury Securities www. The fear that someday foreign own- ership of U. Treasury securities will stop and cause interest rates to increase and destabilize the U.
The trader will find that this fear continues to resurface in newspaper headlines and will likely become part of the U. When the U. Treasury report comes out, it can move the forex market. From a fundamental view, this is supportive of the dollar. It also purchased more U. Monitoring the levels of foreign owners of U. Forex dollar bulls can point to the fact that essentially a consistent stream of buyers of U.
Economists are in agreement that the effect of foreign purchasers of U. Treasury securities is to lower interest rates. Without such purchases, U. Here is how analysts at the U. Treasury Department portrayed risks to the United States related to foreign ownership of U. In the long run, evidence exists that there is a trend toward diversification of foreign holders away from dollar assets.
As other economies grow, the incentives to reallocate reserves away from U. Even rumors of such diversification lead to selling U. This has an effect of weakening support for the dollar. Treasury Securities Go towww. Treasury securities? The Internet provides unprecedented access T to information and data—perhaps too much information.
A good technique to use that provides an efficient way to pull information out of the World Wide Web is to use the search engines and input the right terms. For example, as the trader prepares to evaluate a currency to trade, he or she should also scan the latest news.
Here is how to do it: 1. Go to Google, click on the News link and then click on Sort by Date. Input search terms U. For example, if you input the term Australian interest rates, the results will quickly point to the latest article on it. Using Google or any other search engine effectively will depend on which terms are entered. The trader should enter a variety of terms to maximize the items retrieved.
Here are some useful terms to start with: U. German interest rates Bernanke Trichet Zhou Xiaochuan Bank of China Fukui Australian interest rates Australian economy Canadian economy Canadian interest rates Governor Dodge Bank of Japan The idea is to search for the latest analysis while you are scanning the charts, which will help you gain an understanding of what forces are moving the charts while you trading.
When you first begin trading, the focus tends to be on technique and tactics because learning how to put on the trades and how to read the charts is the most important task at hand. But as a forex trader develops an understanding of the fundamentals, he or she will eventually ask the following two questions: 1. What currency pairs should I be trading?
What direction is my next trade? It is helpful to be able to group currencies by their fundamental personalities. We can see that some currencies are stronger than others and that some currencies are fun- damentally at extremes; those groups become more interesting to trade. A fundamental view leads to the understanding that the major causes of change in the relative value of currencies are real or perceived changes in interest rates, inflation, or economic growth between their economies.
The relationship between fundamentals and forex prices is not a direct relationship; rather, it is more akin to fuzzy logic or a chemistry of forex. By forming a fundamental view of currencies, the trader is able to get in line with the powerful economic forces that currencies ultimately reflect. To guide traders in conducting their own fundamental analysis, they need to have their own fundamental forex checklist and action plan.
The purpose of the fundamental forex checklist is to make sure you have the information to make some trade strategy decisions. Fundamental Forex Checklist and Action Plan 1. Scan and list current global data on gross domestic product GDP , interest rates, and inflation levels. Scan price patterns in commodities such as oil, gold, copper. Check the U. Scan global interest rates and try to group currencies by: a.
Countries expected to raise rates b. Countries expected to keep rates the same c. Countries expected to lower rates 6. Choose which currency pairs to trade. Choose the preferred direction of your next trade. If you do not have a preferred direction, that means you are choosing to trade in either direction.
Watch the calendar for economic releases. Send it to learn4x earthlink. The central bank has indicated 1 a bias toward increasing interest rates; 2 a neutral stance on interest rates; 3 concern on slowdown of the economy. The Trade-Weighted Index has shown a trend up or down. The biggest risk factor for this currency pair is: 1. Further slowdown in housing 3. Direction of oil prices, etc. Technical analysis supplies the tools for answering that question, but there is no single answer. There is no single technical indicator that can be exclusively relied on to produce winning outcomes, because the markets are too complex.
No one, to date, has produced a consistently reliable technical trading system for any market, let alone forex. This is because technical indicators can never capture all of the vari- ables that influence price movements.
Yet none can replace the seasoned experienced trader. The reason should be obvious—technical analysis provides a snapshot of market moves that have already occurred. The resulting snapshot is a picture that is always lagging and limited in reso- lution. In contrast, the smart trader has evolved a successful mixture of analytical tools that sense repeatable patterns in the market. Whatever analysis techniques are used, the single most important question that the forex trader has to ask and answer is: Where is my next trade?
By asking this question, the trader prioritizes information and analysis and separates what is useful from what is not. For example, the forex industry is filled with a great deal of information flow. We might even call it information overload. Traders have numerous chat rooms to visit; there are a number of news feeds pushing the latest headlines to the trader.
Blogs have added to the noise as well. The challenge is to pull the information that helps shape your next trade. How to shape your next trade is the goal of Part II of this book. Beginners to forex do not even know what they need to know.
Trades are put on without a plan, and beginning trades are really trial-and-error experiments. At this early stage, the exposure to quick and large losses usually wipes out the trader within the first month of trading. The second stage of the evolution of a forex trader is the discovery of indicators and technical analysis. At this stage, the trader tends to use too many indicators. The trading results are not much better, but this stage is characterized by hunting trades. The trader overtrades due to a desire to put on trades as often as possible.
The final stage in the evolution of a forex trader occurs when the trader has sharp- ened his tools and has acquired an ability to let the market come to him. This is achieved when knowledge and experience combine. While the biblical adage that there is no wis- dom without pain still rings true, much of the pain that new traders experience in unnec- essary losses can be avoided. The best traders in the world lose perhaps 40 percent of the time but are still able to become profitable.
How does one evolve to his or her level of maximum forex competence? While ev- eryone cannot become a master trader, everyone has the capability of raising their level of competence. Competence is the ability to apply forex knowledge with consistently profitable results. Therefore, the purpose of technical analysis is to help the trader shape a trade that offers a high probable profit within acceptable levels of risk. The process of becoming competent in forex trading started with understanding what forces move forex prices.
It continues with understanding how to map the market. These steps involve finding support and resistance, trend lines, and assessing where the price is in relationship to these geometric points. This question is quite basic but it involves many levels of analysis. Understanding the location of the currency pair is a foundational beginning of technical analysis and will reveal a great deal of information that a trader can use in formulating trading strategy.
But how do we know where to look? The basic technical measurement of horizontal support and resistance provides the ground floor of technical analysis. Whenever you look at a currency pair, you have to ask where support is and where resistance is. The answers provide the first mapping of the market. Support is where the price stops falling, and resistance is where it stops rising. The process for locating support and resistance is fairly straightforward.
Figure Those lines that form floors and ceilings are outer support and resistance containing the price action within a range. Those lines that are inside these larger lines are inner support and resistance. What is most significant about horizontal support and resistance lines is that they are not lagging. When price establishes support or resistance, the market recognizes that location as a zone or hurdle that has to be overcome. The immediate future price movements need to probe and penetrate a support or resistance line.
One of the first principles of trading forex is to locate a trade near support or resistance. Once we know where horizontal support and resistance are, we need to also deter- mine the strength of that support and resistance. In Figure In contrast, the resistance levels show only one test of the previous high.
The trader can conclude that there is greater strength on the support side at 1. If the price moved toward the previ- ous high 1. After all, a great deal of money has had the chance to go through those levels but did not. In constructing support and resistance lines, the trader needs to realize that there is a degree of judgment. Some of the candlewicks are penetrating the lines.
Those penetrations would be viewed as creating temporary levels of new support and resistance, with the stronger levels being those connecting more points. Drawing support and resistance lines need to be done with the perspective that these are zones and not exact lines. After finding the geometry of support and resistance, we come to the most classical tool used by chartists—trend lines. Trend lines provide a projection of support and resistance that links past behavior into the future.
While simple in its construction, knowing the trend is a basic foundation for trading forex. Once a trend is identified, detecting a potential change in the trend becomes a focus for the trader because trading at the break of a trend or the failure to break a trend line is a high probable point of success. Although the price actually created a high above it where the arrow points , it failed to follow with another candle at that high point. Thereafter, the return of the price under the trend line and the resumption of the downtrend would be recognized by an experienced trader as a sell condition.
The main benefit of trading with a trend is one of probabilities. An upward trend presents a greater number of buying opportunities to the trader. We can see in the charts that there were countertrend moves, but much fewer than trend-aligned moves. A prudent trader will seek opportunities that provide a higher probability of success.
The question arises: Which trend should the trader align himself with—the week trend, day trend, 4-hour trend, and so on? Each choice has advantages and disadvantages. The basic trade-off is the increase in price volatility and range when a larger trend time frame is selected.
Trading in the direction of the weekly trend means that a trader will see periods of time and maybe days when the price is moving the other way, threatening losses. But in this case, if the day trends are also moving in the same direction as the weekly trends, it represents more confidence that the trend is stable. For intraday traders trading off a minute chart, when the minute trend direction is aligned with the 4-hour trend direction and also confirmed by the 5-minute trend direction, there is a high level of robustness to the trend.
The concept of three time zones confirming trading decisions will apply in many areas. Three- line break charts are increasingly available to retail traders through their forex firms and through charting companies. They are worth using because there is little ambigu- ity whether a trend is in place and also at what point it would be considered reversed.
Therefore, three-line break charts provide the ability to confirm trend direction in any time interval and project where the trend would be considered reversed! Three-line break charts are excellent charting tools to help answer the question: In which direction should a trade be taken, and where should I enter the trade?
The chart looks like a candlestick chart, but it is not. Each block rep- resents the completion of a new high or new low. The chart therefore shows only con- secutive highs or consecutive lows. This provides a snapshot of the sentiment.
What the trader is looking for is the predominant direction of the sentiment, whether the sentiment is weakening, and most importantly whether it has reversed. In the example in Figure At the point where the reversal block went past the previous three down blocks, we get a reversal signal.
The trader can look to buy at that point since the market showed the ability to reverse the sentiment. This is why it is called three-line reversal. Similarly, move to the right of the chart and we can see that after 17 consecutive new highs, there was a reversal down. If the trader is looking to confirm a decision to buy or sell, then the three-line break pattern is used to support that decision.
The timing of the entry may be based on other setups, but it is even better if the entry to buy occurred on the three-line break reversal from a previous series of down sequences. The decision to sell a currency pair would be confirmed by having the three-line blocks showing a down sequence, and preferably the entry would occur upon the reversal.