Forex Zone (Forex Zone)
Czech markets  |  January 28, 2013 09:42:26

Dirty practices in clean Singapore

Internal control in banks in Singapore have found that traders are secretly plotting to manipulate rates on forex market. Specifically, these were exotic currencies whose trading is regulated and is thus very difficult for foreigners to buy and sell their currencies on the spot market.

More specifically, this cheating, according to Reuters, there were Indonesian rupee, the Malaysian ringgit and the Vietnamese Dong. These currencies are traded through the NDF contracts. Put this works is that participants who wish to buy or sell the currency every day, send their quotations for the purchase and sale of these NDF contracts Association of Banks in Singapore, which removes the highest and lowest quotations and the remaining 1 averages and gets to the final rate that is then valid for all.

The catch is that traders banks sending their quotes Association, is talking about what happened and thus send to manipulate the course. In a way, it reminds known scandal LIBOR. So now the regulators will have to catch up again resourceful people.

As regards developments in the monitored pair EUR / USD, so that on Friday developed according to our expectations. After the market penetration level of 1.3400 for the rest of strengthening and nicely responded to resistance, which we announced.

For today, we expect a quieter day, rather consolidated nature. With the market on Friday closed above the previous trading range, we tuned practically only on long side. We will wait for the correction to significant supportům and there we will try to input into long trades. We see significant supports of around 1.3430 and 1.3410 to 1.3400 in the zone. Above the current market price (1.3448), we see significant resistance around 1.3500 and about 1.3555.

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