The News Review:

- FREX-Dollar retreats sterling on defensive vs euro
- Forex Market Update: GBP/USD Unable to Sustain Asian Gains
- ‘CBN Can Meet Legitimate Forex Demand for 3 Years’
- USD Technical Forex Analysis for Forex Traders
- Bayantel’s 2008 results down on forex losses
- Intra-day forex signal by AceTrader
- *Central bank resumes forex-selling auctions

FREX-Dollar retreats sterling on defensive vs euro
Reuters
DXY as investors look to U. shares * Sterling extends loss vs euro; outlook wobbly * Bini Smaghi comments sap some euro strength * Yen erases earlier losses to rise vs dollar (Changes dateline byline adds quotes updates prices) By Veronica Brown LNDN March 10 (Reuters) – The dollar fell against abasket of currencies on Tuesday retracing much of the previousday’s sharp gains as investors focused on gains for stocks thathave tended to undermine flows into the U. Some easing of wariness towards risk allowed the euro atechnical bounce against the dollar while sterling lengthenedlosses versus the common currency on continued worries aboutBritain’s banking sector. The yen erased losses and rose versus the dollar thoughdoubts about the Japanese currency’s status as a safe port inthe global economic storm ensured it kept an overall defensivetone traders said.

Forex Market Update: GBP/USD Unable to Sustain Asian Gains
Daily FX
3790 to highs of 1. Several attempts to clearly break above 1. 3850 failed and Cable fell sharply back to 1.

‘CBN Can Meet Legitimate Forex Demand for 3 Years’
THISDAY
The objective of the current foreign exchange rate policy is to conserve foreign reserves and ensure stability of the exchange rate. So far we are succeeding and the outflow of foreign exchange has reduced by more than 50 per cent” the statement said. But experts who spoke to Bloomberg news are of the view that the naira which has lost significant value at the unofficial market by closing at N175 to $1 last weekend owing to forex scarcity stands to plunge further as the lack is expected to deepen this week owing to the holiday observed yesterday. “The amount of foreign exchange sold this week may fall as there is only one central bank auction instead of the normal two” said Citigroup adding: “The local currency may weaken to 180 per dollar. “The twice-weekly market intervention from the Central Bank of Nigeria (CBN) carried out through the reintroduced Retail Dutch Auction System (RDAS) holds Mondays and Wednesdays but will only hold tomorrow for this week having not held yesterday owing to the public holiday. The naira has within the past one month lost 16 per cent of its value at the unofficial market compared to N150 to $1 it traded as at February 10. However it has maintained relative stability at the RDAS over the period closing at N146.

USD Technical Forex Analysis for Forex Traders
TopNews
2550 area once again. Aggressive traders can add to open longs on this dip. Cross-spreaders supporting rate as GBP drops.

Bayantel’s 2008 results down on forex losses
ABS CBN News
(BayanTel) ended 2008 with a net loss on account of foreign exchange (forex) losses a company official said. According to BayanTel Chief Executive Consultant Tunde Fafunwa the forex losses were brought about by the company’s debt repayment which was largely paid in US dollars. "Forex went against us last year even as our core operating income was positive" Fafunwa said in an interview not giving exact figures as parent firm Benpress Holdings Corp. has yet to announce last year’s financial results.

Intra-day forex signal by AceTrader
Forex Hound
20Legal Disclaimer and Risk Disclosure:It should be understood that Currency trading involves high risk and you can lose a lot of money. nly surplus funds should be placed at risk and anyone who does not have such funds should not participate in trading foreign currencies. Currency trading is not suitable for everyone. It should also be understood that performance results may be posted on the website. Such performance results is for viewers? reference only and do not guarantee future results.

*Central bank resumes forex-selling auctions
guardian.co.uk
The currency has lost 18 percentthis year after shedding 25 percent last year. The lira’s fall prompted the central bank to resume foreignexchange-selling auctions from Tuesday after it halted them lastctober. The bank also said it may intervene directly if theexcessive fluctuations in the forex market continues helpingthe lira recoup some losses to trade at 1. The daily auctions will initially be for $50 million. The Turkish economy grew by just 0. 5 percent in the thirdquarter of last year as recession in euro zone hit exports hardand the IMF expects a 1.
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