Microsoft Excel 2003: Cure for the problem – if you have too many spreadsheet pages

Simply click-on cell A1 and highlight your spreadsheet down through cell G25. This time however, after you’ve highlighted A1 through G25, click-on File in the Menu Bar and then click-on Print. In the lower left corner of the Print menu screen you will see an area that looks like the image on the right. Click-in the small circle to the left of Selection. This indicates to Excel that you only want to print the area you’ve highlighted. Click OK. Only the section that you’ve highlighted will print. You can still modify your spreadsheet if you desire. Once you’ve clicked by Selection, you may click-on the Preview button in the Print menu screen and you will see a preview of your highlighted area. Follow the instructions above to modify as you desire.

Now we'll call it a day and close Excel 2003 for Windows. First, let's save our work one more time. If you forget, Excel will remind you to do it. What a nice program!!

Point to the Edit menu and click the left button. Point to Exit. Click the left button. That's it for now.

Forex:ECB: Rates to Remain Steady by Angelo Airaghi

ECB: Rates to Remain Steady by Angelo Airaghi
[Guest Analyst] 10/5/2009(www.forexnews.com)

The unemployment rate remains high in the U.S and in Europe and could rise further over the short term. However, new orders are improving and a turnaround might be near. The European Central Bank (ECB) meets this week in Venice (Italy). Rates should remain steady, although an exit strategy for next year could be ready.

U.S.: Home prices to increase.
The U.S. economy is slowly moving out of the deep recession of the past two years, albeit the data remains volatile and unstable. Ups and downs are normal during turning points. Some sectors perform better than others, but an equilibrium should emerge as time passes by. The manufacturing industry, as an example, is performing again, since exports to major economies are increasing. In reality, the U.S. manufacturing ISM index declined to 52.6 in September, but it remains above the benchmark of 50 for the second straight month. In fact, 13 out of 18 industries registered some gains and improvements are broad-based among various economic sectors. The housing market remains nevertheless the leading force. Home inventories are declining and prices are beginning to rise. Current affordability and tax incentives are driving the market and the trend should continue in the coming months as well. However, the move could be subdued by the new saving mentality which focuses on reducing debt and improve personal finances.

In fact, the job market stays uncertain. In September, it shed another 263,000 jobs (-170,000 expected). The unemployment rate is now at 9.8% (the highest level of the past 26 years) from 9.7% in August. Nevertheless, the average monthly decline of the third quarter remains mild compared to the previous two quarters and part-time jobs are stabilizing. Consumers are still skeptical about current conditions and labor market prospective. Consumer confidence fell to 53.1 in September from 54.5 in August, but the index is way above the low of 25.3 registered in February. In effect, personal consumer spending rose 1.3% in August (+1.0% expected) on the top of July’s gain of 0.3%, marking the largest gain since October 2001. Both, durable and non-durable sales rose. However the cash-for-clunkers incentive program had an important role in August data (durable goods rose 5.3%) and numbers should again be checked in future to confirm the validity.

EUROPE: New orders rising.

Business and consumer confidence continue to improve in Europe, even though spending should remain mild for now, since the unemployment rate is at the highest level. In September, the Euro zone economic sentiment index moved up to 82.8 from 80.8 in August. However, the consumer confidence index stays negative at -19 from -22, as household finances remain tight. The Euro zone unemployment rate rose to 9.6% in August from 9.5% in July and 7.6% in August of 2008. There are now more than 15 million people without work in the 16 nations using the Euro and the trend might continue for the short term. Nevertheless, new orders are improving and a turnaround might be near, despite the domestic demand remaining weak. In fact, while export receipts hit a seven month high, imports fell to a four year low. With inflation low and growth still sluggish, the European Central Bank (ECB) should keep rates steady until the first part of next year. However, an exist strategy might be ready.

In September, the final Purchasing Manager’s Index for the manufacturing sector moved to 49.3 from 48.2 in August. It has been the second consecutive month of increase and the largest move since May. The output rose in France, Germany and the Italy. In Germany, the PMI reached 13 month high, although it still remains below the key benchmark of 50. The largest economy in Europe is moving out of the recession, but the recovery is bumpy and more work needs to be done. The German unemployment rate fell in September to 8.0% from 8.3%. Nonetheless, the decline might only have been inspired by seasonal factors. The job market is one of the greatest challenges for the Christian Democrat that won the general elections last week. Before cutting taxes, Chancellor Angela Merkel would possibly focus on reducing the huge federal deficit, which might be around 4.0% of the GDP next year.

Forex:Pound Gets Hammered by King by Korman Tam

The greenback climbed higher against the majors amid weaker US data and a pullback in commodities prices. The major stock indexes drifted lower, with the Nasdaq and S&P 500 sliding by over 1% and the Dow Jones drifting lower by 0.5%.

Weekly jobless claims improved from the previous week, declining to 530k from 545k. However, August home sales eased up, slipping 5.1 million units from 5.3 million units a month prior.

Sterling Dragged Lower by Jawboning


The pound sold off sharply in the Thursday session as government jawboning hammered the currency against the euro and the dollar. The sterling plunged to its lowest level in 6-months at 91.55 and a 2-month low against the dollar at 1.6020. The catalyst for the sharp sell-off was comments from Bank of England that suggested a weaker currency would be beneficial to stabilizing the economy. UK Prime Minister Gordon Brown echoed a similar tone, saying “all factors that make for a stable economy” are welcome.

Cable trades just above the 1.6060-figure with interim resistance starting at 1.6080, followed by 1.61 and 1.6130. Subsequent ceilings are eyed at 1.6170, backed by 1.62 and 1.6240. On the downside, support starts at 1.6040, followed by 1.60 and 1.5960. Additional floors will emerge at 1.5930, backed by 1.59 and 1.5870.

Euro Slumps against USD

he euro tumbled lower to the 1.4620 mark versus the dollar amid a general slump in commodities and equities in the Thursday session. Germany’s September Ifo sentiment survey missed consensus estimates, improving to 91.3 instead of forecasts for an increase to 92.0 from 91.3. The Ifo expectations component improved to 95.7 from 95.0 in August, albeit less than the expected improvement to 96.5 and the current conditions index improved to 87.0 from 86.1.

The calendar for the coming session is light, with just the release of August M3 money supply, seen declining to 2.7% from 3.0%.

EURUSD holds steady around 1.4650, with resistance seen at 1.4675 and 1.47. Additional ceilings will emerge near 1.4740, followed by 1.4770 and 1.48. Losses will be tempered at 1.4630, backed by 1.46 and 1.4550. Subsequent floors are eyed at 1.4520 and 1.45.

Forex:Greenback Slumps on Shift to Riskier Assets by Korman Tam

The dollar’s respite proved short-lived as traders resumed selling the currency in the Thursday session, pushing it to a fresh one-year low against the Australian dollar at 0.9088 and two-week low against the euro at 1.4816. The equity, commodity and energy markets were in lockstep as spot gold touch record high for its third consecutive session past the $1,055 per ounce level and crude oil edging back above the $70 per barrel level near $72. The major US equity bourses also climbed higher, with the S&P 500 and Nasdaq advancing by nearly 1% in the afternoon session.

The economic data released earlier in the session saw weekly jobless claims improve to 521k from 551k a week prior and the August wholesale inventories slip by 1.3% from a 1.4% decline in the previous month. Speaking earlier today was Richmond Fed President Lacker reiterated that the economic outlook remains unchanged from the previous FOMC meeting, adding that the risk of sliding into a recession again in 2010 has diminished substantially. He also quelled speculation of impending rate hikes advising that the Fed should not tighten policy today.

Euro Edges Past 1.48
The euro touched a two-week high at 1.4816 on the heels of the ECB monetary policy decision in morning trading. As expected the ECB left interest rates unchanged at 1.0%, but the focus largely hovered over the subsequent press conference from Bank President Trichet for a sense of whether the ECB follow the RBA in tightening monetary policy. Trichet said that current interest rates are appropriate and a return of inflation to moderate positive rates expected within coming months. He added that he expects to see a period of stabilization and gradual economic recovery. Moreover, Trichet suggested that the recent survey indicators support for the view the Eurozone economy is stabilizing. Although Trichet didn’t provide clear signals that interest rate increases were imminent, it can be interpreted that rates have bottomed and the next move by the Bank will rate hikes instead.

EURUSD holds steady near 1.48, with support seen at 1.4760, followed by 1.4730 and 1.47. Subsequent floors are eyed at 1.4650, backed by 1.46 and 1.4570. On the upside, gains will target 1.4830, followed by 1.4860 and 1.49. Additional resistance will emerge at 1.4940, backed by 1.4980 and 1.50.

Forex: The Value of Trade Balance to Local Economy

The balance of trade also referred as trade balance, which sometimes is symbolized as NX, is the difference of the monetary value of imports and exports in one economy in a given period of time. The balance of trade is considered the biggest part of a country’s balance of payments.

Imports, domestic spending, foreign aid, and investment abroad are called debit items while credit items includes exports, foreign investments in domestic economy and foreign spending in domestic economy.

A trade surplus is a positive balance of trade which is consists of more exporting than importing. A trade deficit is the negative balance of trade or sometimes called a trade gap. The trade balance can sometimes be divided as services balance and goods balance just like in the United Kingdom which they use the terms invisible and visible balance.

The balance of trade is a part of current account which includes transactions that includes income derived from international investment and international aid. Thus, if the current account comes as a surplus then the nation’s international net asset increases also while deficit will decrease the international net asset.

A good trade surplus is achieved when a country exports products more than buying imported goods. A trade deficit is eventually experience as a result of the opposite of a trade surplus. The trade balance is alike to the difference of a country's output and the domestic demand. These factors may affect the trade balance: prices of goods manufactured, taxes and tariffs, trade agreements, business cycle (home or abroad), and exchange rates.

The trade balance is different in many business cycles. For instance, export growth like oil and industrial goods which improves when there is economic expansion.

In developed countries like; Japan, China and Germany usually run at trade surpluses in which they experience a higher savings rate. Around the world there are different natural resources which a country may have for instance, countries from the coastal regions are major producers of fish, Canada can be a major producer of lumber because of its huge forests while in the Middle East, has the most oil reserves.

International trade is important so in order to sustain the balance of trade. A country should be totally self sufficient without international trade. Through international trades, each country will have the opportunity to produce specialize goods efficiently. In relation, when a nation specializes in producing these goods, the total production increases instead of trying to be self sufficient. Nations will benefit from international trades and also meets their needs. Generally, nations will trade to other nations when they gain from the trade. But the gains are not usually equal in terms of benefits and profit.

Forex: What is a Transaction Cost and How to Calculate It?

In economics, transaction costs are the rate acquired when making an economic exchange. This costs incurred when buying or selling securities or stocks. This is also referred as transaction fees. Transaction costs also comprise of brokers’ commissions ad spreads (difference between the price that the dealer paid for a security and the price it may be sold. This is what the broker or bank produce for being a middleman in a transaction.

For instance, most people when buying or selling a security or stock, pays a commission to their broker and that commission can be considered as the fee or transaction cost for doing that stock deal. When evaluating a potential transaction, it is crucial to think about these costs that might prove significant. Mostly, in financial markets, the initial cost for these transactions is commission which is paid to brokers upon trade execution. This costs becomes increasingly important the shorter the holding time of an investment.

Many market models disregard transactional costs, presumptuous instead those markets are non resistant. While this thought is invalid, for many applications such costs are low enough that they can be disregarded. The lesser the cost for a transaction, the more effective and competent a market is said to be. The Foreign exchange market and stock market have lower costs for such transactions of any major asset class.

It is considered to be much more cost- efficient to trade in Forex in terms of both commissions and transaction fees. An online website for example charges no fees or commissions and at the same time offer traders an access to all relevant market information and trading tools. On the contrary, online stock trade commission ranges from $7.95 - $ 29.95 per trade and up to $100 or more per trade with full service brokers.

Another thing to consider, which is an important point is the width of the bid / ask spread. Regardless of the deal size, foreign exchange dealing spreads are normally or common in 3-4 pips (anyway a pip is .0001 US cents) in the major currencies. Generally, the width of the spread in a foreign exchange market transaction is less than one tenth (1/10) that of a stock transaction, which could contain a .125 or one eight (1/8) wide spread.

Since transaction costs are paid via bid/ask spread, there has to be no charges to trade or hidden fees. There are instances that there would be extra charges asked by good brokers for some non compulsory services or access to particular reports. A smaller spread is visibly better. Since brokers are taking the other side of all the customer trades, brokers gain profit by making the spread between the bid and offer prices. You may find that find spreads vary by broker.

In order to be successful in trading on the foreign exchange market, you have to find a good broker.

Forex articles: How Interest Rates Play a Role in the Currency Markets

Interest rates play the foremost important role in moving the prices of currencies in the Forex market. As the institutions that set interest rates, central banks are therefore the most influential factors. Interest rates dictate flows of investment. Since the currencies are representations of a country’s economy, differences in interest rates affect the relative worth of currencies in relation to one another. When central banks change interest rates they cause the Forex market to experience movement and volatility. In the realm of Forex trading, accurate speculation of central banks’ actions can enhance the trader's chances for a successful trade.

An increase in interest rates encourages traders to invest within that market and causes the demand for the currency to rise. As demand rises, the currency becomes scarcer and consequently more valuable. Investors are drawn to the currency, causing it to appreciate, because they will gain a higher yield on their investments, as in the Jane example. In order to purchase the country's assets (stocks or bonds), Jane will have to convert her domestic currency to the target country's currency also increasing demand. Conversely, a fall in interest rates discourage investors from purchasing assets in that particular economy, as the return on their investment is now smaller. The economy's currency will depreciate as a result of the weaker demand.

Forex News:USD/JPY: Dollar declines below 93.00, fresh 7-week low

The Dollar has opened he week on a weak ppace, and the pair, dropped from levels around 93.50 at the opening, to break below 93.00 to reach a fresh 7-weeks low at 92.55. At the moment of writing, the Dollar trades at 92.75.

Initial support level lies at the mentioned 92.55 session low, and below here, 92.30 and 92.00 psychological level. On the upside, resistance levels are 93.20/40 (Aug 27 and 21 low) and above here, 93.65 and 94.10 (Aug 28 high).

EUR/JPY has opened the week heading south as decline from 135.00 high on Friday has extended during Asian session, with the Euro breaking below support level at 132.90 to test 5-week low at 132.15. Bellow current levels, next support lies at 131.60 and 130.90/895: Resistance levels are 132.90 and 133.30.

by fxstreet.com

Forex: Japan PM Aso: To Resign As LDP President

Japan PM Aso: To Resign As LDP President
Sun, Aug 30 2009,


Japan PM Aso: To Resign As LDP President

TOKYO -(Dow Jones)- Japanese Prime Minister Taro Aso on Sunday conceded his party's defeat in Lower House elections and said he will resign as the party chief to take responsibility.

"I must accept responsibility" for the Liberal Democratic Party's expected major losses, Aso said during a televised interview with Japanese national broadcaster NHK.

Exit polls show that the Democratic Party of Japan is set to score a landslide victory, ousting the LDP from power for the first time since 1994.




August 30, 2009 by Dow Jones & Company, Inc

Forex news: Global Equity Slump Hits FX

Global Equity Slump Hits FX by Korman Tam


Fears over the sustainability of the global economic recovery hit the major equity indexes, with the Shanghai Composite index being pummeled by nearly 6% and Tokyo’s Nikkei index plunging by over 3%. Risk aversion was the key driver in the foreign exchange market on Monday, prompting a rally in both the dollar and yen. The greenback pushed the pound to its lowest level in one-month beneath the 1.63-level and the euro to a two-week low just beneath the 1.4050-handle. The US equity bourses tumbled at the start of the week, albeit faring better than their Asian counterparts. The Nasdaq led the declines, tumbling by over 2.5% while the Dow Jones was lower by 1.75% and the S&P 500 losing 2.15% by the afternoon session.

US economic reports released earlier today included the August NY Fed manufacturing survey, June TIC data, and the NAHB housing index. The NY Fed manufacturing survey improved by more than expected in August to 12.08, sharply beating forecasts for an improvement to 3.00 versus a reading of -0.55 from July. The June TIC report revealed net purchases of $71.3 billion versus revised net sales of $36.9 billion in the month prior. Meanwhile, the August NAHB housing index edged up in line with expectations to 18, versus 17 from July.

The calendar for Tuesday consists of July housing starts, building permits and the producer price index. Housing starts in July are expected to improve 600k units, up from 582k units in the previous month. Building permits are seen edging up to 580k units, versus 570k units in June. Meanwhile, headline PPI is estimated to decline by 0.3% from a 1.8% increase a month earlier and fall by 5.9% compared with a 4.6% drop in the previous year.

JPY Surges

Traders propped the Yen higher against the major currencies, dragging the euro lower to 132.53 and the pound to 153.52. Economic data from Japan revealed growth in the second quarter at 0.9% q/q and 3.7% y/y. Despite the upbeat figures, the Nikkei tumbled to its lowest level in 2-weeks, down by over 3% as traders questioned the sustainability of Japan’s economic rebound.

EURJPY hovers near the 133-figure and remains poised to further test the downside. Following last Tuesday’s break lower of the ascending trendline near the 138-level, the euro/yen pair has moved sharply lower, paving the way for additional losses to the 61.8% Fibonacci retracement of the move from 126.98 to 138.70, located at 131.40

Forex news: USD Edges Up, Eyes FOMC

USD Edges Up, Eyes FOMC by Korman Tam


The dollar and yen were higher in Tuesday trading amid renewed declines in the equity bourses. The Nasdaq and the S&P 500 were lower by 1% and the Dow Jones softer by 0.75% in afternoon trading. Earlier US economic reports were mixed with Q2 labor costs falling by more than expected to -5.8%, compared with a negative revised Q1 figure at -2.7% and a sharply higher than forecast preliminary Q2 productivity reading, up by 6.4% versus a downwardly revised Q1 reading at 0.3%.

The FOMC kicked-off its two-day monetary policy meeting today and will be announcing its decision on Wednesday afternoon at 2.15 PM. The Fed is not seen changing interest rates from its current range of 0-0.25%. However, with the Treasury’s purchase plan set to expire in September, it will be interesting to see how the Fed will tackle the issue of extending the plan or permitting it to expire.

Sterling Remains under Pressure:

The British pound drifted lower against the dollar, remaining mired beneath the 1.65-level to a session low around 1.6434. The UK June trade deficit was slightly larger than expected, increasing to 6.451 billion pounds, versus a revised May deficit of 6.174 billion pounds. The non-EU trade deficit edged up to 3.648 billion pounds compared with a downwardly revised 6.174 billion pounds in the previous month.

In the session ahead, traders will digest several key UK reports including the labor report and the Bank of England’s quarterly inflation report. The June ILO unemployment rate is estimated to edge up to 7.7% from 7.6% in the previous month and the July claimant count is seen rising to 28.0k versus 23.8k in June. Also to be closely scrutinized will be the BoE’s quarterly inflation report. Sentiment on the report is seen to be bearish for the pound following last week’s unexpected BoE quantitative easing through a 50 billion pound increase in the Bank’s asset purchase plan.

Cable hovers near 1.6475 with resistance starting at 1.65, followed by 1.6520 and 1.6560. Additional gains will emerge at 1.66, followed by 1.6640 and 1.6675. On the downside, support is seen at 1.6435, backed by 1.64 and 1.6370. Subsequent floors are eyed at 1.6340, followed by 1.63 and 1.6250.

Forex: U.S.: Unemployment’s Rate is the Achilles Heel

As housing is giving some relief to household pockets, the Federal Reserve warns about a slow recovery. The Euro, in the mean time, is testing key resistance levels against the U.S. dollar.

U.S.: housing still supportive

Tangible signs of improvements are beginning to show up, albeit the recovery remains fragile in the United States. In July, the conference board index increased 0.6% month-on-month from + 0.8% in June. It was the fourth consecutive month of increase, giving further prove that the U.S. economy might have bottomed. In a speech at the Jackson Hole Symposium, Fed Chairman Bernanke confirmed that the worst might be over for global economies, thus indirectly anticipating a safe-haven demand’s decline for U.S. dollars and Treasuries in the coming months. Nonetheless, the Federal Reserve will keep rates low for the first part of 2010 with inflation so mild. In July, the producer price index (PPI) fell 0.9% versus the expected -0.4%. In reality, after two months of gains, 6.5% in June and 15% in May, housing starts slid by 1.0% in July to 581,000 annualized (+2.5% expected). Nevertheless, singles component (three-quarters of the market) rose 1.7%, while multiple houses declined 13.3%. Starts are still above the average of the first three months of the year, although away from the over 2 million produced in 2005.

Existing home sales increased at the contrary by 7.2% (+2.0% expected) to 5.24 million in July from 4.89 million in June. Inventories remained unchanged at 9.4 months of supply. However, both single homes and condos improved. The first climbed by 6.5% and the second by 12.5%. Clearly, the first-time homebuyers tax credit program, which allows first time buyers to receive a refundable credit of USD 8.000.-. (10% of the home value, if lower) until December 1st, have helped home sales. Nonetheless, the positive domino’s effect created by the activity in the housing sectors could continue in the future as well supported by low interest rates and affordable prices. Home ownership remains an American dream. Consequently, a bipartisan group of U.S. senators are requesting that the tax credit program to be renewed for an extensive period of time.

Is the German’s recovery sustainable?
The decrease of inventories and the rise of exports, the European trade balance registered a surplus of Euro 4.6 million in June from Euro 2.1 billion in May, are helping the European economy out of the recession. This is what stands out from the latest data, albeit the recovery might be slow and fragmented. In effect, after improving for six straight months since February, the Euro zone composite Purchasing Manager’s Index finally climbed to the critical level of 50 in August. The manufacturing sector printed 47.9 from 46.3, while the services PMI showed 49.5 from 45.7. In Germany, the composite index was 54.2 in August from 49.0 in July, the highest level in more than one year. In France, it rose instead to 50.9.

The Euro zone Gross Domestic Product (GDP) declined only an estimate of 0.1% in the second quarter from the 2.5%, while in Germany and France, the GDP increased 0.3%. The German’s economic sentiment index from the ZEW center of Economic Research climbed to 56.1 in August, way above the average of 26.5. However the current economic situation index, which rose only to -82.1 points, testifies how Germans remain prudent over the health of the economy. In fact, the European Central Bank is warning that the German rebound might have been exacerbated by the economic measures introduced this year and could not be sustainable over the short term. As a result, ECB will keep rates low for now, the Producer Price Index (PPI) fell almost 8.0% year-on-year in July, and might increase them again once the economic momentum will trend higher.

EUR/USD: Testing key resistance lines.
EUR/USD: The Euro is again at crucial technical levels. A move above 1.4560 would target 1.4620, 1.4740. A decline below 1.3750 is instead necessary for 1.3550.
GBP/USD: A move below 1.6125 would target 1.6020. A breakout above 1.6820 would take the price to 1.6880.
USD/JPY: The market is trading between 98.00 and 92.00. A move above 95.40 could target 96.00. A decline below 92.30 could instead take to price to 91.70.
USD/CAD: The US dollar finds support at 1.06. The resistance is instead at 1.1050.


by Angelo Airaghi [Guest Analyst]
8/26/2009

microsoft excel 2003:Printing

First, move to cell A1.

All of the Windows spreadsheets try to figure out what you want to print. Sometimes they're right,
sometimes they're wrong. So........

The most important thing with printing is to tell the printer what to print.

Unlike a word processor, you may need to highlight what you want to print. For the moment, we’ll assume that Excel 2003 will “guess” correctly, and that you have not “clicked” somewhere that will cause a problem. If you do have problem, which we’ll know in a second, we’ll show you how to take care of the problem a bit later.

It's usually a good idea to see what our printout will look like – before you print it. First, we’ll use a Print Preview to “see” what our spreadsheet looks like. To do this we’ll click-on the Print Preview Button in the Button Bar. Point to the Print Preview button and click on it.

A picture, of what our printout will look like, appears on the next page.


At the top of the Print Preview screen you will see the button bar above. We’ll use a number of the buttons on this bar to assist us with our printing.

Notice that the Next and Previous buttons at the left end of the bar are not highlighted with text – they are just gray. This means that the buttons are not “active.” This indicates that we are OK with our spreadsheet – it is all on one page. If we saw that the Next button was active, this would mean that there are other pages to our spreadsheet. If you’ll look at the lower left corner of the Print Preview screen you’ll see: Preview: Page 1 of 1. This confirms that our spreadsheet is on one page. If you do not see this “combination,” we’ll show you how to take care of it later.

If you do see this combination, click-on the Print button. Click-on OK in the Print menu screen that appears. Label this printout as: Default Spreadsheet Printout.


Next, notice that an “image” of your spreadsheet appears below the button bar (above).


If you move your cursor over the spreadsheet, you’ll notice that the cursor changes from an arrow to a tiny magnifying glass. If you click the left mouse button, your magnifying glass will “zoom-in” on the exact spot where the magnifying glass is located. If you click-again, it will zoom-out. Try this a couple of time. It is a really handy feature.


Now click-on Setup in the top button bar.




The Page Setup menu screen at the top of the next page will appear.


Notice that the Page Setup menu screen indicates that you are in Portrait view. Now we’ll enhance the spreadsheet to make it a bit more presentable. In the Orientation area click-in the small circle in front of Landscape (see arrow above). The spreadsheet will now print on the page as indicated. Next, in the Scaling area, click-in the box to the left of % normal size. Using either the “up/down” arrows, or by typing in the information, change the size to 125. Then click-on OK.

Your spreadsheet will now be larger and fill the paper more appropriately. Click-on Print and when this spreadsheet comes out of the printer label it: landscape – enlarged to 125 %.

Go ahead and adjust the “size” of your spreadsheet so that it becomes too large to fit on a single page. Set the Scaling to 200 and click-on OK. When you return to the Preview screen, the Next and Previous buttons at the top will now be active, and you’ll see 1 of 3 or 4 pages in the lower left corner of the screen. Go ahead and click-on the Next and Previous buttons to get a “feel” of the “size” of your spreadsheet. If you click-on Print (please don’t do it), you’ll get these 3 or 4 pages. If you made a mistake when you created the spreadsheet, you might see that you have 58 pages in your spreadsheet!

Now, click-in the small circle to the left of Fit 1 page(s) wide by 1 tall in the Scaling area and make sure that 1 page is set. Excel 2003 will now return your spreadsheet to one page. Try other things here. Work with the Margins, Header/ Footer, and Sheet tabs at the top of the Page Setup menu screen. Any time you desire to print, go ahead and do so. This will give you a feel for how the spreadsheets will print. When you are finished, simply click-on Close and you will return to your spreadsheet.
Many folks ask how to center a spreadsheet on the page. This feature is located in Margins at the bottom of the Margins screen. Simply click-on Margins at the top of the Preview screen or on the Margins tab when you are in the Page Setup screen.

Many folks also ask about how to place gridlines and show the row and column headings (A, B, C and 1, 2, 3) in their spreadsheet printouts. This feature is located on the Sheet tab in the Setup screen menu.

result

Microsoft Excel 2003: Absoluting (and multiplication)

There are times, when we are working with a spreadsheet, that we do not want a cell to "roll" to the next column when we use the copy feature of the spreadsheet – like it did in our last copying exercise. To stop the cells from “rolling” we utilize something called absoluting. The following is an illustration of absoluting.

Go to cell A23 and type-in Number. Go to cell A25 and type-in Result.

Go to cell C23 and type in a 2 – and tap the Enter key.

We'll now create a formula to multiply our number times Net Income. You may use either the Type-in or Point method. Go to cell C25, and type-in a formula to multiply cell C23 times cell C19.
The formula should look like: =C23*C19

The result in C25 should be two times the net income in cell C19.

Now copy the formula in cell C25 to cells D25, E25, F25 and G25. Your row 25 should look similar to the one below.


Uh Oh!!! Where did all of those "0's" come from?

Point to each of the cells D25, E25, F25 and G25. Notice, as you click on each cell and look at the screen, how C23 (the cell with the 2) "rolled" and became D23, E23, F23 and G23 (which are blank - this caused the "0's"). A blank times a number is a “0.”We want the 2 to be in each formula and not to "roll".

To do this we utilize something called Absoluting or Anchoring.

Go back to cell C25. Now we'll enter the formula again, but a little differently (to anchor the 2).

Type-in a =C23 (or you could type = and point to C23). NOW, tap the F4 key. Notice, in the Edit bar at the top of the screen, that the =C23 changes to: $C$23. (This tells you that cell C23 is absoluted or anchored. The "$'s" indicate the absoluting.) Now finish the formula by typing in or pointing *C17 as before. Tap Enter.


The formula should look like: =$C$23*C19


Now copy the formula in cell C25 to cells D25, E25, F25 and G25 again. Your row 25 should look similar to the image below.



The numbers should now be correct. Point to cells D25, E25, F25 and G25 (like you did before). You will notice the "$'s" have copied the =$C$23 to each cell (absoluting) and the Net Income figures have rolled as they should. Absoluting is something you should know and understand.

Pause and reflect Look at all you have accomplished. If you want go in and change some more numbers or change the income and expense titles to something you feel is more fun or appropriate, please do so.

This would be a great time to Save again.

Microsoft Excel 2003: Copying Percentage Formula

Notice that we didn’t copy the percentage formula when we started this last copying effort. If we had copied a SUM formula, it would have added the four percentages. We don’t want the sum of the percentages. We want a percentage of just the Monthly Totals. So, we need to copy this percentage separately. Now, copy the percentage formula in cell F21 to cell G21. Now put a $ in cells G6 through G19 if you need to, and a % in G21. Your spreadsheet column G should look something like the image on the right

This would be a great time to Save again.

Forex: Forex Trading Tips - Understanding Forex Spreads Part 2

Spreads should always be considered in conjunction with depth of book. Oddly enough, when it comes to economies of scale, forex doesn't even act like most other markets. On the inter-bank market, for example; the larger the ticket size, the larger the spread is. So when you see a 1-pip spread on an ECN platform, you have to wonder if that spread valid for a $2M, $5M or $10M trade, which it probably isn’t. In many cases, the tight spread that is offered applies only to a capped trade sizes that are very inadequate for most of the common trading strategies. Spread policies change a great deal from broker to broker, and the policies are often difficult to see through. This certainly makes comparing brokers much more difficult. Some brokers actually offer fixed spreads that are guaranteed to remain the same regardless of market liquidity. But since fixed spreads are traditionally higher than average variable spreads, you are paying an insurance premium during most of the trading day so that you can get protection from short-term volatility.
Other brokers offer traders variable spreads depending on market liquidity. Spreads are tighter when there is good market liquidity but they will widen as liquidity dries up. When it comes to choosing between fixed and variable rates, the choice depends on your individual trading pattern. If you trade primarily on news announcements that you hear, you may be better off with fixed spreads. But only if quality of execution is good.
Some brokers have different spreads for different clients based on their accounts. For example; those clients that have larger accounts or those who make larger trades may receive tighter spreads, while the clients that are referred by an introducing broker might receive wider spreads in order to cover the costs of the referral. Some offer the same spreads to everyone.
Problems can come up when you are trying to learn about a company's spread policy because this information, along with information on trade execution and order-book depth is rather difficult to get. Because of this, many traders get caught up in all of the promises they hear, and take a broker's words at face value. This can be dangerous. The only real way to find out is to try out various brokers or talk to those who have.

Microsoft Excel 2003: Entering formulas in the Monthly Totals Column

Move to cell G6 under the title Monthly Totals. Choose one of the formulas you learned earlier to add each of the amounts in Parents for the four months. Use any of the four methods you desire. Your spreadsheet should look like the one to right, just before you copy the formulas.



After you have completed your formula copy it to cells G7 through G19. You will see some "stuff (zeroes)" in cells G10, 11, 12, and 18. This is because there was "nothing there" to add. So, go in and clean-up these cells by deleting the zeros in these cells.

Next, go to cells G9 and G17 and underline like you did before.

Microsoft Excel 2003: Copying

We could repeat what we did to this point and fill in the Income and Expenses for each of the remaining columns. There is a simpler way to do this. Assuming our income and expense amounts are about the same, throughout the months, we want to copy the amounts in Column C to Columns D, E and F. This will require two “steps.”

Move your cursor to cell C6. First, we'll highlight what we want to copy; next we'll tell the spreadsheet where we want to place what we've copied. So, point to C6, hold down the left mouse button and drag down the column until cells C6 through C21 are high-lighted. Your highlighted area should look like the one on the left.



Now, point to Edit in the Menu bar. Click the left button. Point to Copy in the menu that appears. Click the left button. The menu disappears.


You will notice that once again, when you highlight an area, a marquee of running lights moves around the copy area. So, you’ll know you highlighted the correct area (image on right).


Now we'll tell the program where to copy the information. Point to cell D6, click and hold down the left mouse button and drag down and to the right to cell F21 (This will highlight three columns OCT, NOV, DEC to copy to.). When you have finished your highlighting, your screen should look like the one at the top of the next page



Now point to Edit in the Menu Bar again and click the left button. Point to Paste. Click left button. Wow !' All those numbers and dollar signs and formulas - EVERYTHING - was copied in a flash!! That sure saved us a lot of time.



Click on a cell away from the area where the numbers are located. This will “turn-off” the highlight. Tap the Esc key and the marquee will also disappear.


Note: You can also utilize the copy and paste buttons in the button bar to do this if you desire.


Change a few numbers in each of the months in both the income and expense areas to see how the spreadsheet works. (This will make the graphs we’ll create more realistic when we create them later in the tutorial.)

This would be a great time to Save again.

Microsoft Excel 2003: Division and Percent

Now move to cell A21 and type in the word Percent. We're going to calculate a fun percentage to show you how division works and give you some more practice with numbers.

Now move to cell C21. Using either the Type-In Method or the Point Method, divide ( / ) the amount for Income in cell C9 by the amount for Expenses in cell C17.

[The formula should look like =C9/C17]

This will give you a horrid number so why not put a percent symbol with it. Now we’ll repeat what we did above to format our $$$$.

Point to cell C21 and click the RIGHT mouse button. Point to Format Cells, then click the Number tab, then click-on Percentage. Select zero ( O ) Decimal Places. Click OK. Ta Da !!! a %.

Microsoft Excel 2003: Division and Percent

Now move to cell A21 and type in the word Percent. We're going to calculate a fun percentage to show you how division works and give you some more practice with numbers.

Now move to cell C21. Using either the Type-In Method or the Point Method, divide ( / ) the amount for Income in cell C9 by the amount for Expenses in cell C17.

[The formula should look like =C9/C17]

This will give you a horrid number so why not put a percent symbol with it. Now we’ll repeat what we did above to format our $$$$.

Point to cell C21 and click the RIGHT mouse button. Point to Format Cells, then click the Number tab, then click-on Percentage. Select zero ( O ) Decimal Places. Click OK. Ta Da !!! a %.

Forex: Forex Trading Tips - Understanding Forex Spreads Part 1

Forex is always priced in pairs between two different types of currencies. When you make a trade, you have to buy one currency and sell another at the same time. If you want to exit the trade, you must buy/sell the opposite position. For example, when you think the price of the Euro is going to rise against the US Dollar. In order for you to enter a trade, you will have to buy Euros and sell US Dollars. If you want to leave the trade, you will have to sell Euros and buy back US Dollars. You will be hoping that you were right in your guess and that the exchange rate for EU/USD has actually risen, which means that you will get more Euros back than when you bought them, which is how you will make a profit.

These days just about every forex broker is claiming to have the tightest spreads in the industry. But marketing does have the ability to be deceiving. The topic of spreads in the forex spot market is very complicated and often not easy to understand. However, nothing affects your trading profitability more.

First of all in order to understand the spread, you need to know what it is. A spread is the difference between the ask price (the price you buy at) and the bid price (the price you sell at) that is quoted in the pips. If the quote between EUR/USD at a given moment is 1.2222/4, then the spread equals 2 pips. If the quote is 1.22225/40, then the spread is going to equal 1.5 pips.

The spread is how brokers make their money. Wider spreads will result in a higher asking price and a lower bid price. The consequence to this is that you have to pay more when you buy and get less when you sell, which makes it more difficult to realize a profit
Brokers generally don’t earn the full spread, especially when they hedge client positions. The spread helps to compensate for the market maker for taking on risk from the time it starts a client trade to when the broker's net exposure is hedged (which could possibly be at a different price).
Spreads are important because they affect the return on your trading strategy in a big way. As a trader, your sole interest is buying low and selling high (like futures and commodities trading). Wider spreads means buying higher and having to sell lower. A half-pip lower spread doesn't necessarily sound like much, but it can easily mean the difference between a profitable trading strategy and one that isn’t profitable.
The tighter the spread is the better things are going to be for you. However tight spreads are only meaningful when they are paired up with good execution. Quality of execution will decide whether you actually receive tight spreads. A good example of this is when your screen shows a tight spread, but your trade is filled a few pips to your disadvantage or is mysteriously rejected.


When this occurs repeatedly, it means that your broker is showing tight spreads but is effectively delivering wider spreads. Rejected trades, delayed execution, slipping, and stop-hunting are strategies that some brokers use to get rid of the promise of tight spreads.

(continued)

Forex:Forex Trading Tips - Choose Your Strategy

Most successful traders will develop a strategy and perfect it over a specific period of time. Some people will focus on one particular study or calculation, while still some others use broad spectrum analysis as a means of determining their trades. Most experts would likely suggest that you try using a combination of both fundamental and technical analysis, with which you can make long-term projections and also determine entry and exit points. Of course, in the end, it is the individual trader who has to decide what works best for him.
When you are ready to get started in the FOREX market, you should open a demo account and paper trade so that you can practice until you can make a consistent profit. Many people who fail have a tendency to jump into the FOREX market and quickly lose a lot of money because of a lack of experience. It is important to take your time and learn to trade properly before you start committing capital.

You also need to be ale to trade without emotion. You can’t keep track of all stop-loss points if you don't have the ability to execute them on time. You must always set your stop-loss and take-profit points to execute automatically, and don't change them unless you absolutely have to. Make your decisions and stick to them. Otherwise you will drive yourself and your brokers crazy.

You should also realize that you need to follow the trends. If you go against the trend, you are just messing with your money because the FOREX market tends to trend more often than anything else and you will have a higher chance of success in trading with the trend.

The FOREX market is the largest market in the world, and every day people are becoming increasingly interested in it. But before you begin trading, make sure your broker meets certain criteria, and take the time to find a trading strategy that works for you.

Forex: Forex Trading Tips - Basic Forex Strategy : Technical Analysis

Technical AnalysisJust like their counterparts in the equity markets, technical analysts of the FOREX trading market analyze price trends. The only real difference between technical analysis in FOREX and technical analysis in equities is the time frame that is involved in that FOREX markets are open 24 hours a day.

Because of this, some forms of technical analysis that factor in time have to be modified so that they can work with the 24 hour FOREX market. Some of the most common forms of technical analysis used in FOREX are:

•The Elliott Waves
•Fibonacci studies
•Parabolic SAR
•Pivot points

A lot of technical analysts have a tendency to combine technical studies to make more accurate predictions on your behalf. (The most common method for them is combining the Fibonacci studies with Elliott Waves.) Others prefer to create trading systems in an effort to repeatedly locate similar buying and selling conditions.

Forex: Forex Trading Tips - Basic Forex Strategy : Fundamental Analysis

Technical analysis and fundamental analysis are the two basic areas of strategy in the FOREX market which is the exact same as in the equity markets. However, technical analysis is by far the most common strategy that is used by individual FOREX traders. Here is a brief overview of both forms of analysis and how they directly apply to forex trading:

Fundamental Analysis

If you think it's hard enough to value one company, you should try valuing a whole country instead. Fundamental analysis in the forex market is often an extremely difficult one, and it's usually used only as a means to predict long-term trends. However it is important to mention that some traders do trade short term strictly on news releases. There are a lot of different fundamental indicators of the currency values released at many different times. Here are a few of them to get you started:

•Non-farm Payrolls
•Purchasing Managers Index (PMI)
•Consumer Price Index (CPI)
•Retail Sales
•Durable Goods

You need to know that these reports are not the only fundamental factors that you have to watch. There are also quite a variety of meetings where you can get some quotes and commentary that can affect markets just as much as any report. These meetings are often brought out to discuss any interest rates, inflation, and other issues that have the ability to affect currency values.

Even changes in how things are worded when addressing certain issues such as the Federal Reserve chairman's comments on interest rates; can cause a volatile market. Two important meetings that you have to watch out for are the Federal Open Market Committee and Humphrey Hawkins Hearings.

Just by reading the reports and examining the commentary, it can help FOREX fundamental analysts to get a better understanding of any and all long-term market trends and also to allow short-term traders to be able to profit from extraordinary happenings. If you do decide to follow a fundamental strategy, you will want to be sure to keep an economic calendar handy at all times so you know when these reports are released. Your broker may also be able to provide you with real-time access to this kind of information.

Forex: Forex Trading Tips - Brokers That You Need To Avoid

Just like there are brokers that you want, there are also brokers that you will want to stay away from. For example brokers who are prone to prematurely buying or selling near preset points (commonly referred to as sniping and hunting) are trifling things that are committed by brokers who only seek to increase profits.
Obviously, no broker would actually admit to doing this, but there are ways to know if a broker has committed this offense.

Unfortunately, the only way that you can really determine which brokers do this and which brokers don't is to talk to fellow traders. There is no actual list or organization that reports this kind of activity. The point here is that you have to talk to others in person or visit online discussion forums to find out who is an honest broker.

Strict Margin Rules
When you are trading with borrowed money, your broker should have a say in how much risk you are able to take. With this in mind, your broker can buy or sell at its discretion, which can be a really bad thing for you.

Let's just say that you have a margin account, and your position takes a headlong nosedive before it begins to rebound to all-time highs. Even if you have enough cash to cover it, some brokers will liquidate your position on a margin call at that low. This action on their part can cost you dearly. You talk to others in person or visit online discussion forums to find out who the honest brokers are.

Signing up for a FOREX account is a great deal like getting an equity account. The only major difference is that, for FOREX accounts, you are obligated to sign a margin agreement.

This agreement basically says that you are trading with borrowed money, and, because of this the brokerage firm has the right to interfere with your trades in order to protect its interests. Once you sign up, all you have to do is fund your account and you'll be ready to trade right away.

Forex :Forex Trading Tips - Getting Started - Part 2

Extensive Tools and Research
FOREX brokers offer many different trading platforms for their clients just like brokers in other markets do. These different trading platforms often show real-time charts, technical analysis tools, real-time news and data, and even support for the various trading systems.

Before you commit to any one broker in specific, you will need to be sure to request free trials so that you can test their different trading platforms. Brokers usually provide technical as well as fundamental commentaries, economic calendars, and other research as a means of assisting you. Basically, you will want to find a broker who will give you everything that you need to succeed.

A Variety of Leverage Options
Leverage is a key necessity in FOREX trading because the price deviations (the sources of profit) are just set at mere fractions of a cent. Leverage, which is expressed as a ratio between total capitals that is available to actual capital, which is the amount of money a broker will lend you for trading.

For example, when you have a ratio of 100:1, this means that your broker would lend you $100 for every $1 of actual capital. Many brokerage firms will offer you as much as 250:1.

Of course, you need to remember that lower leverage also means lower risk of a margin call, but it also means that you will get a lower bang for your buck (and vice-versa). Basically if you have limited capital, you need to make sure that your broker offers high leverage.

If capital is not a problem, you can rest assured that any broker that has a wide variety of leverage options should suffice. A variety of options lets you vary the amount of risk you are willing to take. For example, less leverage (and therefore less risk) may be preferable if you are dealing with highly volatile (exotic) currency pairs.

Account Types
Many brokers will offer you two or more types of accounts. The smallest account is known as a mini account and it requires you to trade with a minimum of maybe $300.

This offers you a high amount of leverage (which you need in order to make money with so little initial capital). The standard account allows you to trade at a variety of different leverages, but it also requires a minimum initial capital of $2,000 to get you started.

Lastly, there are premium accounts, which often require significant amounts of capital to get you started. It also lets you use different amounts of leverage and often offer additional tools and services. You will need to make sure that the broker you choose has the right leverage, tools, and services that are relevant to the amount of capital that you are able to work with.

Forex: Forex Trading Tips - Getting Started - Part 1

When it comes to getting started in forex trading, there are quite a few things that you have to consider first. The first thing that you need to do is to find and choose the right broker to help you in making your trades.
When you are choosing a Broker you need to know that there are many FOREX brokers to choose from, just as in any other market. Here are some things that you need to look for in making your choice:

Low Spreads
The spread, which is calculated in pips, is the difference between the price at which a currency can be bought and the price at which it can be sold at any specific point in time. FOREX brokers don't charge a commission, so this difference is how they are going to make money.

When you are comparing brokers, you will find that the difference in spreads in FOREX is as large as the difference in commissions in the stock arena. What this means is that lower spreads will save you money and therefore, look for a broker that offers low spreads.

Quality of the Institution
Unlike equity brokers, FOREX brokers are usually attached to large banks or lending institutions because of the large amounts of capital that is required. Also, FOREX brokers should be registered with the Futures Commission Merchant (FCM) as well as regulated by the Commodity Futures Trading Commission (CFTC).


You can find this and other financial information and statistics about a FOREX brokerage on the company’s website or the website of its parent company. You will want to make sure that your broker is backed by a reliable institution.

(continued)

Forex: Forex Trading Tips - The Advantages of Trading Forex - Part 2

3. Rollover of Positions
When futures contracts expire, you have to plan ahead if you are going to rollover your trades. Forex positions expire every two days and you need to rollover each trade just so that you can stay in your position.

4. 24-Hour Marketplace
With futures, you are generally limited to trading only during the few hours that each market is open in any one day. If a major news story breaks out when the markets are closed, you will not have a way of getting out of it until the market reopens, which could be many hours away.

Forex, on the other hand, is a 24/5 market. The day begins in New York, and follows the sun around the globe through Europe, Asia, Australia and back to the US again. You can trade any time you like Monday-Friday.

5. Free market place
Foreign exchange is perhaps the largest market in the world with an average daily volume of US$1.4 trillion. That is 46 times as large as all the futures markets put together! With the huge number of people trading forex around the globe, it is very hard for even governments to control the price of their own currency.

Forex trading is simply a great alternative to futures and commodities trading. Unless you are a broker, you will likely want to get some help in forex trading to help ensure that your venture is successful. As with all trading, there are always some risks involved, but if you follow this comprehensive to successful forex trading, the whole process should be much easier. Let’s get started!

Forex :Forex Trading Tips - The Advantages of Trading Forex - Part 1

There are many different advantages to trading forex instead of futures or stocks, such as:
1. Lower Margin
Just like futures and stock speculation, a forex trader has the ability to control a large amount of the currency basically by putting up a small amount of margin. However, the margin requirements that are needed for trading futures are usually around 5% of the full value of the holding, or 50% of the total value of the stocks, the margin requirements for forex is about 1%. For example, margin required to trade foreign exchange is $1000 for every $100,000.

What this means is that trading forex, a currency trader's money can play with 5-times as much value of product as a futures trader's, or 50 times more than a stock trader's.

When you are trading on margin, this can be a very profitable way to create an investment strategy, but it's important that you take the time to understand the risks that are involved as well.

You should make sure that you fully understand how your margin account is going to work. You will want to be sure that you read the margin agreement between you and your clearing firm. You will also want to talk to your account representative if you have any questions.

The positions that you have in your account could be partially or completely liquidated on the chance that the available margin in your account falls below a predetermined amount.

You may not actually get a margin call before your positions are liquidated.
Because of this, you should monitor your margin balance on a regular basis and utilize stop-loss orders on every open position to limit downside risk.

2. No Commission and No Exchange Fees
When you trade in futures, you have to pay exchange and brokerage fees. Trading forex has the advantage of being commission free. This is far better for you. Currency trading is a worldwide inter-bank market that lets buyers to be matched with sellers in an instant.

Even though you do not have to pay a commission charge to a broker to match the buyer up with the seller, the spread is usually larger than it is when you are trading futures.

For example, if you are trading a Japanese Yen/US Dollar pair, forex trade would have about a 3 point spread (worth $30). Trading a JY futures trade would most likely have a spread of 1 point (worth $10) but you would also be charged the broker's commission on top of that. This price could be as low as $10 in-and-out for self-directed online trading, or as high as $50 for full-service trading. It is however, all inclusive pricing though.

You are going to have to compare both online forex and your specific futures commission charge to see which commission is the greater one.

Forex: The basic theories underlying the dollar to euro exchange rate

Law of One Price: In competitive markets free of transportation cost barriers to trade, identical products sold in different countries must sell at the same price when the prices are stated in terms of the same currency.

Interest rate effects: If capital is allowed to flow freely, exchange rates become stable at a point where equality of interest is established.

The dual forces of supply and demand determine euro vs. dollar exchange rates. Various factors affect these two forces, which in turn affect the exchange rates:

The business environment: Positive indications (in terms of government policy, competitive advantages, market size, etc.) increase the demand for the currency, as more and more enterprises want to invest there.

Stock market: The major stock indices also have a correlation with the currency rates.

Political factors: All exchange rates are susceptible to political instability and anticipations about the new government. For example, political or financial instability in Russia is also a flag for the euro to US dollar exchange because of the substantial amount of German investments directed to Russia.

Economic data: Economic data such as labor reports (payrolls, unemployment rate and average hourly earnings), consumer price indices (CPI), producer price indices (PPI), gross domestic product (GDP), international trade, productivity, industrial production, consumer confidence etc., also affect fluctuations in currency exchange rates.

Confidence in a currency is the greatest determinant of the real euro-dollar exchange rate. Decisions are made based on expected future developments that may affect the currency. A EUR/USD exchange can operate under one of four main types of exchange rate systems:

Fully fixed exchange rates
In a fixed exchange rate system, the government (or the central bank acting on its behalf) intervenes in the currency market in order to keep the exchange rate close to a fixed target. It is committed to a single fixed exchange rate and does not allow major fluctuations from this central rate.

Semi-fixed exchange rates
Currency can move inside permitted ranges of fluctuation. The exchange rate is the dominant target of economic policy-making, interest rates are set to meet the target and the exchange rate is given a specific target.

Free floating
The value of the currency is determined solely by market supply and demand forces in the foreign exchange market. Trade flows and capital flows are the main factors affecting the exchange rate. A floating exchange rate system: Monetary system in which exchange rates are allowed to move due to market forces without intervention by national governments. For example, the Bank of England does not actively intervene in the currency markets to achieve a desired exchange rate level. With floating exchange rates, changes in market demand and supply cause a currency to change in value. Pure free floating exchange rates are rare - most governments at one time or another seek to "manage" the value of their currency through changes in interest rates and other controls.

Managed floating exchange rates
Governments normally engage in managed floating if not part of a fixed exchange rate system.

The advantages of fixed exchange rates are the disadvantages of floating rates:
Fixed rates provide greater certainty for exporters and importers and, under normal circumstances, there is less speculative activity - although this depends on whether the dealers in the foreign exchange markets regard a given fixed exchange rate as appropriate and credible.

Advantages of floating exchange rates
Fluctuations in the exchange rate can provide an automatic adjustment for countries with a large balance of payments deficit. A second key advantage of floating exchange rates is that it gives the government/monetary authorities flexibility in determining interest rates.

Forex: Dollar-euro currency exchange

This article provides an overview of the factors affecting the leading currency pair: Euro-dollar exchange, commonly expressed as EUR/USD.
The euro to dollar exchange rate is the price at which the world demand for US dollars equals the world supply of euros. Regardless of geographical origin, a rise in the world demand for euros leads to an appreciation of the euro.

Factors affecting exchange rates
Four factors are identified as fundamental determinants of the real euro to dollar exchange rate:


.The international real interest rate differential
.Relative prices in the traded and non-traded goods sectors
.The real oil price
.The relative fiscal position

The nominal bilateral dollar to euro exchange is the exchange rate that attracts the most attention. Notwithstanding the comparative importance of euro to US dollar bilateral trade links, trade with the UK is, to some extent, more important for the Euro zone than is trade with the US. The dollar and the euro have a strong predisposition to run together in the very short run, but sometimes there can be significant discrepancies. The very strong appreciation of the dollar against the euro in 2003 is one example of these discrepancies.
In the long run, the correlation between the bilateral dollar to euro exchange rate, and different measures of the effective exchange rate of Euroland, has been rather high, especially if one looks at the effective real exchange rate. As inflation is at very similar levels in the US and the Euro area, there is no need to adjust the dollar to euro rate for inflation differentials, but because the Euro zone also trades intensively with countries that have relatively high inflation rates (e.g. some countries in Central and Eastern Europe, Turkey, etc.), it is more important to downplay nominal exchange rate measures by looking at relative price and cost developments.

The fall of the dollar
The steady and orderly decline of the dollar from early 2002 to early 2004 against the euro, Australian dollar, Canadian dollar and a few other currencies (i.e., its trade-weighted average, which is what counts for purposes of trade adjustment), while significant, has still only amounted to about 10 percent.

There are two reasons why concerns about a free fall of the dollar should not be worth consideration. The first is that the US external deficit will stay high only if US growth remains vigorous. But if the US continues to grow strongly, it will also retain a strong attraction for foreign capital, which should support the dollar. The second reason is that the attempts by the monetary authorities in Asia to keep their currencies weak will probably not work.

Forex: Risks

Although Forex trading can lead to very profitable results, there are risks involved: exchange rate risks, interest rate risks, credit risks, and country risks. Approximately 80% of all currency transactions last a period of seven days or less, while more than 40% last fewer than two days. Given the extremely short lifespan of the typical trade, technical indicators heavily influence entry, exit and order placement decisions.

Forex: Forwards and Futures

Forwards make up about 46% of currency trading. A forward transaction is an agreement between two parties whereby one party buys a currency at a particular price by a certain date that is greater than two business days (a spot transaction).
A future contract is a forward contract with fixed currency amounts and maturity dates. They are traded on future exchanges and not through the interbank foreign exchange market.

Forex: A spot Transaction

A spot transaction is a straightforward exchange of one currency for another. The spot rate is the current market price, also called the benchmark price. Spot transactions do not require immediate settlement, or payment "on the spot." The settlement date, or "value date," is the second business day after the "deal date" (or "trade date") on which the transaction is agreed to by the two traders. The two-day period provides time to confirm the agreement and arrange the clearing and necessary debiting and crediting of bank accounts in various international locations

Forex: Exchange Rates

Because currencies are traded in pairs and exchanged one against the other when traded, the rate at which they are exchanged is called the exchange rate. The majority of the currencies are traded against the US dollar (USD). The four next-most traded currencies are the Euro (EUR), the Japanese yen (JPY), the British pound sterling (GBP) and the Swiss franc (CHF). These five currencies make up the majority of the market and are called the major currencies or "the Majors". Some sources also include the Australian dollar (AUD) within the group of major currencies.

The first currency in the exchange pair is referred to as the base currency and the second currency as the counter term or quote currency. The counter term or quote currency is thus the numerator in the ratio, and the base currency is the denominator. The value of the base currency (denominator) is always 1. Therefore, the exchange rate tells a buyer how much of the counter term or quote currency must be paid to obtain one unit of the base currency. The exchange rate also tells a seller how much is received in the counter term or quote currency when selling one unit of the base currency. For example, an exchange rate for EUR/USD of 1.2083 specifies to the buyer of euros that 1.2083 USD must be paid to obtain 1 euro.

At any given point, time and place, if an investor buys any currency and immediately sells it - and no change in the exchange rate has occurred - the investor will lose money. The reason for this is that the bid price, which represents how much will be received in the counter or quote currency when selling one unit of the base currency, is always lower than the ask price, which represents how much must be paid in the counter or quote currency when buying one unit of the base currency. For instance, the EUR/USD bid/ask currency rates at your bank may be 1.2015/1.3015, representing a spread of 1000 pips (also called points, one pip = 0.0001), which is very high in comparison to the bid/ask currency rates that online Forex investors commonly encounter, such as 1.2015/1.2020, with a spread of 5 pips. In general, smaller spreads are better for Forex investors since even they require a smaller movement in exchange rates in order to profit from a trade.

Margin
Banks and/or online trading providers need collateral to ensure that the investor can pay in case of a loss. The collateral is called the margin and is also known as minimum security in Forex markets. In practice, it is a deposit to the trader's account that is intended to cover any currency trading losses in the future.
Margin enables private investors to trade in markets that have high minimum units of trading by allowing traders to hold a much larger position than their account value. Margin trading also enhances the rate of profit, but can also enhance the rate of loss if the investor makes the wrong decision.

Leveraged financing
Leveraged financing, i.e., the use of credit, such as a trade purchased on a margin, is very common in Forex. The loan/leveraged in the margined account is collateralized by your initial deposit. This may result in being able to control USD 100,000 for as little as USD 1,000.
There are three ways private investors can trade in Forex directly or indirectly:

.The spot market
.Forwards and futures
.Options

Forex: What is Forex Trading?

The investor's goal in Forex trading is to profit from foreign currency movements. Forex trading or currency trading is always done in currency pairs. For example, the exchange rate of EUR/USD on Aug 26th, 2003 was 1.0857. This number is also referred to as a "Forex rate" or just "rate" for short. If the investor had bought 1000 euros on that date, he would have paid 1085.70 U.S. dollars. One year later, the Forex rate was 1.2083, which means that the value of the euro (the numerator of the EUR/USD ratio) increased in relation to the U.S. dollar. The investor could now sell the 1000 euros in order to receive 1208.30 dollars. Therefore, the investor would have USD 122.60 more than what he had started one year earlier. However, to know if the investor made a good investment, one needs to compare this investment option to alternative investments. At the very minimum, the return on investment (ROI) should be compared to the return on a "risk-free" investment. One example of a risk-free investment is long-term U.S. government bonds since there is practically no chance for a default, i.e. the U.S. government going bankrupt or being unable or unwilling to pay its debt obligation.
When trading currencies, trade only when you expect the currency you are buying to increase in value relative to the currency you are selling. If the currency you are buying does increase in value, you must sell back the other currency in order to lock in a profit. An open trade (also called an open position) is a trade in which a trader has bought or sold a particular currency pair and has not yet sold or bought back the equivalent amount to close the position.

However, it is estimated that anywhere from 70%-90% of the FX market is speculative. In other words, the person or institution that bought or sold the currency has no plan to actually take delivery of the currency in the end; rather, they were solely speculating on the movement of that particular currency.

Forex: Overview of the Forex market

An overview of the Forex market
Foreign Exchange (FOREX) is the arena where a nation's currency is exchanged for that of another. The foreign exchange market is the largest financial market in the world, with the equivalent of over $1.9 trillion changing hands daily; more than three times the aggregate amount of the US Equity and Treasury markets combined. Unlike other financial markets, the Forex market has no physical location and no central exchange (off-exchange). It operates through a global network of banks, corporations and individuals trading one currency for another. The lack of a physical exchange enables the Forex market to operate on a 24-hour basis, spanning from one zone to another in all the major financial centers.

Traditionally, retail investors' only means of gaining access to the foreign exchange market was through banks that transacted large amounts of currencies for commercial and investment purposes. Trading volume has increased rapidly over time, especially after exchange rates were allowed to float freely in 1971. Today, importers and exporters, international portfolio managers, multinational corporations, speculators, day traders, long-term holders and hedge funds all use the FOREX market to pay for goods and services, transact in financial assets or to reduce the risk of currency movements by hedging their exposure in other markets.

Forex: History(continued)

The Explosion of the Euromarket
A major catalyst to the acceleration of Forex trading was the rapid development of the eurodollar market; where US dollars are deposited in banks outside the US. Similarly, Euromarkets are those where assets are deposited outside the currency of origin. The Eurodollar market first came into being in the 1950s when Russia’s oil revenue-- all in dollars -- was deposited outside the US in fear of being frozen by US regulators. That gave rise to a vast offshore pool of dollars outside the control of US authorities. The US government imposed laws to restrict dollar lending to foreigners. Euromarkets were particularly attractive because they had far less regulations and offered higher yields. From the late 1980s onwards, US companies began to borrow offshore, finding Euromarkets a beneficial center for holding excess liquidity, providing short-term loans and financing imports and exports.

London was, and remains the principal offshore market. In the 1980s, it became the key center in the Eurodollar market when British banks began lending dollars as an alternative to pounds in order to maintain their leading position in global finance. London’s convenient geographical location (operating during Asian and American markets) is also instrumental in preserving its dominance in the Euromarket.

Forex: History

The Evolution of Forex Market

The Gold Exchange and the Bretton Woods Agreement

In 1967, a Chicago bank refused a college professor by the name of Milton Friedman a loan in pound sterling because he had intended to use the funds to short the British currency. Friedman, who had perceived sterling to be priced too high against the dollar, wanted to sell the currency, then later buy it back to repay the bank after the currency declined, thus pocketing a quick profit. The bank’s refusal to grant the loan was due to the Bretton Woods Agreement, established twenty years earlier, which fixed national currencies against the dollar, and set the dollar at a rate of $35 per ounce of gold.

The Bretton Woods Agreement, set up in 1944, aimed at installing international monetary stability by preventing money from fleeing across nations, and restricting speculation in the world currencies. Prior to the Agreement, the gold exchange standard--prevailing between 1876 and World War I--dominated the international economic system. Under the gold exchange, currencies gained a new phase of stability as they were backed by the price of gold. It abolished the age-old practice used by kings and rulers of arbitrarily debasing money and triggering inflation.

But the gold exchange standard didn’t lack faults. As an economy strengthened, it would import heavily from abroad until it ran down its gold reserves required to back its money; consequently, the money supply would shrink, interest rates rose and economic activity slowed to the extent of recession. Ultimately, prices of goods had hit bottom, appearing attractive to other nations, who would rush into buying sprees that injected the economy with gold until it increased its money supply, and drive down interest rates and recreate wealth into the economy. Such boom-bust patterns prevailed throughout the gold standard until the outbreak of World War I interrupted trade flows and the free movement of gold.

After the Wars, the Bretton Woods Agreement was founded, where participating countries agreed to try and maintain the value of their currency with a narrow margin against the dollar and a corresponding rate of gold as needed. Countries were prohibited from devaluing their currencies to their trade advantage and were only allowed to do so for devaluations of less than 10%. Into the 1950s, the ever-expanding volume of international trade led to massive movements of capital generated by post-war construction. That destabilized foreign exchange rates as setup in Bretton Woods.

The Agreement was finally abandoned in 1971, and the US dollar would no longer be convertible into gold. By 1973, currencies of major industrialized nations floated more freely, as they were controlled mainly by the forces of supply and demand. Prices were floated daily, with volumes, speed and price volatility all increasing throughout the 1970s, giving rise to new financial instruments, market deregulation and trade liberalization.

In the 1980s, cross-border capital movements accelerated with the advent of computers and technology, extending market continuum through Asian, European and American time zones. Transactions in foreign exchange rocketed from about $70 billion a day in the 1980s, to more than $1.5 trillion a day two decades later.

Forex: What is Forex Trading?

An overview of Forex Market
The Forex market is a non-stop cash market where currencies of nations are traded, typically via brokers. Foreign currencies are constantly and simultaneously bought and sold across local and global markets and traders' investments increase or decrease in value based upon currency movements. Foreign exchange market conditions can change at any time in response to real-time events.

The main enticements of currency dealing to private investors and attractions for short-term Forex trading are:

Microsoft Excel 2003: More Cell Formatting

We want our numbers to look better. To do this we'll include dollar signs and decimal points in our numbers. This is done by using the mouse. Point to cell C6, hold down the left mouse button and drag down slowly to highlight cells C6 through C19. Your screen should look like



Now point anywhere in the highlighted area and click the RIGHT mouse button. A pop-up menu will appear. Click-on Format Cells (like you have done before).


Click-on the Number “Tab” at the top of the Format Cells menu screen. Point to Currency and click-on Currency.



Notice several things. The right side shows the number of decimal places. The 2 is the default for cents. We'll use 2. Notice above the Decimal Places that there is a sample of what our number will look like. At the lower right it shows how negative numbers can appear, depending on your choice. When a negative number is calculated, it will appear with your choice. Now click-on OK. All the numbers now have $. If you have large numbers that are "too wide" for the current column width you will see some ######## in the cells where these numbers are located. If this occurs in your spreadsheet, go ahead and widen the columns as you did previously.



Your spreadsheet numbers should now look like the one above.

Microsoft Excel 2003: Subtraction

In cell A19 type-in Net Income. Next, adjust the width of column A.

Click-on cell C19.

In cell C19 we want to subtract ( - )the amount in for Expenses in cell C17 from the amount for Income in cell C9. This can be accomplished by using either the Type-In Method or Point Method. Go ahead and do this. Don’t forget to tap the Enter key to confirm your formula.

The formula should look like =C9 C17

Microsoft Excel 2003: AutoSum METHOD - ∑

Since we add numbers more than any other operation in spreadsheets, Excel spreadsheet has an additional feature - Auto Sum. Move to cell C9 again and tap the delete key to erase your last formula. Now look at the upper area of the screen, just below the menu bar, for a ∑ (summation) symbol button. Point to it and click with the left mouse button. WOW !! Automatic addition!! Notice that the cells, you’d logically desire to add, have a marquee around them and that the SUM function is displayed in cell C9. You’ll need to confirm that this is the correct formula. So, tap the Enter key and the SUM function will now be set in cell C9. Any time you want to add using this method just click-on the cell where you desire the total to be and click-on the ∑.

This would be a good time to save your work.

PERIODICALLY SAVE AND REPLACE YOUR WORK IN CASE YOU LOOSE POWER TO YOUR COMPUTER

Now move to cell C17 and add the total Expenses in cells C13 to C16 - using each of the four methods.
While you are in cell C17, go ahead and place a line at the top of cell C17 using the format cells – border method that you learned