Перейти к содержанию

oxford immunotec ipo

entertaining answer Between speaking, would..

Категория: Download forex nostradamus from

Forex pair correlation chart dra

· 29.03.2020

forex pair correlation chart dra

of movements in price across a variety of markets (i.e. stock, currency, This indicates that, to a large extent, the correlation matrix is random and. Balance sheet weaknesses due to currency mismatches have played a key role in virtually every major financial crisis affecting the emerging market economies. PAIR OF PROVERBS OF OPPOSING MEANING. Dra. Meisuri, M.A. & Syamsul Bahri, SS., research was conducted to find out the effects of tourism fee, currency. MANICURE ON FOREX Report this to happen, built very third-party cookies simplicity and exploitation Malware and application. Raven Black to have dengan space the server. Determine which merge partitions.

In this study, the most 13 C-depleted peat and the highest concentrations of C and N were found at the same depths. Furthermore, active microbes throughout the peat profile enable continuing slow decay through the whole peat profile. Putkinen et al. Thus, diagenetic processes in peat containing Sphagnum spp.

These changes possibly indicate a major decrease in water flow thus ending the fen stage. In an otherwise 13 C-enriching peat profile, there is a 0. The climatic period or change in hydrology leading to this shift is unknown. Changes in vegetation type were a consequence of past climatic periods and possibly from a change in hydrology when the peat surface grew above the minerogenic water sources. Most of the 15 Mha of peatlands drained for forestry, are found in the boreal and temperate zones of Russia and Fennoscandia Joosten and Clarke Globally, the peatland area drained for forestry, cropland or grassland is ca.

Since the natural upper margin of the bog is intact, the natural water flow regime is minimally affected on the undrained side, whereas effects of drainage are seen right up to the marginal ditch. Thus, comparable profiles for the undrained and drained conditions were available close to each other from either side of the marginal ditch from the same original hollow.

It is not clear which CO 2 flux component, CO 2 uptake or respiration most affected the C balance at our site. In a natural bog, an early and prolonged drought period decreased carbon uptake, while a short drought period increased respiration Lund et al. In any case, respiration increases in drained peatlands Silvola et al.

Thus, only the top 10 cm of the surface peat got most of the newly formed 13 C-depleted plant C material. This indicates that the peat surface C balance has changed: 13 C-enrichment due to respiration has been clearly larger than the C uptake in photosynthesis counteracting 13 C enrichment. This 13 C depletion probably followed from the C addition to the surface layer from new vegetation and also from the litter falling from the trees, C input being there jointly larger than the amount of released C from decaying peat.

Primarily, in Lakkasuo the original water flow was perpendicular to the ditches, and thus drainage possibly affected the undrained site hydrology, whereas in Rahesuo, water flow was parallel to the ditches. However, this effect was not visible in Rahesuo. The mesotelm is defined as a metabolically active interface between the oxic acrotelm and anoxic catotelm.

However, the mesotelm is also a horizon that is mainly anoxic but periodically oxic Clymo and Bryant Thus, microbial processes can change in the mesotelm from aerobic to anaerobic due to changes in water saturation. Furthermore, both respiration and leaching are active at this depth. In the Rahesuo bog, 13 C depletion of the surface peat due to 13 C-Suess effect was not clear or different compared to the deeper peat profile, as it was in a 30 cm long surface Sphagnum peat column studied in northern Finland Esmeijer-Liu et al.

In this study, the actual masses of 12 C and 13 C in whole peat profiles were calculated. To our knowledge, this was the first time that this kind of calculation was done. The calculated C loss was 5. In other Finnish undrained and drained bog pairs studied by similar methods, a clear increase in C amount following drainage has been detected eg. Minkkinen et al. However, further discussion of reasons leading to these fundamental differences are beyond this MS, but probably related to factors that explain differences in 13 C-depletion in Lakkasuo and 13 C-enrichment in Rahesuo bog surface peat.

Drainage affects mostly the upper peat layers, thus the smaller C loss for the whole profile C balance calculation was due to a larger C mass below the synchronous ash layer at the drained site. The 90 cm peat section below the synchronous ash layer had 3. In a 2 m deep pristine bog, 14 C analyses showed that part of the DOC in the whole peat column originated from the newly formed surface peat Wilson et al.

Thus, it is also possible that the larger amount of C was due to original differences in the deep peat layers between the sites. The upper peat profile on the undrained and on the drained site was also the most 13 C-enriched section of the whole peat column.

However, the increase was only 0. Drained peatlands have been used as analogs to climate change induced drying and concomitant changes in vegetation and C flows Laine et al. This indicates the existence of a wet fen stage during the moist and warm period and diagenetic processes further accelerating 13 C-depletion in the peat layer. The drained site was a source of 13 C depleted CO 2 to the atmosphere.

The method used here to calculate 13 C and 12 C balances in a known peat profile may be useful when studying the environmental changes in peat or lake sediment profiles when accurate 14 C-datings and depth levels are available. Soil Sci Soc Am J — Article Google Scholar. Alewell C, Giesler R, Klaminder J et al Stable carbon isotopes as indicators for environmental change in palsa peats.

Biogeosciences — Ecology 80 1 Andersson RA, Meyers P, Hornibrook E et al Elemental and isotopic carbon and nitrogen records of organic matter accumulation in a holocene permafrost peat sequence in the east European Russian arctic. J Quat Sci — Nature — Clymo RS, Bryant CL Diffusion and mass flow of dissolved carbon dioxide, methane, and dissolved organic carbon in a 7-m deep raised peat bog.

Geochim Cosmochim Acta — Anal Chem — Water Air Soil Pollut — Fernandez I, Mahieu N, Cadisch G Carbon isotopic fractionation during decomposition of plant materials of different quality. Glob Biogeochem Cycles Fry B Stable isotope ecology. Springer, Dordrecht. Book Google Scholar.

Geological Survey of Finland. Peatland database of Geological Survey of Finland [Internet]. Ingram HAP Soil layers in mires: function and terminology. J Soil Sci — Palaeogeogr Palaeoclimatol Palaeoecol — Quat Sci Rev — Chem Geol — Kohn MJ Carbon isotope compositions of terrestrial C3 plants as indicators of paleo ecology and paleo climate.

Proc Natl Acad Sci — Kracht O, Gleixner GG Isotope analysis of pyrolysis products from Sphagnum peat and dissolved organic matter from bog water. Org Geochem 31 7—8 — For Ecol Manag — Laine J, Silvola J, Tolonen K et al Effect of water-level drawdown on global climatic warming: northern peatlands. Ambio — Ecology — Holocene — Leifeld J, Menichetti L The underappreciated potential of peatlands in global climate change mitigation strategies.

Nat Commun 9. Holocene 24 9 Environ Res Lett 7 4 Suo — Google Scholar. Plant Soil — Mpamah PA, Taipale S, Rissanen AJ et al The impact of long-term water level draw-down on microbial biomass: a comparative study from two peatland sites with different nutrient status. Eur J Soil Biol — Isotopes Environ Health Stud x:x. Ilmatieteen laitos Finnish Meteorological Institute , Helsinki. Boreal Environ Res — J Geophys Res Atmos — Seppa H, Birks H July mean temperature and annual precipitation trends during the Holocene in the Fennoscandian tree-line area: pollen-based climate reconstructions.

The Holocene — J Ecol — Ann Bot Fenn — Holocene 12 1 — Ecosystems — Nat Commun 7, Download references. Grant for A. Claire Treat is acknowledged for internal review. You can also search for this author in PubMed Google Scholar. Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

PowerShares on the other hand usually represent a basket of currencies. Disadvantage The biggest disadvantage is that the CurrencyShares are available for trading only until p. Because the market closes, exchange-traded currency funds cater primarily to long-term traders.

Also, since they are traded on the NYSE, they are subject to standard stock commissions and they have expense ratios. Since the foreign exchange market is an over-the-counter OTC market without a centralized exchange, competition between market makers pro- hibits monopolistic pricing strategies.

If one market maker attempts to drastically skew the price, then traders simply have the option to find an- other market maker. Moreover, spreads are closely watched to ensure mar- ket makers are not whimsically altering the cost of the trade. See Figures 1. Decentralized markets, such as foreign exchange, can have multiple market makers—all of whom have the right to quote different prices.

Centralized Markets By their very nature, centralized markets tend to be monopolistic: with a single specialist controlling the market, prices can easily be skewed to FIGURE 1. If, for example, the market is filled with sellers from whom the specialists must buy but no prospective buyers on the other side, the specialists will be forced to buy from the sellers and be unable to sell a commodity that is being sold off and hence falling in value.

In such a situation, the specialist may simply widen the spread, thereby increasing the cost of the trade and preventing additional participants from entering the market. Or specialists can simply drastically alter the quotes they are offering, thus manipulating the price to accommodate their own needs.

Hierarchy of Participants in Decentralized Market While the foreign exchange market is decentralized and hence employs multiple market makers rather than a single specialist, participants in the FX market are organized into a hierarchy; those with superior credit ac- cess, volume transacted, and sophistication receive priority in the market.

At the top of the food chain is the interbank market, which trades the highest volume per day in relatively few mostly G-7 currencies. In the interbank market, the largest banks can deal with each other directly, via interbank brokers or through electronic brokering systems like Elec- tronic Brokering Services EBS or Reuters. The interbank market is a credit-approved system where banks trade based solely on the credit re- lationships they have established with one another.

All the banks can see the rates everyone is dealing at; however, each bank must have a specific credit relationship with another bank in order to trade at the rates being offered. Other institutions such as online FX market makers, hedge funds, and corporations must trade FX through commercial banks. Many banks small community banks, banks in emerging markets , corporations, and institutional investors do not have access to these rates because they have no established credit lines with big banks.

This forces small participants to deal through just one bank for their foreign exchange needs, and often this means much less competitive rates for the partic- ipants further down the participant hierarchy. Those receiving the least competitive rates are customers of banks and exchange agencies. Recently technology has broken down the barriers that used to stand between the end users of foreign exchange services and the interbank mar- ket.

The online trading revolution opened its doors to retail clientele by connecting market makers and market participants in an efficient, low- cost manner. In essence, the online trading platform serves as a gateway to the liquid FX market.

Average traders can now trade alongside the biggest banks in the world, with similar pricing and execution. FX is no longer an old boys club, which means opportunity abounds for aspiring online currency traders. Both platforms offer trading in the major currency pairs; however, certain currency pairs are more liq- uid and generally more frequently traded over either EBS or Reuters D These currency pairs are also known as synthetic currencies, and this helps to explain why spreads for cross currencies are generally wider than spreads for the major currency pairs.

CHAPTER 2 Historical Events in the FX Market efore diving into the inner workings of currency trading, it is impor- B tant for every trader to understand a few of the key milestones in the foreign exchange market, since even to this day they still represent events that are referenced repeatedly by professional forex traders. After the war, most agreed that international economic instability was one of the principal causes of the war, and that such instability needed to be prevented in the future.

The agreement, which was developed by renowned economists John Maynard Keynes and Harry Dexter White, was initially proposed to Great Britain as a part of the Lend-Lease Act—an American act designed to assist Great Britain in postwar redevelopment efforts. After various negoti- ations, the final form of the Bretton Woods Agreement consisted of several key points: 1. The formation of key international authorities designed to promote fair trade and international economic harmony.

The fixing of exchange rates among currencies. The convertibility between gold and the U. Of the three aforementioned parameters, only the first point is still in existence today. Together, the two in- stitutions now regularly lend funds to developing nations, thus assisting them in the development of a public infrastructure capable of supporting a sound mercantile economy that can contribute in an international arena.

And, in order to ensure that these nations can actually enjoy equal and le- gitimate access to trade with their industrialized counterparts, the World Bank and IMF must work closely with GATT. While GATT was initially meant to be a temporary organization, it now operates to encourage the dismantling of trade barriers—namely tariffs and quotas. The Bretton Woods Agreement was in operation from to , when it was replaced with the Smithsonian Agreement, an international contract of sorts pioneered by U.

As a result, the Smithsonian Agreement was short-lived. Ultimately, the exchange rates of the world evolved into a free mar- ket, whereby supply and demand were the sole criteria that determined the value of a currency. While this did and still does result in a number of currency crises and greater volatility between currencies, it also allowed the market to become self-regulating, and thus the market could dictate the appropriate value of a currency without any hindrances.

While the British pound is still substantially stronger, and while the euro is a revolutionary currency blazing new fron- tiers in both social behavior and international trade, the U. And thus, while Bretton Woods may be a doctrine of yesteryear, its impact on the U.

While it had been exorcised before, only to subsequently emerge in a new form, this final eradication of the Bretton Woods system was truly its last stand: no longer would currencies be fixed in value to gold, allowed to fluctuate only in a 1 percent range, but instead their fair valuation could be determined by free market behavior such as trade flows and foreign direct investment.

While U. Nixon, as well as most economists, reasoned that an entirely unstructured foreign exchange mar- ket would result in competing devaluations, which in turn would lead to the breakdown of international trade and investment. The end result, Nixon and his board of economic advisers reasoned, would be global depression. Accordingly, a few months later, the Smithsonian Agreement was in- troduced. Its key difference from the Bretton Woods system was that the value of the dollar could float in a range of 2.

Ultimately, the Smithsonian Agreement proved to be unfeasible as well. Moreover, the U. In light of these problems, the foreign exchange markets were forced to close in February The forex markets reopened in March , and this time they were not bound by a Smithsonian Agreement: the value of the U. While this did provide the U. The end of Bretton Woods and the Smithsonian Agreement, as well as con- flicts in the Middle East resulting in substantially higher oil prices, helped to create stagflation—the synthesis of unemployment and inflation—in the U.

It would not be until later in the decade, when Federal Re- serve Chairman Paul Volcker initiated new economic policies and Presi- dent Ronald Reagan introduced a new fiscal agenda, that the U. And by then, the foreign exchange markets had thoroughly developed, and were now capable of serving a mul- titude of purposes: in addition to employing a laissez-faire style of regula- tion for international trade, they also were beginning to attract speculators seeking to participate in a market with unrivaled liquidity and continued growth.

Ultimately, the death of Bretton Woods in marked the begin- ning of a new economic era, one that liberated international trading while also proliferating speculative opportunities. Unfortunately, due to a number of unforeseen economic events—such as the Organization of Petroleum Exporting Countries OPEC oil crises, stagflation through- out the s, and drastic changes in the U.

A system of sorts was needed, but not one that was inflexible. Fixation of currency values to a commodity, such as gold, proved to be too rigid for economic develop- ment, as was also the notion of fixing maximum exchange rate fluctuations. Historical Events in the FX Market 25 The balance between structure and rigidity was one that had plagued the currency markets throughout the twentieth century, and while advance- ments had been made, a definitive solution was still greatly needed.

Meeting at the Plaza Hotel, the international leaders came to certain agree- ments regarding specific economies and the international economy as a whole. Across the world, inflation was at very low levels. In contrast to the stagflation of the s—where inflation was high and real economic growth was low—the global economy in had done a complete degree turn, as inflation was now low but growth was strong. While low inflation, even when coupled with robust economic growth, still allowed for low interest rates—a circumstance developing countries particularly enjoyed—there was an imminent danger of protectionist poli- cies like tariffs entering the economy.

The United States was experiencing a large and growing current account deficit, while Japan and Germany were facing large and growing surpluses. An imbalance so fundamental in nature could create serious economic disequilibrium, which in turn would result in a distortion of the foreign exchange markets and thus the international economy. The results of current account imbalances, and the protectionist poli- cies that ensued, required action.

Ultimately, it was believed that the rapid acceleration in the value of the U. The rising value of the U. A dollar with a lower valuation, on the other hand, would be more conducive to stabilizing the international economy, as it would nat- urally bring about a greater balance between the exporting and importing capabilities of all countries.

At the meeting in the Plaza Hotel, the United States persuaded the other attendees to coordinate a multilateral intervention, and on Septem- ber 22, , the Plaza Accord was implemented. This agreement was de- signed to allow for a controlled decline of the dollar and the appreciation of the main antidollar currencies.

Each country agreed to changes to its economic policies and to intervene in currency markets as necessary to get the dollar down. The United States agreed to cut its budget deficit and to lower interest rates. France, the United Kingdom, Germany, and Japan all agreed to raise interest rates.

The United States in particular did not follow through with its initial promise to cut the budget deficit. Japan was severely hurt by the sharp rise in the yen, as its exporters were unable to remain competitive overseas, and it is argued that this eventually triggered a year recession in Japan.

The United States, in contrast, enjoyed considerable growth and price stability as a result of the agreement. The effects of the multilateral intervention were seen immediately, and within two years the dollar had fallen 46 percent and 50 percent against the deutsche mark DEM and the Japanese yen JPY , respectively.

Figure 2. This gradually resolved the current account deficits for the time being, and also ensured that protectionist policies were minimal and nonthreatening. But perhaps most importantly, the Plaza Accord cemented the role of the central banks in regulating exchange rate movement: yes, the rates would not be fixed, and hence would be determined primarily by supply and de- mand; but ultimately, such an invisible hand is insufficient, and it was the FIGURE 2.

Participants initially France, Germany, Italy, the Netherlands, Bel- gium, Denmark, Ireland, and Luxembourg were then required to maintain their exchange rates within a 2. The ERM was an adjustable-peg system, and nine realignments would occur between and While the United Kingdom was not one of the original members, it would eventually join in at a rate of 2.

Until mid, the ERM appeared to be a success, as a disciplinary ef- fect had reduced inflation throughout Europe under the leadership of the German Bundesbank. This led to higher inflation and left the German central bank with little choice but to increase interest rates. But the rate hike had additional repercussions—because it placed upward pres- sure on the German mark.

Soros Bets Against Success of U. Thanks to the progressive removal of capital con- trols during the EMS years, international investors at the time had more freedom than ever to take advantage of perceived disequilibriums, so Soros established short positions in pounds and long positions in marks by bor- rowing pounds and investing in mark-denominated assets.

He also made great use of options and futures. Soros was not the only one; many other investors soon fol- lowed suit. Everyone was selling pounds, placing tremendous downward pressure on the currency. At first, the Bank of England tried to defend the pegged rates by buying 15 billion pounds with its large reserve assets, but its sterilized interven- tions whereby the monetary base is held constant thanks to open market interventions were limited in their effectiveness.

The pound was trading dangerously close to the lower levels of its fixed band. A few hours later, it promised to raise rates again, to 15 percent, but international investors such as Soros could not be swayed, knowing that huge profits were right around the corner. Traders kept selling pounds in huge volumes, and the Bank of England kept buying them until, finally, at p.

Whether the return to a floating currency was due to the Soros-led at- tack on the pound or because of simple fundamental analysis is still de- bated today. Based on several fundamental breakdowns, the cause of the contagion stemmed largely from shrouded lending practices, inflated trade deficits, and immature capital markets.

With adverse effects easily seen in the equities markets, currency market fluctuations were negatively impacted in much the same manner during this time period. The Bubble Leading up to , investors had become increasingly attracted to Asian investment prospects, focusing on real estate development and domestic equities.

As a result, foreign investment capital flowed into the region as economic growth rates climbed on improved production in countries like Malaysia, the Philippines, Indonesia, and South Korea. Thailand, home of the baht, experienced a 13 percent growth rate in falling to 6. Additional lending support for a stronger economy came from the enactment of a fixed currency peg to the more formidable U. Ballooning Current Account Deficits and Nonperforming Loans However, in early , a shift in sentiment had begun to occur as inter- national account deficits became increasingly difficult for respective gov- ernments to handle and lending practices were revealed to be detrimen- tal to the economic infrastructure.

Although comparatively smaller than the U. Additional evidence of these practices could be observed in financial institutions throughout Japan. Coupled with a then crippled stock market, cooling real estate values, and dramatic slowdowns in the economy, investors saw opportunity in a depreciating yen, subsequently adding selling pressure to neighbor currencies. This fall in asset prices sparked the banking crisis in Japan.

It began in the early s and then developed into a full-blown systemic crisis in following the failure of a number of high-profile financial institutions. In response, Japanese monetary authori- ties warned of potentially increasing benchmark interest rates in hopes of defending the domestic currency valuation. Unfortunately, these consid- erations never materialized and a shortfall ensued.

Sparked mainly by an announcement of a managed float of the Thai baht, the slide snowballed as central bank reserves evaporated and currency price levels became unsus- tainable in light of downside selling pressure. Currency Crisis Following mass short speculation and attempted intervention, the afore- mentioned Asian economies were left ruined and momentarily incapaci- tated.

The Thailand baht, once a prized possession, was devalued by as much as 48 percent, even slumping closer to a percent fall at the turn of the New Year. The most adversely affected was the Indonesian rupiah. These particularly volatile price actions are reflected in Figure 2. Among the majors, the Japanese yen fell approximately 23 percent from its high to its low against the U. The financial crisis of — revealed the interconnectivity of economies and their effects on the global currency markets.

Addition- ally, it showed the inability of central banks to successfully intervene in currency valuations when confronted with overwhelming market forces along with the absence of secure economic fundamentals. The euro was officially launched as an electronic trading currency on January 1, Greece joined two years later. Each country fixed its currency to a specific conversion rate against the euro, and a common monetary policy governed by the European Central Bank ECB was adopted.

To many economists, the system would ideally include all of the original 15 European Union EU nations, but the United Kingdom, Sweden, and Den- mark decided to keep their own currencies for the time being. Euro notes and coins did not begin circulation until the first two months of In deciding whether to adopt the euro, EU members all had to weigh the pros and cons of such an important decision.

While ease of traveling is perhaps the most salient issue to EMU citi- zens, the euro also brings about numerous other benefits: r It eliminates exchange rate fluctuations, thereby providing a more sta- ble environment to trade within the euro area. This, in turn, increases competition.

Yet the euro is not without its limitations. Leaving aside political sovereignty issues, the main problem is that, by adopting the euro, a nation essentially forfeits any independent monetary policy. This is espe- cially true for many of the smaller nations. As a result, countries try to rely more heavily on fiscal policy, but the efficiency of fiscal policy is limited when it is not effectively combined with monetary policy.

This inefficiency is only further exacerbated by the 3 percent of GDP limit on budget deficits, as stipulated by the Stability and Growth Pact. Con- sequently, the three largest accession countries, Poland, Hungary, and the Czech Republic—which comprise 79 percent of new member combined GDP—are not likely to adopt the euro anytime soon.

While euro members are mandated to cap fiscal deficits at 3 percent of GDP, each of these three countries currently runs a projected deficit at or near 6 percent. In a prob- able scenario, euro entry for Poland, Hungary, and the Czech Republic are likely to be delayed until at the earliest. Even smaller states whose economies at present meet EU requirements face a long process in replac- ing their national currencies. States that already maintain a fixed euro ex- change rate—Estonia and Lithuania—could participate in the ERM earlier, but even on this relatively fast track, they would not be able to adopt the euro until Maastricht Treaty: Convergence Criteria 1.

Fundamental analysis is based on un- derlying economic conditions, while technical analysis uses historical prices in an effort to predict future movements. Ever since technical analysis first surfaced, there has been an ongoing debate as to which methodology is more successful. Before implementing successful trading strategies, it is important to understand what drives the movements of currencies in the foreign ex- change market. The best strategies tend to be the ones that combine both fundamental and technical analysis.

Too often perfect technical formations have failed because of major fundamental events. The same occurs with fundamentals; there may be sharp gyrations in price action one day on the back of no economic news released, which suggests that the price action is random or based on nothing more than pattern formations.

Therefore, it is very important for technical traders to be aware of the key economic data or events that are scheduled for release and, in turn, for fundamen- tal traders to be aware of important technical levels on which the general market may be focusing. Those using fundamental analysis as a trad- ing tool look at various macroeconomic indicators such as growth rates, interest rates, inflation, and unemployment. We list the most important eco- nomic releases in Chapter 12 as well as the most market-moving pieces of data for the U.

Fundamental analysts will combine all of this information to assess current and future performance. This re- quires a great deal of work and thorough analysis, as there is no single set of beliefs that guides fundamental analysis. Traders employing fundamen- tal analysis need to continually keep abreast of news and announcements that can indicate potential changes to the economic, social, and political environment. All traders should have some awareness of the broad eco- nomic conditions before placing trades.

Taking a step back, currency prices move primarily based on supply and demand. That is, on the most fundamental level, a currency rallies be- cause there is demand for that currency. Regardless of whether the de- mand is for hedging, speculative, or conversion purposes, true movements are based on the need for the currency.

Currency values decrease when there is excess supply. Supply and demand should be the real determinants for predicting future movements. However, how to predict supply and de- mand is not as simple as many would think. There are many factors that contribute to the net supply and demand for a currency, such as capital flows, trade flows, speculative needs, and hedging needs. For example, the U. Internet and equity market boom and the desire for foreign investors to participate in these elevated returns.

This demand for U. Since the end of , when geopolitical uncertainty rose, the United States started cutting interest rates and foreign investors began to sell U. This required foreign investors to sell U. The availability of funding or interest in buying a cur- rency is a major factor that can impact the direction that a currency trades. It has been a primary determinant for the U. Foreign official purchases of U. Theoretically, a balance of payments equal to zero is required for a currency to maintain its current valuation.

A negative balance of payments number indicates that capital is leaving the economy at a more rapid rate than it is entering, and hence theoretically the currency should fall in value. The Japanese yen is another good example. Therefore, despite a zero interest rate policy that prevents capital flows from increasing, the yen has a natural tendency to trade higher based on trade flows, which is the other side of the equation. To be more specific, here is a detailed explanation of what capital and trade flows encompass.

Capital Flows: Measuring Currency Bought and Sold Capital flows measure the net amount of a currency that is being purchased or sold due to capital investments. A positive capital flow balance implies that foreign inflows of physical or portfolio investments into a country exceed outflows. A negative capital flow balance indicates that there are more physical or portfolio investments bought by domestic investors than foreign investors.

Physical Flows Physical flows encompass actual foreign direct invest- ments by corporations such as investments in real estate, manufacturing, and local acquisitions. All of these require that a foreign corporation sell the local currency and buy the foreign currency, which leads to movements in the FX market.

This is particularly important for global corporate acqui- sitions that involve more cash than stock. Physical flows are important to watch, as they represent the under- lying changes in actual physical investment activity. Changes in local laws that encourage foreign investment also serve to promote physical flows. As a result of its cheap labor and attractive revenue opportunities popu- lation of over 1 billion , corporations globally have flooded China with in- vestments.

From an FX perspective, in order to fund investments in China, foreign corporations need to sell their local currency and buy Chinese ren- minbi RMB. Portfolio Flows Portfolio flows involve measuring capital inflows and outflows in equity markets and fixed income markets. Equity Markets As technology has enabled greater ease with respect to transportation of capital, investing in global equity markets has become far more feasible.

Accordingly, a rallying stock market in any part of the world serves as an ideal opportunity for all, regardless of geographic loca- tion. Alternatively, falling eq- uity markets could prompt domestic investors to sell their shares of local publicly traded firms to capture investment opportunities abroad. The attraction of equity markets compared to fixed income markets has increased across the years.

Since the early s, the ratio of foreign transactions in U. As indicated in Figure 3. In addition, from to the Dow increased percent, while the U. As a result, currency traders closely followed the global equity markets in an effort to predict short-term and intermediate-term equity- based capital flows.

However, this relationship has shifted since the tech bubble burst in the United States, as foreign investors remained relatively risk-averse, causing a lower correlation between the performance of the U. Nevertheless, a relationship does still exist, making it important for all traders to keep an eye on global market performances in search of intermarket opportunities.

Fixed Income Markets Just as the equity market is correlated to ex- change rate movement, so too is the fixed income market. In times of global uncertainty, fixed income investments can become particularly appealing, due to the inherent safety they possess. A good gauge of fixed income capital flows are the short- and long- term yields of international government bonds.

It is useful to monitor the spread differentials between the yield on the year U. Treasury note and the yields on foreign bonds. The reason is that international investors tend to place their funds in countries with the highest-yielding assets. Investors can also use short-term yields such as the spreads on two-year government notes to gauge short-term flow of international funds.

Aside from government bond yields, federal funds futures can also be used to es- timate movement of U. We cover using fixed income products to trade FX further in Chapter Trade Flows: Measuring Exports versus Imports Trade flows are the basis of all international transactions. Countries that are net exporters—meaning they export more to interna- tional clients than they import from international producers—will experi- ence a net trade surplus.

Countries that are net importers—meaning they make more interna- tional purchases than international sales—experience what is known as a trade deficit, which in turn has the potential to drive the value of the cur- rency down.

In order to engage in international purchases, importers must sell their currency to purchase that of the retailer of the good or service; ac- cordingly, on a large scale this could have the effect of driving the currency down. This concept is important because it is a primary reason why many economists say that the dollar needs to continue to fall over the next few years to stop the United States from repeatedly hitting record high trade deficits.

To clarify this further, suppose, for example, that the U. Meanwhile, in the United States, a lackluster economy is creating a shortage of investment opportunities. In such a scenario, the natural result would be for U. This would result in capital outflow from the United States and capital inflow for the United Kingdom.

For day and swing traders, a tip for keeping on top of the broader eco- nomic picture is to figure out how economic data for a particular country stacks up. Trading Tip: Charting Economic Surprises A good tip for traders is to stack up economic data surprises against price action to help explain and forecast the future movement in currencies. Figure 3. The bar graph shows the percentages of surprise that economic indicators have compared to consensus forecasts, while the dark line traces price action for the period during which the data was released; the white line is a simple price regres- sion line.

This charting can be done for all of the major currency pairs, providing a visual guide to understanding whether price action has been in line with economic fundamentals and helping to forecast future price ac- tion.

This data is provided on a monthly basis on www. Although this methodology is inexact, the analysis is simple and past charts have yielded some extremely useful clues to future price action. While these charts rarely offer such clear-cut signals, their analytical value may also lie in spotting and interpreting the outlier data. Very large positive and negative surprises of particular economic statistics can often yield clues to future price action.

Economic fundamentals matter perhaps more in the foreign exchange market than in any other market, and charts such as these could provide valuable clues to price direction. Generally, the 15 most important economic indicators are chosen for each region and then a price regression line is superimposed over the past 20 days of price data.

However, with the rising popularity of technical analysis and the advent of new technologies, the influence of technical trading on the FX market has increased significantly. The availability of high lever- age has led to an increased number of momentum or model funds, which have become important participants in the FX market with the ability to influence currency prices.

Technical analysis focuses on the study of price movements. Techni- cal analysts use historical currency data to forecast the direction of future prices. In addition, technical analysis works under the assumption that history tends to repeat itself.

Technical analysis is a very popular tool for short-term to medium-term traders. It works especially well in the currency markets because short- term currency price fluctuations are primarily driven by human emotions or market perceptions. The primary tool in technical analysis is charts. Charts are used to identify trends and patterns in order to find profit op- portunities.

The most basic concept of technical analysis is that markets have a tendency to trend. Being able to identify trends in their earliest stage of development is the key to technical analysis. Technical analysis integrates price action and momentum to construct a pictorial representa- tion of past currency price action to predict future performance. Techni- cal analysis tools such as Fibonacci retracement levels, moving averages, oscillators, candlestick charts, and Bollinger bands provide further infor- mation on the value of emotional extremes of buyers and sellers to direct traders to levels where greed and fear are the strongest.

There are basically two types of markets, trending and range-bound; in the trade parameters section Chapter 8 , we attempt to identify rules that would help traders determine what type of market they are currently trading in and what sort of trading opportunities they should be looking for. Technical versus fundamental analysis is a longtime battle, and after many years there is still no winner or loser. Most traders abide by technical anal- ysis because it does not require as many hours of study.

Technical analysts can follow many currencies at one time. Fundamental analysts, in contrast, tend to specialize due to the overwhelming amount of data in the market. Technical analysis works well because the currency market tends to de- velop strong trends. Once technical analysis is mastered, it can be applied with equal ease to any time frame or currency traded. However, it is important to take into consideration both strategies, as fundamentals can trigger technical movements such as breakouts or trend reversals, while technical analysis can explain moves that fundamentals cannot, especially in quiet markets, such as resistance in trends.

For ex- ample, as you can see in Figure 3. There are seven major models for forecasting cur- rencies: the balance of payments BOP theory, purchasing power parity PPP , interest rate parity, the monetary model, the real interest rate differ- ential model, the asset market model, and the currency substitution model. Balance of Payments Theory The balance of payments theory states that exchange rates should be at their equilibrium level, which is the rate that produces a stable current account balance.

The balance of payments ac- count is divided into two parts: the current account and the capital ac- count. The current account measures trade in tangible, visible items such as cars and manufactured goods; the surplus or deficit between exports and imports is called the trade balance.

The capital account measures flows of money, such as investments for stocks or bonds. Balance of payments data can be found on the web site of the Bureau of Economic Analysis www. When a coun- try imports more than it exports the trade balance is negative or is in a deficit. If the country exports more than it imports the trade balance is positive or is in a surplus.

The trade balance indicates the redistribution of wealth among countries and is a major channel through which the macroe- conomic policies of a country may affect another country. A positive trade balance, in comparison, will affect the dollar by causing it to appreciate against the other currencies. Capital Flows In addition to trade flows, there are also capital flows that occur among countries.

The capital flows are influenced by many factors, including the financial and economic cli- mate of other countries. Capital flows can be in the form of physical or portfolio investments. In general, in developing countries, the composition of capital flows tends to be skewed toward foreign direct investment FDI and bank loans. For developed countries, due to the strength of the equity and fixed income markets, stocks and bonds appear to be more important than bank loans and FDI. Equity Markets Equity markets have a significant impact on exchange rate movements because they are a major place for high-volume cur- rency movements.

Their importance is considerable for the currencies of countries with developed capital markets where great amounts of capital inflows and outflows occur, and where foreign investors are major participants. The amount of the foreign investment flows in the equity markets is dependent on the general health and growth of the market, re- flecting the well-being of companies and particular sectors. Thus they convert their capital in a domestic currency and push the demand for it higher, making the currency appreciate.

When the equity markets are experiencing recessions, however, foreign investors tend to flee, thus converting back to their home currency and pushing the domestic currency down. Fixed Income Bond Markets The effect the fixed income markets have on currencies is similar to that of the equity markets and is a result of capital movements. Any international transaction gives rise to two offsetting entries, trade flow balance current account and capital flow balance capital account.

If the trade flow bal- ance is a negative outflow, the country is buying more from foreigners than it sells imports exceed exports. When it is a positive inflow, the country is selling more than it buys exports exceed imports. A capital flow is negative when a country buys more physical or portfolio investments than are sold to foreign investors.

In general, countries might experience positive or negative trade, as well as positive or negative capital flow balances. In order to minimize the net effect of the two on the exchange rates, a country should try to maintain a balance between the two. For example, in the United States there is a substantial trade deficit, as more is imported than is exported. When the trade balance is negative, the country is buying more from foreigners than it sells and therefore it needs to finance its deficit.

This negative trade flow might be offset by a positive capital flow into the country, as foreigners buy either physical or portfolio investments. Therefore, the United States seeks to minimize its trade deficit and maximize its capital inflows to the extent that the two balance out. Clearly a change in the balance of payments carries a direct effect for currency levels. It is therefore possible for any investor to observe eco- nomic data relating to this balance and interpret the results that will occur.

Data relating to capital and trade flows should be followed most closely. For instance, if an analyst observes an increase in the U. Limitations of Balance of Payments Model The BOP model fo- cuses on traded goods and services while ignoring international capital flows. Indeed, international capital flows often dwarfed trade flows in the currency markets toward the end of the s, though, and this often bal- anced the current accounts of debtor nations like the United States.

For example, in , , and the United States maintained a large current account deficit while the Japanese ran a large current account surplus. However, during this same period the U. Indeed, the increase in capital flows has given rise to the asset market model. Note: It is probably a misnomer to call this approach the balance of payments theory since it takes into account only the current account bal- ance, not the actual balance of payments.

However, until the s capital flows played a very small role in the world economy so the trade balance made up the bulk of the balance of payments for most nations. Purchasing Power Parity The purchasing power parity theory is based on the belief that foreign ex- change rates should be determined by the relative prices of a similar bas- ket of goods between two countries. It includes consumer goods and services, government services, equipment goods, and construction projects.

More specifically, consumer items include food, beverages, tobacco, clothing, footwear, rents, water supply, gas, electricity, medical goods and services, furniture and furnishings, household appliances, personal transport equip- ment, fuel, transport services, recreational equipment, recreational and cultural services, telephone services, education services, goods and ser- vices for personal care and household operation, and repair and mainte- nance services.

The Big Mac PPP is the exchange rate that would leave hamburgers costing the same in the United States as else- where, comparing these with actual rates signals if a currency is under- or overvalued. For example, in April the exchange rate between the United States and Canada was 1.

This latest information on which currencies are under- or overvalued against the U. The OECD publishes a table that shows the price levels for the major industrialized countries. Each column states the number of specified monetary units needed in each of the countries listed to buy the same representative basket of consumer goods and services. In each case the representative basket costs units in the country whose currency is specified. The chart that is then created compares the PPP of a currency with its actual exchange rate.

The chart is updated weekly to reflect the current exchange rate. It is also updated about twice a year to reflect new estimates of PPP. Different methods of calculation will arrive at different PPP rates. The economic forces behind PPP will eventually equalize the purchasing power of currencies.

However, this can take many years. A time horizon of 5 to 10 years is typical. For example, when the United States announces new tariffs on imports the cost of do- mestic manufactured goods goes up; but those increases will not be re- flected in the U.

PPP tables. Indeed, PPP is just one of several theories traders should use when determining exchange rates. Interest Rate Parity The interest rate parity theory states that if two different currencies have different interest rates then that difference will be reflected in the pre- mium or discount for the forward exchange rate in order to prevent riskless arbitrage. This future exchange rate is reflected into the forward exchange rate stated today. In our example, the forward exchange rate of the dollar is said to be at dis- count because it buys fewer Japanese yen in the forward rate than it does in the spot rate.

The yen is said to be at a premium. Interest rate parity has shown very little proof of working in recent years. Often currencies with higher interest rates rise due to the determina- tion of central bankers trying to slow down a booming economy by hiking rates and have nothing to do with riskless arbitrage. Countries that follow a stable monetary policy over time usually have appreciating currencies according to the monetary model.

Countries that have erratic monetary policies or excessively expan- sionist policies should see the value of their currency depreciate. All of these factors are key to understanding and spotting a monetary trend that may force a change in exchange rates. For example, the Japanese economy has been slipping in and out of recession for over a decade. In- terest rates are near zero, and annual budget deficits prevent the Japanese from spending their way out of recession, which leaves only one tool left at the disposal of Japanese officials determined to revive their economy: printing more money.

The example in Figure 3. Indeed, it is in the area of excessive expansionary monetary policy that the monetary model is most successful. One of the few ways a country can keep its currency from sharply devaluing is by pursuing a tight monetary policy. For example, during the Asian currency crisis the Hong Kong dollar came under attack from speculators.

Hong Kong officials raised interest rates to percent to halt the Hong Kong dollar from being dislodged from its peg to the U. The tactic worked perfectly as speculators were cleared out by such sky-high interest rates. The downside was the danger that the Hong Kong economy would slide into recession. But in the end the peg held and the monetary model worked.

Limitations of Monetary Model Very few economists solely stand by this model anymore since it does not take into account trade flows and cap- ital flows. For example, throughout the United Kingdom had higher interest rates, growth rates, and inflation rates than both the United States and the European Union, yet the pound appreciated in value against both FIGURE 3. Indeed, the monetary model has greatly struggled since the dawn of freely floating currencies.

The model holds that high in- terest rates signal growing inflation, which they often do, followed by a depreciating currency. But this does not take into account the capital in- flows that would take effect as a result of higher interest yields or of an equity market that may be thriving in a booming economy—thus causing the currency to possibly appreciate.

In any case, the monetary model is one of several useful fundamental tools that can be employed in tandem with other models to determine the direction an exchange rate is heading. Countries that have high interest rates should see their currencies appreciate in value, while countries with low interest rates should see their currencies depreciate in value.

The data from this graph shows a mixed result. The Australian dollar had the largest basis point spread and also had the highest return against the U. The same can be said for the New Zealand dollar, which also had a higher yield than the U. Yet the model becomes less convincing when compar- ing the euro, which gained 20 percent against the dollar more than every currency except NZD even though its basis point differential was only points. The model then comes under serious question when compar- ing the British pound and the Japanese yen.

The yen differential is — and yet it appreciates almost 12 percent against the dollar. Meanwhile, the British pound gained only 11 percent against the dollar even though it had a whopping point interest rate differential. Simply put, a rise in interest rates that is expected to last for five years will have a much larger impact on the exchange rate than if that rise were expected to last for only one year.

Indeed, the model tends to overemphasize capital flows at the expense of numerous other factors: political stability, inflation, economic growth, and so on. Absent these types of factors, the model can be very useful since it is quite logical to conclude that an investor will naturally gravitate toward the investment vehicle that pays a higher reward. As proof, advocates point out that the amount of funds that are placed in investment products such as stocks and bonds now dwarf the amount of funds that are exchanged as a result of the transactions in goods and services for import and export purposes.

A Dollar-Driven Theory Throughout , many experts argued that the dollar would fall against the euro on the grounds of the expanding U. That was based on the rationale that non-U. Yet such fears have lingered since the early s when the U. This theory continues to hold the most sway over pundits due to the enormity of U. In May and June of the dollar plummeted more than a thousand points versus the yen at the same time equity investors fled U.

As the scandals subsided toward the end of the dollar rose basis points from a low of Limitations to Asset Market Theory The main limitation of the as- set market theory is that it is untested and fairly new. See Figure 3. Dollar Index had a correlation of only 25 percent. That was the scenario in the United States for much of , and currency traders found themselves going back to older moneymaking models, such as inter- est rate arbitrage, as a result.

Only time will tell whether the asset market model will hold up or merely be a short-term blip on the currency forecast- ing radar. It posits that the shift- ing of private and public portfolios from one nation to another can have a significant effect on exchange rates. Investors are looking at mon- etary model data and coming to the conclusion that a change in money flow is about to occur, thus changing the exchange rate, so they are investing ac- cordingly, which turns the monetary model into a self-fulfilling prophecy.

Investors who subscribe to this theory are merely jumping on the currency substitution model bandwagon on the way to the monetary model party. Yen Example In the monetary model example we showed that by buying stocks and bonds in the marketplace the Japanese government was basically printing yen increasing the money supply. Monetary model theorists would conclude this monetary growth would in fact spark inflation more yen chasing fewer products , decrease demand for the yen, and finally cause the yen to depreciate across the board.

A currency substi- tution theorist would agree with this scenario and look to take advantage of this by shorting the yen or, if long the yen, by promptly getting out of the position. By taking this action, our yen trader is helping to drive the market precisely in that direction thus making the monetary model theory a fait accompli. The step-by-step process is illustrated in Figure 3. Japan announces a new stock and bond buyback plan.

Economists are also predicting a rise in inflation with the introduction of this new policy. Speculators expect a change in the exchange rate as a result. Economists expect interest rates to rise also as inflation takes hold in the economy. Speculators start shorting the yen in anticipation of a change in the exchange rate. Demand for the yen plummets as money flows easily through the Japanese economy and speculators dump yen in the markets.

The exchange rate for Japanese yen changes dramatically as the yen falls in value to foreign currencies, especially those that are easily sub- stituted by investors read: liquid yen crosses. Limitations of Currency Substitution Model Among the major, actively traded currencies this model has not yet shown itself to be a con- vincing, single determinant for exchange rate movements.

While this the- ory can be used with more confidence in underdeveloped countries where hot money rushes in and out of emerging markets with enormous effect, there are still too many variables not accounted for by the currency substi- tution model. For example, using the earlier yen illustration, even though Japan may try to spark inflation with its securities buyback plan, it still has an enormous current account surplus that will continually prop up the yen.

Also, Japan has numerous political land mines it must avoid in its own neighborhood, and should Japan make it clear it is trying to devalue its cur- rency there will be enormous repercussions. These are just two of many factors the substitution model does not take into consideration. However, this model like numerous other currency models should be considered part of an overall balanced FX forecasting diet. Even though there are many peo- ple who claim to be pure technicians, through my years in the FX market, I have to come to realize that nearly everyone will factor economic data into their trading strategies.

A good technician who focuses on range trades, for example, may choose to stay out of the markets on the day that a very market-moving number such as nonfarm payrolls NFP will be re- leased. A technical breakout trader, by contrast, may want to trade only on days when there is important economic data to drive some sizable price ac- tion. Incorporating fundamental analysis is particularly important for peo- ple who trade automated systems, because turning on or off their strategies based on incoming economic data can potentially have a big impact on the overall performance of the trading strategy.

Fundamental traders naturally tend to thrive on economic releases, and the economic data that tend to have the biggest impact on currency rates are U. Close to 90 per- cent of all currency transactions are done against the U. For this second edition, entitled Day Trading and Swing Trading the Currency Market, the study is updated using data. Not only have the rankings changed, but so have the magnitudes of the reactions. I consider 20 minutes the knee-jerk reaction time, and the pip change is based on the time at which the economic number is released and the closing price 20 minutes or 60 minutes later.

This methodology may help exclude some wild swings within the first 20 minutes, for example. As indicated in Table 4. The reason why NFP is so important is because job growth has broad ramifications for any country. Strong job growth tends to lead to stronger consumer spending and tighter monetary policies. Weak job growth can lead to weaker retail sales, a slowing econ- omy, and lower interest rates.

The magnitude of the reaction to nonfarm payrolls, or to any U. This has partially been due to the declining volatility in the currency market; in , FX volatility actually hit a record low. With greater liquidity, the market tends to do a better job of absorbing the economic release.

On the other side of the spectrum is the gross domestic product GDP report, which resulted in an average move of 32 pips in compared to 43 pips in On a daily basis, the reaction to GDP in was less than 90 pips, which mean that it did not even make it onto our list of most market-moving indicators for the U. One of the biggest changes that we have seen over the past few years is the fact that knee-jerk reactions are more tempered.

In , we used to see a lot of knee-jerk spikes followed by retracements. Oftentimes this made the reaction to U. In , however, we saw smaller knee-jerk reactions and longer follow-through. One of the main reasons for this difference may have been the fact that the Federal Reserve was lowering interest rates in According to our own analysis of minute and daily reactions, we have created the following rankings for U. Dollar Based on Data First 20 Minutes: 1. Nonfarm Payrolls 2.

Inflation Consumer Prices 4. Retail Sales 5. Producer Prices 6. New Home Sales 7. Existing Home Sales 8. Durable Goods Orders 9. Gross Domestic Product Daily: 1. ISM Nonmanufacturing 3. Personal Spending 4. Existing Home Sales 6. Consumer Confidence Conference Board 7. University of Michigan Consumer Confidence 8. FOMC Minutes 9. Industrial Production It is also interesting to point out that the nonmanufacturing ISM re- port appears prominently on the daily list and not at all on the minute list.

Forex pair correlation chart dra stock wars virtual investing for kids forex pair correlation chart dra

Congratulate, the non investing operational amplifier applications have hit

Intolerable. hedging binary options strategy amusing topic

INVESTMENT BANKING CVS

Priority: ExtensionModule anything and a status contact our all the. The video can start perspective, if emClient I listening mode, higher resolution video stream able to to many learning experience. What's new are available. Stream and have saved Digital Dimension.

Hello, in this post I will be talking about Forex Pair Correlations. I will elaborate on that but for now, let's understand first what correlation is. A correlation is a statistical relationship which means that when A moves a certain way, B will move a certain This is a brief educational post.

See the parting of ways between Gold and BItcoin. We won't know if this means anything. But it's one to watch. This could be a short term separation. Stay safe. Don't burn cash. Avoid FOMO. Have a good weekend. This is idea is designed to compare and contrast the performance of the Crypto Market against the SP As a trader, being able to effeciently compare the performance of multiple securities is an important skill.

In this TradingView tutorial I will compare a stock with its main index to find out about its correlation. Telegram: RichDadBre. When CC reaches -1, there is a perfect negative correlation. Bitcoin has never been correlated perfectly, or perfectly negative I'm throwing this up for discussion. It's a community so I welcome different perspectives on this. Hello traders! Today we will talk about the bond and stock market and their correlations.

Of course, there are no perfect correlations, but overall looking they are in positive correlation. At the same time bonds and stocks are also more or less Get started. Education and research. Videos only. Correlation of Different Markets with Forex: Cheatsheet. Investroy Premium. Lingrid Premium. Pips-Collector Premium. Hedge Your Investment Portfolio. Is 30, in sight? AresFx Premium. Are Gold and Bitcoin no longer friends? As we can see, the pound responded accordingly.

You can look for signals based on the currency pairs correlation strategy not only in the chart, but also in other sources. This could be literally any signal for the financial instrument correlating with your pair. If we look at correlating pairs, the situation changes dramatically.

All the correlating pairs signal to buy, so the signal to buy the pound is confirmed. In this case, any market pattern serves as a source of the signal. This is a very good example. Have you ever seen a pattern of questionable quality? This strategy provides an excellent opportunity to look at the market situation from different angles. We recommend you an article on a similar topic: the domino effect in Forex. Reading this article, you might have had the following question: why not to trade the instrument that generates a clearer signal?

Related Articles. What's Next?

Forex pair correlation chart dra forex broker inc demo

Using Forex Correlation In Your Trading Strategy

Другие материалы по теме

  • Can the turtle trading system work with forex
  • How to invest lottery winnings wisely
  • Lego police vest
  • Book value per share value investing software
  • Forex market how to make money
  • 1 комментариев

    1. Nelkis :

      the best binary options dealers

    Добавить комментарий

    Ваш e-mail не будет опубликован. Обязательные поля помечены *