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Fundamental Archives |
Written by GCI Financial |
Sep 30 09 20:12 GMT |
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he common currency appears poised to close at its highest quarter-ending level since Q4 2008. Mixed global economic data fueled some of the euro’s ascent. The flash EMU-16 September consumer price index wasoff 0.3% y/y, lower than August’s -0.2% y/y decline. Nonetheless, many economists believe this pullback in CPI is temporary and are forecasting a recovery in November. |
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Fundamental Archives |
Written by MG Financial Group |
Sep 30 09 20:10 GMT |
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The greenback advanced against its major rivals in the Wednesday trading session, edging higher against the euro toward the 1.46-level, while pushing the pound sterling to beneath the 1.60-figure and briefly dragging the Swiss franc to a 3-week low at 1.0447. The catalyst for the dollar's gains was a sharply weaker than forecast report on Chicago PMI. Consensus estimates were looking for the PMI report in edge up higher beyond the key 50-level to 52.0, instead falling to 46.1 in September from a 50-reading in the previous month. The employment component edged up slightly 38.8 from 38.7 in August and the new orders index slumped to 46.3 from 52.5 previously. |
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Fundamental Archives |
Written by Easy Forex |
Sep 30 09 17:42 GMT |
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USD traded lower Wednesday pressured by signs of improving global economic outlook as the IMF raises its 2010 growth forecast and economic data from Japan, Europe and Australia show improvement. The IMF raised its 2010 GDP forecast to 3.1% from 2.5%.Japans manufacturing PMI rose to a three year high, UK consumer confidence hit a 19 month high, Swiss KOF index rose sharply in September, German unemployment posts an unexpected drop and Australian retail sales were strong. AUD traded at a new high for 2009. |
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Fundamental Archives |
Written by Trade The News |
Sep 30 09 17:33 GMT |
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In currencies, greenback sentiment was soft on fresh risk appetite in the early going. EUR/USD surged to 1.4675 following the results of the ECB 12-month tender operation, which saw less demand than expected, prompting optimism that balance sheet stresses in the Euro Zone and emerging market countries have fallen significantly. However, the dire Chicago PMI number turned market sentiment around and sparked risk aversion, helping the dollar move into positive territory against the European pairs and recoup most earlier losses against the commodity currencies as energy commodities dipped into the red. |
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Fundamental Archives |
Written by ecPulse.com |
Sep 30 09 17:32 GMT |
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The U.S. economy continued to show signs of improvement in the second quarter of this year, as the pace of contraction eased noticeably from the first quarter of this year, as the economy contracted by an annual rate of 6.4% back in the first quarter, however, conditions improved drastically since then and the U.S. economy seems to be on its way to recover from the worst recession since WWII. The U.S. economy contracted by 0.7% according to the final GDP estimate for the second quarter of this year better than median estimates of a 1.2% contraction and revised from the prior 1.0% contraction, whereas personal consumption declined by 0.9% only revised lightly higher from the prior reported 1.0% drop. |
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Fundamental Archives |
Written by Danske Bank |
Sep 30 09 16:44 GMT |
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Euroland HICP inflation declined to -0.3 % in September from -0.2 % in August. This was 0.1% below Friday's consensus expectations, but probably not a surprise to many following the negative surprises we already had received from e.g. Germany and Spain. We don't have a detailed breakdown, but it seems that the negative surprise is only partly to be explained by energy. |
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Fundamental Archives |
Written by Wachovia Corporation |
Sep 30 09 16:30 GMT |
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After a huge jump last month, the business barometer fell 3.9 points to 46.1. The production, new orders and supplier deliveries indices also decreased to below 50, indicating contraction. Given the large number of highly cyclical industries included in the survey, it is not unusual for the Chicago business barometer to have large month-to-month swings. The 3-month moving average may provide a better assessment and it still continued to move higher even though it remains below the 50 threshold. |
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Fundamental Archives |
Written by Interactive Brokers |
Sep 30 09 16:05 GMT |
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A mid-morning report showing an unexpected reversion to economic contraction in the Chicago-area had the same impact on currency values today as the butterfly that flapped its wings in the Amazonian jungle. An earlier report showing a larger slowdown in the pace of GDP contraction had boosted the dollar and highlighted the appeal of higher-yield plays around the world. Chaos theory struck forex town as investors were thrown off the currency market rollercoaster before the dollar's decline regained traction. |
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Fundamental Archives |
Written by RBC Financial Group |
Sep 30 09 15:30 GMT |
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The final, or third, estimate of second-quarter GDP indicated a smaller annualized decline of 0.7% relative to the preliminary estimate of -1%. Expectations going into the report were that the growth rate would likely be lowered to -1.2%. The second-quarter decline continues to represent a marked improvement from the 6.4% plummet recorded in the first quarter. |
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Fundamental Archives |
Written by RBC Financial Group |
Sep 30 09 15:29 GMT |
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GDP output held steady in July, disappointing forecasts for a 0.5% monthly increase. Rebounding manufacturing and wholesale trade were offset by slumping output in the mining sector. June's gain was unrevised at 0.1%, marking the first rise in output after 10 consecutive monthly declines. The strength in July came from durable goods output rising by 2.4% as motor vehicles and parts rebounded by a strong 17%. The end of temporary closures in the auto industry bolstered activity; however, the rise in July was much smaller than the earlier-reported manufacturing sales and suggests that the increase in production was spread into August and September. Non-durables manufacturing posted a 1% drop, which also limited the increase in overall manufacturing GDP to 0.8%. |
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Fundamental Archives |
Written by Dukascopy Swiss FX Group |
Sep 30 09 15:14 GMT |
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The dollar is broadly weaker Wednesday in New York, as improving European economic data overnight boosted the euro and profit repatriations boosted the yen. A better-than-expected U.S. second quarter gross domestic product report released as morning trading got underway gave the euro a slight boost, but potential gains may have been tempered by a worse-than-expected ADP jobs survey earlier Wednesday, which showed more jobs lost than had been forecast. |
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Fundamental Archives |
Written by Wachovia Corporation |
Sep 30 09 14:53 GMT |
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Smaller drops in IT spending and exports along with a larger rise in defense outlays resulted in a smaller-than-expected drop in second quarter real GDP. Third quarter GDP growth should be solidly positive. Revisions to the key private sector components were relatively small. Consumer spending now shows a 0.9 percent pace decline compared to the earlier reported 1.0 percent drop. |
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Fundamental Archives |
Written by Saxo Bank |
Sep 30 09 14:31 GMT |
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The USD turned sharply weaker again in today's European session, driven by still elevated risk appetite and, most likely, strong month-end fixing flows as well. AUD,CAD and GBP were the over-achievers, all notching sharp gains vs. the greenback at their highs on the day. AUD punctured the 0.8800 for the first time since last August. EURUSD was up trying to punch through the 1.4650/80 zone of resistance and GBPUSD pushed at 1.6130 resistance before both retreated rather sharply after the US ADP number. The worse than expected US ADP payrolls report set up a minor downtick in risk appetite as the market awaits the more influential Nonfarm Payrolls report on Friday. A positive GDP revision may have also come to the greenback's aid today, as possible what appears to be a large round of SNB intervention in CHF vs. the USD and the EUR. |
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Fundamental Archives |
Written by Black Swan Capital |
Sep 30 09 14:22 GMT |
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There have been much cryptic and not so cryptic comments of late from Federal Reserve Bank speakers. Some are implicitly calling for rate hikes sooner rather than later to mop up all the mess of money excess, others explicitly saying the Fed will likely surprise on the aggressiveness of future hikes…but the market doesn't seem too concerned about that today, as the dollar is back under pressure this morning and trading lower against all the majors. I guess it was time for the dollar to take a breather, as it strung together a two-day rally. Two-day rallies are rare for Mr. Greenie these days. |
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Fundamental Archives |
Written by ecPulse.com |
Sep 30 09 13:43 GMT |
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Today is the last day of the third quarter in the United Kingdom while lately we have been witnessing improvement and economic conditions are brightening as the BoE is buying gilts in an attempt to rescue the nation out of its worst recession since World War II. As a result of measures taken by the central bank and the government, helped increase confidence levels in the nation which will support expenditure levels at a time the economy needs money flowing to prosper successfully. |
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Fundamental Archives |
Written by Danske Bank |
Sep 30 09 13:33 GMT |
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Just EUR75.2bn was allotted at today’s 12-month long-term refinancing operation. The relatively low amount requested at today’s auction reflects that market rates have fallen to very low levels and thus the auction is not as attractive as the one in June. The low demand is also a sign of improving market conditions and will probably lead to the addition of a spread at the 12-month auction in December. This may well be the ECB’s next step as it increasingly starts to focus on exit strategies. |
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Fundamental Archives |
Written by Investica |
Sep 30 09 13:16 GMT |
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Overall confidence in the UK economy and currency will remain weak in the short term with markets still expecting underlying currency depreciation, especially as the policy mix will still be for a tighter fiscal policy and low interest rates. The currency was due for a correction after recent losses and the reported bank comments on Sterling will also lead to greater caution over selling the currency aggressively. Sterling rallies are still liable to stall quickly given the lack of confidence, probably in the 1.6120 area against the dollar. |
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Fundamental Archives |
Written by Easy Forex |
Sep 30 09 13:13 GMT |
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JPY trades higher supported by repatriation flows ahead of Japan's fiscal half-year end and in reaction to report that Japan's manufacturing PMI hit a three year high in September, JPY was also supported by comments from Japan's Finance Minister Fujii that the new Japanese government will seek to boost domestic demand and a press report that the BOJ may soon let its corporate bond purchase plan expire, USD trades lower as the IMF upgrades its 2010 global growth forecast, GBP supported by report of improving UK consumer confidence, CHF supported by strong improvement in September KOF indicator, EUR supported by report of the smaller ECB one year auction and an unexpected drop in German unemployment, AUD trades at new high for 2009 supported by report of strong retail sales |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Sep 30 09 12:37 GMT |
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In the overnight session Asian stocks were mixed again, with the Nikkei and China closing in the green, while the HIS ended the session lower by 0.28%. During that time the U.S.dollar fell against the major currencies as the dollar index bounced from the 77.20 resistance area that was established at the start of this week. The U.S. currency weakness was also shown later in the European session, when the German DAX traded up to 5744 daily highs, in a move that shows risk tolerance is still in play on the last trading session of the month. |
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Fundamental Archives |
Written by ecPulse.com |
Sep 30 09 12:27 GMT |
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Stimulus packages; policy makers across the euro area, thought that the already approved stimulus packages would stop the ongoing bleeding in the unemployment sector, since companies are terminating further jobs to weather down the effects of the Credit Crisis on their overall losses. They are trying to cut expanses, for private institutions this would be the best decision to take, where it helps a business overcome those harsh days, yet on the contrary, a country can't handle such elevated levels at the time being. |
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Fundamental Archives |
Written by Danske Bank |
Sep 30 09 12:06 GMT |
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German unemployment declined to 8.2% in September from 8.3% the previous month. The decline is the result of special effects from new labour market policy instruments. Without the special effects, unemployment would have risen by 10,000 on a seasonally adjusted basis instead of declining by 12,000, which implies a rise in the unemployment rate to 8.4%. Employment declined 0.1% from 40.114m to 40.057m seasonally adjusted. |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Sep 30 09 11:39 GMT |
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Overall, the European open proved to be relatively flat, but then the market started selling dollars at a strong pace, after the German labor numbers came in much better than expected. The pound and the aussie advanced against the dollar from the first few hours of the day, with the aussie setting a new high for the current year. All this denotes a very weak dollar, something that may continue until the U.S. open at least. |
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Fundamental Archives |
Written by Trade The News |
Sep 30 09 11:00 GMT |
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In Currencies: The USD approached month and quarter end on a softer note as a rise in risk appetite aided the energy and metal commodities. The CAD and AUD pairs maintained their firm tone following the upward revision in the IMF global GDP for 2010. IMF also revised down its estimate for global bank losses. Spot Gold moved back above $1000.00/oz level. AUD/USD moved back above the 0.88 handle while USD/CAD reapproached the 1.0700 level. |
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Fundamental Archives |
Written by Forex.com |
Sep 30 09 10:58 GMT |
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Following an initial move lower EUR/USD has pushed higher during the European session in tune with the better tone of stock markets. A later boost for the EUR came from the results of the ECB’s 1yr tender. News that the IMF has cut is estimates for global write downs on loans and investments by 15% on the back of the economic recovery has been seen as an endorsement of the better economic outlook. Another +1.8% m/m rise in Japanese industrial production in August also supports the better outlook as does the overnight release of better than expected UK consumer confidence data. |
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Fundamental Archives |
Written by AC-Markets |
Sep 30 09 10:03 GMT |
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It seems global optimism is the theme for the day; one of our key barometers of risk sentiment, the Shanghai Composite, is up around 1% today, and correspondingly the DXY depressed as investors once again resumed the hunt for yield. In addition, there have been suggestions of encouraging improvements in US employment data due this Friday which would further stoke sentiment and risk appetite. The economic calendar returns to the fore after a meagre few days of releases, and kick-starting proceedings overnight were Australian Retail Sales that posted a whopping 0.9% increase in Aug (compared with forecasts for 0.5%). |
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Fundamental Archives |
Written by KBC Bank |
Sep 30 09 09:08 GMT |
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Sterling extended the rebound that started on Monday. The move was mainly technical in nature, but the eco data reinforced the price action. The yen declined a bit further after recent 'verbal interventions' from the Japanese Finance Minister, but we have the impression that the move has no strong legs. |
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Fundamental Archives |
Written by AC-Markets |
Sep 30 09 08:58 GMT |
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The USD traded higher yesterday against most major currencies with DXY approaching 77.45 resistance level reaching 77.33. A break above 77.45 would suggest further rally of the dollar towards 78-79 levels. US equities tended to drop yesterday with S&P 500 and Dow Jones Industrial Average falling 0.2% and 0.6% respectively. |
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Fundamental Archives |
Written by ecPulse.com |
Sep 30 09 08:03 GMT |
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The South Korean central bank seems to be concerned regarding the impact of the unusual fiscal policies adopted to stabilize the entire economy on the financial system. In this sense, it vows to closely monitor the developments seen in asset prices, crediting and cash flows within the financial markets. |
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Fundamental Archives |
Written by Dukascopy Swiss FX Group |
Sep 30 09 08:00 GMT |
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In the currency markets, the dollar fell back below the JPY90 mark, weighed down by exporters' sales, while the euro was also lower against the yen but up against the dollar. Dealers said the dollar and the euro were supported by month-end demand from Japanese importers for account settlement, while some players were taking profit on the yen after its recent steep rise. |
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Fundamental Archives |
Written by Trade The News |
Sep 30 09 07:57 GMT |
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In currencies, Japanese Yen reversed some of the recent declines, rallying sharply across the board after speculation that BOJ may decide in October to allow corporate bond purchase programs to expire as scheduled in December. USD/JPY retreated below 90.00, while EUR/JPY fell from 132 to 131. In European FX, the dollar was generally weaker, with EUR rising above 1.4640 and GBP gaining above 1.6060. |
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Fundamental Archives |
Written by Saxo Bank |
Sep 30 09 07:35 GMT |
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As we have been writing about before, the FDIC is running out of money after 140 bank failures. The agency is now proposing to let banks pay 3 years of premiums in order to recapitalize the Deposit Insurance Fund. This amounts to around $10B for the four biggest US banks alone. |
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Fundamental Archives |
Written by Saxo Bank |
Sep 30 09 07:31 GMT |
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When it comes to consumer confidence, it would appear that the UK is now riding high above the US, a sharp contrast to the actual performance of the respective economies. Yesterday, US consumer confidence disappointed with a weak 53.1 reading, down from the previous month's 54.5 and an expected improvement to 57. The UK confidence indicator on the other hand, released early this morning, showed a strong improvement to -16 from -25 last and an expected -24. Granted the indicator is still heavily in negative territory, but it has been below zero since May 2005! with a recent low at -39 in July 2008. |
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Fundamental Archives |
Written by Forex.com |
Sep 30 09 07:16 GMT |
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Today's trading in Asia was accentuated by the fact that in Japan it was month end, quarter end and fiscal half year end, thus pushing and pulling the yen, but with the yen ultimately higher as the session wound down. USD/JPY looked robust early as it pushed close to 90.40 highs, but Japanese exporters looking to close the books on the quarter sold dollars aggressively down to 89.65 levels. That level was still a far cry from the 88.24 lows from Monday. As opposed to yesterday's moves that were sparked by comments by Japanese Finance Minister Fujii, today's moves were purely generated by corporations. |
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Fundamental Archives |
Written by Danske Bank |
Sep 30 09 07:07 GMT |
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Currently there is a lot of political and central bank focus on exchange rates. Yesterday we saw some rare political backing of the greenback from Trichet and fellow ECB member Nowotny. But also Sterling continues to attract a lot of attention. The market is still wondering if there will be a cut in the deposit rate anytime soon. However, the views expressed yesterday at a BoE seminar did not indicate that a cut was imminent. |
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Fundamental Archives |
Written by swiss pb |
Sep 30 09 07:04 GMT |
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Sterling surged to a session high against the dollar and euro on Tuesday after figures showed a surprise rise in UK retail sales, wrong-footing the market which was broadly positioned for continued sterling weakness. Currency traders also cited a seminar at the Bank of England earlier on Tuesday with policymakers and leading economists, from which there's been no indication further unconventional policy steps to encourage banks to lend are imminent. Economists at the meeting told that the BoE has no plans to cut the remuneration on banks' deposits at the BoE any time soon, forcing traders to remove some of that expectation priced into sterling and interest rate markets in recent weeks. |
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Fundamental Archives |
Written by Lloyds TSB |
Sep 30 09 05:12 GMT |
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Once again, sterling is making waves. In contrast to its recent bout of weakness against the US dollar, £/$ moved significantly higher following yesterday morning's meeting of 'City' economists convened by the Bank of England. On the face of it, this price action appeared to reflect a reassessment by markets, which had anticipated a possible announcement on cutting the interest rate paid to banks to keep money on deposit. In the event, the meeting was designed to raise the Bank's level of communication with market participants and also to clarify the objectives of its asset purchase programme (quantitative easing, or QE). |
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Fundamental Archives |
Written by AC-Markets |
Sep 30 09 04:20 GMT |
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Asian markets followed suit with the pullback in the US, as Traders and Investors look to reduce exposure to risk. Futures are pointing to a lower open in Australia and Japan, as commodity prices continue to slump on very precautious estimates on economic data scheduled to be released in Europe and the US later today. Japan did report a better than expected Industrial output figure of 1.8%, which is the sixth consecutive month of growth serving as proof govt. stimulus may be improving economic conditions. The strength in the Industrial output figure may providue some support in the trading session, but a broader more collective pattern of positive data will be necessary to uphold the rally we've seen across asset classes in the last several months |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Sep 30 09 03:16 GMT |
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Overall, the currency market saw little movement during the Asian session. The only pair to make a decent move has been the aussie which is trading higher shortly before the building approvals and retail sales are due to be released shortly. Any moves made on the other pairs were quickly reversed and are still sitting near their opening prices. |
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Fundamental Archives |
Written by Easy Forex |
Sep 30 09 03:08 GMT |
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The USD starts the week mostly higher supported by the Fed's statement last week that the US economy is improving. Investors however remain concerned about the potential strength of the US economic recovery. This week's US economic data will be key to the debate over whether the US recovery remains fragile with Friday's release of US September unemployment the week's main event risk. |
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Fundamental Archives |
Written by Easy Forex |
Sep 30 09 02:52 GMT |
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U.S. Dollar Trading (USD) gained as Officials in Japan and the European Union continued to support the Dollar and traders took risk off the table as US consumer data sparked fresh concerns. September Consumer Confidence slipped to 53.1 vs. 57 forecast and 54.5 previously. July Case Shiller forecast at 0.5% came in strong at 1.6% m/m but was unable to help market sentiment. In US Stocks, DJIA -47 points closing at 9742, S&P -2 points closing at 1060 and NASDAQ -6 points closing at 2124. Looking ahead, Q2 Final GDP is forecast at -1.2% vs. -1.0% initial. September ADP Employment forecast at -210k vs. -298k previously. |
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Fundamental Archives |
Written by Westpac Institutional Bank |
Sep 30 09 02:50 GMT |
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Risk markets offered few fresh clues from last night's price action. Momentum from Monday's equities rebound ensured a strong NY opening, helped also by a reported improvement in US house prices in July. Consumer confidence hit the wires an hour later, and quelled the enthusiasm, the S&P500 closing +0.1% and the Dow -0.2%. Industrial commodities were well contained, oil -0.3% and copper -2%. US 10yr notes were little changed from Sydney's close, although the two US data releases above did cause a brief 6bp spike in yields. US 3mth Libor rose almost 1bp to 0.29%, the first movement since early September. |
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Fundamental Archives |
Written by CMS Forex |
Sep 30 09 02:42 GMT |
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The dollar traded mostly higher on Tuesday. The dollar index rose and tested the resistance from its long-term downtrend in the 77-78 area. If this is broken, the dollar will rally. US house prices climbed the most since 2005 while consumer confidence unexpectedly fell. The S&P 500 declined 2.37 points to 1,060.61. The yen fell as Japan's Finance Minister Hirohisa Fujii warned that Japan will take 'necessary steps' if the currency market moves abnormally. Sterling advanced on a better-than-expected UK distributive trades survey. The Australian and Canadian dollar fell modestly against the greenback. |
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Fundamental Archives |
Written by CMS Forex |
Sep 30 09 02:39 GMT |
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The Euro-Dollar pair extended its recent fall, adhering to a downward sloping line of resistance since hitting a top at 1.4850. The decline in today's session began in European trading as stocks there were lower throughout most of the European session. The pair hit a low near 1.4525 in NY trading following a weaker-than-expected consumer confidence report. Today's low is a three-week low for the pair, and is a 50% retracement of the upmove that the pair had been in during the bulk of September |
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Fundamental Archives |
Written by Forex.com |
Sep 30 09 02:33 GMT |
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Markets were exceptionally choppy in the NY session as approaching quarter-end continues to make for overall thin conditions. US equities could not hold on to modest gains and closed down about -0.3% on the day. It was surprising that they did not fall further following an extremely downbeat US consumer confidence report. The headline index fell to a much lower than expected 53.1 in September after a 54.5 read the prior month. Consensus was for an increase to 57.0 so the surprise was palpable. |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Sep 29 09 21:43 GMT |
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Overall, the currency market moved very little in Tuesday trade, following the slow trading session seen in the equity and global commodity markets. Moreover, every major pair is now trading between TheLFB R1 and S1, unable to break anywhere importantly. This denotes the general lack of momentum, but the market might spice up during the upcoming Asian session, as the report calendar is loaded with important reports coming from Australia and Japan. |
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Fundamental Archives |
Written by GCI Financial |
Sep 29 09 20:30 GMT |
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European Central Bank officials spoke about the economy today with member Constancio noting "There is still great uncertainty regarding the depth and sustainability of a global recovery, which has led some analysts to say it might be slower than is desirable. The low level of capacity utilization and the moderate salary increases we are seeing place the European economy very far from a situation of overheating that could reignite inflationary pressures." |
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Fundamental Archives |
Written by Easy Forex |
Sep 29 09 17:42 GMT |
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USD traded mixed Tuesday with GBP supported by report of stronger than expected September CBI retail sales, JPY pressured by statement from Japan's Finance Minister Fujii that he has not ruled out intervention in Forex markets, and EUR trading lower pressured in cross trade to the GBP and by report that Russia cut interest rates. The Russian central bank cut its main interest rate to 10% from 10.5%. The Russian rate cut is seen as a sign that the impact of the global crisis may not have completely passed. |
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Fundamental Archives |
Written by Wachovia Corporation |
Sep 29 09 17:30 GMT |
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Consumer confidence fell 1.4 points in September to 53.1, as consumers continue to express ongoing concerns about both current and future employment prospects. The number of households expressing that jobs are “hard to get” rose 2.7 points to 47.0 percent, while those reporting jobs were “plentiful” fell 0.9 points to 3.4 percent. Expectations for employment opportunities six months out also slipped, with the share of households expecting more jobs to be created falling 0.1 points to 17.9 percent. |
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Fundamental Archives |
Written by Trade The News |
Sep 29 09 17:25 GMT |
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In currencies, New York trading saw plenty of data and comments that spurred choppy price action in numerous pairs. Sterling soared to 1.5988 in the early New York session following the release of the CBI data, as the move corresponded with comments leaking out from an emergency meeting between the BoE and economists before consolidating its session gains. There was some speculation that the BoE could lower its deposit rate in a manner similar to Sweden. However, it seems more likely that the BoE was rather airing its displeasure with the market interpretation of Governor King's comments on the pound last week. The greenback was firmer against the other majors on renewed risk aversion concerns aided by a weaker-than-expected US consumer confidence data. The Fed's Fisher said any reversal in policy by the Fed could be as rapid as its easing actions of 2007/08 period. |
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