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Source CRWESelect : MITL, CRWE.OB, MOSY, MGAM, - Mitel Networks Corp., Crown Equity Holdings Inc., MoSys and Multimedia Games St
Mitel Networks Corp. (NASDAQ:MITL) a leading provider of unified communications software solutions, reported its financial results for the second quarter of fiscal 2011 ended October 31, 2010. All financial results are in U.S. dollars. Revenue for the second quarter of fiscal 2011 was $161.1 million, compared to $162.4 million for the second quarter of fiscal 2010.
Tuesday afternoon the Fed announced it was keeping its balance sheet intact while changing the composition of said balance sheet by moving out of mortgages and into long-term Treasuries. This news triggered a strong surge in the Treasury complex, sending the September Treasury Bond to a new high for the year. The move by the Fed is designed to keep the pressure on long-term rates.
A late session surge in Europe is triggering a short-covering rally in the Euro and British Pound ahead of the U.S. opening. The Euro was down sharply overnight as traders reacted to Friday’s bearish U.S. jobs data and the news that Hungary is the latest candidate for sovereign debt issues.
The USD CHF posted a daily closing price reversal top on Monday and confirmed the pattern overnight. This type of formation sets up a possible correction back to 1.1184 to 1.1123 over the next 2 to 3 days. The direction of the Euro will dictate the movement in the Dollar/Swiss.
The U.S. Dollar is trading mixed in limited action. Higher metals, crude oil and equities indicate demand is strong for higher yielding assets. This may pressure the Dollar once the New York market opens. Trading conditions are thin because of Friday’s important U.S. Non-Farm Payrolls Report.
Euro Rebounds after Merkel Comments, Trichet’s action
The Euro rebounded overnight after German Chancellor Angela Merkel presented her aid package plan for cash-strapped and debt laden Greece. Short covering turned the Euro around after Merkel said she supports loans from the International Monetary Fund and other European nations as a last resort if all other means of support fail and the country faces default.
FOMC Action Triggers Demand for Higher Risk Assets
On Tuesday, the Federal Reserve left its benchmark interest rate unchanged and reiterated that interest rates would remain low for “an extended period”. In its statement, it also mentioned that inflation remains subdued, and that the weak employment situation seems to have stabilized.
Logically, the audience for a wide range of games and interactive experiences should be rather big, but based on the evidence so far, either that's not true -- or publishers have been hedging the wrong bets. No one has conclusively proved the case for (or against) the viability of mature games on Wii, but 2009 was a litmus test on a number of fronts, including the DS.
This Week’s Forex Price Action Indicates Dollar is ready to Rally
The strong recovery in the U.S. Dollar late in the week and the inability to break it sharply lower could be a sign that a short-covering rally is imminent. Rumors the Fed may begin to raise interest rates earlier than expected, a poor U.K. economy and fear of intervention all helped boost the Dollar on Friday.