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Article » UFXBank Daily Review - January 11, 2010
UFXBank Daily Review - January 11, 2010
Jan 11 2010, 03:53

Daily Review 11/01/2010 

USD Dollar (USD) – The Dollar posted its biggest weekly loss since November versus the major currencies as an unexpected drop in jobs boosted speculation that the Federal Reserve may extend stimulus measures. The Nonfarm Payrolls came out -85K versus -3K expected. The Unemployment rate came out better than expected with 10%. Wall Street reacted with modest gains after the jobs data. Dow Jones rose by 0.11% and NASDAQ appreciated by 0.74%. Crude oil rose and closed at 82.89$ a barrel. Gold (XAU) closed at 1137$ an ounce. Today, No economic data expected.

EURO (EUR) – The Euro gained versus the Dollar after worse than expected jobs report lowered the chance that the Federal Reserve will raise interest rates in the near term. The Unemployment Rate came out worse than expected with 10%. The GDP came out unchanged at 0.4% as expected. On the technical view, if the Euro sustains above the 1.4480 level, an upside run to 1.4680 could be seen. Overall, EUR/USD traded with a low of 1.4266 and with a high of 1.4438. Today, The French Industrial Production expected at 0.4% vs. -0.8% previously.

EUR/USD – Last: 1.4480

Resistance    1.45    1.4580    1.4620

Support    1.436    1.4325    1.427



British Pound (GBP) – The Pound rose against the Dollar after worse than expected U.S unemployment Data.  Producer Price Index (PPI) Input came out 0.1% higher than -0.2% expected, a sign that inflation is picking up. On the technical view, only if the GBP sustains above the 1.6080 level, upside run to 1.6280 could be seen. Overall, GBP/USD traded with a low of 1.5915 and with a high of 1.6110. Today, No economic data expected.

GBP/USD - Last: 1.6065

Resistance    1.6080    1.6130    1.6235

Support    1.6020    1.598    1.5955


Japanese Yen (JPY) – The Dollar slid from a 4 month high against the Yen on speculation the Japanese government will maintain pressure on the central bank to take more policy measures to revive economic growth. On the technical view, a technical adjustment can continue to the 91.20 level. Overall, USD/JPY traded with a low of 92.25 and a high of 93.76. Today, Japanese banks will be closed hence Low liquidity and irregular volatility could be expected.

USD/JPY-Last: 92.3

Resistance    93.1    93.4    93.8

Support    92.3    91.92    91.65


Canadian dollar (CAD) – The Canadian Dollar advanced versus the Dollar as a commodities rose. The Employment Change came out -2.6K worse than 20K expected. The Unemployment Rate came out 8.5% as expected. On the technical view, continuation of the main downtrend could be seen to the 1.02 level. Overall, USD/CAD traded with a low of 1.0293 and with a high of 1.0382. Today, The Housing Starts are expected at 160K vs.159K prior. The Building Permits are expected at -1% vs. 18% prior.

CAD/USD - Last: 1.0280   

Resistance    1.0385    1.0425    1.0455

Support    1.0265    1.0205    1.0185




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with Matthew Sheppard
Senior Forex
Advisor at XForex

1. What is your name and position?
Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?
In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?
We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?
Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?
Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..
Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?
My advice to the beginning trader entering the Forex world is as follows:
• Learn the market and understand what you’re getting into.
• Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
• Invest smartly and calculate your risks
• Always know when to get out of a trade

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