contacts about Trade Now
home forex brokers news articles rates & charts
Article » UFXBank Daily Review - January 21, 2010
UFXBank Daily Review - January 21, 2010
Jan 21 2010, 04:46

Daily Review 21/01/2010 

USD Dollar (USD) – The Dollar strengthened versus most majors after the TIC Long-Term Purchases hit estimates and Building permits in the U.S. unexpectedly jumped in December, coming at 0.65M vs. 0.59M forecast and Wholesale prices in the U.S. rose at a slower pace in December, showing the economy is recovering without the immediate threat of inflation. NASDAQ and Dow Jones fell by 1.25% and 1.14% respectively. Crude oil  dropped by 1.78%, closing at 77.62$ a barrel and Gold(XAU) fell by 2.43% closed at 1112.60$ an ounce.  Today, Unemployment Claims are expected at 441K vs. 444K prior and Philly Fed Manufacturing Index is expected at 18.1 vs. 22.5 prior. 

EURO (EUR) – The Euro fell to a five-month low versus the Dollar as Greece’s bonds tumbled and German PPI which came worse than expected continued to push the currency down. Overall, EUR/USD traded with a low of 1.4081 and with a high of 1.4288. Euro's momentum is clearly downward; the main support on the daily chart is 1.4000.  Today, German Flash Services PMI is expected at 53.1 vs. 52.7 prior and Services PMI expected at 54.1 vs. 53.6 prior.

EUR/USD – Last: 1.4088

Resistance    1.4137    1.4220    1.4305

Support    1.4065       


British Pound (GBP) –The Pound weakened versus the Dollar after U.K. unemployment fell at the fastest pace since April 2007 last month as the economy showed signs of emerging from its worst recession on record. Overall, GBP/USD traded with a low of 1.6244 and with a high of 1.6369. As long the GBP is below 1.6300 a short position is preferred. Today, CBI Industrial Order Expectations are expected to decrease from -42 to -39.

GBP/USD - Last: 1.6267

Resistance    1.6310    1.6380    1.6460

Support    1.6244       


Japanese Yen (JPY) –The Yen rose against most majors as global stocks slid on disappointing corporate earnings and steps by China to limit bank lending, reducing demand for riskier assets. Until USD/JPY is able to remain below 92.00 a short position is preferred.  Overall, USD/JPY traded with a low of 90.79 and with a high of 91.46. No economic data expected today.

USD/JPY-Last: 91.49

Resistance    91.55    92.05   

Support    91.20    90.80    90.30



Canadian dollar (CAD) – The Canadian Dollar dropped by the most in almost three months versus the Dollar as oil fell and a report showed inflation rose less in December than forecast, reducing the chance the central bank will raise interest rates before the second half. In addition, CPI came out worse than expected at -0.3% vs. -0.2% forecast. Overall, USD/CAD traded with a low of 1.0312 and with a high of 1.0489. On the daily graph we can see it broke 1.0400 levels therefore a long position is preferred. Today, BOC Monetary Policy Report and BOC Press Conference and Wholesale Sales are expected at 0.4% vs. 0.3% prior.

CAD/USD - Last: 1.0465

Resistance    1.0490       

Support    1.0440    1.0300    1.0250




| More

of the Month

UFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank traders can access the biggest market in the world 24 hours a day with ease. By keeping their platform, site and deposit process simple, safe and secure, UFXBank have become the web’s premier online forex trader.


Comments & Responses
Word Above:

Related Article
Jan 18 2010, 04:03 - 0 Comments
Jan 19 2010, 04:29 - 0 Comments
Jan 20 2010, 04:33 - 0 Comments
Jan 11 2010, 03:53 - 0 Comments
Jan 13 2010, 04:00 - 0 Comments

Currency converter

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

read more forex interviews

Home  |   RSS Feed  |   Terms of Use  |   Privacy Policy  |   Advertise