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Article » UFXBank Daily Review - January 27, 2010
UFXBank Daily Review - January 27, 2010
Jan 27 2010, 03:55


Daily Review 27/01/2010 



USD Dollar (USD) – The Dollar rose across the board with the exception of the Yen. Worries about the economic recovery pushed the demand for safe assets, despite an increase in consumer confidence that came out 55.9 better than expected 53.5. Wall Street finished almost unchanged. Dow Jones lost -0.03% and the NASDAQ fell -0.32% as better-than-expected data on consumer confidence was not enough for investors. Crude oil is back below $75 a barrel. Gold (XAU) trades near $1,100 an ounce.  Investors today are waiting for the rate decision which is expected to stay at 0.25% and new home sales.

EURO (EUR) – The Dollar advanced versus the Euro. The German IFO Climate Index came out 95.8 better than expected 95 but it did not help the Euro to gain eventually. If the pair still holds above the 1.4030 level rebound to 1.42 could be seen. Overall, EUR/USD traded with a low of 1.4042 and with a high of 1.4178. Today, the German CPI is expected at -0.2% vs. 0.8% previously.

EUR/USD – Last: 1.4070



Resistance
    1.4135    1.418    1.422

Support    1.403    1.4    1.396



EURUSD





British Pound (GBP) –
Cable lost gains against the Dollar after weak growth data in the fourth quarter was released. 4th quarter GDP came out 0.1% worse than expected 0.4%. The BBA Mortgage Approvals came out 45.9K as expected. If the pair still holds above the 1.6080 level rebound to 1.6220 could be seen. Overall, GBP/USD traded with a low of 1.6091 and a high of 1.6262. Today, the CBI DTS is expected at 12 vs. 13 previously.

GBP/USD - Last: 1.6150



Resistance    1.62    1.625    1.6285

Support    1.6095    1.6025    1.5955



GBPUSD







Japanese Yen (JPY) – The Yen was the best performer among majors and may extend advances versus most of their major counterparts on speculation China will take further steps to cool its economy, discouraging demand for higher yielding assets. The Trade Balance came out 0.52T worse than expected 0.61T. If the pair holds below 89.80, an acceleration of the downtrend could be seen. Overall, USD/JPY traded with a low of 89.33 and a high of 90.53. Today, the Retail Sales is expected at 0.3% vs. -1% previously.

USD/JPY-Last: 89.70



Resistance    90.05    90.5    90.8

Support    89.35    89.05    88.8



USDJPY







Canadian dollar (CAD) – The Canadian currency touched a five-week low after Chinese commercial banks have begun tightening credit, discouraging investors’ appetite for high yield currencies to growth. The USD/CAD is in an uptrend and a break above the 1.07 level is expected. Overall, USD/CAD traded with a low of 1.0545 and with a high of 1.0689.No economic data expected today.

USD/CAD - Last: 1.063   



Resistance    1.0695    1.073    1.0765

Support    1.0585    1.053    1.049



 



USDCAD





 


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Interview
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.

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We deal with clients on all levels from the beginning stages to the more advanced trading levels.

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Because of our high presence on the web, most of our business comes from the online world.

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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.
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• Invest smartly and calculate your risks
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