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Article » UFXBank Daily Review - February 4, 2010
UFXBank Daily Review - February 4, 2010
Feb 04 2010, 04:37

Daily Review 4/2/2010

USD Dollar (USD) – The Dollar fell during the Asian session across the board but then recovered sharply and finished with important gains against major. Stocks lost ground in the US and fell moderately despite a better than expected data of The ADP Nonfarm Employment Change  which came out -22K vs. -40K expected. Dow Jones lost 0.26% and NASDAQ managed to finish with a marginal increase of 0.04%. Crude oil jumped to 78$ level but failed to hold and fell back closing at 77.07$ a barrel. Gold (XAU) closed at 1109$ an ounce. Today, Initial Jobless Claims are expected at 455k vs. 470K previously. Nonfarm Productivity is expected at 6% vs. 8.1% previously and The Unit Labor Cost is expected unchanged at 2.5%.

EURO (EUR) – Euro turned lower after the release of better than expected January ADP employment report as the report fuels US recovery hopes and higher bond yields. It failed to hold above 1.4 and tumbled to levels below 1.39. Retail Sales came out 0% worse than 0.4% expected. The pair EUR/USD ended the day around daily lows. If the pair sustains above 1.3830 levels a rebound to 1.4020 could be seen. Overall, EUR/USD traded with a low of 1.3884 and a high of 1.4026. Today, German Factory Orders are expected at 0.2% vs. 2.8% previously and the Interest rate decision is expected unchanged at 1% and will attract most attention.

EUR/USD - Last:  1.389

Resistance    1.395    1.399    1.4025

Support    1.385    1.3775    1.375



British Pound (GBP) – The Pound was unable to stay above 1.6 and tumbled below 1.59 losing gains. The Services PMI came out 54.5 worse than 56.8 expected. If the pair will drop below the support at 1.5880 declines below 1.58 could be seen. Overall, GBP/USD traded with a low of 1.5875 and a high of 1.6068. Today, the Halifax House Price Index is expected at 0.9% vs. 1% prior and later the important Interest rate decision is expected unchanged at 0.5% and the Q.E program expected unchanged with 200B.

GBP/USD - Last:  1.5910

Resistance    1.597    1.6025    1.6055

Support    1.585    1.58    1.578



Japanese Yen (JPY) – The Yen weakened across the board and finished with declines. The slid in stocks prevented the Yen from falling further. If the pair USD/JPY sustains above the support of 90.5 an upside run to 91.8 could be seen. Overall, USD/JPY traded with a low of 90.06 and a high of 91.27. No major economic data expected today.  

USD/JPY-Last: 90.9

Resistance    90.6    90.95    91.2

Support    90    89.6    89.35


Canadian Dollar (CAD) – The Canadian dollar dropped as stocks fell and crude oil prices fluctuated, discouraging demand for currencies related to economic growth. If the pair USD/CAD sustains the 1.6020 resistance level, downtrend acceleration could be seen to the 1.0480 area. Overall, USD/CAD traded with a low of 1.0544 and a high of 1.0635. Today, Building Permits are expected at -3.3% vs. -4.6% previously and the Ivey PMI is expected at 52 vs. 48.4 prior.

USD/CAD - Last:  1.0605


Resistance    1.064    1.0685    1.072

Support    1.058    1.0545    1.0525




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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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