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Article » UFXBank Daily Review - March 1, 2010
UFXBank Daily Review - March 1, 2010
Mar 01 2010, 09:02


Daily Review 3/1/2010  



USD Dollar (USD) – The Dollar weakened against most of the currencies on a volatile trading. The GDP came out 5.9% better than expected 5.6%. An unexpected drop in the Existing Home Sales data that came out 5.05M vs. expected 5.5M sent the dollar lower. The Dow Jones closed almost unchanged gaining 0.04% and the NASDAQ rose by 0.18%. The Crude Oil attempting to get back the 80$ a barrel and the Gold (XAU) jumped and closed at 1117$ an ounce. Today, The Personal Spending is expected at 0.4% vs. 0.2% previously and the ISM Manufacturing Index is expected at 58 vs. 58.4 previously.

EURO (EUR) – The Euro gained against the Dollar as a speculation European Union government will rescue debt-laden Greece. The CPI came out as expected unchanged at 1% and the German CPI came out 0.2% worse than expected 0.5%. Holding the Euro above 1.3640 might send it upwards to 1.3820. Overall, EUR/USD traded with a low of 1.3530 and with a high of 1.3683. Today, the Unemployment rate is expected at 10.1% vs. 10% previously and the Manufacturing PMI is expected unchanged at 54.1.

EUR/USD – Last: 1.36



Resistance    1.37    1.375    1.379

Support    1.359    1.355    1.35



EURUSD



British Pound (GBP) – The GBP was among the worst performers against the Dollar. It dropped to fresh low breaking the 1.52 level. The better than expected data on GDP which came out 0.3% better than expected 0.2% couldn't support the Sterling. Holding below the 1.5180 will take the pair lower to test the 1.5 zone. Overall, GBP/USD traded with a low of 1.5151 and with a high of 1.5319. Today, the Manufacturing PMI is expected unchanged at 56.7.

GBP/USD - Last: 1.5163



Resistance    1.53    1.5345    1.54

Support    1.515    1.5105    1.5025



GBPUSD



Japanese Yen (JPY) – The Yen tested the area below the 89 but trapped in a tight consolidate range. Holding above the 88.80 level probably push the Japanese currency lower against the dollar. Overall, USD/JPY traded with a low of 88.74 and with a high of 89.49. Today, the Unemployment rate is expected unchanged at 5.1%.

USD/JPY-Last: 89.11



Resistance
    89.50    89.75    90

Support    88.80    88.55    88.2



JPYUSD



Canadian dollar (CAD) – Canada’s dollar increased the most in fortnight against the greenback as signs the global recovery will maintain momentum encouraged investors to buy currencies tied to economic growth. The Current Account came out -9.8B better than expected -13.8B. Holding the pair below 1.0530 might extend the decline till the 1.0420 level. Overall, USD/CAD traded with a low of 1.0508 and with a high of 1.0617. Today, the GDP is expected unchanged at 0.4%.

USD/CAD - Last: 1.0520



Resistance    1.061    1.068    1.073

Support    1.049    1.0465    1.044



CADUSD

 


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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.

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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