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Article » UFXBank Daily Review - March 3, 2010
UFXBank Daily Review - March 3, 2010
Mar 03 2010, 03:55

Daily Review 3/3/2010  

USD Dollar (USD) – The Dollar weakened across the board and seems like technical adjustments on the way. The Stock Markets in the US had modest gains with Dow Jones adding 0.02% and the NASDAQ appreciating by 0.32%. The Commodities market rose sharply with Crude oil closing at 79.6$ a barrel and Gold (XAU) closing at 1134$ an ounce. Today, the ADP Nonfarm Employment Change is expected at -10K vs. -22k previously and the ISM Non-Manufacturing Index is expected at 51 vs. 50.5 previously and later The Fed's Beige Book will show a picture of economic trends and challenges in the US.

EURO (EUR) – The Euro breached above 1.36 as speculations about a solution to Greece debt crisis may be near. The CPI came out 0.9% worse than 1% expected. EUR/USD still trading between the 1.3680 resistance and 1.3460 supports and until major economic surprises occur it is expected to remain in that channel. Overall, EUR/USD traded with a low of 1.3433 and with a high of 1.3620. Today, the Retail Sales is expected at 0.3% vs. 0.1% previously.

EUR/USD – Last: 1.364

Resistance    1.363    1.3655    1.3685

Support    1.3515    1.3465    1.3435


British Pound (GBP) – The Sterling rose against the Dollar trading above the 1.5 area after the Nationwide Consumer Confidence came out better with 80 versus 71 expected. Holding above the support of 1.4980 might send the pair higher to 1.5220 zones. Overall, GBP/USD traded with a low of 1.4958 and a high of 1.5073. Today, the Services PMI is expected at 55 vs. 54.5 previously.

GBP/USD - Last: 1.5050

Resistance    1.51    1.515    1.5225

Support    1.498    1.493    1.488


Japanese Yen (JPY) – The Yen rose against the Dollar after the Average Cash Earnings rose and came out 0.1% better than -1.2% expected, this was the first time in 2 years that the Japanese wages rose. Holding below 88.9 levels will accelerate the decline in the pair. Overall, USD/JPY traded with a low of 88.54 and with a high of 89.35. Today, the Capital Spending is expected at -18% vs. -24.8% previously.

USD/JPY-Last: 88.70

Resistance    89.25    89.5    89.75

Support    88.55    88.25    88


Canadian dollar (CAD) – Canada’s Dollar rose for the 3rd straight day and touched a more than one month high versus its U.S. counterpart after the target rate for overnight loans between commercial banks was kept at 0.25% as expected. Holding below the 1.0380 level will accelerate the decline in the pair. Overall, USD/CAD traded with a low of 1.0308 and with a high of 1.0441. No economic data expected today.

USD/CAD - Last: 1.0340

Resistance    1.041    1.044    1.0465

Support    1.031    1.027    1.025



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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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