.
NEW YORK
10:01
LONDON
15:01
PARIS
16:01
FRANKFURT
16:01
HONG KONG
21:01
TOKYO
23:01
SYDNEY
00:01
contacts about Trade Now
home forex brokers news articles rates & charts
Article » UFXBank Daily Review - March 10, 2010
UFXBank Daily Review - March 10, 2010
Mar 10 2010, 03:09


Daily Review 10/3/2010



USD Dollar (USD) – The Dollar gained versus the Euro and the Pound and weakened versus the high yielding commodity linked currencies. Stock markets finished higher but weak fundamentals and fears across Europe helped the Dollar to gain. NASDAQ and Dow Jones gained by 0.36% and 0.11% respectively. Crude Oil weakened by -0.46% closing at 81.49$ a barrel. Gold (XAU) weakened by -0.14% closing at 1,122$ an ounce. Today, Federal Budget Balance is expected with -199.5B versus -42.6B prior. Crude Oil Inventories will be released and volatility in Crude prices is expected.



EURO (EUR) –The Euro weakened versus the Dollar after lower than expected CPI data in Switzerland contributed to the assessments that the next rate hike in Europe will be at 2011 and not sooner. Overall, EUR/USD traded with a low of 1.3537 and a high of 1.3635. EUR/USD is still trading in a daily channel between 1.3780 and 1.3450 waiting for a catalyst to break out of this range. Today, French Industrial Production is expected with 0.3% versus -0.1% prior. ECB President Trichet will speak in Frankfurt.  

EUR/USD - Last:  1.36



Resistance    1.3635    1.3695    1.374

Support    1.353    1.35    1.345



EURUSD



British Pound (GBP) – The Pound declined versus all of the 16 major currencies after Fitch Ratings said U.K debt problems are worsening. Trade Balance came out worse with -8B versus -6.9B expected. Concerns about a possible minority government in the upcoming elections in the U.K this year helped drag the Pound lower. Overall, GBP/USD traded with a low of 1.4935 and a high of 1.5043. GBP/USD is on a bearish trend and near daily oversold RSI conditions. Today, Manufacturing Production is expected with 0.3% versus 0.9% prior. NIESR GDP Estimate will be released, prior was 0.4%.



GBP/USD - Last:  1.4980



Resistance    1.5085    1.5140    1.52

Support    1.4935    1.488    

 



GBPUSD





Japanese Yen (JPY) –
The Yen gained versus the Dollar and most other majors on estimations better earnings from Japanese companies will be reported at the end of the nation's fiscal year at the end of March. Core Machinery Orders came out slightly better than expected with -3.7%. Overall, USD/JPY traded with a low of 89.63 and a high of 90.31. USD/JPY has retraced after touching resistance at the 50 period daily moving averages near 90.6 and continues lower. Today, Final GDP is expected with 1% versus 1.1% prior.



USD/JPY-Last: 89.95



Resistance 
   90.60    91.25    91.75

Support    89.65    89.3    88.95



USDJPY



Canadian Dollar (CAD) – The Canadian Dollar continued gaining versus the Dollar reaching a 7 week high, after stocks kept advancing and Crude continued trading above 80$ a barrel. Overall, USD/CAD traded with a low of 1.0236 and a high of 1.0320. USD/CAD has been trading near yearly lows at 1.02. The downtrend is slowing down and could head to a reversal upwards. No major economic data expected today in Canada but Crude Inventories could have an effect on the currency.   



USD/CAD - Last:  1.0270

 

Resistance    1.0330    1.0365    1.041

Support    1.0235    1.02    



USDCAD


| More


Broker
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:
Name:
Comment:
 

Related Article
Mar 23 2010, 04:04 - 0 Comments
Mar 08 2010, 02:38 - 0 Comments
Mar 01 2010, 09:02 - 0 Comments
Mar 03 2010, 03:55 - 0 Comments
Mar 22 2010, 03:56 - 0 Comments

    
Currency converter
Amount:  
  


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

read more forex interviews



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