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Article » UFXBank Daily Review - March 15, 2010
UFXBank Daily Review - March 15, 2010
Mar 15 2010, 03:35

Daily Review 15/03/2010  

USD Dollar (USD) – The Dollar fell versus all of their major counterparts as US data came out better than expected and signaled the economic recovery is accelerating, fueling appetite for riskier assets. Retail Sales came out 0.3% better than expected -0.1%. In the U.S Stock Markets, the NASDAQ was almost unchanged losing -0.03% and the Dow Jones advanced by 0.12%. The Commodity markets tumbled with Crude Oil losing more than -1.4% closing at 81$ a barrel. The Gold (XAU) also fell and closed at 1101.5$ an ounce. Today, The NY Empire State Manufacturing Index is expected at 22 vs. 24.9 previously. The TIC Net Long-Term Transactions is expected at 50B vs. 63.3B previously and the Industrial production is expected at 0% vs. 0.9% previously.

EURO (EUR) – The Euro strengthened versus the Dollar and touched a one-month high as stocks gained for a second week. The European currency lost some ground later after German Finance Minister and French Finance Minister ruled out an aid decision The Industrial Production came out 1.7% better than expected 0.8%.  If the Euro fails to breach above 1.3820, rebound 1.364 zones is possible to be reached. Overall, EUR/USD traded with a low of 1.3670 and with a high of 1.3795. Today, no major economic data is expected.

EUR/USD – Last: 1.3733

Resistance    1.3785        

Support    1.3720    1.3680    1.3680


British Pound (GBP) – The Pound climbed for a second day against the Dollar after a report showed house prices rose at the fastest pace in seven years, moderating concern about the economy. Breaching above the 1.5230 level might extend the strength of the Sterling. Overall, GBP/USD traded with a low of 1.5025 and with a high of 1.5216. Today, no major economic data is expected.

GBP/USD - Last: 1.5161

Resistance    1.5195    1.5250    

Support    1.5120    1.5075    1.5


Japanese Yen (JPY) – The Yen fell against all 16 of its most-traded pairs as Japanese officials said the government is ready to intervene to keep the currency from strengthening. The concern that tension between the US and China will escalate also helped the Yen strengthen. Failing the breach of 90.80 levels will cause the pair to decline back below 90 levels. Overall, USD/JPY traded with a low of 90.15 and with a high of 91.07. Today, no major economic data is expected.

USD/JPY-Last: 90.62

Resistance    90.82        

Support    90.20    89.60    88.95


Canadian dollar (CAD) – The Canadian Dollar continued to strengthen against the Dollar after better than expected data coming out and expectations for the central bank will raise interest rates. Employment Change came out 20.9K vs. expected 18K and the Unemployment rate came out 8.2% vs. expected 8.3%. For a short term, a technical adjustment might be seen because of oversold conditions of the pair. Overall, USD/CAD traded with a low of 1.0153 and with a high of 1.0249. Today, no major economic data is expected.

USD/CAD - Last: 1.0180

Resistance    1.0192    1.0220    1.0245

Support    1.0163        



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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

read more forex interviews

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