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Article » UFXBank Daily Review - March 16, 2010
UFXBank Daily Review - March 16, 2010
Mar 16 2010, 04:40

Daily Review 16/03/2010  

USD Dollar (USD) – The Dollar finished with gains across the board except against the Yen that was favored by risk aversion. Better than expected NY Empire State Manufacturing Index which came out 22.9 vs. expected 22 and the Industrial production that came out 0.1% vs. expected 0% supported the strength of the Dollar. In the U.S Stock Markets, the NASDAQ lost -0.23% and the Dow Jones advanced by 0.16%. Crude Oil tumbled for a second day losing more than 1.5% closing at 79.85$ a barrel. Gold (XAU) advanced and closed at 1108$ an ounce. Today, investors are waiting for the rate decision that is expected to remain unchanged at 0.25%.  Building Permits expected at 0.6M vs. 0.62M previously.

EURO (EUR) – The Euro snapped 3 days of gains versus the Dollar as European finance ministers sparred over assistance for Greece, lowering investors appetite for higher yielding assets. Breaking below 1.3640 levels might extend the downtrend till the 1.3520. Overall, EUR/USD traded with a low of 1.3639 and with a high of 1.3783. Today, The German ZEW Economic Sentiment is expected at 43.5 vs. 45.1 previously and the CPI is expected unchanged at 0.9%.

EUR/USD – Last: 1.3692


Resistance    1.3730    1.3750    1.3785

Support    1.3640    1.3606    1.3540

British Pound (GBP) –
The Dollar gained against the Pound on speculation of political uncertainty. Holding below 1.1530 levels might extend the downtrend and reach levels below the 1.5. Overall, GBP/USD traded with a low of 1.5017 and with a high of 1.5205. Today, the DCLG House Price Index is expected at 3.5% vs. 2.9% previously.

GBP/USD - Last: 1.5057

Resistance    1.5080    1.5130    1.5195

Support    1.5025    1.4985    1.4920


Japanese Yen (JPY) – The Yen gained against most of the major counterparts helped by a decline in stocks and commodities. Holding the pair below the 90.50 level might cause to break below 90 levels. Overall, USD/JPY traded with a low of 90.35 and with a high of 90.95. Today the Tertiary Industry Index is expected at 1.3% vs. -0.9% previously.

USD/JPY-Last: 90.22

Resistance    90.30    90.50    90.80

Support    89.70    89.40    88.95


Canadian dollar (CAD) – The Canadian Dollar traded near its strongest level against its U.S. counterpart in almost two years but in a tight range. Holding the pair below 1.0230 levels keeps the Canadian Dollar with additional potential to add gains. Overall, USD/CAD traded with a low of 1.0163 and with a high of 1.0230. Today, the Labor Productivity is expected at 0.7% vs. -0.2% previously. The Manufacturing Sales is expected at 0.7% vs. 1.6% previously.

Last: 1.0190

Resistance    1.0220    1.0245    1.0320

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

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