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Article » UFXBank Daily Review - March 25, 2010
UFXBank Daily Review - March 25, 2010
Mar 25 2010, 04:39


Daily Review 25/03/2010 



USD Dollar (USD) – The Dollar has consolidated major gains across the board.. The Dollar rose also after stocks in the US ended with losses. The Dow Jones lost -0.48% and the NASDAQ fell by -0.68% after an unexpected drop of -2.2% in New Home Sales which came out 308K, worse than 315K expected. Crude Oil for May delivery declined -1.8% and closed at 80.2$ a barrel. Gold (XAU) tumbled closing at 1086$ an ounce. Today, Initial Jobless Claims are expected with 450K vs. 457K previously.

EURO (EUR) – The Euro fell to fresh multi week lows against the Dollar reaching a fresh 10 month low as Fitch Ratings cut Portugal’s credit rating to AA-. Concerns that Greece’s fiscal crisis will spread to other European nations pushed the Euro lower even though that the German IFO Business Climate Index came out 98.1 better than 96 expected. The bottom of decline is uncertain as long as the Euro trades below 1.3420. Overall, EUR/USD traded with a low of 1.3310 and with a high of 1.3506. Today, Gfk German Consumer Climate is expected at 3.1 vs. 3.2 previously.

EUR/USD – Last: 1.3329



Resistance    1.338    1.342    1.348

Support    1.331       



EURUSD





British Pound (GBP) – The Pound extended its decline below 1.49. The Pound fell to a two week low against the Dollar as investors bet the government’s pledge to cut the budget deficit by about 50% within four years is too optimistic. Holding the pair above 1.4870 might delay the decline and bounce up again. Overall, GBP/USD traded with a low of 1.4862 and with a high of 1.5045. Today, The Retail Sales are expected at 0.6% vs. -1.8% previously.

GBP/USD - Last: 1.49



Resistance    1.492    1.495    1.497

Support    1.486  



GBPUSD     



Japanese Yen (JPY) – The Japanese currency has consolidated important declines across the board despite the risk aversion. The USD/JPY had a strong upside momentum that leads the pair to a fresh 10 week high, breaching the 92 level. Fluctuations around the critical level of 91.80 could be seen. Overall, USD/JPY traded with a low of 90.33 and with a high of 92.4. Today, The Tokyo Core CPI is expected at -1.7% vs. -1.8% previously.

USD/JPY-Last: 91.88



Resistance    92.2    92.4   

Support    91.8    91.5    91.2



JPYUSD



Canadian dollar (CAD) – Canada’s currency weakened the most in almost a month on renewed concern that Greece’s fiscal crisis will spread, driving investors into the safety of the U.S. dollar. Holding above 1.0170 levels might extend Dollar's strength vs. the Canadian dollar. Overall, USD/CAD traded with a low of 1.0154 and with a high of 1.0280. No economic data expected today.

USD/CAD - Last: 1.023



Resistance    1.0270       

Support    1.0220    1.0170    1.0140



USDCAD



 


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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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