USD Dollar (USD) – The Dollar traded on a mixed trend against the majors after Philadelphia Fed Factory Index Increased to 20.2 in April from 18.9 the previous month but Jobless Claims in U.S. Increased by 24,000 Last Week to 484,000, putting a warning sign on American recovery. NASDAQ and Dow Jones strengthened by 0.43% and 0.19% respectively. Crude oil decrease by 0.4% closing at 85.51$ a barrel and Gold (XAU) increased by 0.06%, closing at 1160$ an ounce. Today, Building Permits are expected at 0.63M vs. 0.64M prior and Prelim Consumer Sentiment is expected to rise from 73.6 to 74.7.
EURO (EUR) – The Euro weakened against the Dollar and yen on concern the European Union 45 billion Euro rescue plan for Greece won’t be enough to restore the currency’s credibility. The EUR/USD has no clear trend in the last four days, the main support is located at 1.3500 if this level breaks down a short positions is preferred. Overall, EUR/USD traded with a low of 1.3521 and with a high of 1.3666. Today, CPI is expected to remain at 1.5%.
EUR/USD – Last: 1.3548
Resistance 1.3585 1.3627 1.3680
British Pound (GBP) – The Pound strengthened against the Dollar after a poll showed the opposition Conservatives’ lead over the Labor Party widened, easing concern that next month’s elections will produce a government too weak to cut the budget deficit. The GBP/USD has broken the resistance at 1.5400 levels as long it's trading above that level a long position is preferred. Overall, GBP/USD traded with a low of 1.5385 and with a high of 1.5523. No economic data expected today.
GBP/USD - Last: 1.5430
Resistance 1.5450 1.5490 1.5525
Support 1.5385 1.5350
Japanese Yen (JPY) –The Yen strengthened versus the Euro and the Dollar after speculation believes China may be forced to scrap the Yuan’s peg to the dollar after its economy accelerated at the fastest pace in almost three years, damping demand for currencies linked to growth. The USD/JPY doesn’t have a clear trend in the last few days, the main support is located at 92.50 if it breaks this levels the trend probably will go down. Overall, USD/JPY traded with a low of 92.86 and with a high of 93.52.
Resistance 82.85 93.15 93.50
Canadian dollar (CAD) – The Canadian Dollar weakened and traded at an almost 22-month high versus the Dollar before the nation’s central bank meets next week to determine interest rates. USD/CAD has been trading downwards since February as long it's below 1.0100 a short position is preferred. The main support is located at 0.9950. Overall, USD/CAD traded with a low of 0.9963 and with a high of 1.0036. Today, Manufacturing Sales are expected at 1.0% vs. 2.4% prior.
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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