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Article » UFXBank Daily Review - May 28, 2010
UFXBank Daily Review - May 28, 2010
May 30 2010, 05:04


Daily Review 28/05/2010



USD Dollar (USD) – A strong Dollar fall against major rivals was caused as Stock markets rebounded strongly amid China comments supporting the Euro. The GDP came out 3% worse than expected 3.3% and the Initial Jobless Claims came out 460K also worse than expected 455k. NASDAQ and Dow Jones soared by 3.73% and 2.85% respectively. Crude Oil jumped in more than 5% and closed at 74.89$ a barrel. Gold (XAU) trade almost unchanged closing at 1212$ an ounce. Today, the Personal Spending is expected at 0.3% vs. 0.6% previously. The Chicago PMI is expected at 60 vs. 63.8 previously and the Michigan Consumer Sentiment Index is expected at 73.7 vs. 73.3 previously.

EURO (EUR) – The Euro increased for the first time in four days amid speculation that concern about the effect of the currency’s decline versus the Dollar is oversold. German CPI came out 0.1% unchanged as expected. Holding above 1.2270 levels keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.2153 and with a high of 1.2393. No major economic data is expected today.

EUR/USD – Last: 1.2290

Resistance    1.2330    1.2420    

Support    1.2270    1.2160    





EURUSD

British Pound (GBP) – The Pound advanced against the Dollar for the first time in four days even after the CBI Distributive Trades Survey came out -18, worse than expected 14. Holding above 1.4470 levels keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.4365 and with a high of 1.4605. No economic data is expected today.

GBP/USD - Last: 1.4540



Resistance    1.4630    1.4720    

Support    1.4520    1.4440    1.4340



 



USDJPY



Japanese Yen (JPY) – The Yen dropped against most currencies as gains in stocks and commodities spurred demand for growth linked assets. Tokyo Core CPI came out -1.6% worse than expected -1.5%. The Unemployment Rate came out 5.1% worse than expected 5%. Retail Sales came out 4.9% better than expected 3.7%. Holding above 90.55 levels keeps the momentum positive for the pair.

USD/JPY-Last: 91.04



Resistance    91.35    91.80    

Support    90.55    89.80    89.20



USDJPY



Canadian dollar (CAD) –
Canada’s Dollar gained for the first time in four days as concern eased that Europe’s debt turmoil will worsen, pushing stocks higher. As long the USD/CAD below 1.0600 levels a short position is preferred. Overall, USD/CAD traded with a low of 1.0479 and with a high of 1.0717. Today, the Current Account is expected at -9B vs. -9.8 previously.

USD/CAD - Last: 1.0499



Resistance    1.0630    1.0750    

Support    1.0430    1.0350    



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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