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UFXBank Daily Review - June 10, 2010
Jun 10 2010, 05:17

Daily Review 10/06/2010

USD Dollar (USD) – The Dollar slipped against most majors as Federal Reserve Chairman Ben Bernanke said the U.S. economic recovery was on track, despite Europe's debt crisis. Bernanke pledged to keep interest rates at their record lows longer as unemployment and growth fears continue to trouble investors. NASDAQ and Dow Jones weakened by -0.54% and -0.41% respectively, Crude Oil jumped by 3.3% closing at 74.3$ a barrel, Gold (XAU) weakened by -1.3% closing at 1229.9$ an ounce. Today, Trade Balance is expected at -40.8B vs. -40.4B prior. Unemployment Claims are expected to weaken from 453K to 447K.

EURO (EUR) – The Euro closed almost unchanged against the Dollar reducing demand for riskier assets before the European Central Bank announces a rate decision tomorrow. The EUR/USD has been trading downwards since April and has broken its support levels each time, therefore the momentum is clearly bearish, the main support is located at 1.1850 levels, if it breaks this level the Euro will continue to decline. Overall, EUR/USD traded with a low of 1.1924 and with a high of 1.2073. Today, ECB will release its Interest rate decision which is expected to remain at 1.0%. ECB Press Conference will follow the statement.

EUR/USD – Last: 1.1982

Resistance    1.2075    1.2220    1.2330

Support    1.1915    1.1875   


British Pound (GBP) – The Pound traded near its weakest level in almost 2 weeks against the Dollar as the Bank of England started its monthly policy meeting, amid speculation it will keep interest rates at a record low to help boost the economy. The GBP/USD has been trading downwards since last week but has not broken the support at 1.4250 this week and has started to rising. If the price trades below 1.4350 the momentum will be bearish again. Overall, GBP/USD traded with a low of 1.4395 and with a high of 1.4607. Today, interest rate decision by the BOE is expected to remain at 0.5%, Asset Purchase Facility is expected unchanged at 200B.

 GBP/USD - Last: 1.4547

Resistance    1.4605    1.4682    1.4750

Support    1.4500    1.4395    1.4340


Japanese Yen (JPY) –The Yen continued to strengthen versus the Dollar after the Federal Reserve’s Beige Book business survey showed subdued U.S. economic growth, increasing speculation the central bank won’t raise interest rates any time soon. Final GDP came out at 1.2% vs. 1.1% forecast .The main resistance of the USD/JPY is at 93.0, as long as it's trading below this level a short position is preferred. The 10 period daily moving averages support a short position as well. Overall, USD/JPY traded with a low of 91.05 and with a high of 91.67. No economic data expected today.

USD/JPY-Last: 91.23

Resistance    91.70    92.10    93.0

Support    91.0    90.80   


Canadian dollar (CAD) – The Canadian Dollar rose for a third day, the longest winning streak in almost a month, as Crude Oil, the nation’s biggest export, increased and investors sought the currencies of nations with relatively strong balance sheets. As long the USD/CAD below 1.0600 levels a short position is preferred. Overall, USD/CAD traded with a low of 1.0364 and with a high of 1.0516. Today, Trade Balance is expected to rise from 0.3B to 0.7B, BOC Gov Carney Speaks.

USD/CAD-Last: 1.0424

Resistance    1.0453    1.0520    1.0590

Support    1.0364       



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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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