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Article » UFXBank Daily Review - June 14, 2010
UFXBank Daily Review - June 14, 2010
Jun 14 2010, 08:27

USD Dollar (USD) – The Dollar strengthened against other major currencies after worse than expected US Retail Sales data which came out -1.2% vs. expected 0.3% pushed the Stock markets lower. The Michigan Consumer Sentiment Index came out 75.5 better than expected 74.8. At the end of the day, the Stock Markets recovered and closed with gains. NASDAQ and Dow Jones rose by 1.12% and 0.38% respectively. Crude oil fell by -1.6% closing at 74.2$ a barrel. Gold (XAU) gained after falling 3 days in a row closing at 1226$ an ounce. No economic data is expected today.

EURO (EUR) The Euro traded almost unchanged versus the dollar and an improvement in Forex market sentiment helped the pair to reach weekly highs on Friday at 1.2154 but later it fell back to 1.21 levels. Breaching above the 1.2170 levels might fuel a positive trend in the pair. Overall, EUR/USD traded with a low of 1.2045 and with a high of 1.2154. Today, the Industrial Production is expected at 0.7% vs. 1.3% previously.

British Pound (GBP) – The British Pound has lost its previous gains versus the dollar after reaching the resistance at 1.4740 and failing to breach it took the pair back to 1.45 zones. Worse than expected data pushed the Sterling low after the Manufacturing Production came out -0.4% vs. expected 0.6% and the PPI Input came out -0.6% vs. expected -0.1%. Breaching above the 1.4740 levels might fuel a positive trend in the pair. Overall, GBP/USD traded with a low of 1.4502 and with a high of 1.4757. Today, the RICS House Price Balance is expected at 16% vs. 17% previously.

Japanese Yen (JPY) – The Dollar gained versus the Japanese Yen and back above the 91 level. The BSI Manufacturing Index came out 10 better than expected 7.8. Breaching above the 91.8 level might fuel a positive trend in the pair. Overall, USD/JPY traded with a low of 91.18 and with a high of 91.94. No economic data is expected today.

Canadian dollar (CAD) – The Canada’s dollar gaining was stopped after it gained 3 days in a row versus the American Dollar. Breaking the 1.0270 level might increase the Canadian dollar strength. Overall, USD/CAD traded with a low of 1.0295 and with a high of 1.0387. No major economic data is expected today.

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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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