.
NEW YORK
15:48
LONDON
20:48
PARIS
21:48
FRANKFURT
21:48
HONG KONG
02:48
TOKYO
04:48
SYDNEY
05:48
contacts about Trade Now
home forex brokers news articles rates & charts
Article » Forex Daily News: July 8, 2010 - Majors Prove Strong Against the Dollar
Forex Daily News: July 8, 2010 - Majors Prove Strong Against the Dollar
Jul 08 2010, 05:52




USD Dollar (USD) – The Dollar declined against most majors as global stocks rallied strongly on the outlook for U.S. retail sales, reducing safety demand for the world’s main reserve currency.  NASDAQ and Dow Jones jumped by 3.13% and 2.82% respectively, crude oil rose by 2.9 closing at 74.07$ a barrel, Gold (XAU) strengthened  by 0.3% closing at 1198.9$ an ounce. Today, Unemployment Claims are expected to weak from 472K to 461K.



EURO (EUR) – The Euro erased early losses and climbed to a six-week high against the Dollar in Forex Trading. This came after it had weakened during the day as German factory orders unexpectedly fell for the first time in five months in May, the report came out at -0.5% vs. 0.5% forecast. In the end, it closed almost unchanged after stock markets became positive. The EUR/USD has been trading upwards since last week and broke its resistance levels on the daily chart at 1.2500, therefore the momentum is bullish, as long as the price is above 1.2500 a long position is preferred. Overall, EUR/USD traded with a low of 1.2553 and with a high of 1.2664. Today, the interest rate decision is expected to remain unchanged at 1.0%, this will be announced at the ECB Press Conference. EUR/USD – Last: 1.2664



British Pound (GBP) – The Pound rose for a second day as market sentiment turned positive after U.S. stock markets rallied, which led investors to buy risky assets instead. The GBP/USD has been trading upwards since June, and therefore the momentum is clearly bullish. The main resistance level on the daily graph is located at 1.5260. Overall, GBP/USD traded with a low of 1.5081 and with a high of 1.5219. Today, the interest rate decision is expected to remain unchanged at 0.5%, Manufacturing Production is expected to become positive from -0.4% to 0.4%. GBP/USD - Last: 1.5211



 Japanese Yen (JPY) –The Yen strengthened against the Dollar and the Euro during the day after bad news was released, which supported safety currencies like the Yen. At the end of the American session, the Dollar rebounded nicely and closed positive, successfully weakening the yen. The main resistance of the USD/JPY is at the 89.0 level. As long it's trading below this level a short position is preferred, the 10 moving average supports a downward trend as well. Overall, USD/JPY traded with a low of 87.02 and with a high of 87.77. No major news expected today. USD/JPY-Last: 88.36



Canadian dollar (CAD) – The Canadian Dollar strengthened to the highest level in more than a week against the Dollar as stocks rallied and crude oil climbed, improving the outlook for currencies tied to growth. As long the USD/CAD is below 1.0550 levels a short position is preferred. Overall, USD/CAD traded with a low of 10467 and with a high of 1.0606. No major news expected today. USD/CAD - Last: 1.0448


| More


Broker
of the Month

UFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank traders can access the biggest market in the world 24 hours a day with ease. By keeping their platform, site and deposit process simple, safe and secure, UFXBank have become the web’s premier online forex trader.

    

Comments & Responses
Word Above:
Name:
Comment:
 

Related Article
Aug 12 2007, 07:54 - 0 Comments
Apr 15 2007, 00:06 - 0 Comments
Apr 19 2010, 04:39 - 0 Comments
Jun 08 2010, 04:15 - 0 Comments
Feb 23 2010, 05:30 - 0 Comments

    
Currency converter
Amount:  
  


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

read more forex interviews



Home  |   RSS Feed  |   Terms of Use  |   Privacy Policy  |   Advertise