.
NEW YORK
14:21
LONDON
19:21
PARIS
20:21
FRANKFURT
20:21
HONG KONG
01:21
TOKYO
03:21
SYDNEY
04:21
  • Trade Now

UFXBank Daily Review - February 10, 2010

Written by ForexCult Team
Rate this item
(0 votes)

Daily Review 10/2/2010

USD Dollar (USD) – The Dollar has weakened versus most majors after European Union officials signaled they will aid Greece in reducing its budget deficit. As the Euro's uncertainty lowered the demand for the Dollar as a safe haven waned. Dollar Index dropped by 0.7% as a result. NASDAQ and Dow Jones gained by 1.17% and 1.52% respectively as the Dollar weakened and uncertainty lowered. Crude Oil gained by 2.59% closing at 73.75$ a barrel. Gold (XAU) gained by 1.03% closing at 1,076.7$ an ounce. Today, Trade Balance is expected with -35.8B versus -36.4B prior. Crude Inventories are expected with 1.4M, volatility in Crude prices is likely. Federal Budget Balance is expected with -66.2B versus -91.9B prior.
 
EURO (EUR) –The Euro gained versus the Dollar after signals from EU officials about supporting Greece. EU nations were pressured by world markets to rescue Greece from its deficit in order to prevent it from dragging down the Euro and stock markets. Overall, EUR/USD traded with a low of 1.3649 and a high of 1.3839. EUR/USD has started correcting upwards after being oversold according to the RSI indicator. Continuance of the correction back up to 38.2% Fibonacci retracement at 1.3965 is possible. Today, French Industrial Production is expected with 0.6% versus 1.1% prior.

EUR/USD - Last:  1.3790

Resistance    1.3855    1.391    1.3945
Support    1.374    1.3695    1.367

USDEUR""


British Pound (GBP)
&ndash

Add comment



Currency converter
Amount:
From:
To:


Polls

Which is the Best Forex Broker you have traded with?

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.

Broker of the Month

5_small_logoUFXBank 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.