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UFXBank Daily Review - January 20, 2010

Written by ForexCult Team
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Daily Review 20/01/2010

USD Dollar (USD) – The Dollar gained versus most majors after TIC Long Term Purchases came out much stronger with 126.8B versus 30.3B forecast. NASDAQ and Dow Jones rose by 1.42% and 1.09% respectively and they are slightly below their 52 week high. Crude Oil rose by 1.22% closing at 78.95$ a barrel and Gold (XAU) rose by 0.85% closing at 1139.70$ an ounce. Today, Building Permits are expected unchanged with 0.59M and PPI is expected lower with 0.1% versus 1.8% prior.
EURO (EUR) –The Euro fell versus the Dollar and the reached a 4 month low versus the Pound after German Zew Economic Sentiment came out weaker than expected. Weaker consumer sentiment and more Greek Debt issues continue to worry investors and drag the Euro lower. Overall, EUR/USD traded with a low of 1.4252 and a high of 1.4413. EUR/USD is still trading above the 200 moving day average that acts as support and near monthly lows near 1.42 a break below these levels will push it toward the 1.40 level. Today, German PPI is expected with 0.2% versus 0.1% prior.

Last:  1.4220

Resistance    1.4335    1.4375    1.4415
Support    1.4175    1.4130    


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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.

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Because of our high presence on the web, most of our business comes from the online world.

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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..

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My advice to the beginning trader entering the Forex world is as follows:
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