.
NEW YORK
15:09
LONDON
20:09
PARIS
21:09
FRANKFURT
21:09
HONG KONG
02:09
TOKYO
04:09
SYDNEY
05:09
  • Trade Now

UFXBank Daily Review - February 2, 2010

Written by ForexCult Team
Rate this item
(0 votes)

Daily Review 2/2/2010

USD Dollar (USD) – The Dollar was mixed versus the majors after better than expected Manufacturing PMI and gains in equity markets led investors to bet on global economic recovery. ISM Manufacturing PMI came out stronger with 58.4 versus 55.5 expected. NASDAQ and Dow Jones gained by 1.11% and 1.17% respectively as a lift in energy stocks led by strong earnings from Exxon Mobil contributed to a broad incline. Crude Oil gained by 2.79% closing at 74.92$ a barrel on weaker Dollar and assaults on Nigerian oil facilities. Gold (XAU) gained by 2.22% closing at 1,107$ an ounce. Today, Pending Home Sales are expected with 0.4% versus -16% prior. 
 
EURO (EUR) –The Euro advanced versus the Dollar after 4 consecutive days of declines as demand for risk increased on bets global economic recovery will continue. Final Manufacturing PMI came out slightly better with 52.4 versus 52 forecast. Overall, EUR/USD traded with a low of 1.3852 and a high of 1.3938. EUR/USD oversold RSI conditions and support from the 200 weekly moving averages supported the pair and sent it upwards. EUR/USD is facing many resistance levels above and if unable to cross above them will return to its downtrend. Today, German Retail Sales are expected higher with 0.9% versus -1.7% prior.

EUR/USD - Last:  1.3930

Resistance    1.3945    1.399    1.4025
Support    1.385    1.3815    1.375

EURUSD""



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.