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UFXBank Daily Review - March 5, 2010

Written by ForexCult Team
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Daily Review 5/3/2010

USD Dollar (USD) – The Dollar gained versus most majors after better than expected Unemployment Claims were released and investor's expectations toward the NFP figures today rose. Unemployment Claims came out with 469K versus 472K expected. Pending Home Sales plunged by -7.6% versus 1.4% expected. NASDAQ and Dow Jones gained by 0.51% and 0.45% respectively. Crude Oil weakened by -0.82% closing at 80.21$ a barrel. Gold (XAU) weakened by -0.89% closing at 1,133.1$ an ounce. Today, Non Farm Payrolls are expected to show a decrease of -40K versus -20K prior. Unemployment Rate is expected worse with 9.8% versus 9.7% prior.

EURO (EUR) –The Euro fell versus the Dollar and 11 more majors after ECB President Trichet expressed his opposition to the IMF's Aid to Greece. ECB kept the Interest Rate unchanged at 1% as expected. Overall, EUR/USD traded with a low of 1.3551 and a high of 1.3712. EUR/USD was unable to make new highs and fell back downwards. The pair is trading in a daily channel between 1.3780 and 1.3450. Today, German Factory Orders are expected better with 1.6% versus -2.3% prior.
EUR/USD - Last:  1.3595

Resistance    1.3655    1.3695    1.374
Support    1.355    1.35    1.345


British Pound (GBP) &ndash

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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.

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.
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