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UFXBank Daily Review - March 11, 2010

Written by ForexCult Team
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Daily Review 11/03/2010 

USD Dollar (USD) – The Dollar fell against most majors as crude oil touched a two-month high, boosting the currencies of commodity producers. NASDAQ and Dow Jones advanced  by 0.78% and 0.03% respectively, Crude oil increased by 0.65% closing at 82.02$ a barrel, Gold(XAU) fell by 1.7% closing at 1122.3$ an ounce, as uncertainty in the European markets lowered. Today, Trade Balance is expected at -40.9B vs. -40.2B prior, Initial Jobless Claims is expected to decline from 469K to 456K.
EURO (EUR) – The Euro gained against the Dollar and touched the strongest level versus the Yen in 2 weeks, after Portugal’s cost of borrowing declined in a sign that investors are less worried that Greece’s debt crisis will spread. EUR/USD main trend continues to be downwards till it breaks above 1.3750 the momentum is bearish. Overall, EUR/USD traded with a low of 1.3544 and with a high of 1.3679.Today, ECB Monthly Report will be released.
EUR/USD – Last: 1.3636

Resistance    1.3665    1.3690    1.3705
Support    1.3622    1.36    1.3535


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.
  • Invest smartly and calculate your risks.
  • Always know when to get out of a trade.

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