• Trade Now

UFXBank Daily Review - April 8, 2010

Written by ForexCult Team
Rate this item
(0 votes)

Daily Review 08/04/2010  

USD Dollar (USD) – The Dollar strengthened against most majors as stocks weakened and commodities fell after Federal Reserve Bernanke said the U.S. economy still faces significant headwinds, including a housing sector that has yet to recover convincingly and an ailing employment market, led the investors to sell higher risky assets. NASDAQ and Dow Jones weakened by 0.23% and 0.66% respectively, crude oil fell by 1.1% closing at 85.88$ a barrel, Gold(XAU) rose  by 1.5% closing at 1153$ an ounce. Today, Unemployment Claims are expected to decrease from 439K to 434K, FOMC Member Kohn Speaks.
EURO (EUR) – The Euro fell against the dollar for a fourth day in the longest stretch of declines since February amid speculation Greece may default, even as leaders tried to dispel fears the nation is unhappy with a bailout plan. The EUR/USD has been trading downwards in the last few days, the support levels is 1.3270, as long it's trading below 1.35 a short position is preferred. Overall, EUR/USD traded with a low of 1.3326 and with a high of 1.3402.Today, Interest Rate Decision is expected to remain at 0.5%, ECB Press Conference.
EUR/USD – Last: 1.3338

Resistance    1.3405    1.3538    1.3590
Support    1.3324        


British Pound (GBP) –

Add comment

Currency converter


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.