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UFXBank Daily Review - April 12, 2010

Written by ForexCult Team
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Daily Review 12/4/2010

USD Dollar (USD) –
The Dollar weakened versus most majors on Friday after Greece's bailout speculations led investors to be more optimistic and invest in higher yielding assets. NASDAQ gained by 0.71% and Dow Jones gained by 0.64% just 3 points shy of the 11K mark after choppy trading. Crude Oil weakened by -0.5% closing at 84.92$ a barrel. Gold (XAU) gained by 0.8% closing at 1,161.1$ an ounce. Today, Federal Budget Balance is expected with -155B versus -220.9B prior.

EURO (EUR) –The Euro gained on Friday on speculation about a new bailout plan for Greece which was later announced on Sunday. European governments offer Greece 30 billion Euros in loans this year to ease debt crisis, along with 15 billion more which are offered by the IMF. The plan announcement caused the Euro to gap up versus the Dollar on beginning of trading on Sunday night. Overall, EUR/USD traded on Friday with a low of 1.3341 and a high of 1.3498. EUR/USD gapped up above the 50 day moving average which is located at 1.36 and is facing a major resistance at 1.3820. No major economic data expected today.
EUR/USD - Last:  1.3665

Resistance    1.3695    1.3780    1.3817
Support    1.3590    1.3570    1.3505


British Pound (GBP) –

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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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