.
NEW YORK
18:46
LONDON
23:46
PARIS
00:46
FRANKFURT
00:46
HONG KONG
05:46
TOKYO
07:46
SYDNEY
08:46
  • Trade Now

Forex Daily News: August 12, 2010 - USD Continues Rebound

Written by UFXBank Research Team
Rate this item
(0 votes)
 
USD Dollar (USD) – The dollar made a big rally versus the majors in Forex Trading, as a slowdown of the global economic recovery pushed the investors to stay on the safe side, favoring the greenback against other currencies. The Trade Balance came out -49.9B worse than the expected -42.5B. The Federal Budget Balance came out -165B better than the expected -167.6B. The Stock Markets in the U.S tumbled with the Dow Jones losing -2.49% and the NASDAQ fell by -3.01%. Crude Oil fell by -3.5% closing at 77.3$ a barrel. Gold (XAU) is still fluctuating near the $1200 zone closing at $1198 an ounce. Today, the Initial Jobless Claims are expected at 465K vs. 479K previously. The Import Price Index is expected 0.4% vs. -1.3% previously.

EURO (EUR) – The Euro dropped heavily versus the dollar, as concerns about another slowdown in the European economy and rumors that ECB had to buy Irish debt papers fuelled the selling of the European currency. Breaking the support level of 1.2820 will extend the negative momentum for the pair. Overall, EUR/USD traded with a low of 1.2829 and with a high of 1.3185. Today, the ECB Monthly Report will come out and later the Industrial Production is expected at 0.7% vs. 1% previously. EUR/USD – Last: 1.2882       


British Pound (GBP) – The Pound slumped against the dollar as risk aversion for investors was the main trend in the market. The Claimant Count Change came out -3.8k worse than expected -17.4k. Breaking the support level of 1.5620 will extend the negative momentum for the pair. Overall, GBP/USD traded with a low of 1.5612 and with a high of 1.5861. No economic data is expected today. GBP/USD - Last: 1.5677


Japanese Yen (JPY) – The Yen gained across the board as concern the global economic recovery is moving a pace down spurred demand for the safest assets favoring the Japanese currency. The pair fell to fresh low level of 84.71 and since fluctuating near the 85 zone. Holding below the resistance level of 85.40 keeps the momentum negative for the pair. Overall, USD/JPY traded with a low of 84.71 and with a high of 85.45. No major economic data is expected today. USD/JPY-Last: 85.12


Canadian dollar (CAD) – Canada’s dollar dropped to the lowest level against the dollar in almost 3 weeks, as commodities and stocks tumbled on concerns that the recovery in the U.S. will be slower. The Trade Balance came out -1.1B worse than the expected 0.4B. Holding above the support level of 1.04 keeps the momentum positive for the pair. Overall, USD/CAD traded with a low of 1.0302 and with a high of 1.0487. No economic data is expected today. USD/CAD - Last: 1.0463

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.