• Trade Now

Forex Daily News: August 24, 2010 - USD Up on Risk Concerns

Written by UFXBank Research Team
Rate this item
(0 votes)

USD Dollar (USD) – The Dollar gained against most of its majors in Forex Trading as risk aversion continued amid fears that the rate of global economic growth is slowing down. The NASDAQ and Dow Jones weakened by 0.92% and 0.38%, respectively. Crude oil weakened by 1.0% to close at $73.10 a barrel, and Gold (XAU) declined by 0.05%, closing at 1$228.50 an ounce. Today, Existing Home Sales are expected to weaken from 5.37M to 4.68M.

EURO (EUR) – The Euro reached the lowest level versus the Dollar in almost six weeks after data showed services and manufacturing growth slowed in the 16 nation Euro area. German Manufacturing PMI came out at 58.2 vs. the 60.9 forecast, and European Manufacturing PMI came out at 55.0 vs. an expected 56.3. The pair has been trading downwards since August and continues to trade under the 10 moving average on the daily chart, therefore the momentum is still bearish and a short position is preferred. Overall, EUR/USD traded with a low of 1.2647 and with a high of 1.2729. Today, Industrial New Orders are expected at 1.6% vs. 3.8% prior.

EUR/USD – Last: 1.2636







British Pound (GBP) – The Pound was near the lowest level against the dollar in almost four weeks as a quarterly gauge of business confidence weakened, further stoking fears that the economic recovery may be slowing. The GBP/USD continues with its stable trend. The next support on the daily chart is at 1.5480 and if the price breaks this level, a short position is preferred. Overall, GBP/USD traded with a low of 1.5499 and with a high of 1.5619. Today, BBA Mortgage Approvals are expected at 35.3K vs. 34.8K prior.

GBP/USD - Last: 1.5447







Japanese Yen (JPY) –The Yen rose against all majors as signs the global economy is slowing boosted demand for the currency as a refuge. As long the USD\JPY is trading below the 86.00 level, a short position is preferred and the momentum is clearly bearish. The next support on the daily chart is located at 84.60. Overall, USD/JPY traded with a low of 85.09 and with a high of 85.64. No economic data is expected today.

USD/JPY-Last: 85.06







Canadian dollar (CAD) – The Canadian Dollar touched the weakest level in a month as crude oil declined and traders reprised their expectations for a Bank of Canada interest rate increase, in light of economic data that suggests a slowing recovery. As long as the USD/CAD is above 1.0450 levels, a long position is preferred. The next resistance on the one hour chart is located at 1.0535 and if the price crosses, this level the trend will continue to be bullish. Overall, USD/CAD traded with a low of 1.0444 and with a high of 1.0530. Today, Core Retail Sales are expected to weaken from 3.8% to 1.6%.

USD/CAD - Last: 1.0550







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.