• Trade Now

UFXBank Forex Outlook: USD Holding its Position

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

USD Dollar (USD) – The Dollar strengthened slightly against most of the major currencies in Forex trading. Industrial production came out as expected with no change at -0.2%. The TIC Net long-Term Transactions greatly exceeded expectations; 128.70B vs. the forecast of 47.5B. Adding to the positive tone, the NAHB Housing market was also up by 16.00 vs. an expected 13.00. The NASDAQ and Dow Jones advanced by 0.73% and 0.48%, respectively. Crude oil was up by 2.3% to close at $83 a barrel, while Gold (XAU) increased by 10 cents, closing at $1372 an ounce. Today, Building permits are expected at 0.58M vs. 0.57M prior, Housing Starts are expected at 0.59M vs 0.60M prior, and Fed Chairman Bernanke is scheduled to speak later on.

Euro (EUR) – The Euro weakened considerably against the Dollar to fall below 1.4000 after testing it numerous times. The EUR/USD seems to be in a range between 1.3925 and 1.400. Above 1.4000, we can expect positive momentum. Overall, EUR/USD traded with a low of 1.3830 and with a high of 1.3999. Today, the German Zew Economic sentiment report is expected at -7.00 vs. a prior -3.30. The Zew Economic sentiment scheduled to be released and is expected at -2.00 vs. 4.40 prior.  The ECB president is also set to speak.

EUR/USD – Last: 1.3937







British Pound (GBP) – The Pound dropped against the Dollar, falling below the 1.5900 level after the pair tried to break 1.5950, which seems to be its resistance. The momentum is slightly bullish as long as the GBP/USD is higher than 1.5750. Overall, GBP/USD traded at a low of 1.5834 and a high of 1.5993. Today, CBI Industrial Trends Orders are to be announced and are expected at -19 vs. -17.00 previously, and the BOE governor is to speak later on.

GBP/USD - Last: 1.5881





Japanese Yen (JPY) –The Yen entered a tight range with the Dollar, between 81.12 and 81.34 and the momentum will be governed by a breakout from this range. Below 81.12, the momentum can be expected to remain negative, and above 81.34 the momentum may be expected to be positive. Overall the USD/JPY traded at a high of 81.39 and a low of 81.12.

USD/JPY-Last: 81.35







Canadian dollar (CAD) – The Canadian Dollar weakened against the dollar to reach highs of 1.0168 and corrected slightly, to levels of 1.01502. The USD/CAD pair seems to be on a bullish trend as long as the pair remains above parity. Overall, USD/CAD traded with a low of 1.0133 and with a high of 1.0229.Today, although the Interest rate decision didn’t change at 1.00%, ESIST traders wait eagerly to take advantage of the announcement.

USD/CAD - Last: 1.0185










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.