.
NEW YORK
14:04		 LONDON
19:04		 PARIS
20:04		 FRANKFURT
20:04		 HONG KONG
01:04		 TOKYO
03:04		 SYDNEY
04:04
  • Trade Now
Monday, 01 November 2010 07:15

UFXBank Forex Outlook: Euro Trying to Break Above 1.40 Level

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

USD Dollar (USD) – The Dollar traded mixed with the majors currencies today. The GDP came out as expected at 2.00% and the Chicago PMI came out at 60.60, better than the expected 57.50. The Stock Markets in the U.S. closed mixed with the Dow Jones rising 0.04% and the NASDAQ unchanged. Crude Oil fell against the dollar and closed below $82 a barrel. Gold (XAU) advanced by $19.87 and closed at $1362 an ounce as investors chose to turn back to a safe haven, gold. Today, the price index is expected unchanged at 0.10% and the ISM Manufacturing Index is expected at 53.60 vs. 54.40 previously.

Euro (EUR) – The dollar fell for a third day against the euro in Forex trading on speculation that the Federal Reserve will take more credit-easing measures amid signs of a stagnant recovery in the world’s largest economy. The Dollar did, however, strengthen to 1.3900 with the opening of the Asian market at 08:03 Tokyo time. Holding above the support level of 1.3930 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3957 and with a high of 1.3983. Today, no economic data is expected.

EUR/USD – Last: 1.3993

Resistance

1.4036

1.4077

Support

1.3934

1.3798

British Pound (GBP) – The Pound closed at almost the same rate as it had opened (last Friday). However, during the night it fell below the support level of 1.6000 and returned to trade around 1.6050 levels. Holding the rate above 1.6050 will keep the momentum bullish for the pound. The net lending to individuals came out 0.40B, worse than the expected 0.90B. Overall, GBP/USD traded with a low of 1.6022 and with a high of 1.6060. Today, the Manufacturing PMI is expected at 53.00 vs. 53.40 previously.

GBP/USD - Last: 1.6055

Resistance

1.6070

Support

1.5996

1.5750

1.5660

Japanese Yen (JPY) – The Japanese Yen weakened versus the Dollar with the opening of the market in Asia, earlier today. The Yen declined 0.8 percent reaching 81.40 per Dollar. Trading above 80.50 will keep the momentum bullish for the Dollar. Overall, USD/JPY traded with a low of 80.23 and with a high of 81.43. No economic data is expected today.

USD/JPY-Last: 80.52 

Resistance

80.86

81.08

81.44

Support

80.23

Canadian dollar (CAD) Canada’s dollar gained for a second consecutive month after the   Federal Reserve said that it  will spur global growth. The GDP came out at 0.30%, as expected.  Overall, USD/CAD traded with a low of 1.0180 and with a high of 1.0197. Today, no economic data is expected.

USD/CAD - Last: 1.0166

Resistance

1.0204

1.0243

1.0299

Support

1.0156

 

Last modified on Tuesday, 30 November 1999 01:00
Read 35 times
Published in UFX Bank Daily Review
Tagged under
Social sharing
  • Add to Delicious
  • Digg this
  • Add to Reddit
  • Add to StumbleUpon
  • Add to Facebook
  • Add to MySpace
  • Add to Technorati
UFXBank Research Team

UFXBank Research Team

Latest from UFXBank Research Team

Related items (by tag)

More in this category: « UFXBank Daily Review - April 19, 2010

Add comment


back to top
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.


↓