.
NEW YORK
16:50
LONDON
21:50
PARIS
22:50
FRANKFURT
22:50
HONG KONG
03:50
TOKYO
05:50
SYDNEY
06:50
  • Trade Now
Forex Daily News | Forex Articles | Forex Information
Wednesday, 15 September 2010 09:48

Forex Daily News: Japanese Try to Rein in Yen

USD Dollar (USD) – The dollar slumped across the board in Forex Trading, as risk appetite and positive macro data led the market by fueling some optimism. Core Retail Sales came out at 0.6%, better than the expected 0.3% and Retail Sales came out at 0.4%, better than the expected 0.3%. The Stock Markets in the U.S. closed almost unchanged with the Dow Jones losing -017% and NASDAQ adding 0.18%, this occurring despite the surge in currencies markets. Crude Oil jumped to $78, but failed to hold there and fell by -0.5%, closing at $76.80 a barrel. Gold (XAU) traded on a new historical high, reaching the $1275 area, but closed at $1268 an ounce. Today, the NY Empire State Manufacturing Index is expected at 5 vs. 7.1 previously. The Import Price Index is expected unchanged at 0.2%, and the Industrial Production report is expected at 0.3% vs. 1% previously.

EURO (EUR) – The euro soared versus the dollar, reaching a 5 week high despite the negative macro data. The German ZEW Economic Sentiment came out at -4.3, worse than the expected 11.3, and Industrial Production came out at 0%, worse than an expected 0.2%. Holding above the support level of 1.2940 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.2828 and with a high of 1.3032. Today, the CPI is expected unchanged at 1.6% and the Core CPI is expected at 0.9% vs. 1% previously.

EUR/USD – Last: 1.2969

Resistance

1.3025

Support

1.2950

1.29

1.2830

 

British Pound (GBP) – The Pound has gained versus the dollar as it finally breached the 1.5485 resistance level it was capped by. The CPI came out at 3.1%, better than an expected 2.9%, and the Core CPI came out at 2.8%, better than an expected 2.6%. Holding above the support level of 1.5430, keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5347 and with a high of 1.5585. Today, the Claimant Count Change is expected at -5.1K vs. -3.8k previously. Also, BoE Gov Mervyn King will be speaking later today.

GBP/USD - Last: 1.5487

Resistance

1.5530

1.5580

 

Support

1.5475

1.5430

 

 

Japanese Yen (JPY) – The Yen gained against the dollar as the pair broke the 83.30 support level and reached a fresh 15 year low on speculation that the FED will keep buying treasury securities to sustain economic growth. Later on, however, announcements that the Japanese government would intervene on behalf of the Yen, turned the market momentum, and fueled pairs trading against the Yen by almost 200 pips. Holding above the support level of 83.80 turns the momentum to positive for the pair, as oversold conditions are seen here. Overall, USD/JPY traded with a low of 82.86 and with a high of 84.57. Today, the Tertiary Industry Index is expected at 0.7% vs. -0.1% previously.

USD/JPY-Last: 84.99

Resistance

85.30

Support

84.40

84.00

83.60

 

Canadian dollar (CAD) – Canada's dollar gained versus the U.S. dollar reaching the 1.02 area on speculations that BoC will continue to raise interest rates, but failed to sustain gains and jumped up to 1.03 areas. The Labor Productivity came out at -0.8%, worse than the expected -0.5%. Holding below the 1.0340 resistance area keeps the momentum negative for the pair. Overall, USD/CAD traded with a low of 1.0214 and with a high of 1.0304. Today, Manufacturing Sales are expected unchanged at 0.1%.

USD/CAD - Last: 1.0314

Resistance

1.0340

1.0400

Support

1.0220

 

 

Published in Forex Articles
1
2
3
4
Next
End
Page 4 of 4

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.