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Forex Daily News | Forex Articles | Forex Information

USD Dollar (USD) – The dollar gained across the board in Forex trading after investors sought safety on the USD as risk aversion is back to the markets. The PPI came out 0.4% worse than the expected 0.8%. The TIC Net Long-Term Transactions came out at 81B worse than the expected 100.3B. Industrial Production came out at 0%, worse than the expected 0.3%. The Stock Markets in U.S. closed negative as the Dow Jones weakened by -1.59% and the NASDAQ fell by -1.75%. Crude Oil plummeted by -3% closing at $82.40 a barrel. Gold (XAU) dropped -2.2% and closed at $1339 an ounce. Today, Building Permits are expected at 0.57M vs. 0.55M previously. The Housing Starts are expected at 0.6M vs. 0.61M previously. The CPI is expected at 0.3% vs. 0.1% previously.

Euro (EUR) – The Euro showed another day of weakness against the dollar and touched a 7 week low on concerns over Ireland’s debt and Greece’s economic stability. The German ZEW Economic Sentiment came out 1.8 better than the expected -6. The CPI came out unchanged at 1.9%, as expected. Holding below the 1.3560 resistance area keeps the momentum negative for the pair. Overall, EUR/USD traded with a low of 1.3447 and with a high of 1.3654. No economic data is expected today.

EUR/USD – Last:   1.3502

Resistance

1.3560

1.3640

1.3680

Support

1.3450


British Pound (GBP) – The Pound fell against the dollar and was affected by concerns that Europe’s debt crisis will hurt demand for riskier assets. The CPI came out at 3.2%, better than the expected 3.1%. The Sterling has broken the critical support level of 1.5950 and it might cause the pair to begin a strong bearish trend as long as it is holding below that level. Overall, GBP/USD traded with a low of 1.5838 and with a high of 1.6086. Today, the Claimant Count Change is expected at 6k vs. 5.3k previously. MPC Meeting Minutes are also expected.

GBP/USD - Last:  1.5878

Resistance

1.5900

1.5980

1.6030

Support

1.5840



Japanese Yen (JPY) – The Dollar completed another positive day versus the Yen and touched 1 month high levels. Holding above the 82.70 support zone keeps the momentum positive for the pair. Overall, USD/JPY traded with a low of 82.84 and with a high of 83.58. No economic data is expected today.

USD/JPY-Last: 83.40

Resistance

83.50

Support

83.25

82.70

82.00

Canadian dollar (CAD) – The U.S. dollar jumped against Canada's dollar to a 2 week high as stock markets and commodities tumbled on slowing recovery concerns. This decreased demand for currencies linked to commodities and economic growth. Manufacturing Sales came out -0.6% better than the expected -0.7%. Holding above the 1.0180 support zone keeps the momentum positive for the pair. Overall, USD/CAD traded with a low of 1.0068 and with a high of 1.0252. No economic data is expected today.

USD/CAD - Last: 1.0218

Resistance

1.0250


Support

1.0200

1.0140

1.0030

 

Published in Forex Articles

USD Dollar (USD) – The dollar gained against most of the major currencies in Forex trading after Retail Sales data came out at 1.2%, better than the expected 0.7%. This in addition to signs of recovery in the U.S. markets might help the FED to cut part of the QE2 program. The Stock Markets in U.S. closed mixed with no significant change as the Dow Jones advanced by 0.08% and the NASDAQ fell by -0.17%. Crude Oil struggled with the 85 level and closed around $84.50 a barrel. Gold (XAU) decreased after a failed attempt to jump above the $1370 zone, eventually closing at $1360 an ounce. Today, the PPI is expected at 0.8% vs. 0.4% previously. The TIC Net Long-Term Transactions are expected at 100.3B vs. 128.7B. Industrial Production is expected at 0.3% vs. -0.2% previously.

Euro (EUR) – The Euro showed another day of weakness against the dollar and hit a fresh 6-week low as stocks in the US trimmed gains and debt concerns pushed the investors to prefer the safe currency. Holding above the 1.3560 support area and oversold conditions might start a recovery in the pair and push it back upwards to 1.37 zones. Overall, EUR/USD traded with a low of 1.3560 and with a high of 1.3750. Today, the German ZEW Economic Sentiment is expected at -6 vs. -7.2 previously. The CPI is expected unchanged at 1.9%.

EUR/USD – Last:   1.3617

Resistance

1.3640

1.3680

1.3765

Support

1.3560


British Pound (GBP) – The Pound fell against the dollar but still holds above the 1.6 zone as it remains trading in the previous day’s range and shows more stability than the European currency. The only action that might cause a bearish trend in the pair, would be breaking the 1.5950 support level, otherwise it will remain in the known range. Overall, GBP/USD traded with a low of 1.6040 and with a high of 1.6153. Today, the CPI is expected unchanged at 3.1% and the Core CPI is expected at 2.6% vs. 2.7% previously.

GBP/USD - Last:  1.6063

Resistance

1.6130

1.6180


Support

1.6030

1.5970


Japanese Yen (JPY) – The Dollar completed another positive day versus the Yen reaching 6 week high on signs that the economic recovery is gathering pace. The Tertiary Industry Index came out at -0.9%, worse than the expected -0.5%. Holding above the 82.70 support zone keeps the momentum positive for the pair. Overall, USD/JPY traded with a low of 82.29 and with a high of 83.24. No economic data is expected today.

USD/JPY-Last: 82.99

Resistance

83.25

Support

82.70

82

81.55

Canadian dollar (CAD) – The USD/CAD pair closed the day with no major change and fluctuating 40 pips around the 1.01 zone. The USD/CAD is very choppy on the daily chart, but the trend still seems to be positive for the pair as long as it trades above parity. Overall, USD/CAD traded with a low of 1.0055 and with a high of 1.0137. Manufacturing Sales are expected at -0.7% vs. 2% previously.

USD/CAD - Last: 1.0080

Resistance

1.0140

1.0180

Support

1.0030

0.9980


 

Published in Forex Articles

USD Dollar (USD) – Friday saw the Dollar slightly weaken against most of the majors to bring an abrupt halt to the entire week’s gains in Forex trading. The consumer sentiment data came out better than expected at 69.3 vs. an estimated 69.00. The G20 meetings created discord within the markets as the rift between United States and China regarding currency rates seemed to widen, no solid agreement was reached through the summit and traders were left with “indicative guidelines" to be discussed in the new year. The NASDAQ and the Dow Jones declined   by -1.46% and -0.80%, respectively. Friday saw commodities plummet, as Oil and gold each fell by nearly 3% while copper, wheat, silver and sugar fell even farther. Crude lost -2.9% closing at $84.88 a barrel, while Gold (XAU) lost -2.7%, closing at $1365.50 an ounce. Today retail sales data will be released and is expected at 0.7 vs. 0.6 previously. NY Empire State Manufacturing Index is also to be released and is expected at 11.70 vs. 15.70 prior.

Euro (EUR) – Friday saw the Euro rebound from a six week low (of 1.3573) against the dollar after finance ministers in the euro zone issued a joint statement regarding the EU’s debt situation. German Prelim GDP came out at 0.7% vs. 0.8% and did not affect the market. Although the pair is still below the moving average the trend seems slightly bullish. Overall, EUR/USD traded with a low of 1.3681 and with a high of 1.3711. No major economic data is expected today.

EUR/USD – Last: 1.3672

Resistance

1.3750

1.3777

Support

1.3660

1.3600

British Pound (GBP) – Although the Pound dropped on Friday, slightly below 1.6000 levels against the dollar, the day ended with little change and the Pound strengthening slightly against the dollar. Europe’s poor Fiscal strength also influenced the GBP, as investors’ fears of the region’s exposure to Irish debt, caused them to flee to safer currencies. The GBP/USD is still extremely oversold and confirms a slightly bearish trend. The pair has a strong daily resistance at the 1.6170 levels which will be tough to break. Overall, GBP/USD traded with a low of 1.6115 and with a high of 1.6152. Today, no major economic data is expected.

GBP/USD - Last:  1.6105

Resistance

1.6089

1.6030

1.6000

Support

1.6120

1.6155

1.6183

Japanese Yen (JPY) – Friday saw the yen continue to gain against the dollar and little change was seen last night as investors adopted a cautious stance after uncertainty from the G20 summit. During last night’s session prelim GDP q/q came out better than expected at 0.9% vs. 0.6%, but despite this, the pair remained unchanged.  The pair formed a tight triangle toward the end of the week on the daily chart and remained well above the moving average. Overall, USD/JPY traded with a low of 82.35 and with a high of 82.53. No economic data is expected today.

USD/JPY-Last: 82.73

Resistance

82.79

Support

82.40

82.30

81.98

Canadian dollar (CAD) – The Canadian Dollar weakened significantly against the US dollar as crude prices decreased by almost 3%. Chinas claim to increase borrowing costs, and the speculations of Irish debt reduced demand for assets related to economic growth and added to the negative momentum. The strengthened commodities support a strong Canadian dollar. The USD/CAD is very choppy on the daily chart, but the trend still seems to be positive for the pair as long as it trades above parity. Overall, USD/CAD traded with a low of 1.0099 and with a high of 1.0128. No economic data is expected today.

 

USD/CAD - Last: 1.01176

Resistance

1.0125

1.0140

Support

1.0085

1.0070

1.0027

 

 

 

Published in Forex Articles

USD Dollar (USD) – The Dollar gained versus the major currencies on a choppy and volatile session as Banks were closed in observance of holiday and illiquidity characterized the markets. The Stock Markets in U.S closed negative with Dow Jones lose -0.65% and the NASDAQ falling by -0.90%. Crude Oil touched its highest level at 88.59 but reversed at the Asian session and back to trade near the 86.5$ a barrel. Gold (XAU) also reversed and fell below the 1400 approaching to test the 1380$ an ounce. Today, The Michigan Consumer Sentiment Index is expected at 69 vs. 67.7 previously.

Euro (EUR) – The Euro was crushed for another day of Forex trading versus the dollar approaching the 1.36 area continuing its sixth day of decline on concern that some European countries will have difficulty paying their debt hence investors demand more safety currency. Trading below the 1.38 resistance level holds the pair under pressure for farther decline. Overall, EUR/USD traded with a low of 1.3601 and with a high of 1.3820. Today, The German GDP is expected at 0.8% vs. 2.2% previously. The GDP is expected at 0.5% vs. 1% previously. The Industrial Production is expected at 0.5% vs. 1.1% previously.

EUR/USD – Last:  1.3613

Resistance

1.3670

1.3735

1.3830

Support

1.3600


British Pound (GBP) – The Pound traded almost unchanged versus the dollar in a tight range still holding firmly although dollar gained against most of the currencies. The Nationwide Consumer Confidence came out 52 worse than expected 55. Breaking the 1.61 support area might push the pair lower to 1.6 zones. Overall, GBP/USD traded with a low of 1.6079 and with a high of 1.6177. No major economic data is expected today.

GBP/USD - Last: 1.6085

Resistance

1.6180

1.6260


Support

1.6020

1.5965


Japanese Yen (JPY) – The Dollar traded in a tight range against the Yen still holding firmly above the 82 levels. Breaching the 82.8 resistance level might push the pair to higher levels. Overall, USD/JPY traded with a low of 82.03 and with a high of 82.59. No economic data is expected today.

USD/JPY-Last: 82.35

Resistance

82.80

Support

82.00

81.55

81.0

Canadian dollar (CAD) – The U.S. Dollar gained against Canada's dollar as risk aversion ruled the markets today on a choppy and volatile session as Banks were closed in observance of holiday and illiquidity characterized the markets. The momentum remains positive for the pair as long as it trades above the parity. Overall, USD/CAD traded with a low of 0.9976 and with a high of 1.0077. No economic data is expected today.

USD/CAD - Last: 1.0080

Resistance

1.0095

1.0155


Support

1.0045

0.9980


 

Published in Forex Articles

Contributed By: DailyFx

 EURUSD_Wednesdays_break_back_below_1.3695_is_significant

EUR/USD: Wednesday’s break back below 1.3695 is significant, with the market potentially looking to roll over in favor of deeper setbacks. However, as we mentioned in our commentary from the previous day, a close below 1.3695 would ultimately be needed to force a shift in the structure. Until then, the focus remains on the topside. Key levels to watch over the coming session come in by 1.3890 and 1.3670.

Published in Forex News

Contributed By: DailyFx

 GBPUSD_scope_for_additional_weakness_towards_the_50-Day_SMA

GBP/USD:At this point, the latest pullback from 1.6300 can only be classed as corrective, with the market seeking out a fresh higher low ahead of the next upside extension beyond 1.6300. There is however scope for additional weakness towards the 50-Day SMA at 1.5775 before bulls look to formally reassert. We will use the 50-Day SMA as our gauge for trend for now, and while the market holds above, the broader outlook is still constructive. A close below the 50-Day SMA will shift bias.

Published in Forex News
Thursday, 11 November 2010 09:24

UFXBank Forex Outlook: EURUSD Touches 5-Week Low

USD Dollar (USD) – The Dollar traded mixed versus the major currencies after positive macro data showed that the Trade Balance came out -44B better than the expected -45B, and the Unemployment Claims came out 435k better than the expected 450k. The Federal Budget Balance came out -140.4B better than the expected -152B. The Stock Markets in the U.S closed positive with the Dow Jones adding 0.09% and the NASDAQ rising by 0.62%. Crude Oil jumped by 1.3% and closed near $88 a barrel. Gold (XAU) erased yesterday’s losses and moved back to trade above $1400 an ounce. Today, US banks will be closed in observance of Veterans Day.

Euro (EUR) – The Euro touched fresh 5 week lows against the dollar after it broke the 1.37 area but quickly recovered and back to trade around the 1.38 zone. By the end of the day, there was almost no change seen in the pair. Trading above the 1.38 support area, might push the pair back to 1.4 zones. Overall, EUR/USD traded with a low of 1.3670 and with a high of 1.3824. Today, the ECB Monthly Report will come out.

EUR/USD – Last:  1.3795

Resistance

1.3830

1.3980

1.4100

Support

1.3735

1.3670

British Pound (GBP) – The Pound showed stability and gained versus the dollar after the BOE Inflation Report, signaling that the recovery is on track in the region. Trading above the 1.61 support area might push the pair back to 1.63 zones. Overall, GBP/USD traded with a low of 1.5959 and with a high of 1.6169. No economic data is expected today.

GBP/USD - Last: 1.6147

Resistance

1.6180

1.6260

1.6300

Support

1.6100

1.6020

1.5965

Japanese Yen (JPY) – The Dollar gained versus the Yen for a second day in Forex trading, as higher U.S. bond yields favored the selling of the Japanese currency. The Core Machinery Orders came out at -10.3%, worse than the expected -9.5%. Holding above the 82 support level keeps the momentum positive for the pair. Overall, USD/JPY traded with a low of 81.53 and with a high of 82.79. No economic data is expected today.

USD/JPY-Last: 82.16

Resistance

82.80

Support

82.00

81.55

81.0

Canadian dollar (CAD) – Canada's dollar gained versus the U.S. dollar on a rally in crude oil, the nation’s biggest export. The Trade Balance came out at -2.5B, worse than the expected -1.5B. Holding above the 0.9980 support level might cause a rebound once again in the pair. Overall, USD/CAD traded with a low of 0.9991 and with a high of 1.0090. Today, Canadian banks will be closed in observance of Remembrance Day;

USD/CAD - Last: 0.9997

Resistance

1.0045

1.0095

1.0155

Support

0.9980



 

Published in Forex Articles

Contributed By: DailyFx

 Europe Session Key Developments

* Banks and Automobiles Led the Europe Stoxx 600 Lower
* German DAX Retreats from 2 Year High


European Stocks Closed Lower Amid Renewed Debt Concerns

European markets closed in negative territory at the end of the trading session on Wednesday amid renewed debt concerns. Banks fell throughout the day as the extra yield investors demanded to hold Irish government bonds compared to German bonds widened to a record high. The benchmark Stoxx Europe 600 dropped over half of one percent. The gauge has climbed 17 percent since May as company earnings topped estimates and the US Federal Reserve unveiled substantial monetary stimulus. Many investors are concerned that printing money will not be the ultimate solution to solving the tough economic problems plaguing countries throughout the globe. Overall, national benchmark indexes fell in all 18 western European markets.

FTSE 100 / 5,816.94 / -58.25 / -0.99%
The British benchmark gauge declined today as 9 out of 10 sectors closed in the red. UniCredit fell 4.8 percent to 1.73 Euros, the largest drop since June. The bank announced that third quarter profit declined 15 percent after lower trading income outweighed a drop in bad-loan provisions. The overall earnings’ results significantly underperformed expectations. BHP Billiton dropped 2.7 percent as copper, nickel, tin and zinc fell in London trading. Scottish & Southern Electricity Plc climbed 3.7 percent as the company announced earnings that beat estimates.

CAC 40 / 3,888.45 / -57.26 / -1.45%
All 10 sectors in the CAC 40 closed lower at the end of the day. Bouygues SA advanced 1.5 percent as the construction, television and telecommunications company said nine month revenue fell from a year earlier. Colas SA declined 2.8 percent as the organization announced third quarter sales that beat expectations. Meetic SA plunged 12 percent after announcing sales that advanced 23 percent. Dannone SA fell 1.3 percent after the owner of the Evian and Volvic bottled-water brands is talking with Japanese beverage makers about sale of parts or all of its water business.

DAX / 6,719.84 / -67.97 / -1.00%
The German index retreated from two year highs as the banking and automobile sectors led the broad based declines. Deutsche Bank AG fell 2.3 percent, its first drop in five days. Roth & Rau AG sank 11 percent after reporting a decline in nin-month earnings before interest and taxes. Henkel jumped 9.8 percent, climbing the most in the DAX Index, as the maker of glues increased its forecast for full-year profit and announced net income that substantially outpaced analysts’ consensus estimates. Bayerische Motoren Werke AG and Daimler AG lost 2.1 percent to 53.75 Euros and 1.7 percent to 49.18 Euros, respectively. European carmakers declined 2 percent today, the worst performance among all industry groups.

IBEX 35 10,235.40 -174.40 -1.68%
The Madrid benchmark index declined again today, making today’s loss the third fall in four days. Banco Santander SA slid 2.9 percent after Italy’s UniCredit SpA announced that third quarter profit declined 15 percent, substantially missing expectations. Coporacion Financiera Alba SA fell 2.7 percent, snapping four days of gains. The investment company was cut to “underweight” from “overweight” at Mirabaud Finanzas by equity analyst Hector Martinez. Indra Sistemas SA rose for a second day, gaining 1.1 percent as the company announced better than expected sales forecasts.

S&P/MIB / 21,671.63 / -476.80 / -2.15%
The Italian index experienced the steepest decline among the 5 major European benchmark indexes. Autogrill SpA rose 0.9 percent to 9.84 Euros. The world’s largest manager of airport and highway restaurants said third quarter profit grew 33 percent amid a recovery in the travel industry. Banca Popolare di Milano Scrl fell 3.3 percent to 3.14 Euros. The Milan-based cooperative bank announced third-quarter profit dropped 34 percent on the back of lower revenues. Sabaf SpA fell 2.9 percent. The maker of components for gas appliances was downgraded to “hold” from “accumulate” at Banca Akros.

Published in Forex News
Wednesday, 10 November 2010 09:22

UFXBank Forex Outlook: Pound Drops on Poor Data

USD Dollar (USD) – The Dollar rose against most of the major currencies in Forex trading after U.S. stocks fell for a second day and Treasuries slid. This sent the 30 year yield to a five month high, which causes a positive momentum for the Dollar. The NASDAQ and Dow Jones decreased by 0.66% and 0.53% respectively. Crude oil weakened by 0.4%, closing at $86.72 a barrel, and Gold (XAU) rose by 0.5% to close at $1410.10 an ounce, a new historic record. Today, the Trade Balance is expected to decline from -46.30B to -45.0B, Unemployment Claims are expected at 450K vs. 457K prior, and the Federal Budget Balance is expected at -153.80B vs. -34.50B prior.

Euro (EUR) – The Euro weakened for a third day against the Dollar as yields on 30 year Treasury bonds rose to a five month high, which bolstered demand for the currency from risk aversive investors.  The EUR/USD has a very strong support level at 1.3700. If the price breaks below this rate, the Dollar will continue with its positive trend and as long as the price is below this level, a short position is preferred. Overall, EUR/USD traded with a low of 1.3751 and with a high of 1.3974. Today, ECB President Trichet will speak.

EUR/USD – Last: 1.3766

Resistance

1.3800

1.4000

1.4085

Support

1.3735

British Pound (GBP) – The Pound fell against the Dollar, after worse than expected data from UK was released yesterday. One example was the Manufacturing Production, which came at 0.1% vs. 0.3% forecast. Also, the Trade Balance that came out at -8.2B vs. -7.9B forecast, supported a weaker pound versus other major currencies. As long as the GBP/USD is trading below 1.6050, the momentum is bearish and a short position is preferred. Overall, GBP/USD traded with a low of 1.5951 and with a high of 1.6184. Today, the BOE Inflation Report will be released and the BOE Gov King Speaks.

GBP/USD - Last: 1.5999

Resistance

1.6020

1.6180

1.6260

Support

1.5965

Japanese Yen (JPY) –The Yen rose against almost every currency except the US Dollar after China said that European countries will struggle with budget deficits, which fueled demand for the yen as a refuge. The USD/JPY is trading around the 81.00 and 81.50 area, and the main resistance line on the daily chart is located at 82.50. If the pair trades above this level, a long position is preferred. Overall, USD/JPY traded with a low of 80.53 and with a high of 81.96. No economic data is expected today.

USD/JPY-Last: 81.77

Resistance

82.00

Support

81.55

81.0

80.50

Canadian dollar (CAD) – The Canadian Dollar continued to weaken versus the Dollar as crude oil, Canada’s biggest export fell after touching a two year high. Canadian stocks also declined, which succeeded to drift the Canadian currency as well. The resistance level of the USD/CAD on the four-hour chart is located at 1.0180. If the USD/CAD crosses this level, a long position is preferred and the momentum will be be positive for the US Dollar .Overall, USD/CAD traded with a low of 0.9980 and with a high of 1.0094. Today, the Trade Balance is expected at -1.4B vs. -1.3B prior.

USD/CAD - Last: 1.0058

Resistance

1.0095

1.0130

Support

1.0045

1.0010

0.9980

 

 

 

Published in Forex Articles
Wednesday, 10 November 2010 06:41

Chinese Trade Surplus Grows Ahead of G-20

Contributed By: DailyFx

 China’s Trade Balance surplus grew to $27.15 billion in October, above both the $25 billion expectation and the $16.88 billion in September. The number came out higher than anticipated due to the import side of the equation; China’s Imports in October rose 25.3%, below the 28.3% expectation. Exports, on the other hand, rose 22.9% from a year ago, close to the 23% analyst consensus. These figures will do little to dampen the frustration of China’s trading partners, and more calls for China to let the value of its currency rise are likely. Indeed, ahead of the G-20 meeting we see that China has allowed the Yuan rise to the highest level since 1993.

Published in Forex News
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