Archive for December 4th, 2009
Daily Review 04/12/2009
USD Dollar (USD)
The Dollar strengthened versus most majors as US stocks fell after Nonfarm Productivity contracted to 8.1% vs. the 8.5% expected and despite the number of unemployed that dropped to the smallest lowest since March 2008 coming at 457K. In addition, Unit Labor Costs dropped to -2.5%. NASDAQ and Dow Jones decreased by 0.54% and 0.84% respectively. Crude oil weakened by 0.2% closed at 76.46$ a barrel and Gold (XAU) rose by 0.4% closed at 1217.4$ an ounce. Today, Non-Farm Payrolls is expected at -119K vs. -190K prior and Unemployment Rate is expected to remain at 10.2%.
EURO (EUR)
The Euro approached a 16-month high versus the Dollar after Trichet said in Frankfurt the ECB will charge a variable rate instead of a fixed 1% for one-year loans offered this month. The Euro later fell versus the Dollar as US stocks fell. Overall, EUR/USD traded with a low of 1.5041 and with a high of 1.5140. Interest rate remains unchanged at 1%.
EUR/USD – Last: 1.5059
|
Resistance |
1.5095 |
1.5114 |
1.5140 |
|
Support |
1.5035 |
1.4970 |
1.4885 |
British Pound (GBP)
The Pound weakened against the Dollar after the service sector grew more slowly than expected in November came out at 56.6 vs. 57.00 forecast, but new business continued to pick up and firms were optimistic. Overall, GBP/USD traded with a low of 1.6555 and with a high of 1.6720. No economic data expected today.
GBP/USD – Last: 1.6535
|
Resistance |
1.6640 |
1.6700 |
|
|
Support |
1.6520 |
1.6390 |
1.6280 |
Japanese Yen (JPY)
The yen weakened for a third day against the Euro and the Dollar as signs the global economy is recovering boosted demand for riskier assets. Overall, USD/JPY traded with a low of 87.34 and with a high of 88.47. No economic data expected today.
USD/JPY-Last: 88.20
|
Resistance |
88.30 |
|
|
|
Support |
88.00 |
87.65 |
87.00 |
Canadian dollar (CAD)
The Canadian Dollar fell versus the Dollar after European Central Bank President Trichet called for a strong U.S. dollar, prompting traders to purchase the Dollar to cover short positions. Overall, USD/CAD traded with a low of 1.0462 and with a high of 1.0583.Today, Employment Change is expected to rise from -43.2K to 15.3K, Unemployment Rate is expected to remain at 8.6%, Ivey PMI is expected at 60.4 vs. 61.2 prior.
CAD/USD – Last: 1.0560
|
Resistance |
1.0580 |
1.0635 |
1.0750 |
|
Support |
1.0522 |
1.0460 |
1.0420 |
Research by http://www.ufxbank.com
Using Online Software as a Personal Forex Broker
The fundamental unit of any transaction must have a broker or a middleman; it’s been in use ever since such transactions began. A trade transaction without the involvement of middlemen, intermediaries and brokers is quite impossible. Each transaction passes through various middlemen. The emotion of the public determines the character of the brokers; they can be portrayed as villains or heroes.
The Forex broker has been rendered obsolete by the World Wide Web. Nowadays a Forex broker is not necessary in order to initiate a Forex transaction or conclude one. The investor can directly enter the market and place the orders and finalize all his transactions without any mediator.
The involvement of Forex broker is not necessary nowadays as the online software applications have not contained themselves to only this function, if they had done so then Forex broker’s would be large at number even now. The job of a broker was merely to be a middleman and carry out Forex transactions. The Forex software applications have even started to act as a friend and guide who make the trader to understand the market better. It suggests very good deals and also provides to the trader a rich amount of data by means of charts and other statistics. This helps the trader to analyze the trend of the market.
The online Forex programs have overtaken the functions of the Forex broker. This is because; the program is easier to be used when online instead of installing it. The transmission of data between systems in a market is very easy. It is like a broker who is permanently available on the World Wide Web. The usage of username and password will help you show yourself as a unique user. The software will keep in memory your trading strategies; it will thereby trade just like you without any problems. The usage of these programs helps in the reduction of various negative factors which reduce the opportunities of getting more gains for a trader.
Forex trading is an investment platform which is by far the most profitable of all investments in the planet. The key is in choosing an online Forex trading platform that will surely bring good returns to your investments and does not allow you to fall into loss. It also reduces the amount of work and thereby reduces stress. The software should be well suited for each trader as various traders expect various features in a software program. It also maximizes profit by the deletion of middlemen in a process. Online Forex trading software is one of the most happening things right now.
Things to be remembered while choosing FOREX SOFTWARE SYSTEM TRADING
In today’s scenario almost everyone is thinking about the plans for the future. And all prudent investors go for the ultimate forex software system which yields better earnings. Although the software system tends to yield better earnings, the investor should land on the right system in order to avoid loss which leads to frustration.
A good amount of cash is invested by various people in trade involving foreign exchange. Not all are lucky in earning good money in forex trade, although there are many people who invest a very large amount of cash. For a new or amateur investor it is not possible to produce wonders immediately as reaping success requires good skills coupled with fair knowledge about it. For such kind of people who are new to the trading forex software system is the best option which goes without saying as it is tailor=made for the beginners and the amateurs in the trade.
A large number of investors have sprung up nowadays and the number seems to be increasing on a regular basis as the foreign exchange trading is at a peak. The investors do not want to let the chance go by just like that. In order to assist such investors, the programmers have developed various software products which would help in assisting the investors. But there is always a risk of getting ineffective or unreliable software products. Hence various aspects need to be taken into consideration to choose the right software from bogus and software that will not be useful for us. Some of the more important considerations that will be useful in choosing the right product are listed below.
• The most primary thing is to check for the ability of the software to analyze the forex market. We have to check whether a proper analysis is made by the software or not. As this plays a very vital role in the industry.
• The second consideration to be made is that whether the software is able to pick the correct timing for investing. In order to understand the trends it is very essential to have a vision that is broad. Money invested at the wrong time may not bring good returns.
• This is especially for the new investors, the software product should be totally user friendly. If it is not then it will lead to stress and excessive confusion.
• Finally the mathematical modeling options for basic movements in a market should be made possible by the software.
When the above points are taken into consideration while going for a forex software system, there are better chances of getting a good software system that avoids loss and enhances the returns in the forex market
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