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Day: December 29, 2011
December 292011
Loonie Weakens as Europe Troubles Forex Market
The Canadian dollar weakened today against the US dollar and the Japanese yen as Europe continues to trouble the Forex market, while unemployment claims in the United States rose last week. Italy failed to reach its maximum target at the bond auction as it sold â¬7.02 billion of debt, compared to the maximum target of â¬8.5 billion. US jobless claims rose from 366,000 to 381,000 in the week ending December 24. The median forecast was 372,000. […]
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December 292011
Forint Goes Lower as Borrowing Costs Rise
The Hungarian forint declined today, though it currently attempts to regain strength, as the result of the debt auction wasn’t favorable and the rating agencies downgraded the nation’s credit rating. Hungary sold 15 billion forint ($62 million) of bonds. That’s 18 billion forint below the target. The government rejected all bids for three-year notes. Yield on securities increased to the highest level in more than two years. Standard & Poor’s cut Hungary’s […]
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December 292011
Euro Fluctuates in Forex Trading
Euro is fluctuating between gains and losses against the US dollar today in forex trading. The 17-nation European currency is looking for direction as forex traders prepare to close out positions as the year draws to a close. The difficulty with the euro today is one that offers an interesting conundrum for Forex traders. On one hand, economic news in the United States has improved, and indications are that the economic superpower is on the road to recovery. […]
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December 292011
Japanese Yen Leads the Majors in Thin Trading
Japanese yen is leading the majors today as trading thins out during the second-to-last trading day of the year. In an interesting turn of events, equities have decoupled from their normal association with high beta currencies as the euro and the pound lose ground against the yen. US dollar is also down against the yen. Even though equities are mostly higher today in Europe and the United States (Asian equities ended mostly […]
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December 292011
Ruble Drops with Oil, Bank Rossii Eases Control Over Currency
The Russian ruble declined today as prices for crude oil dropped amid concerns about the situation in Europe and Russia’s central bank widened the currency’s trading range. Crude oil declined, falling below the $100 per barrel level to the lowest price in a week, after worries about Europe’s debt crisis strengthened. Crude is the main export of Russia. The Bank Rossii (the Bank of Russia) increased the corridor in which the ruble may trade against […]
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December 292011
South Korean Won Gains as Analysts Anticipate Intervention
The South Korean won gained today on speculation that the South Korean central bank will step in to support the nation’s currency that is depreciating amid concerns about global growth. The South Korean currency was declining on falling demand for nation’s exports and uncertain prospects for economic growth. The death of the North Korean leader added to concerns as it may destabilize the political and, as a result, the economic situation in the region. The government said that, […]
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December 292011
Scaling In — a Good Alternative to Single Entry in Forex?
Almost a month ago I’ve discussed a technique called “partial profit taking” and its viability in Forex. Another name for this technique is “scaling out” as it allows a trader to scale the exit from his or her position. Today, I’d like to talk about “scaling in” — a technique that’s used to enter a position at more than one entry point before closing it. Details To easily understand the concept of scaling in, […]
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December 292011
EUR/USD Drops, US Jobless Claims Climbs
EUR/USD was falling today as Italy sold less debt than the maximum target at the auction and yield rose. The last US reports this year were good with the exception of unemployment claims that climbed last week. Currently, EUR/USD goes higher, erasing much of its losses. Initial jobless claims rose from 366k to 381k in the week ending December 24, while forecasters promised an increase to just 372k. (Event […]
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