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October 5
2008

ForexGen — MetaTrader Broker with Shady Reputation

ForexGen, which began to operate on-line in 2006, is a Forex broker that offers quite interesting trading conditions, including MT4 platform, spreads as low as 0 pips and no overnight swaps. The spreads on the major currency pairs go do down to 1 pip for $5,000 and bigger accounts and decline to 0 for accounts starting from $50,000. Leverage also varies depending on the trading account size — from 1:200 to 1:500 for mini and micro accounts, […]

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October 4
2008

Forex Technical Analysis for 10/06—10/10 Week

EUR/USD trend: sell. GBP/USD trend: sell. USD/JPY trend: sell. EUR/JPY trend: sell. Floor Pivot Points Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.2591 1.3147 1.3458 1.4014 1.4325 1.4881 1.5192 GBP/USD 1.6605 1.7078 1.7396 1.7869 1.8187 1.8660 1.8978 USD/JPY 100.08 101.79 103.55 105.26 107.02 108.73 110.49 EUR/JPY 129.92 […]

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October 4
2008

USD Demand Triggers Biggest Weekly Gain

The U.S. dollar showed the biggest weekly gain ever against the euro on the Forex market this week as the global demand for dollar liquidity kept the greenback up despite the strong negative factors. During the last day of trading, the U.S. dollar continued its growth against the euro, while erasing a part of the early gains against the Great Britain […]

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October 3
2008

Dollar Shows 5th Day of Gain Despite Employment Drop

EUR/USD continued to fall today for the fifth day in a row even as the employment reports from the United States showed a dramatic decline. It looks like the raging recession in U.S. is a real problem for everyone except the dollar. Maybe, because the traders prefer to convert into treasuries when the market turbulence is highly active. Non-farm payrolls declined by 159,000 in September following 73,000 drop in August. Market […]

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October 3
2008

Australian Dollar Has Worst Week Since 1985

The Australian dollar posted the biggest weekly loss since 1985 against the U.S. dollar this week, as the traders dumped their positions in the high interest rate currencies, while the situation with the global financial system remained uncertain. The reduction of the carry trade positions (trade technique that is based on gaining positive interest rate difference through the holding of a long position […]

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October 2
2008

Rating Downgrades Drop Icelandic Krona

The Icelandic krona declined to the lowest level in almost seven years against the U.S. dollar yesterday after the rating downgrades by S&P and Fitch rating agencies raised the risk-averting mood among the investors. The drop in this national currency reached more than 17 percent this week after the central bank pledged to nationalize the century-old Glitnir Bank as it failed to pay by its short-term […]

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October 2
2008

EUR/USD Below 1.3800 on Positive Bail-Out Expectations and Neutral ECB Decision

EUR/USD broke down below the 1.3800 support level today as the dollar was fundamentally more attractive than the euro. Traders expect that the $700 billion bail-out plan will be adopted in the House of Representatives soon after passing Senate yesterday. Meanwhile, European Central Bank left the interest rate unchanged at 4.25%, which spurred talks that the rate may be lowered at the next governing […]

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October 1
2008

EUR/USD Falls Despite ISM PMI Drop

EUR/USD continued to fall today after the yesterday’s record-breaking decline, despite the unexpectedly low reading of the influential ISM purchase manager’s index. EUR/USD broke the technical and psychological support line at 1.4000 during the trading session, but then return to the levels above and is now trading near 1.4004. ADP employment report showed that the employment decline slowed down from 37,000 from July to August […]

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October 1
2008

Taiwan Dollar Rose on Bail-Out Expectations

The Taiwanese dollar gained today after four days of declining against the U.S. dollar as the speculations that the U.S. senate will approve the $700 billion bail-out plan by the end of this week spurred confidence in the Asian currencies. The Taiwan’s currency rose from the 8-month bottom versus its American counterpart with the whole third quarter of 2008 being the worst for TWD […]

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September 30
2008

Business and Consumer Cinfidence Boost Dollar

EUR/USD fell today at a fastest daily pace since the early September as the fundamentals in U.S. came out at a better than expected level today, spurring both U.S. stock market and dollar rallies. EUR/USD lost almost 300 pips today and is currently trading near 1.4129 level. Chicago PMI, indicating the business confidence, dropped from 57.9 to 56.7 in September — that’s not a bad result, considering the average forecast […]

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