Breaking News
March 9
2008

VarengoldBankFX — Forex Broker Division of German Bank

A German banking institution Varengold Wertpapierhandelsbank AG started the on-line retail Forex broker this year — VarengoldBankFX. It’s one of the few MetaTrader retail brokers maintained by the major banking institution. They support mini Forex accounts, but the minimum positions size is twice as much as usual 0.1 lot. CFD and metal trading is also available (CFD is not available to U.S. citizens). Unfortunately, like with many other […]

Read more
March 8
2008

Forex Technical Analysis for 03/10—03/14 Week

EUR/USD trend: hold. GBP/USD trend: hold. 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 1.4872 1.5008 1.5182 1.5318 1.5492 1.5628 1.5802 GBP/USD 1.9339 1.9530 1.9832 2.0023 2.0325 2.0516 2.0818 USD/JPY 98.56 99.98 101.33 102.75 104.10 105.52 106.87 EUR/JPY 152.74 […]

Read more
March 8
2008

Dollar Loses 4th Straight Week vs. Euro

The U.S. dollar has lost a fourth straight week against the European currency (and against the pound and the yen as well) as the whole week was filled with the bad economic news from the United States. The Friday’s unexpected drop in the non-farm payrolls brought the dollar to a new historical minimum against the euro — at 1.5454 euro/dollar. Surprisingly enough, it was the only […]

Read more
March 7
2008

Nonfarm Payrolls Depress Dollar

Dollar went straight down today on the currency market after the U. S. Bureau of Labor Statistics released its report on the February’s stressed employment situation. EUR/USD reached 1.5454 — a new historical maximum on the release, but then corrected significantly and now (as of 16:00 GMT) is trading at 1.5345. Nonfarm payrolls in February decreased by 63,000 compared to the 22,000 decrease in January. Market analysts forecasted 25,00 growth for the last month, but they […]

Read more
March 7
2008

Forex Reserves at Record $1.01 trln in Japan

Japanese foreign exchange reserves rose to a new absolute maximum value last month — almost $1.01 trillion. A $11.9 billion change is attributed to the growth of the euro against the dollar, which was significant in February. Reported by the Ministry of Finance Japan country’s reserves remain among the highest in the world — only China possesses bigger foreign exchange reserves in their U.S. dollar value. February’s gain was a second straight record setting for Japan’s reserves this year after a gain […]

Read more
March 6
2008

Is 1.5400 a Limit for EUR/USD?

Today EUR/USD renewed its historical maximum on Forex market again. With almost every day for this currency pair being positive in gain, the question arises — where will it stop? So, where is the medium-term resistance for EUR/USD? Is it 1.5400? 1.5000 was a major psychological barrier; after it was broken recently the EUR/USD has already reached 1.5372. In my opinion, dollar will continue to fall for as long as the […]

Read more
March 6
2008

U.S. Dollar Declines Ahead of ECB, BoE Meetings

The U.S. dollar continued its weekly decline today, as the market participants awaited the results of the European Central Bank and the Bank of England monetary meetings. The yield difference between the short-term European bonds and the U. S. Treasuries are at its widest value in 15 years. This fact forces more investors to convert dollar to euro in order to buy the more yielding assets. The analysts expect that the ECB will keep the rates unchanged today at 4.00% — the 5-year high […]

Read more
March 5
2008

Pound at All Time Low against Euro

The Great Britain pound fell to its lowest historical value against the euro today after the pessimistic economic news were released in UK. Pound also lowered against other major currencies today. Two major news releases came out today in UK — consumer confidence and new permanent jobs. The labor market in February was declining according to the KPMG and the Recruitment and Employment Confederation. They reported that the number of the new workers […]

Read more
March 5
2008

Dollar Continues to Lose Positions

Dollar continued to lose its positions on Forex market today. After the major economic releases came out in U.S. EUR/USD touched a new absolute maximum at 1.5300 and even GBP/USD recovered from the weekly bottom, which was formed after the bad macroeconomic statistics in was released in U.K this morning. Productivity in the non-farm sector of economy in the fourth quarter of 2007 grew faster than expected — at 1.9%, […]

Read more
March 4
2008

Australian Benchmark Rate Set to 7.25%

The Reserve Bank of Australia increased the national benchmark rate for the second time in 2008 — from 7.00% to 7.25%. The last time interest rate was increased on the 5th of February. Currently benchmark interest rate in Australia is the highest since 1996. RBA believes that the recent borrowing tightening contributed to the slowing of the inflation as the consumers began to spend less: Having weighed both the international and domestic information available, the Board concluded that a further tightening in monetary […]

Read more