Breaking News
December 24
2007

Euro Rises before Christmas

The euro rose against all other major currencies today spurred by the carry trading optimism and weakness experienced by the Great Britain pound and the U.S. dollar. EUR/GBP reached its historical maximum as the pound has been losing its weight against other currencies on Forex. Bank of England monetary policy is currently aiming on a lower interest rates, while the real estate sector in the United Kingdom is suffering a sharp decline in house […]

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December 23
2007

South African Rand Declines for Second Week

South African rand has fallen this week losing almost 2% against the U.S. dollar compared to its last Friday’s close rate. It was the second straight loss week for USD/ZAR as the Forex traders were leaving carry trade positions before the holidays period uncertainty and on the bad political background in South Africa. Jacob Zuma, accused in a corruption case two years ago, was elected as the head of the African National […]

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December 23
2007

Automated Trading Championship 2007 Came to End

The Automated Trading Championship 2007, which was started by the MetaQuotes Software Corp. (the company that made MetaTrader trading platform), ended yesterday and the winners have been announced: Participant Better earned the first prize of $40,000 with his outstanding neural network expert advisor, which has turned $10,000 into $130,475.45 in 12 trading weeks. Too bad this has been done on demo account, not real :-). […]

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December 22
2007

Finance Minister of India: Rupee’s Rate is Driven by Markets

Indian Finance Minister, Palaniappan Chidambaram,  said yesterday that the the rupee’s value is determined only by the market participants and is not regulated by the government in any way. The Indian rupee lost 0.5% this week falling down to 39.555 against the U.S. dollar after almost three weeks of gain. Indian currency gained more than […]

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December 22
2007

Forex Technical Analysis for 12/24—12/28 Week

EUR/USD trend: hold.GBP/USD trend: hold.USD/JPY trend: hold.EUR/JPY trend: hold. Floor Pivot Points: Pair 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res EUR/USD 1.4166 1.4238 1.4308 1.4380 1.4450 1.4522 1.4592 GBP/USD 1.9269 1.9539 1.9687 1.9957 2.0105 2.0375 2.0523 USD/JPY 111.62 112.18 113.09 113.65 114.56 115.12 116.03 EUR/JPY 160.10 160.92 162.41 163.23 […]

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December 21
2007

AUD Rises Against U.S. Dollar and Yen

Australian dollar improved its positions against U.S. dollar and Japanese yen today after the very successful Asian/Australian stock markets session and some promising report on the country’s economy. AUD/USD increased 1% — a largest gain since last Wednesday, whereas AUD/JPY gained a little more than 0.9%. The growth of the Australian dollar was sprung after the country’s stock market along with the Japanese one began to recover the losses. Report […]

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December 21
2007

EUR/USD Corrects Up Before Holidays

EUR/USD played back fully the yesterday’s decline, but still ended the last week before the holiday period with a small loss. Forex market will be open despite of any holidays, but the price volatility will be low and no major movements can be expected. November personal income and spendings report turned out to be better than it was for October and not the least reason for it lies […]

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December 20
2007

British Pound Declines for a Third Day

Pound sterling is experiencing a continuous downfall that started more than a month ago in earlier November. GBP/USD has lost more 5.8% since November 9 — when it reached its maximum value in many years. After gaining about 0.3% this Monday, GBP/USD showed the same-sized fall on Tuesday after CPI data was published reporting a lower than expected prices growth. Wednesday was even […]

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December 20
2007

Dollar Steady Against Pound, Euro

U.S. dollar gained against other currencies today, showing a significant change in GBP/USD, along with a little less strong appreciation in EUR/USD. As no important positive data was released for USD, this growth may be accounted to the inertial buying of dollar and position closing on the previous good news and the loss of interest to carry trade. Final numbers for GDP growth and GDP deflator in Q3 2007 were released today, but they […]

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December 19
2007

Czech and Polish Central Banks Leave Rates Unchanged

After two other European central banks decided to hold their current interest rates, Czech and Polish banks chose to follow the same way and didn’t change their reference interest rates despite the fact that they both raised the rates at the end of November. Today both central banks had their scheduled monetary policy meetings at the same time at 2 p.m. GMT. Czech National Bank left rate at 3.50%, […]

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