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Dollar trades mixed

Daily Review 05/08/2010

Today’s Forex Trading review:

USD Dollar (USD) – The Dollar traded mixed against the major currencies after the ADP Non-Farm Employment Change came out 42k better than expected 25k. The Stock Markets in US reacted positively to the data with Dow Jones gaining 0.41% and the NASDAQ appreciating by 0.88%. Crude Oil closed almost unchanged from yesterday at 82.42$ a barrel. Gold (XAU) touched once again the known level of 1200$ an ounce after 6 consecutive days of climbing and closed nearly below. Today, The Initial Jobless Claims are expected at 455k vs. 457k previously.

EURO (EUR) – The Euro weakened against the dollar after a better than expected US ADP data which supported the dollar. Retail Sales came out unchanged as expected at 0%. The momentum might turn to negative if the pair will break below the support level of 1.3130. Overall, EUR/USD traded with a low of 1.3130 and with a high of 1.3239. Today, the German Factory Orders are expected at 1.5% vs. -0.5% previously. The Interest Rate Decision is expected unchanged at 1%.

EUR/USD – Last: 1.3150

British Pound (GBP) – The Pound weakened against the dollar after it climbed 9 days consecutively as the Services PMI report showed that U.K. services growth slowed to the lowest in 13 months in July as it came out 53.1 worse than expected 54.5. The momentum might turn to negative if the pair will break below the support level of 1.5850. Overall, GBP/USD traded with a low of 1.5854 and with a high of 1.5962. Today, the Interest Rate Decision is expected unchanged at 0.5%.

GBP/USD – Last: 1.5880

Japanese Yen (JPY) – The dollar touched new fresh low against the yen at 85.3 levels but soon after jumped above the 86 levels. The momentum might turn to positive if the pair will not break below the support level of 85.30. Overall, USD/JPY traded with a low of 85.31 and with a high of 86.37. No economic data expected today.

USD/JPY-Last: 86.04

Canadian dollar (CAD) – The Canada’s dollar reached new fresh high since May vs. the American dollar as risk aversion among the investors is not attractive. High price of Crude Oil supports the Canada’s dollar strength. Breaking below the support level of 1.0130 might extend the negative trend of the pair. Overall, USD/CAD traded with a low of 1.0162 and with a high of 1.0270. Today, the Building Permits is expected at 0.6% vs. -10.8% previously.

USD/CAD – Last: 1.0171

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Finding a Reputable Forex Broker in Forex Trading

It is so evident from the surroundings that the technology is developed and improved vastly. Along with the growth of technology, there has been growth in online trading. There has been an explosion in online currency trading. Hence, the competition among various brokers has also tremendously increased. Every Forex Broker strives hard to win themselves a client. One should spend immense time and does all the necessary research work to analyze the various brokers and select an appropriate broker. One should never commit to choosing a Forex Broker in hasty. There are numerous questions that should be enquired about the broker before selecting one. Questions such as what is the past record of the broker? What is the pay? What is the maximum profit offered by the broker? Does the broker take care of online trading? Depending on the answers got for these questions, one will know about the broker and the history of the clients dealt by him or her. One should also speak to the previous clients of the broker to know the true color of the broker. One should also confirm that the source of information obtained about the broker is trustworthy and true. As some brokers may try to provide false information to the trader through friends and foes, one must be very careful about which source of information to believe, and which source of information not to believe. One thing to remember is that, once a broker is selected, then it will be difficult for things to change. Therefore one should never hurry in selecting a broker in Forex Trading Business, and take as much time as required and be patient. One should remember Slow and Steady Wins the Race.

Another important to check with the broker is that he or she is a member of an authorization. Thereby, any work incomplete or not up to the satisfaction of the client by the broker will be noticed and actions will be taken. The broker needs to submit the report of the work done every day, which if he or she fails, got to pay the fine to the authorization. This would help to make sure that the broker is striving hard for his or her client in the Forex Trading Business. A broker is just someone who assists the client in the transactions processes. Therefore, a broker should not recommend or advise the client regarding the trading business.

In order to achieve success in the Forex Trading Business, a trader must make sure that he or she has for the right broker to work with. Otherwise things might get worse and the trader might have to face devastating consequences. There can be nothing worse for a trader in trading business, than to face continuous losses. Therefore one must be patient and select the right broker.

Tags: forex broker, Forex Trading, fx broker, fx trade

What should you look for in Forex broker

One of the ways to enter into the forex market is through a forex broker. This is because a forex broker is considered to be a mediator or bridge between the forex trader and the forex market. Forex market is so versatile and competitive that there are a lot of traders who opt for hiring the services of a reliable and professional forex broker. Though forex brokers are easily available in the forex market it becomes a difficult task to find the one which is reliable when it comes to trading in the forex market with different currency or currency markets. Everyone has a different opinion and way of looking at things and the same is the case with forex brokers. This is because though the basics of the forex market are the same for al the traders they differ from trader to trader.

The points of differentiation when the forex brokers are compared is their offering of forex platforms, softwares, leverages, customer support etc. there are many such points of consideration but then it depends upon the forex trader that which point is more important for them. It can also be said that choosing a forex broker is a matter of personal opinion. The first thing that the forex trader should be considering when looking out for a good and profitable forex broker is to look at the reviews given out by the customers of that forex broker. The current customers do not actually know much it can be said that they know only how much you might know and they give out a very fair view of these forex brokers. You will always notice that for all the forex brokers who are good 80% of the reviews would be good and the ones those who are not that good the 80% above of the reviews given out would be bad.

But then as said earlier selecting a forex broker is a matter of personal choice it depends upon whom you select because the good forex brokers will have 20% bad in them and the bad forex brokers will have at least 20% bad in them.  Customer service is the next point of consideration. There may be times when you may want to carry out a currency trade very urgently as you think you would be able to gain good profits out of it but then if the forex broker offers bad customer support that they are not available on phone or online that you might lose the chance of trading. Availability of the forex trader on phone is also one point of consideration.

One another point of consideration to check whether the forex broker you are opting for is good or not is the online trading platform offered by them. If you are a newbie then surely you are going to need good amount of help on the softwares and platforms. Last but not least is the speed that the forex trader provides you with.

Tags: forex broker, Forex Trading, fx broker, fx trade, Trading Forex