New York Session – April 27, 2011 4:02 PM
April 27, 2011
The greenback remained weak, falling to record lows against the Aussie and new 16-month lows against the euro as the Fed concluded its 2-day meeting and Chairman Ben Bernanke spoke at the inaugural press conference. The Fed announced no change in policy and issued a largely unchanged FOMC Statement. The statement noted that the “recovery is proceeding at a moderate pace” as compared to the March 15 statement that said the “recovery is on firmer footing”. Today’s release also noted that “inflation has picked up in recent months”. There were no dissenters as the vote to keep rates exceptionally low for an extended period was unanimous. Bernanke reiterated the views in the statement and said that the ‘extended period’ language meant at least a couple of meetings. Full text »
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U.K. Pound Higher After Positive Data
April 27, 2011
Sterling up in forex trading
The U.K. pound is higher in forex trading on the currency market today, thanks to positive data coming out of Britain. GDP data shows that the first quarter saw growth, and that is providing some hope for the sterling.
As a result, the sterling headed higher, spiking even before the latest Fed announcement. The fact that monetary policy in the U.S. is likely to remain loose is only providing some support for the sterling in forex trading.
Also higher today against the dollar are the Aussie and the euro. With gold prices and oil prices soaring, there is a lot of potential for other currencies to see gains.
See Also
- Sterling in Forex Trading
World currencies on the FX market
U.S. Monetary Policy To Remain Loose
April 27, 2011
U.S. dollar tanks in forex trading
The U.S. dollar forex trading forecast is likely to remain one of weakness, thanks to the lastest news out of America. The Federal Reserve announced that it will keep rates low, and that it will continue with plans for an asset buy from the Treasury.
All of this loose monetary policy may have been a boost for U.S. stocks, but it’s not good for the U.S. dollar. Greenback is lower in currency trading as continued weakness appears to be in the cards. The euro, pound and Aussie are all higher against the U.S. dollar today.
Additionally, the U.S. dollar is getting pressure from gold and oil prices, which are once again rising. It really does look like the U.S. dollar is set for long term weakness.
See Also
- Economic News and Currency Trading
Forex trading forecast
London Session – April 27, 2011 6:33 AM
April 27, 2011
Investors are still ditching the dollar Full text »
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Asia Session – April 27, 2011 1:55 AM
April 27, 2011
The dollar’s demise continued today in Asia in an event filled session that was overshadowed by the upcoming FOMC meeting later in the US. An early pop in the EUR/USD saw a stop driven move push the pair over NY highs from 1.4650 through 1.4710 in thinned markets. The pair eventually saw session highs eclipse the 1.4710 mark and the pair remained firm near 1.4690 heading into the London session. A similar move against the dollar near the same time saw the USD/CHF pair drop from 0.8730 to new record lows under 0.8670. That pair recovered as well and was trading closer to 0.8720 as the session wound down. Full text »
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New York Session – April 26, 2011 4:03 PM
April 26, 2011
The greenback was softer against most of its major counter parts as risk appetite gained and ahead of tomorrow’s highly anticipated FOMC announcement and press conference. The Aussie and the Swissy reached new record highs against the buck with AUD/USD rising to nearly 1.0790 and USD/CHF plunging to around 0.8745. U.S. Treasury Secretary Timothy Geithner spoke today and urged the need for fiscal reform while expressing optimism in the economic recovery and for future growth. Bank of England’s Andrew Sentence was his usual hawkish self and suggested the BOE’s credibility on CPI may have eroded. He went on to say that pound depreciation is more than necessary. GBP/USD is slightly lower on the session and is currently around 1.6480. Full text »
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GFT LAUNCHES METATRADER 4 TO THE GLOBAL FOREX MARKET
April 26, 2011
MT4 marks the newest addition to GFT’s award-winning trading software offerings
GRAND RAPIDS, MI – GFT, a worldwide leader in online currency trading, announced today that it has added MetaTrader 4 (MT4), an online automated trading application, to its suite of award-winning DealBook® trading software offerings.
GFT customers have always enjoyed the benefits of the DealBook® suite of trading software and now have an additional option for online trading, technical analysis, and now automated trading with the MT4 platform. Automated trading has captured the interest of a growing number of traders in recent years and combining that functionality with the execution, pricing, and service of GFT creates opportunities for GFT customers with another powerful approach to the FX trading markets.
"Our goal has always been to give our customers the tools that they need to trade quickly, efficiently and securely,” said Gary Tilkin, president and CEO of GFT. “Our customers asked us to integrate an automated trading solution so they could leverage those tools and strategies while still enjoying the GFT benefits of great execution, service, security, and competitive spreads. We are pleased to offer this new option and recognize the importance of this type of tool among traders today. I believe that traders who have used MT4 with other brokers will enjoy a real difference trading with GFT. In addition to this automated platform, GFT will offer a number of new products and platforms to our customers in markets around the world over the coming weeks and months."
GFT has been voted top FX broker over the years by numerous organizations, including Smart Investor, The Bull and Shares Magazine. That’s because traders who voted know that GFT is a dealer that provides competitive pricing, spreads as low as 0.8 and an award-winning software platform. And now, GFT offers auto-trading tools with MetaTrader 4.
For more information about GFT, visit the GFT website at www.gftforex.com or call 855 861 6180.
Forex trading involves high risks, with the potential for substantial losses and is not suitable for all persons. Past performance is not necessarily indicative of future results. © 2011 Global Futures & Forex, Ltd. All rights reserved. CD12U.037.042611
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U.S. Dollar Continues to Struggle in Forex Trading
April 26, 2011
Greenback down in currency trading
The U.S. dollar continues to struggle in forex trading on the currency market as worries about what’s next for the dollar make other currencies more attractive.
Indeed, the euro is higher today against the greenback in currency trading. Some of the issues that are weighing on the dollar include:
- Budget battle
- Growing deficit
- Recent debt forecast downgrade by S&P
- Announcement by China that it might get rid of some of its dollar reserves
- Forecast from IMF that China will overtake the U.S. by 2016
- Continued quantitative easing and loose money from the Fed
With all of these issues, it is clear that the U.S. dollar has a way to go if it wants to move to a position of strength. Many forex traders, though, assume that the dollar’s day is over, and are looking to other options, especially the euro (and maybe the yuan, if China lets it float).
See Also
- What’s Next for the U.S. Dollar?
Dollar in forex trading
Euro Looks to Break Out Against Pound in Forex Trading
April 26, 2011
Euro in currency trading
The euro has been seeing success today in forex trading, gaining against the U.S. dollar, even though gold prices have pulled back some. Right now, the euro is attempting a break out against the U.K. pound in forex trading.
Euro is seeing some interest today, as euro zone equities rally, and as forex traders look for signs that matters are likely to improve. Also helping the euro is general risk appetite related to the improvements in consumer confidence in the U.S.
Continued concerns about the British economy are weighing on the pound a bit, and sterling is down against the U.S. dollar, as well as falling against the euro.
See Also
- Euro in Forex Trading
Currency news for forex traders
France Backs Draghi, Building Support for the Bank of Italy Governor for ECB President
April 26, 2011
Broad based support seen growing for Draghi
Mario Draghi, the governor of the Bank of Italy, is garnering wide support, and could be the next ECB president. The most recent endorsement for Draghi comes from France, following the support offered by Germany’s finance minister last week.
Current ECB president Jean-Claude Trichet will be stepping down soon, and a new president will need to be chosen. The European Central Bank sets benchmark rates for the euro zone, and influences monetary policy throughout the currency union.
The news hasn’t seemed to affect the euro much one or the other today. The euro is up against the U.S. dollar, but that is somewhat expected, given that equities are higher and risk appetite has been making a cautious appearance.
See Also
- What’s Next for the ECB?
Euro zone economics and policy
