U.S Federal Funds Rate on Tap
The recent price levels over the past week have led many traders to believe that most currency pairs are beginning to level off. Investor speculation seems to increase prior to the main market events, as the most important challenge is deciding on the direction of the major currency pairs. Today's market mover is set to be the U.S. Federal Reserve Board's decision on short-term U.S. Interest Rates, which is widely expected to remain unchanged at 0.25%. Forex traders should prepare for what is shaping up to be an... ( read more )
Archive for June, 2009
June 24, 2009 - The USD Pressured Ahead of Interest Rate Announcement
The market is expected to be very volatile today, as the U.S. announces the Federal Funds Rate at 18:15 GMT, which specifies U.S. Interest rates. The other factor that which is set to affect both the USD and Crude Oil is the publication of the U.S. Crude Oil Inventories at 14:30 GMT. In order for traders to start making profits today, it is recommended that they open their USD and Crude Oil positions as the trading day gets under way.
The U.S. Dollar went bearish against most major currencies on Tuesday, as uncertainty ahead of today's Feder... ( read more )
June 23, 2009 - Daily Forex Tip – June 23rd 2009
After yesterdays relatively calm trading session, today the economic calendar is filled with high impact data that threatens to sow large volatility into the market. From the wide range of news reports, ForexYard advises its traders to pay special attention to the U.S Existing Home Sales and Europe Flash Manufacturing PMI.
8:00 GMT: European Flash Manufacturing PMI
- This indicator reflects the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.
- This indicator is very important as it is lik... ( read more )
June 23, 2009 - World Bank Predicts Global Economy Will Shrink
The US Dollar has made some solid gains this week following news from the World Bank (WB) that economic forecasts for growth in 2009 are showing a 2.9% contraction, as opposed to the previous forecasts of 1.7%. As political turmoil in Iran and the show-down with North Korea continue, investors have felt a slight drop in confidence in markets lately and pulled their investments back into safe-havens such as the USD and JPY, which explains their sudden rise in value yesterday. This move back to less risky investments appears to be continuing toda... ( read more )
June 22, 2009 - Daily Forex Tips – June 22nd 2009
German Ifo Business Climate on Tap
There are two important events today which will dominate the economic arena, the German Ifo Business Climate data release and a speech by ECB President Trichet. I expect that the EUR crosses may become highly volatile during these events.
8:00 GMT: German Ifo Business Climate
- This indicator reflects the level of a composite index based on surveyed manufacturers, builders, wholesalers, and retailers
- The market is likely to go volatile during and following this release today.
- This ind... ( read more )