Forex March Spread Trading
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A regular Forex spread trading update by Simon Denham of Capital Spreads. For the latest Forex spread trading update, click here.
Spread Trading FX, 28 Mar 08
On the FX markets the Dollar continues to hold it own for the time being but the pound seems to have hit something of a brick wall overnight. All the majors are unchanged except for the pound which is down 80 pips against the greenback (under $2 again)….and is at a new all time low versus the Euro at £0.7894 which means that we are now over 15% down since last summer and against the median level of the last two or three years. The days of dividing a Euro price by three and multiplying by two to get a rough approximation in sterling are well gone!
Spread Trading FX, 27 Mar 08
Currency markets were also pretty fractured but the Dollar is making a bid for some higher ground in early action and (hopefully) the pound may be dragged along with it.
Spread Trading FX, 26 Mar 08
Looking at the FX markets, the pound has regained some composure after last weeks drubbing and we are back above the $2 level. The pound has actually managed to regain something against the Euro as well (but given the fall out over the past few months this is small comfort). As mentioned yesterday the support for the GBP / USD currency pair is at $1.9750 which held well over the Easter break. The bounce has now taken us up to a spread of $2.0040 - $2.0043. Clients are not exactly leaping in expecting much more to the upside and it appears that we may be doomed to trade the $1.9700 to $2.0400 range for the foreseeable future.
Spread Trading FX, 25 Mar 08
Whilst we were shivering through our Easter egg hunts yesterday, the Dollar made an attempt to push back below $1.9750 but the level held and in doing so has brought some buyers back into the cross. The Sterling / Dollar spread is now back above $1.9900 at $1.9923 - $1.9926 and clients are looking to build on longs.
Spread Trading FX, 20 Mar 08
In the Forex spread betting market, last week, sterling was looking nicely poised for a bit of a return but in the last few sessions the hopes have been cruelly smashed. The pound has fallen from $2.0400 to $1.9800 and the rally above two bucks is beginning to look like a dead cat bounce. Against the Euro, the last three days trading ranges have been quite extraordinary for, normally, such a stable cross. The price has oscillated between £0.775 and £0.790 (almost 2%) on each session.
It would be nice to think that this volatility was symptomatic of activity that sometimes takes place at the end of big directional moves and that the Euro might be looking to weaken versus the pound from here.
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Spread Trading FX, 19 Mar 08
The dollar which had managed a bit of a rally yesterday on the Fed announcement is giving it all back again this morning.
Spread Trading FX, 17 Mar 08
The dollar has fallen to yet a new all time low vs the Euro and is off almost 2 cents overnight against the yen. Even worse for the UK, the pound, which just recently had been holding its own against the greenback, has actually managed to fall vs the dollar since Friday leaving Sterling almost 500 pips worse off against the Yen (well below the 200 mark at 195.36-195.44) and at a new all time low vs the Euro at £0.7851 - £0.7853 (100 pips worse than Friday's record low close!).
Holidays on the continent are starting to look a tad expensive!
Risk Warning: Spread betting and CFD trading carry a high level of risk to your capital and you may lose more than your initial investment. Spread betting and CFD trading may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
'Forex March Spread Trading' by DB, updated 28-Mar-08
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