Forex Spread Betting December 2009
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Forex Spread Trading
A regular Forex spread trading update by Simon Denham of Capital Spreads. For the latest Forex spread trading update, click here.
Forex Spread Betting, 4 Dec 2009
Virtually every market had a look at the recent highs before deciding that the effort was not worth it and drifting lower in late action.
The Euro even managed to exactly match our commented range of $1.5140 to $1.5040/60 in yesterday’s session. It traded at $1.5141 and $1.5061 during the day session and got down to $1.5035 late in the evening.
The Euro is now at $1.5075 and looking comfortable but traders may be concerned that the news of the slow down in liquidity provision for EuroZone banks did not lead to a Euro rally.
With US banks busily paying back the Treasury the States may be closer to a tightening of money supply than is expected.
If this happens the Dollar, which has been the whipping boy for years, may suddenly become a tad more attractive.
Quite a few ‘mights’ and ‘maybes’ in that last sentence but these are the type of signals that traders must be at least aware of.
Forex Spread Betting, 3 Dec 2009
Currency markets whilst appearing to be moving all over the place remain pretty much in the same area as they have been in for the last few months. Yes, the Dollar index weakens all the time but versus the majors it seems to have stopped moving.
Cable is now at $1.6650 and we keep returning to this point even though we always look like breaking higher or lower on a week by week basis. At the moment Sterling seems to be on the way up versus the greenback but even this morning we have already had a pop at the region above $1.67 and, once again, not found it to our liking.
The Euro is holding above $1.50 rather more comfortably that in recent times and any weakness seems to bring out the buyers. We still seem to run out of buyers above $1.5140 but the old resistance at $1.5040 / $1.5060 is now turning into support and may contain any sell off.
After the huge four figure move in the Yen last Thursday/Friday the Dollar has tried to regain some of the lost ground but is still, even after the suppressing of the Dubai problem, below the major support around ¥88.10 to ¥88.40. Traders will be watching to see if this level is recovered and, if it is, this may lead to a bigger rally for the Dollar back to the ¥90.00 area.
Forex Spread Betting, 2 Dec 2009
Gold’s move higher comes despite mixed fortunes for the Dollar this morning which, on the whole, is stronger against other currencies. Still, this is only just and the Dollar index is hovering over its lows around the 74.200 mark.
USD/JPY has bounced strongly off the ¥85.00 mark in anticipation of a possible intervention by the Japanese Central Bank. One can’t help but think that this is more of a short term bear squeeze before then next leg down for the Dollar. Currently at ¥87.30 resistance is at ¥87.50 and then ¥88.30 with support seen around ¥86.55 and ¥86.15.
Forex Spread Betting, 1 Dec 2009
On currency markets, the Euro is once again pushing to the upside versus the Dollar at $1.5030 as I write. Resistance is at $1.5050 to $1.5065 and support at the failure point to the downside at $1.4965.
The swift rejection, last Friday, of the level below the major trend line support, currently at around $1.4930, would seem to be indicative of a continuation of the Euro bull run but traders appear to be somewhat cautious at these levels.
In recent weeks we have been building a bearish pennant formation, with one break up and one down, a move below the aforementioned $1.4930 would possibly be seen as extremely bearish.
We are currently seeing solid selling of the Dollar in early trade with Cable now at $1.6450 having hit a low overnight at $1.6395. In truth the Pound has been stuck in a tight trading range versus the Dollar for some six months, with one extension rally up to $1.70 and one attempt to move lower failing at $1.5730.
Dealers have become used to the oscillations between, approximately, $1.60/$1.62 and $1.67/1.68. Every time we threaten the top of this range everyone thinks ‘this is it’ to the upside and the same when we approach the bottom.
Arguments continue with China over their refusal to let the Yuan float and there is a feeling that the EU lawmakers are growing slightly impatient.
The huge trade deficit with the Far East should be indicating a rising currency base but, as mentioned before, many of the major exporting nations have a Dollar fix in place.
This is bad enough for the US but positively disastrous for Europe, the UK and Japan. Any attempt to grow out of the recession is hampered by the rising cost of European exports and the ever cheapening cost of produce from the Far East.
China is threatening trade barriers over individual commodities/products but this is a very dangerous game as they may run into a rising clamour from French and German, to name just a few, industry for trade tariffs on their general exports.
Forex Spread Betting, 30 Nov 2009
Currency markets are mixed with both the Dollar and Sterling taking the brunt of any selling that’s going on. The Dollar is still firmly on a downward path, with the Dollar index down again this morning, but is still trading off its lows.
The Yen continues to appreciate with ¥86.85 providing resistance for USD/JPY and bears will be targeting the ¥85/84 region which was tested briefly at the end of last week.
Sterling is better against the Dollar, but purely down to Dollar weakness as against other crosses it continues to be hit by the Dubai issue.
Sentiment has been Sterling negative for much of the latter part of 2009 and doesn’t look to be improving as investors favour the likes of the Euro, Australian Dollar and Yen over poor old Sterling.
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Forex Spread Betting, 27 Nov 2009
The Dollar took a thumping yesterday with some major support levels being given up and that selling continued overnight. But there’s a risk that with some Americans being back at their desk today they may cause a snap back, if not today, then possibly next week.
In fact we are already seeing a little bear squeeze with some support for the Dollar this morning and Dollar/Yen is back above ¥86.00 having hit a low of ¥84.81 late last night.
Intervention from the Japanese is becoming more and more likely as the Yen’s appreciation continues cause damage to their big exporters. The Swiss central bank has become quite active recently selling Francs to prevent further gains against the Euro.
The result is further weakness for the Nikkei which has substantially underperformed in the last couple of months.
The Euro and Sterling are taking a knock too, with Sterling being the strongest out of the two. Cable’s trading range remains in tack with the cross now reverting back to the downside and testing support levels.
The volatility in markets, particularly Forex, has really picked up in the last 24 hours so clients should beware of sharp moves. Overnight, there was serious activity in the currencies as any Asian markets that were open saw investors scrambling for an exit.
Forex Spread Betting, 26 Nov 2009
The currency markets finally broke out of their trading ranges for the Yen and Euro with the Dollar finally breaking below ¥87.12 against the Yen and above $1.5060 for the Euro, triggering sharp moves almost immediately.
Both levels remain breached this morning with the Euro having hit $1.5140 last night and the Yen reaching as low as ¥86.30 as well.
However, this morning there seems to be a bit of a battle going on with the Euro falling back to $1.5060 and then bouncing to the current level of $1.5080 and the Yen, likewise retracing, all the way back up to $87.05 before failing and slipping back to $86.90.
If the Pairs get back above the marks which failed last night there might be something of a covering action so traders should beware taking the break out too aggressively.
In the midst of this the poor old Pound failed rather pathetically to follow the Euro bloc higher and the Cable rate is now still well within the trading range of recent times at $1.6525.
Versus the Euro and Yen though, the cross is beginning to look miserable once again with the Euro pair slipping below €1.10 and the Yen under ¥144.
The charts give a worrying indication that Sterling/Yen cross may drop back to the ¥140 level again and possibly finally challenge the €1.05 price versus the Euro.
Forex Spread Betting, 25 Nov 2009
The Dollar remains the ‘Billy no mates’ of the currency markets and the various crosses overnight have been very nasty to the poor old greenback.
For all the US mouthing of ‘strong Dollar policy the world knows that it suits their purposes to manage a slow fall. As per our comments of many times in the past the real loser of the weak Dollar environment is Europe as the Yuan is ‘pegged’.
For all the huge surpluses generated by the Eastern manufacturing nations there is no currency valve to let off the pressure of unsustainable growth.
Unfortunately, in the short term, Europe, Japan and the UK will be the economic zone taking the pounding. This, I believe, was the thinking behind Mervyn King’s warning on protectionism yesterday.
Europe is finding it very difficult to explain to its citizens why they are having to suffer because China, Taiwan, Vietnam etc maintain artificial currency pegs. You can almost hear the sound of East-West trade barriers being built.
Forex Spread Betting, 24 Nov 2009
Forex markets have also been unusually favourable with the Euro once again failing at the $1.50 level. Clients were quick to sell at the highs and remain heavily short at current levels of $1.4900.
There are no prizes for guessing the target of around $1.4800-$1.4820 for the bears as this has been, roughly, the lows of the last three attempts to the downside.
Bulls will be hoping for a renewed attack on $1.5000 soon as the upward momentum of the last nine months has been looking a bit less powerful in recent weeks.
The trend line support from the lows in March is currently at around $1.4850, we bounced off this line on Friday at $1.4800.
Sterling continues to trade well versus the Dollar but remains weak against the Yen and Euro. This is proving something of a problem for global contracts, which are generally priced in Dollars, in that the weak currency argument favouring Manufacturing and Exports is somewhat muted by the challenge from US and Chinese units, China’s currency is mainly locked versus the Dollar.
This means that both these economies, which grew strongly in the last quarter, actually now have a weaker exchange rate versus the Pound than at the start of the year! And we wonder why export manufacturing continues to deteriorate.
Forex Spread Betting, 23 Nov 2009
The move higher by equities means that the Dollar is under pressure and the Dollar index has taken a swing back down towards the $75 level.
It seems after all its hard work of trying to recoup so much of its losses last week the Dollar bears have bashed it back into submission in a short space of time. As a result, Cable is back over the $1.6600 level finding support just below its 20 day moving average, but can it summon the momentum to have another run at the $1.7000 level as it did a couple of weeks ago?
Euro Dollar is surging ahead to just below the $1.5000 level, where for now it seems to be backing off a little once again. Momentum for Euro Dollar continues to fizzle out around the $1.5000 mark and sellers have been creeping around here this morning.
Price update:
- GBP / USD closed last week down -$0.017 at $1.651 (down -1.02% week-on-week)
- USD / JPY closed last week down -¥0.7 at ¥89.0 (down -0.78% week-on-week)
- EUR / USD closed last week down -$0.004 at $1.485 (down -0.27% week-on-week)
- EUR / GBP closed last week up £0.006 at £0.899 (up 0.67% week-on-week)
Also see:
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Risk Warning: Spread betting carries a high level of risk to your capital. You may lose more than your initial investment. It 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 Spread Betting December 2009' by DB, updated 04-Dec-09
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Forex Spread Trading May 2010, updated 21-May-10
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Forex Spread Betting May 2010, updated 07-May-10
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Forex Spread Betting March 2010, updated 12-Mar-10
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Forex Spread Trading February 2010, updated 26-Feb-10
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Forex Spread Betting February 2010, updated 12-Feb-10
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Forex Spread Trading January 2010, updated 29-Jan-10
FX market update: On the currency front, the Euro has been weakening again, finally dropping below $1.40 yesterday. The currency is...read article: Forex Spread Trading January 2010.
Forex Spread Betting January 2010, updated 15-Jan-10
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Forex Spread Bets December 2009, updated 01-Jan-10
FX market update: Interesting movements in the Forex spreads markets are just about the only thing worth focussing on at the moment. Yesterday the Dollar waxed and waned, managing a...read article: Forex Spread Bets December 2009.
Forex Spread Trading December 2009, updated 18-Dec-09
FX market update: The momentum against Cable was compounded by some negative UK retail sales which flew in the face of recent reports from retailers like...read article: Forex Spread Trading December 2009.
Forex Spread Betting December 2009, updated 04-Dec-09
FX market update: The Euro managed to exactly match our commented range of $1.5140 to $1.5040/60 in yesterday's session. It traded at...read article: Forex Spread Betting December 2009.
Forex Spread Trading November 2009, updated 20-Nov-09
FX market update: Currency markets are mixed this morning but largely in favour of the Dollar. Cable is heading lower as once again it fails to test...read article: Forex Spread Trading November 2009.
Forex Spread Betting November 2009, updated 06-Nov-09
FX market update: Currency markets are turning a bit Dollar unfriendly once more with the Euro regaining the $1.4860 level. The Euro had been...read article: Forex Spread Betting November 2009.
Forex Spread Trading October 2009, updated 23-Oct-09
FX market update: Trading continues to be very contained in the EUR/USD cross with the $1.49 level seeming to hold an irresistible attraction. Last night it seemed that...read article: Forex Spread Trading October 2009.
Forex Spread Betting October 2009, updated 09-Oct-09
FX market update: Mervyn King muttered about a weak currency helping exporters but I have to say that this commentator is yet to see any evidence of...read article: Forex Spread Betting October 2009.
Forex Spread Trading September 2009, updated 25-Sep-09
FX market update: The weakness of the Pound versus other majors has merely been reflected by the Dollars own lack of strength. Versus the Euro the cross seems unable to...read article: Forex Spread Trading September 2009.
Forex Spread Betting September 2009, updated 11-Sep-09
FX market update: As mentioned many times over the last few months the Dollar continues to suffer from what looks like benign neglect from the...read article: Forex Spread Betting September 2009.
Forex Spread Betting August 2009, updated 28-Aug-09
FX market update: The pound/dollar range at $1.62 to $1.66 eventually held the upper hand and after testing the markets below $1.62 the volume attraction of this range reasserted its pull. In truth the opening hours today have...read article: Forex Spread Betting August 2009.
Forex Spread Trading August 2009, updated 14-Aug-09
FX market update: On the currency front the pound made a big rebound from the lows with the Yen (especially) falling back after a strong run. The sharp spike lower in GBP/JPY in a frantic...read article: Forex Spread Trading August 2009.
Forex Spread Trading July 2009, updated 31-Jul-09
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Forex Spread Betting July 2009, updated 17-Jul-09
FX market update: The dollar is making a little ground back against sterling. Rather like the equity markets there is a lack of direction and a real tussle between the
...read article: Forex Spread Betting July 2009.
Forex Spread Bets June 2009, updated 03-Jul-09
FX market update: Sterling is also managing to sit tight against some serious tests of support. Cable has drifted sideways through the short term upward trend line which is marginally worrying and this may give cause for a move back into the $1.58 to $1.60 region. However sometimes trend lines just lose their...read article: Forex Spread Bets June 2009.
Forex Spread Trading June 2009, updated 19-Jun-09
FX market update: Forex markets must have read my comment yesterday as the pound made an almost carbon copy move to Wednesday's price action. The total net effect over the last three days has been...read article: Forex Spread Trading June 2009.
Forex Spread Betting June 2009, updated 05-Jun-09
FX market update: Even though the GBP/USD spread betting market has fallen from a high of $1.6670 on Wednesday to the current $1.6050 there have been some big rallies amidst the 6 cent fall. Clients have been trying to buy into...read article: Forex Spread Betting June 2009.
Forex Spread Trading May 2009, updated 22-May-09
FX market update: The same happened to GBP/EUR which saw a very sharp fall yesterday morning, but recovered afterwards throughout the rest of the day. At the moment though, the euro is...read article: Forex Spread Trading May 2009.
Forex Spread Betting May 2009, updated 08-May-09
FX market: Sterling's good recent run came to an abrupt end after the BoE announced its next tranche of asset purchases. The market was taken a little by surprise as many were expecting the Bank not...read article: Forex Spread Betting May 2009.
Forex Spread Trading April 2009, updated 24-Apr-09
FX market: EUR/USD is back above $1.3000, currently at $1.3070 with the Euro making a bit of ground on Sterling as well as GBP/EUR heads back towards...read article: Forex Spread Trading April 2009.
Forex Spread Betting April 2009, updated 10-Apr-09
FX market: With EUR/USD, our spread betting accounts are very much two way with buyers matching sellers and in truth it is difficult to argue that ...read article: Forex Spread Betting April 2009.
Forex Spread Trading March 2009, updated 27-Mar-09
FX market update: FX markets are still wary of the recent indication that the US might not be opposed to the creation of a 'Super Currency' run by the IMF, the mere mention of which sent the dollar...read article: Forex Spread Trading March 2009.
Forex Spread Betting March 2009, updated 13-Mar-09
FX market: The failure last Friday to push resistance versus the dollar at $1.4340 was not helped by the overall view taken about the 'quantitative easing' policy of the...read article: Forex Spread Betting March 2009.
Forex Spread Trading February 2009, updated 27-Feb-09
FX market update: Against the Euro, the pound seems to have settled into a £1.1000 to £1.1500 range...read article: Forex Spread Trading February 2009.
Forex Spread Betting February 2009, updated 13-Feb-09
FX market: Virtually every major market, having tried valiantly to break out of the current trading ranges, is now pretty much where they closed on Wednesday evening. GBP/USD had a solid look at...read article: Forex Spread Betting February 2009.
Forex Spread Bets January 2009, updated 31-Jan-09
FX market update: Currency markets continue to be the focal point with the battle for the GBP/USD rate to get...read article: Forex Spread Bets January 2009.
Forex Spread Trading January 2009, updated 16-Jan-09
FX market: Strange moves overnight in the currency markets will not have pleased many as the Pound ?took off? in the first few hours of trading opening some...read article: Forex Spread Trading January 2009.
Forex Spread Betting January 2009, updated 02-Jan-09
FX market update: the 'dollar bulls' remain positive about the outlook for the dollar as they argue it could replace the Yen as the new carry trade currency. This also indicates that the FX markets are preparing for...read article: Forex Spread Betting January 2009.
Forex Spread Trading December 2008, updated 19-Dec-08
FX market: The pound has fallen a minimum of 25% against even the weakest of the other major currencies this year and in the same period our...read article: Forex Spread Trading December 2008.
Forex Spread Betting December 2008, updated 05-Dec-08
FX market update: On the Currency front the cut in rates had little effect, there was a brief fall in the Euro and the Pound followed by a short covering rally and now we...read article: Forex Spread Betting December 2008.
Forex Spread Trading November 2008, updated 21-Nov-08
FX market: The GBP / USD spread is now $1.5082 - $1.5085 and, to be honest, there is little in the way of resistance or support around the current price. The short term falling trend line is now at...read article: Forex Spread Trading November 2008.
Forex Spread Betting November 2008, updated 07-Nov-08
FX market update: The volatility in the GBP / USD market is becoming ever more extreme with the last eleven trading days averaging over 5¢ a day high/low range (3%). This variation represents a...read article: Forex Spread Betting November 2008.
Forex Spread Trading October 2008, updated 26-Oct-08
FX market: Traders looking for some kind of support have seen their hopes wiped away as the pound and euro plumb depths not seen for...read article: Forex Spread Trading October 2008.
Forex Spread Betting October 2008, updated 10-Oct-08
FX market update: Trading in the Forex markets has been just as violent as the equities as the pound has fallen dramatically out of favour versus the Yen and Dollar. It appeared, briefly, that confidence in...read article: Forex Spread Betting October 2008.
Forex Spread Trading September 2008, updated 26-Sep-08
FX market: The Forex markets must have been reading my comment yesterday as Cable failed at almost exactly the resistance of $1.8650 and then moved down to attack the support at $1.8450. Once this had...read article: Forex Spread Trading September 2008.
Forex Spread Betting September 2008, updated 12-Sep-08
FX market update: On the FX spread betting front the inability of the Pound, Euro or Yen to hold onto the gains versus the dollar do not bode well in coming sessions. The currency markets are settling in to the new ranges caused by...read article: Forex Spread Betting September 2008.
Forex Spread Trade August 2008, updated 29-Aug-08
FX market update: The Euro / Dollar rate is off its lows this morning around the $1.4693 mark and continues to test...read article: Forex Spread Trade August 2008.
Forex Spread Betting August 2008, updated 15-Aug-08
FX market update: We are now sitting just above the massive 2006 GBP / USD support level at around...read article: Forex Spread Betting August 2008.
Forex Spread Trading July 2008, updated 01-Aug-08
FX market update: In the Forex spread betting markets the dollar and yen are looking to make gains after the...read article: Forex Spread Trading July 2008.
Forex Spread Betting July 2008, updated 18-Jul-08
FX market update: In the Forex Spread Betting world Cable continues to hover around the $2.00 dollar mark but the Euro has, for the time being, given up on the...read article: Forex Spread Betting July 2008.
Forex Financial Spread Bet July 2008, updated 04-Jul-08
Forex market update: The weak dollar is causing much of the recent commodity spike and the laissez faire attitude of the US administration to the value of the Greenback is coming back to haunt them in the shape of...read article: Forex Financial Spread Bet July 2008.
Forex Financial Spread Trading June 2008, updated 20-Jun-08
Forex market update: Every time the pound looks to be in danger of a fall to below $1.94 buyers come in and take it back up to around $1.98 to $2.00. Cable has been in a falling wedge formation since...read article: Forex Financial Spread Trading June 2008.
Forex Financial Spread Betting June 2008, updated 06-Jun-08
Forex market update: The pound was dragged a little in the Euros wake yesterday but even so lost over a Euro cent in the post Trichet move. The GBP / USD spread is currently at $1.9581 - $1.9584 this morning and is still at the lower end of the recent trading ranges. Any clients who bought into...read article: Forex Financial Spread Betting June 2008.
Forex Spread Bet May 2008, updated 23-May-08
Forex market update: Sterling had one of its surging days yesterday moving higher against every other major currency. We have seen some very heavy buying in the Pound and Euro vs the lower interest rate currencies (JPY, CHF, USD) in the last few sessions as traders...read article: Forex Spread Bet May 2008.
Forex Trading May 2008, updated 09-May-08
Forex market update: Unfortunately the FX markets, which seemed to be selling the Pound and Euro in anticipation of a rate cut from both the ECB and MPC only reversed for the Euro and not for the Pound. Sterling is now weakening again against all the majors and yet another attack on the...read article: Forex Trading May 2008.
Forex Trading April 2008, updated 25-Apr-08
Forex market update: Looking at the Forex Spread Betting markets the Pound actually managed a good day for a change as the Euro and Yen suffered. Of course the real winner was the US Dollar. Cable is now at the bottom of it recent range with dealers probing for any weakness below...read article: Forex Trading April 2008.
Forex Spread Bets April 2008, updated 11-Apr-08
Forex market trading update: The dollar is getting a knock this morning weaker against the majority of other currencies. Sterling attempted to make some sort of recovery against the euro yesterday dipping below the £0.8000 mark. However, since...read article: Forex Spread Bets April 2008.
Forex March Spread Trading, updated 28-Mar-08
Forex markets: 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%...read article: Forex March Spread Trading.
Real-time Forex Prices and Charts, updated 15-Feb-08
Forex pricing information: On the currency trading front we are very quiet and with no news expected today it may well remain that way for the early trading session. GBP / USD looks to be quite happy at levels near to $1.9700 but we have made a habit of...read article: Real-time Forex Prices and Charts.
UK Forex Spread Trading, updated 01-Feb-08
UK Forex Spread Trading: FX markets are absolutely comatose at the moment and we are trading and re-trading over the same ranges. The pound is pretty much...read article: UK Forex Spread Trading.
Forex January Spread Betting, updated 18-Jan-08
FX markets remain peaceful with the Dollar and Pound continuing to recoup some of the recent losses. The Sterling/Yen cross is now hovering just below the 211.90 support/resistance at a spread of...read article: Forex January Spread Betting.
Forex Trading Online, updated 21-Dec-07
Find out where you can Trade FX Online for free plus your FX trading questions answered, tips on getting free FX charts, real time prices and...read article: Forex Trading Online.
Forex Futures Trading, updated 07-Dec-07
Where to trade Forex Futures plus updated Forex trading news and the most popular Forex questions answered....read article: Forex Futures Trading.
Forex Broker, updated 23-Nov-07
Where to find free Forex Brokers plus regular Forex financial trading news as well as the most popular Forex questions answered....read article: Forex Broker.
Forex Platform, updated 09-Nov-07
Where to find free Forex Platforms plus updated Forex trading news as well as the most popular Forex queries answered....read article: Forex Platform.
Forex Software, updated 26-Oct-07
Where to find free Forex Software information plus updated Forex trading news as well as the most popular Forex queries answered....read article: Forex Software.
Forex Prices, updated 04-Feb-08
Where to find free Forex Prices plus updated Forex news as well as your top Forex questions answered....read article: Forex Prices.
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