Forex Spread Betting June 2010
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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 Jun 2010
Currency markets have been rather flat so far this morning. Surprisingly it’s the Euro that’s just coming out on top despite weakness yesterday. Still languishing around its four year lows, the big fallout and drive to the $1.1 levels has yet to materialise, so the congestion around the current levels is giving the single currency a degree of support.
Clearly many of those FX spread trading are sitting on the sidelines ahead of NFP but it’s difficult to see if there’s any shock to the upside might that it might lead to such a substantial more lower for the Euro. What’s more likely to contribute to the next leg down, should it come, is the meeting of the G20 finance ministers over the week end.
USD/JPY continues to edge higher, just below €93.00 which is the next level the bulls will be targeting. They could well want to have a look at €95.50 should there be enough momentum behind the Dollar if a better than expected NFP number gives the US currency another boost.
Forex Spread Betting, 3 Jun 2010
The Yen has had a rough ride over the past few days following the resignation of their Prime Minister as the market prices in the prospect of the finance minister taking the reigns. In particular, he has been talking tough about weakening the Yen in order to reduce the continued threat of deflation.
The political uncertainty has also played on the Japanese currency, rather like the uncertainty that Sterling suffered in the run up to the general election, but a weaker Yen is important for Japan’s exporters. There’s even been talk that a new government will be reluctant to deal with the country’s public debt problems, which might lead to a credit rating downgrade and further Yen weakness, although this theory seems somewhat extreme.
This morning USD/JPY is trading at ¥92.40 and bulls feel we could make an attempt at the ¥100.00 level over the medium term, but before then targets for the bulls are ¥95.60 and then ¥97.50.
The Euro has just about been holding its own and continues to teeter above the $1.2200 level. With EUR/USD at $1.2320 at the time of writing it would seem that the rot has stopped for now, but we still have to see a substantial push to the upside to flush out the bears and reverse the trend. Key levels are $1.2350 and $1.2400 to the upside and $1.2180 and $1.2145 to the downside.
Forex Spread Betting, 2 Jun 2010
Dollar weakness is allowing a small bounce for the Euro and Sterling this morning. Sterling once again has the edge over the Euro and EUR/GBP is now at £0.8300, meaning GBP/EUR is back over the €1.2000 mark.
We have not seen this level for one and a half years since the cross rate made its first big break out move from the €1.2200 area back in November 2008 and commenced its run towards parity with the Euro.
At least for those going to the continent this summer things will be a little cheaper than they’ve been for the last couple of years when the you’d only get a Euro for your Pound from the foreign exchange dealers.
EUR/USD is sitting above $1.2200 for now at $1.2240 at the time of writing. Around these lows it’s not surprising to see a bit of support for the single currency but the overwhelming trend is still rather negative for the Euro.
Some bears project $1.1600 and then $1.1300 as the next targets but currency markets have a habit of snapping back in the opposite direction and so to the upside $1.3000 will be the target for the bulls.
Forex Spread Betting, 1 Jun 2010
Currency markets have kicked back into live after the extended UK weekend saw thin volumes and narrow trading ranges yesterday. The Euro bears had taken the time off to sharpen their claws as they’ve come back today and sold the Euro this morning which is back to the $1.2200 area.
There’s been support for the single currency around this area over the last couple of weeks so $1.2150 might hold again and a few buyers are creeping in expecting a bounce from here.
Germany unemployment numbers have come in better than expected this morning which has lent a little support to the Euro for now. The weakening currency has helped to boost their exports significantly so, while the Euro bashing continues, a weaker currency is actually a good thing for the Eurozone.
Cable is mixed this morning just below the $1.4500 level and the Euro’s weakness has meant a further decline for EUR/GBP, which has dipped to its lowest level almost a year standing at around £0.8405.
The £0.8400 is expected to provide some support, but a break below could open up £0.8250, or €1.2120 for those who prefer the GBP/EUR cross.
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Forex Spread Betting, 28 May 2010
Currency markets seem to be very uncertain of the next direction with the Euro, having bounced from $1.2200 again yesterday afternoon, now in the mid $1.23’s but seemingly unable to make much progress above $1.2400.
For Euro bulls, the hope is that the charts might have built a double bottom versus the Dollar but we will need rather more than the small bounce experienced so far to strongly push the idea.
Sterling has also survived for another day but, like the Euro, is struggling to breach resistance levels, in this case $1.4600. Both the spot Sterling and spot Euro are failing at suspiciously round numbers at the moment and we can speculate that if they are broken there could be a sharp spike higher. For the time being though spread betting account holders seem happy to trade the ranges.
Forex Spread Betting, 27 May 2010
Today we can see the markets surging on the rally in the Far East and the statement from China that they are not looking to offload their Euro assets. Although this is hardly surprising as they must be sitting on monumental losses by now.
Governments can generally play the very, very long game and they know that no matter how low the Euro goes it will eventually come back into favour, probably.
The currency markets, for the majors, have generally proved to be remarkably predictable in the long, long term generally oscillating, albeit in huge swathes, around a pretty definable mean point.
We have seen a big spike for the Europeans, including the Pound, early in the session after the Chinese announcement but since the highs early on we have seen a bit of a return to the downside direction for the Euro.
The Euro/Dollar ran into the heavy support at $1.2150/80 last night. This is a level which has held the pair up several times already and from which we have rejected quite violently on each occasion.
The cross is now at $1.2260 having hit a high of $1.2340 this morning but is looking comfortable. Resistance is building at the $1.2340/60 level against any recovery so traders will be watching this for any sign of a bullish breach if we manage to approach it again.
The Pound is doing better up at $1.4500 at the moment with resistance at $1.4535/40 and support at $1.4450 then a series of quite good supports all the way from $1.4400 down to $1.4230.
Although Sterling is in a bear market versus the Dollar and Yen it is managing to hold its ground at the moment and is doing better against the Euro. Spread betting account holders should beware getting too negative on the poor old Pound as the effort in driving it lower seems to be getting harder and harder.
Forex Spread Betting, 26 May 2010
Currency markets managed to hold support levels versus the Dollar but it was not for lack of trying. The Euro spent all morning, and most of the afternoon, around the $1.22 level but the $1.2180 level eventually held and the resulting bounce has taken us back up to $1.23, or thereabouts.
While this is reasonably encouraging the fact remains that the Euro is still the weakest of the litter, in a pretty sickly bunch overall it is true. There is room to the upside though, especially if some momentum can be got going, but currently $1.25/1.2650 looks to be the limit of any reversal at the moment.
Weak shorts were driven out in last weeks bounce and the return to the downside looked ominously easy.
Sterling has, rather surprisingly, sat on the sidelines versus the Dollar over the last week or so with $1.4250-1.4450 pretty much encapsulating the range. We are now at $1.4350 which just about sums it up.
Traders will probably continue to trade this range until a break is confirmed and then possibly go with the direction.
Forex Spread Betting, 25 May 2010
Currency markets are returning to recent roles with the Euro as the eternal whipping boy and Sterling tagging along for the odd thwack as well.
The Euro/Dollar cross is now back near the lows once again at $1.2225 as I write and Cable hovering around $1.43 as well. For all of the good PR about the cuts from Osborne and Laws, the fact remains that they cut in the easy areas and left the gapping maw of health, education, social security and law and order completely unscathed.
It appears that the brave new world is not actual all that ‘brave’ after all. After Greece, Spain and Ireland all announced swinging pay cuts it seems that some ‘governments’ are more ‘governments’ than others. Of course we must await the real deal with the budget in a months time but the weakness of the Pound at the moment is starting to look ominous.
Traders have been swinging positions around like mad in recent days with the majority of our spread betting account holders taking the Euro and Sterling rally of late last week as a selling opportunity, which it subsequently proved to be. However, with the markets now probing the lows, the ‘better part of valour’ is coming into play and positions are being closed out to await events.
Forex Spread Betting, 24 May 2010
On the currency markets, the Euro has attempted a rebound but has run into heavy selling this morning.
Traders are not convinced as to the long term viability of the Euro project and this has not been helped by the fact that Mr Sarkosy apparently banged the table at the recent meeting of heads of state and threatened to pull France out.
The Germans are probably feeling the same way too and truth to tell the other, weaker, members of the Euro would love to do the same if their current debt could be translated into local currency again.
Greece has some 120%, and rising, GDP/Debt ratio, if they pull out and the debt remains in Euros this could easily move to 160/180% before you could blink.
Support is still at $1.2350/1.2450 and also now at $1.2150. Bears are still focussed on $1.1650 as the first target has now been reached.
Bulls will be taking some comfort from the support of recent days but $1.2600 looks a level too far just for the moment.
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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 June 2010' by DB, updated 04-Jun-10
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Forex Spread Betting June 2010, updated 04-Jun-10
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Forex Spread Betting May 2010, updated 07-May-10
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Forex Spread Trading April 2010, updated 23-Apr-10
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Forex Spread Betting April 2010, updated 09-Apr-10
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Forex Spread Trading March 2010, updated 26-Mar-10
FX market update: Currency markets continued to be Dollar favourable yesterday but this morning has seen something of a pull back as the Euro has recouped...read article: Forex Spread Trading March 2010.
Forex Spread Betting March 2010, updated 12-Mar-10
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Forex Spread Trading February 2010, updated 26-Feb-10
FX market update: Cracks have appeared in the recovery and FX markets in particular have shown alarming moves that indicate they are preparing for...read article: Forex Spread Trading February 2010.
Forex Spread Betting February 2010, updated 12-Feb-10
FX market update: On the currency markets, the Pound and Euro both found support yesterday pushing well away from recent lows to climb quite strongly through...read article: Forex Spread Betting February 2010.
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
FX market update: The US retail sales didn't help the Dollar much and it drifted back to the ¥91.00 mark against the Yen. With the rate at...read article: Forex Spread Betting January 2010.
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
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Forex Spread Betting September 2009, updated 11-Sep-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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