Forex Spread Betting March 2011
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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 Spreads, 11 Mar 2011
Currency spread betting markets are have seen Dollar strength so far this week as the US currency’s safe haven attribute comes into play, although this could also be seen as a slight squeeze on the bears as opposed to a change in the trend.
Cable nearly hit $1.6000 this morning but is just bouncing in early action and EUR/USD hit $1.3800 and too has bounced a little to $1.3835. For Cable the $1.6000 level is quite crucial support and below there $1.5955 meanwhile to the upside past support around $1.6125 is seen as resistance. For EUR/USD the recent lows at $1.3800/775 and the $1.3750 and $1.3710 are support with $1.3870 (previous support) seen as resistance.
Forex Spreads, 10 Mar 2011
FX spread betting markets continue to have a euro negative tinge to them. EUR/USD tried to get back above $1.3900 but was pushed back below in the afternoon.
Portuguese and Spanish 10 year bond yields pushed higher once again keeping any gains for the Euro to a minimum and this morning's downgrade to Spain is further weighing on the single currency.
At the time of writing we're at $1.3815 so key levels are seen at $1.3800 and $1.3750 to the downside with $1.3855 and $1.3940 to the upside. The $1.4000 level remains the major hurdle to overcome in the short and medium term.
Forex Spreads, 9 Mar 2011
Economic data is thin on the ground again with the UK trade balance released at 9.30 this morning. There’s a degree of optimism that the balance will improve as exports recover from the dire weather conditions over the winter, which hit exports out of the UK much harder than imports. Today’s predicted improvement is not expected to be a change in the trend however.
Later there’s German industrial production and US wholesale inventories, but of more interest will probably be the New Zealand rate announcement this evening.
Since the disastrous earthquake a couple of weeks ago expectations have been for a cut in their benchmark to help the battering that confidence has taken since then.
The decision is a difficult one to take though as everywhere else in the world central banks are raising rates or at least just about to, in order to tackle inflation. However, for New Zealand any cut would be for entirely different reasons which would be totally understood by the market. The move might be a temporary one.
The Euro gave up on the $1.4000 level yesterday as concerns about rising bond yields in the periphery brought Euro woes to the fore again. There could be more negative sentiment towards the Euro in the coming days ahead of the EU summit at the weekend which is due to climax at the end of this month.
Nation states are due to discuss a resolution to the crisis in the run up to the summit and this has brought the whole Euro issue back to the forefront of traders’ minds.
Of course there’s been no action to tackle the problems so the Euro is under pressure at the moment. This morning we’re at $1.3875.
The Dollar made a bit more ground again yesterday and as a result the Sterling - Dollar market drifted lower towards the $1.6150 level. This morning we’re at $1.6195 with near term support and resistance seen at $1.6110/6075 and $1.6210/40 respectively.
Forex Spreads, 8 Mar 2011
FX spread betting markets suffered a bout of risk aversion late on in yesterday’s session with the Dollar benefiting against its counterparts. This morning there’s little improvement on that front with things on the whole flat to slightly Dollar favourable.
The Euro – Dollar pair has dipped a little to $1.3950 where there’s some support expected but a move lower might open up $1.3885 and $1.3835. To the upside the $1.4015 to $1.4040 area is seen as resistance and then $1.4100.
The Sterling – Dollar market is flat to lower at around $1.6180 so bears will be targeting $1.6150 and $1.6120 whereas the bulls will hope for a test of near term resistance seen around $1.6240, which was previously support, and the $1.6300 area.
Forex Spreads, 7 Mar 2011
Apart from all the crises things are relatively quiet in the financial spread betting markets and the commencement of trading today has not exactly been explosive.
The earnings season is winding down and there’s little in the way of any big economic data announcements this week except for the BoE interest rate decision on Thursday.
Here the pressure is mounting on the MPC to act against rising inflation and its members are slowly but surely becoming more hawkish. However, with the prospect of a double dip recession in the UK there may not be quite enough evidence to tip the balance at this week’s meeting. They will probably want to wait until they at least see the GDP numbers for Q1 of this year.
So Greece’s downgrade has just led to bit of profit taking for EUR/USD, but only a little. The rate’s at $1.3975 this morning having had a go at $1.4000 already but without success.
The momentum is still in favour of the single currency and this level is not only a psychological level, but the upper resistance of the major long term downward trend. So near term resistance is around $1.400/10, $1.4055 and $1.4100 while support is seen at $1.3890 and $1.3850/35.
Cable has shrugged off the weakness in UK equity markets and is in the process of making ground against the Dollar, testing the $1.6300 level. The $1.6325/50 area is resistance and support is seen at $1.6220 and $1.6175 for GBP/USD which has traded sideways within a 150 point range for the past week.
Bulls will be hoping for a hike on Thursday to push us beyond resistance or at least some more hawkish rhetoric out from the BoE.
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Forex Spreads, 4 Mar 2011
The Euro was the surprise mover of the day yesterday following the ECB rate announcement. Of course there was no change to the base rate, which remained at 1%, but Trichet didn't exactly keep his cards from view by mentioning that rates might well rise as soon as next month.
Maybe the Bank of England can take a leaf out of the ECB's book and put an end to its smoke screen approach to monetary policy and actually tell the market when it's most likely to raise rates as opposed to us all second guessing them.
So it looks like the ECB is to finally put an end to its ultra low interest rates and we could see base rates in Europe as high as 1.75% before the end of the year.
As a result of Trichet's boldness the Euro - Dollar spread betting market spiked to nearly hit the $1.4000 level but its advances were halted somewhat by the major upper downward trend line around this area. This morning we're at $1.3960 so now resistance is seen at $1.4000 and $1.4055 with support expected at $1.3855 and $1.3800.
The single currency also made big gains against Sterling which was dragged back down into the €1.1600s. This morning the Sterling - Euro forex rate is at €1.1665.
Forex Spreads, 3 Mar 2011
Once again the Dollar was the whipping boy in yesterday's session as traders shunned the US currency in favour of things like gold and oil. Cable seems comfortable around its recent highs and recovered from earlier losses to gain the ground back above $1.6300.
This morning GBP/USD is at $1.6315 so levels to keep an eye on are $1.6390 and $1.6425 to the upside and $1.6210 and $1.6150 to the downside. Over the longer term things look quite bullish for Cable so the next big test for the bulls is $1.6750.
For EUR/USD we crept higher again and are at $1.3870 so the next near term target is $1.3900 and $1.3965. The longer term $1.4000 level is the real major prize for the bulls. A break above here could open up $1.4250. Meanwhile to the downside $1.3740 and $1.3690 are seen as support.
Forex Spreads, 2 Mar 2011
Currency markets were relatively muted in yesterday's session despite the sell off in equities and even the Swiss Franc didn't make the usual gains expected with such a decline in indices.
EUR/USD bumbled along above $1.3800 and at the time of writing the rate is back below there at $1.3775. Resistance is seen around the highs at $1.3860 and then $1.3925 with the big figure $1.4000 almost in touching distance. To the downside support is seen at $1.3750 and then $1.3715.
Cable looked a little dizzy having broken through to new highs above the $1.6250 area to hit over $1.6300. At $1.6230 this morning bulls will be keenly watching the highs at $1.6335 and then $1.6390 whilst to the downside support should at $1.6195 and $1.6150.
Forex Spreads, 1 Mar 2011
This afternoon’s highlight will be Ben Bernanke’s Monetary Policy Report. This could lead to a bit of volatility and he’ll no doubt claim the success of the QE program that has avoided a deflationary spiral.
People will be focusing on any announcement of the withdrawal of stimulus, just how gradual it will be and ultimately whether there’s any appetite for a possible rate hike this year.
Forex markets continue to have a Dollar negative slant to them. The US Dollar index marked a new three month low yesterday and its break below 77.000 is not a good sign for the bulls. This morning the March Dollar index is at 76.900.
Cable has been rather good at repeating itself recently. It made a Herculean recovery from below $1.6100 to put on nearly two cents before failing once again around the $1.6250 level.
Nevertheless, this morning GBP/USD has finally broken through and is at $1.6310 and there’s a feeling that this breach of the resistance could lead us even higher. Bulls will now be keenly watching $1.6335 and $1.6390 to the upside while to the downside support is seen around $1.6195 and $1.6150.
The Euro gave up much of its gains against the Dollar as it retraced back below the $1.3800 level having spent the majority of the day above it. The move to the downside commenced at exactly the same level that it did last time at the beginning of February.
This morning EUR/USD is at $1.3830 and so resistance is seen at yesterday’s highs and the big figure $1.4000 still looms over the cross rate like a dark shadow having yet to be tested this year. To the downside $1.3715 and $1.3645 are seen as support levels.
Forex Spreads, 28 Feb 2011
Currency spread trading markets are seeing a renewed bout of Dollar weakness as the Euro climbs back above $1.3800 against the US currency this morning. At the time of writing we’re at $1.3815 so bulls will now have their eye on $1.3840 and $1.3875 beyond here. To the downside $1.3715 and $1.3645 are areas that should provide some support.
Cable has also seen a jump higher in early trade. The bulls seem to really want to give the $1.6250 are another test as the sharp gains this morning would indicate the bulls are in the ascendancy. To the upside $1.6200 and $1.6250 are the levels of resistance meanwhile $1.6065 and $1.6025 might provide some support.
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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 March 2011' by DB, updated 11-Mar-11
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Forex Spread Trading November 2010, updated 19-Nov-10
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Forex Spread Betting May 2010, updated 07-May-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
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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
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Forex Spread Betting October 2009, updated 09-Oct-09
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Forex Spread Trading September 2009, updated 25-Sep-09
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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
FX market update: The equity market rally though took its toil as investors sold the dollar in favour of equities. Sterling did well out of...read article: Forex Spread Trading July 2009.
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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