Forex Spread Betting May 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, 8 May 2009
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 to spend as much as they said they will, but rather wait for the release of their inflationary report next week before going shopping again in earnest next month.
Cable very nearly reached as high as $1.5200, before falling back sharply and this morning we sit just above $1.5000 at $1.5020.
Sterling also suffered a decline against the euro. While things were looking good up until the BOE’s decision yesterday at around €1.1400, sellers drove the cross back to €1.1200 is a relatively short period of time. This morning we’re at €1.1220.
Forex Spread Betting, 7 May 2009
At 12.45pm the ECB will announce the new rates. The European rate is expected to be cut by 25 basis points to 1.00%. Whilst the ECB and many of our European compatriots have been reluctant to go down the route of QE, the ECB may have to succumb to the underlying fact that the eurozone requires some stimulus and needs to announce plans to purchase assets.
As a result the euro is under pressure against sterling once again this morning as we currently sit at €1.1365 for GBP/EUR. We are on / near some resistance levels so will have to wait and see if sterling has the support to push through and test 2009 highs.
Cable has fallen back a little from its highs around $1.5145 to below the $1.5100 level. Whilst the trend over the last few days is upwards, a bit of profit taking and long position covering is capping gains ahead of the midday BoE announcement.
Forex Spread Betting, 6 May 2009
Forex markets saw some excitement yesterday with cable breaching the $1.5000 mark in style, pushing onto $1.5100 and beyond. This morning we are back to $1.5040 at the time of writing having hit a low of $1.5000, which is now the near term support having acted as resistance in the past.
A few sellers crept in yesterday and more this morning as clients seem to think that cable looks a little “toppy”. They do not expect the $1.5000 to hold up and in the absence of further strength following the good confidence data overnight, the clients are enjoying this move down from the recent high.
Sterling’s strength against the euro continued yesterday and although we are a little weaker this morning we moved quite aggressively from €1.1200 to €1.1300, mainly as a result of the good manufacturing data yesterday morning.
The trend is in sterling’s favour for the moment and whilst support is expected around €1.1285 and €1.1250, resistance is seen around €1.1350 and then €1.1380.
Today however, the currency markets are likely to be quite quiet with the lack of data out and ahead of the interest rate decisions tomorrow.
Forex Spread Betting, 5 May 2009
Sterling is attracting a great deal of attention having nearly broken through April's high of $1.5066.
This morning we touched $1.5062 before drifting back to sit at $1.5030 at the time of writing. We are right within a major resistance level. Eyes are watching closely to see if we can push on and hold $1.5000 and test 2009 highs around the $1.5350-70 mark.
More data this week will provide impetus for a move in either direction. Not only do we have the interest rate decisions from the BOE and ECB on Thursday, today we have some UK housing and inflation data and then we finish the week with US non-farm payrolls.
Not only is sterling making ground against the dollar and yen, but momentum is also in its favour against the euro. Currently, sterling/euro is at €1.1270.
Forex Spread Betting, 4 May 2009
- GBP / USD closed last week up $0.015 at $1.486 (up 1.02%)
- USD / JPY closed last week up ¥1.9 at ¥99.3 (up 1.95%)
- EUR / USD closed last week unchanged at $1.325
- EUR / GBP closed last week down -€0.008 at €0.892 (down -0.89%)
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Forex Spread Betting, 1 May 2009
Cable and EUR/USD came in for a bit of profit taking yesterday, failing to make further ground after a good rally so far this week. The euro failed just below $1.3400 and cable once again could not face the prospect of breaching the well established resistance level of $1.5000-$1.5020. At the time of writing GBP/USD is at $1.4810 and EUR/USD at $1.3290.
Forex Spread Betting, 30 Apr 2009
On the Forex Spread Betting front, the dollar was out of favour once again after the mixed to bad GDP numbers. Traders shied away from the greenback which is slowly restoring its reputation as the safe have currency, so the “appetite for risk” phenomenon led to the euro and sterling being the beneficiaries.
Both cable and EUR/USD surpassed last week’s highs and are trading at $1.4920 and $1.3360 respectively.
Resistance for cable is now seen around the figure at $1.5020, while support is $1.4850 and for EUR/USD $1.3425 is expected to give resistance while support is seen around $1.3290.
If the swine flu doesn’t get out of hand then this might lead to give further impetus for investors to push cable and EUR/USD higher, but judging by historical performance for these currency pairs, the moment they get near breaking out further to the upside, they retrace.
Forex Spread Betting, 29 Apr 2009
Sterling’s strength is continuing this morning both against the Euro and Dollar as once again (surprise, surprise) we rallied from the 1.4500 level. At the time of writing we’re testing near-term resistance with the cross standing at $1.4720.
If we carry on through this level the next resistance is seen around $1.4825, then $1.4900.
Currencies have been behaving in a similar fashion to the equity markets recently, as just when you think there’s going to be a break out in one direction, the rate turns around and heads off the other way.
Forex Spread Betting, 28 Apr 2009
The dollar is proving the safe haven currency this morning with the euro back around $1.3000 and sterling dipping towards $1.4500 although sterling and the euro are now off their lows.
Forex Spread Betting, 27 Apr 2009
Not surprisingly the dollar has had something of a bounce this morning as flight to quality rears its head again but it is tempting to state that as the fear of the Swine Flu Pandemic slowly fades (as it probably will) this could reverse.
Price Update:
- GBP / USD closed last week down -$0.009 at $1.471 (down -0.61%)
- USD / JPY closed last week down -¥1.6 at ¥97.4 (down -1.62%)
- EUR / USD closed last week up $0.021 at $1.325 (up 1.61%)
- EUR / GBP closed last week up £0.019 at £0.9 (up 2.16%)
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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 May 2009' by DB, updated 08-May-09
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Forex Spread Betting February 2011, updated 11-Feb-11
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Forex Spread Betting January 2011, updated 14-Jan-11
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Forex Spread Betting June 2010, updated 04-Jun-10
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Forex Spread Trading May 2010, updated 21-May-10
FX market update: On the currency front our comment yesterday that if the Euro was not moving in the accepted direction then the opposite was likely to happen proved rather more prophetic than expected...read article: Forex Spread Trading May 2010.
Forex Spread Betting May 2010, updated 07-May-10
FX market update: The Euro has now almost reached the longer term target for the Bears of around $1.2350/1.2450, mentioned way back last week when we were...read article: Forex Spread Betting May 2010.
Forex Spread Trading April 2010, updated 23-Apr-10
FX market update: Currency markets are the place to be at the moment with the Euro continuing to weaken under the glare of all its woes. In reality it must be admitted that...read article: Forex Spread Trading April 2010.
Forex Spread Betting April 2010, updated 09-Apr-10
FX market update: The EUR/USD spread bounced again from the levels last seen at the end of March just below $1.3300 where it recovered back to as high as...read article: Forex Spread Betting April 2010.
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
FX market update: Cable staged another mini recovery yesterday capturing the $1.50 level again and this morning is continuing its rally, sitting at...read article: Forex Spread Betting March 2010.
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
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
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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