Forex Spread Betting November 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, 5 Nov 2010
Currency spread trading markets are matching equities with the Dollar recouping some of its heavy losses of yesterday. The weakness is more pronounced in EUR/USD which is still firmly above $1.4000 but quite a bit off the highs of $1.4285 as it’s around $1.4120 at the moment. Cable too, but not so badly which means GBP/EUR is making some ground and is back above €1.1500.
Forex Spread Betting, 4 Nov 2010
So the market's worst kept secret is out and the Fed go down the route of printing another 600 billion Dollars.
As a result, the Dollar is being sold across the board this morning with the Euro in particular showing an impressive bout of strength. This has caused a bit of pain for clients who've been heavily shorting EUR/USD as it hit a 10 month high this morning.
The same goes for Cable and both rates against the Dollar look very comfortable above the $1.4000 and $1.6000 levels respectively when only recently it looked doubtful they'd be able to hold onto this ground.
AUD/USD has comfortably overcome the parity level now and sits at $1.0080.
Hard to believe that this rate was at $0.6000 at the beginning of 2009.
Forex Spread Betting, 3 Nov 2010
The economic data will be a key focus for today’s session and we kick things off with UK PMI services. This is expected to compliment the manufacturing PMI number on Monday with a small rise. The services aspect of the recent GDP data did surprise to the upside, but that doesn’t guarantee we will see strength in today’s number.
Later on from the US we get the ADP employment number, not as big as the Non Farm Payroll, the ISM non-manufacturing data and then of course the FOMC rate announcement which will include the big, or not so big, QE II number.
Estimates range from a few hundred billion Dollars of Treasury security purchases to a whopping trillion. So what we can draw from this is that no one knows, but what you can almost certainly bet on is that volatility is likely to get fierce later on this evening.
Sterling made a big move against the Euro on the FX spread betting markets yesterday, eradicating much of the recent gains it’s made against the single currency.
The worse than expected construction data didn’t do the Pound any favours after it was construction that was the major component contributing to the good GDP numbers a few days ago.
Cable however managed to reclaim the $1.6000 level after dipping below it earlier in the day and the Euro did the same of the $1.4000 mark. This morning the Dollar is flat as traders gear up for the FOMC rate this evening.
The AUD/USD was a highlight yesterday as it hit parity but couldn’t quite hold onto it. At the moment the cross is just below parity, again waiting for the rate decision later.
Forex Spread Betting, 2 Nov 2010
The Dollar clawed back much of its earlier losses with EUR/USD once again rejecting the $1.4000 level pretty swiftly.
Traders have been trying to second guess how much QE II will be with some saying one trillion and others saying half a trillion. What's half a trillion when it comes to the world's biggest economy anyway. This is certainly the attitude they seemed to take when they did the first round of QE.
All will be revealed tomorrow however, so until then it's likely that FX markets may remain within relatively tight trading ranges. Cable for instance sat happily above $1.6000 but well within a 100 point range, which by Cable's standards is narrow. This morning we're at $1.6050 and resistance is seen around $1.6105 and $1.6175 beyond there while support is expected at $1.5920 and $1.5870.
The big move of this morning in FX market has been AUD/USD following their rate hike earlier. The cross is now at its record high and even touched parity with the US Dollar. Such a hugely psychological level does not seem to be deterring the bulls at the moment but we are currently standing at $0.9985.
Forex Spread Betting, 1 Nov 2010
This is a big week for the financial markets whichever way you look at it.
Mid-term elections in the US tomorrow, then the FOMC rate announcement, Bank of Japan will follow as well as the Bank of England and European Central Bank. If that wasn’t enough we end the week with US employment data, the data release of all data releases.
Currency markets are seeing a bit of Dollar weakness this morning. This week is also big for the forex spread betting markets and already the Bank of Japan has got people excited by moving their central bank meeting to after the FOMC announcement. This signals an increase in the likelihood of further BoJ intervention, so the Yen is coming under a little pressure.
Cable is back above $1.6000 but its failure to hold onto levels above and beyond here make it susceptible to some weakness. Having said that, the cross rate’s willingness to try a third attempt at cracking the level shows that there is still plenty of Dollar weakness out there.
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Forex Spread Betting, 29 Oct 2010
The forex spread betting markets remain mixed with the main gainer being Sterling against the Euro. Sterling has had a good bounce from the lows since the GDP numbers earlier this week and it has suffered such a big sell off that the market went a little too far so it looks to be clambering back much of the falls.
The Dollar is mixed weakening against the Yen but strengthening against the Euro and Pound.
Forex Spread Betting, 28 Oct 2010
The forex spread trading markets have been flying around in the last few sessions with the Dollar coming out on top for once. This morning however the Dollar is the loser of the pack with the Euro and Yen clawing back some of the losses of the last two days.
Even though the QE II next week won’t be as big as many had expected, it is still QE which spells one thing and that’s Dollar weakness. But the Dollar’s decline since the summer has been dramatic to say the least and support levels are now in place, we just need to see if there’s enough appetite to shift the sentiment which is so Dollar negative.
Forex Spread Betting, 27 Oct 2010
The news of the better than expected GDP number certainly boosted Sterling a little but the major part of the rally had actually already occurred. Cable was up at $1.5800 well before the data release at 09:30 and with the price now at $1.5835 we can see that the good news merely helped the cross to maintain its levels.
Forex spread betting markets remain quiet this morning after the Dollar managed to put on a bit of weight.
The Yen seems to be finally running out of steam and the Dollar cross has quietly rallied over a big figure from the lows of Monday, seemingly without any central bank intervention.
We are now at ¥81.75 which is just about the high for a couple of weeks. In fact, aside from the actual intervention day of mid September, the rally of the last two days, albeit only a 120 pips or so, represents the biggest rally for over 2 months.
Support is evident at ¥80.40/50 and at ¥81.35/40 and there is some minor resistance is at ¥82.05/10 and rather more solid barriers up at ¥82.80/85.
As mentioned Cable has had a bit of a rally up to the $1.5880 level but has now slipped to $1.5830 and seems to be slowly slipping away, reluctantly following the Euro and Yen lower versus the Dollar.
Sterling has performed very badly in recent weeks against the bulk of the Major crosses and so the temporary respite cannot exactly be said to be unexpected. We really need to see some continuation of the moves though as the GBP/EUR was beginning to look a bit terminal over the last six weeks.
The cross is now at €1.1470, 300 pips from the low on Monday. We are now running into resistance at €1.1485/95 but if it moves higher then Sterling bulls may sit up and take more note. Above here bulls would be looking at €1.16 and €1.18.
Forex Spread Betting, 26 Oct 2010
Currency markets are making a move again this morning as the Pound manages a big rally on the back of the 09:30 numbers with GDP far in excess of expectations. 0.8% appears to fly in the face of anecdotal evidence, especially the trade export data and the tax revenue numbers, but it has certainly put a rocket up Sterling this morning.
Cable is trading at $1.5860 and there is good resistance at $1.5870/75 and just above at $1.5945/50. Support is currently some way lower at $1.5700/10 and $1.5645/50
For the Euro we are bumbling around the $1.3950 level with no real impetus in either direction. The Bundesbank seems to be flexing its muscles, finally, and is indicating that it wants no further action on bond buy backs or increased liquidity provision.
This will not be a popular stance for the South and we can expect a rare old tussle within the ECB. We have now had a couple of goes above $1.40, both of which have brought out the sellers. It will probably take something big to get a firm foothold above this mark and so the bears are out hunting.
Forex Spread Betting, 25 Oct 2010
There have been some interesting moves after the G20 decided not to ‘competitively devalue’.
Which presumably means that we will all sit back and watch the USA ‘un-competitively’ devalue their currency.
Pressure has also been applied to China to ‘do something’ about the Yuan without, of course, actually doing anything.
All in all it was a pretty standard G20/G7/G10 communiqué. We are all left with the background impression that we would also have liked to fly to South Korea, first class, for a photo shoot and a swift return to the hotel mini bar and then off to a ten course banquet.
Markets this morning are up but not by much. The impression is that we are only higher today on the lower weekend Dollar which has plummeted to new 15 year lows versus the Yen.
Poor old Japan is virtually the only truly floating major currency in the East and this is causing almost unbelievable pressure which appears to have little to do with reality and everything to do with the fact that investors cannot ‘buy’ other currencies. At some point this is all going to unwind with a bang but probably not today.
The Dollar is once again the whipping boy on the FX spread trading markets, closely followed by Sterling. Anything that suggests further QE and both these currencies get hammered.
The Tories must be scratching their heads thinking, “Why is Sterling plummeting when the market wanted us to perform spending cuts?”
Of course the major worry now is the dreaded double dip scenario which has come a step closer. Our mate Dave and his younger brother Nick are speaking to the CBI today to try and assuage fears for another recession.
Meanwhile GBP/EUR is perilously close to it’s lows of the year and edges ever closer to parity with the single currency.
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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 November 2010' by DB, updated 05-Nov-10
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FX market update: The Euro has been the talking point for the currency spread trading markets and this morning EUR/USD continues to claw back its November losses...read article: Forex Spread Betting December 2010.
Forex Spread Trading November 2010, updated 19-Nov-10
FX market update: FX spread trading markets are slightly Dollar negative this morning as Ben Bernanke is due to speak to the ECB. Every time an important Treasury member, central banker or...read article: Forex Spread Trading November 2010.
Forex Spread Betting November 2010, updated 05-Nov-10
FX market update: Currency spread trading markets are matching equities with the Dollar recouping some of its heavy losses of yesterday. The weakness is...read article: Forex Spread Betting November 2010.
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Forex Spread Bets June 2010, updated 02-Jul-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
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
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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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