UK Forex Futures Trading
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The UK Forex Futures Trading review with quick and simple answers to common forex futures spread betting questions:
UK Forex Futures Trading, 5 April 2012
The BoE announces its interest rate decision at lunchtime. Whilst they might highlight the good PMI data that has been released recently and the probability of avoiding a double dip recession, the outlook remains bleak.
No action is likely at this meeting but we could get hints of further assets purchases in H2 of this year.
The euro traded lower against the dollar as weak demand at the Spanish bond auction stoked fears that the Eurozone sovereign debt crisis could come back with a vengeance.
Also weighing on the euro were disappointing German factory orders and Mario Draghi’s dismissal of the need to prepare an exit strategy for the billions of liquidity pumped into the Eurozone given the current fragile state of the economy. At the time of writing the EUR/USD spread betting market is at $1.3135.
UK Forex Futures Trading, 4 April 2012
The focal point of the economic data today as far as the UK is concerned is the PMI services number which is expected to show that the services sector is still in expansion mode with a figure of 53.5.
The manufacturing and construction equivalents have both come in higher than expected so far this week and that's encouraging news from a growth point of view, but it's the services sector that makes up the bulk of our economy.
The most recent services index was better than expected and since the other PMIs have beaten forecasts, a higher number can't be written off.
Also today we get the ECB rate decision, a day earlier than normal due to the Easter break, but nothing too exciting is expected to happen here. However, the spread trading markets will want to here their view on the recent poor data out of Spain and the country's prospects of avoiding a bailout.
The euro traded in a tight range against the dollar yesterday until it came under pressure after the FOMC minutes.
The dollar caught a strong bid as expectations for another round of quantitative easing faded, sending the euro crashing straight through several short term resistance levels.
With ongoing concerns surrounding Spain also exerting downward pressure on the euro, the bulls may struggle to test the $1.3380 level again any time soon. At the time of writing EUR/USD is at $1.3190.
UK Forex Futures Trading, 3 April 2012
On the forex spread betting markets, euro bulls once again attempted to break through the resistance around $1.3385 but were swiftly rejected and the euro found itself making a low of $1.3277 before recovering.
The sudden turn around in sentiment for the euro was attributed to the disappointing EU Manufacturing PMI and Unemployment rate.
Having proved a solid line of resistance, bulls may be weary of attempting another break of the $1.3385 area anytime soon and at the time of writing EUR/USD is at $1.3345.
UK Forex Futures Trading, 2 April 2012
The euro ran out of a bit of steam as the week drew to an end, but momentum started to pick up again over the weekend after news that EU finance ministers will increase the Eurozone bailout funds.
This came along with Spain's latest budget report, which outlines plans to cut €27bn in deficit by raising taxes, and has encouraged the euro bulls back into the market.
The EUR / USD spread betting market is trading higher this morning at $1.3345 and could push on higher to its next resistance level at $1.3385.
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UK Forex Futures Trading, 30 March 2012
It was a bit of a rollercoaster yesterday for the euro, as it moved higher in early trading but subsequently plummeted, as traders showed nerves ahead of the Spanish government's plans to tackle their budget deficit.
They sought safety in the dollar as the, pushing the pair down to $1.3251 as it struggled to gain back the ground it lost.
This morning it's all change again, as the euro is rocketing towards its month high on the expectation that Eurozone finance minsters will agree to increase the bailout fund at the EU summit in Copenhagen today.
The pair is trading at $1.3363 currently and having broken through a declining trend line the pair could move higher.
UK Forex Futures Trading, 29 March 2012
On the currency front things are mixed with the EUR/USD trading at $1.3330 having largely drifted sideways for the last few days.
The risk aversion in the shares spread betting markets and concerns over Spain has not really affected the euro as one would expect, but for now further gains look to be capped.
UK Forex Futures Trading, 28 March 2012
Onto the currency markets and sterling has been attempting to get itself back above the $1.6000 level in recent days, taking advantage of a slight change in fortunes for the US dollar.
As Bernanke has been touting the idea that further stimulus is by no means off the cards the US dollar has come under a bit of pressure allowing the likes of sterling and the euro to gain back some lost ground.
The rejection by cable of the $1.6000 level has brought it back down to $1.5950 at the time of writing. On the hourly chart this move has formed a bit of a double top over the near term which could allow the bears to see the GBP/USD spread betting market test $1.5900 and possibly $1.5800.
UK Forex Futures Trading, 27 March 2012
The euro spiked to its highest level this month versus the dollar on the back of speculation the Fed will maintain easy monetary policy, in order to bolster growth.
Bernanke's comments yesterday caused currency spread betting investors to sell the dollar as they anticipated the so-called QE3, third lot of quantitative easing.
Coupled with the fact that EU finance ministers will agree to reinforce the Eurozone debt-crisis firewall this week, the single currency was in favour with traders and the pair jumped to $1.3368 last seen on 29 February. The pair broke through the $1.3294/303 resistance range, which could signal potential to move higher to $1.3489.
UK Forex Futures Trading, 26 March 2012
On the FX spread betting markets, the euro managed to end the week positively against the dollar, as weak US data revealed new home sales declined for a second consecutive month.
The single currency was also helped on as French growth estimates were revised upwards and also talks of EU policy makers combining two rescue funds to make money more available to debt stricken countries.
This morning the euro is trading slightly lower against the dollar at $1.3250 and sees support at $1.3190 and resistance sits at $1.3290.
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Risk Warning: Spread betting and CFD trading carry a high level of risk to your capital and you may lose more than your initial investment. Spread betting and CFD trading 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.
'UK Forex Futures Trading' by DB, updated 06-Apr-12
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