CURRENCY TRADING SUMMARY – 19th June 2008 (00:30GMT)

US dollar down as credit crisis hits regional banks.


U.S. Dollar Trading (USD) with little economic data out yesterday markets were driven by equities and commodities. US stocks were down again as focus switched to the regional banking troubles hit by mortgage delinquencies. The Dow Jones touched below 12000 for the first time in 3 months. US crude inventories showed a decline of 1.2 million barrels and combined with dollar weakness sent oil higher again. In the US share markets, the NASDAQ was down 28 points (1.14%) and the Dow Jones was down 131 points (1.08%). Crude Oil closed up $2.29 ending the New York session at $136.20 per barrel. Looking ahead, weekly jobless claims forecasted at 375K. June Philly Fed is also released expected rebound from May’s -15 to -10 this month.


The Euro (EUR) continued to pivot the 1.5500 level as new a direction waits to be established. The Euro bounced off day lows as Oil popped higher. Further gains were tempered by newly elected Italian Prime Minister Berlusconi comment “It is unfortunate that the ECB has done nothing to stop hyperinflation of Euro”. Overall the EUR/USD traded with a low of 1.5463 and a high of 1.5538 before closing the day at 1.5528 in the New York session.


The Japanese Yen (JPY) stock market weakness failed to provide support as continued high Oil and yield differentials weighed. EUR/JPY made new multi-month highs briefly trading above 168. Overall the USDJPY traded with a low of 107.72 and a high of 108.44 before closing the day around 107.85 in the New York session. BoJ Governor Shirakawa is scheduled to speak.


The Sterling (GBP) continued to trade heavy as the BoE minutes came in 8-1 with the lone dissenter pressing for a rate cut. The Cable was lifted off lows from a higher than expected CBI Industrial Trends Orders came in stronger at +1 vs. market expectations of -12. Late day USD weakness also provided support. Governor King commented that Q2 is expected to slow considerably, further delaying any rate rises. Overall the GBP/USD traded with a low of 1.9480 and a high of 1.9610 before closing the day at 1.9597 in the New York session. Looking ahead, May Retail Sales expected to come in at -0.1% up from last months -0.2%.


The Australian Dollar (AUD) was helped to day highs as commodities bounced on general USD weakness. AUS/JPY made new multi month highs above 102. Overall the AUD/USD traded with a low of .9403 and a high .9472 before closing the day at .9469.


Gold (XAU) bounced as oil and risk sentiment started to creep into the market. Questions about the US Fed’s willingness to raise rates have improved Gold’s position as an inflation hedge. Overall trading with a low of USD$880.80 and high of USD$895.60 ending the New York session at USD$894 an ounce.


-----


Euro – 1.5575
Initial support at 1.5461 (June 17 low) followed by 1.5303 (June 13 low). Initial resistance is now located 1.5552 (Jun 17 High) at followed by 1.5587 (Jun 12 high).


Yen – 107.65
Initial support is located at 106.8 (June 12 low) followed by 106.24 (Jun 10 low). Initial resistance is now at 108.61 (Feb 14 high) followed by 108.98 (Jan 14 high).


Pound – 1.9600
Initial support at 1.9472 (June 17 low) followed by 1.9410 (Jun 13 low). Initial resistance is now at 1.9612 (Jun 18 high) followed by 1.9698 (June 10 high)


Australian Dollar – 0.9455
Initial support at 0.9304 (50% retracement of the .8953 to 0.9655 advance) followed by 0.9291 (May 15 low). Initial resistance is now at 0.9491 (Jun 12 high) followed by 0.9527 (Jun 10 high).


Gold – 894
Initial support at 858 (Jun 12 low) followed by 850 (Psychological Number). Initial resistance is now at 895.7 (June 16 high) followed by 900 (round number).


For more information and complete details visit: Easy-Forex

* Start Trading FOREX for as Little as $100!

FOREX TRADING SUMMARY

FOREX Daily Outlook from Easy-Forex

RBA hike as the BoC cuts. XAU tumbles on profit taking.



U.S. Dollar Trading (USD) was mixed versus a number of majors yesterday tracking data and rate outcomes of other central banks for a change. In events specific to the US market, Fed Chairman Ben Bernanke urged lenders to expand mortgage write-downs for borrowers whose home values have declined and said that more must be done to cease foreclosures.

While, "efforts by both government and private-sector entities to reduce unnecessary foreclosures are helping, but more can, and should, be done." Also, Bernanke sees "delinquencies and foreclosures likely will continue to rise for a while longer." In U.S. share markets the NASDAQ was slightly higher by 1.68 points (+0.07%) whilst the Dow Jones was down by 45.10 point (-0.37%). Crude oil fell by US$2.60 a barrel to US$99.85 mainly on profit taking. Looking ahead, Services ISM will be key to the market today whilst ADP employment often considered a preview to the Non Farm Payrolls data on Friday is also scheduled for release today.

The Euro (EUR) was once again range bound, trading higher during the day despite the Euro zone policy makers pressuring Washington to do more to halt the dollar's decline. On the data front Eurozone PPI data came in on expectations of 0.8% for the month of January. Overall the EURUSD traded with a low of 1.5174 and a high of 1.5250 before closing the day at 1.5210 in the New York session. PMI Services and Retail Sales are key figures for the EZ on Wednesday with forecast at 52.3 and 0.4% respectively.

The Japanese Yen (JPY) strengthened against the dollar, as investors' concern over the US slipping into recession prompted carry trade to be fled. The Currency gained for a sixth straight day, approaching a three-year high, as stocks fell on speculation banks will have to write off more mortgage-related debt on the back of Bernanke’s prompt during his speech. Overall the USDJPY traded with a low of 102.65 and a high of 103.57 before closing the day at 103.32 in the New York session.

The Sterling (GBP) strengthened against the dollar even after a private report showed construction, which accounts for 6 % of Britain's economy, grew at its slowest pace in February. Traders pared bets on how far the BoE will cut interest rates this year which also added to the pound gain. Overall the GBPUSD traded with a low of 1.9827 and a high of 1.9892 before closing the day at 1.9862 in the New York session.

The Australian Dollar (AUD) had a data filled day first with Retail Sales figures for the month of January coming in unchanged from the previous at 0.0%. The Aussie Dollar sell off was limited ahead of the much anticipated RBA rate announcement in which board decided to lift the cash rate to 7.25% (25 basis point hike), the highest level in 12 years.

Nonetheless the AUD did suffer on the back of tentative comments in which policy makers noted “some moderation in household demand is beginning to occur” in which “the extent of the moderation was uncertain.

In other news the current account deficit widened to a record $19.4 billion from it previously revised $16.4 billion. Overall the AUDUSD traded with a low of 0.9220 and a high of 0.9371 before closing the day at 0.9274 in the New York session. Looking ahead, key data in the form of Quarter Four GDP is out on Wednesday morning, with expectation at a decline to 0.8%/3.9% from the previous 1%/4.3%.

The Canadian Dollar (CAD) fell to the lowest in more than a week after the central bank reduced the benchmark interest rate a half-percentage point and signaled it probably will cut again to help the economy cope with a slowdown in the U.S. Overall the USDCAD traded with a low of 0.9854 and a high of 0.9978 before closing the day at 0.9950 in the New York session.

Gold (XAU) fell sharply on profit taking having traded at record highs the previous session. XAU traded with a high of 987.50 and a low of 959.35.

___________________________________

Euro – 1.5200
Initial support at 1.5074 (Feb 28 low) followed by 1.4971 (Feb 27 low). Initial resistance is now located at 1.5275 (Mar 3 high) followed by 1.5304 (1.4311 plus 0.618 of 1.3361 to 1.4967).

Yen – 103.30
Initial support is located at 102.61 (Mar 3 low) followed by 101.67 (Jan 1995 reaction low). Initial resistance is now at 104.97 (Jan 23 high) followed by 105.39 (Feb 29 high)

Pound – 1.9845
Initial support at 1.9763 (Feb 28 low) followed by 1.9644 (Feb 22 low). Initial resistance is now at 1.9975 (Feb 27 high) followed by 2.0000 (Round Number)

Australian Dollar – 0.9375
Initial support a 0.9122 (38.2% retracement of the 0.8513 to 0.9499 advance) followed by 0.9006 (50.0% retracement of the 0.8513 to 0.9499 advance). Initial resistance is now at 0.9499 (Feb 28 high) followed by 0.9555 (Open + Last week range * 1.618)

Gold – 976.10
Initial support at 953.48 (Feb 28 low) followed by 949.00 (Feb 27 low). Initial resistance is now at 988.15 (Mar 4 high) followed by 1000.00 (Round Number)

Learn how to take advantage of the fluxuation in the currency market and trade with the BIG BOYS! Open an account today and get started with as little as $100! Click Here

US Dollar trades at fresh record lows!

CURRENCY TRADING SUMMARY – 04 MARCH 2008

U.S. Dollar Trading (USD) was subject to an extremely volatile session on Monday trading at fresh record lows versus a number of majors, before pairing those losses. The initial moves against the dollar were largely attributed to traders adding to bets that the Federal Reserve will look to cut rates by 50 bps on March 18. On the data front, ISM manufacturing came in slightly better then expectations at 48.3 (Forecast: 48). In U.S. share markets, the NASDAQ was up by 7.93 points (+0.09%) whilst the Dow Jones fell slightly by -7.49 points (-0.06%). Crude oil rose by US$0.56 a barrel to US$102.40, having earlier hit a record high of US$103.95. Looking ahead, Fed Chairman Ben Bernanke is scheduled to talk on mortgage foreclosures at 1400 GMT.

The Euro (EUR) traded at a fresh record high during the session, before comments made by Luxembourg Prime and Finance Minister Jean Claude Juncker said he was becoming “increasingly concerned” about the Euro’s recent rally, which ceased any further upside moves. Overall the EURUSD traded with a low of 1.5158 and a high of 1.5275 before closing the day at 1.5205 in the New York session. Looking ahead, key growth data in the form of GDP is scheduled for release on Tuesday as well as PPI figures for the fourth quarter and the month of January respectively.

The Japanese Yen (JPY) traded at it strongest level in 3 year versus the USD, breaking below key 103.00 levels. Fear of recession in the US sent Asian stock markets lower which prompt carry trade unwinding and boosted the Yen. Overall the USDJPY traded with a low of 102.62 and a high of 103.70 before closing the day at 103.21 in the New York session.

The Sterling (GBP) was range bound trading sideways for much of the session, GBPUSD traded with a low of 1.9810 and a high of 1.9935 before closing the day at 1.9846 in the New York session.

The Australian Dollar (AUD) rose from for Asian session lows, as major Asian equity markets heading into the red ensured the AUD remained pressured as a high yielding currency. Overall the AUDUSD traded with a low of 0.9300 and a high of 0.9420 before closing the day at 0.9397 in the New York session. Looking ahead, Retail Sales for the month of January are released today whilst the RBA is widely expected to increase rates by 0.25%, leaving the borrowing rate at 7.25%. UPDATE: Aussie Retail Sales for the month of January seen well below expectations of 0.0% (Forecast: 0.4%; Prior: 0.5%)

Gold (XAU) rose to new records but later gave back its intra-day gains, as US recession and surging oil price above 103 continue to boost the metal serving as inflation hedge. XAU traded with a low of 975.65 and a high of 989.35

__________________

Euro – 1.5200
Initial support at 1.5074 (Feb 28 low) followed by 1.4971 (Feb 27 low). Initial resistance is now located at 1.5275 (Mar 3 high) followed by 1.5304 (1.4311 plus 0.618 of 1.3361 to 1.4967).

Yen – 103.30
Initial support is located at 102.61 (Mar 3 low) followed by 101.67 (Jan 1995 reaction low). Initial resistance is now at 104.97 (Jan 23 high) followed by 105.59 (Feb 29 high)

Pound – 1.9845
Initial support at 1.9763 (Feb 28 low) followed by 1.9644 (Feb 22 low). Initial resistance is now at 1.9975 (Feb 27 high) followed by 2.0000 (Round Number)

Australian Dollar – 0.9375
Initial support a 0.9266 (23.6% retracement of the 0.8513 to 0.9499 advance) followed by 0.9122 (38.2% retracement of the 0.8513 to 0.9499 advance). Initial resistance is now at 0.9499 (Feb 28 high) followed by 0.9555 (Open + Last week range * 1.618)

Gold – 976.10
Initial support at 953.48 (Feb 28 low) followed by 949.00 (Feb 27 low). Initial resistance is now at 985.00 (Mar 3 high and bull channel resistance) followed by 1000.00 (Round Number)

Start Investing in FOREX with as little as $100!

Margin trading with as little as US$100

The Easy-Forex™ system now enables you to trade with small amounts!

You can start using Easy-Forex™ even with an amount as little as $100!

No bank would ever offer you such an opportunity! When trading, you may deposit the sum that suits you, or fits the amount that you are willing to risk.

Starting to trade with such small amounts is the best way to get acquainted with the Forex marketplace. Much better than operating "DEMO" accounts, where you are not really risking your own money. After getting familiar with the system, you may increase your level and scope of activity, as you find fit.

Visit Easy-Forex

Daily Outlook - CURRENCY TRADING SUMMARY

Buoyant US Retail Sales, Hawkish BoE quarterly report, Aussie Unemployment at fresh 33 year lows of 4.1%
(00:30GMT)

CLICK HERE for complete details and Weekly Outlook


· U.S. Dollar Trading (USD) was mixed versus a number of majors, holding firm on positive Retail Sales out of the U.S. for the month of January coming above expectations, as Core figures were released at 0.3% (F: 0.2%; P: -0.3%R), whilst Headline figures came in at 0.3% (F: -0.2%; P: -0.4%). In U.S. share markets the NASDAQ was up by 108.13 points (+1.21%) whilst the Dow Jones was also higher by 178.45 points (+1.45%). Crude oil was higher by US$0.36 a barrel to US$93.14 after Venezuela said it would stop supplying oil to EXXON Mobil. Thursday sees the weekly release of Initial Jobless claims, whilst Ben Bernanke, and Henry Paulson are scheduled to testify in front of the Senate Banking Committee

· The Euro (EUR) held firm, despite US retail sales unexpectedly rising for the month of January. In Eurozone specific news, Industrial Production declined by -0.2% for the month of December, well short of the forecasted figures of 0.6%, and inline with recent rhetoric surrounding slowing growth in the Eurozone. Overall the EURUSD traded with a low of 1.4530 and a high of 1.4600 before closing the day at 1.4579 in the New York session. Looking ahead, key growth data in the form of GDP for the fourth quarter 0.3% (Forecast: 0.4%; Previous: 0.8%)

· The Japanese Yen (JPY) fell to a one-month low against the dollar after U.S. retail sales unexpectedly rose last month, allaying concern that the world's biggest economy will slide into a recession and hurt global growth. The currency dropped against 14 of the 16 most-active currencies as U.S. stocks rose, signaling traders are more confident to bet on higher-yielding assets funded by loans in Japan. Overall the USDJPY traded with a low 107.00 and a high of 108.37 before closing the day 108.22 in the New York session. Japanese GDP data released on Thursday morning was released at 0.9% (Forecast: 0.4%; Prior: 0.4%) for the fourth quarter.

· The Sterling (GBP) rallied to a two week high against the Euro after the Bank of England raised its inflation forecast, prompting traders to pare bets on interest-rate cuts from the UK. The Sterling Pound also traded at week highs versus the dollar as the central bank forecast in its quarterly inflation report on Wednesday that price growth will overshoot its 2 percent goal in two years even as “downside” risks to the economy remain. The pound also gained as a government report showed unemployment fell to a three-decade low in January. Overall the GBPUSD traded with a low of 1.9552 and a high of 1.9654 before closing the day at 1.9650 in the New York session.

· The Australian Dollar (AUD) paired its weekly gains on positive retail sales figures from the US. The AUDUSD traded with a low of 0.8924 and high of 0.9046 before closing the day at 0.8951 in the New York session. Unemployment Rate for the Aussie is out on Thursday morning with forecast expected to be at 4.3%, same as the previous. UPDATE: Unemployment rate at 4.1%.

· Gold (XAU) little changed in New York, may fall on speculation a rally in equities will reduce the appeal of the precious metals as alternative investments. XAU traded with a low of 896.00 and a high of 910.00.


CLICK HERE for complete details and Weekly Outlook

What is FOREX?

Forex? What is it, anyway?



The market



The currency trading (FOREX) market is the biggest and the fastest growing market on earth. Its daily turnover is more than 2.5 trillion dollars, which is 100 times greater than the NASDAQ daily turnover. (click here to read full market background by Easy-Forex™).



Markets are places to trade goods. The same goes with FOREX. The Forex goods (or merchandise) are the currencies of various countries. You buy Euro, paying with US dollars, or you sell Japanese Yens for Canadian dollars. That's all.



How does one profit in Forex?



Very simple and obvious: buy cheap and sell for more! The profit is generated from the fluctuations (changes) in the currency exchange market.



The nice thing about the FOREX market, is that regular daily fluctuations, say - around 1%, are multiplied by 100! (in general, Easy-Forex™ offers trading ratios from 1:50 to 1:200). If, for example, the exchange rate of "your" pair of currencies increased by 0.6% in the last 4 hours, your profit will be 60% on your investment! Such can happen in one business day, or in a few hours, even minutes.



Moreover, you cannot lose more than your "margin"! You may profit unlimited amounts, but you never lose more than what you initially risked and invested.



You can implement your choice (the pair of currencies, the volume amount) under any direction to which the market is moving, and yet make profit. It does not matter whether the exchange rate is going up or down: you can always decide to buy Euro and sell dollar, or vice versa - buy dollar and sell Euro. You don't have to physically possess certain currencies in order to perform "buy" or "sell" with them.



How do I start?



Register (Easy-Forex™ offers the simplest and quickest registration process, no obligation); deposit your first trading "margin" amount (credit cards are welcome, only by Easy-Forex™); start trading.



It can't be simpler or easier than that. Need help? We'll provide you with 1-on-1 training and service, as much as necessary (Easy-Forex™ offers real people service, live, in your own language).



How do I trade Forex?



You select the pair of currencies with which you wish to make a Forex deal. You determine the volume (the amount of the deal). You deposit the "margin" (collateral needed to facilitate the deal. Usually - only a very small portion of the whole deal, say: 1% or 1:100).



Before you finally activate the deal, you can still "freeze" it for a few seconds. That enables you to either change the terms, or accept it as is, or altogether regret the whole idea. The "freeze" feature is a unique service by Easy-Forex™.



When your Forex deal is running (you hold an "open position"), you can monitor its status and check scenarios online, whenever you wish. You may change some terms in the deal, or close it (and cash the profit, if any, or minimize the loss, if any). Moreover, Easy-Forex™ lets you determine a "take-profit" rate, with which the deal will close automatically for you, when and if such rate occurs in the market. Meaning: you do not have to stay near your computer when you hold open positions.



Want to know more? Want to get on-line training? Register here (simple, quick, no obligation), we'll be glad to guide you, every step of the way.



Good luck!



Forex trading involves substantial risk of loss, and may not be suitable for everyone.