IN THIS ISSUE:
1. Weekly market review from Forex-Metal.
2. Download a free Pip Value calculator for iPhone.
3. Introducing free forex news and education portal.
4. Get a 30% trading bonus when you open a new account.
5. Representatives Wanted!
________________________________________
WEEKLY REVIEW FOR 25 - 29. 07, 2011
The previous week started with the new wave of the euro weakness. Euro fell on Monday after the announcement that the rating agency Moody's reduced the Greece credit rating to Ca from Caa1. On the same day the US dollar updated a historical minimum against Swiss franc after the released information, that U.S. Senate on Friday failed to adopt a plan of the Republican Party, called the «Cut, Cap, and Balance».
On Monday the head of the Central bank of Japan, Shirakawa, said that growth in the yen may have a negative impact on the economy, pressuring corporate profits and sentiment.
The USD/JPY pair started the session in the range of Y78.20 - Y78.60 and could not overcome it.
Canadian dollar rose as investors sought save-heaven amid concerns about possible default of the United States. Support for the Canadian dollar was also derived from the speculations regarding the possible increase of the interest rates one more time this year. Swiss Frank strengthened as a save-haven asset as well. Also on this background, the Japanese yen is supported against the major currencies, including the U.S. dollar.
On Tuesday the EUR/USD pair grew to the $1.4480 maximums during the Asian trading session. Euro set new maximum during the European session at the $1.4520 mark. Sterling followed the euro, and the GBP/USD pair grew to the level of $1.6340 during the Asian session. The released UK GDP showed unexpected growth, which rendered support to the sterling.
Greenback renewed its historical minimum against the Swiss franc on the same day after the statement of Barak Obama regarding the increasing concerns that the growing national debt would reinforce the default of the US.
The dollar was trading at its lows against major currencies on Wednesday ahead of the vote in the U.S. on improving the dept situation. Dollar fell to record lows against the Australian and New Zealand currencies, as Barack Obama continued to lead the fight in Congress regarding the approval of a plan to raise debt limit and reduce the deficit. Greenback was also pressured after the release of the durable goods orders report, which has been published in the afternoon. Orders unexpectedly fell in June by 2.1%, while analysts forecast a rise of 0.5%.
The sterling fell after a disappointing factory orders report from the Confederation of British Industry on Wednesday, which showed that the volume of orders in July fell by 10% after rising for 1% in June. The GBP/USD pair traded in the range of $1.6401 - $1.6436. After the weak CBI report the pound retreated to lows below the $1.6400 mark, continued moving to the lows of $1.6356 range.
On the same day the gold price renewed its historical maximum at the level of $1.628.80 ounce. The desire of investors to maintain their status by investing in gold was due to continuing concerns regarding the U.S. decision to raise the debt limit from the current $ 14.3 trillion.
Another downgrade of Greece rating caused serious pressure on the euro on Thursday. The rating agency S&P downgraded the rating of Greece to 'CC' from 'CCC' with negative outlook on Wednesday. The rating is now on the same level with a rating from Moody's. (It should be mentioned that the Fitch agency had downgraded Greece's rating from B + to CCC). The EUR/USD pair traded in the $1.4331-$1.4382 range. Its maximums were set during the European session at the $1.4400 mark.
The New Zealand dollar continued its trading at the previously reached maximum levels against the US dollar after the RBNZ has left official interest rates unchanged at the 2.50% on Wednesday.
Greenback was falling against the major currencies due to the events in the U.S. Congress, where Democratic and Republican parties continued to seek compromise on increasing the limit of public debt. EUR/USD continued to trade near the resistance level at $1.4320.
The released on Friday US economic statistics happened to be much weaker than expectations. The US GDP and the University of Michigan confidence indicator were below forecasts. As a result, the EUR/USD managed to grow and reach the $1,4380 mark.
Happy trading!
Technical analysis would not be available from today 25/07/11 and will resume on 08/08/11. We regret the inconvenience it may cause to any of our customers.
________________________________________
DOWNLOAD A FREE PIP VALUE CALCULATOR FOR IPHONE
Pip Value Calculator
This free application allows traders to calculate the value of one pip for most currency pairs.
A very important practical tool for all traders.
No matter how big or small the trade is the Forex Pip Value Calculator will tell you the precise value of one pip in USD. Simply click on the link below to download the free app.
Download at www.pipvaluecalculator.com or look up at Apple iTunes store.
________________________________________
GET A 30% TRADING BONUS WHEN YOU OPEN A NEW ACCOUNT
Cash bonus promotion - "You nominate the amount of the bonus". Get a cash bonus of up to $3000 when you deposit funds into your account for the first time. The full bonus conditions are available here: https://forex-metal.com/discount/discount08
If you have just opened a trading account with us and fund your trading account within a week from the time of this message, you can receive a cash bonus in addition to your deposit. If you would like to receive the bonus, please contact us at payments@forex-metal.com and confirm the bonus amount you would like to receive, at the time your account is being funded. REPRESENTATIVES WANTED !
We are expanding our operations and would like to open a representative office in your country, so we can be closer to our customers.
If you feel that you are up to it: to have an interesting business and to have a steady income, then talk to us.
You do not need to have any special knowledge - full training and support will be provided by us. For more details please contact our Business Development team at business@forex-metal.com or talk to our operators via live chat and they will put you to the right person.
________________________________________
1. Weekly market review from Forex-Metal.
2. Download a free Pip Value calculator for iPhone.
3. Introducing free forex news and education portal.
4. Get a 30% trading bonus when you open a new account.
5. Representatives Wanted!
________________________________________
WEEKLY REVIEW FOR 25 - 29. 07, 2011
The previous week started with the new wave of the euro weakness. Euro fell on Monday after the announcement that the rating agency Moody's reduced the Greece credit rating to Ca from Caa1. On the same day the US dollar updated a historical minimum against Swiss franc after the released information, that U.S. Senate on Friday failed to adopt a plan of the Republican Party, called the «Cut, Cap, and Balance».
On Monday the head of the Central bank of Japan, Shirakawa, said that growth in the yen may have a negative impact on the economy, pressuring corporate profits and sentiment.
The USD/JPY pair started the session in the range of Y78.20 - Y78.60 and could not overcome it.
Canadian dollar rose as investors sought save-heaven amid concerns about possible default of the United States. Support for the Canadian dollar was also derived from the speculations regarding the possible increase of the interest rates one more time this year. Swiss Frank strengthened as a save-haven asset as well. Also on this background, the Japanese yen is supported against the major currencies, including the U.S. dollar.
On Tuesday the EUR/USD pair grew to the $1.4480 maximums during the Asian trading session. Euro set new maximum during the European session at the $1.4520 mark. Sterling followed the euro, and the GBP/USD pair grew to the level of $1.6340 during the Asian session. The released UK GDP showed unexpected growth, which rendered support to the sterling.
Greenback renewed its historical minimum against the Swiss franc on the same day after the statement of Barak Obama regarding the increasing concerns that the growing national debt would reinforce the default of the US.
The dollar was trading at its lows against major currencies on Wednesday ahead of the vote in the U.S. on improving the dept situation. Dollar fell to record lows against the Australian and New Zealand currencies, as Barack Obama continued to lead the fight in Congress regarding the approval of a plan to raise debt limit and reduce the deficit. Greenback was also pressured after the release of the durable goods orders report, which has been published in the afternoon. Orders unexpectedly fell in June by 2.1%, while analysts forecast a rise of 0.5%.
The sterling fell after a disappointing factory orders report from the Confederation of British Industry on Wednesday, which showed that the volume of orders in July fell by 10% after rising for 1% in June. The GBP/USD pair traded in the range of $1.6401 - $1.6436. After the weak CBI report the pound retreated to lows below the $1.6400 mark, continued moving to the lows of $1.6356 range.
On the same day the gold price renewed its historical maximum at the level of $1.628.80 ounce. The desire of investors to maintain their status by investing in gold was due to continuing concerns regarding the U.S. decision to raise the debt limit from the current $ 14.3 trillion.
Another downgrade of Greece rating caused serious pressure on the euro on Thursday. The rating agency S&P downgraded the rating of Greece to 'CC' from 'CCC' with negative outlook on Wednesday. The rating is now on the same level with a rating from Moody's. (It should be mentioned that the Fitch agency had downgraded Greece's rating from B + to CCC). The EUR/USD pair traded in the $1.4331-$1.4382 range. Its maximums were set during the European session at the $1.4400 mark.
The New Zealand dollar continued its trading at the previously reached maximum levels against the US dollar after the RBNZ has left official interest rates unchanged at the 2.50% on Wednesday.
Greenback was falling against the major currencies due to the events in the U.S. Congress, where Democratic and Republican parties continued to seek compromise on increasing the limit of public debt. EUR/USD continued to trade near the resistance level at $1.4320.
The released on Friday US economic statistics happened to be much weaker than expectations. The US GDP and the University of Michigan confidence indicator were below forecasts. As a result, the EUR/USD managed to grow and reach the $1,4380 mark.
Happy trading!
Technical analysis would not be available from today 25/07/11 and will resume on 08/08/11. We regret the inconvenience it may cause to any of our customers.
________________________________________
DOWNLOAD A FREE PIP VALUE CALCULATOR FOR IPHONE
Pip Value Calculator
This free application allows traders to calculate the value of one pip for most currency pairs.
A very important practical tool for all traders.
No matter how big or small the trade is the Forex Pip Value Calculator will tell you the precise value of one pip in USD. Simply click on the link below to download the free app.
Download at www.pipvaluecalculator.com or look up at Apple iTunes store.
________________________________________
GET A 30% TRADING BONUS WHEN YOU OPEN A NEW ACCOUNT
Cash bonus promotion - "You nominate the amount of the bonus". Get a cash bonus of up to $3000 when you deposit funds into your account for the first time. The full bonus conditions are available here: https://forex-metal.com/discount/discount08
If you have just opened a trading account with us and fund your trading account within a week from the time of this message, you can receive a cash bonus in addition to your deposit. If you would like to receive the bonus, please contact us at payments@forex-metal.com and confirm the bonus amount you would like to receive, at the time your account is being funded. REPRESENTATIVES WANTED !
We are expanding our operations and would like to open a representative office in your country, so we can be closer to our customers.
If you feel that you are up to it: to have an interesting business and to have a steady income, then talk to us.
You do not need to have any special knowledge - full training and support will be provided by us. For more details please contact our Business Development team at business@forex-metal.com or talk to our operators via live chat and they will put you to the right person.
________________________________________