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Forex: Position Adjustment Or Trend Reversal?
These trends were characterized by the strength of the euro, sterling and the handful of currencies that move in their orbit, like the Swiss franc, and Danish krone and the weakness of the yen and dollar bloc currencies. Full participation will return for an event-packed week that features the non-manufacturing PMIs, ECB and BOE policy meetings, the minutes from the December FOMC that saw the Fed announce the beginning of the end of QE3+, and the December US non-farm payrolls. We had expected some backing and filling after the dramatic moves on December 27, the thinness of market conditions last week likely exacerbated the price action. The price action that saw the euro drop around 1% on the week, and sterling shed about half as much, damaged the technical outlook. The push above $1.38 in the euro was not confirmed by the RSI or MACD, leaving a bearish divergence in its wake. The euro was turned lower after testing the trend line drawn off the July ’08 high near $1.6040 and the May ’11 high near $1.4940 and just above $1.3900 at the end of the year (last week mistakenly estimated that trend line near $1.4050 in early Jan–hat tip to Mark Etzkorn at Currency Trader for setting me straight).
Understanding The Forex Majors
Also this week, data revealed that China’s final HSBC PMI inched down to 50.5 in December from 50.8 in November, which bolstered the greenback’s safe-haven appeal. That report came a day after government data showed that China’s manufacturing PMI fell to a four-month low of 51.0 last month from 51.4 in November and worse than forecasts for a decline to 51.2. Investors also flocked to the dollar ahead of an appearance by Federal Reserve Chairman Ben Bernanke later in the day. On Thursday, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending Dec. 28 declined by 2,000 to a seasonally adjusted 339,000.
Forex – EUR/USD edges lower in cautious trade
The pair was likely to find support at 1.3625, the low of December 20 and resistance at 1.3717, the high of December 23. Markets were jittery after data showed that China’s non-manufacturing purchasing managers’ index fell to 54.6 in December, from a reading of 56.0 the previous month. The data came a day after a report showed that China’s final HSBC PMI inched down to 50.5 in December from a reading of 50.8 in November. A government report also showed that China’s manufacturing PMI fell to a four-month low of 51.0 last month from 51.4 in November and worse than forecasts for a decline to 51.2. Meanwhile, the greenback remained supported after the U.S. Department of Labor on Thursday said the number of individuals filing for initial jobless benefits in the week ending December 28 declined by 2,000 to a seasonally adjusted 339,000.
Forex – GBP/USD drops as dollar gains on soft Chinese data
The Majors When trading Forex, it is inevitable that traders will run across currencies known as The Majors. This term is in reference to the most frequently traded currencies in the world, with the list normally including the Euro (EUR), US Dollar (USD), Japanese Yen (JPY), Great British Pound (GBP), Australian Dollar (AUD), and Swiss Franc (CHF).See the graph below, and you will find a list of the Major currencies along with their associated country and ISO symbol . The Symbol is how you will know exactly which currency you are trading when referencing a Forex Bid/Ask quote. However, it is also important to review each currencies nickname.
India’s forex reserves rise by $205 million
More The death of the rape victim in West Bengal’s Madhyamgram region took a new turn as it has been reported that the girl was killed by the accused after being gang raped twice. The girl confirmed it in her dying statement. Slamming the West Bengal Government, CPI(M) blamed the State Government and its machinery, including the police and health department for their negligence that led to the death of the girl. Date01-01-14, Duration1:45, Views742 Happy Birthday Gul Panag! Video by: Description: It is a special day for the bold and beautiful Gul Panag as it is her birthday and this super talented girl turns 35. Gul won the Miss India title in 1999, and was crowned as Miss Beautiful Smile at the same pageant.