Reports showing that US durable goods and new homes sales increased for April saw the US dollar strengthen during Wednesday’s sessions. This encouraging data boosted the US dollar against the euro, Swiss franc and New Zealand dollar while the greenback fell against the British pound, Canadian dollar, Australian dollar and the Japanese Yen.
Forex trades at Forex WebTrader saw the US dollar face mixed results in the wake of the two major economic reports. US new home sales rose during April as American home buyers took advantage of the final month of an $8,000 tax credit currently available. Purchases of new homes in the US rose to an annual rate of 504,000 in April, a 14.8 percent increase from the previous month.
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The week ahead is set to be volatile and turbulent for Forex traders at 4XP and the many other Forex brokers around the world and remember that a volatile Forex market can offer profits for the well-informed and shrewd trader.
We expect the week ahead to see a continuing lack of faith in the Euro, with fears that some Euro zone states will head into the same financial difficulties as Greece has faced. The massive budget cuts which were announced by Greece last week were received badly by its people, with protesters taking to the streets rioting and three bank workers killed in the melee.
Commodities traders at ForexYard saw the price of crude oil continue to decline as concerns continue to grow regarding the state of economic fundamentals in Europe, even in light of the EU/IMF bailout proposal for Greece. Investors in the Euro zone are now facing concerns over the risks of inflation and slow growth across Europe.
Not only is the continuing uncertainty in Europe causing the price of crude oil to fall but the ever-strengthening US dollar is also pushing down the price of crude oil. The US dollar has been making strong progress following a week of encouraging data releases including better than expect jobless claims figures.
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One mistake that many new Forex traders make is attempting to make big profits overnight, which is a very difficult and unlikely thing to happen and can lead to huge losses through over use of leverage while trading against the trend. The most successful Forex traders understand that the most reliable profits come slowly and consistently. The safest way to trade Forex is by trading with the trend while making trades to suit your bankroll.
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One of the internet’s leading online Forex brokers has introduced a new way to withdraw money from your trading account. The new Debit MasterCard from AVAFX is a convenient way to cash out your trading profits while keeping your cash safe and secure.
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Traders at eToro and many of the world’s other leading online Forex brokers saw the pound suffer in the wake of the inconclusive 2010 general election results. The hung parliament has caused the pound to plummet as investors and market analysts fear the worst for the Great British Pound and until a government is decided the GBP may continue to suffer.
The pound fell against both the US dollar and the struggling Euro, with the GPB falling to $1.4683 against the USD, a drop of 2% and the British currency falling almost 1.5% against the Euro, dropping as low as €1.1597. The devaluation of the pound at Forex brokers such as eToro was largely expected against the dollar but losing so much ground to the Euro was not anticipated.
Protestors in opposition of the huge budget cuts faced in Greece set fire to a bank in which three employees were killed. The Greek demonstrators rioted following news of huge cuts to be made by the government in order for the struggling European state to pull its way out of the huge financial crisis that it finds itself in.
A deal has been put forward by both the European Union and the International Monetary Fund to offer a €100 billion rescue plan to Greece but this deal not only needs to be agreed by the 15 EU member states but also the people of Greece, who will face huge cut backs to public services and a steep rise in taxes. This uncertainty has led to the Euro performing badly at Forex markets such as Forex WebTrader.
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