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.
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.
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.
It’s time to count the gold at the world’s leading gold producing companies. The quarterly reporting is underway, reports which will give the world’s markets and traders an indication of the strength of the global industry. The results of the quarterly gold reports will have huge impacts on the price of gold at trading companies such as HY Markets.
By the end of the coming week gold companies including; Gold Fields, AngloGold Ashanti and junior Great Basin Gold will all announce their quarterly production figures. If these figures are better than expected the price of gold at HY Markets and other online trading companies will certainly rise.
With the May Day Bank Holiday taking place in the UK on Monday you may be forgiven for thinking that the world’s Forex markets will grind to a halt, however the Forex markets are still open this bank holiday Monday. It’s not only the UK that has a public holiday on Monday either. Japan also has public holidays next week, but their public holiday lasts until Wednesday with the Japanese markets reopening on Thursday.
Even with the UK and Japan on holiday, the world’s Forex markets will still be making moves and there are some key events which will make an impact on the price of currency pairs at online Forex brokers such as 4XP.
Following further talks between the European Union and International Monetary Fund chiefs, the euro climbed for the second day in a row as confidence of a successful rescue plan for Greece’s failing economy returned.
Forex traders at online brokers such as ForexYard witnessed resurgence for Europe’s single currency against the US dollar and many other currencies during Thursday’s trading sessions. The euro rebounded from a one-year low of $1.3112 on Wednesday to $1.3244 during late afternoon New York trading, which is a rise of 0.3%.
Greece Has Finally Officially Requested Assistance from the European Union and the International Monetary Fund to help them recover from their escalating debt crisis. This request will make big waves for euro currency pairs at Forex markets across the globe while you and I will see the effects at online Forex brokers such as AVAFX.
Greece’s request for help to repay it enormous fiscal debts comes just one day after revised figures showed that Greece’s budget deficit was actually 13.6% last year, much higher than previously estimated and was enough to make the struggling state as for assistance from the European Union and the International Monetary Fund, the international organization that oversees the global financial system.
There are numerous events taking place across the world tomorrow which will have an impact on global Forex markets. As these events can play an important role in raising or lowering the value of currency pairs, we have listed Friday’s Key Global Events to give your trading an edge ahead of the weekend.
Traders at Spread Co and other online Forex brokers across the globe could benefit from events focussed around JPY, USD, EUR and CAD currency pairs, which is why we are keeping you up-to-date with this vital information.
A report by the International Energy Agency (IEA) on Tuesday suggested that the Demand For Oil Is Set To Reach Record Highs across the globe this year as the world recovers from the recent global recession. Energy advisor, IEA claims that crude oil consumption could surpass the current record of 86.5 million barrels per day (bpd).
The correct prediction of the content of this report by the IEA, which showed this increased demand for crude oil has seen commodities traders at broker sites such as HY Markets make healthy profits as the increased demand pushed the price of black gold up and up. The IEA said in its monthly oil market report that the demand for oil globally for the coming year would reach an average of 86.60 million bpd, up from 84.93 million bpd last year.
