With all of the doom and gloom around the world such as civil unrest, global recession and natural disasters it seems bizarre to hear that online Forex trading is as popular as ever, with more and more retail investors taking investments into their own hands at sites such as eToro. Over the last few years there has been a huge breakthrough made by leading online Forex brokers in a bid to bring Forex trading to the everyman.
Not so long ago, Forex trading was an investment opportunity that was only available to banks, brokers and the privileged few. But thanks to the accessibility of online Forex trading for you and me, without the need for huge investment and with a massive amount of support, Forex trading is no longer an exclusive opportunity.
If you’ve never staked your own money speculating on the fortunes of currency pairs then there’s a great feature for you at ForexYard, a feature that is the perfect place for novice traders to start their exciting journey into the world’s currency markets. Practice Forex accounts are a ‘must’ for new traders, as they offer you the chance to apply your knowledge, skill and instincts without risking your hard earned cash in the process.
For decades Forex trading was reserved for the privileged few, the ‘good old boy’s of the markets, with no opportunity for retail investors like us to make a few quid speculating on the future of currency pairs. However, the arrival of the internet brought with it online opportunities that have allowed online Forex brokers such as ForexYard to offer trading to you and I from the comfort of our own homes.
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If you’re new to the world of online Forex trading then eToro has everything you could need (and more) to start you off on your Forex journey. eToro offers a fantastic practice mode, which offers you the opportunity to trade Forex in real time at real prices but with virtual funds, eliminating any risk whatsoever. There’s also a comprehensive Forex education centre that offers a wide range of courses and advice areas where you can find out exactly how to become a successful Forex trader.
Long gone are the days when Forex trading was an exclusive opportunity for a select few. These days, Forex trading can be undertaken from the office, from work or even on the move from your mobile phone using the world’s leading online Forex brokers such as ForexYard. Trading accessibility at ForexYard has never been more open, with their industry-leading Meta-Trader4 trading platform for PC and their numerous mobile Forex trading platforms that are available for most popular mobile phones.
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Despite disappointing US non-farm payroll numbers, the euro continued to fall against the dollar during a busy end to the Forex trading week. Forex traders at eToro witnessed the single European currency continue its recent slide throughout Friday, only recovering slightly when the Federal Reserve released the eagerly anticipated employment figures.
Pressure has once again been mounting on the euro as further debt worries for Greece and its economy continued to make Forex traders wary of the euro. During Friday’s trading sessions the EUR/USD currency pair fell as low as 1.4185 before recovering slightly ahead of the weekend close of the world’s Forex markets.
The GBP/USD made some hefty gains as the US employment data was released, soaring to 1.6251. However, the pound’s advances were short-lived as investors dumped the pound, taking quick profits, not wanting to risk holding the UK currency over the weekend. This is because the UK is due to release its PMI numbers on Monday and analysts believe that the news won’t be good.
So, one busy week of Forex trading has drawn to a close and another one will start on Monday, and it should be a busy Monday indeed. As we’ve mentioned, the UK is due to release its PMI numbers for August, which, many believe, will show a poor performance for the UK economy. But, if the numbers are good, following today’s mass selling of the pound, the UK currency will shoot up. This may only be a short spike so be ready to act fast.
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For the fourth day in a row the British pound fell against the euro following the release of figures by the Office of National Statistics that showed just a very small expansion of the economy, as the UK, along with many other nations, struggles to recover from recession. The pound was down significantly today but, the US dollar also lost ground against its European counterpart, as faith begins to return to investors of the euro.
During Friday – the last day of the Forex trading week – traders at ForexYard saw Sterling fall by 0.3 per cent to 88.54 against the euro. Friday’s losses for the pound followed a fall to a two-week low of 88.25 on Thursday, and two other previous days of losses for the EUR/GBP currency pair on Wednesday and Tuesday.
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The coming week is going to be full of events that will affect the fortunes of the world’s major currencies. So, we’ve compiled a list of next week’s key economic events that will influence Forex markets across the globe, in a bid to give you a ‘heads up’, allowing you to stay one step ahead of the game. There’s will be releases and reports from the US, UK and Europe, which will all affect the value of their respective currency pairs.
On Monday, the US will release their manufacturing Purchasing Managers’ Index (PMI) for July and, following a 2 per cent rise during June, it is expected that a small drop will be recorded, as the figures continue to stabilise. A fall in manufacturing PMI may trigger a fall in the US dollar and may offer profitable short positions for the shrewd Forex trader.
Thursday was a busy day for traders at ForexYard and other Forex markets across the world as numerous key economic events took place, with one notable event being the European Central Bank’s decision to raise interest rates to 1.5 per cent from 1.25 per cent. However, even after news of the interest rate hike, Forex traders chose the US dollar over the euro, with the single European currency failing to benefit from the rate rise thanks to continuing fears over Greece’s debt crisis.
Late on during the London trading session the US dollar was up by 0.28 per cent as the EUR/USD currency pair dropped to 1.4278. The in-form American currency was also up against the British pound, which was less of a shock following the Bank of England’s decision to keep its key interest rate at the record low figure of 0.5 per cent, a decision that came as little surprise to most informed Forex traders.
Wednesday has been a bad trading day for the euro so far as the European single currency suffered broadly during the first half of the day. A massive decline this morning saw the euro drop almost 1 per cent against the US dollar at ForexYard, following disagreements from Eurozone ministers regarding the Greek debt crisis and also news that some of France’s largest banks could face credit rating downgrades by leading rating agency Moody’s.
In recent weeks Forex traders have witnessed the euro holding its own, especially against the US dollar, which has been facing its own difficulties. However, the euro took a huge hit during the early London trading, with prices for the EUR/USD plummeting as low as $1.4310, still a distance above the support levels that are believed to be around the $1.4250 mark.
