HY Markets

Online Forex traders at HY Markets and other internet trading sites saw the US dollar lose ground against over a dozen other currencies during Tuesday’s trading sessions. It came as no surprise to many when the US dollar slid, ahead of the Federal Reserve meeting that’s scheduled for later this afternoon.

Many market analysts believe that the Fed will continue with their easing strategy and they are expected to announce an expansion to their asset purchasing plan, which will almost certainly weaken the greenback against its international counterparts. The anticipation of such announcements from the Federal Reserve has led many Forex traders to start selling the dollar, which has had the usual knock-on effect to its value.

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Etoro

Once again, the euro suffered as the Greece debt crisis continued to top the headlines of most financial news pages. The euro lost more than 1.5 per cent against the US dollar during Friday’s Forex trading sessions at eToro (your capital is at risk) and at other Forex markets, and today, to make matters worse, the Greek Prime Minister has said that Greece cannot meet the agreed repayment plan required to secure the IMF bailout funds on offer.

In a cabinet meeting today, the Greek Government proposed a move that would see civil servants who are approaching retirement age being put in ‘reserve’ or being suspending at reduced rate of pay. However, this, and the many other austerity measures proposed, still won’t be enough to meet the repayment quota that’s a condition of the next £1.6 billion instalment of the total £94 billion rescue plan.

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Forexyard

The US Federal Reserve is announced a strategy to stimulate their ailing economy by selling $400 billion of its short-term securities and exchanging them for $400 billion in long-term securities, a move that’s designed encourage lending and borrowing among US banks and businesses. However, this news caused the price of gold fall and the dollar to rise at ForexYard and other online commodities and Forex brokers.

Following the news from the Feds, the price of safe haven commodity – gold – fell by over $26 per troy ounce during Wednesday’s trading sessions. The price of gold at ForexYard fell from $1,809.10 to $1,782.60 but, most unusually, the price of silver rose during the day. Silver prices normally shadow gold prices but today things were different. As gold was shedding dollars the price of silver rose by a little under 1 per cent, while palladium and copper also made small gains.

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Etoro

Thanks to the world’s numerous financial crises and investors’ appetite for safe haven options, gold trading is as popular as ever at eToro (your capital is at risk) and other leading online brokers. The price of gold has been rocketing over the last few months, reaching a new record high of $1,681.65 per ounce during Thursday’s trading sessions, but will the gold bubble burst or can we consider the precious metal a safe commodity to trade for the foreseeable future?

As silver prices almost always mirror the fortunes of gold prices, the price of silver has been on the rise too, climbing by over 25 per cent over the last year. Gold and silver have been bucking the trend recently, with both of their prices significantly increasing, while practically all other commodities and stock markets have been recording negative numbers during the same period.

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Forexyard

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.

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Etoro

Forex traders at eToro (your capital is at risk) and other trading platforms around the world saw renewed appetite for the euro today as Greece agreed new austerity measures to avoid defaulting on its debts, something that could spell disaster for the Greek economy. This latest agreement by the Greek Government will go a long way to securing the €28 billion EU/IMF bailout package, which is being voted on tomorrow.

The troubled Greek economy has been the primary reason for the euro’s recent poor performance across the world’s Forex markets, and the riots and protests by the people of Greece over the last 48 hours has done nothing to assist the fortunes of the euro. However, if a bailout package can be secured, the future of both Greece’s economy and the euro will look much brighter.

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Forexyard

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.

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Etoro

Over the past week there have been twist and turns across the world’s Forex markets, with many factors ranging from unemployment numbers to economic crises affecting the fortunes of foreign currencies and their exchange rates across the globe. Keep reading to find out what happened to the major currencies over the last seven days.

Last week the world’s most traded currency, the US dollar took a turn southward, reversing the advances made in previous weeks. Worse than expected manufacturing figures, higher unemployment and low consumer confidence left many Forex traders at eToro (your capital is at risk) and other markets believing that the US Federal Reserve continue to keep interest rates low.

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Forexyard

For the fourth month running the Bank of England has voted to keep interest rates at a record low of 0.5 per cent, which will possibly result in further woes for sterling, as a low interest rate often suppresses an economy’s currency. Traders at ForexYard and other online Forex brokers saw a drop in appetite for the UK’s currency following the publication of the BoE’s report.

Also, for the fourth month running, three of the nine Bank of England policy makers voted to raise interest rates while six voted against the policy as UK inflation climbed to 4.5 per cent, which is over double the Bank’s 2 per cent target. This led Mervyn King, governor of the Bank of England to write a letter to the Chancellor of the Exchequer explaining why the BoE hasn’t raised interest rates once again, an action that many believe might reduce UK inflation.

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Forexyard

The US dollar has been through the mill recently, losing ground against many of its counterparts over the last few weeks, with investors seeking positions elsewhere. It really has been a bad month for the dollar, the worst since September, ending with the US currency falling to a 2 ½ year low, with the US Federal Reserve’s ultra-loose monetary policy seeming to be the major factor in the dollar’s recent downfall.

The only saving grace for the dollar during Friday’s trading sessions was the measures taken by traders at ForexYard and other brokers to settle positions ahead of the weekend, allowing the struggling US currency a little breathing space to recover. However, many market insiders and analysts believe that the fortunes of the dollar will continue in a similar fashion on Monday when Forex trading resumes.

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