Etoro

During Monday’s trading sessions, the price of gold and other precious metals fell dramatically at eToro and other online trading platforms. Admittedly, these falls were no where near the levels of June’s gold price crash but they were still hefty drops, ahead of Wednesday’s US Federal Reserve meeting. These recent market moves have been compounded by precious metal traders, especially gold traders, closing long term positions in fear of further falls in metal markets.

Following a small rally during the Asian trading sessions, in which gold prices reached $1,336 per ounce, prices retreated, nearing Friday’s five-week low for the precious metal. During Monday’s trading, many of the world’s markets rose but the US dollar lost ground against both the euro and the British pound, reaching eight month lows against its trans-Atlantic counterpart.

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Etoro

Currency traders at websites like eToro have seen the US dollar climb, as the Federal Reserve looks to become the first of the world’s major central banks to tighten its monetary policy. The greenback made headway against both the euro and the Japanese yen during Monday’s trading sessions, climbing by 0.2 per cent against the euro and 0.8 per cent against the yen.

Ahead of Federal Reserve chief Ben Bernanke’s congressional testimony on Wednesday and Thursday, investors are beginning to speculate that the dollar will grow in strength, as they believe that the US will finally step away from the current ultra-loose policies that have been in place for the last couple of years.

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Etoro

Online Forex traders at eToro and other sites across the internet have been keeping a keen eye on events in both Cyprus and Italy today, especially if they’ve recently bought EUR/USD positions. This is because, in the midst of a woeful run for the single currency, pressure for the euro has been further compounded by the requirement of a bailout for the Cypriot economy and political unrest in Italy. However, even though the EUR/USD currency pair hit a four-month low during early Thursday trading, the euro ended the day with a flourish, actually finishing marginally up against the US dollar when the London trading session closed.

Earlier today, the banks in Cyprus opened their doors to customers for the first time in weeks and, even though a €300 euro per day limit is in place to avoid a run on the banks and further economic pressure, the opening of the banks has been seen as a good sign, even if there’s still massive uncertainty regarding Cypriot’s money.

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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 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 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 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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