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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BetOnMarkets - Bet On Markets

The trading week has just drawn to a close and it was a great ending for anybody with US dollars bets on their books. Bettors at BetOnMarkets saw the US dollar thrive on Friday as news of strong consumer sentiment, coupled with other key factors, propelled the greenback up the charts.

The dollar was pretty much up right across the board as the US released details of its strongest consumer sentiment figures for just under six years, something that anybody who was betting on the dollar at BetOnMarkets today became well aware of. However, it wasn’t just this news that favoured the dollar during Friday’s trading sessions. With these encouraging figures being brandished about, there is now every possibility that, as a knock on effect, we will see the US Federal Reserve starting to curb its quantitative easing program, something that many investors and traders believe will happen.

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AvaFX

This morning online Forex traders at AVAFX saw the US dollar strengthened by low unemployment figures, as the Greenback made gains against most of its major counterparts. On the day the US unemployment numbers reached a five-year low, the dollar saw bullish movement before a poor US manufacturing indicator restricted further growth for the dollar.

The GBP/USD currency pair dropped 75 pips during the London trading session, reaching a low of 1.5954 before recovering to 1.5980. The dollar also made headway against the Swiss franc, with the USD/CHF currency pair climbing by over 50 pips during the London trading session. However, later today the US Preliminary UoM Consumer Sentiment figures are released, which, if lower than expected, could well undo all of the dollar’s progress in an afternoon. Keep one eye on the economic news bulletins for those figures, as you will need to make those trades quickly if you’re to try and beat the field to the best prices.

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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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AvaFX

Right now, the USA is counting the votes for the 2012 United States Presidential Election, which is being battled out by President Obama and Republican Mitt Romney but this massive event hasn’t slowed trading of the US dollar down at the world’s various Forex markets or harmed the greenback’s value. In fact, online Forex traders at AVAFX actually just saw the US dollar climbing as the votes are counted in the election, and with plenty of trading activity taking place too, as news that Romney may be ahead made it to the headlines and encouraged the buying of dollars.

At the time of writing this article, Bloomberg were scoring Romney ahead of Obama 21-3, which many analysts and traders believe will destabilise the dollar to a degree, possibly seeing it fall against many of its counterparts such as the Australian dollar, the British pound and the euro. However, if Obama retains office, it is widely speculated that the dollar will be boosted thanks to the belief that the President will continue with his support of bonds and track record of keeping interest rates low.

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Etoro

The coming week is going to be filled with a number of events, releases and publications that will shape the fortunes of the world’s Forex markets, but it’s the news from the UK and the US that we’re focussing on. The week ahead for traders of dollars and pounds will be filled with key events that will shape the fortunes of the USD and GBP at eToro and across the world’s Forex markets.

On Monday, the most notable event will be the release of the UK’s industry data on house price inflation, which is a leading indicator of demand in the housing market and a good indicator of the strength of the British economy as a whole. Also on Monday, the US will release a host of reports that include data on retail sales, manufacturing activity in New York and government data on net long-term securities transactions, all of which will shape the fortunes of the US dollar at Forex markets across the globe.

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Etoro

During today’s trading sessions, Forex traders saw the US dollar slide, with the greenback losing ground against the euro, Swiss franc and Australian dollar amidst fears of further quantitative easing measures following remarks by the chairman of the US Federal Reserve, with traders. Forex traders at eToro and other online brokers saw the EUR/USD currency pair climb by over 0.3% following the news.

However, many of you may be asking why would the suggestion of quantitative easing in the US cause the dollar to slide? Quantitative easing is a measure used by central banks to stimulate growth in a country’s economy. This is done by the purchase financial assets, which injects a predetermined quantity of money into the economy, often used to keep interest rates at a specific level. However, this practice comes with risks.

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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

Once again the price of gold has surpassed record highs, trading as high as $1,609.30 per ounce at eToro during the Tuesday trading sessions. The new record price for gold has come about largely due to weakened dollar and the troubled euro, as commodities and Forex traders sell dollars and euros in favour of the safe haven commodity that is gold.

Even though gold prices have retreated a little since Tuesday, at the time of writing this article gold was being sold for $1,589.53 at eToro, with no sign of a landslide fall in the precious metal’s fortunes anywhere in sight. Gold’s most recent charge is mainly due to economic issues and weak currencies on both sides of the Atlantic.

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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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