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Forex trading ranges were fairly tight on Tuesday as the market digested unsatisfactory readings on UK public finances, a possible downgrade of Portugal and soft Canadian inflation statistics. The Swiss franc had been the top-performing G10 currency whereas the pound sterling appeared to be the laggard.

The general tone of trading was lackluster as liquidity commences to disappear in advance of the holidays. The euro climbed early on in the session after Chinese Vice Premier Wang stated China “has taken concrete action” to aid Europe with its debt troubles nevertheless the trade later on corrected and EUR/USD declined when Moody’s reported it might downgrade Portugal’s credit rating. The statement follows similar moves from other rating’s companies but it led to a sharpened EUR selloff.

Chinese representatives have supposedly promised to acquire 4-5 billion of Portuguese financial debt in early 2011 after a visit there last week. The flight from the euro served to boost the Swiss franc to the top of the G10 complex. EUR/CHF likewise dropped to a new all-time low.

The Canadian USD has been in focus throughout the North American session due to crucial reports on inflation and consumer spending. The major surprise was a decrease in November inflation to 2.0% year-over-year as opposed to the +2.4% prior and +2.2% expected. Inflation had recently ticked greater and that helped push USD/CAD to equality. That now would seem to have been a statistical illusion with inflation worries now once again on the back burner.

Retail sales for October supplied a moderate lift for CAD after it climbed 0.8% compared to the 0.5% estimated. A substantial percentage of the outperformance had been flushed away by a revision in the September records to +0.4% from +0.6%.

News that the Federal Reserve and other central banking institutions have prolonged swap lines had been casually received by markets. The lines permit for less complicated borrowing in the circumstance of a money squeeze and are viewed as a precautionary measure. They were planned to expire in January nonetheless the timeline has now been pushed to Aug. 1, 2011.

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