Dollar Gains for 3rd Day on Fed Outlook | ForexGen News

The U.S. dollar gained against the euro today on Forex market for a third day in a row, as the yesterday’s U.S. fundamental data reassured traders that the Federal Reserve will keep the interest rate unchanged on its next week meeting.

Dollar was also supported by its strong oversold position on the currency market. After reaching 1.6018 euro/dollar entered the the range where its rate was no longer comfortable for anyone — both U.S. and Europe.

The euro in its turn is under pressure from the not-so-good economic indicators. German Ifo Business Climate Index (and its report statement) disappointed the market participants — it was at 102.4 in April against the 104.3 forecast. Import price index was also lower than expected — 5.7% in March (year-to-year) compared to the 5.9% forecast.

EUR/USD reached 1.5581 — its minimum value since the 3rd of the April today. As of 7:54 GMT EUR/USD is trading at 1.5593 — a 0.5% loss for today.

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Indian Rupee Falls on Demand for Dollar | ForexGen News

The Indian rupee declined today to its monthly minimum level on the Forex market as the domestic companies had to purchase more U.S. dollars to pay for the imports, including oil.

It was the second bearish day for the rupee, which is under pressure from the widening current account deficit (which is a great problem for another Asian currency — South Korean won). Imported goods prices, including oil and commodities, rise sharply spurring the demand for the dollars and creating a vast offer of rupees on the market.

Country’s overall imports rose 30.5% in February, while oil imports increased 39.5% that month. Trade balance deficit in February rose to $4.229 bilion according to the April 1st report.

USD/INR rate rose to as high as 40.128 (its highest level since beginning of April) on Forex market today, it retreaded slightly then and closed at 40.055.

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Aussie Rallies on Q1 CPI Data | ForexGen Data

The Australian dollar reached a fresh 24-year high against the U.S. dollar today as the consumer prices in Australia soared above the market’s expectations in March and are now pressing on the central bank to go for the further interest rate hikes.

March CPI was reported at 4.2% (annual rate) — highest inflation rate in more than 4 years. The market analysts expected a 4.0% growth rate.

On the traders’ bets that the Reserve Bank of Australia will have to increase the key interest rate from the current 7.25% to curb the inflation, the Aussie’s value against USD rose above 95 cents.

Australian interest rate is already one of the highest among the developed economies, which makes this currency an attractive investment for the so called carry trades. The expectations for the next rate hike spurred AUD’s growth not only against the falling dollar, but also against the euro and the yen.

AUD/USD reached its maximum rate since March 1984 at 0.9540; the daily growth started at 0.9137 and as of 8:41 GMT the currency pair is trading at 0.9529. AUD/JPY reached its maximum value since February 29 — 98.30 today. EUR/AUD slid to 1.6744 — a new minimum for this pair since March 19.

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Dollar Sinks, EUR/USD Reaches 1.6011 | ForexGen Report

Euro reached a new historical maximum against the U.S. dollar today after another European Central Bank official stated that the bank will be acting thoroughly in order to keep the consumer price inflation rate down.

According to Christian Noyer, the ECB is not going to ease the monetary policy because of the strong inflation in Eurozone. And while some European countries vote for a weaker euro (to support national exporters), ECB is standing strongly against any actions that will accelerate the CPI, which is above the current central bank’s target rate.

Many currency analysts expect euro to continue its bullish trend against the greenback as it’s now clear that the European interest rates are not going to be reduced in the near months. EUR/USD can reached 1.6500 in the next 3 to 6 months according to them.

Existing home sales in U.S. also helped dollar to fall against the euro — according to the report by the National Association of Realtors in March they fell from 5.03 million to 4.93 million (at annual rate).

EUR/USD went up from 1.5910 to 1.5996 today on Forex with the daily maximum at 1.6011- a new absolute record for this currency pair.

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If You are Interested in Commodity Investing then | ForexGen Tips

If you”ve heard of commodities trading, you might be interested in knowing more about it. Commodities are products of commerce that are traded in commodity markets. These are materials such as financial investments, foreign currencies, agricultural products, metals and petroleum. When commodities markets began, they were used as agricultural trade platforms for local communities, utilized for agricultural products. Today, commodity markets have gone global, with country barriers broken down via technological advancements. Globalization and industrialization have meant that these goods have also been industrialized and the world has become its own trading center.

When you trade commodities, you must follow certain rules. First, trading is done only for products that are standard. Second, commodity transactions are done through something called “futures contracts.” With futures contracts, commodities are actually bought or sold on a future date, not the present date. However, the commodity’’s selling price is agreed upon immediately when the contract is made. Therefore, even though the commodity is sold at a future date, the price itself is already fixed when the contract is made.

“Futures contracts” aren”t the only type of commodities contracts. Spot contracts are put in place so that commodities get transferred when a contract is made instead of at a later date. You use a spot contract to exercise future contract after a period of time has gone by. Some types of commodities investing include commodity food market, commodity fund investing, and commodity petroleum.

When commodities investing started, trading was done in just a few sectors. In addition, commodities were restricted to those used in regular, everyday life. Presently, anyone who wants to engage in commodities trading can.

If you decide you want to invest in commodities, you should know that one of their advantages is reduced risk. Commodities investment can help you even out losses that might occur in other areas you”ve invested in. Commodities can offer less risk because when you deal with commodities, you invest in a number of items. Because you are using futures contracts, you can also more easily ensure that the risks you take are much lower than they might be, so that you can reduce or even eliminate risk.

If you want to monitor a particular commodity’’s performance, you can do so pretty easily. This is because in general, a particular commodity will perform well when other areas such as the stock market are not doing as well. By contrast, when the stock market is doing well, the commodities market might be doing more poorly. This makes it much easier to predict what commodity prices will be and to foresee market changes. However, even though this is a basic rule of thumb, it still should not be used as a means to actually predict true performance in any market sector, including the stock market, commodities market, et cetera.

If you”re interested in learning more about trading commodities, there are commodity-trading advisors who can help you. These are individuals or firms who can help you decide what your position should be in the commodity market, either long or short. They can also tell you when it’’s best to liquidate your position. In addition, they can help you see if your goals will match with their particular trading philosophies and strategies.

For the best commodity-trading advisor, first figure out what your own goals and objectives are. Then, choose an advisor that matches what you want as closely as possible. Communications these days are easy, and you can keep in touch with your advisor by fax, pager, phone, or e-mail. In addition, if you don”t want to trade in commodities yourself, you can still invest in commodities trading by utilizing a variety of investment funds that do just this with their portfolios.

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ForexGen Trading - Can You Use Too Many Technical Indicators?

The majority of people who trade forex use technical analysis to make their trading decisions. They generally use a wide variety of the hundreds of technical indicators available at their disposal, but how many should you use if you want to be a profitable forex trader, and can you use too many?

There’’s no question that the internet, and the subsequent ease of access to technical charts and indicators, has led to more and more traders being able to learn and become accomplished at using technical analysis to help them make trading decisions.

Indeed, people will spend hours on end experimenting with numerous different technical indicators in order to find that holy grail combination that will help them to become rich from trading the forex markets.

However no combination will prove to be 100% successful. The key is to find a combination that suits your trading style, and enables you to make high probability trades that will give you a positive equity curve (ie profits) in the long run.

If you have a sound stop loss policy and a rigid and disciplined trading system based on certain indicators, then you can make a good income from forex trading.

You don”t need to use several indicators at once. Indeed many top traders argue that you should minimise the number that you use, simply because the more you use, the more you will get conflicting information, and confusion and uncertainty does not equate to profits.

For instance you may use six different indicators to help you make your entry and exit positions, but you may, for example, have four of them indicating an oversold position and telling you to enter a long position, but the other two are crossing downwards and indicating a forthcoming downwards movement, so in this case you would probably abandon the initial long trade you were going to make.

This is further complicated when you use multiple time frames because this becomes even more of an issue. Multiple indicators over different time frames will invariably give you conflicting information and the net result will be that you end up not trading at all, and essentially always being afraid to take a position.

This is why so many top traders recommend using just a few tried and tested indicators. You don”t need to have a really complex set-up to be successful. You can make a decent living from forex by just sticking to a few basic indicators like RSI, stochastics and MACD, or just using support and resistance levels to make trading decisions.

Furthermore, some traders, like Avi Frister for example, only use one indicator, and argue that it’’s the only one you really need - price.

So if you”re striving to become a profitable trader, don”t overcomplicate things. You can be just as successful using just a few simple indicators than constantly trying out the latest and greatest new indicators in order to find that elusive winning combination.