Forex Trading Scams

A rebound in risk assets and a break of key USD/JPY level sent the greenback tumbling across the board in North American session on the last trading day of the week. With no economic data on the calendar FX markets took their cue from equities which staged a massive turn around. The DJIA futures which at one time were down as much as -200 points rose into positive territory gaining +25 in the first hour of trade helping to fuel a rally in EUR/USD which saw the pair climb nearly 200 points off session lows to hit a high of 1.4450 in the first hour of North American trade.

http://www.fx360.com/commentary/boris/5989/dollar-drops-accross-the-board.aspx

A very choppy end to the week in the FX market with risk currencies generally ignoring the persistent weakness in stocks as rumors and M&A flow dominated trade in early European session. The EUR/USD dipped to 1.4262 on risk aversion selloff but quickly recovered to trade above 1.4325 in good two way trade.

http://www.fx360.com/commentary/boris/5954/cable-a-safe-haven.aspx

Markets were jittery at the start of European trade today with broader indices lower by -1.3% as concerns over the region’s financial sector continued to trouble investors ahead of the weekend. Risk FX which initially held up well finally succumbed to continued risk aversion flows with EUR/USD tumbling towards the 1.4250 level from 1.4325 earlier in the session while cable gave up the 1.6500 figure dropping to 1.6445 in early London trade

http://www.fx360.com/commentary/boris/5985/cable-helped-by-ma-flow.aspx

Risk FX followed equities lower as the DJIA plummeted more than 450 points to trade below the key 11,000 level in the wake of weak US economic data and continuing concerns over the health of European financial sector. All the US equity indices were broadly lower by more than -4% in mid morning US dealing after the Philadelphia Fed business activity index dropped to -30.7 from 3.2 eyed. It was the biggest month-over-month drop since October 2008, during the peak of the credit crisis and the lowest reading since March of 2009 indicating that US manufacturing activity is slowing markedly.

http://www.fx360.com/commentary/boris/5981/risk-fx-tumbles-as-us-equities-plunge-by-more-than-4.aspx

Very choppy trade in currency market in overnight European dealing as EUR/USD jumped to 1.4450 on Middle Eastern demand and further SNB intervention through EUR/CHF only tumble below the 1.4400 figure by mid morning trade. With no economic data on the calendar the pair was hostage to risk flows throughout the night frustrating both longs and shorts as it struggled to find direction.

http://www.fx360.com/commentary/boris/5952/risk-fx-caught-in-choppy-trade.aspx

UK Retail Sales printed slightly lower than expected at 0.2% versus 0.3% but remained positive for the second month in a row indicating that consumer demand remain relatively stable despite challenging labor market conditions and chronically high inflation. Food store sales rose by 0.7% but were offset by declines in textiles, clothing and footwear which decreased by 0.1% In a year on year comparison Retail Sales were flat at 0.0%.

http://www.fx360.com/commentary/boris/5979/uk-retail-sales-evoke-mixed-reaction.aspx

The rise in popularity of Forex trading nearly mimics the rise of Twitter popularity, as both of them have grown in leaps and bounds in the past two years. Forex trading turnover was 20% higher in 2010 than it was in 2007, and of course, Twitter usage has grown even more since its launch.http://www.dailyforex.com/forex-articles/2011/08/Forex-and-Twitter-Two-Growing-Forces/8585

The U.S. Producer price index for July printed hotter than expected at 0.2% versus 0.0% eyed. Core PPI for July was higher than forecast as well, coming in at 0.4% versus 0.2% eyed. The non-core PPI advance followed a 0.4% decrease in June and a 0.2% rise in May. The index is still struggling to recover and is at its lows for the year. However, core PPI followed a 0.3% increase in June and expanding at the fastest rate since January suggesting that price pressures may be building on the wholesale level.

http://www.fx360.com/commentary/boris/5975/hotter-ppi-curbs-rally-in-risk-fx.aspx

Another massively volatile night in CHF pairs after SNB announced further measures to weaken the franc but stopped short of announcing a peg disappointing the market. EUR/CHF put in another 300 point range dropping from 115 to 112.20 before stabilizing at 113.00. USD/CHF traded as high as .8019 in anticipation of the announcement and then slumped to .7820 before rebounding as well.

http://www.fx360.com/commentary/boris/5951/snb-fails-to-stem-swissie-strength.aspx

Both USD/CHF and EUR/CHF tumbled by more than 2% after the SNB announced new measures to weaken the franc that did not include a peg of the currency. In its press release to the market the SNB stated that “The measures taken thus far by the Swiss National Bank (SNB) against the strength of the Swiss franc are having an impact. Nevertheless, the Swiss franc remains massively overvalued. The SNB has therefore decided to expand again significantly the supply of liquidity to the Swiss franc money market. In so doing, it is increasing the downward pressure on money market interest rates with a view to further weakening the Swiss franc exchange rate. With immediate effect, it aims to expand banks’ sight deposits at the SNB further, from CHF 120 billion to CHF 200 billion.”

http://www.fx360.com/commentary/boris/5972/eurchf-usdchf-tumble-as-snb-blinks-on-the-peg.aspx