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Spread Betting Forex Trading |
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An in-depth look at Spread Betting Forex Trading.
Also see today's Spread Betting Forex Trading news.
Spread Betting on Forex - 5 August 2011
On the forex spread betting markets, the Euro has had a bounce this morning after quite a disastrous fall yesterday, following the ECB keeping rates on hold and a hefty decision to buy Euro bonds again.
Traders perceived this as the bank possibly saying that they pulled the trigger too quickly in raising rates recently. The Dollar is trading down against the Euro at $1.4157 with the pair challenging it’s resistance level at $1.4170, traders should be cautious here in case of a pull back.
Sterling has been trading in a quite a tight, sideways range versus the dollar this morning, after it tumbled yesterday. Trading around $1.6263 the pair sees support at $1.6225 and resistance at $1.6325.
Spread Betting on Forex - 4 August 2011
The Dollar is the story of the morning as USD/JPY has rallied sharply following intervention by the Bank of Japan.
The rate has jumped from ¥77.15 to ¥79.40 overnight, a big leap higher so we're nearly back above the ¥80 level.
It was almost inevitable that the BoJ would intervene by selling Yen in order to weaken their currency, but you have to ask the question as to whether it'll be affective or not.
They've been trying to stop the appreciation of the Yen for years now, but haven't been able to prevent the Dollar's continued weakness, so today's move higher is also being compounded by some short covering. The ¥80.00 level might be regained but possibly not for all that long.
Spread Betting on Forex - 3 August 2011
The rollercoaster looks sets to continue for the Euro – Dollar spread betting market after the lawmakers passed the bill to raise the debt limit.
This morning we’ve seen the Euro rally to $1.4236 as traders are taking long positions on the back of a huge hit the currency has taken in the last couple of days.
Sterling has moved higher against the Dollar in early trading despite a more risk adverse market and is trading at $1.6308. Data is due to be released shortly which is forecast to show the UK services industry slowed for the month of July.
The pair currently sees support at $1.6250 and resistance at $1.6330. The pair has rebounded but stands below its resistance, which could signal downside for the pair.
Spread Betting on Forex - 2 August 2011
The Dollar has bounced back in fashion in line with the news of getting closer to a deal on the US debt ceiling. The Euro lost 202 pips from its high of the day to its close, and started to follow a similar pattern early this morning.
Trading at $1.4178 the pair sees support at $1.4165 and resistance at $1.4250, but the pair is approaching its next support level, so traders should beware if the pair moves lower.
After a tasty rally last week, the Pound has fallen to a two week low against its US counterpart. Of course the news from across the pond has helped the Dollar, but here in the UK we have construction figures out soon which is expected to show the industry grew at a slower rate for June.
Traders should watch out for the figures for any further movement, but currently we are trading at $1.6288 with support at $1.6235 and resistance at $1.6335.
Spread Betting on Forex - 1 August 2011
It’s not long now until the deadline for the US to reach a final agreement has to be met. They say a deal is on the table, but it still needs the US senate to pass judgement for it to shape up completely.
The Euro – Dollar forex rate had rallied sharply on Friday, but traders have read the news this morning and it looks they’re favouring the Dollar on the back of it.
The Euro has dropped a fair amount since the open and is trading at $1.4388, with support at $1.4325 and resistance sitting at $1.4420.
Sterling is enjoying a two-month high against the Dollar as traders are awaiting the finalisation of the US debt deal to pass. The Pound is trading at $1.6437 at the moment, with support showing at $1.6375 and resistance at $1.6475.
According to Sterling – Dollar technical analysis, the pair is facing a pull back on its new support ahead of a rebound, so traders should be cautious here.
Spread Betting on Forex - 29 July 2011
There is no market commentary today. However you can see the latest forex technical analysis on:
Spread Betting on Forex - 28 July 2011
The Dollar recouped most of its losses from earlier yesterday morning, resulting in the Euro slightly having the stuffing knocked out of it yesterday with EUR/USD breaking back below $1.4400.
In the process it landed on its upward trend line around $1.4345 which is where it remains this morning. For some strange reason forex spread betting investors decided that it was time to buy the Dollar in the face of this current crisis, whereas before they had been selling it.
Yesterday we made a small mention on the Swiss Franc hitting new highs against the US Dollar and the sort of negative effect this is having on their exporters.
Low and behold rumours that the Swiss central bank might intervene in its currency's strength did the rounds and this too was a contributing factor in the Dollar's recovery. This morning USD/CHF is at SFr 0.8020, just about holding onto the SFr 0.8000 level for now.
Cable saw a fair bit of weakness too, but that was mainly down the rebound in the Dollar and some down beat factory data. However, Sterling faired better against the Euro, which really was the whipping boy yesterday. This morning Cable is at $1.6325 and GBP/EUR is at €1.1375.
Spread betting and CFD trading carry a high level of risk and you can lose more than your initial deposit so you should ensure spread betting or CFD trading meet your investment objectives and if necessary seek independent advice.
Market Commentry from Financial Spreads.
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Financial Spreads - tax free* trading on over 2,500 spread betting markets. With a Financial Spreads Account you can trade commission free, 24 hours a day on stock market indices, forex, shares commodities and...read review » Financial Spreads.
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With financial spread betting you can lose more than your original stake or investment. Spread betting carries a high level of risk to your capital. Please familiarise yourself with the risks that are involved and before trading, ensure that financial spread betting matches your investment objectives. Seek independent advice where necessary.
Spread Betting Forex Trading - edited by MJ, 05 August 2011.
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With spread betting you can lose more than your original stake or investment. Spread betting carries a high level of risk to your capital so please familiarise yourself with the risks that are involved and, before trading, ensure that spread betting matches your investment objectives. Seek independent advice where necessary.
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* Based on current UK tax law. Tax law may change and can differ depending on your personal circumstances.
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