There are a number factors to consider when you choose a Forex broker and to help you do so here is a list of 10 of the key factors you should consider when you select a Forex Broker that will suite you.
1. Reputation This may seem like an obvious place to start but surprisingly this is quite often overlooked in people’s quest for profits. A simple place to start is to check out several Forex forums to see what other traders have said about their experiences with brokers and this will help you to get a good idea of the general user experience as well as details about the level of service and support you are likely to get from particular brokers and probably most importantly, payments. (more…)
2nd UPDATE: German Industrial Output Drops 1.8% In October
(Rewrites, adds analyst comment.)
By Patrick McGroarty
Of DOW JONES NEWSWIRES
BERLIN (Dow Jones)–German industrial production fell 1.8% in October from the previous month, an unexpected drop that suggests the recovery in output will proceed only moderately, the Economics Ministry said Tuesday.
Despite the decline, driven by weak production in the energy and construction sectors, “the trend for industrial production continues to be aligned distinctly upward,” the ministry said.
But it predicted that production increases in the fourth quarter are likely to be more modest than before.
FXstreet.com (Barcelona) – After rejecting at 1.4865, EUR/USD has fallen around 90 pips to hit fresh intra-day low at 1.4775. Currently the pair is trading around 1.4790/1.4800, reaching 0.20% losses so far today from opening price action at 1.4825.
The ecPulse.com analysis team comments: “It generally inclined versus the dollar from its lowest at 1.4779 to trade again around 1.4845 areas, yet we can see that the pair failed in trading above 1.4867 pressured by the 1.4860 resistance which we did not see any hourly closing above it; therefore, despite the gains the euro managed to acquire today the general trend remains to the downside as far as trading is stable below the resilience of the 1.4905 resistance.”
EUR/USD gained earlier in the week on expectations the ECB would soon exit their current refinancing strategy, and it announced Thursday that the December refinancing operation would be its last. The pair made a high of 1.5140 on Thursday after the announcement, before backing off on profit-taking. As expected, the ECB kept the refinancing rate unchanged at 1%, but in a departure from its current policy of offering money at the benchmark rate, the central bank stated that the rate would be “fixed at the average minimum bid rate of the main refinancing operations over the life of this operation,” allowing the lending rate to change in response to market funding demands. In addition, the ECB revised many of its economic growth estimates upward. (more…)
The U.S. dollar reached the highest level in a month versus the European common currency and also gained versus all high-yielding options among currencies as pessimism returned to stock markets and bets that interest rates in the U.S. will be lifted rose. (more…)
The U.S. currency is set to another weekly devaluation versus the euro and most high-yielding currencies as risk appetite remained strong during most of this week?s session, forcing the dollar down as investors attempt to reach higher profits overseas. The greenback remained unattractive this Friday before a report that is likely to show that jobs decreased at slowest pace in more than a year in the United States, indicating an eventual shift in employment figures perceived with optimism by currency traders that abandon the relative safety of the dollar to purchase higher-yielding currencies as equities markets climb and demand for commodities rise. The euro touched the highest level in 2009 once again versus (more…)
By Andrew Timothy Robinson FX-specialist, Market Strategist, Saxo Bank
Asia maintains the risk-on momentum with gold hitting new highs
Tonight’s ADP employment report may set the tone into Friday
MAJOR HEADLINES – PREVIOUS SESSION
US Nov. ISM Manufacturing out at 53.6 vs. 55.0 expected and 557 prior
US Nov. ISM Prices Paid out at 55.0 vs. 65.0 expected and 65.0 prior
US Oct. Construction Spending out at flat m/m vs. -0.5% expected and revised -1.6% prior
US Oct. Pending Home Sales out at +3.7% m/m vs. -1.0% expected and revised +6.0% prior
US Weekly ABC Consumer Confidence out at -45 vs. -47 prior
US Nov. Total Vehicle Sales out at 10.92m vs. 10.50m expected and 10.45m prior
JP Nov. Monetary Base out at +3.8% y/y vs. +4.4% prior
The Euro reversed on Tuesday from 1.5000 area at 1.4805 low, and has bounced back to levels above 1.4900 although, according to Alex Rudolpph the Euro is bound to drop to levels at the 1.4754/39 area.
The high correlation between EUR/USD and EUR/GBP is likely to weigh on the Euro, says Rudolph: “EUR/USD remains capped by its 1.50 resistance area and should fall back to the 1.4754/39 region (55 day ma and uptrend), because of the high correlation between it and EUR/GBP, the latter is also expected to slide further towards the 61.8% Fibonacci retracement of the June-to-October advance at .8787.”