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As the stock markets are starting to take a dip again, investors are moving away from smaller and riskier markets and currencies.
One of the currencies that had a hard hit is the Swedish Krona, falling 1.35 % yesterday. It’s expected to fall from Read the rest of Expect the dollar to strenghten »
The latest days of increased stock market indecies have weakened the US Dollar (USD) and strenghtened many of the smaller currencies, such as the Swedish Krona (SEK), British Pound (GBP) and the Franc (CHF). We do expect a falling stockmarket within short (1-2 weeks) and a falling risk aptite, Read the rest of Increased risk appetite weakens the dollar »
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Friday the 20th will bring a lot of interesting data, that most likely will effect the direction of many currencies. The pound will be strongly effected by the GBP retail sales, while the USD will be dependent on numbers from the consumer confidence index. My bet is that the pound will drop, since the data will probably come in lower then expected.
GBP Retail sales with a forecast of: -0.1%; Previous: 1.6%
Germany´s Bundesrat upper House of parliament votes on second stimulus package
US Core CPI. Forecast: -0.1%; Previous: -0.7%
US Consumer Confidence
Forecast: 37; Previous: 37.7
Bernanke to testify to examine the US financial system
US Home sales. Forecast: 4.75M; Previous: 4.74M
Some important data for the Eurozone – Germany Unemployment rate. Previous: 7.8%
The Swedish Krona (SEK) had a hard day. New statistics about the GDP showed scary results. Swedens economy are predicted to decline 2.4 % during 2009, from the earlier 1.4 % estimate. At the same time, the interest rate have been cut to 1 %. Not happy time for currency traders trying to profit on a stronger krona. Only this Tuesday, the currency lost between 2-3 % to most of the majors. Below you can find the latest forex spot exchange rates:
I guess many of you have already been trading stocks, options or other derivatives by a broker or even online. With currency trading, or forex (FOReign EXchange) as they also call it, there are brilliant opportunities to trade online. All you need to get started is a computer and a Internet connection..
There are many excellent online forex brokers offering low spread when trading currencies. We at OnlineForex.net will be doing reviews of all of them within short. But first, lets start to point out a few things that differ online forex trading from stock trading.
Read the rest of Trade forex online – a new way of trading? »
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