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Market review for 15.04.14: The dollar fell after U.S. data on consumer price inflation.

Asian and European trading sessions:

Euro: Euro fell amid weak data on Germany. Note that confidence among German investors fell again in April, extending this streak to four consecutive months, highlighting risks to recovery in Europe's largest economy. This was stated in the report of the Centre for European Economic Research ZEW.
According to the data, the April index of sentiment in the business environment, which is designed to assess the development of the economic situation in the next six months, declined to 43.2 from 46.6 in March. Economists had forecast a decline to 46.3. Current situation index rose to 59.5, its highest level since July 2011, compared with 51.3 in March. Economists predicted the figure at 51.5.
The data also showed that the index of economic sentiment in the euro zone fell to 61.2 from 61.5 in March, while the current conditions index rose 6.2 points to -30.5. The EUR / USD pair dropped to $ 1.378 7 during the European session.

British Pound: Pound rebounded from lows against the dollar, reaching levels with today's opening session, which was associated with the release of data on Britain. As it became known, at the end of March the British inflation fell to its lowest level in more than four years, retreating further from the target goal of the Bank of England. It became known from the report, which was submitted by the Office for National Statistics.
According to the data, consumer prices rose in March by 1.6 percent per annum, and confirmed the experts' forecasts, but were close to the lowest level since October 2009. Recall that in February, prices rose 1.7 percent in February. In the ONS said that the greatest pressure on the annual rate of consumer price inflation was the reduction in fuel prices, clothing and furniture. In addition, it was announced that the base rate of inflation, which excludes prices of energy, food, alcohol and tobacco increased by 1.6 percent (four-year minimum). The data also showed that inflation in selling prices increased by 0.5 percent (the lowest since October 2009), which was slightly higher than economists' forecasts - at the level of 0.3 percent.
The GBP / USD pair fell to $ 1.6684, but then recovered to $ 1.6720: during the European session.

American trading session:

U.S. Dollar: The dollar fell after U.S. data on consumer price inflation. A key measure of inflation rose marginally in the last month, although price pressures remained subdued amid weak growth in the U.S. and abroad. Report from the Labor Department showed that the March consumer price index rose a seasonally adjusted 0.2 % compared with 0.1 % the previous month. Many experts predicted an increase in this index is only 0.1 %.
Core CPI, which excludes food and energy, also rose 0.2 % after increasing by 0.1 % in February. It was expected to grow by 0.1%. Compared to last year consumer price inflation accelerated in March to 1.5% from 1.1 % in February, although it remained below the 2 per cent target Fed.
The data also showed that the drop in energy prices helped to keep inflation pressures subdued in March. Gasoline prices decreased by 1.7 %, which is likely a result of the burst of domestic production of oil and increasing demand. Food prices, on the other hand, rose by 0.4 %, as the drought in some areas of the U.S. and Brazil raised the cost of agricultural products.

Gold: Gold prices significantly reduced against the publication of statistics on inflation in the UK and the U.S., as well as Trade Balance from euro zone. The cost of the June gold futures dropped to $ 1284.45 per ounce on the COMEX today.

Oil: The cost of WTI crude oil recovered losses in trading in New York pending inventory report from the U.S. Department of Energy. May futures for U.S. light crude oil WTI dropped to $ 102.90 and then rose to $ 104.06 per barrel on the NYMEX T


Market review for 10.04.14: The euro rose on French data on industrial production and inflation.

Asian and European trading sessions:

Euro: The euro rose against the dollar on French data on industrial production and inflation. Inflation in France, agreed by EU methodology, slowed in March, mainly due to falling oil prices, data showed on Thursday statistical office Insee. Harmonised inflation (HICP) fell more than expected to 0.7 percent in March from 1.1 percent in February. It was expected that inflation will be 0.8 percent.
Annual consumer price inflation fell to 0.6 percent from 0.9 percent the previous month and remained below the expected 0.7 percent.
Food prices fell 0.2 percent, while the prices of petroleum products decreased by 6 percent. Meanwhile, the cost of clothing and footwear increased by 0.6 percent.
On a monthly measurement of consumer prices rose by 0.4 percent after rising 0.6 percent the previous month. At the same time, the HICP rose by 0.5 percent.
Basic consumer prices rose by 0.1 percent compared with the previous month, amounting to an annual increase of 0.4 percent in March.
French industrial production expanded slightly in February, data showed on Thursday Insee. Industrial production in the second -largest eurozone economy grew by 0.1 % in February from January. Analysts had forecast an average increase of 0.2%.
Reduced energy production and release in the oil refining industry restrained overall industrial production, while manufacturing output grew by 0.3%. On an annual basis, industrial production fell by 0.8 % after falling 0.1% the month before.
Support for the single currency had news that Greece has successfully returned to the debt markets. Today, Greece held the first since 2010 auction on sovereign debt, in which were placed 5 - year bonds worth 3 billion euros against 2.5 billion target average yield was 4.95 % against the expected 5-5.25 %. Vice Prime Minister of Greece, said after the auction that the “bond issue said that Greece's debt is acceptable.”
The EUR / USD pair rose to $ 1.3874 during the European session.

British Pound: The British pound is trading slightly lower against the dollar after the Bank of England left policy unchanged. The Bank of England did not bring any surprises , decided to leave its key rate at a record low of 0.5% , which she held for 5 years ( since March 2009 ), and a program of bond purchases in the amount of £ 375 billion. CB stated that it intends to keep rates low for at least as long as the b / p drops below 7%, and it is not expected before 2016. However, his representatives have repeatedly said that the mere drop rates b / d less than 7% will not be a direct incentive to improve. Minutes of the meeting will be published on Wednesday, April 23. The GBP / USD pair fell to $ 1.6766 during the European session.

American trading session:

Japanese Yen: The yen rose against the dollar, which was associated with the release of data on the reduction of Chinese exports, which increased demand for “safe havens." The strengthening of the Japanese yen helped decrease expected to raise interest rates after the release of the Fed minutes of the meeting FOMC. The report showed that in March, China unexpectedly recorded a reduction in exports by 6.6 % compared with the same month last year, after falling 18.1 % in February, which was the worst since the financial crisis. Analysts expected export growth by 4.8%. While imports fell last month to 11.1% in February after rising to 10.1% , resulting in a trade surplus of $ 7.71 billion , according to the General Administration of Customs of China. Experts predicted import growth of 3.9% and a deficit of $ 0.9 billion, the Customs Administration of China announced that it expects to improve trade performance in the second quarter amid recovery in global demand. The USD / JPY pair fell to Y101.40.

Gold: Gold prices today rose markedly, reaching a two-week high at the same time as market participants continued to analyze published last minutes of the last meeting of the FOMC. The cost of the June gold futures rose to $ 1320.30 per ounce on the COMEX today.

Oil: Cost of oil futures fell slightly today, which was associated with the release of economic data for China. May futures for U.S. light crude oil, WTI fell to $ 103.29 a barrel on the NYMEX.


Market review for 09.04.14: All currencies continued to strengthen against the general weakening of the U.S. dollar.

Asian and European trading sessions:

Euro: The euro exchange rate rose slightly against the background data on the trade balance of Germany. German exports fell in February by more than expected, while imports increased for the second month in a row, showed on Wednesday, official data agency Destatis. Exports fell by 1.3 % in January; this is the second drop in three months and the largest since May 2013. Predicted drop in exports by 0.5 % after expanding by 2.2 % in January.
On the other hand, imports increased by 0.4 %, faster than the 0.1 % growth economists estimate. However, the pace slowed down compared with growth of 4.1 %, which is seen in January. As a result, the trade surplus fell to a seasonally adjusted to 15.7 billion euros from 17.3 billion euros in January. The surplus also decreased from 16.7 billion euros surplus hosted a year ago.
In annual terms, exports increased by 4.6 %, while imports rose by 6.5 % in February. Current account balance to a surplus of 13.9 billion euros in February compared with a surplus of 15.7 billion euros in the previous year. Exports to the EU increased by 6.7 % compared with last year, while imports from these countries increased by 9 %. At the same time, exports to the euro area grew by 3.7 %, while imports rose by 8.4 %. The EUR / USD pair rose to $ 1.3809 during the European session.

British Pound: British pound has stabilized against the dollar, disregarding the trade balance data. In the UK, the visible trade deficit narrowed in February, while the surplus on services decreased compared with the previous month, data showed on Wednesday the Office for National Statistics.
The merchandise trade deficit fell to 9.1 billion pounds in February from 9.5 billion pounds in January. Deficit, as was expected to fall to 9.3 billion pounds. Exports of goods decreased by 1.6 % in January, to 23.5 billion pounds. In turn, imports fell by 2.2 % to 32.6 billion pounds. Meanwhile, the services surplus amounted to 7 billion pounds compared with the January estimate of 7.3 billion pounds of surplus.
Combined deficit on trade in goods and services decreased slightly to 2.1 billion pounds from 2.2 billion pounds in January. The GBP / USD pair traded in a narrow range during the European session.

Japanese Yen: The Japanese yen continued to strengthen, supported by the Bank of Japan decision, left the course of monetary policy to keep the volume of lending programs and asset purchases unchanged, despite an increase in the consumption tax in Japan on April 1. CB confirmed target expansion of the monetary base in the range of 60 to 70 trillion yen ($ 681 billion) a year. Last month, the head Haruhiko Kuroda said, remain high chances to see next year inflation at the target level of the Central Bank of 2%. The USD / JPY pair rose to Y102.17 and stepped during the European session.

Australian dollar: The currency slightly rose on positive economic data: indicator published by the Faculty of Economics and Commerce at the University of Melbourne, which reflects the level of trust. Consumer confidence index from Westpac for April was 0.3 % compared to -0.7 %. Next figure influenced the strengthening of the Australian dollar, which is published by the Australian Bureau of Statistics: change indicator of mortgage loans increased to 2.3% for the month of February compared to the projected 0.4 % (previous 0.0 %).

New Zealand dollar: The currency continued its strengthening, supported by increased investor demand for risk on the general weakening of the U.S. dollar and the tendency of the Reserve Bank of New Zealand to the tight monetary policy.

American trading session:

U.S. Dollar: The U.S. data showed that wholesale inventories in the U.S. rose at a slower pace in February than in the previous month, which may support predictions that the improvement does not help the economy in the first quarter. According to the report, the volume of wholesale inventories rose 0.5 % in February after increasing 0.8 % in January, which was revised up from 0.6 %. The increase in February was in line with economists' expectations. The data also showed that in February sales at wholesalers jumped 0.7 % after falling 1.8 % in January. Given the pace of sales in February will need about 1.19 months to clear the shelves of inventory. Recall that in January this ratio was also at this level.

Canadian dollar: The Canadian dollar continued to strengthen against the general weakening of the U.S. dollar.

Gold: The gold prices fell today, due to the expectations of the publication of the last meeting of the Fed. The cost of the June gold futures dropped to $ 1306.30 per ounce on the COMEX today.

Oil: The price of oil rose slightly today, despite the presented report on oil reserves in the U.S., which have to increase. The dynamics also continues to influence geopolitical tensions in Ukraine. May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 102.66 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 08.04.14: The British pound rose sharply, supported by strong data on industrial production.

Asian and European trading sessions:

Euro: The euro exchange rose against the background data on the trade balance in France. In France, the trade deficit narrowed in February, more than expected, due to a fall in imports showed Tuesday, official data of Customs. Trade deficit fell to 3.36 billion euros from 5.61 billion euros in January. Deficit, according to expectations, had narrowed to 4.9 billion euros. Exports fell to 36.24 billion euros in February from 36.31 billion euros in the previous month. Imports fell markedly to 39.61 billion euros from 41.92 billion euros in February. The EUR / USD pair rose to $ 1.3780 during the European session.

British Pound: In the UK, industrial production raised more than expected in February, which was due to higher contribution from oil and gas production, which was reported by the Office for National Statistics on Tuesday.
Industrial production grew by 0.9 % in February from a month ago, when it remained unchanged. The growth rate was much higher than expected growths of the February’s 0.3 %. Manufacturing output rose by 1 %, which was 0.3 % faster growth, which saw in January (economists forecasted that production will grow again by 0.3 % in February).
Annual industrial production growth slowed slightly to 2.7 % in February from 2.8 % in January. But the pace of growth exceeded economists forecast 2.2 %. Meanwhile, manufacturing output increased at a faster pace of 3.8 per cent per annum, after rising 3.2 % the previous month. Annual production growth is expected to slow slightly to 3.1 %. The GBP / USD pair rose to $ 1.6725 during the European session.

American trading session:

Japanese Yen: The yen rose for a third day after the Bank of Japan today culminated a 2-day meeting the result of which did not change the course of monetary policy , keeping the volume of lending programs and asset purchases unchanged. Analysts also expected changes, despite the increase in the consumption tax in Japan on April 1. CB confirmed target expansion of the monetary base in the range of 60 to 70 trillion yen ($ 681 billion) a year. Last month, the head Haruhiko Kuroda said, remain high chances to see next year inflation at the target level of the Central Bank of 2%. The USD / JPY pair fell to Y102.25.

Gold: The gold prices rose more than 1 %, which was due to technical purchases after overcoming the $ 1,300 mark, and the weakening of the dollar before the publication of minutes of the meeting FOMC. The cost of the June gold futures rose to $ 1308.75 per ounce on the COMEX today.

Oil: The price of oil rose moderately today, as new unrest in eastern Ukraine has heightened tensions between Russia and the West. May futures for U.S. light crude oil WTI rose to $ 101.37 per barrel on the NYMEX.


Market review for 07.04.14: The yen stabilized on pending the outcome of two-day meeting of the Bank of Japan.

Asian and European trading sessions:

Euro: Euro traded upward against the dollar on better forecasts published statistics. Investor confidence in the eurozone unexpectedly strengthened in April, which was showed on Monday poll, conducted by the research center Sentix. Investor sentiment index rose to 14.1 in April, its highest level since April 2011, from 13.9 in March. According to forecasts, the index was down to 13.7. Assessment of the current situation rose to 5.8 from 4.8 points in the previous month. The result was the highest since July 2011. Meanwhile, the expectations index fell for the second consecutive month in April, to 22.8 from 23.5 in March.
Index of industrial production in Germany grew faster than expected in February, said the country's statistics office on Monday, showing a strong start in Europe's largest economy this year. Industrial production increased by 0.4 % per month, adjusted in February, beating economists' expectations +0.3 % m / m Value in January was revised downward to 0.7 % from 0.8 %. During the year, industrial production increased by 4.8 % in February. The EUR / USD pair rose to $ 1.3739 during the European session.

Japanese Yen: The yen stabilized on pending the outcome of two-day meeting of the Bank of Japan, the announcement of which will be held tomorrow. It is worth noting that this is the first meeting after April 1 the government increased the sales tax in the country. According to the median forecast of economists at the current meeting, the Central Bank is likely to decide to leave its monetary policy settings unchanged. However, there is a high probability that in the coming months, the Bank of Japan may double asset purchase. The USD / JPY pair fell to Y102.98 and then increased to 103.30during the European session.

Canadian dollar: The Canadian dollar rose slightly against the U.S. dollar, receiving support from a quarterly survey released today by the Bank of Canada. As it became known, the Canadian business continues to be optimistic on the prospects for sales by strengthening U.S. economy and a weaker Canadian dollar, but notes that competition limits the ability to shift the increase in incoming costs on to consumers.

American trading session:

Swiss franc: The Swiss franc has appreciated significantly against the U.S. dollar, which helped by the data presented today. As it became known, Swiss consumer prices remained unchanged in March, while the predicted drop of 0.2 percent, the Federal Statistical Office reported: consumer prices remained unchanged after falling 0.1 percent in February. On a monthly measurement of the consumer price index rose 0.4 percent after rising 0.1 percent in February. Another report showed that the volume of foreign exchange reserves of the Swiss National Bank in March rose to 438 billion Swiss francs (U.S. $ 491.5 billion), compared with 433.6 billion francs in February. This is stated in the data published on Monday the central bank of Switzerland.

Gold: Gold prices fell slightly after the highest growth for the three weeks of growth caused by the publication of a report on U.S. employment. The dynamics affect the likelihood of further reductions in the program of quantitative easing in the U.S. The cost of the June gold futures dropped to $ 1300.60 per ounce on the COMEX today.

Oil: Oil prices showed a slight decline on the news about the opening of the oil terminals in the north of Libya, reinforced expectations of a quick recovery volume of supplies from the country. May futures for U.S. light crude oil WTI fell to $ 100.65 a barrel on the NYMEX.


Market review for 03.04.14: The euro fell after press conference of the ECB head, Mr. Draghi.

Asian and European trading sessions:

Euro: The Euro is traded slightly higher against the dollar after the ECB's decision to leave rates unchanged - at 0.25 %. Little impact on today's currency also provided data that showed business activity index for the services sector fell in March to reach 52.2 from February's 32-month high of 52.6 points . Experts expected that this figure will be 52.4 points. However, the service sector firms were more optimistic about future prospects - the sub- index of business expectations rose to 64.0 from 62.4, the highest since mid-2011. The final composite index fell to 53.1 from 53.3 in March. Preliminary reported 53.2. However, the index remains above 50 for the ninth consecutive month, based on improved market conditions and an increase in new orders.
Another report showed: in February, sales rose by 0.4 percent compared with an increase of 1.0 percent in January (revised downwards from 1.6 per cent). Many economists had forecast a decline in sales of 0.3 percent. Add that food sales rose in February by 0.3 percent, while sales of non-food - by 0.8 percent. In annual terms, sales in February also increased - by 0.8 percent, were slightly above estimates of experts at 0.6 percent. The EUR / USD pair fell to $ 1.3742 but then recovered to $ 1.3773 during the European session.

British Pound: Pound fell against its competitors in connection with the release of weak UK data. As it became known, the services sector continued to expand in the UK last month, indicating that the sustained economic growth in the first quarter, although the pace of this growth was the slowest since June last year. According to the index of purchasing managers index for the services sector fell to 57.6 points in March from 58.2 in February, was below the consensus forecast of economists at the level of 58.2 points. Nevertheless, the index remained well above the level of 50 points, denoting expansion and pointing to strong growth in the services sector, which accounts for over three quarters of the UK economy. Add the employment index in the services sector fell to 53.5 in March from 55.6 in February; the new orders index increased at the slowest pace in 10 months, and the index of business expectations fell to its lowest level since November. Studies have also revealed : a composite index of business activity for the manufacturing, construction and the service sector fell to 58.1 in March from 58.6 in February , while reaching the lowest level since June last year. We add that the prices paid index fell to its lowest in nearly a year. The GBP / USD pair fell to $ 1.6577 during the European session.

Japanese Yen: The Japanese yen was affected by the data for China, which showed that the mood in the service sector in China have improved in March, which is a positive sign for the second largest economy in the world. Purchasing Managers Index for China's services sector, which is calculated HSBC, rose to 51.9 against 51.0 in February. Nevertheless, the official index of manufacturing activity in China in March dropped to around 54.5 to 55.0 in February. The USD / JPY pair fell to Y104.07 from Y103.91 during the European session.

American trading session:

Euro: The euro fell after the head of the European Central Bank Mario Draghi did not rule out that the European regulator may implement quantitative easing program, while maintaining a long period of inflation. “We do not exclude the possibility of quantitative easing in order to cope with that too long a period of low inflation “- Mr. Draghi said at a press conference after a meeting of the ECB.

U.S. Dollar: Some support to the dollar had data showing that in March the index of business activity in the U.S. service sector, calculated by the Institute for Supply Management (ISM), increased slightly, reaching the level of 53.1 while compared with the February reading at around 51.6. According to experts, the value of this indicator was up to 55.5. All major sub- indices were in February in the territory of the expansion (more than 50), and 3 out of 4 even showed growth.

Gold: Gold prices declined on the eve of leaving Friday employment report in the U.S., which will assess the state of the economy and prospects for Fed stimulus. The cost of the June gold futures dropped to $ 1281.92 per ounce on the COMEX today.

Oil: Oil price rose, amid concerns that the negotiations between the Libyan government and the rebels are not reinstated export of oil. Cost of May futures on oil WTI rose to $ 98.85 per barrel on the New York Mercantile Exchange


Market review for 02.04.14: The U.S. dollar increased amid confident data on the U.S. labor market.

Asian and European trading sessions:

Euro: The euro exchange rate has lost all previously earned positions on weak data and approximating the ECB meeting . The data showed that producer prices fell by 0.2 % ( on a monthly basis ), after easing to 0.3 % in January . Experts predicted: this figure will remain unchanged in February. Excluding energy, producer prices remained unchanged after rising 0.1 % in January. Prices for capital goods and consumer non-durables also remained unchanged in February. The cost of intermediate goods decreased by 0.1 %, offsetting an increase of 0.1 % in January. Meanwhile, lower energy prices slowed to 0.5 % from 1.2 %. On an annualized basis, producer prices fell by 1.7 per cent compared with a fall of 1.4 % in the previous month . Fall also exceeded economists' consensus forecasts at -1.6 %.
Another report from Eurostat showed: in the fourth quarter, the eurozone economy grew by 0.5% after falling 0.3 % in the previous quarter. Rate in quarterly terms rose by 0.2 % vs. 0.1%. Add the data may already final. Experts predicted that GDP will rise by 0.3 % qoq and 0.5% per annum. The EUR / USD pair fell to $ 1.371 during the European session.

British Pound: Pound showed a steady increase against the dollar in anticipation of UK PMI data, but weak report forced the couple to change its direction of motion. Despite the fact that it was a minor report, the market is still longed to get a new catalyst to propel the pair above, but nothing happened. Now the focus of employment data from the U.S. ADP, which in the case of a positive result can cause the couple to continue its growth and maximum refresh. As for the data, it showed that the index of business activity in the construction sector from Markit / CIPS fell in March to a level of 62.5 points from 62.6 in February, but remained near the maximum for the last 6.5 years, recorded in January (64.6 points). The index remained above the neutral mark for 11 consecutive months. Many experts, however, expected that figure will rise to the level of 63.1 points. Also, the report showed that the builders were elated last month (optimism rose to its highest level since January 2007) and hired staff at the fastest pace in four months.
Also pressured the pound and a report from the Nationwide Building Society, which demonstrated: house prices rose in March by 9.5 % ( yoy ) , after rising 9.4 % in February. The latest increase was slightly less than the experts' forecasts at 9.7 %, but was the highest since May 2010, when prices rose by 9.8 %. Given these changes, the average cost of housing in March totaled 180,264 pounds - the highest level since January 2008. On a monthly basis, housing prices rose only 0.4 % in March, which was 0.7 %ages slower growth recorded in February, and economists' forecasts at 0.8 %. Nevertheless, it was the fifteenth consecutive monthly gain. The GBP / USD pair rose to $ 1.6664 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar increased amid confident data on the U.S. labor market. As shown by recent data that were presented Automatic Data Processing (ADP), in March, private sector employment increased markedly, and came close to the predictive values. According to a report last month, the number of employees increased by 191 thousand people, compared with a revised upward figure for the previous month at 178 million ( initially reported growth of 139 thousand ) . Add that, according to the average forecast of this indicator would grow by 192 thousand
Strengthening of the dollar also contributed data on the growth of industrial orders in the United States. Factor in the growth in orders was supposed to economic recovery after the winter with bad weather conditions, because of which there is a delay before. Increase in orders was the highest in seven months.
Commerce Department said Wednesday that new orders for producers rose in February by 1.6%, which was the highest growth since September. Economists had expected orders by 1.3%. Data on changes in the volume of orders in January were revised with the reduction - reduction of 1.0% compared to the previously reported decrease of 0.7%. The volume of orders except the volatile transportation category rose in February by 0.7 %, the biggest increase since July. In January, the volume of orders for this category decreased by 0.1 %.

Gold: The Gold prices rose after two days of sales, but remained near seven-week low after reporting growth in manufacturing activity and employment in the United States. The cost of the June gold futures rose to $ 1294.95 per ounce on the COMEX today.

Oil: Prices for crude oil WTI accelerated decline after a government report showed that U.S. crude inventories fell unexpectedly. May futures for U.S. light crude oil WTI fell to $ 98.85 a barrel on the New York Mercantile Exchange


Market review for 01.04.14: The Yen fell after Bank of Japan pointed to expectations of a sharp deterioration in sentiment this year.

Asian and European trading sessions:

Euro: The euro rose, which was associated with the release of data on PMI. The PMI indices surpassed forecasts in Spain, Italy and France, confirmed the forecast of the euro area as a whole and were not short of expectations in Germany. As it became known, the growth in the manufacturing sector slowed in the euro zone last month, and confirmed the experts' predictions and their initial estimates. According to the final index of business activity in the manufacturing sector amounted to 53.0 points in March, which corresponded to the preliminary estimate, but below the February index at 53.2 points.
We also add that the expansion in the manufacturing sector slowed in Germany last month due to weaker growth in new orders and export orders in Europe's largest economy. According to the report, the purchasing managers' index for the German manufacturing sector, which accounts for about a fifth of the economy, fell to 53.7 in March from 54.8 in February, compared with a preliminary estimate at 53.8 points. Final reading, however, was significantly above the 50- point mark that separates growth from contraction for nine consecutive months.
There were also positive data on unemployment in Germany and the euro area. Report from the Ministry of Labor in Germany showed unemployment in the country has declined in March more than expected, underlining the continuing improvement in Europe's largest economy. Seasonally adjusted number of unemployed fell by 12,000 in March, beating the forecasts of experts at -9000 people. The unemployment rate was 6.7%, unchanged compared with February, the figure for which was revised down from 6.8%. Add, this is the fourth consecutive month of declining unemployment.
Meanwhile, unemployment in the euro area declined slightly in February, but, given the downward revision from the previous month to reach 11.9 percent from 12.0 percent, unchanged. This result was pleasantly surprised many experts, as their unemployment rate was forecast to reach 12.0 percent. In February, the euro zone was recorded 18,970 million unemployed, which was at 35 thousand less than in the previous month. The EUR / USD pair rose to $ 1.3805 during the European session.

British Pound: Pound fell against the dollar amid weak data on activity in the manufacturing sector. Note the increased activity in the British manufacturing sector slowed sharply in March, while showing the slowest pace in eight months, which was associated with a drop in purchase prices. According to the index of manufacturing activity fell in March to 55.3 points, its lowest value since July last year and was below economists' forecasts at 56.7 points. The February figure was revised down to 56.2 points from 56.9 points. It was the fourth consecutive month in which the index fell, although it remained significantly above 50 indicating growth. In Markit said that a slowdown in the sector was mainly concentrated among companies manufacturing machinery and equipment. Meanwhile, although there were signs of growth in business investment in recent years, the sub- index for new export orders fell to the lowest level since May 2013, and some companies reported fewer orders from the Asia- Pacific region. The GBP / USD pair during the European session fell to $ 1.6635, the

Japanese Yen: Consumption tax in Japan was raised to 8 % from 5 % on Tuesday. Bank of Japan Tankan report pointed to expectations of a sharp deterioration in sentiment this year. The U.S. dollar rose to its highest level against the yen since late January. Investors’ value analyzed data published in the U.S. on the back of higher consumption tax in Japan and deteriorating prospects for business sentiment in Japan.

American trading session:

U.S. Dollar: The dollar fell after data showed that manufacturing activity in the U.S. in March grew slightly more rapidly than the previous month. According to the Institute for Supply Management (ISM), the manufacturing index rose to 53.7 from 53.2. Economists had expected the index was 54.2.
Published data also reported an increase in construction spending in February by 0.1%. Meanwhile, the calculated final Markit Purchasing Managers Index (PMI) remained unchanged at 55.5.

Gold: Gold prices fell to a minimum of seven weeks due to outflows of gold- exchange-traded funds in riskier assets. The cost of the June gold futures dropped to $ 1277.50 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate fell on speculation as to what stocks in the U.S. will grow 11 - consecutive week, and while the U.S. manufacturing gauge rose less than expected. The cost of May futures on U.S. light crude oil WTI fell to $ 100.45 a barrel on the New York Mercantile Exchange.


Market review for 31.03.14: The euro rose sharply against the dollar on comments of the ECB representative Mr. Nowotny.

Asian and European trading sessions:

Euro: The euro rose sharply against the dollar, returning with all previously lost ground. Pressure on the pair had a weak data on inflation in the eurozone, but the comments of the ECB representative Mr. Nowotny were able to offset this negative.
As it became known, the annual inflation rate in the euro zone fell again in March, beating the average forecast with experts and reaching its lowest level since late 2009. According to a report in the March consumer price index rose by 0.5 % in March 2013 compared with a gain of 0.7 % a month earlier and rated at 0.6. Add index was more and more away from the target of the European Central Bank, which is set at "a little less than 2% ." The data also showed that the cost of energy in the eurozone fell in March by 2.1 % after declining 2.3% in February. Food, alcohol and tobacco products rose by 1 % after rising 1.5 % the previous month. Core CPI, which excludes volatile items - such as energy and food - growth slowed to 0.8% from 1.0% in February.
With regard to the Novotny, he said that the recession in the euro area came to an end, and the economic situation in the region has significantly improved, but he still has to deal with their problems. The EUR / USD pair rose to $ 1.3810 during the European session.

Japanese Yen: The yen declined significantly against the U.S. dollar, which was associated with the expectations of today's speech by U.S. Federal Reserve Janet Yellen to be held in Chicago.
Recent comments on the Bank of Japan that it was too early to discuss specific exit strategy from quantitative easing, also weighed on the yen. Analytics think that now, there are several factors that can support the growth of the pair this week: first, the U.S. was to publish a number of reports indicating the U.S. economic recovery. This will increase the rate differential gap between the U.S. and Japan and, accordingly, will pressure on the yen, and secondly, the global risk sentiment remains unstable, as the conflict between Russia and Ukraine is still a threat to global geopolitics. The USD / JPY pair rose to Y103.32 during the European session.

Swiss Franc: The Franc rose against the dollar, despite the weak data. The growth was due to the weakening of the U.S. currency, as well as the head of the SNB Jordan comments. He noted: the Swiss franc is still high, and the minimum level for the pair EUR / CHF - an essential tool for maintaining price stability. Meanwhile, the banker added that the current exchange rate policy will remain relevant for the Swiss National Bank in the foreseeable future, but do not rule out negative interest rates to maintain proper monetary conditions.

American trading session:

U.S. Dollar: The U.S. dollar lowered on a background of comments Janet Yellen . Fed Chairman Yellen, who spoke today at a conference in Chicago, defended the loose monetary policy of the USA, stating that its purpose was to help the economy and the labor market in particular.
Ms. Yellen said that Fed’s policies for stimulating commitment are still a necessity, and this situation will continue for some time. She also pointed to the fact that low interest rates will remain low for an extended period of time. The Fed chief has listed a large number of part-time workers, slow wage growth, a large number of workers who do not have full employment, fall in the share of the working population as indicators that the labor market is still in a difficult situation. She also noted that for some Americans the current economic situation was more complicated than in a recession.

Gold: Gold prices traded within a range close to Friday's six-week low and then declined due on growing optimism about the U.S. economy and weak demand in the physical markets of Asia. The cost of the April gold futures dropped to $ 1288.50 per ounce on the COMEX today.

Oil: The cost of oil brand WTI retreated from three-week high on increased production in Iraq and the continuing tense relations between Russia and the West. The May futures on U.S. light crude oil WTI fell to $ 101.00 a barrel on the NYMEX.


Market review for 25.03.14: The British pound rose against the dollar, which was helped by data on inflation in Britain and weak U.S. data.

Asian and European trading sessions:

Euro: The euro exchange rate rose sharply against the dollar, returning almost all the ground lost during today's trading. Impact on the dynamics of the U.S. data, as well as the statements of the ECB's Draghi . Report from the Conference Board showed that consumer confidence index has improved markedly in March, while offsetting the decline in February. The index now stands at 82.3 points, compared to 78.3 points in February. Present situation index fell to 80.4 points from 81.0 points, while the expectations index rose to 83.5 from 76.5. Meanwhile, it became known that the assessment of current conditions consumers almost unchanged in March - the proportion of those who reported improvement of business conditions rose to 22.9 % from 21.2 %, while those who reported worsening , has risen to 23.2 % from 22.0 % . Estimation by consumers of the labor market was relatively unchanged - the proportion of those who said about improving conditions, decreased to 13.1 % from 13.4 %, and is reported to decline increased to 33.0 % from 32.4 %.
As for Draghi speech, he noted that the ECB will do everything necessary to maintain price stability. Perhaps he hinted at HTA program aimed at helping vulnerable members of the eurozone by buying their government bonds, which was proposed in the fall of 2012, but did not work. He also said that the soft policy will support the gradual elimination of the lag in economic growth. According to him, there were visible signs that monetary policy becomes more effective. Draghi also spoke about the euro, noting that the strengthening of the euro caused by external factors, including the Japanese monetary policy, as well as increased confidence in the eurozone. Furthermore, he added that the ECB is closely monitoring the situation with the exchange rate. The EUR / USD pair traded in the range of $ 1.37570-1.38550 during the European session.

British Pound: The British pound rose against the dollar, which was helped by data on inflation in Britain and weak U.S. data. In the UK inflation slowed in February, as expected, to a four-year low due to lower transport prices showed Tuesday, official data Office for National Statistics. Consumer prices rose 1.7 % year -on-year after increasing 1.9 % in January. Growth rates in line with economists' expectations. On a monthly measurement of consumer prices rose by 0.5 %, according to the forecast, offsetting a drop of 0.6 % in January. At the same time, core inflation, which excludes prices of energy, food, alcoholic beverages and tobacco, rose to 1.7 % from 1.6 %. The GBP / USD pair traded in the range of $ 1.65310 during the European session.

American trading session:

U.S. Dollar: Meanwhile, U.S. data showed that new home sales fell in February, becoming the latest sign that the severe weather conditions and rising mortgage rates undermine the housing market recovery. The Ministry of Commerce said that the sales of newly built homes fell 3.3% to a seasonally adjusted annual rate of 440,000 compared with the previous month. Strong growth in January was revised downward to an annual rate of 455,000. Data on sales of new buildings represent a small portion of the homes purchased in the United States and may be subject to significant revisions. But they provide more current sensor market conditions than some other figures, because they are calculated at the time of signing the contract, and not when it is closed. February sales were lower than expected by economists and 447,000 were at the lowest level since September.

Gold: Also the cost of Gold increased due to short covering and increase reserves backed by gold exchange funds. The cost of April gold futures rose to $ 1312.40 per ounce on the COMEX today.

Oil: Oil prices rose slightly, due to concerns about further decline in production in Libya and hopes for economic stimulus measures in China. May futures for U.S. light crude oil WTI rose to $ 100.10 per barrel on the NYMEX.


Market review for 24.03.14: The Australian dollar rose after ratings agency Fitch announced its decision to leave Australia at the same rating at AAA.

Asian and European trading sessions:

Euro: The euro rose against the dollar on strong data on private sector activity in France and then fell sharply on unfulfilled forecasts to data on business activity in the euro zone and Germany. French private sector returned to growth in March for the first time since last October, revealed on Monday showed preliminary surveys conducted Markit Economics. Composite activity index rose to 51.6 from 47.9 in February. Score above 50 indicated expansion, and the last reading indicated the fastest growth in 31 months. Expansion was broad-based and in the service sector and in manufacturing. The index of activity in services rose to 51.4, a 26- month high, from 47.2 in February. Index, as expected, had to grow to 47.9. In addition, the PMI index for the manufacturing sector has improved more than expected to 51.9, a 33- month high, from 49.7 in the previous month. The index was projected to grow to 49.8.
Private sector growth was slowed in Germany in March from 33 -month high, but growth remained markedly high on Monday showed preliminary data from surveys conducted in the Markit Economics. Composite activity index fell to 55.0 from February's 33 -month high of 56.4. Weakening growth in business activity was broad-based, while both indices - for producers and service providers showed weaker growth than seen in February. Preliminary index of service sector activity fell more than expected to 54.0 from 55.9 in February. It was predicted that the index would remain at 55.9. Furthermore, preliminary manufacturing PMI 53.8 compared to 54.8 in February and below the expected reading of 54.7.
Eurozone economy expanded ninth consecutive month in March, but the growth rate slowed slightly by data showed on Monday, Markit Economics. Consolidated activity index was 53.2 in March. Result was slightly lower than achieved in February of this year a 32- month high of 53.3 and above the expected level of 53.1. The index remaind above the neutral mark of 50 indicated an increase in private sector activity. Preliminary PMI in service sector fell to 52.4 from 52.6 in February, while it, according to expectations, had to remain at the level of 52.6. In addition, the manufacturing PMI fell to 53.0 from 53.2 in February. It was expected that the index will also remain unchanged at the February level. The EUR / USD pair rose to $ 1.3828, but then fell to $ 1.3758 during the European session.

Japanese Yen: The yen fell against the euro and the U.S. dollar in anticipation of the speech of Vice - President of the Bank of Japan Kikuo Iwata. The market expected the banker hints at a possible increase incentive programs from the Bank of Japan to ease the negative impact on the economy, as well as the planned increase of the sales tax, which should enter into force as early as next week.

Australian dollar: The Australian dollar rose after ratings agency Fitch announced its decision to leave Australia at the same rating at AAA with a stable outlook, as the country has managed to maintain stability to external shocks due to " the presence of a strong economic and institutional foundations, including the highly advanced and flexible economy, and reliable policies and effective political and social institutions.”

American trading session:

U.S. Dollar: The dollar fell this session. Impacted on the dynamics of the “greenback” U.S. data, as well as statements by the Fed. As it became known, the index of business activity in the U.S. industry from Markit in March, according to preliminary data, was down to 55.5. Preliminary data include approximately 85% of the respondents' answers. The business activity index fell to 45 -month high, but growth continues. The growth rate was only slightly lower than the three-year high, which the index reached in February. Manufacturers say that the higher level of output due to an increase in new orders, and the desire to reduce the backlog. Companies began to overcome deceleration caused by weather conditions in the winter. The growth rate of export orders decreased but continues for the second month in a row.
Meanwhile, the president of the Federal Reserve Bank of San Francisco John Williams said that the Fed last week did not make assumptions about what the Fed will start raising rates earlier than expected. Investors appreciated earlier comments from Fed Chairman Janet Iellen on Monday that the first rate hike could begin six months after the completion of the redemption of bonds as a "hard" . Williams said that such expectations were on the market, and he sees nothing that would indicate intention to tighten monetary policy sooner than expected. Williams called regarded as a "signal of tightening policy" simply a response to a comment recently yield stronger -than-expected unemployment data.

Gold: Gold prices fell markedly today, reaching with one-month low, which was associated with increased expectations about rising interest rates in the U.S. in early 2015. The cost of the April gold futures dropped to $ 1312.50 per ounce on the COMEX today.

Oil: Oil prices fell slightly today, which was associated with the release of weak Chinese data indicating that the decline in demand in the world's largest oil-consuming economy. Meanwhile, the support prices have the possibility of breaking oil supplies in connection with the Ukrainian crisis and the turmoil in Libya. May futures for U.S. light crude oil WTI fell to $ 99.46 a barrel on the New York Mercantile Exchange.


Market review for 20.03.14: The Swiss franc fell, which was due to yesterday's Fed decision, and today's announcement SNB.

Asian and European trading sessions:

U.S. Dollar: Dollar showed the most significant strengthening in the last seven months after the Federal Reserve yesterday hinted of a possible lifting of interest rates by the middle of next year. Following the meeting on March 18-19, the U.S. Federal Reserve has reduced its quantitative easing program by $ 10 billion for the third time in a row. Since April, the Central Bank will reduce the purchase US Treasuries from $ 35 billion to $ 30 billion a month, mortgage-backed securities - from $ 30 billion to $ 25 billion a month. In addition, the Central Bank has kept interest rate target range of 0% to 0.25% per annum. Some support the American currency was the labor market data. The Labor Department said: for the week ending March 15, the number of initial claims for unemployment benefits rose by 5,000 to a seasonally adjusted, while reaching 320 thousand Economists had expected the value of this ratio will rise to 327 thousand add the result for the previous week appeared unchanged.

Swiss Franc: Swiss franc has fallen markedly against the dollar, which was due to yesterday's Fed decision, and today's announcement SNB. Note, the Swiss National Bank confirmed its intention to intervene in currency markets to prevent the strengthening of the franc. SNB also upheld the 3 -month interest rate range LIBOR 0, 0% -0, 25%, that is fixed by 11 consecutive months. Decision was consistent with economists' expectations. Bank noted the continuing high franc, and the restriction for EUR / CHF continues to be an essential tool to avoid undesirable tightening of monetary conditions in the event of renewed upward pressure on the Swiss franc. SNB also said it expects GDP growth in 2014 of around 2 %. Meanwhile, it became known about lowering the inflation outlook to 0.0 % in 2014 from 0.2% previously. Inflation forecast for 2015 was 0.4 %, compared with 0.6 % previously.

American trading session:

U.S. Dollar: The U.S. dollar continued to strengthen against its competitors as investors take into account the possibility of raising interest rates earlier than expected before. Data released in the U.S. as a whole were positive. The index of leading U.S. economic indicators rose in February 2014 by 0.5 %, according to a research organization Conference Board, which calculates. Analysts on average had forecast a rise of 0.3%. According to revised data, in January index increased by 0.1 % rather than 0.3%, as previously reported.
The index of business activity in the district of Philadelphia also exceeded all forecasts. This figure soared in March to 9 points from minus 6.3 points in February, according to the Federal Reserve Bank (FRB) of Philadelphia. Analysts on average expect its growth to just 4.2 points.
The number of people who first applied for unemployment benefits, rose slightly last week, but was lower than predicted by most experts. The Labor Department said that for the week ending March 15, the number of initial claims for unemployment benefits rose by 5,000 to a seasonally adjusted; while reaching 320 thousand Economists had expected the value of this ratio will rise to 327 thousand also add that the result for the previous week appeared unchanged. Analyst Department of Labor said that there were no special factors that could have an impact on the overall result. Meanwhile, it was reported that more important indicator that “aligns " weekly volatility - the average number of calls in the last four weeks , down by 3.5 thousand to 327 thousand It was the lowest since the end of November.
Sales in the secondary market fell slightly in February, a sign of slow recovery. Experts noted that the decline was associated with unusually cold weather and deteriorating housing affordability. National Association of Realtors said that seasonally adjusted sales of existing homes fell in February by 0.4 % to an annual rate with 4.6 million units, and recorded six declines over the past seven months. Many analysts expected that sales will increase to 4.65 million from 4.62 million in January. We add that the figure for January has not been revised.
On the eve of the dollar rose by almost a percentage after Fed Chairman Janet Iellen at the press conference suggested that a rate hike may take place within six months after the central bank to terminate the bond buyback program. Rising interest rates may increase the investment attractiveness of the currency.
The Fed announced a reduction in the monthly volume of redemption of bonds at 10 billion dollars, and changed the conditions under which interest rates will remain low. The threshold level of unemployment has been canceled. Dollar rally corresponded with increase of yield on 10-year bonds. The dollar index rose from 80.03 to 80.20.

Gold: Gold prices decline fourth consecutive session under the pressure of rising U.S. dollar, following statements by the Federal Reserve that it will reduce its monthly bond purchases by 10 billion dollars. The cost of the April gold futures dropped to $ 1320.70 per ounce on the COMEX today.

Oil: The cost of WTI oil brand cut losses after the growth of the index of leading indicators which increased optimism about stimulating demand for oil by strong U.S. economy. April futures price fell to $ 99.50 a barrel on the NYMEX.


Market review for 19.03.14: The U.S. dollar rose sharply after the announcement of the Fed's decisions.

Asian and European trading sessions:

Euro: Euro traded slightly lower against the dollar today on the eve of publication of the two-day meeting of the Federal Open Market Committee, the Fed, followed by the first press conference Janet Yellen. It was expected that the Central Bank will continue to reduce the quantitative easing program. It should be noted in the last month, Fed Chairman Yellen has promised to continue to move in the direction of reduction of monetary stimulus. Positive economic statistics confirm this prediction. In addition, analysts expected the Fed's failure to target the unemployment rate, which is tied to the timing of rising interest rates. Most experts expected that the Central Bank may move to a new practice notice of plans to raise the base interest rate and determine further action by a number of macroeconomic indicators.
Little influenced by the data for the euro area, which showed that the seasonally adjusted construction output rose in January by 1.5 per cent (on a monthly basis), which is followed by growth of 1.3 percent in December and 0.1 percent drop in November. Experts predicted an increase of 1.8 percent. In annual terms, construction output rose by 8.8 percent in the beginning of the year, changing the downward trend, which was observed in recent months. The EUR / USD pair fell to $ 1.3915, after recovering slightly during the European session.

British Pound: Pound was up against the U.S. dollar, which was associated with the publication of minutes of meetings of the Bank of England and labor market data. Note Minutes of the last meeting of the Bank of England from March 5-6 showed: CB members were unanimous in their decision to maintain the status quo, leaving the rate at around 0.5%, and the size of its asset purchase program - at £ 375 billion MPC members noted: three months to December employment growth slowed slightly in Britain and the unemployment rate remained above the 7% mark target designated by the Bank in the past year. MPC members stressed that the recent appreciation of sterling puts downward pressure on inflation.
Meanwhile, the data showed that the unemployment rate for three months (December) compared with the previous three-month period remained unchanged - at 7.2 %, confirming the predictions of many experts. The number of applications for unemployment benefits fell by 34.6 million in February after falling 33.9 thousand the previous month ( revised from -27.6 million). Experts had expected a decline will be only 23.3 thousand. Furthermore, the level of applications for employment of unemployed fell in February to 3.5% from 3.6 % in January, showing the 16th consecutive monthly decline. The number of people in employment has reached a new record high - a little less than 30.2 million, driven by growth in self-employment. The GBP / USD pair rose to $ 1.6642 during the European session.

American trading session:

Japanese Yen: The yen fell against the U.S. dollar. Impact on the dynamics of the data provided by Japan, as well as words BOJ board member Takahide Kiut . Report submitted to the Ministry of Finance of Japan, has shown that the trade deficit declined in February to a level of 800.3 billion yen, compared with 2.8 trillion Yen in January. Deficit reduction occurred on the background of accelerating export growth and weakening imports. However, experts expected further reduction - up to 600 billion yen. Add captures Japan’s trade deficit for 20 consecutive months (the longest period since 1979). Meanwhile, import growth slowed in the country in February to 9% from 25.1 % in January, as export growth accelerated to 9.8% from 9.5%.
With regard to the Kiut, he warned that if the Central Bank will forever campaign to mitigate the monetary policy or to undertake additional mitigation measures, it can give rise to adverse effects on the markets. The USD / JPY pair rose to Y101.70, but then declined during the European session.

U.S. Dollar: The U.S. dollar rose sharply after the announcement of the Fed's decision to keep interest rate range for the federal funds unchanged and reduce the asset purchase program by 10 billion U.S. dollars. The Fed expected the unemployment rate is 6.1 % -6.3 % at the end of 2014, 5.6% -5.9 % at the end of 2015, 5.2% -5.6% at the end of 2016 and inflation reaching 1.5 % -1.6% in 2014, 1.5 % -2.0 % in 2015, 1.7 % -2.0 % in 2016.

Canadian dollar: Canadian dollar remained under pressure after yesterdays deep comments of Mr. Poloz. Governor of the Bank of Canada said it did not exclude the option to lower rates, even though at the moment the Central Bank and is heading to (openly expressed) mitigation. He added that in the 1st quarter of the Canadian economy can demonstrate rather weak indicators (mainly due to weather conditions) under conditions of slow growth, low interest rates and a decline in consumer prices for the target mark of Bank of 2%.

Gold: The price of gold was reduced by the weakening of tension around the situation in the Crimea, and pending the outcome of the meeting of the Federal Open Market Committee Federal Reserve. The cost of the April gold futures dropped to $ 1338.10 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate rose after a government report showed: stocks at Cushing (Cushing), Oklahoma (point of delivery of futures contracts) fell the seventh consecutive week. The April futures price for WTI rose to $ 100.44 per barrel on the New York Mercantile Exchange


Market review for 18.03.14: Pound weakened significantly on back of the speech of the Bank of England Governor, Mr. Mark Carney.

Asian and European trading sessions:

Euro: The euro exchange rate rose sharply against the dollar, but could not resist the vicinity of achieved values , and fell to session lows. Initially influenced the course of trading weak data for the euro area and Germany, but active buying dips and words of Russian President Putin promoted a marked increase. Nevertheless, submitted after U.S. data brought back euro to previous levels. As for the data, they showed that the economic expectations for Germany deteriorated significantly in March, beating forecasts while most experts. It became known from the results of recent studies that were presented today by the Centre for European Economic Research ZEW. According to the index of economic confidence fell this month to the level of 46.6 points, compared with 55.7 points in February. Many experts expect that this figure will drop to 52.8. Meanwhile, we note that the index of the current economic situation has improved to 51.3 points from 50 a month earlier. Nevertheless, it remained below the expected level of 52 points. Also, the data showed that economic expectations in the euro area declined by 7 points - to 61.5 points. In contrast, the current economic situation indicator increased by 3.5 points - to 36.7 points.
Meanwhile, U.S. data showed that consumer price index rose by 0.1 % and building permits - to 1018 thousand units. The EUR / USD pair fell to $ 1.3890 during the European session.

British Pound: Pound weakened significantly against the U.S. dollar, updating intraday lows below $ 1.6600. Many market participants were waiting for speech of the Bank of England Governor Mark Carney. Next report will be a key labor market indicator, the report and the Bank of England meeting FOMC. The GBP / USD pair fell to $ 1.6575 during the European session.

Japanese Yen: The yen was trading with a noticeable increase against the U.S. dollar. Markets continued to play up the theme of the Crimea, and according to recent reports, Russian President Vladimir Putin signed a decree recognizing the Republic of Crimea as a sovereign and independent state, which created prerequisites for joining the peninsula to Russia. In light of the current situation, the EU and the United States imposed sanctions against certain officials of Russia and Ukraine, the number reached 21 people. According to Europe and America, these people are guilty of infringing on the sovereignty of Ukraine. In this list of Russian President Vladimir Putin did not hit, although it is expected the introduction of further sanctions in the event of further intervention by Russia. Markets remained relatively calm and safe-haven rally stopped. In general, the market situation in the Crimea scenario assumes preservation “wait and see." The USD / JPY pair dropped to Y101.30 during the European session

American trading session:

U.S. Dollar: Meanwhile, U.S. data showed that consumer prices have not changed in February, which is a sign of restrained inflationary pressures in the economy. According to the report, the February consumer price index rose a seasonally adjusted 0.1 % compared with the previous month. Basic prices, which exclude volatile categories, namely, the price of food and energy, also rose by 0.1%. Last significance was in line with economists' forecasts. Meanwhile, it was reported that consumer prices rose by 1.1% compared to February last year. It was the weakest annual growth since October. Also figure was below 2 per cent target by the Federal Reserve System. Basic prices, meanwhile, rose by 1.6 % compared to last year. Economists were expecting an increase of 1.2% and 1.6%, respectively.
At the same time, housing data indicate that adverse weather conditions seem to restrain the pace of housing starts in February, but the basic figures showed that the sector may be ready for spring rebound. This in his report informed the Ministry of Commerce. According to the data, bookmarks new homes in the U.S. fell last month by 0.2% to a seasonally adjusted annual rate reached 907 thousand slight deterioration occurred after construction fell by 11.2 % in January, although the rate for this month were revised upwards ( up to 910 thousand from 880 thousand ).

Canadian dollar: The Canadian dollar fell after comments from Bank of Canada Governor Steven runners pointed out the potential weakness of the Canadian economy in the first quarter of this year. Runner said that lag in real output in the economy from potential is unlikely to be closed for several years. Runner also noted that inflation in February was probably as weak GDP growth in the first quarter. Even so, he expects GDP growth this year and next above trend.

Gold: The price of gold declined a second consecutive session on a stronger dollar due to political instability in the Crimea and the West's reaction. The cost of the April gold futures dropped to $ 1351.00 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate raised for the third time in four days after data showed that the U.S. housing market stabilizes. April futures price for WTI oil fell to $ 99.30 a barrel on the NYMEX.


Market review for 17.03.14: Australian dollar strengthened, despite the increased geopolitical risks associated with the Crimea.

Asian and European trading sessions:

Euro: The Euro traded with little change against the dollar, which was associated with the release of weak data for the euro area and the United States. Traders ignored until the outcome of yesterday's referendum in the Crimea, as they were predictable. Now market participants' attention focused on the U.S. data, namely industrial production, which will soon be presented.
As for the report on the euro area, it showed that the growth of inflation in February slowed to 0.7% per annum after an increase of 0.8 % in January. This was stated in the final data of the Statistical Office. Analysts did not expect the revision of growth from previously reported 0.8%. Prices excluding the cost of fuel and food in the euro zone rose in February compared to February 2013 to 1 %, as predicted by experts. On a monthly basis, consumer prices in February rose 0.3 %, compared with a decline of 1.1% a month earlier.
Inflation in the 28 countries of the EU in annual terms slowed to 0.8% after 0.9 % in January. From the previous month, consumer prices rose by 0.3%. In February annualized deflation observed in Bulgaria (-2.1 % ), Cyprus (-1.3 %) , Greece (-0.9 % ), Croatia ( -0.2 %) , Portugal and Slovakia ( -0.1 %). The highest growth rate of consumer prices recorded in Malta and Finland (1.6%) and Austria (1.5%). Recall that the ECB's target level of less was than 2 %. In early November last year at a similar level, the ECB cut its inflation rate to a record low of 0.25 % to 0.5%. Meanwhile, U.S. data showed that the index of activity in the manufacturing sector of the Federal Reserve Bank of New York rose to 5.6 to 4.48, which was below the forecast of 6.6. The EUR / USD pair fell to $ 1.3875, but then recovered to $ 1.3912 during the European session.

Japanese Yen: The yen has fallen markedly against the U.S. dollar. This is due to Kuroda statement on the possible extension of the leniency program. According to him, the Bank of Japan should be ready to apply measures of monetary policy easing in the event of any hint of problems in achieving the inflation target due to the economic downturn. He also noted that consideration of further measures will be made at an early stage - depending on how the economy will react by increasing the tax rate on consumption. The CB Head Kuroda said with confidence that the increased sales tax in April will not have a significant negative impact on the economy. He explained also that the record level measures easing monetary policy, begun in April 2013, has been applied with the assumption that the consumption tax rate should eventually reach 10%. Kuroda said hardly consumption will be significantly reduced. The USD / JPY pair rose to Y101.85 during the European session.

Australian dollar: Australian dollar strengthened against the U.S. currency, despite the increased geopolitical risks associated with the Crimea, who last weekend called for the annexation to Russia. More than 93 % of Crimeans voted to become part of the Russian Federation, according to preliminary results of the referendum, which raises the likelihood of acute confrontation between East and West.
U.S. and European Union quickly denounced the referendum, calling it illegal. U.S. President Barack Obama in a telephone conversation with Russian President Vladimir Putin said the vote was held “under duress and threat of Russian military intervention " and will not be acknowledged . Attention will now be focused on sanctions against Russia from the West, and how Russia will react to this. Traders were expected that the strong Australian dollar exchange rate was partly the result of rising expectations that the central bank will raise interest rates at its next meeting .

American trading session:

U.S. Dollar: The U.S. dollar lowered on a background of mixed American economic statistics. The survey revealed that the Fed - New York manufacturing index in the region rose slightly in March compared to the previous month. According to the data, the production index in March rose to 5.6 against 4.48 in February. Note the January value has not been revised. Economists expected the index to rise to the level of 6.6 points.
U.S. industrial production volume increased markedly in February, exceeding forecasts of experts with and fully compensate for the decline recorded in the previous month. This was reported by the Federal Reserve in its latest report. According to the data, seasonally adjusted industrial production increased by 0.6 % in February compared with the decline of 0.2% in the previous month (revised from -0.3 %). Capacity utilization rate, meanwhile, rose by 0.3 percentage points - to 78.8%. Economists forecast that industrial production increased by 0.2%, while capacity utilization was 78.7 %.
Data presented by the National Association of Home Builders , showed in the current month, U.S. builders continued to exercise caution in relation to the housing market , suggesting that problems with the restoration were associated not only with severe weather conditions . According to the report, the seasonally adjusted March housing market index rose by only 1 point, reaching 47 points. Values below 50 indicate that more builders assessed conditions as poor than good. Slight increase occurred after the fall of 10 points in February - the largest monthly decline in the history of this research. Many economists predicted that in March the index to rise to 50 points. Builders reported: complexity in the work was associated not only with the bad weather, but also problems with obtaining labor and land. Earlier pressure on the euro have data showing: February inflation slowed to 0.7% per annum after an increase of 0.8 % in January. This was stated in the final data of the Statistical Office. Analysts do not expect the revision of growth from previously reported 0.8%. Prices excluding the cost of fuel and food in the euro zone rose in February compared to February 2013 to 1 %, as predicted by experts. We also add that on a monthly basis, consumer prices in February rose 0.3 % compared with a decline of 1.1% a month earlier. Inflation in the 28 countries of the EU in annual terms slowed to 0.8% after 0.9 % in January.

Gold: Gold prices updated annual maximum and retreated during volatile trading. In the markets continues to grow the demand for safe assets, which is the gold, in the light of the ongoing conflict in the Crimea. At the same time, markets reacted ambiguously mixed U.S. statistics. The cost of the April gold futures rose to $ 1392.60 per ounce, and then dropped to $ 1375.00 per ounce on the COMEX today.

Oil: The cost of oil was down on speculation that the vote on the Crimea to leave Ukraine and join Russia is unlikely to disrupt oil supplies. April futures price for U.S. light crude oil WTI fell to $ 97.70 a barrel on the New York Mercantile Exchange.


Market review for 13.03.14: The dollar rose sharply amid falling risk appetite during the U.S. session.

Asian and European trading sessions:

Euro: The euro exchange rate has risen sharply against the U.S. dollar in the absence of significant macro-statistics. Secondary data came from information on inflation. In France, French measure of inflation, agreed by EU standards, accelerated in February, slightly faster than expected, data showed on Thursday statistical office INSEE. Harmonized index of consumer prices, or HICP, rose 1.1 % year on year, after rising 0.8 % in January. Economists had expected the rate of inflation will be 1 %. On a monthly measurement of the harmonized index of consumer prices rose 0.6 % in February, replacing a similar decline in January. Monthly data were in line with expectations of economists.
In turn, the consumer price index rose by 0.9 % a year in February, after a 0.7 % gain in the previous month. Economists forecast the inflation rate of 1 %. Core inflation rose to 0.7 % compared with January unusually low level of 0.1 %. The monthly increase was 0.5 % in February compared with 0.4 % in the previous month. On a monthly basis, the CPI rose by 0.6 %, offsetting the decline of similar size in the previous month. Economists had expected a gain of 0.5 %. The EUR / USD pair rose to $ 1.3968 during the European session.

British Pound: The British pound also rose substantially against the dollar on housing data. Rising house prices in the UK slowed in February, showed on Thursday last poll from the Royal Institution of Chartered Surveyors (RICS). House price balance amounted to six minimum score of 45. The result fell short of forecasts, at 52, that it would be unchanged compared with the result of January (which was revised down from 53). Among the individual components of the survey, sub indexes price expectations, sales and number of customers continued to increase. Regionally, prices rose at a much faster pace in London and the South East.
The GBP / USD pair rose to $ 1.6718 during the European session.

Australian dollar: The Australian dollar rose significantly against the U.S. dollar by more than 0.81 % after the publication of statistics on employment in the region. According to a report by the Australian Bureau of Statistics, the unemployment rate remained unchanged at 6%. This is the highest since July 2003, which is fixed for the second time in a row. In turn, the number of people employed increased by 47,300 against the expected 15,300, and that contributed to a sharp strengthening of the national currency of Australia.
However, the Reserve Bank of Australia (RBA) still tends to further deterioration in the labor market and sees a risk for rising unemployment in 2014 against the backdrop of significant reductions in public investment in the natural resources sector.

American trading session:

U.S. Dollar: The dollar rose sharply against the euro amid falling risk appetite during the U.S. session, when the stock markets fall, despite strong U.S. data. Note one of the reports showed: initial applications for unemployment benefits fell by 9,000 and totaled a seasonally adjusted 315,000 in the week ended March 8. The result was the lowest since late November. Number of references to the previous week was revised slightly higher. Economists had forecast 334,000 new claims will be filed last week.
It was also reported that retail sales rose a seasonally adjusted 0.3% in February from January. Retail sales excluding auto purchases grew at the same pace. Economists had forecast a 0.3 % increase in total sales last month and an increase of 0.2 % excluding autos. Sales rose by a modest 1.5% compared with a year earlier. Changes showed a drop in retail sales by 0.6 % in January compared with the originally voiced by -0.4 %.

Gold: Gold prices fell, retreating from six-month high, which was associated with the release of better than expected U.S. data. The cost of the April gold futures dropped to $ 1368.90 per ounce on the COMEX today.

Oil: Oil futures showed mixed results, as weaker -than-expected Chinese economic data fueled fears for the future demand. The course of trade also continues to influence the tense situation between Russia and Ukraine. April futures price for U.S. light crude oil, WTI rose to $ 98.37 per barrel on the NYMEX.


Market review for 12.03.14: Swiss Franc firmed the increased risk aversion amid worries about China and the situation between Russia and Ukraine.

Asian and European trading sessions:

Euro: The euro exchange rate rose sharply against the U.S. dollar, despite weak data on industrial production in the euro area. Official data showed Eurostat, in the euro zone industrial production fell unexpectedly in January, largely due to reduced production of energy.Industrial output fell 0.2 % on a monthly basis in January, showing the second consecutive fall. Economists had expected growth of production by 0.6 % after falling by a revised 0.4 % in December.
Production of energy decreased by 2.5 %, and the production of durable consumer goods fell by 0.6 %. Intermediate goods decreased by 0.1 %. Partially offset this decline is that the release of capital goods rose by 0.9 %, while production of consumer non-durable goods increased by 0.4 %.On an annual basis, industrial production growth accelerated to 2.1 % from 1.2 % in December. Economists forecasted that output will grow by 1.9 %.
In light of these release analysts ING Bnak NV commented: “The main reason for poor outcome again was to reduce energy production by 2.5%, but intermediate goods and consumer durables also pointed to the decline in production. While the benchmark did not meet expectations, weak energy component probably overshadowed a slight improvement in the overall indicator. However, to strengthen the eurozone recovery process still requires export growth. “ The EUR / USD pair rose to $ 1.3908 during the European session.

Japanese Yen: The yen rose against most currencies on concerns about the state of China's economy. This increases the demand for safe-haven assets, which, in particular, is the yen. In February, China's exports fell by the largest value since the beginning of the financial crisis. Index decreased yearly by 18.1 %, while the experts had expected growth of 7.5%. However, the real picture is quite difficult to evaluate because of the rather long New Year celebrations on the lunar calendar. Holidays in China traditionally distort statistics. Meanwhile, imports grew by 10.1%, resulting in a trade deficit reached highs for 2 years at $ 23 billion. The USD / JPY pair fell to Y102.65 during the European session.

American trading session:

Swiss Franc: Swiss Franc continued to strengthen against the dollar, breaking with a two-day consolidation and peaking in the last 28 months. Franc firmed the increased risk aversion amid worries about China and the situation between Russia and Ukraine.
Market participants are waiting for tomorrow's data for China. Economists predict that the Chinese industrial production has increased markedly during the first two months of this year, but the rate of this increase will be less than was recorded in December. It is estimated that industrial production increased by 9.5 % ( yearly ) in January and February, compared with a gain of 9.7 % in December. Experts also expect that retail sales rose by 13.5 % per annum for the first two months of this year - it's a little less than 13.6 per cent growth in December. Growth of investment in fixed assets, probably slowed to 19.5 per cent per annum, compared with an increase of 19.6 % in January.

Gold: Gold prices rose significantly today, while reaching a six-month high, as investors expect that fears of corporate defaults in China and geopolitical confrontation between Russia, Ukraine and the West have a negative impact on the stock market, and increase the attractiveness of the precious metal as a hedge against the risk of. The cost of the April gold futures rose to $ 1365.90 per ounce on the COMEX today.

Oil: The WTI Oil prices fell markedly today, reaching at this month low which was associated with the publication of a report on oil reserves in the United States. April futures price for U.S. light crude oil fell to $ 98.34 a barrel on the NYMEX.


Market review for 11.03.14: The British pound was down against the U.S. dollar on a background of mixed data on industrial production.

Asian and European trading sessions:

Euro: Euro fell on the background data on the trade balance of Germany. In January, German exports grew more than expected, after a decline in December showed Tuesday, official data agency Destatis. Exports rose by 2.2 % on a monthly measurement in January, rebounding from the 0.9 % drop in December. Exports were projected to grow had 1.5 %. In addition, imports expanded by 4.1 % after falling 1.4 % a month earlier. Growth rate significantly higher than the increase of 1.4 % was expected by economists.
Because of markedly increase import, the trade surplus fell to a seasonally adjusted to 17.2 billion euro in January from 18.3 billion euros in the previous month. In annualized export growth slowed to 2.9 % from 4.5 % in December. Similarly, imports increased by 1.5 %, which is slower than the growth of 2.4 % in December. On an unadjusted basis the current account surplus was 16.2 billion euros in January, compared with 10.6 billion euro surplus, which saw in the corresponding period last year. EUR / USD: during the European session, the pair fell to $ 1.3833

British Pound: The British pound was down against the U.S. dollar on a background of mixed data on industrial production. In the UK, industrial production growth slowed in January, more than expected, while growth in the manufacturing industry remained stable compared to December.
The volume of industrial production increased by 0.1 % compared with December. Issue, according to forecasts, had to expand 0.3 % after 0.5 % growth in December. Manufacturing output rose by 0.4 %, the same as in December and remained above the 0.3 % growth forecast by economists.
The annual increase in industrial output accelerated to 2.9 % from 1.9 %. At the same time, growth in the manufacturing industry increased more than doubled to 3.3 % from 1.4 %.
Today in the British Parliament held a hearing at which the Bank of England and M. Carney MPC members P. Mr. Carney noted that the state of the British economy is improving much faster than in the rest of the world. Over the past few months increased inflation expectations, he said, and suggested that in the next three years, the Bank may raise rates gradually to reach 3.5 %. Carney said that the Central Bank will start folding QE program only after several rate increases, while it does not require consultation with the Treasury on this issue. The GBP / USD pair fell to $ 1.6596 during the European session.

American trading session:

U.S. Dollar: The dollar traded lower against the euro, but was able to recover most of the previously lost positions. Impact on the dynamics had trade balance data of Germany and on wholesale U.S. inventories.
As it became known, in January German exports grew more than expected, after a decline in December. Exports rose 2.2 % on a monthly measurement in January, recovering from the 0.9 % drop in December. Exports are projected to grow had 1.5 %. In addition, imports expanded by 4.1 % after falling 1.4 % a month earlier. Growth rate was significantly higher than the increase of 1.4 per cent expected by economists. Because of the markedly increase import, the trade surplus fell to a seasonally adjusted to 17.2 billion euro in January from 18.3 billion euros in the previous month. In annualized export growth slowed to 2.9 % from 4.5 % in December. Similarly, imports increased by 1.5 %, which is slower than the growth of 2.4 % in December.
Another report showed that wholesale inventories in the U.S. rose more than expected in January. According to the data, wholesale inventories rose 0.6 % in January after raising a revised 0.4 % increase in December. Economists had expected an increase of 0.5 per cent of reserves compared with 0.3 % growth, which was originally reported in the previous month. On the other hand, the Commerce Department reported: Wholesale sales fell 1.9 % in January after rising 0.1 % the previous month.

Japanese Yen: The yen rose sharply against the dollar, while escaping with a narrow range, and reaching high yesterday. Currency appreciation can be explained by the reduced demand for safe-haven assets such as equities and commodities, amid concerns about instability in China's financial system. Besides growth of the yen helped drop in copper prices (fixed for the third day in a row) to the lowest level since 2010.
We add that the Japanese currency barely reacted to the decision to leave the Bank of Japan interest rates unchanged at 0.10%. Board members unanimously voted to keep monetary policy unchanged. By the end of next meeting confirmed the intention to maintain the policy of increasing the monetary base in the range of 60-70 trillion yen annually. The Bank of Japan also confirmed buyback of government bonds in the amount of government about 50 trillion yen and corporate bonds at 2.2-3.2 trillion.

Gold: Gold prices rose today as concerns over a slowdown in China's economic growth and concerns about the crisis in Ukraine undermined risk appetite. The cost of the April gold futures rose to $ 1346.95 per ounce on the COMEX today.

Oil: Prices for WTI crude oil continued its decline yesterday on speculation that a government report will show an increase in U.S. wholesale inventories of oil for the previous week. As the price of Brent Brent, they rose moderately. April WTI futures price fell to $ 100.55 a barrel on the New York Mercantile Exchange.


Market review for 10.03.14: The Australian dollar fell against falling Chinese exports to the lowest level since 2009.

Asian and European trading sessions:

Euro: The euro exchange rate is trading sideways against the U.S. dollar in the absence of meaningful statistics. Slight pressure on the euro was the French industrial production data. French Industrial Production fell in January; contrary to the forecast of economists expect a noticeable increase showed on Monday the latest data statistical office Insee. Industrial production fell by 0.1 % year on year in January, succeeding increase by 0.3 % and 1.5 % in December and November respectively. Economists had expected a 1.3 % expansion in January. On a monthly measurement of industrial production fell by 0.2 % in the beginning of the year, after falling 0.6 % in December. Expectations were at a gain of 0.6 %.
In Insee also said that in January production in the manufacturing sector grew at a faster annual rate of 1.4 % than the 0.5 % in December. Annual growth rates were projected to reach 1.5 %. In monthly terms, production in the manufacturing sector grew by 0.7 %, compared with expectations for a gain of 0.4 %. In December, production showed zero change.
The euro retreated from lows after data from Sentix. Investor confidence in the eurozone reached its highest level since April 2011, supported by notable progress in the assessment of the current situation. The results of a survey conducted by the analytical center Sentix were published today, on Monday. The composite index of confidence rose to 13.9 in March from 13.3 in February, while, according to forecasts, the index had to grow to 14.3. However, it was the highest since April 2011. Assessment of the current situation rose to 4.8, the highest level since July 2011, from 1.8 in February. Nevertheless, expectations fell to 23.5 in March from 25.5 in February. The EUR / USD pair rose to $ 1.3895, and then dropped to $ 1.3866 during the European session.

Japanese Yen: The yen rose against most major currencies against the backdrop of continuing tensions in Ukraine around the Crimean Peninsula, as well as due to the fall in Chinese exports to the lowest level since 2009. These negative factors increase the demand for safe-haven currency, which is the yen. In February, China's exports fell by the largest value since the beginning of the financial crisis. Index decreased yearly by 18.1 %, while experts expect growth to 7, 5%. The USD / JPY pair rose to Y103.42 during the European session.

Australian dollar: The Australian dollar fell against falling Chinese exports to the lowest level since 2009. In February, China's exports fell by the largest value since the beginning of the financial crisis. Index decreased by 18.1 %, while the experts had expected growth of 7.5%. But the real picture is quite difficult to evaluate because of the rather long New Year celebrations on the lunar calendar. Holidays in China traditionally distort statistics. Meanwhile, imports grew by 10.1%, resulting in a trade deficit reached highs for 2 years at $ 23 billion.

New Zealand dollar: The New Zealand dollar fell against the yen after China's central bank lowered the rate on the Yuan. People's Bank of China today lowered the base rate for the Yuan to 0.18 %, the lowest level since July 2012.

American trading session:

British Pound: Pound declined significantly against the dollar, reaching lows on February 27. Couple in Europe was under intense pressure and broke above $ 1.6700, absorbing foot and accelerating the pace of decline. The decrease was due to technical factors (correction after Friday's growth), as well as statements of the representative of the Bank of England Bean. Deputyof the Bank of England, Charlie Bean said today: interest rates will remain at the same levels for a longer time if the pound continues to grow.
"If sterling stronger, it is potentially weaken inflation as a negative impact on import prices , so achieving the target level of inflation will be rather medium term, which in turn means - monetary policy will remain accommodative for a longer period of time than expected "- says Bean .
The CB representative added: recovery of the British economy may face obstacles in the face of the eurozone's problems or stress in the emerging markets, as well as in the face of bubbles forming in the domestic housing market.

Canadian dollar: The rate of the Canadian dollar traded lower against the U.S. dollar, but was able to recover most of the previously lost positions. Growth was helped by Canadian data that showed: the number of new housing increased tabs on a monthly basis by an average of 192,094 units in February. This was stated by the Canadian Mortgage and Housing Corporation (CMHC). Results, followed by three months of decline, were slightly above analysts expected 190,000 new bookmarks. In a research note expert CIBC World Markets said the results were in February according to the range , which saw last summer and early fall , but less than the rate of more than 220,000 units, which are seen in mid-2012. CMHC reported, the number of urban bookmarks new housing rose to 175,584 units. Bookmark urban apartment jumped 13.3% to 116,458 units, while single-family detached urban Bookmarks fell 2.4 % to 59,126 units.

Gold: The gold prices rose slightly today, which was associated with strong U.S. employment data, presented at last week's sharp fall in Chinese exports, as well as the persistence of tension in Ukraine. The cost of the April gold futures rose to $ 1342.70 per ounce on the COMEX today.

Oil: The oil prices declined moderately, helped by data from China who reported an unexpected decline in exports, which, in turn, has increased concerns about slowing economic growth in the second largest country in the world oil consumption. The April WTI futures price fell to $ 101.2 a barrel on the NYMEX.


Market review for 06.03.14: The EUR / USD pair rose to $ 1.3860 area on comments of the M.Dragi.

Asian and European trading sessions:

Euro: The euro exchange rate has increased markedly against the dollar, which was associated with the release of positive data in Germany, as well as the decision of the ECB. Ministry of Economy of Germany stated that the volume of orders in the manufacturing sector in January rose more sharply than expected, mainly due to strong domestic demand, as well as orders from countries outside the euro area. This suggested that the industrial production in Europe's largest economy should continue to grow. According to the report, the orders in the manufacturing sector in Germany to a seasonally adjusted in January increased by 1.2% compared with December. Economists’ orders were on growing by 1.1 % compared with the previous month. It was also reported that domestic demand rose by 1.6 % m / m in January, while export orders increased by 1 percent. Orders outside the euro area rose by 7.2 %, while inside the unit fell 8.8 % after rising 6.9% in the previous month. Add that at today's meeting the European Central Bank decided to leave interest rates unchanged. The Governing Council of the ECB announced that the main refinancing rate, the rate on loans and deposits to remain at 0.25%, 1.00 % and 0.00 % respectively. Recall that the Bank has lowered the discount rate from 0.5 % to 0.25 % in November last year. The EUR / USD pair rose to $ 1.3775, and then retreated slightly during the European session.

British Pound: Pound fell to session low against the dollar, despite the significant growth earlier that allowed establishing a new high. Such a significant swing pair was noted after the announcement of the Bank of England of its rate decision and asset purchase program. Note that the Bank of England today did not bring any surprises, once again leaving the rate at a record low 0.5%. Last time the Central Bank changed the level of rates March 5, 2009, lowering it by 0.5% to 0.5%. Was also decided to keep the size of the asset purchase program at £ 375 billion, the Central Bank said that keep rates at the current level as long as the unemployment rate / p Britain will not fall to the level of 7% , which will not happen until 2016 . Experts pointed out that it is clear that the authorities want to keep policy accommodative as long as possible, to ensure the stability of the economic recovery. However, the picture on the labor market combined with data on growth suggests that the Bank is unlikely to convince markets that rates increase.
Little impact on the pound had previously presented data which showed that house prices rose by 2.4 percent in February, compared with an increase of 1.1 percent in January, which significantly exceeded the average forecast experts at 0.6 percent. We also add that in the last three months (February), housing prices were 7.9 percent higher than a year earlier, compared with 7.2 percent in the previous three-month period (January). In Halifax reported that the improvement of the economic situation, the fall in unemployment and an increase in confidence helped boost demand, but the pressure on household finances and slowing inflation restrained growth in housing prices. The GBP / USD pair rose to $ 1.6795during the European session.

Japanese Yen: The yen touched week low against the dollar after the Japanese government announced that the state pension fund (GPIF), is the largest in the world, no longer need to focus on investment in domestic bonds, taking into account the acceleration of inflation in the country. The report, prepared by the group, says that GPIF should seek opportunities for investment that could bring him an annual income of 1.7% plus the cost of increase of salaries of employees. The USD / JPY pair rose to Y102.81 during the European session.

American trading session:

Euro: The EUR / USD pair rose to $ 1.3860 area on comments of the M.Dragi . The ECB intended to keep key interest rates at or below the current for a long time. The ECB President confirmed that his earlier assessment of the situation in the economy remained unchanged; the eurozone is waiting a long period of low inflation and inflation in the coming months in the region will remain near current levels. It will gradually rise over the next period of 2.5 years.
ECB chief said that “recovery in the euro zone continues in slow pace” and geopolitical risks may adversely affect the growth rate. Macroeconomic data for the last four weeks have improved, but “continue to confirm the need to maintain expansionary policies of the ECB," the chairman of the central bank.
In his speech M.Dragi once again drew attention to the fact that the ECB is not targeting the euro exchange rate, although this is crucial for economic growth and inflation in the euro area.

Gold: The gold prices jumped a sharp growth in the euro against major currencies after a meeting of the ECB. The cost of the April gold futures rose to $ 1347.40 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate fell to $ 101.64 per barrel on the New York Mercantile Exchange after the government reported that fewer Americans than forecasted filed applications for unemployment benefits last week.


Market review for 05.03.14: The dollar fell against other major currencies on back of the ADP report for February.

Asian and European trading sessions:

Euro: The euro exchange rate against the dollar rebounded, but still continued to trade slightly lower. Impact on the dynamics had the reported data for the euro area, on business activity and GDP. The eurozone economy expanded at a faster pace in the fourth quarter, and confirmed the initial estimates and forecasts of experts, helped by an increase in the volume of investment and exports. The report showed gross domestic product grew by 0.3 % in the fourth quarter, which corresponded to an estimate published on February 14. Recall, for the third quarter the economy expanded by 0.1 %. In annual terms, gross domestic product grew by 0.5 % after a 0.3 % drop in the third quarter. Annual rate was also consistent with the preliminary assessment and expert forecasts. The EUR / USD pair fell to $ 1.3706, and then recovered slightly during the European session.

British Pound: Pound has risen considerably against the U.S. dollar, which was helped by the submitted data and expectations of tomorrow's meeting of the Bank of England. As it became known, the UK services sector continued to show a steady expansion in February, but a little slow pace compared to the previous month. Support the sector continued to provide a significant increase in new orders. The data demonstrated that the PMI for the services sector by Markit Economics fell to 58.2 in February from 58.3 in January. The latter value was the lowest since June last year, but continued to show a sharp increase in activity on a monthly basis. Experts had expected a decline of the index to 58.0. Add growth recorded for 14 consecutive months. Recent increase in activity was supported by new orders. Since the number of orders continued to grow rapidly, the company decided to raise the number of staff in accordance with the current volume and future activities
The GBP / USD pair rose to $ 1.6727 during the European session.

Japanese Yen: The yen fell against the dollar at the fastest pace in the last seven weeks after Russian President Vladimir Putin said that he sees no urgent need for the introduction of Russian troops on the territory of Ukraine, as well as that culminated in the Russian military exercises in no way connected with the situation in Ukraine. The USD / JPY pair rose to Y102.50 during the European session.

American trading session:

U.S. Dollar: The dollar fell against other major currencies, aided published in U.S. statistics. As shown by recent data that were presented Automatic Data Processing (ADP), in February, employment in the private sector increased markedly, although not enough to confirm the evaluation of many economists. According to a report last month, the number of employees increased by 139 thousand people, compared with a revised downward indicator for the previous month at 127 million ( initially reported growth of 175 thousand jobs ) . Add that, according to the average forecast of this indicator would grow by 159 thousand
In turn, in February, the index of business activity in the U.S. service sector (ISM Non-Manufacturing) fell to 51.6 points, the minimum for the last four years, with 54 points in January, according to the Institute for Supply Management (ISM). According to experts, the value of this indicator was reduced to 53.8. Exceeding the index level of 50 points indicates growth of business activity in the service sector, while the index value below 50 indicates its decline. All major sub- indices, except one, were in February in the territory of the expansion (more than 50), and some even showed an increase.

Canadian dollar: The Canadian dollar rose against the U.S. dollar on a background of the outcome of the meeting of the Bank of Canada. Central Bank of Canada said that the downside risks to inflation are still important, despite the recent increase in consumer prices. Given the significant weakness of the economy and competition in the retail sector, inflation is likely to remain well below the target level of 2 % this year.
Bank of Canada, as expected, on Wednesday left its benchmark one-day interest rate unchanged at 1% level. The bank said that “in general, the fundamental drivers of growth, inflation in Canada continue to gradually strengthen," and the balance of risks” remained within the zone for which the current stance of monetary policy is appropriate”, while the risks associated with elevated imbalances households” have not changed significantly ."

Gold: The price of gold rises slightly after sharp fluctuations in the previous two sessions, while the impact of geopolitical factors weakened. A slight increase of the precious metal held against the depreciation of the dollar against major currencies, which contributed released in the U.S. statistics. The cost of the April gold futures rose to $ 1340.90 per ounce on the COMEX today.

Oil: The cost of oil brands West Texas Intermediate and Brent continued to fall after a government report showed that inventories in the U.S. rose the seventh consecutive week. April futures price for U.S. light crude oil WTI fell to $ 101.90 a barrel on the New York Mercantile Exchange.


Market review for 04.03.14: The euro has risen sharply against the U.S. dollar due to the easing of tensions around Russia and Ukraine.

Asian and European trading sessions:

Euro: The euro exchange rate has risen sharply against the U.S. dollar due to the easing of tensions around Russia and Ukraine. Recall that today Russian President Putin announced the completion of a series of military exercises in the western part of Russia, and ordered the troops to return to base.
The growth is also linked to the expectations of the ECB meeting on Thursday and the employment report in the U.S. on Friday. Little impact on the euro was data that showed prices of producers eurozone declined in January, more than expected, which was due to falling energy prices. According to the report, producer prices fell 0.3 % in January, while offsetting an increase of 0.2 %, which was recorded in December. Many experts expect that producer prices will remain unchanged. Excluding energy, producer prices rose 0.1 % after zero change in December. Energy prices fell by 1.4 % in January, compared with 0.5 per cent increase in the previous month. On an annual basis, the decline in producer prices accelerated in February, 1.4 per cent from 0.8 per cent in December. Last change coincided with the estimates of experts. The EUR / USD pair rose to $ 1.3775: during the European session.

British Pound: Pound rose slightly against the U.S. dollar, as a territorial dispute between Ukraine and Russia began to be resolved. Pressure on the currency was presented data that showed British construction sector continued its expansion in the month of February, but sharply slowed its pace of growth compared to the month of January, as adverse weather conditions violated activity. This was stated in the report, Markit Economics. According to the index of purchasing managers in the construction sector fell last month to a level of 62.6 points, compared with a 77 -month high in January at around 64.6 points. Many experts expected that this figure will decrease only to 63.6 points. I also add that the index remains above the level of 50.0 points, which separates growth from contraction since last May. Studies have also found that higher levels of production and new orders led to a further sharp rise in employment and procurement. The number of new jobs has reached three-month high in February. The total purchase price inflation accelerated to a five-month low in January, as the pressure on the "chain" of supplies contributed to the growth of the burden. As a result, the average price charged by subcontractors, increased at a record pace on record. The GBP / USD pair rose to $ 1.6718 during the European session, but then retreated slightly.

Japanese Yen: The yen weakened against most major currencies after the statements of the Bank of Japan Haruhiko Kuroda supported a pulse for the carry trade. According to Kuroda, low interest rates in Japan are encouraging investors to use the yen as the base currency for the carry trade. The USD / JPY pair rose to Y101.954 during the European session.

American trading session:

Australian dollar: The Australian dollar strengthened slightly updating lows after Australia's central bank left interest rates unchanged at a record low 2.5 %. In its statement accompanying RBA Governor Glenn Stevens noted that the recent decline in the Australian dollar will balance economic growth, but the rate remained in high by historical standards.

Gold: Gold prices fell almost completely disappeared yesterday's gains, as demand for safe assets today downgraded due to signs that Russia may be trying to avoid further military build-up in the Ukraine. The cost of the April gold futures dropped to $ 1330.20 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate fell from five-month high amid speculation about tensions between Ukraine and Russia, the largest exporter of energy resources. April futures price fell to $ 103.10 a barrel on the New York Mercantile Exchange.


Market review for 03.03.14: The U.S. dollar strengthened against major currencies on the back of strong U.S. macro data.

Asian and European trading sessions:

Euro: Rate of the euro retreated from the maximum values against the dollar, while returning to the levels of the session. Little support was data on index of industrial activity, but interest in him was short-lived, and attention gradually began to switch to U.S. reports, which caused the fall of the euro currency. Recall that the growth in the eurozone manufacturing sector weakened in February, but lesser expected than previously. This was stated in the final data, which were published earlier today by Markit Economics. According to the report, the seasonally adjusted purchasing managers' index for the manufacturing fell to 53.2 in February from 54 in January, the highest reading in 32 months. The decline in February was the first in five months. Result was also slightly higher than previously estimated - at 53 points. The index currently remains above the mark of 50 points, which separates growth from contraction for the eighth consecutive month. We also learned that the manufacturing sector continued to show growth in Germany in February, and have expanded more than initially expected. According to the report , the manufacturing purchasing managers index from Markit / BME fell to 54.8 points in February from January's 32-month high of 56.5 . The originally was reported on the significance of this indicator at the level of 54.7 points. The index remained above the neutral mark of 50 points for the eighth consecutive month. The EUR / USD pair fell to $ 1.3759 during the European session.

British Pound: The pound showed sharp fluctuations against the dollar, but in general, was trading in a small range. On the dynamics of trade influenced the British data, which showed that the UK manufacturing sector continued its expansion in February, registering with several large paces than in the previous month. It became known from the survey results, which were released Markit Economics and the Royal Institute of Purchasing and Supply (CIPS). According to the report, the seasonally adjusted purchasing managers' index for the manufacturing sector rose in February to a level of 56.9, compared with 56.6 in January, the figure for which was revised down from 56.7. A reading above 50 indicateed an increase in activity, while a drop below indicates contraction. The index currently remains above the neutral point of the eleventh month in a row. The GBP / USD pair traded in the range of $ 1.67650 -$ 1.67550 during the European session.

Japanese Yen: The yen rose against all major currencies as a result of increased demand for safe-haven currencies, after entering the Russian armed forces on the territory of Ukraine. It was learned that U.S. Secretary of State tomorrow John Kerry will travel to Kiev to meet with Ukrainian leaders and offer support. Tension in the region has reached its peak since the “cold war”. The USD / JPY pair dropped to Y101.20 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar strengthened against major currencies on the back of strong U.S. macro data. U.S. consumer spending rose in January, more than forecast, together with a sharp increase in income, which increased the likelihood that the biggest part of the economy can sustain growth in early 2014. This was stated in the report, which was submitted to the Ministry of Commerce. According to consumer spending, which accounts for about 70 % of the economy, rose in January by 0.4 % after a 0.1 % increase in the previous month, which was revised to 0.4 %. Experts predicted that the value of this index will rise by only 0.2 %. We also add that the amount of consumer income increased by 0.3 %, after a zero change in December. As it was expected the revenues will grow by 0.2%. Today's report confirms recent data that indicate that Americans are beginning to overcome the effect of the severe winter, and confidence in the world's largest economy will grow.
Manufacturing activity in the U.S. rebounded in February after it’s weakening due to the weather in January, although production decreased. This was published by the Institute for Supply Management (ISM). According to the report, the Purchasing Managers Index (PMI) for the manufacturing U.S. in February rose to 53.2 after an unexpected decline to a minimum of 51.3 in January. Index value above 50 indicates growth in the sector of activity. Economists had expected the index to rise in February to 52.3. In turn, the final data from Markit showed that business conditions in the U.S. manufacturing sector improved in February compared with the previous month, and were slightly higher than those reported in the initial assessment. Corresponding PMI rose to 57.1 points, compared with a final reading for January at 53.7, and a preliminary estimate at around 56.7.

Gold: The Gold prices rose more than 1 % because of the worsening situation in the Crimea. The cost of the April gold futures rose to $ 1354.50 per ounce on the COMEX today.

Oil: Prices for crude oil West Texas Intermediate rose to its highest level since September. April futures price for U.S. light crude oil WTI rose to $ 105.25 per barrel on the New York Mercantile Exchange.


Market review for 27.02.14: The U.S. dollar fell against its competitors, which was associated with the release of weak U.S.

Asian and European trading sessions:

Euro: The euro exchange rate decreased moderately against the dollar, despite exceeding the forecast of labor market data in Germany. Euro has not responded to report that the German unemployment fell more than expected, but the unemployment rate remained stable in February as was presented by the Federal Agency of Labour. Number of people out of work fell by 14,000 to 2.914 million in February. Unemployment is projected to drop by was 10,000. At the same time, the unemployment rate to a seasonally adjusted remained stable at 6.8 percent in February. In turn, the French consumer confidence index fell slightly in February, offset by the gain recorded in the previous month, as concerns over rising unemployment continue to plague the country, reducing the economic expectations. The consumer confidence index fell to 85 points on January 86, showed a survey conducted by the statistical office INSEE. Economists had expected the index to remain unchanged at 86. Views of households on the general economic situation in the next 12 months deteriorated sharply in February. Corresponding index decreased by 5 points. Score consumers their financial situation over the next 12 months a little weakened. The EUR / USD pair fell to $ 1.3645 during the European session.

Swiss franc: Pressure on the Swiss franc had data on slowing economic growth. The economic growth in Switzerland slowed more than expected in the fourth quarter as exports declined amid weak global demand for chemical and pharmaceutical products. This was announced on Thursday, the State Secretariat for Economic Affairs (SECO). Real GDP growth slowed more than expected to 0.2 percent from 0.5 percent in the third quarter. Projected growth should have been reduced to 0.4 percent. Economic growth has slowed down the second consecutive quarter. First estimates for the full year, based on quarterly data showed that economic growth accelerated in 2013 against the backdrop of private consumption and investment. The GDP grew by 2 percent in 2013 after expanding by 1 percent in 2012. SECO expects that growth will accelerate to 2.3 percent in 2014.

American trading session:

U.S. Dollar: The U.S. dollar fell against its competitors, which was associated with the release of weak U.S. data and Fed chief comments. It is learned that orders for durable goods fell to a seasonally adjusted 1% from December. This was the second consecutive decline after orders fell 4.2 % in December. However, with except for the volatile transportation category, the orders rose by 1.1 % last month, showing the strongest growth since May. Economists forecasted that overall orders for durable goods fell 0.7% in January.
Meanwhile, another report showed that the number of initial claims for unemployment benefits rose by 14,000 and amounted to a seasonally adjusted 348,000 in the week ended February 22. The figure for the previous week was revised down to 334,000 from 336,000. Economists had predicted that jobless drop to 333,000. The four-week moving average of claims remained unchanged last week at 338,250. Analyst Ministry of Labour said there were no special factors that could affect the data last week.
As for the speech of the Chairman of the Federal Reserve Janet Yellen , she noted : the Fed will continue to reduce the amount of quantitative easing (QE), despite the fact that the recovery of the U.S. labor market is still far from complete. Yellen also reiterated statements made on February 11 at the House of Representatives. Initially, her performance in the Senate Banking Committee to be held on February 13, but was postponed due to inclement weather.
Moreover, Yellen confirmed that the base rate is likely to be maintained at the current level (0-0.25 %) for a long time after the U.S. unemployment rate falls below 6.5%, while maintaining the inflation forecast is not above the level of 2.5 %. She said: decisions regarding reductions in the rate of quantitative easing are not predefined and FOMC will be taken depending on the evaluation of the situation on the labor market and inflation.

Canadian dollar: The Canadian dollar fell slightly against the U.S. dollar, which was associated with the release of data on the balance of payments. As it became known, the current account deficit widened in Canada in the fourth quarter of 2013 and the fourth largest in history - mainly due to a higher deficit in trade in goods. The current account deficit rose to a seasonally adjusted 16.01 billion Canadian dollars ($ 14.39 billion), compared with a revised deficit in the third quarter at 14.80 billion Canadian dollars. Deficit in the previous quarter originally estimated at 15.47 billion Canadian dollars. Economists had expected a deficit of $ 16.5 billion Canadian dollars.

Gold: Gold prices rose today against the background of dollar fluctuations, but remained well below the four-month high, which was reached yesterday. The cost of the April gold futures rose to $ 1334.00 per ounce on the COMEX today.

Oil: Oil prices fell slightly today, due to the instability in Ukraine. April futures price for U.S. light crude oil WTI fell to $ 102.20 a barrel on the New York Mercantile Exchange.


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Market review for 26.02.14: The dollar grew on upbeat new homes January data.

Asian and European trading sessions:

Euro: The euro fell against the dollar retreated from highs reached on data from Germany. According to a survey by GfK consumer confidence index in Germany reflected the improvement in March. Consumer confidence index rose to 8.5 points from 8.3 points in February. The index is projected to grow only had 8.3 points from February's initial value of 8.2. After five successive increases in economic expectations recorded a moderate decline of 3.4 points to 31.9 in February. In contrast to economic expectations, income expectations continued to rise in February to 48.6 from 46.2. They once again improved slightly from a 13-year high reached in the previous month.
Later, the EUR / USD pair moved down at the end of the European session, a fresh daily low. However, the pair remained within the range this week. The EUR / USD stuck at around $1.37, and intraday ranges are getting smaller and smaller.

British Pound: The British pound rose moderately against the U.S. dollar after the release of the revised GDP data. The UK economy grew in line with preliminary estimates for the fourth quarter and for the full growth in 2013 were weaker preliminary calculations. Such data are the Office for National Statistics (ONS).
Gross domestic product expanded 0.7 % in the quarterly measurement, according to a preliminary estimate published on 28 January. Growth rate slowed down slightly from the 0.8 % increase in the third quarter. In annual terms, the economy grew by 2.7 % - growth has been revised downwards to 2.8 %. In general, the 2013 GDP growth was revised down slightly to 1.8 % from 1.9 %.
With regard to production, mining, including oil and gas production fell by 1.9 % in the fourth quarter. Total production gained 0.5 %, compared with a preliminary estimate of 0.7 %. Construction volumes rose 0.2 % instead of 0.3 % fall estimated initially.
Increase in the dominant services sector confirmed at 0.8 %. Meanwhile, production in agriculture, forestry and fishing fell by a revised 0.1 %.
Another report from the ONS showed that production in the services sector grew by 3.2 % in December compared with the previous year. Compared with November services index rose 0.2 %.
According to preliminary results of the ONS, only gross fixed capital formation increased by £ 1.3 billion or 2.4 % in the fourth quarter compared with the previous quarter.
At the same time, business investment grew by an estimated 0.8 billion pounds or 2.4 % compared to the previous quarter and were 8.5 % higher compared to the fourth quarter of 2012. The GBP / USD pair rose to $ 1.6705 during the European session.

Japanese Yen: The course of trading was influenced by words of board member Koji Ishida BOJ. He noted that because of the tax increase in April economic data in the first half can be very confusing and the Bank of Japan should be very careful when evaluating the economy. “In the first place should not hurry with the expansion of incentive programs “- said Ishida. The USD / JPY pair rose to Y102.45 during the European session.

Australian dollar: The Australian dollar fell against all major currencies after iron ore prices fell to a seven-month low. The cost of ore to Chinese imports got cheaper for a fifth day, dropping yesterday to $ 119.10 per tonne, the lowest level since July 1.

American trading session:

U.S. Dollar: The dollar grew on upbeat U.S. data. Sales of newly built homes rose in January, which was an unexpected sign of strength after a long period of weakness in the housing sector. Sales of new single-family homes rose 9.6% to a seasonally adjusted annual rate of 468,000 compared with the previous month, reaching the highest level since July 2008. Result December was revised up to 427,000. Economists had expected home sales in January to fall to an annual rate of 406,000. Increase last month was due to sales growth in the Northeast, where they rose by 73.7 % to compensate for the decline of the previous month. The South and West was also recorded growth, but new home sales fell in the Midwest.

Gold: The gold prices fell sharply, while retreating from a four-month high reached yesterday as the dollar strengthened. The cost of the April gold futures rose to $ 1324.10 per ounce on the COMEX today.

Oil: Prices rose 1 %, after it became known to decrease the oil terminal in Cushing by 1.08 million barrels for the week ended February 21. April futures price for U.S. light crude oil WTI rose to $ 102.79 per barrel on the NYMEX.


Market review for 25.02.14: The dollar gained on risk aversion, which increased on U.S. data and the prevention of the formation of bubbles made by Mr. Tarullo.

Asian and European trading sessions:

Euro: The euro rose against the dollar on GDP data in Germany. The German economy grew moderately in late 2013 as originally anticipated at the beginning of this month, final data showed Destatis. Gross domestic product increased by 0.4 % compared with the previous quarter, which is slightly faster than the expansion of 0.3 %, which is seen in the third quarter. This was in accordance with the calculation results, published on February 14. The expenditure breakdown of GDP showed that exports of goods and services grew by 2.6 % compared with the third quarter. At the same time, imports increased by no more than 0.6 %. As a result, the balance of exports and imports contributed to the growth by 1.1 % age points of GDP and is a key economic engine in the fourth quarter. Investments grew by 1.4 % in quarterly terms. Nevertheless, stocks declined significantly, leading to slower economic growth by 0.8 %age points. While government spending remained unchanged from the previous quarter, household spending on final consumption decreased slightly by 0.1 %.
In annual terms with the calendar adjusted GDP grew more than doubled to 1.4 % from 0.6 % in the third quarter. In addition, the price-adjusted GDP grew by 1.3 % compared with 1.1 % in the previous period. Results in the fourth quarter correspond to preliminary estimates. The EUR / USD pair rose to $ 1.3765 during the European session.

British Pound: The British pound rose against the U.S. dollar, supported by data and comments of the Bank of England Mr. McCafferty . Mr. McCafferty said in an interview with Reuters on Tuesday that the first term of the Bank of England rate hike will depend greatly on the state of inflation. In the case of acceleration of its growth may increase more than previously . Yet he stressed that the projections assume the first increase in Q2, 2015, and it is quite reasonable. Moreover, McCafferty said that the current growth of the pound does not harm British exports, but if it continues, the Bank of England will be forced to react.
With regard to the published statistics, the number of mortgage approvals in the UK rose by more than expected, and reached its highest level since September 2007, data showed the British Bankers Association (BBA). Number of loans for house purchase rose to 49,972 in January, the highest level since September 2007, from 47,086 in December. The expected level was 47,150. Including re- mortgages, general statements made 82,151 compared to 78,584 a month ago.
Another report showed that UK retail sales rose at the fastest pace since June 2012. These are the findings of research trends distributive trade from the Confederation of British Industry (CBI). About 45 % of respondents reported that sales rose compared with the previous year, while 8 % said they were down. This gave the balance 37 per cent. Retailers expect sales to grow at a steady pace in the next month - 43 % expect growth, 15 % expect a recession. The balance was 28 %. Investment intentions for the year ahead given the balance of 17 %, which is the strongest level since November 2010. Retailers also expect that their overall business situation will improve over the next three months. The GBP / USD pair rose to $ 1.6708 during the European session.

American trading session:

U.S. Dollar: The dollar gained on risk aversion, which increased on U.S. data and the prevention of the formation of bubbles made by Mr. Tarullo . Daniel Tarullo (Fed governor in charge of financial regulation), said that a small increase in risk in the credit markets, but this does not mean that in response to the central bank should raise interest rates. According Tarullo, the Fed should not exclude raising rates to combat potential "bubble” in asset markets, but it should first try to use, and then hone their regulatory tools to identify these threats to financial stability. Nevertheless, he added, raising interest rates in response to every little sign of the "bubble” will have significant negative consequences for the economy.
Report of the Federal Reserve Bank of Richmond showed in February manufacturing conditions in the region have deteriorated compared to the previous month. Corresponding index of manufacturing activity fell to 6 points in February compared to 12 in January. Economists had expected the index to rise to 13 points.
Meanwhile, a report from the Conference Board showed consumer sentiment index fell to 78.1 from 79.4 in January (revised from 80.7). Economists expected a decline to 80.2. Assess the current situation index rose from 77.3 to 81.7. This component of the index rose to its highest in nearly six years level. The expectations index fell sharply - from 80.8 to 75.7.

Gold: The Gold prices rose today, the highest in four months, after disappointing U.S. data, which increased concerns about the pace of economic recovery. The cost of April gold futures raised to $ 1341.80 per ounce on the COMEX today.

Oil: The Oil prices fell today, weighed down by forecasts of growth in U.S. oil inventories. Nevertheless, supply disruptions from Libya and other key countries to keep prices from falling further. April futures price for WTI fell to $ 101.59 a barrel on the NYMEX.


Market review for 24.02.14: The euro fell against the dollar after rising data on the business climate in Germany.

Asian and European trading sessions:

Euro: The euro fell against the dollar after rising data on the business climate in Germany. German’s business climate indicator unexpectedly strengthened in February to the highest level since July 2011, despite the drop in expectations. These results are presented on Monday institute IFO. Business climate index rose to 111.3 from 110.6 in January. According to the average expectations index slightly rose to the level of 110.7. In addition, the current conditions index improved to 114.4 in February from 112.4 a month ago. Result was higher than expected level of 112.8. On the other hand, the expectations index fell to 108.3 in February from 108.9 in January. The result was predicted to drop to 108.1.
Also today published the final data on inflation in the eurozone. Consumer prices in the euro area grew at a faster pace in January than previously thought, but inflation remained unchanged compared to December showed the revised data published by Eurostat on Monday. Harmonized index of consumer prices (HICP) rose by 0.8% year on year in January. The result was unchanged compared with the growth rate in December. Preliminary estimates were at the level of growth of 0.7 percent in January.
At the same time, core inflation, which excludes energy, food, alcohol and tobacco, rose to 0.8 percent from 0.7 percent in December, according to initial estimates. Inflation has remained below the target level of the European Central Bank “below but close to 2 percent," the twelfth consecutive month.
In January, prices for foodstuffs, alcohol and tobacco rose 1.7 percent, while energy prices fell 1.2 percent. The cost of non-energy industrial goods increased by 0.2 percent, and prices of services expanded by 1.2 percent. On a monthly basis, consumer prices recorded a decline of 1.1 percent in January. The EUR / USD pair rose to $ 1.3770, and then fell to $ 1.3719 during the European session, the

American trading session:

British Pound: The pound is trading slightly higher against the dollar, which is associated with the comments and the Bank of England published data. Recall, Bank of England Governor Mark Carney said that the new phase of further policy intentions should give a guarantee to maintain the economic recovery officials. According to Carney , the revised policy system further intentions reflects the need for a more complex set of judgments than was necessary in the first stage , when the link was only on unemployment . Bank changed its approach after unemployment fell faster than predicted officials up to the 7 percent threshold for considering an increase in the interest rate. Recent data showed that sentiment among UK service sector companies have improved to all-time high in the three months to February, while the sector recorded growth of the third quarter in a row. These are the results of a survey published by the Confederation of British Industry (CBI). The latest survey from the CBI service sector has shown that trust between service providers in the consumer sector, as well as in the professional services sector grew at the fastest pace since the management of records about fifteen years ago. Optimistic attitude reflected a remarkable recovery in business volumes, which rose the most since 2005, which resulted in the first ever recorded growth of profitability since 2007. Also forecast business volumes grew strongest pace in a decade, with the majority of the surveyed firms stated that they intend to raise the number of staff in the next quarter. The GBP / USD pair fell to $ 1.6595, but then rose to $ 1.6679 during the European session.

Gold: The Gold prices have risen markedly today, approaching the four-month high, which was due to the increasing concern among investors about the pace of the U.S. economic recovery and growth in China.
Weak U.S. data on industrial production and employment plus a slowdown in residential property prices in China in the last month ( fixed for the first time in 14 months ) increased concerns about the growth in the major economies of the world , which is reflected in the price of gold, which is often regarded as insurance in difficult times . The cost of the April gold futures rose to $ 1336.75 per ounce on the COMEX today.

Oil: The Oil prices rose modestly today, resisting the sharp decline in prices for some other risk assets on news of further production cuts in Africa and expectations revival of growth in demand for oil.
The data showed that Libyan oil production fell even more over the weekend, falling to 230,000 barrels per day after a new protest that forced the mine to close El Shararah . Before the start of the protests across the country in the middle of last year, Libyan oil production was at 1.4 million barrels per day.
The April futures price for WTI crude oil rose to $ 102.86 per barrel on the NYMEX.


Market review for 20.02.14: The yen strengthened against all major currencies after the fall of the stock market of Asia.

Asian and European trading sessions:

Euro: The rate of the euro fell sharply against the U.S. dollar, which was associated with the release of data on PMI. The decline began after a report showed that private sector activity in France has declined at a faster pace in February, which stood at the head of a marked deterioration in service sector activity. On a seasonally adjusted composite index of activity that assesses the effectiveness of the manufacturing and service sectors, fell to two-month low in February, and were 47.6 points, compared to 48.9 points in January. Recall that the value of this index below 50 indicates a contraction in activity in the sector. Meanwhile, it became known that the purchasing managers' index for the manufacturing sector fell to 48.5 in February from 49.3 in the year. Economists expected the index to rise to 49.6. At the same time, the activity indicator for the service sector fell to 46.9, compared with 48.9 in January. Expectations were at 49.5.
Pressure was also provided by the data for the euro area, which showed that the private sector economy continued its expansion in February, increased this streak to eight consecutive months, but showed weaker results than predicted by many economists. According to the report, the composite index, which measures the efficiency in the manufacturing sector and services, totaled 52.7 points in February, which was slightly lower than January's 31 -month high at 52.9 points. Economists had expected the figure was 53.1 points. Studies also showed that the Purchasing Managers Index for the manufacturing sector fell to 53 points in February to 54 points in January. Expectations were at the level of 54.2 points. Meanwhile, the activity indicator in the service sector rose to 51.7 from 51.6 at the beginning of the year. Economists expected the index to rise to 51.9. The EUR / USD pair fell to $ 1.3685 during the European session.

Japanese Yen: The yen strengthened against all major currencies after the fall of the stock market of Asia. The negative on the stock market part of the publication of disappointing statistics on Chinese production. PMI from HSBC China fell to its lowest level in seven months and was 48.3, below the final data for January (49.5) and the average estimate of economists (49.5). The USD / JPY pair fell to Y101.66, then rose to Y102.10 during the European session.

Australian dollar: The Australian dollar fell after the publication of disappointing statistics on Chinese production. As it became known , the Chinese manufacturing index fell again in February , continuing progress on reducing the territory , reaching a seven-month low , and that was due to a fall in new orders , suggesting that the economic recovery is losing momentum .
On a seasonally adjusted preliminary purchasing managers’ index from Markit / HSBC, which measures activity in the manufacturing sector fell to 48.3 points in February, compared to 49.5 points in January? Economists had expected the index to fall to the level of 49.4 points. The index currently remained below 50 points for the second month in a row and is at its lowest level in seven months.

Swiss franc: The Swiss franc fell markedly against the dollar, which has been associated with risk aversion. The positive trade balance data could not help franc. As it became known, Switzerland’s trade surplus rose sharply in January, driven by an increase in exports of chemical and pharmaceutical products.

American trading session:

U.S. Dollar: The dollar came under slight pressure after the block statistics from the U.S. Recent data from the U.S. Labor Department showed that the number of applications for unemployment benefits fell slightly last week, which was another sign of improvement in the labor market. According to the report, the seasonally adjusted number of initial claims for unemployment benefits fell for the week ending February 15, 3 thousand, reaching at this level of 336 thousand last value was slightly higher than predicted by experts - at the level of 335 thousand, but still was lower than average at around 344 thousand for the whole of last year.

Gold: The gold prices rose on the dollar's decline and increased demand in the physical market. Dealers expect jewelers will buy gold in times of price reduction, and high import duty on gold in India encourages its smuggling. Margins on gold bars in Singapore remained at last week's $ 1.20-1.50 per ounce to the spot price in London and dealers noted buying in Indonesia and sale of scrap gold in Thailand. Margins on gold bars in Hong Kong are held in the range of $ 1.30-1.50 to the price in London. The cost of the April gold futures rose to $ 1318.00 per ounce on the COMEX today.

Oil: The cost of oil brand WTI fell from four-month high after the Energy Information Administration reported that stocks in the U.S. rose. March futures price fell to $ 102.75 a barrel on the New York Mercantile Exchange .


Market review for 19.02.14: The U.S. dollar was affected on the back of weak reports on the U.S. housing market.

Asian and European trading sessions:

British Pound: Pound fell against the U.S. dollar, which was a reaction to the British report. Data that has been submitted by the Office for National Statistics showed that the UK labor market continued to strengthen in recent months in 2013 , in favor of which said revenue growth and a decline in the number of applications for unemployment benefits. However, an unexpected rise was recorded in the unemployment rate in the three months (December) compared with the previous three-month period. It serves as a reminder that the economic recovery is not as strong or balanced, says the Bank of England.
According to the report, the unemployment rate rose to 7.2 % in the three months (December), compared with 7.1% in the previous three months (November). However, the latter result was significantly lower than the 7.6% in the third quarter. It was also reported that the number of unemployed fell by 125,000 over the last three months of 2013. Increasing unemployment surprised economists, as they expected that this figure will remain the same.
Average growth of regular income , except for bonuses , in the three months to December rose by 1.0 % compared with 0.9 % in the previous three-month period , recording the largest increase since June last year . Moreover, it became known that the level of unemployment claims for employment fell in January to reach 3.6% from 3.7 % in December, showing the 15th consecutive monthly decline and reached its lowest level since December 2008. The GBP / USD pair fell to $ 1.6633 during the European session.

Japanese Yen: The yen rose against the U.S. dollar. This was associated with the release of the monthly report of the Bank of Japan. It says that the Japanese economy will continue to recover at a moderate pace in the near future, with the support of the further improvement of industrial production and foreign demand. The Bank of Japan, however, warned that economic growth will depend on the increase and subsequent decrease in demand before and after the increase in the consumption tax, which will be introduced in April this year. Adverse events in emerging markets, the European debt crisis and the pace of the U.S. economic recovery also pose risks to economic growth in Japan, according to the monthly report. Exports are expected to increase slightly, mainly to a recovery in overseas economies, says the Bank of Japan. At the same time, industrial production will continue to grow (albeit at a moderate pace) on a background of stability and strength of private consumption, investments in the housing market. The USD / JPY pair fell to Y101.86 during the European session.

Swiss Franc: The Franc fell slightly against the U.S. dollar, as the report of Switzerland was worse than expected. Note that Swiss economic expectations retreated from the highest level in more than three and a half years in February, as financial analysts have become more cautious amid slowing growth in major export markets for the Alpine country. A study conducted by the ZEW Institute and Credit Suisse Group, showed that investors' expectations index fell to 28.7 points in February, compared to 36.4 points in January ( the highest since May 2010) . Recall, a positive value indicates that the number of participants who expect to improve the economic outlook is higher than the number of those who expect that they will deteriorate. While recent data from the ZEW contrasted with the Swiss PMI, increasing more than expected in January, and an early indicator of KOF, which rose to its highest level in two and a half years last month. They pointed out that economic growth in the euro area begins to support the demand for Swiss industrial goods , and it should stimulate the economy in the next six months.

American trading session:

U.S. Dollar: The rate of the dollar was affected on the back of weak reports on the U.S. housing market. Housing Starts fell sharply last month, a sign of "cooling" in the housing market in the United States. Decline was mainly associated with abnormally cold weather in large parts of the country.
The report of the Ministry of Commerce said that in January, housing starts fell by 16% to a seasonally adjusted, while reaching 880 thousand units. The figure for December was revised upward to reach 1.048 million units. At the head of the January decline were single-family housing bookmarks, which decreased by 15.9 % - up to 573 thousand in annual terms. Meanwhile, the number of building permits, which is an indicator of future construction, fell 5.4% to a seasonally adjusted - up to 937 thousand, compared to a revised figure for December at the level of 991 thousand units. Economists forecasted that housing starts dropped to 943 thousand, and the number of building permits decreased to 973 thousand

Gold: The gold prices retreated on Tuesday marked a maximum of 3, 5 months amid profit-taking and reduce purchases in the physical market. The cost of the April gold futures on the COMEX today dropped to $ 1314.25 per ounce.

Oil: The cost of WTI crude oil is kept at close to $ 103 level on the background of continuing severe weather conditions in the United States. March futures price for WTI traded in the range $ 102.38- $ 103.35 per barrel on the NYMEX.


Market review for 18.02.14: British pound dropped significantly against the dollar after message from the Bank of England.

Asian and European trading sessions:

Euro: The euro exchange rate rose slightly against the U.S. dollar. After the initial reaction to the mixed results of ZEW, the pair was able to gain momentum and growth in the area to recover the maximum values. Analysts said that in recent years to assess the current situation has become a good leading indicator of GDP. In this sense, today's sharp rise in this component was the good news for the economy, which increased the likelihood that in the first months of this year, it should gain momentum. Recall that the report showed that the index of sentiment in the business environment fell in February to the level of 55.7 points compared to 61.7 points in January. Experts expected that the value of this indicator decrease only to the level of 61.3 points. However, despite the decline, the index remained well above its historical average level of 24.5 points. In addition, the data showed that the rate that evaluates opinion on the current economic situation rose to 50 points in February from 41.2 in January, reaching its highest level since August 2011. Expectations were at 44 points. We also add that for the euro zone sentiment index fell in the business environment 4.8 points and reached the level of 68.5 points. Meanwhile, the index of the current situation in the euro zone improved by 8 points - to the level of 40.2 points. The EUR / USD pair rose to $ 1.3737 during the European session.

British Pound: Pound dropped significantly against the dollar after data showed that the UK inflation rate last month fell below the target value of the Bank of England, which is fixed for the first time in the last four years. The latter result confirms the message from the Bank of England, there is no reason to raise interest rates.
According to the report, consumer prices rose by 1.9 % per annum in January, compared with an increase of 2.0 % in December, while showing the weakest growth since November 2009. Economists had expected inflation to remain at 2.0 %. Add that up to December last year, the annual inflation rate exceeded the target of the Bank of England at the level of 2 % every month since December 2009 , undermining the purchasing power of households and making greater decline in living political issue ahead of elections next year. The main measure of inflation, which excludes prices of energy, food, alcohol and tobacco, increased by 1.6 % in January compared with the same month last year and an increase of 1.7 % in December, recording the smallest increase since June 2009. Compared with the previous month, the CPI fell in January by 0.6 %, which was unchanged compared to December, and it turned out as expected. The GBP / USD pair fell to $ 1.6652 during the European session.

American trading session:

Japanese Yen: The yen fell sharply earlier against the U.S. dollar, which was associated with the Bank of Japan's decision to increase the monetary base by 60-70 trillion yen (686 billion dollars). Central Bank doubled lending program until 7 trillion Yen to support the economy. This doubling of lending is seen as deep signal, meaning that the regulator is likely to further weaken the ready and their policy as it seeks to maintain liquidity volumes. In addition, the Bank of Japan extended periods of both programs for the year. Thus, the central bank kept the asset purchases unchanged, but decided to implement additional stimulus in the coming months. Regulator still aims to achieve the inflation target of 2 % and intends to achieve an economic breakthrough. The decision was taken by the members of the Monetary Policy Committee unanimously. The USD / JPY pair rose to Y102.73, and then retreated slightly during the European session.

Gold: The gold prices keep rising and near the peak of 3.5 months due to the weak dollar and concerns over global economic growth. The cost of the April gold futures on the COMEX today rose to $ 1332.40 per ounce.
Oil: The cost of oil rose today on speculation that the stocks at Cushing (Oklahoma) fell last week, while cold weather boosted demand for fuel. The March futures price for WTI rose to $ 101.62 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 18.02.14: British pound dropped significantly against the dollar after message from the Bank of England.

Asian and European trading sessions:

Euro: The euro exchange rate rose slightly against the U.S. dollar. After the initial reaction to the mixed results of ZEW, the pair was able to gain momentum and growth in the area to recover the maximum values. Analysts said that in recent years to assess the current situation has become a good leading indicator of GDP. In this sense, today's sharp rise in this component was the good news for the economy, which increased the likelihood that in the first months of this year, it should gain momentum. Recall that the report showed that the index of sentiment in the business environment fell in February to the level of 55.7 points compared to 61.7 points in January. Experts expected that the value of this indicator decrease only to the level of 61.3 points. However, despite the decline, the index remained well above its historical average level of 24.5 points. In addition, the data showed that the rate that evaluates opinion on the current economic situation rose to 50 points in February from 41.2 in January, reaching its highest level since August 2011. Expectations were at 44 points. We also add that for the euro zone sentiment index fell in the business environment 4.8 points and reached the level of 68.5 points. Meanwhile, the index of the current situation in the euro zone improved by 8 points - to the level of 40.2 points. The EUR / USD pair rose to $ 1.3737 during the European session.

British Pound: Pound dropped significantly against the dollar after data showed that the UK inflation rate last month fell below the target value of the Bank of England, which is fixed for the first time in the last four years. The latter result confirms the message from the Bank of England, there is no reason to raise interest rates.
According to the report, consumer prices rose by 1.9 % per annum in January, compared with an increase of 2.0 % in December, while showing the weakest growth since November 2009. Economists had expected inflation to remain at 2.0 %. Add that up to December last year, the annual inflation rate exceeded the target of the Bank of England at the level of 2 % every month since December 2009 , undermining the purchasing power of households and making greater decline in living political issue ahead of elections next year. The main measure of inflation, which excludes prices of energy, food, alcohol and tobacco, increased by 1.6 % in January compared with the same month last year and an increase of 1.7 % in December, recording the smallest increase since June 2009. Compared with the previous month, the CPI fell in January by 0.6 %, which was unchanged compared to December, and it turned out as expected. The GBP / USD pair fell to $ 1.6652 during the European session.

American trading session:

Japanese Yen: The yen fell sharply earlier against the U.S. dollar, which was associated with the Bank of Japan's decision to increase the monetary base by 60-70 trillion yen (686 billion dollars). Central Bank doubled lending program until 7 trillion Yen to support the economy. This doubling of lending is seen as deep signal, meaning that the regulator is likely to further weaken the ready and their policy as it seeks to maintain liquidity volumes. In addition, the Bank of Japan extended periods of both programs for the year. Thus, the central bank kept the asset purchases unchanged, but decided to implement additional stimulus in the coming months. Regulator still aims to achieve the inflation target of 2 % and intends to achieve an economic breakthrough. The decision was taken by the members of the Monetary Policy Committee unanimously. The USD / JPY pair rose to Y102.73, and then retreated slightly during the European session.

Gold: The gold prices keep rising and near the peak of 3.5 months due to the weak dollar and concerns over global economic growth. The cost of the April gold futures on the COMEX today rose to $ 1332.40 per ounce.
Oil: The cost of oil rose today on speculation that the stocks at Cushing (Oklahoma) fell last week, while cold weather boosted demand for fuel. The March futures price for WTI rose to $ 101.62 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 17.02.14: The weak result of the Japanese GDP put Yen under pressure.

Asian and European trading sessions:

British Pound: The British pound retreated from four-year highs against the dollar reached on housing data. Housing prices in Britain have risen markedly in February, registering with the largest increase in the last seven years. This was stated in the data, which were released on site estate Rightmove. According to the report, average house prices across England and Wales increased in February to £ 251,964, which was 6.9 % higher than the same period last year, as demand from potential buyers continued to strengthen. Add that last jump was the highest (in annual terms) since November 2007. In addition, it was reported that prices in London rose by 11.2 % per annum, in connection with which the average price was at around £ 541,313. In the north- east cost of housing has risen by only 0.1 %, against which the average price was £ 142,372. In Wales, house prices rose by 2.3 % year on year, reaching £ 165,055 on average.
After several years of uncertainty, more people are thinking about moving. Over the past four weeks, the number of new homes that were for sale on the website, averaged 27,768 units, an increase of 18 % compared with the same period last year. Growing supply increases demand from buyers, which indicates that the number of homes sold in 2014 may be more than last year, according to Rightmove. The GBP / USD pair fell to $ 1.6718 during the European session.

Japanese Yen: The Japanese Yen lost scored during the Asian session positions against the dollar after data on GDP and industrial production. According to the report submitted by the Cabinet Office in Tokyo, annualized gross domestic product grew by only 1 % compared to the previous quarter. Thus, the figure fell short of the most pessimistic estimates of economists in 1.1%, while the average forecast assumed a 2.8% increase. The economic slowdown in Japan emphasizes the risks to recovery, especially before the rise of the sales tax in April to 8% from 5%. “Inevitably, the fact that the economy has weakened in the period from April to June because of the negative reaction to the demand," - said Yoshimasa Maruyama, chief economist at the Institute for Economic Research Itochu. Despite the fact that capital spending rose by the maximum value for two years, and consumption growth rose, external demand is still negatively affected GDP data. In January-March GDP growth is likely to accelerate, but some economists careful because higher wages cannot support the costs after raising taxes. Relatively weak exports could also have a negative impact on growth.
The volume of industrial production in Japan grew weaker pace in December than previously assumed. This was stated in the final data, which were presented today by the Ministry of Economy, Trade and Industry. According to the report, industrial production grew by 7.1 % in December compared with the same month last year, which was slightly less than the increase of 7.3 %, which was reported on January 30. However, growth in December was significantly higher than in November - at the level of 4.8 %. Seasonally adjusted industrial production rose by 0.9 % compared with the previous month. Recall that in November industrial output fell by 0.1 %. Preliminary data reported growth in December by 1.1 %. The USD / JPY pair rose to Y101.99 during the European session.

American trading session:

Gold: The gold prices rose to a peak of 3.5 months on a weaker dollar and concerns over U.S. economic growth. The cost of the April gold futures on the COMEX today rose to $ 1329.90 per ounce for ounce.

Oil: The cost of oil brand West Texas Intermediate rose for the first time in three days, while signs of improvement of the U.S. economy and record levels of new loans in China reinforced the demand outlook in the world’s two biggest oil consumers. March futures price for WTI rose to $ 101.13 a barrel in electronic trading on the New York Mercantile Exchange.


Market review for 13.02.14: The dollar fell under the little impact on weak retail sales data.

Asian and European trading sessions:

Euro: The euro rose against the U.S. dollar on a background of the ECB Monthly Report and data on inflation in Germany. The ECB in its February report indicated that inflation in the euro area should remain low for an extended period of time before it starts to gradually recover to the target of 2%. “Comparison with the monetary analysis confirms the reduced prices in the euro area in the medium term," said the ECB.
According to a study of professional forecasters, forecast HICP in 2014 was revised to 1.1 % from 1.5% previously. Forecast for 2015 was lowered to 1.4 % from 1.6 % in Q4. The forecast for 2016 was 1.7 %.
With respect to data for Germany, inflation, agreed by EU standards, remained unchanged in January, according to preliminary estimates. These are the latest data from the Federal Statistical Office. Harmonized index of consumer prices (HICP) increased by 1.2 percent per annum in January, the result was unchanged compared with the growth rate in December. Outcome corresponded to preliminary estimates. HICP fell by 0.7 percent compared to December, when it recorded a growth of 0.5 percent. Monthly changes are also consistent with preliminary estimates. The Statistical Office also reported that consumer price inflation fell to 1.3 percent in January from 1.4 percent in December, according to initial estimates. Moderation in inflation mainly reflects a downward trend in prices for mineral oil products. In contrast, the cost of electricity and solid fuel increases. In monthly terms, the consumer price index fell by 0.6 percent in early 2014. This followed an increase of 0.4 percent in December. The EUR / USD pair fell to $ 1.3687 during the European session.

British Pound: The British pound strengthened on published data on the UK housing market, according to which in January house price balance of RICS fell to 53 %, compared with 56 % earlier in December. Recall that the index is calculated as the proportion of subtraction of respondents who reported a decline in prices, the share of those who reported an increase in prices. Nevertheless, it is worth noting that the demand for homes remains strong. “It’s no secret that we have seen a rise in prices in many parts of the country due mainly lack of objects represented in the market. Given the fact that more people are now turning to buy a home than at any time in recent years, the number of objects is simply not enough to meet demand. The result is a rise in prices in many areas, and it seems to continue for the foreseeable future "- says Peter Bolton King of the RICS. The survey also showed that the evaluators continue to expect prices to rise over the coming year. The GBP / USD pair rose to $ 1.6657 during the European session.

American trading session:

U.S. Dollar: The dollar fell under the little impact on the U.S. data, which showed that retail sales fell 0.4 percent last month, led by a drop in car sales. Sales fell by a revised 0.1 percent in December. Economists had forecast that retail sales will be unchanged in January after rising 0.2 percent in December, which was reported earlier. Meanwhile, another report showed that the number of initial claims for unemployment benefits, a measure of layoffs, increased by 8000 and amounted to a seasonally adjusted 339,000 in the week ended February 8. The result was slightly higher than the 331,000 projected by economists. Meaning last week 331,000 remained without revision.

Canadian dollar: The Canadian dollar rose against the U.S. dollar, which was associated with the release of data on Canada. As it became known, Canadian prices for new homes rose slightly in December, while the increase at an annual rate showed the slowest 12-month increase in nearly four years. The prices for new homes across the country increased by 0.1 % in December on a monthly measurement. Note that prices for new homes in the previous month showed zero change. A 12 -month basis, prices rose by 1.3%, which corresponded to the market consensus forecast and represented the weakest 12-month gain since February 2010. Rising prices in monthly terms led the Greater Toronto, where the cost of a new home rose 0.2%, the largest increase since July. In 2013, the average annual increase in the price of new homes was 1.8 %, compared with 2.4 % in the previous year, and became the smallest increase since 1999.

Gold: The gold prices rose today, reaching a three-month high at the same time, and closer to $ 1,300 per ounce, as disappointing economic data from the United States put pressure on the dollar and the stock markets.

Oil: March futures price for U.S. light crude oil WTI fell to $ 100.24 a barrel on the NYMEX. The fall in prices was also due to the Report on the United States, which showed that the number of initial claims for unemployment benefits, a measure of layoffs, increased.


Market review for 12.02.14: The rate of the euro fell sharply on the comments of the ECB, in introducing negative rates.

Asian and European trading sessions:

Euro: The rate of the euro fell sharply against major currencies on the comments of the ECB representative Kera introducing negative rates. The comments collapsed the euro, which has lost more than 50 pips against the dollar in a matter of minutes. Previously, the pressure on the single currency had a report on industrial production in the eurozone. As shown by recent data on Wednesday statistical office Eurostat, industrial production in the euro area grew considerably slower pace in December, the growth rate fell short of economists' expectations. The industrial production growth fell to 0.5 % in December from a revised down 2.8 % in the previous month. Economists forecast that growth will weaken to 1.8 % from November 3 % initially announced. Production of energy fell by 1.9 % compared to December 2012. Consumer non-durable goods and durable consumer goods fell by 0.9 % and 1.2 % respectively. Meanwhile, the production of intermediate goods has increased by 3.6 %. The EUR / USD pair fell to $ 1.3564 during the European session.

British Pound: The British pound appreciated sharply against the U.S. dollar on a background of the quarterly report of the Bank of England and the speech of the Central Bank of Carney. According to the Bank of England inflation report, published today, the Central Bank is going to keep rates at a record - low of 0.5 %, at least for another year, even if the unemployment rate / p fall to 7% threshold that, according to expectations occur in Q1 2014. The Bank of England pointed out that the British economy will grow even before the Bank would raise rates. But it is worth noting that the increase will be gradual and not to such a high level, which was celebrated before the crisis.
MPC predicted that in the last quarter of 2013 Britain's GDP to grow by 0.9 % against the previous estimate of 0.7 %. As for the remainder of 2014, the Central Bank expected to raise by 3.4 % versus 2.8 % November forecast.
As for inflation, according to expectations, in the 2nd quarter of 2015 its growth will slow to 1.7%, and then accelerate again in 2016 and will reach 1.9%. Thus, under the policy of transparency, the Bank of England will consider a number of indicators, such as an index of manufacturing activity, working hours, labor productivity and wages. The size asset purchase program will continue to be £ 375 billion, at least until the first rate increase. The GBP / USD pair rose to $ 1.6557 during the European session.

American trading session:

Japanese Yen: The yen traded slightly higher against the dollar, though lost some previously won positions. Little impact on the bidding had words BOJ board member Takahide Kiuchi, who reported that an extra dose of easing monetary policy to prevent a potential recession caused by the expected introduction of a sales tax in April. The USD / JPY pair dropped to Y102.22 during the European session.

Gold: The gold prices rose today, reaching a three-month high at the same time as technical factors outweighed the positive growth of investor appetite for other riskier assets. The cost April gold futures rose to $ 1293.50 per ounce for ounce on the COMEX today.

Oil: The oil prices rose after a government report showed that crude stocks fell again Cushing terminal, registering with the second weekly decline in a row. The March futures price for U.S. light crude oil, WTI rose to $ 100.85 per barrel on the NYMEX.


Market review for 11.02.14: The British pound strengthened amid growth in retail sales.

Asian and European trading sessions:

Euro: The euro was moderately higher against the dollar, while investors expected the speech of new Fed head Janet Yellen . Immediately before Yellen will speak Philadelphia Fed President Charles Plosser , and it will probably pave the way in calling for a drastic reduction of bond purchases , while the unemployment situation remains favorable . Nevertheless, reducing the Fed's program is the focus of only a month later after it was launched. Submitted earlier economic data has not been unequivocally favorable. So this was the first performance for Yellen may become very active. The EUR / USD pair rose to $ 1.3678 during the European session.

British Pound: The British pound strengthened against the U.S. dollar, amid growth in retail sales. According to a survey released Tuesday by the British Retail Consortium (BRC), retail sales in the UK rose in January. The BRC Retail Sales Monitor showed that overall retail sales rose by 5.4 percent compared with a year earlier. Sales at stores that have been open a year or more grew by 3.9 percent per annum, said the BRC. Sales growth in same stores was much stronger than in December (0.4 percent), and is the highest since April 2011, when sales growth was 5.2 percent. Sales growth in general in December was 1.8 percent, and it was with a maximum value in March 2010. Non-food sales rose 5.1 percent in the last quarter of 2013, while sales of food rose by only 0.8 percent in Q4. Online non-food sales grew by 19 percent in January. The GBP / USD pair rose to $ 1.6470 during the European session.

Australian dollar: The Australian dollar rose to a four - week high after a positive report on real estate prices and the index of business sentiment from the National Australia Bank. In December, the number of approved loans for the purchase of residential real estate in Australia fell by 1.9%, while most economists had expected growth of 1.0%. Record low interest rates have led to an increase in the real estate industry, which helped to protect the economy, especially after the end of the ten-year investment boom in the mining industry. In turn, the January index of business conditions in Australia from NAB rose to 4 compared with 3 in December and business confidence index rose to 8 to 6.

American trading session:

U.S. Dollar: The dollar showed marked fluctuations against its competitors, and finally increased. The main focus of market participants was on the speech of Fed Chairman Janet Yellen . Speaking in the U.S. Congress with the semi-annual report on monetary policy, she noted that the situation in the labor market improved, but the economy still has a long recovery process. Yellen also supported the current policy of the FOMC and suggested that the Fed will continue at a moderate pace gradually curtail asset purchase program QE. She also noted that the achievement of targets will not mean automatic increase the federal funds rate. Rather, such progress would be to encourage the Central Bank to analyze the economic situation in order to determine at what stage the rate increase is justified. Yellen said that he sees " significant risks to the U.S. economic outlook " by the tension in the emerging markets , and did not consider politics QE factor that contributes to the formation of bubbles in the stock market , saying that the share price has risen from the average historical values only slightly.

Gold: The gold prices rose sharply, reaching at this three-month high, as investors heard that the new head of the U.S. Federal Reserve will continue the previous policy, which was held by Bernanke. The cost of the April gold futures rose to $ 1288.80 per ounce for ounce on the COMEX today.

Oil: The prices for WTI oil prices exceeded the $ 100 a barrel as investors analyzed the comments of the Federal Reserve System Janet Yellen that the U.S. central bank will continue to reduce program asset purchase.


Market review for 10.02.14: The dollar index suspended after its five-day decline.

Asian and European trading sessions:

Euro: The study of confidence of European investors Sentix revealed on its Monday monthly survey research that investor confidence in the euro zone unexpectedly improved in February. The investor sentiment index rose by 1.4 points to 13.3 points. The result was higher than the projected decline to 10.3 points. The improvement was mainly due to the increase in assessment of the current situation in February. Current situation index rose to 1.8 from 0.8 in January and was positive for the first time since August 2011. At the same time, investors' expectations have risen only slightly in February to 25.5 from 25.3 in January.
The euro kept data on industrial production in France. Industrial production in France increased at a slower pace in December, with growth rates gave way to the forecasts of economists showed on Monday, the latest data statistical office Insee. Industrial production grew by 0.5 % in December compared with the same month last year. Economists had expected a more rapid increase of 1 %. In November, production recorded a growth of 1.7 %.
Industrial production fell by 0.3 % compared to November, when it was recorded an increase of 1.2 %. Expectations were reducing by 0.1 %. During the three months ended in December, production increased by 0.3 % compared with the previous three-month period. Industrial production grew by 0.5 % in quarterly terms.
In Insee also noted that production in the French manufacturing sector expanded by 0.9 % year on year in December. On a monthly measurement of industrial production remained unchanged after rising 0.2 % in November. The EUR / USD pair rose to $ 1.3650 during the European session.

U.S. Dollar: The dollar index suspended its five-day decline, even after January in the U.S. was created only 113 thousand jobs, and the unemployment rate fell to 6.6 % compared to 6.7% in December, said Friday the Ministry of Labour. The economists had expected an increase of the number of non-agricultural jobs in the 185 thousand unemployment fell to its lowest level since October 2008.

American trading session:

Swiss franc: The Swiss franc rose against the U.S. dollar on the background of the earlier report, which showed that the unemployment rate remained stable at a seasonally adjusted at 3.2 % in January. Similarly, the unadjusted unemployment rate remained unchanged at 3.5 %.
In late January, there were about 153,260 people as unemployed, which are 3,823 more than compared to the previous month. Unemployment rose by 5102, compared with the corresponding period last year.
Unemployment among young people aged 15 to 24 years increased by 52 persons to 20 533 people. Nevertheless, the unemployment rate fell by 674 people compared to last year.

Canadian dollar: The Canadian dollar was down against the U.S. dollar, which has been partly due to the Report on Canada. As it became known, in Canada the number of Housing Starts fell by 3.7 % m / m to an average of 180,248 units in January. January was the result of lower than forecast analysts expecting 184,000 bookmarks.

Gold: Gold prices rose significantly today, as weak employment data in the U.S., which were presented at the end of last week, raised the question about the economic recovery, and a slowdown in stimulus from the Federal Reserve. The cost of the April gold futures on the COMEX today rose to $ 1274.30 per ounce for ounce.

Oil: Prices for Brent crude fell slightly, but will continue to be near five-week high above $ 109 a barrel as investors await comments regarding future policy the U.S. Federal Reserve. March futures price for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 100.27 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 06.02.14: The rate of the euro fell sharply against the U.S. dollar immediately after the announcement of the ECB rate decision.

Asian and European trading sessions:

Euro: The rate of the euro fell sharply against the U.S. dollar, while losing all positions receive immediately after the announcement of the ECB rate decision. The ECB decided to leave the refinancing rate at around 0.25 %. Meanwhile, add that to the announcement of the decision at a rate little impact on the euro was a report on Germany, which showed that the number of manufacturing orders unexpectedly fell in December, while orders from the euro zone have increased significantly, potentially signals of recovery. According to the data, the results of December industrial orders fell by 0.5% (seasonally adjusted), which was followed after increasing 2.4% in November (revised up from 2.1 %). Many experts expected increase in the number of orders by 0.3%. Earlier this week, an industry group VDMA also reported a disappointing year for the completion of the major machine builders, but some experts still predict an increase in total orders. The EUR / USD pair fell to $ 1.3485 during the European session.

British Pound: The British pound retreated from a session low against the dollar, however, continued to trade slightly lower. Pound had little support that the Bank of England left interest rates at 0.5% as expected. Program of asset purchases was also left on the 375 billion accompanying statement was not, but the head of the Central Bank Governor Mark Carney said earlier that he was not going to raise rates earlier, and that the target level of unemployment rate in the 7.0 % is not a factor that triggers the policy tightening . It was expected that the minutes of the meeting reflect the increased emphasis on the bank's inflation. Recall that the inflation report last month reflected the value at the target of 2.0 % for the first time in the last 4 years.
Little impact on the currency also had a report that showed that the rise in house prices in the UK slowed slightly in the last month, and confirmed the average forecast of experts. This was stated in the report of Halifax. According to figures for January house price index rose by 7.3 % per annum, compared with an increase of 7.5% in December. In monthly terms, the house price index rose 1.1% in January, while offsetting the 0.5% decline in the previous month, which was revised downward from -0.6%. Expectations were at the level of 0.4%. The GBP / USD pair fell to $ 1.6265, and then recovered to $ 1.62865 during the European session.

American trading session:

Canadian dollar: Data from Statistics Canada showed that Canada's deficit in trade in goods has increased to 1.7 billion Canadian dollars in December, despite the forecasts of experts on growth. Last reading was the highest since November 2012. Meanwhile, it was reported that the deficit for November was revised up to 1.5 billion Canadian dollars from the initial assessment at the level of 0.9 billion Canadian dollars. Many analysts expected in December will be recorded surplus in the amount of 1.0 billion. The USD / CAD pair rose sharply, setting a maximum level CAD1.1120, which is associated with this release of disappointing data on the trade balance in Canada.

Gold: The gold prices declined after rising early in the session on the background of recovery in stock markets and data applications for unemployment in the United States. The cost of the April gold futures rose to $ 1267.40 per ounce and then fell to $ 1252.60 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate raised after a report showed that applications for unemployment benefits in the U.S. fell for the first time in three weeks. The March futures price for WTI rose to $ 98.85 per barrel on the NYMEX.


Market review for 05.02.14: The British pound fell sharply against the U.S. dollar on release of unexpectedly weak data on Britain.

Asian and European trading sessions:

Euro: The euro traded in a narrow range against the U.S. dollar, as many participants gradually shift its attention to tomorrow's ECB meeting. Little impact on the European currency had data for the euro area, which showed that the euro zone's private sector waked up in January, while reaching the highest levels in the last two and a half growth, rapid growth of production eclipsed the more modest expansion in the services sector.
According to the report, the final composite purchasing managers’ index from Markit, which measures business activity in the manufacturing sector and in the service sector, rose to 52.9 in January from 52.1 in the previous month. It was the highest result since June 2011. Nevertheless, the final assessment was at - 53.2. In Markit said that growth in the eurozone PMI observed broad-based and led was lifting by Germany. The data also showed that the index of business activity in the services sector rose to a four-month high in January - to the level of 51.6 from 51.9. However, this result was below the pre-assessment at the level of 51.9. The EUR / USD pair traded in the range of $ 1.3500 -$ 1.3529 during the European session.

British Pound: The British pound fell sharply against the U.S. dollar, which was associated with the release of unexpectedly weak data on Britain. As it became known, the growth in the services sector in Britain, which is dominant, unexpectedly slowed last month, but activity remained high, suggesting that the economy will gain momentum in the first quarter of 2014. The survey also showed growth companies price pressure for the service sector, but not to a level that could be a problem for the Bank of England, and encourage it to raise interest rates. According to the report, the index of services PMI fell to 58.3 in January from 58.8 points in December, reaching its lowest level since June. Add that according to the average forecasts of experts, the value of this index would grow to 59.1 points. However, despite the decline, the index remained well above 50 points, which separates growth from contraction.
Meanwhile, it became known that the composite indicator of the three indices PMI (manufacturing, construction and services sector) fell to 59.1 in January from 59.4 in December, dropping to its lowest level since June. The GBP / USD pair fell to $ 1.6263 during the European session.

American trading session:

U.S. Dollar: The dollar fell amid mixed statistics. In the U.S. went out report that the activity in the U.S. non-manufacturing sector continued to grow in January. This was evidenced by data released Wednesday by the Institute for Supply Management (ISM). Purchasing Managers Index (PMI) for the non-productive sphere the U.S. in January rose to 54.0 against 53.0 in December. Economists had expected the index to rise last month to 53.8. Values above 50 indicated growth in activity. As it was shown by recent data that were presented Automatic Data Processing (ADP), in January, private sector employment increased markedly, although not enough to confirm the evaluation of many economists. According to a report last month, the number of employed increased by 175,000 people, compared with a revised downward indicator for the previous month at 227 million (initially reported growth of 238 thousand jobs). Add that, according to the average forecast of this indicator would grow by 191000.

Gold: The price of gold rose to one-week high after the release of the employment report from ADP. The cost of the April gold futures rose to $ 1274.70 per ounce on the COMEX today.

Oil: The oil price declined after a government report showed an increase in U.S. oil inventories. The March futures price for U.S. light crude oil WTI fell to $ 97.00 a barrel on the NYMEX.


The Australian dollar raised almost two figures against the U.S. dollar, which was associated with the decision of the RBA rates.

Asian and European trading sessions:

Euro: The euro returned some of the previously lost ground against the dollar, but, despite this, still trading slightly lower. Little impact on the dynamics of trade had the PPI report. It is learned that producer prices rose in December, registering with the first increase in the last three months, which was slightly eased fears about the fragility of recovery in Europe. It became known from the report, which was introduced earlier EU statistical agency. According to the data, in December producer prices rose by 0.2% compared with the previous month, but, nevertheless, were 0.8% lower than in December 2012. Recall that prices fell in October and November - by 0.5% and 0.1%, respectively. Data released last week by Eurostat showed that consumer prices rose 0.7 % in January, compared with an increase of 0.8 % in December, reinforcing fears that a prolonged period of low inflation will be difficult for the eurozone to address its economic imbalances and reduce the large debt. Therefore, the growth of producer prices will be welcomed by politicians of the European Central Bank. The EUR / USD pair rose to $ 1.35340 during the European session.

British Pound: The pound has risen considerably against the U.S. dollar , which helped the publication of positive report on Britain. Recent data from Markit / CIPS showed that activity in January in the UK construction sector has grown substantially, continuing its promotion of the territory expansion, and reaching its highest level since the financial crisis. According to the report, with the seasonally adjusted index of business activity in the construction sector grew in January to a level of 64.6 points compared to 62.1 points in December. The index remains above the neutral mark of 50.0 points, which separates expansion from contraction, for the ninth consecutive month. Also, note that the latter value was the highest since August 2007. According to experts, this indicator should be reduced to the level of 61.6 points. The GBP / USD pair rose to $ 1.6345 during the European session.

American trading session:

Australian dollar: The Australian dollar raised almost two figures against the U.S. dollar, which was associated with the decision of the RBA rates. The Reserve Bank of Australia today decided to keep its benchmark interest rate at a record low - 2.5 %, and noted that a period of stability in interest rates may be "the most sensible course” at the moment. Monetary policy bank “appropriately configured to ensure sustainable growth in demand and inflation in accordance with the purpose," said the head of Glenn Stevens said in a statement today. “Based on current evidence, the most prudent course would be a period of stability in interest rates," he added. The Board of Directors expects that inflation will be slightly higher than stated in the forecasts three months ago, but will be in line with the target of 2-3% over the next two years. Higher inflation, currency devaluation and rising house prices may be causing the Reserve Bank decision to refrain from further easing of monetary policy. Recall that the RBA will cut interest rates by 225 basis points since November 2011 to help the economy to support demand in areas outside the resources sector, taking into account the damping mining boom.

Gold: The price of gold declined after a sharp rise the previous day. The pressure on the stock of the precious metal has a strengthening of the U.S. currency. The cost of the April gold futures dropped to $ 1246.70 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate raised for the first time in three days on speculation that distillate stocks fell last week due to cold weather and on rising U.S. stocks. The March futures price for U.S. light crude oil WTI rose to $ 97.76 per barrel on the NYMEX.


Market review for 03.02.14: The U.S. dollar fell after weak U.S. data on manufacturing activity in the United States.

Asian and European trading sessions:

Euro: The euro was traded slightly higher against its competitors. Positive data for the euro area had considerable support Eurocurrency, but even they were not enough to hold near session highs. As it became known, the manufacturing sector grew in the eurozone last month a little more than originally expected. This was stated in the data that were presented today Markit Economics. According to the report, the final purchasing managers index, which assesses activity in the manufacturing sector rose to 54 points in January, compared with the initial assessment at the level of 53.9 points, and the final reading for December at 52.7 points. The last value was the highest since May 2011. Manufacturing PMI increased in each of the last four months and demonstrates an extension to July last year. The EUR / USD pair rose to $ 1.3520, and then dropped to $ 1.3498 during the European session.

British Pound: The pound declined significantly against the dollar, which was caused by the publication of weak data on Britain. Recent research results that were announced earlier today by Markit Economics and Chartered Institute, showed that UK manufacturing index fell slightly last month , beating forecasts while most experts . Nevertheless, despite the recession, the manufacturing sector continued to expand in January, reflecting the improvement in output and new orders growth. According to the report, the seasonally adjusted purchasing managers' index for the manufacturing sector fell last month to a level of 56.7 points, compared with a revised figure for December at the level of 57.2 points in December. Economists expected the index to decline to 57.1 from 57.3 points in December, which was originally reported. Although PMI is now and is at its lowest level in the last three months, it is still significantly higher than the average - at the level of 51.3 points. The GBP / USD pair fell to $ 1.6325 during the European session.

American trading session:

U.S. Dollar: The dollar fell after weak U.S. data on manufacturing activity in the United States. The index of business activity in the U.S. industry from Markit in January, according to final data, fell to 53.7, below the 11 -month high of 55.0 in December. January's value was the lowest since October, but the index remained above the level of 50.0, which is neutral. These points supported continued improvement of business conditions. In turn, data from the Institute for Supply Management (ISM), published on Monday, suggests that manufacturing activity in the U.S. in January has stalled due to lower inventories. According to the report, the Purchasing Managers Index (PMI) for the manufacturing the United States in January fell to 51.3 from 56.5 in December. Index value above 50 indicates growth in the sector of activity. The economists had expected the index in January at 56.2 .

Gold: The price of gold grew on a weaker dollar after weak data on manufacturing activity in the United States. The cost of the April gold futures on the COMEX today rose to $ 1264.90 per ounce.

Oil: World oil prices were falling at the time, as the data indicated a slowdown in manufacturing activity in China and the U.S., which could lead to a drop in demand for fuel in the world's largest oil-consuming countries. March futures price for U.S. light crude oil WTI fell to $ 96.38 a barrel on the New York Mercantile Exchange (NYMEX).


Market review for 30.01.14: The Euro fell against the U.S. dollar despite the strong data on the labor market in Germany sentiment in the eurozone economy.

Asian and European trading sessions:

Euro: Euro fell against the U.S. dollar despite the strong data on the labor market in Germany sentiment in the eurozone economy. German unemployment fell in January, more than forecast, as companies were more confident in the strength of Europe's largest economy. Number of people out of work fell by a seasonally adjusted 28,000 to 2.93 million, after falling by 19,000 in December, reported the Federal Labour Agency. Economists had forecast a drop of 5000. Adjusted unemployment rate was 6.8 %, almost unchanged from December, and remained near the minimum of twenty years. Unemployment fell by 16,000 in West Germany and 12,000 in the eastern part.
In turn, in the euro area level of economic confidence rose ninth consecutive month in January, data showed on Thursday a survey from the European Commission.
Economic sentiment index rose to 100.9 in January from 100.4 in the previous month. But at the same time the reading was slightly lower than expected level of 101.Confidence in industry fell unexpectedly by 0.5 to -3.9 in January, as a consequence of the management worsened assessment of stocks of finished products. The result was predicted to improve to -3.0. Confidence in the services sector grew by 1.9 points to 2.3, resulting in improved estimates of expected demand and past business situation, while the assessment of the past demand has not changed much. In addition, consumer confidence has improved markedly to 11.7, being in accordance with a preliminary estimate, compared with 13.5 in December. The increase was primarily due to improved expectations about future unemployment and the general economic situation. The result was above its long-term average for the first time since July 2011. Confidence in the retail sector increased to -3.4 -5, due to improvements in all of its three components, namely the present and expected business situation and the assessment of stocks.
Meanwhile, confidence in the construction sector fell strongly to -30.1 from -26.4 as a result of a marked deterioration in ratings portfolio managers’ orders and deteriorating employment expectations. In January, the business climate indicator for the euro area almost unchanged at 0.19 compared to 0.20 in December. Economists had expected the result 0.34. Production expectations leaders, their assessment of past production, and general and export order book remained broadly unchanged. At the same time, the level of stocks of finished products was evaluated more negatively. The EUR / USD pair fell to $ 1.358 5 during the European session.

British Pound: The British pound fell against the dollar after the number of approved applications for mortgage loans in the UK in December rose less than forecast, but this figure was the highest in the last six years. These are the data published by the Bank of England on Thursday.
The number of permits for house purchase rose to 71,638 in December from a revised 70,820 in November. Economists had expected the figure to rise to 72,500 by November initial 70,758.
The latter figure is the highest since January 2008, when the number of mortgage approvals was 71,999.
Loans secured by housing increased by 1.7 billion pounds, while economists expected an increase of 1.2 billion pounds. Consumer loans increased by 0.6 billion pounds, while economists had expected growth to 0.7 billion pounds. The GBP / USD pair fell to $ 1.6440 during the European session.

American trading session:

U.S. Dollar: Dollar got support with regard to U.S. data , was showed that the gross domestic product , which is the broadest measure of goods and services produced in the economy , rose to a seasonally adjusted annual rate of 3.2% in the fourth quarter . Economists had expected in the fourth quarter activity will grow by 3.2%. Overall, in 2013 the economy grew by 1.9%. The last time the economy grew by more than 3 % per annum before the recession, when it reached 3.4% in 2005. In 2012, GDP grew by 2.8%. Recent GDP data show that the economy expanded by 3.7 % in the second half of 2013. This rate was much higher than the growth of 1.8% in the first half of this year. This is the highest growth rate in the second half of 2003, when the economy expanded by 5.8%.

Gold: The gold prices fell by about 1 %, which was associated with a significant appreciation of the U.S. currency after the U.S. Federal Reserve lowered the volume again its monetary stimulus. The cost of the February gold futures dropped to $ 1242.10 per ounce on the COMEX today.

Oil: The oil prices rose today, which was a month high as strong frosts in the United States contributed to the growth in demand for oil. The March futures price for U.S. light crude oil, WTI rose to $ 98.45 per barrel on the New York Mercantile Exchange.


Market review for 29.01.14: The U.S dollar got some support after the Fed's decision to lower the amount of QE.

Asian and European trading sessions:

Euro: The euro fell against the U.S. dollar, amid reducing lending to the private sector in the euro area. According to the European Central Bank lending to the private sector in the euro zone fell in December compared with the same period of the previous year as well significantly, as in the previous month. According to published data, in December, as well as in November, lending to the private sector decreased by 2.3%.
Last spring, the housekeeper eurozone emerged from a protracted recession, which was particularly severe in Southern Europe, where the cost of credit for small businesses is much higher than in other regions of the eurozone. Nevertheless, the economic recovery remains slow and insufficient to curb unemployment, which is held at record high levels. According to economists, the economic recovery may not be sustainable if the banks start to lend more actively firms and households.
The report also showed that the M3 broad money supply grew by only 1 % in December, after expanding by 1.5 % in November. Economists had expected the index to rise 1.7 %. During the period from October to December M3 money supply grew by 1.3 % compared with the same period last year. Such growth rates are far below the “reference value “of the ECB 4.5 %, which, according to the central bank, consistent with the mandate of price stability.
Earlier, the euro rose, supported by data on the index of consumer confidence in Germany. German consumer confidence index improved for the fifth month in a row in February amid recovery of the growth momentum in the country. These are the results of a survey conducted by a group GfK. Expected consumer confidence index rose to confidently 8.2 points from a revised 7.7 points in January. The latter figure is the highest level since August 2007. Economists had expected the index to rise only to 7.8.
Income expectations index rose to a 13- year high of 46.2 points in January from 39.5 in December. Measure of economic expectations jumped to 35.3 from 23.3. The result is the highest since July 2011. Readiness Index to purchase rose to 50 from 46.1, noting the highest level since the end of 2006. The EUR / USD pair rose to $ 1.3685, but then fell to $ 1.3619 during the European session.

British Pound: The British pound rose against the dollar earlier after the release of U.S. data on the growth in housing prices. In the UK house prices rose at the fastest pace in more than three and a half years in January, supported by strong growth in employment, record low mortgage interest rates and increasing confidence. Such a survey conducted nationwide housing society. The housing price index rose by 8.8 % per annum in January, marking the fastest increase since May 2010, when prices rose by 9.8 %. Prices were by about 4% below the peak in 2007. Economists had expected prices to rise in January by 8.1 % . In December, the index recorded an increase of 8.4%. Housing prices rose a seasonally adjusted 0.7 % compared to December, when they rose 1.4 %. Expectations were at a gain of 0.7 %. The average house price in the UK has now reached 176,491 pounds, which is more than 175,826 pounds, registered in December. GBP / USD: during the European session, the pair rose to $ 1.6608, but then fell to $ 1.6542

The Yen and the Swiss franc fell against major currencies after the Turkish central bank took steps to stop the further devaluation of the lira, which reduced demand for safe-haven currencies.

American trading session:

U.S. Dollar: The dollar got some support after the Fed's decision to lower the amount of QE. The Fed reduced the amount of asset purchases by $ 10 billion - to $ 65 billion and kept the interest rates, at 0.25 % with 0.25 % forecast.

Gold: The gold prices raised significantly today, the price of February gold futures on the COMEX today rose to $ 1264.90 per ounce.

Oil: The prices for WTI crude oil declined moderately, after a government report showed that U.S. crude inventories rose more than expected last week. The March WTI futures price fell to $ 97.10 a barrel on the New York Mercantile Exchange (NYMEX).


Market review for 28.01.14: The euro fell against the background data on import prices in Germany.

Asian and European trading sessions:

Euro: The euro exchange rate against the U.S. dollar fell against the background data on import prices in Germany. As it was shown by the data published by the Federal Statistical Office, import prices in Germany fell twelfth consecutive month in December, but in a lesser degree than in the previous month. The import price index fell by 2.3 % in December compared with the corresponding month in 2012. This followed a 2.9 % drop in November. Prices are already falling regularly since December 2012. Economists had forecast a slower decline by 2.2 % in December 2013. Index was influenced by a 5 % fall in energy prices as well as falling to 15.5 per cent in the cost of non-ferrous metals. Prices for the products of iron, steel and alloys were 5.4 % lower than a year earlier.
On a monthly basis, import prices were unchanged in December, after an increase in November to 0.1 %. Expectations were level rise by 0.2 %. Overall, in 2013 the import price index fell by 2.6 per cent per annum, after rising 2.2 % in 2012. The decrease was due mainly to a fall 7 % in energy prices.
Department of Statistics also reported that in Germany, export prices decreased at a slower annual rate of 1 % in December compared with a decline of 1.1 % in the previous month. On a monthly measurement of export prices fell by 0.1 %, after being unchanged in November.
At the beginning of the session, some support for the single currency was data on consumer confidence in France. The consumer confidence index rose to 86 in January from 85 in December and 84 in November. Economists had forecast the index to remain unchanged at December. Estimation by consumers of their past financial situation was essentially unchanged in January compared with the previous month. Meanwhile, their expectations of personal finances in the coming months were more optimistic, corresponding sub-indicator rose to -18 from -20 in December.
The survey showed that the number of households that said in January the best time to make major purchases and savings increased. Similarly, their expectations about future ability to save were more optimistic. Measure attitudes households past state of the French economy grew by 2 points to -71 in January. At the same time, their expectations for the future state of the economy showed further improvement. Prospects indicator rose to -45 from -49. The EUR / USD pair rose to $ 1.3690, but then fell to $ 1.3625 during the European session.

British Pound: British pound reacted negatively to the preliminary data on GDP. Economic growth in the UK fell in the last quarter of 2013, and it was a slight slowdown can strengthen the authorities' determination to continue to promote, to support further growth. British National Bureau of Statistics (ONS) said on Tuesday that the gross domestic product in the 4th quarter increased by 0.7 % compared to the 3rd quarter, after rising 0.8% in the previous two quarters.
Compared with the same period of the previous year, the GDP grew by 2.8%. Downturn in the construction industry in November was a major factor slowing, reported ONS, which estimates that production decline in the sector for the quarter was 0.3 %. In other sectors, there was an increase. The GBP / USD pair rose to $ 1.6623, but then fell to $ 1.6535 during the European session.

Japanese Yen: The yen fell to a decline in demand for safe-haven currencies. The reason was an emergency meeting of the committee on monetary policy of the National Bank of Turkey, dedicated to a sharp drop in the national currency - the Turkish lira against the dollar and euro. Currently, market participants insist that the Central Bank of Turkey to set it raised the interest rate. The USD / JPY pair rose to Y103.26 during the European session.

American trading session:

U.S. Dollar: The dollar traded higher against the euro which was influenced by the data on orders for durable goods as well as consumer confidence, which helped regain some positions. As it became known, new orders for durable goods fell 4.3% in December from November to $ 229.3 billion these are the data of the Ministry of Trade. This second drop in three months, and was marked the steepest decline since July. The decrease was due to a decline in demand for civilian aircraft, which is a volatile category. But even excluding the transportation sector, orders for durable goods fell by 1.6 %, showing the biggest drop since March. Economists had forecast an increase of 2 % of orders for durable goods in December. The data indicated that consumers and businesses are still spending cautiously, despite signs that the U.S. economy is gaining strength in recent months of 2013. Another report showed that consumer confidence index from the Conference Board, which rebounded in December, increased again in January. The index is currently 80.7 compared to 77.5 in December. The current conditions index rose to 79.1 from 75.3. The expectations index rose to 81.8 from 79.0 last month.

Canadian dollar: The Canadian dollar declined significantly against the U.S. dollar, reaching at this 4.5 -year low on expectations of further Fed folding and further commitment of the Bank of Canada's policy weak currency. The Fed today begins 2 -day meeting. It expected to further minimize the quantitative easing program. Despite the weakness of the labor market, according to the consensus forecast is expected that the Central Bank will refrain from sharp folding, cutting 75 -billion program gradually, until the end of this year.

Gold: The gold prices declined moderately today, after weak U.S. data on orders for durable goods decreased optimism regarding the strength of the economy, reducing expectations for a further reduction in stimulus from the Fed. Cost February gold futures on the COMEX today dropped to $ 1253.50 per ounce.

Oil: The crude oil futures rose on Tuesday as traders are awaiting the start of a two-day meeting of the Federal Reserve System, the outcome of which will depend on the future dynamics of oil prices. March futures price for U.S. light crude oil WTI rose to $ 97.47 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 27.01.14: The yen trading dynamics were affected by the sales of assets in the stock markets in Asia and developing countries.

Asian and European trading sessions:

Euro: The euro fell to its maximum value against the dollar, while back below the levels of the session. Early growth of the euro was fluff associated with the release of strong data from the institute Ifo, according to which the business climate index in January rose to 110.6 from 109.5 values unrevised December, reaching its highest level since July 2011 and exceeded economists' forecast. In turn, the index of current conditions rose to 112.4 compared to 111.6 in December. The figure was slightly higher than expected 112.2. The expectations index also improved more than expected to 108.9 from 107.4. The expected result was 108. The EUR/USD pair rose to $ 1.3718, but then fell to $ 1.3655 during the European session.

Japanese Yen: The yen touched a seven-week high against the dollar on sales of assets in the stock markets in Asia and developing countries, leading to increased demand for safe-haven currency. The yen lost previously won positions after the release of data on the trade balance of the country. Japan's trade deficit reached a historic high. The deficit amounted to 11.5 trillion Yen ($ 113 billion), which is almost two times more than last year's figure 6.9 trillion Yen, according to the Finance Ministry in Tokyo. In December, imports increased by 25% compared with a year earlier, and exports gained 15%, resulting in a monthly deficit of $ 1.3 trillion Yen. The reasons for this were the growth of energy supplies and the weakness of the Yen. The USD / JPY pair rose to Y102.65 during the European session.

American trading session:

British Pound: The pound has risen considerably against the U.S. dollar, offsetting more than half the losses incurred in the last session. Add that traders continue to actively speculate that the Bank of England may be the first of the leading CB who will raise the interest rate. In addition, for the growth of currency helped expectations of tomorrow's publication of GDP data for the fourth quarter. Recall that in the third quarter of the UK economy grew at an annualized rate of 1.9 percent, while fixing the third consecutive quarterly increase and rising hopes that the UK economy has moved to let the recovery. It is expected that the GDP data for the fourth quarter show that the UK economy has continued to expand. Experts note that even if the pace of growth will be slightly slower, it probably will not affect the monetary policy of the Bank of England. The GBP / USD pair rose to $ 1.6575 during the European session.

U.S. Dollar: The dollar traded slightly higher, though lost some previously won positions. The growth of the U.S. dollar was due to the expectations that the Federal Reserve will continue to minimize the quantitative easing program at the January meeting. More and more people are inclined to believe that the Fed will simply continue to reduce QE. In general, the economic recovery is strong enough, despite the recent negative statistical data from the United States. According to the median forecast of economists at the next meeting of the FOMC, which will be held January 28-29, the Central Bank again reduce monthly asset purchases to $ 10 billion. The pressure on the currency had a report, which showed that sales of newly built homes fell by 7% to a seasonally adjusted annual rate of 414,000 in December from 445,000 in November. Result November was revised down to 19,000. Economists had forecast an annual rate of new home sales at 457,000 in December, although many of them noted that the unusually cold and windy weather may have contributed to the sales activity. New home sales in December were the weakest since the summer months, when mortgage rates jumped in response to reports that the Federal Reserve plans to reduce its bond-buying program.

Gold: The gold prices fell markedly today, departing from the 10 - week highs as traders began to gradually fix their positions ahead of a key meeting of the Federal Reserve this week. The cost February gold futures dropped to $ 1260.70 per ounce on the COMEX today.

Oil: The oil prices declined moderately today, recording the second -session decline in a row, which was associated with the release of weak data on the U.S. housing market. With this in mind, experts have begun to show concern that demand for fuel in the U.S. - the world's largest consumer - may slow. The March futures price of WTI fell to $ 95.89 a barrel on NYMEX.


Market review for 23.01.14: The Euro rose substantially on positive data of the business activity in the euro area private sector.

Asian and European trading sessions:

Euro: The euro exchange rate rose substantially against the U.S. dollar on data for the business activity in the euro area private sector, which increased significantly in January, having shown the highest growth in the last 31 months. This was stated in the study results, which were issued by Markit Economics. The data showed that the composite PMI, which assesses the effectiveness of the manufacturing sector and the services sector rose to 53.2 in January from 52.1 in December, reaching its highest level since June 2011. Pleased also another report which showed that the current account surplus of the euro zone rose unexpectedly in November, registering with the second monthly increase in a row, which primarily was due to a significant increase in exports. According to the report, the current account surplus rose to a seasonally adjusted level of 23.5 billion euros in November, compared with 22.2 billion euros in October. The EUR / USD pair rose to $ 1.3647 during the European session.

British Pound: The pound continued its yesterday's gains against the U.S. dollar, while setting a new yearly high. Increased risk appetite supporting sterling today. Positive so far for a pound a week contributed to the continuation of its strengthening levels above $ 1.6600, where the couple was not since August 2011. A recent report to the Bank of England combined with data on employment contributed to the development of the current bullish bias. The GBP / USD pair rose to $ 1.6615 during the European session.

Swiss Frank: The Swiss franc has risen sharply against the U.S. dollar against the backdrop of the Swiss National Bank raised its capital buffer requirements for banks , they should have to mortgage lending. Note that the SNB is supported by the Government now requires mortgage lenders have to have a 2% higher weighted assets in relation to mortgage risk to maintain their lending , against 1% , introduced in February 2013 . New rules on capital reserves associated with a mortgage come into force on June 30 this year.

American trading session:

U.S. Dollar: The U.S. dollar weakened across the board after the published statistics. Manufacturing activity in the U.S. this month weakened. This wss evidenced by the preliminary report of Markit, presented on Thursday. Nevertheless, one of the factors weakening activity can be extremely cold weather. Preliminary Purchasing Managers Index (PMI) for the manufacturing the United States in January fell to 53.7 from December's final value of 55.0. In Markit reported that the January preliminary value that is based on approximately 85 % of the normal monthly number of responses, “signaled the slowest in three months improving the business environment." Another report showed that the index of economic activity for the region of Chicago gave markedly smaller increase in December, as the sub- indices related to employment and production figures have decreased compared to the previous month. With regard to labor market data, the number of applications for unemployment benefits rose slightly last week, although the overall level indicates a marked improvement in the labor market. According to the report, the seasonally adjusted number of initial claims for unemployment benefits rose for the week ending January 18, 1000, reaching a level with 326 thousand.

Gold: The gold prices rebounded from two-week low after reporting a slowdown in manufacturing activity in China and on the eve of the Fed meeting, at which the central bank may continue to reduce incentives. The cost of February gold futures rose to $ 1267.50 per ounce on the COMEX today.

Oil: The cost of March futures of WTI oil brand rose to $ 97.80, to three-week high after a government report showed that U.S. inventories of distillates fell as demand rose.


Market review for 22.01.14: The Pound rose today on positive unemployment rate data.

Asian and European trading sessions:

British Pound: The Pound rose sharply against the U.S. dollar , which was helped data that showed that the unemployment rate fell to its lowest level in nearly five years , while approaching to the 7 % threshold at which the Bank of England officials may begin to reconsider the amount of the asset purchase program . According to the report, the unemployment rate, as measured by the standards of the International Labour Organization, fell to 7.1 % in the three months to November, compared with 7.4 %, which were recorded in the previous three-month period (October). Meanwhile, the report showed that the number of unemployed fell by 167,000 to 2.32 million in the three months to November compared with the previous three-month period. It was the biggest decline since October 1997 and the second largest since records began in 1971. The GBP / USD pair rose to $ 1.6565 during the European session.

Japanese Yen: The yen fell against most major currencies amid rising Japanese stock market after the Central Bank refrained from expanding the program of monetary stimulus. The Bank of Japan left unchanged targets expansion of the monetary base in the range of 60 trillion yen to 70 trillion yen ($ 671 billion) a year and confirmed forecast that core inflation in 2015 fiscal year, which begins in April, will be at 1.9 %. The USD / JPY pair rose to Y104.72 from Y103.98 during the European session.

American trading session:

Canadian dollar: The Canadian dollar fell after the Bank of Canada left interest rates unchanged and said to increase the economic growth projections. The Canada's central bank left its benchmark interest rate unchanged, at 1%, stating that the importance of the downside risks to inflation has been increased. However, it raised its forecasts for GDP growth, expecting increased demand from the U.S. and a lower Canadian dollar’s rate will boost exports.

Gold: The gold prices traded in a narrow range with a moderate decrease, while investors expect the Fed to further reduce the incentives and evaluate improved forecasts for global economic growth. The cost of the February gold futures traded in the range of $ 1237.50 - $ 1243.60 per ounce on the COMEX today.

Oil: The world oil prices show a positive trend amid expectations reduction in U.S. distillate stocks. March futures price of WTI rose to $ 96.55 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 21.01.14: The dollar fell on fact that the IMF raised its forecast for U.S. GDP growth.

Asian and European trading sessions:

Euro: The euro exchange rate fell moderately against the dollar, which was associated with the release of weak data on Germany. The results of recent studies, which were presented by institute ZEW, showed that German economic expectations fell in January, contrary to forecasts for growth. But, despite the recession, mood is still elevated. According the report, the sentiment index fell in the business environment in the current month to the level of 61.7 points compared to 62.0 points in December. It is worth noting that many economists predicted that this figure will rise to the level of 63.4 points. Nevertheless, we add that the index remained well above long-term average at 24.4 points. The data showed that 254 analysts and institutional investors were optimistic about the current economic conditions. We add that the ZEW indicator on current conditions rose in January to a level of 41.2 points, compared to 32.4 points in December. We also learned that the economic expectations for the euro zone rose in January. The corresponding figure improved by 5.0 points to 73.3 points. Indicator of the current economic situation in the euro area rose by 6.2 points to minus 48.2 points level. The EUR / USD pair fell to $ 1.3510, and then recovered slightly during the European session.

British Pound: The pound was able to recover from the lows against the dollar, reaching levels at this opening session. Noticeable influence on the bidding had data that were presented today by the Confederation of British Industry. They showed that the balance of industrial orders fell sharply in January, but the index that assesses the prospects for the next three months was at the highest level over the past two years. According to the report, the January balance of industry orders dropped to -2 points, compared with 12 points last month. Many experts expected that this figure is only slightly worse, but it was up to 11 points. In addition, it was reported that the balance of demands for the next three months rose to 22 points from 14 points, and reached the highest level since April 2012. We also add that new orders in the three months to January, showed the largest increase in nearly three years. The data also showed that the quarterly balance of prospects for the companies declined to 21 in the three months to January 24 in the three months to October (the highest since April 2010). Recall that the British manufacturing sector is gradually recovering from the financial crisis, but remained below its peak in 2008, underscoring the problem re- rebalancing the economy to reduce dependence on domestic consumption. The GBP / USD pair fell to $ 1.6400 level.

American trading session:

U.S. Dollar: The dollar fell after the fact that the IMF raised its forecast for U.S. GDP growth this year by 0.2 percentage points to 2.8%, although it has lowered the forecast for 2015 by 0.4 percentage points to 3%. This was due to the ongoing battles in Congress over federal spending and balance.

Gold: The gold prices fell to a six-week peak against the background of recovery in stock markets and the possibility of weakening demand in the physical market. The cost February gold futures dropped to $ 1235.10 per ounce on the COMEX today.

Oil: The oil prices rose after the announcement of an improved outlook for the growth rate of world consumption, which was granted by the International Energy Agency. The February futures price of WTI rose to $ 95.20 per barrel on the NYMEX.


Market review for 20.01.14: The euro traded under the background data on producer prices in Germany.

Asian and European trading sessions:

Euro: The moderate growth rate of the euro against the U.S. dollar was seen on the background data on producer prices in Germany. Recent data from the Statistical Office Destatis showed that producer prices in Germany fell again last month, while fixing the fifth consecutive monthly decline.
According to the report, producer prices fell in December by 0.5 % compared to the same period last year. Recall also that in the month of November, prices have fallen more significantly, namely by 0.8 %. Also, according to the average forecast of experts for this indicator was down by 0.6 % per annum. The cost of energy and intermediate goods decreased by 1.8 % and 1.1 %, respectively. Meanwhile, the consumer prices rose by 1.5 %, while prices for durable goods rose 1.1 %. Capital goods prices rose by 0.7 %.
In Statistical Bureau also reported that in a monthly basis, producer prices rose in December by 0.1 %, fully offsetting a decline of 0.1 %, which was recorded in the month of November. In addition, the data showed that in 2013, the producer price index for industrial products fell slightly - by 0.1 % per annum. Recall that the results of 2012, the index rose by 1.6 %. The EUR / USD pair rose to $ 1.3568 during the European session.

Japanese Yen: The yen rose against most major currencies following the collapse of the Asian stock markets on data about the weakening economic growth in China, increasing its attractiveness as a safe-haven currency. The USD / JPY pair rose to Y104.26 during the European session. However, later the pair fell sharply, continuing its decline after a significant correction.

American trading session:

Gold: The gold peaked at nearly six weeks amid signs of increasing demand, as the volume of positions in the largest gold exchange-traded funds has grown most rapidly since 2011. The cost of February gold futures rose to $ 1263.00 per ounce on the COMEX today.

Oil: The world oil prices down on Monday amid conflicting economic data from China, as well as news on the progress made in resolving the Iranian issue. The February futures price of WTI fell to $ 93.45 a barrel on the NYMEX.


Market review for 16.01.14: The Australian dollar fell after the publication of a negative report on employment in Australia.

Asian and European trading sessions:

Euro: The euro traded sideways against the U.S. dollar on the background of the final data on inflation in the euro area which was in line with the preliminary estimates. Annual inflation in the 17 countries of the euro zone declined in December, showing that the inflation was still below the European Central Bank's target level. The Eurostat on Thursday confirmed its preliminary assessment of the dynamics of prices in December, published last week. According to the report, the consumer price index (CPI) in December rose by 0.3 % compared to November and 0.8% compared to December 2012.The data indicated a weakening of annual inflation compared with November, when it stood at 0.9 %, and this figure was still below the target level, the ECB near 2.0%. The Eurostat also confirmed that the increase in core consumer price index (Core CPI), which excluded volatile food prices and energy prices, slowed to 0.7 %, showing the lowest growth since the beginning of such statistics in 2001.
Today was also published a monthly report by the ECB. In its January newsletter Governing Council of the ECB had to maintain rates at current or lower level for a long period of time. Authorities said that accommodative monetary policy rate will be maintained long as it needed. The EUR / USD traded in the range of $ 1.3593 - $ 1.3629 during the European session.

U.S. Dollar: The dollar index close to four-month high, as investors believe that the U.S. economy is strong enough to survive without loss possible reduction incentives Fed. The economic activity in all regions of the U.S. grew in December, “moderate " pace due to an increase in consumer spending in the festive season , the improvement in the labor market and recovery of industrial production , released on Wednesday showed a regional overview of the Fed.

Australian dollar: The Australian dollar fell to its lowest level since August 2010 against the U.S. dollar after the publication of a negative report on employment in Australia. According to the National Bureau of Statistics, the number of jobs in the country in December fell by 22.6 thousand, while economists had expected growth of 10 thousand for the year Australia's economy lost 67.5 thousand jobs, which was the worst figure since 1992.

American trading session:

British Pound: The pound fell slightly against the U.S. dollar , as data showed that expectations regarding the future growth of British housing prices have increased again last month, which was due to the lack of new homes on the market . It became known from the last survey, which was published today by the Royal Institution of Chartered Surveyors (RICS). The RICS experts said that 61 % of respondents predict that home prices will rise over the next three months, compared with 59 % in November. We add that the last result was the highest since September 1999. The survey also showed house prices rose in every region of Great Britain in the last month. Nevertheless, the main house price balance fell to 56 % in December from 58% in November. Many experts predicted that the value of this index will rise to the level of 59%. It is worth noting that it was the first decline in the index over the past four months. The economists also said that the UK housing market was underpinned by falling unemployment, low interest rates and government programs to make mortgages cheaper and easier to obtain. The GBP / USD pair fell to $ 1.6310 during the European session.

Gold: The gold prices raised slightly after a government report that inflation in the U.S. rose, increasing the appeal of the precious metal as a hedge against inflation. The cost of the February gold futures rose to $ 1241.90 per ounce on the COMEX.
Oil: The oil prices were mixed, though with a slight modification. On the dynamics of trade were affected expectations of increasing supplies from the Middle East and North Africa, which outweighed the news about a noticeable drop in U.S. oil inventories. The cost February futures on U.S. light crude oil WTI dropped to $ 93.90 per barrel.


Market review for 15.01.14: The euro fell against the U.S. dollar under pressure data on the GDP of Germany.

Asian and European trading sessions:

Euro: The euro fell against the U.S. dollar under pressure data on the GDP of Germany. The Federal Statistical Office Destatis reported on Wednesday that German economic growth slowed in 2013 due to uncertainty stemming from the eurozone crisis. Germany 's gross domestic product adjusted for inflation increased by 0.4 % in 2013 after rising 0.7 % in the previous year, said Destatis.
"It seems that the crisis in the euro zone slowed the German economy," - said President Roderick Destatis Egger at a press conference, adding that domestic demand could not fully compensate for the slowdown.
The household consumption in the euro zone’s largest economy in 2013 increased by 0.9 %, while the government consumption rose by 1.1%. Export growth was 0.6 % in 2013, compared with 3.2 % in the previous year.Also, was published data on the trade balance of the eurozone. Eurozone exports fell for the first time in four months in November, showed on Wednesday data published Eurostat. Exports fell by a seasonally adjusted 0.2 % in the month dimension, followed by zero growth in October. At the same time, lowering the import deepened to 1.3 % of 1 %. While imports fell more than exports, the trade surplus rose to a seasonally adjusted up to 16 billion euros from 14.3 billion euros in October. On the basis of unadjusted trade surplus amounted to 17.1 billion euros, compared with a surplus of 16.8 billion euros in October. Expected surplus in November totaled 16.5 billion euros. The EUR / USD pair fell to $ 1.3601 during the European session.

U.S. Dollar: The U.S. dollar strengthened against the major currencies against the fact that the World Bank raised its forecast for global economic growth in 2014-2015. According to forecasts, this year, the world economy will grow by 3.2% compared to the June forecast growth of 3%. The Bank expects that in 2015 global growth to reach 3.4 % compared with 3.3% projected in June. Prediction for the richest countries was revised to 2.2% from 2%. In the U.S., growth will accelerate to 2.8 % this year, while Japan's GDP will be 1.4 %. This year, the eurozone economy is expected to increase to 1.1% compared with 0.9 % reported by the World Bank in June.

American trading session:

British Pound: The British pound rose against the U.S. dollar despite the data from the Conference Board. A leading indicator of the UK economy grew fifth consecutive month in November, suggesting that the economy will continue to expand in the coming months .The index of leading indicators rose 0.5 % on a monthly measurement to 108.3 in November after rising 0.4 % in October and 1.6 % in September. Index currently registered positive growth for the fifth month in a row.
At the same time, the coincident index, this measures the current situation in the economy, increased by 0.2 % sequentially to 105.7 in November. This followed growth of 0.1 % in October and 0.5 % increase in September. During the six months ended in November, the index of leading indicators recorded a growth of 4.5 %, while the coincident index remained unchanged.
"Widespread increased production and job growth, along with steady support from monetary policy will contribute to the restoration," said Conference Board Chief Economist Bart van Ark. The GBP / USD pair fell to $ 1.6370during the European session.

Gold: The gold traded down though and could recover some of the previously lost positions as strong U.S. data and optimistic outlook for global economic growth caused a rise in the dollar and stocks, which put pressure on the metal. The cost of February gold futures dropped to $ 1240.00 per ounce on the COMEX.

Oil: The oil prices have risen markedly today, after a government report showed that U.S. crude inventories fell last week to the lowest level in nearly 22 months. The February futures price of WTI rose to $ 94.50 per barrel.


Market review for 14.01.14: The euro rose after strong data on industrial production in the euro area.

Asian and European trading sessions:

Euro: The euro rose against the U.S. dollar after strong data on industrial production in the euro area. Eurozone industrial production in November rose at the highest rate in three and a half years, indicating that the currency GDP at the end of 2013 increased in the third consecutive quarter . Unexpectedly strong growth in eurozone’s manufacturing reduced doubts about the sustainability of economic recovery. Although the results of the poll in the business world in the last quarter of 2013 were positive, the official data were weak. The industrial production, production in construction and retail sales fell in October.
The statistical Office of the European Union reported that industrial production in November rose by 1.8% compared to October, and by 3% compared with the same period last year. These data were better than forecast. Also, the October data were revised upward. The Eurostat reported that industrial production in October fell by 0.8 %, whereas the previously reported 1.1% decline. The growth in industrial production in November compared with the previous month was the highest since May 2010, when it rose by 2%. Annualised growth was the highest since August 2011, when industrial production rose by 5, 5% .The EUR / USD pair rose to $ 1.36700 during the European session.

British Pound: The British pound rose against the dollar on U.S. data on slowing inflation in Britain. The inflation in the UK fell unexpectedly in December and reached the target level of 2 per cent of the Bank of England for the first time since 2009, the Office for National Statistics reported.
Consumer prices rose by 2 % year on year, after rising 2.1 % in November. According to forecasts, inflation was to remain stable at 2 %. On a monthly basis, the consumer prices rose by 0.4 %, which is faster than the growth of 0.1 % posted in the previous month. Excluding energy, food, alcoholic beverages and tobacco products, core inflation declined marginally to 1.7 % in December from 1.8 % in November. In a separate statement, the ONS said inflation producer prices accelerated to 1 % in December from 0.8 % a month earlier. Compared to November, the prices for products remained unchanged. Purchase prices, at the same time, decreased the second consecutive month in December. Prices fell by 1.2 % per annum, after easing to 1 % in November. On a monthly basis the purchase prices increased by 0.1 %. The GBP / USD pair rose to $ 1.64450 during the European session.

Japanese Yen: The yen fell against all major currencies after the publication of a report on the current account deficit in Japan. In November, this figure Japan widened to a record value, as imports grew. This again highlighted the problems for Prime Minister Shinzo Abe, who is trying to achieve sustainable economic growth. The USD / JPY pair rose to Y103.79 during the European session.

American trading session:

U.S. Dollar: The support for the dollar was from the U.S. data, which showed that retail sales rose 0.2 % last month, in line with expectations. Car sales fell 1.8 %, pulling down the broader indicators. For the automotive industry, this was a record year, and the slowdown in December is considered more a reflection of poor weather conditions and calendar amendments than the beginning of a new trend. Excluding autos, the retail sales rose by December confident 0.7%. Values of retail sales for previous months were revised down to an increase of 0.5 % in October and in November, rising by 0.4%. Total retail sales for 2013 increased by 4.2 % compared with the previous year, slowing the pace of 2012 to 5.4% and 7.5% growth in 2011.

Gold: The gold prices rose today, while reaching its highest level in a month, which was due to the depreciation of stocks and uncertainty about growth prospects after a disappointing U.S. employment data announced at last week. The cost of the February gold futures rose to $ 1252.30 per ounce on the COMEX today.

Oil: The WTI prices for crude oil rose today, offsetting losses the previous session, while Brent oil price fell, which was associated with an additional increase in Libyan oil supplies and expectations that Iranian oil will return to the market. The February futures price of U.S. light crude oil, WTI rose to $ 92.15 per barrel.


Market review for 13.01.14: The pound continued to suffer losses on the background of revaluation of the UK economy in Q1.

Asian and European trading sessions:

British Pound: The pound continued to suffer losses on the background of the revaluation of the UK economy in Q, which doesn’t work in pound’s favor. The recovery of UK tells that for now the growth will continue, but at a slower pace, limiting further strengthening of the GBP/USD couple. The pair from the opening level of $1.6489 slipped to week low of $1.6340.

Japanese Yen: The yen has risen considerably against the U.S. dollar, which is probably a reaction to the publication on Friday employment report in the U.S., which came after the close of Asian markets last week. Many analysts pointed to a lower Treasury yields after data on employment as a sign of a deeper decline of the dollar against the yen. The USD / JPY pair rose to Y103.59 during the European session.

Australian dollar: The Australian dollar reached a one-month high against the dollar after the volume of mortgage lending in Australia increased in November. The Australian Bureau of Statistics reported on Monday that the total number of mortgages in Australia rose to a seasonally adjusted 1.1% in November compared with the previous month and was 52 912.The main indicators coincided with economists' forecasts, after rising 1.0 % in October.
Total number of loans for the construction of new homes rose by 2.3 % to 5686. The credits for the purchase of new homes fell 4.3 % to 2856, while loans to purchase housing on the secondary market rose by 1.4 % to 44,370. The volume of loans rose to 1.7 %, remaining unchanged from the previous month and totaled 26.934 billion Australian dollars. Investment lending rose by 1.5 % for the month and amounted to 10.383 billion Australian dollars, slowing from growth of 8.5 % in October.

American trading session:

U.S. Dollar: The dollar rose slightly on the bidding comments influenced by the Atlanta Fed President Dennis Lockhart, who said that if the economy will confirm his expectations, so, probably it is expected that reducing the bond buyback program during the next months will continue.

Gold: The gold prices have stabilized today, little departing from the one-month high, as many experts have continued to analyze the weak U.S. data of employment. The February gold futures rose to $ 1248.90 per ounce on the COMEX today.

Oil: The oil prices fell today as Iran agreed to dismantle its nuclear program, starting on January 20 in accordance with the terms of the deal, which will facilitate some sanctions against the fifth- largest oil producer in OPEC. The February futures price of WTI fell to $ 91.99 a barrel on the New York Mercantile Exchange.


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Market review for 08.01.14: The euro exchange rate fell markedly against almost all competitors, despite the strong data on retail sales and unemployment report.

Asian and European trading sessions:

Euro: The euro exchange rate fell markedly against almost all competitors, despite the strong data on retail sales and unemployment report. Statistical data from Eurostat showed that the unemployment rate in the euro area remained unchanged in November, and remained at a record high value for the eighth consecutive month, but retail sales recorded the biggest monthly increase in 12 years. According to the report, the unemployment rate in the 17 countries that use the euro was 12.1%, while the number of people without jobs was 19.2 million. The unemployment among people whose age less than 25 years old was unchanged for the second month in a row - at 24.2%. In addition, it was reported that retail sales in the euro zone in November jumped 1.4 % on a monthly basis, after falling 0.4 % in October, registering the fastest monthly increase since November 2001.
Compared with the same period last year, sales rose by 1.6 % after falling 0.3 % in October, providing the strongest growth since February 2008. Monthly increase led by a 1.9- % growth in sales of non-food products except automotive fuel. The EUR / USD pair fell to $ 1.3592 during the European session.

British Pound: The pound rose slightly against the U.S. dollar ahead of tomorrow's meeting of the Bank of England. According to expectations, the Bank of England at its January meeting, save parameters of monetary policy unchanged. At the last meeting, all nine members of the committee supported the decision to leave the key interest rate of the central bank at a record low 0.5%, while the volume of bond-buying program - at 375 billion pounds. The GBP / USD pair rose to $ 1.6435 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar grew on a background of the employment report from ADP. As shown by recent data that were presented Automatic Data Processing (ADP), in December, private sector employment markedly increased thereby exceeded the estimates of many economists. According to a report last month, the number of employed increased by 238K people, compared with upwardly revised figure for the previous month at the level of 229 thousand (originally reported growth of 215 thousand jobs). According to the average forecast the indicator would have grown by 199 thousand. Commenting on the latest figures, Carlos Rodriguez, president and chief executive officer of ADP said that “job growth in December was unexpectedly higher than in November, which is mainly characterized by strong results. This is encouraging news, which we hope will bode well for 2014. "

Gold: The price of gold decreases the second day in a row, while the strengthening of the U.S. dollar and the forthcoming publication of the minutes of the last meeting of the Operations Committee on the U.S. Federal Open Market kept investors from buying this metal. The cost of February gold futures dropped to $ 1218.20 per ounce on the COMEX today.

Oil: The cost of oil fell after the U.S. government report showed a larger than expected inventories of gasoline and distillates amid falling demand. The February futures price of U.S. light crude oil WTI fell to $ 92.80 a barrel on the New York Mercantile Exchange.


Market review for 07.01.14: The U.S. dollar modestly rose against major currencies after the release of U.S. trade balance.

Asian and European trading sessions:

Euro: The euro exchange rate rose sharply against the dollar, which was associated with the publication of data on inflation in the euro area, which surprised the experts. A preliminary report from the EU statistical agency showed that the Eurozone annual inflation unexpectedly fell last month, reviving concerns about the fact that it could threaten the “fragile " recovery of the currency bloc. According to the report, on an annual basis, the consumer prices rose by only 0.8 % in December, compared with an increase of 0.9 % per annum in November and expectations at 0.9 %. Recall that in October, inflation was 0.7 %, and this prompted the ECB to lower its benchmark interest rate to the lowest level, namely to 0.25 %, to stimulate the economy. The ECB seeks to achieve the inflation rate below 2.0 %. In addition, the data showed that core inflation, which excludes prices for food and energy, was in December, only 0.7%. The EUR / USD pair rose to $ 1.3658 during the European session.

British Pound: The pound rose against the dollar, retreating from a session low, which was associated with the release of a report showed that sales of cars in the UK have returned to pre-crisis level of car sales in the UK in 2013 exceeded the 2007 figure. This auto market has become the busiest in Europe thanks to cheap credit and rising consumer confidence. The car sales last year rose by 10.5% to 2.26 million units. In 2014, experts also predicted growth based on sustainable recovery unexpectedly UK. In 2013, there were only sold by 6% fewer cars than in the pre-crisis 2007 (2.4 million), and only 300,000 less than a year a historic high. Three-quarters of Britons are buying cars on credit, using the low rates and stimulate the state program. The GBP / USD pair rose to $ 1.6430, and then retreated slightly during the European session.

Japanese Yen: The yen traded lower against the dollar as the Bank of Japan reported on the change in the monetary base of the country. The index for December rose by almost 47 % compared with the previous year to a record 193.5 trillion yen ($ 1.85 trillion). Recall that the purpose of the Bank of Japan from December 2012 to double the monetary base to 270 trillion yen by the end of this year. Also decline in the yen was associated with operation of stop orders. According to traders, it happened after the Japanese stock market offset losses incurred earlier.

American trading session:

U.S. Dollar: The U.S. dollar rose modestly against major currencies after the release of U.S. trade balance. Recent data from the U.S. Department of Commerce showed that exports continued to grow in November, while providing more evidence that high rates of growth abroad can improve performance for the U.S. economy. According to the report, the seasonally adjusted U.S. exports increased in November by 0.9 % compared with the previous month, reaching at this level of $ 194.860 billion, which was the highest in history. Imports, meanwhile, fell by 1.4% - to $ 229.110 billion. Given these changes, the trade deficit narrowed in November to $ 34.250 billion, compared with a revised downward deficit the previous month at $ 39.330 billion. We add that the latter figure was the lowest since October 2009. Many experts predicted a decline in the trade deficit to only $ 40.2 billion from $ 40.6 billion. The global economy showed signs of stabilizing in recent months, and provided potential momentum heading for the U.S. in the New Year. Weakness in Europe, Japan and some emerging markets put pressure on U.S. exporters for most of the recovery. Furthermore, the data showed that U.S. exports increased by 5.2 % compared with a year earlier, led by sales growth in China, Mexico and Canada. U.S. exports to China from January to November rose by 8.7% compared with the same period a year earlier. The exports to Canada, which is the largest trading partner for the United States, increased by 2.5 % over the same period.
Gold: The price of gold was reduced by a stronger dollar after data on the U.S. trade balance. The cost of the February gold futures dropped to $ 1224.10 per ounce on the COMEX today.

Oil: The oil price rose by stopping the longest series of declines since August, on fears that the clashes between the Iraqi government and militants linked to “Al Qaeda " could disrupt oil production. The February WTI futures rose to $ 94.15 a barrel on the NYMEX.


Market review for 06.01.14: The dollar fell against its competitors responding on weak data on business activity in the U.S. service sector.

Asian and European trading sessions:

Euro: The rate of the euro retreated from a session high against the dollar, while returning to the opening level of today's session. The data on business activity influenced the trading course of the euro. It was shown that the growth in the euro zone's private sector has been accelerated in December, with the support of a significant improvement in the manufacturing sector. It became known from the final data, which were published today by Markit Economics. The seasonally adjusted composite index that measures the performance in the industrial sector and the service sector rose to a three-month high in December - to the level of 52.1 points, compared with 51.7 in November. The last result corresponded to preliminary estimates. The recovery headed high in the manufacturing sector, where growth accelerated to the highest level since May 2011. Meanwhile, it became known that the purchasing managers' index for the services sector fell slightly - to 51.0 points in December from 51.2 in November. The latter figure was in line with the preliminary estimates. The slowdown reflected continuing weakness in some domestic markets. The EUR / USD pair rose to $ 1.3620, but then decreased slightly during the European session.

British Pound: The pound regained some lost ground against the dollar, but still continued to trade with a noticeable decrease. The original currency weakness was due to the expectations of the British publication data, and amid volatile trading. As it became known, the growth in the UK services sector unexpectedly slowed in December, against which the corresponding figure fell below 59 points. However, experts note that the confidence grew and the economy can still record its strongest expansion since 2007 last year. According to the report, the monthly purchasing managers index (PMI) for the service sector fell to a six-month low in December - to the level of 58.8 points, contrary to the predictions of experts on the growth to the level of 60.4 points from 60.0 points in November. However, this figure remains well above the 50 mark that divides growth from contraction. The business confidence about the future rose to its highest level since March 2010 - the corresponding index was 73.5 points, helped by an increase in new orders. The GBP / USD pair fell to $ 1.6335 during the European session.

Japanese Yen: The yen traded upward against the dollar, although it has lost some of the previously captured positions. For the Japanese yen helped report, which showed that business activity index for non-manufacturing sector grew in Japan last month, registering with the fourteenth consecutive monthly expansion. According to the report , published today by Markit Economics the business activity index for the services sector rose to 52.1 points in December , compared with November's three-month low of 51.8 points . This result indicates a slight acceleration of growth in business activity, as well as a continuation of a series of extensions, which lasts for 14 consecutive months. The USD / JPY pair rose to Y104.75 during the European session.

American trading session:

U.S. Dollar: The dollar fell against its competitors responding to the not too optimistic data on business activity in the U.S. service sector. As we learned from the report, which was submitted to Markit Economics, activity in the U.S. service sector continued to grow steadily in December, albeit slightly lower than anticipated. According to the report, the final index of business activity for the services sector amounted to 55.7 points in December, compared with the initial reading at the level of 56.0 points, and the final value of November at around 55.9 points. The experts had expected the index to remain unchanged - at the level of 56.0 points. In addition, it was reported that the composite index, which covered the production and service sectors also fell slightly in December - up to 56.1 from 56.2 in November. Nevertheless, the index indicated a strong increase of activity in the manufacturing and services sectors combined. At the same time, another report showed that in December, the index of business activity in the U.S. service sector, calculated by the Institute for Supply Management (ISM) fell, while reaching the level of 53.0, compared with the November reading at around 53.9. According to experts, this indicator would grow to 54.6. The greatest impact on the reduction of sub- indices had orders and business activity.

Gold: The gold prices were rising fourth consecutive session, despite a sharp decline. The cost of the February gold futures rose to $ 1247.70 per ounce on the COMEX today.

Oil: The cost of the WTI oil brand traded in a range of $ 93.70 - $ 94.60 per barrel on the New York Mercantile Exchange.


Market review for 02.01.14: The euro fell against the dollar despite the positive data on manufacturing activity in Germany and the euro area.

Asian and European trading sessions:

Euro: The euro fell against the dollar despite the positive data on manufacturing activity in Germany and the euro area. According to preliminary estimates published last month, the growth of the manufacturing sector lasted in euro zone in December, as it was shown on Thursday by the final results of a study Markit Economics. The Purchasing Managers Index rose for the third month in a row to a level of 52.7 in December. The value was unchanged from the preliminary estimate and higher than November's 51.6 value. The EUR / USD pair fell to $ 1.3637 during the European session.

British Pound: The British pound also fell against the dollar against the publication of the index of manufacturing activity, which came out weaker than expected. The recovery of production in the UK continued to the end of 2013, as it was shown by the data on Thursday surveys of Markit Economics.
However, the purchasing managers' index from Markit / Chartered Institute of Purchasing & Supply fell to 57.3 in December from November's 33 -month high of 58.1. The value of November was revised from 58.4. The GBP / USD pair fell to $ 1.6465 during the European session.

Japanese Yen: The yen continued to remain under pressure showing the largest annual decline since 1979, amid speculations that the Bank of Japan will continue its unprecedented stimulus program, to support the economic strategy of Prime Minister Shinzo Abe. The USD / JPY pair rose to Y105.40 during the European session.

Australian dollar: The Australian dollar opened the year down against the publication of negative statistics from the PRC. The final data of Manufacturing PMI HSBC revealed the last month value of 50.5, while in November the figure was 50.8. It should be noted that a similar government published yesterday PMI index also fell, dropping to 51.0 marks.

American trading session:

U.S. Dollar: In addition, the course of trade affected U.S. data. They showed that the business conditions in the U.S. manufacturing sector improved at the fastest pace since January. The corresponding PMI rose to 55.0 in December compared with 54.7 in November and was higher than the preliminary estimate of 54.4. Meanwhile, another report published by the Institute for Supply Management (ISM), showed that in December the manufacturing activity in the U.S. fell slightly less than economists' expectations . The PMI index for the U.S. manufacturing declined this month to 57.0 vs. 57.3 in November. The last reduction was weaker than economists' forecasts, which were expected decline to 56.8. The other data on the number of applications for benefits were also important. As it became known, the number of initial claims for unemployment benefits reduced by 2000 and totaled a seasonally adjusted 339K in the week ended December 28. The economists had expected 334K initial claims per week. The number of applications from the previous week was revised to 341K from 338K .

Gold: The gold prices rose sharply today, which was associated with the resumption of physical purchases after prices fell to a six-month low. The cost of February gold futures dropped to $ 1223 per ounce on the COMEX today.

Oil: The oil prices fell to their lowest level in more than two weeks as improving U.S. economy has increased the likelihood that the Federal Reserve will further limit the quantitative stimulation. The cost of February futures on U.S. light crude oil WTI fell to $ 96.50 a barrel on the New York Mercantile Exchange.


Happy New Year 2014!

Forex-Metal wishes you good luck and prosperity in the new year. We wish you successful trading and will try to bring more exciting trading features and promotions in 2014 to make trading more rewarding for you.
Just reminders that our support will be closed on 1st January 2014 as most of the markets are closed on that day. Happy Holidays!


Market review for 23.12.13: The U.S. dollar lowered on U.S consumer sentiment report, which came out weaker than expected.

Asian and European trading sessions:

U.S. Dollar: The little support for the dollar had a statement of the head of the IMF, Christine Lagarde, who expressed the fund’s readiness to improve of the prognosis of the U.S. economy in 2014. Ms. Lagarde noted that strengthening of the U.S. economy’s growth will definitely lead to further improve the business climate in the next year.

Swiss franc: The Swiss franc rose against the U.S. dollar, which was helped by the publication of data, which were presented earlier today UBS. It showed that the rate of consumer activity in Switzerland rose last month, as the Christmas shopping period lifted the mood in the retail sector. According to the report, the consumption indicator rose to 1.43 points in November, compared with 1.26 points in October. This increase was due to higher assessment of business conditions in the retail sector, although weak data on new car registrations have prevented more substantial growth, the report said. Meanwhile, it became known that the index of business conditions in the retail sector , compiled by the Institute KOF, which is one of five sub - indicators in the indicator of consumer activity UBS, rose in November to a level of 6 points compared with 1.5 points a month earlier.

American trading session:

U.S. Dollar: The U.S. dollar lowered on report for consumer sentiment in the U.S. came out a little weaker than expected. According to the report, the final index of consumer Sentiment University of Michigan and Reuters in December remained at the previous estimate of 82.5 and was against the November final value of 75.1. The economists had expected the final index of consumer sentiment in December will remain almost unchanged at 82.9. In late December, the current conditions index rose to 98.6, after earlier this month it jumped to 97.9 from November's final value of 88.0. The expectations index fell to 72.1 from 72.7 in early December. Another report showed that the indicator of national economic activity FRB Chicago has grown significantly in November, which allowed raising an average of three to nearly 2 -year high. It became known from the data, which were presented by the Federal Reserve Bank of Chicago. According to the report, the economic activity index of the Chicago Fed rose last month to a level of 0.60 points, compared with a revised downward index for October at -0.07 points (originally reported -0.18 points). Meanwhile, add that a more objective measure, namely the three-month average value rose to 0.25 points from 0.12 points in October, while reaching the highest level since February 2012. Also, the latest data from the Commerce Department showed that Americans stepped up their spending in November, which is a good season for holiday sales and a new signal that the U.S. economic recovery is gaining momentum. According to the report, the amount of personal spending rose last month by 0.5 %, compared with a revised upward index for October at 0.4 % (originally reported growth of 0.3 %). We add that the November increase was the largest since June this year. Meanwhile, we note that the recent rise has fully confirmed the average forecast of experts. The report also said that the amount of personal income rose in November by 0.2 %, after falling 0.1 % in October. According to economists, the increase should have been 0.4 %.

Canadian dollar: The Canadian dollar rose substantially against the U.S. dollar, as the focus of market participants began to gradually switch to Canadian GDP data. According to the average forecasts of experts, at the end of October, the gross domestic product rose by 0.1 %, compared with an increase of 0.3 % in the previous month. Recall that the growth rate or the excess of the actual value of the forecast is positive for the Canadian dollar. In case of significant deviation from the forecast may have a strong impact on the dynamics of the Canadian currency.

Gold: The price of gold declined on concerns about further reductions in the U.S. Fed QE3. The cost of the February gold futures dropped to $ 1191.50 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate retreated from two-month high on speculation that prices have risen unreasonably high last week. The cost of the February futures on U.S. light crude oil WTI fell to $ 98.65 a barrel on the New York Mercantile Exchange.


Market review for 19.12.13: The dollar rose against most major currencies after the U.S. Federal Reserve's decision.

Asian and European trading sessions:

Euro: The euro rose slightly after the release of data on the balance of payments in the euro zone. The current account surplus of euro zone rose to a seasonally adjusted 21.8 billion Euros in October from 14.9 billion Euros in September. The surplus on goods, services and income increased in October, while the deficit in current transfers declined from September. The surplus on trade in goods rose to 17 billion Euros from 13.7 billion Euros in September. In turn, the surplus on services increased to 9.4 billion Euros from 8.8 billion Euros. In addition, profit rose to 4.7 billion Euros from 2.6 billion Euros. At the same time, current transfers showed a deficit of 9.4 billion Euros, compared with a deficit of 10.2 billion Euros a month ago. The EUR / USD pair rose to $ 1.3695 during the European session.

U.S. Dollar: The dollar rose against most major currencies after the Federal Reserve's decision to reduce the purchase of assets by $ 10 billion to $ 75 billion a month, and improving economic outlook for the United States. So, after a meeting of 17-18 December the Fed has reduced its quantitative easing program and kept the target range of the base interest rate of zero to 0.25 % per annum.

British Pound: The pound also traded in a range against the U.S. currency on background data on retail sales in Britain. Sales, including automotive fuel rose 0.3% on a monthly measurement in November, recovering from a revised 0.9% drop in October. The result was in line with economists' expectations. Excluding automotive fuel, sales increased by 0.4% on a monthly measurement in November. It was a little faster than the expected increase of 0.3%. In October, retail sales fell by a revised 0.7%. The GBP / USD pair traded in a narrow range of $ 1.6365 during the European session.

Japanese Yen: The Yen lost some positions recruited against the dollar today after the beginning of the two-day meeting of the Bank of Japan. According to the median forecast of economists on the basis of a two-day meeting, which ends on December 20, the Bank of Japan would decide to keep the volume to stimulate the economy of the country at the same level. However, they expect quantitative easing program in Japan in 2014. The USD / JPY pair rose to Y104.35 during the European session.

American trading session:

U.S. Dollar: The U.S. Dollar dropped against its competitors, which was helped by the weak U.S. reports. The first is to provide data on the number of applications for unemployment benefits. In the Department of Labor reported that the number of people filing for first time applications for unemployment benefits rose by 10,000 and totaled a seasonally adjusted 379,000 in the week ended Dec. 14. This was the highest level since March and well above 336,000 new claims which was expected by economists. The number of applications from the previous week revised up to 369,000. New applications jumped by 74,000 in the past two weeks after moving to six-year lows in late November. The four-week moving average of claims rose by 13,250 to 343,500.
Also, as it became known , the existing home sales fell by 4.3% compared with the previous month to a seasonally adjusted annual rate of 4.90 million home sales fell 1.2 % compared with a year earlier, the first time in 29 months this index decreased compared to the same period last year. The economists forecasted a decline of 2.0% from October to November to an annual rate of 5.04 million.

Swiss franc: The currency fell against the U.S. dollar, which was associated with the release of unexpectedly weak data on Switzerland. As it became known, the trade surplus narrowed in November, Switzerland, contrary to expectations of improvement. The trade surplus fell to 2112 million Swiss francs from the downwardly revised 2282 million Swiss francs in October. The economists forecasted a surplus of 2.57 billion Swiss francs. The exports rose for the second month in a row in real terms, after rising by 1.2% year on year, after growth of 0.3% in the previous month. Imports grew by 1.6% per annum, after falling 2.7% in October. Jewellery exports hit a record high in November, while exports of chemicals and pharmaceuticals showed the biggest decline in two years.

Gold: The gold prices declined significantly today, while reaching its lowest level since July this year, given the fact that yesterday the Fed announced the decline in bond purchases, as a first step in the rejection of the super soft monetary policy. The cost of the December gold futures dropped to $ 1202 per ounce on the COMEX today.

Oil: The oil prices rose modestly today, rising above $ 98 per barrel as the market ignored the decision by the U.S. Federal Reserve on the reduction of its program of monetary stimulus, and focused on the reduction in U.S. oil inventories.


Market review for 18.12.13: The Yen fell against all major currencies after the negative report on the trade balance of the country.

Asian and European trading sessions:

Euro: The euro fell against the dollar amid weak data on changes in the volume of construction in the euro zone. The production in the construction sector of the euro zone declined sharply in October, and this development added questions about the sustainability of economic recovery in the region. The production in the construction sector fell by 1.2% compared with September, which was the strong decrease of this index since January. The reduction observed for the second consecutive month. As it was followed from the previously published Eurostat data, there was a decline in October in industrial production and retail sales, which increased the likelihood of the recovery process of the euro zone economy in the last quarter of the outgoing year. The euro zone economy returned to growth in the 2nd quarter after falling over each of the previous six quarters. However, despite the growth in the 2nd quarter by 0.3% in the 3rd quarter of the region's economy grew by only 0.1%. The EUR / USD pair fell to $ 1.3745 during the European session.

British Pound: The pound rose sharply against the U.S. currency after upbeat data on the labor market, according to which the number of unemployed in the UK in November 2013 fell more than expected, and the unemployment rate was the lowest since April 2009. According to the Office for National Statistics, in November, the number of Britons who received unemployment benefits fell 36.7 thousand, although the analysts expected the fall by only 35.2 thousand. The unemployment rate in August-October, calculated in accordance with the methodology of the International Labour Organization, fell to the lowest level since April 2009 and was 7.4 %. Earlier, the Bank of England has promised that it will keep its key interest rate at a low level until unemployment falls below 7 % .The GBP / USD pair rose to $ 1.6370 during the European session.

Japanese Yen: The Yen fell against all major currencies after the negative report on the trade balance of the country. As it was reported today in the Ministry of Finance in Tokyo, in November, Japan reported the largest trade deficit, which amounted to Y1, 29 trillion. In accordance with the average estimate of economists, the index should make Y1350 billion yen. Imports rose by 21.1 % compared with a year earlier, with the support of the upcoming increase in demand due to the sales tax in April. The exports rose by 18, 4% .The USD / JPY pair traded in a narrow range Y102.80 - Y103.05.

American trading session:

Euro: The euro currency regained some ground against the dollar, on the eve of the announcement of the outcome of the meeting of the Federal Reserve System. Also, the market participants disregarded data on the business climate of Ifo. The business climate index rose to 109.5 in December from 109.3 in November. The economists expected the index to rise to 109.7. The current conditions index fell to 111.6 in December from 112.2 in the previous month, while expectations were at the level of increase to 112.5. The expectations index improved more than expected to 107.4 from a revised 106.4 in November. The consensus was at a slight increase to 106.5.

Gold: The gold prices fell slightly in anticipation of the announcement of the Fed meeting. Note that many investors expected to hear hints about when the U.S. central bank will reduce its program of quantitative easing, known as quantitative easing. The cost of the December gold futures dropped to $ 1229.90 per ounce on the COMEX today.
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Oil: The crude oil futures rose in today's trading, rising above $ 97 per barrel (WTI), as many investors were waiting for the announcement of the decision of the Federal Reserve's program of monetary stimulus. The cost of January futures grew to $ 97.50 per barrel on the New York Mercantile Exchange.


Market review for 17.12.13: The British Pound fell on annual inflation report, which showed its lowest level in four years.

Asian and European trading sessions:

Euro: The euro fell against the dollar after failing to keep the conquered positions early in the session. The published data on inflation in the euro zone, revealed that consumer prices in the euro zone fell in November compared to October due to lower energy prices and labor costs. Despite the decline in prices in November compared with October, the annual inflation rate rose to 0.9 % from 0.7%, according to a preliminary estimate. However, even after this increase the inflation remained far below the target level of the European Central Bank 2.0% and the slowdown in labor costs indicated that in the coming months a significant growth is unlikely. One more report showed that the economic expectations for Germany improved by 7.4 points in December 2013. The ZEW indicator of economic sentiment in Germany now stands at 62.0 points (historical average: 24.2 points). This is the best result of the indicator since April 2006. The EUR / USD pair rose to $ 1.3785 and then fell to $ 1.3745 during the European session.

British Pound: The pound fell against the dollar, retreating from highs. Annual inflation in the UK fell in November to its lowest level in four years, official data showed. Deceleration must persuade the Bank of England to keep interest rates at a record low until unemployment falls. Office for National Statistics reported that the annual inflation rate fell to 2.1% in November from 2.2% in October, with at least November 2009. The decline was due to falling prices for utilities and food, which grew more slowly than in the previous year.
The UK inflation fell from 5.2% y / y in September 2011 to nearly 2% of the target level of the Bank of England in November 2013. The Central Bank predicted that the annual inflation rate is likely to rise in the short term, and then fall below 2% in early 2015 .The GBP / USD pair rose to $ 1.6340, and then fell to $ 1.6260 during the European session.

American trading session:

U.S. Dollar: The dollar has risen considerably, reaching almost a session high as market participants' attention more and more switched to the announcement of the Fed meeting. It would be the last meeting for Fed chairman Bernanke in this post - in the next month, he will give his powers Janet Yellen. The markets expected the Fed may decide to small decrease in monthly program to purchase assets, which currently stands at $ 85 billion per month. Also, as it became known, the U.S. current account deficit, which was the sum of the balance of trade in goods and services, income, and net unilateral transfers, declined in the third quarter to 94.8 billion compared with the revised downwards from 98.9 to 96, $ 6 billion deficit in the second quarter. The deficit decreased to 2.2 % of GDP, compared to 2.3% of GDP in the second quarter.

Canadian dollar: The Canadian dollar declined significantly against the U.S. dollar, responding thus to the U.S. balance of payments data.

Gold: The gold prices fell significantly today, while offsetting the previous session’s growth, due to the expectations of the Fed meeting announcement. The cost of February gold futures dropped to $ 1229.60 per ounce on the COMEX today.

Oil: The prices of WTI crude oil has remained almost unchanged, amid fears that the U.S. Federal Reserve may loosen its monetary stimulus program, as well as expectations that U.S. crude inventories declined for the previous weeks. The cost of WTI January futures fell to $ 97.30 per barrel on the New York Mercantile Exchange.


Market review for 16.12.13: The Euro rose after strong data on business activity in the Eurozone and Germany.

Asian and European trading sessions:

Euro: The euro rose against the dollar after strong data on business activity in the euro zone and Germany. The Eurozone private sector actively grew in December more than it was expected by economists. On a seasonally adjusted composite index of production, which measures the performance of the manufacturing sector and the services sector rose to 52.1 December from 51.7 in November. Economists had expected a modest increase to 51.9. Activity index for the manufacturing of Germany rose in December to its highest level in thirty months, indicating a much more rapid increase in activity. The seasonally adjusted purchasing managers' index (PMI) for the manufacturing rose to 54.2 in December from 52.7 in November. Value in December was the highest in thirty months. The economists had expected the index to rise to 53.1. The EUR / USD pair rose to $ 1.3790 during the European session.

British Pound: The pound rose against the dollar, recovering from the lows. An economic calendar for Britain today presented only data on the housing market. According to Rightmove real estate agency, the average asking price for homes for sale on the website Rightmove, was 1.9 % lower in December compared to November, but remained 5.4% higher than at the end of 2012. In November, house prices fell by 2.4% m / m and raised 4.0 % y / y. The GBP / USD pair fell to $ 1.6290, and then rose to $ 1.6353 during the European session.

Japanese Yen: The yen strengthened, departing from the five-year low, in anticipation of the meeting of the Open Market Committee Federal Reserve, which will be held December 17-18. Investors' opinions on the possible solutions to the Central Bank following this meeting differ. About 34 % of those surveyed analysts expect the American Central Bank will begin to curtail quantitative easing program at the upcoming meeting. Against this background, a volatility of currency trading was sharply increased. The USD / JPY pair rose to Y103.20 during the European session.

American trading session:

Canadian dollar: The Canadian dollar was trading lower against the U.S. dollar, but has regained some of the previously lost positions. The moderate impact on the couple had the data that showed that investments in securities of non-residents of Canada in October totaled $ 4.4 billion and mainly occurred in corporate debt instruments.

Gold: The gold futures rose sharply, allowing recovering of all early losses, and updating the session high. Such dynamics were related to the fact that many traders were waiting for the Fed meeting, which will take place this week, and can provide hints about the quantitative of easing program, which plays an important role for gold. The cost of February gold futures rose to $ 1242.15 per ounce on the COMEX today.

Oil: The oil prices rose today, while rising above $ 97 per barrel (WTI), against a background of renewed concerns over supplies from Libya. As it became known, Libya failed to reach agreement with tribal leaders to put an end to the blockade of several oil-exporting ports. The price of January futures of WTI rose to $ 97.60 a barrel on the NYMEX.


Market review for 12.12.13: The Swiss franc strengthened against the dollar, responding thus on the statements of the head of the SNB.

Asian and European trading sessions:

Euro: The euro traded mixed as the reaction to the publication of the monthly economic report from the ECB and the statements of the head of the ECB Draghi .The ECB confirmed that due to the prevailing downside risks, the monetary policy will remain accommodative as much as needed to support the economy in the euro zone. This year, the euro zone’s GDP is expected to reach 0.4%, and in 2014 and 2015 at around 1.1 % and +1.5 %, respectively. According to the Central Bank, the euro zone could face a long period of low inflation, followed by acceleration to a level close to the target, namely 2%. The EUR / USD pair fell to $ 1.3760, but later came back to $ 1.3785 during the European session.

British Pound: The pound rose sharply against the dollar, helped by data from the Conference Board, which showed that the leading indicator for the British economy grew in October, registering with the fourth monthly increase in a row, but in a lesser degree than in the previous month, indicating moderate economic growth in early 2014. According to the report, the leading economic index increased in October by 0.4 % on a monthly basis, thus reaching the level of 108.4 points. At the same time the index, which measures current economic situation, rose 0.1 % to 105.2 points, after increasing 0.2 % in September. The GBP / USD pair rose to $ 1.6420.

Swiss franc: The currency strengthened against the dollar, responding thus to solve the SNB and statements of the head of SNB Jordan." The Swiss economy is still facing problems due to lack of growth momentum in the euro area, and the growth is likely to decline in the last quarter of this year," said the president of the Swiss National Bank Thomas Jordan today. "The economy has developed favorably in the third quarter, but given the weak economic situation abroad, the risks continue to dominate in Switzerland” - Jordan said at a news conference. The Swiss central bank reiterated its earlier position to prevent the Swiss franc falling below 1.20 francs per euro, promising to buy foreign currency in unlimited quantities, and to take additional measures if necessary. The Swiss National Bank as it was expected by most economists, kept its key interest rate in the range of 0% - 0.25 % for 10 - consecutive quarter.

American trading session:

U.S. Dollar: The U.S. dollar rose against major currencies on the back of strong retail sales data in the U.S. The key to the U.S. economy holiday sales season started on a positive note: in November retail sales rose by 0.7% compared with the previous month, which is slightly higher than economists' forecasts for a rise of 0.6%. Compared with the same period last year, the retail sales in November rose 4.7 %. According to experts, the published data supplemented piggy encouraging news regarding the U.S. economy, which contributed to enhanced solutions for speculation the U.S. Federal Reserve next week to start folding bond-buying program, which now consumes 85 billion U.S. dollars monthly. At the same time, the latest data from the Department of Labor showed that the number of people who applied for the first time unemployment benefits rose sharply last week. However, experts note that the Thanksgiving Day holiday could distort the data. According to the report, the number of initial claims for unemployment insurance rose to a seasonally adjusted 68,000 in the week ended Dec. 7, at the same level reached 368,000. Add that it was the biggest jump in this indicator over a year. Economists forecasted that the number of complaints rise to the level of 321000 to 298000 , which was originally reported last week.

Canadian dollar: The index for new homes rose in Canada in October was weaker than expected. The index on the primary market rose in October by 0.1 %, while economists had expected prices to rise 0.3%. . The USD / CAD pair rate raised more than half the figure, updating the session high, which was a reaction to this weak report.

Gold: Gold prices decline amid falling stock markets and a rise in the dollar because of the fear reduction incentives Fed soon. Cost February gold futures on the COMEX today dropped to $ 1224.20 per ounce.

Oil: The cost of oil brand West Texas Intermediate rose moderately after data showed that U.S. retail sales rose by strengthening economic outlook largest oil consumer in the world. The price of January futures rose to $ 98.20 a barrel on the New York Mercantile Exchange.


Market review for 11.12.13: The British pound significantly declined against the U.S. dollar.

Asian and European trading sessions:

Euro: The euro exchange rate rose slightly against the dollar, retreating from session lows, helped by a report on Germany. Final data, which were presented by the Federal Statistical Office showed that inflation in Germany, agreed to the procedure of the EU increased markedly in November, and confirmed preliminary estimates. According to the report, inflation in accordance with the harmonized consumer price index rose to 1.6% in November from 1.2% in October. November figure corresponded to preliminary estimates. On a monthly basis the harmonized index of consumer prices increased in November by 0.2%, compared with a decline of 0.3% in the previous month. The result was in line with a preliminary estimate. Meanwhile, the Department of Statistics reported that the consumer price index rose in November by 1.3 % per annum, and confirmed earlier estimates and forecasts of experts. This followed growth of 1.2 % in October.
On a monthly basis, consumer prices rose by 0.2 %, which corresponds to the initial estimates, and the expectations of economists. Recall that in October, prices fell by 0.2 %. The EUR / USD pair fell to $ 1.3740 during the European session.

British Pound: The pound declined significantly against the dollar, despite the fact that Britain's economic calendar is empty today. Many market participants were waiting for the speech of the representative of the Bank of England Mr. Will. The recent rise in inflation expectations among Britons is not a cause for concern, said Will. In August, representatives of the Bank of England had promised not to raise key interest rate until the unemployment rate in the UK has been reduced to 7% threshold, which, according to representatives of the Bank is unlikely to be achieved until 2015, although the condition of these guidelines was that inflation expectations are stable. He also said that only if the recent rise in inflation expectations would be sustainable, it will come to the conclusion that the reference did not load.

American trading session:

British Pound: The course of the pound continued to be influenced by yesterday's statement of the Bank of England Governor Mark Carney , who noted that the UK economy needs further political support and promised to remain vigilant about the risks for the housing market . "We need to provide more incentives but these incentives can create risks" - Carney said. "We have to take other measures to reduce these risks. If we do not, we can create a big problem in the future, or we will have to pull back too soon from the current monetary policy, which we planned to spend. "

Gold: The gold prices declined after three days of growth, but still close to three-week high, supported by a weak dollar and short covering. The cost of February gold futures dropped to $ 1252.10 per ounce on the COMEX today.

Oil: The oil prices rose slightly after the government reported that stocks in the U.S. last week fell the most in almost a year. The price of WTI January future dropped to $ 97 65 per barrel on the New York Mercantile Exchange.


Market review for 11.12.13: The British pound significantly declined against the U.S. dollar.

Asian and European trading sessions:

Euro: The euro exchange rate rose slightly against the dollar, retreating from session lows, helped by a report on Germany. Final data, which were presented by the Federal Statistical Office showed that inflation in Germany, agreed to the procedure of the EU increased markedly in November, and confirmed preliminary estimates. According to the report, inflation in accordance with the harmonized consumer price index rose to 1.6% in November from 1.2% in October. November figure corresponded to preliminary estimates. On a monthly basis the harmonized index of consumer prices increased in November by 0.2%, compared with a decline of 0.3% in the previous month. The result was in line with a preliminary estimate. Meanwhile, the Department of Statistics reported that the consumer price index rose in November by 1.3 % per annum, and confirmed earlier estimates and forecasts of experts. This followed growth of 1.2 % in October.
On a monthly basis, consumer prices rose by 0.2 %, which corresponds to the initial estimates, and the expectations of economists. Recall that in October, prices fell by 0.2 %. The EUR / USD pair fell to $ 1.3740 during the European session.

British Pound: The pound declined significantly against the dollar, despite the fact that Britain's economic calendar is empty today. Many market participants were waiting for the speech of the representative of the Bank of England Mr. Will. The recent rise in inflation expectations among Britons is not a cause for concern, said Will. In August, representatives of the Bank of England had promised not to raise key interest rate until the unemployment rate in the UK has been reduced to 7% threshold, which, according to representatives of the Bank is unlikely to be achieved until 2015, although the condition of these guidelines was that inflation expectations are stable. He also said that only if the recent rise in inflation expectations would be sustainable, it will come to the conclusion that the reference did not load.

American trading session:

British Pound: The course of the pound continued to be influenced by yesterday's statement of the Bank of England Governor Mark Carney , who noted that the UK economy needs further political support and promised to remain vigilant about the risks for the housing market . "We need to provide more incentives but these incentives can create risks" - Carney said. "We have to take other measures to reduce these risks. If we do not, we can create a big problem in the future, or we will have to pull back too soon from the current monetary policy, which we planned to spend. "

Gold: The gold prices declined after three days of growth, but still close to three-week high, supported by a weak dollar and short covering. The cost of February gold futures dropped to $ 1252.10 per ounce on the COMEX today.

Oil: The oil prices rose slightly after the government reported that stocks in the U.S. last week fell the most in almost a year. The price of WTI January future dropped to $ 97 65 per barrel on the New York Mercantile Exchange.


Market review for 10.12.13: The yen rose today, which was associated with the publication of data on Japan.

Asian and European trading sessions:

Euro: The euro fell slightly against the dollar retreating from a session high influenced by weak report on industrial production in France. Data from the National Bureau of Statistics Insee, published earlier today showed that industrial production in France unexpectedly fell in October, registering with the second monthly decline in a row, which was another sign of a weak start to the last quarter of 2013 in the euro area.
According to the report, industrial production in the second largest economy in the euro zone fell in October by 0.3 % on a monthly basis, which followed after a similar drop in September. Analysts had expected growth in October by 0.2%. Reduction in October confirms steady downtrend issue in the industrial sector. Falling for the three months to October was 0.6 % compared with the previous three-month period.
In addition, data showed that production in the manufacturing sector of the industry - a key component of the overall figures for the manufacturing sector rose by 0.4 % in October, due to increased production of vehicles and electronic equipment. The EUR / USD pair rose to $ 1.3769 during the European session.

British Pound: The pound traded mixed against the dollar, which is primarily due to the release of data on Britain. The Office for National Statistics reported that industrial production in the UK rose in October, while the figures for international trade continued to disappoint. The report showed that production in the manufacturing sector rose by 0.4 % between September and October, which helped increase the total volume of industrial production by 0.4%. The production in the manufacturing sector turned in October by 2.7 % higher than the same period a year earlier, which allowed fixing the largest annual growth rate since May 2011. The GBP / USD pair traded in the range of $ 1.6415 -$ 1.6465 during the European session.

Japanese Yen: The yen rose against the U.S. dollar, which was associated with the publication of data on Japan. The orders for machinery and equipment in Japan rose by 15.4 % y / y in November, nearly doubling the October value of 8.4 %. Meanwhile, it became known that the level of consumer confidence in Japan improved in November, but less than economists had forecasted. The unadjusted consumer confidence index was 41.9 points, compared with 41.2 in October. Economists expected the index to rise to the level of 44 points. Sub- index of overall confidence rose to 39.1 in November from 37.7 a month earlier. At the same time, the sub- index, which assesses the expectations regarding the growth of household income rose to 39.1 from 38.1. We also add that consumers' willingness to buy durable goods was less positive in November - the corresponding indicator fell to 42.4 from 42.9 in October. Employment sub-index rose to 47.1 from 46.1. The USD / JPY pair dropped to Y102.75 during the European session.

American trading session:

Euro: The euro strengthened to a six-week high against the dollar due to the reduced likelihood of tighter monetary policy. Even if Fed officials decide to start reducing asset repurchase at a meeting in December, it will probably be a small change, in order to avoid the sale of the bond market, which could increase the long-term interest rates and to strike at the U.S. housing market.

Gold: The price of gold rises the third consecutive session, as a weakening dollar boosted demand for the metal from foreign buyers. The cost gold futures rose to $ 1267.50 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate rose to six-week high on forecasts that U.S. crude stocks decline for the second time in a row. The price of WTI January futures rose to $ 98.75 per barrel, its highest level since October 28 on the New York Mercantile Exchange.


Market review for 09.12.13: The Australian dollar showed a two-day growth after publishing a report on China's trade surplus.

Asian and European trading sessions:

Euro: The euro rose slightly against its competitors, which was helped by positive data on the balance of payments in Germany. As it became known, the surplus of the current account balance Germany in October did not fell as much as it was expected. It declined to €19.1 billion against revised €20.0 billion in September. It's also was more than economists forecasts on €16.8 billion. Nevertheless, the positive part of this was offset by other data, which showed that the trade surplus with adjustments for seasonal and calendar factors in October fell to €16.8 billion compared with €18.7 billion in September. It was also less than economists’ forecasts on €17.4 billion.

Japanese Yen: The yen traded cautiously against the dollar, despite the fact that the published figures were worse than expected. Report from the Cabinet Office showed that the Japanese economy in the third quarter increased by 0.3 %. According to preliminary data, the growth was at 0.5%. The capital investments were lower than the original estimate, due to weak foreign demand. Compared with the first half of the year growth has slowed considerably - when he was about 4.0 %, which overtook the U.S. growth. The USD / JPY pair traded in a narrow range of Y102.85-Y103.35 during the European session.

Australian dollar: The Australian dollar showed a two-day growth after publishing a report on China's trade surplus. It turned out that in the past month, the trade surplus of China has increased to the maximum value of more than four years. This means that global demand helped to maintain the recovery of the second largest economy in the world. The data from the General Administration of Customs in Beijing revealed that the surplus of 33.8 billion dollars grew because the exports grew by 12.7 % compared with a year earlier , while imports gained 5.3% .

American trading session:

Euro: It should also be noted that the euro reacted very weak on the report on industrial production, which showed a decrease in volume by 1.2 % in October, although the growth by 0.8% was expected. The EUR / USD pair rose to $ 1.37230 during the European session.

Gold: The gold prices rise on recovery in stock markets and investor uncertainty in continuation of U.S. Fed incentives. The December gold futures rose to $ 1238.70 per ounce on the COMEX today.

Oil: The Brent oil price fell after a report showed that industrial production in Germany fell, increasing concern about the state of Europe's largest economy. The spread between Brent and WTI declined for the fourth time in five days. The price of January futures on U.S. light crude oil WTI (Light Sweet Crude Oil) traded in a range of $ 97.31 - $ 97.97 per barrel on the New York Mercantile Exchange.


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Market review for 02.12.13: The dollar rose sharply against the euro, despite the strong performance of European PMI.

Asian and European trading sessions:

Euro: The euro fell against the dollar amid mixed data on manufacturing activity in the euro area.
According to the company Markit Purchasing Managers Index (PMI) rose to 51.6 from 51.3 in October in the euro zone. The EUR / USD pair fell to $ 1.3528 during the European session.

U.S. Dollar: The dollar fell against most major currencies after the PMI for the manufacturing of China came out better than the original estimate. The monthly survey of the manufacturing sector in China, conducted by the bank HSBC, revealed that in November, the corresponding figure was 50.8 compared to the initial estimate of 50.4. Last month, the index was at 50.9. The results showed that production growth continues for the fourth consecutive month.

American trading session:

British Pound: The pound declined significantly against the dollar, having lost all positions earned in the first hours after the opening of trading today. Even the strong results of the British PMI failed to prevent today's sell the pair before the meeting of the Bank of England and the publication of the autumn forecasts, scheduled for Thursday. Today's report showed that manufacturing activity in the UK expanded at the fastest pace since February 2011, as the sector gained momentum from production and new orders. PMI from Markit / Chartered Institute of Purchasing & Supply rose to 58.4 in November from a revised 56.5 in October. November result was well above the consensus forecast of 56.5. In addition, the PMI index indicated an increase in activity for eight consecutive months. Recovery occurred in all sub-sectors covered by the survey, amid rising production and new business. The GBP / USD pair rose to $ 1.6430, and then retreated to $ 1.6365 during the session.

Euro: The dollar rose sharply against the euro, despite the strong performance of European PMI, which surprised investors. Most likely, this strengthening of the American currency was due to the fact that this week will be a meeting of the ECB, which will attract the attention of investors, whose views on the next steps of the Bank diverge.

Gold: The gold prices fell sharply, dropping to a week with a minimum of what was due to the strengthening of the dollar. The cost of the December gold futures dropped to $ 1227.00 per ounce on the COMEX today.

Oil: The cost of January futures on U.S. light crude oil WTI got support from positive U.S. data and China. The price rose to $ 93.30 a barrel on the New York Mercantile Exchange.


Market review for 28.11.13: The euro rose against the background based on many positive economic news and reports.

Asian and European trading sessions:

Euro: The euro rose against the background of achieved agreement between two major political parties of Germany - CDU / CSU and SPD - the creation of a coalition government , and against the background of leading index of consumer confidence in Germany , which grew to the maximum level in more than six years. The euro rose against the dollar after data indicated the acceleration of inflation in Spain and Germany. The preliminary data showed that the inflation rate in Spain rose slightly in November. Also, the data on the consumer price index in Germany showed a similar trend. In November a preliminary German CPI rose by 1.3 % -yearly term and 0.2 % monthly, exceeding the forecast of 1.2% and 0.1% respectively. The data on the labor market in Germany also supported euro’s growth. The seasonally adjusted number of unemployed in November rose by 10,000 people. The EUR / USD pair rose to $ 1.3620 during the European session.

British Pound: The British pound rose against the dollar after the publication of the Bank of England’s report on financial stability. The Bank of England announced its intention to curtail the incentive program in the field of mortgage lending due to the fact that the UK property market is gaining momentum of growth. Instead, it chosen to focus on the CB scheme of supporting small businesses. The GBP / USD pair rose to $ 1.6355 during the European session.

Australian dollar: The Australian dollar retreated from a two-month low after the change in volume of capital expenditure in the private sector rose unexpectedly. In the third quarter the index jumped by 3.6 % compared with the previous period, when it grew by only 1.6 %. The average prediction economists reduction was calculated at 1.2 %.

American trading session:

Japanese Yen: The Yen fell to the highest level in six months against the dollar, as the prospects of monetary policy of the USA and Japan are slightly different, and the positive dynamics of the global stock markets hurts safe-haven currencies such as the yen. The USD / JPY e pair rose to Y102.38 during the European session.

Gold: The gold prices rose after three days of decline due to demand in China, but the decline in the number of applications for unemployment benefits in the U.S. was holding back its growth. The cost of the December gold futures rose to $ 1245.80 per ounce on the COMEX today.

Oil: The price of WTI January futures on U.S. light crude oil traded near the lowest price for almost six months after U.S. crude stocks, as the world's largest oil consumer, rose 10 th consecutive week.


Market review for 27.11.13: The substantially pound rose, which was associated with the release Britain's GDP.

Asian and European trading sessions:

Euro: The euro rose to a month high after German Chancellor Angela Merkel reached a coalition agreement with the Social Democrats, who called for the establishment of a national minimum wage and promise to increase spending on pensions and infrastructure without raising taxes. The euro was also supported amid rising short-term rates in the market. Interbank lending rates in the euro rose yesterday, as the levels of excess liquidity in the financial system fell to a minimum of more than 2 years. The EUR / USD pair rose to $ 1.3615.

British Pound: The substantially pound rose against the U.S. dollar, which was associated with the release of a report by Britain's GDP. Note that the data published by the Office for National Statistics showed that the UK economy grew in the third quarter of this year, which was caused by the most rapid growth of household spending in more than 3 years, which was partly offset by a sharp decline in exports. Note that this situation is likely to increase fears that the recovery may not be possible. The report showed that exports from the UK fell by 2.4% in the third quarter, registering with the highest rate of more than two years. The Office for National Statistics reported that the economy grew by 0.8 % in the third quarter, confirming an earlier estimate. The largest contribution to this rise came from consumers who have increased their spending by 0.8 % - the eighth consecutive increase and the fastest pace in more than three years. The GBP / USD pair rose to $ 1.6295 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar rose against other major currencies, supported by data on the labor market and consumer sentiment. The data provided by the Ministry of Labor showed that the number of people who filed for unemployment benefits, have fallen again last week, recorded six drop in seven weeks, providing more evidence that the job market is steadily improving. According to the report, the seasonally adjusted number of initial claims for unemployment benefits for the week ending November 23 fell to 10K - to the level of 316K, while economists predicted that the value of this indicator will increase to 331K.The report also showed that the number of secondary applications for unemployment benefits fell by 91,000 to 2.776 million in the week ended November 16. Another report showed that U.S. consumer sentiment improved in November, as the increased expectations for economic growth. The consumer sentiment at the end of November was at the level of 75.1, which was higher than the final value of 73.2 in October and above the median estimate of economists in 73.1. The preliminary data on the index in November was 72.0.

Gold: The gold prices show moderate growth while high housing market and the U.S. labor market strengthened fears that the Fed will soon begin reducing incentives. The cost of the December gold futures rose to $ 1254.90 per ounce on the COMEX today.

Oil: The WTI oil prices fell to its lowest level in nearly six months after government data showed that U.S. crude stocks rose the 10th consecutive week . The price of January futures fell to $ 92.03 a barrel.


Market review for 26.11.13: The euro strengthened after the speech of the head of the People's Bank of China.

Asian and European trading sessions:

Euro: The euro strengthened after the speech of the head of the People's Bank of China Mr. Zhou Xiaochuan who said that the European currency is an important part of China's foreign exchange reserves. The EUR / USD pair rose to $ 1.3580 during the Asian and European session, yet later slightly decreased.

British Pound: The pound traded lower against the dollar, despite the significant growth in the first half of the European session. The initial strengthening of the British currency was associated with the release of the expectations for inflation. However, the statements of representatives of the Bank of England have put pressure on the pound, against which he has fallen sharply. The head of the Bank of England, Mr. Carney, who spoke today at the Ministry of Finance, reiterated that the decline rates to 7% will not trigger an automatic increase of the interest rate. The GBP / USD pair rose to $ 1.6195, but then fell to $ 1.6150 level.

Japanese Yen: The yen rose, departing from the six-month low after the publication of the minutes of the October meeting of the Bank of Japan. The document showed that one of the members of the Board of Governors Sayuri Shirai noticed the risks of lowering inflation’s rate in the country. The USD / JPY pair fell to Y101.30 during the European session.

Australian dollar: The Australian dollar rose after the speech of the Vice President of the RBA Philip Lowe. He said in answer to the question about the intervention:" We cannot rule out further intervention Central Bank as it long-standing practice, in the past we have also been willing to intervene in the foreign exchange market at strengthening currency or deterioration of the market."

American trading session:

U.S. Dollar: The pressure on the dollar was provided by the consumer data in the United States. The report from the Conference Board showed that consumer confidence index, which fell sharply in October, continued its deterioration and in November. Index currently is 70.4 points, compare with 72.4 point in October. Note that the current situation index fell to 72.0 from 72.6, while the expectations indexes were at 69.3 from 72.2.

Gold: The gold prices decline on weak physical demand and uncertainty in term of reducing the incentives by U.S. Fed. The cost of the December gold futures dropped to $ 1240.90 per ounce on the COMEX today.

Oil: The cost of WTI January futures ranged amid predictions that tomorrow report will show that the U.S. crude inventories rose in 10th consecutive week. The price traded in a range of $ 93.75 - $ 94.70 per barrel on the New York Mercantile Exchange.


Market review for 25.11.13: The data from the U.S. National Association of Realtors made a U.S. dollar weaker today.

Asian and European trading sessions:

Euro: The euro fell against the U.S. dollar, which was associated with the comments of representatives of the ECB. The ECB Governing Council member Mr. Noyer said that the interest rates should remain low for an extended period of time, and if necessary they can be further reduced, as officials try to ensure price stability in the euro area. The EUR / USD pair fell to $ 1.3510 during the European session.

British Pound: The pound declined significantly against the dollar, as the report showed that the number of mortgage approvals in the UK fell unexpectedly in October. The number of mortgages approved for home purchase in October was 42,808, compared with 43,182 in September, while economists forecasted the value of this index will rise to the level of 45200. Nevertheless, it became known that the number of permits for house purchase increased by 33% compared to October last year. Meanwhile, data showed that gross mortgage lending was £9.9 billion in October, which was the highest level since December 2009 (when lending stood at £10 billion) .The GBP / USD pair fell to $ 1.6184 during the European session.

Japanese Yen: The yen fell to a six-month low after reaching an agreement with Iran on its nuclear program. Iran and "six" (five permanent members of the UN Security Council and Germany) on Sunday night during the next round of talks in Geneva have reached an agreement on the Iranian nuclear program (INP). The USD / JPY pair rose to Y101.93, and then decreased slightly during the European session.

American trading session:

U.S. Dollar: The recent data from the National Association of Realtors made a U.S. dollar weaker. The data showed that the number of Americans on the secondary housing market unexpectedly fell in October, registering with the fifth consecutive monthly decline. According to the report, the seasonally adjusted index of pending sales of existing homes fell last month by 0.6 % - to the level of 102.1, reaching its lowest level in nearly a year. Economists forecasted that the value of this indicator will increase by 2.2%, after falling 4.6 % in September.

Gold: The Gold prices slightly offset incurred losses due to the increase in the dollar after the promise collapse Iran’s nuclear program in exchange for a partial release of international sanctions. The cost of the December gold futures dropped to $ 1225.20 per ounce, and then rose to $ 1245.40 per ounce on the COMEX today.

Oil: The oil prices showed a negative trend today amid announcement of the outcome of negotiations "six" with Iran over its nuclear program. The price of WTI January futures fell to $ 93.10 a barrel on the NYMEX.


Market review for 21.11.13: The U.S. dollar significantly rose against its competitors in response to the output of positive U.S. data.

Asian and European trading sessions:

Euro: The euro rose against the dollar after the publication of the mixed the PMI reports. In Germany, business results exceeded forecasts, and in France and the euro zone disappointed investors. The rate of growth of business activity in the euro area in November continued to slow. According to preliminary estimates Markit, a composite Purchasing Managers Index (PMI) euro zone in November fell to 51.5 from 51.9 in October. Although the indicator is above the threshold level of 50 indicates an increase in activity compared with the previous month, the rate of growth of activity were the weakest in three months. The EUR / USD pair rose to $ 1.3380 during the European session.

Japanese Yen: The yen fell to a two-month low against the dollar after the announcement of the results of the two-day meeting of the Bank of Japan. The Central Bank kept its refinancing rate and the asset purchase program unchanged, as expected. The decision was unanimous. The regulator also did not change the outlook on the economy, which, according to the Central Bank, and gradually recovering and exports are gaining momentum. The Bank of Japan confirmed the promise to achieve the expansion of the monetary base by ¥60-70 trilliona year. The USD / JPY pair rose to Y100.50 level.

British Pound: The British pound rose against the dollar after the publication of the Confederation of British Industry showed the growth of British industrial orders and production in the last three months which reached its highest level since 1995. According to the survey of industrial trends, 36% of companies said that their total order book was above normal, and 25% informed lower, which makes the balance of 11%. It was the highest level since March 1995. The GBP / USD pair rose to $ 1.6140 during the European session.

Australian dollar: The Australian dollar fell after the negative report on Chinese manufacturing. For the first time in the last four months of preliminary PMI index for the manufacturing sector from HSBC Holdings Plc and Markit Economics fell to 50.4, while the median forecast of analysts, were at the index growth to 50.8.

American trading session:

U.S. Dollar: The U.S. dollar significantly rose against its competitors in response to the output of positive U.S. data. One report showed that the number of Americans who first applied for unemployment benefits fell for the fifth time in six weeks, becoming the latest sign of improvement in the labor market. The number of initial claims for unemployment benefits, fell by 21,000 to a seasonally adjusted 323,000 in the week ended November 16, while the economists had forecasted it at 333,000 initial claims. The value of the previous week was revised up to 344,000 from 339,000, which was originally reported. Four-week moving average of claims fell to 338,500.
The positive was also a report on manufacturing activity. Preliminary results from Markit survey showed that in the U.S. November purchasing managers index rose to 54.3, compared with the consensus forecast of 52.6. and October index which was at 51.8 .

Gold: The gold prices continued their decline yesterday, dropping to a four-month low today, which was due to speculation that the U.S. Federal Reserve may begin to phase out its program of monetary stimulus in the near future. The cost of the December gold futures dropped to $ 1240.20 per ounce on COMEX today.


Market review for 20.11.13: The euro fell with association to speculation about the introduction of the negative rates by the ECB.

Asian and European trading sessions:

Euro: The euro fell against its competitors on the comments of the representative of the ECB Mr. Weidmann , who said that the ECB is not yet technically ready to wrap up emergency measures . Furthermore, the pressure on the single currency price had data on index of producer prices in industry in Germany, which showed decline by 0, 7% year on year in October, following a 0.5% drop in September. Economists forecasted a slower decline of 0.6% in October. Meanwhile, the price of capital goods rose by 0.7% compared to October 2012, and consumer prices rose by 1.8%. The producer price index fell by 0.2% compared to September, when it showed 0.3% growth. The index according to the expectations of economists was to grow by 0.1% in the month term. The EUR / USD pair fell to $ 1.3510 during the European session.

U.S. Dollar: The dollar fell against the euro and yen after the Federal Reserve Chairman Mr. Bernanke said that the basic interest rate of the central bank is likely to remain near zero for another “long time " after the ending of assets’ purchases and the unemployment rate falls below 6.5%.

British Pound: The British pound rose against the dollar and the euro after the publication of the minutes of the last meeting of the Bank of England. The Minutes from November 6-7 showed that the committee voted unanimously for having to leave the rate by 0.5 % and the asset purchase program at £ 375 billion. The GBP / USD pair rose to $ 1.6160 during the European session.

Japanese Yen: The yen suspended its decline after the release of data on the trade balance of the country. In October, the trade deficit Japan rose more than analysts had expected. Imports grew at the fastest pace since 2010, and were also outweighed exports shown. The deficit amounted to 1.09 trillion. Yen, which is 10.9 billion dollars. Imports increased by 26.1 % compared with a year earlier, while exports gained 18, 6% .The USD / JPY pair fell to the level of Y99.94 during the Asian session.

American trading session:

Euro: The euro exchange rate fell against the U.S. dollar, which was associated with the resumption of speculation about the introduction of the negative rates by the ECB. The market continued to speculate that the ECB is considering introducing negative interest rates on deposits. It is expected that this measure provides for the reduction of deposit rates from 0% to -0.1 %.

U.S. Dollar: The U.S. dollar significantly gained against its competitors, in response to the positive statistics on the United States. It is learned that retail sales rose in October on the back of sustained growth of car purchases.

Gold: The gold prices fell markedly today, losing about 1%, due to the expectations of the publication of minutes of the last meeting of the Operations Committee on the open market, which may provide some clues regarding future monetary stimulus program. The cost of the December gold futures dropped to $ 1261.90 per ounce on COMEX today.

Oil: The oil prices rose today, while continuing yesterday's trend, against the background of the fact that the volume of U.S. inventories rose last week, less than expected. The cost of the WTI December futures rose to $ 93.75 a barrel.


Market review for 19.11.13: The Australian currency rose after the publication of the RBA minutes.

Asian and European trading sessions:

Euro: The Euro fell against the dollar after the Organization of Economic Cooperation and Development (OECD) lowered its growth forecast for the World economy. The global GDP, according to the Organization, will grow by 3.6 % in 2014 compared to the May estimate of 4%. The OECD explained its decision to clear slowdown of emerging economies and the weak recovery of the developed countries. Meanwhile, the impact on the single currency had mixed data on the index of sentiment in the business environment of the institute ZEW. The indicator of economic sentiment in Germany, the ZEW rose to 54.6 from 52.8 in October. The result coincided with the forecast of economists. Next news for today was the report on current economic situation, the index of which fell to 28.7 from 29.7, in contrast to expectations of an improvement to 31.The economic expectations in the euro area rose slightly in November, the corresponding index rose to 60.2 from 59.1. The result was lower than the forecasts of economists who had expected the index to rise to 63.1.The EUR / USD pair rose to $ 1.3545 , and then fell to $ 1.3490: during the European session.

U.S. Dollar: The dollar index traded around week low after the president of the Federal Reserve Bank of New York William Dudley said the situation in the U.S. economy may be markedly improved and restrained growth of GDP could be more powerful in the next 2 years.

Australian dollar: The Australian currency showed a two-day growth, after the publication of minutes of the last meeting of the central bank. The Central Bank of Australia said that there was much evidence of the positive impact of lower interest rates on economic growth. The RBA has kept the possibility of further easing monetary policy to support economic growth and combat the high rate of the national currency.

American trading session:

British Pound: The pound strengthened against the dollar, rising at the same time to the maximum session, due to the expectations of tomorrow's publication of minutes of meetings of the Bank of England. It should be noted that during the last meeting of the Bank of England did not bring any surprises markets, leaving the key lending rate at a record low 0.5 %. The GBP / USD pair fell to $ 1.6059 during the European session.

Gold: The gold prices after a little hesitation have stabilized near the opening level. The cost of the December gold futures rose to $ 1274.90 per ounce on COMEX today.

Oil: The oil prices have not changed, while continuing to trade near a five-month low, as the Organization for Economic Cooperation and Development has lowered its forecasts for global growth. The cost of the WTI December futures rose to $ 93.10 a barrel on the NYMEX.


Market review for 18.11.13: The euro rose on current account surplus and the trade balance data for the euro area.

Asian and European trading sessions:

Euro: The euro rose against the dollar on current account surplus and the trade balance data for the euro area. The European Central Bank informed today that the current account surplus fell to a seasonally adjusted €13.7 billion in September from €17.9 billion in August. Also, the data showed that the trade surplus fell to €13.7 billion from €14.7 billion in August. In addition, the services account surplus fell to €7.6 billion in September from €8.2 billion in August. The EUR / USD pair rose to $ 1.3520 during the European session.

U.S. Dollar: The U.S. dollar remained under slight pressure, continuing to remain under the influence of comments of Janet Yellen, voiced last week. The Yellen dovish statement and its responses to the Committee's questions regarding the role of the Federal Reserve have convinced markets that the Bank will continue to conduct ultra accommodative policy.

Japanese Yen: The yen rose against most major currencies ahead of a meeting of the Bank of Japan, which will take place this week. The USD / JPY pair fell to Y99.75 and stepped down during the European session.

American trading session:

U.S. Dollar: The U.S. currency was supported when the president of the New York Fed's expressed more optimistic statements about the economic prospects for the U.S., though declined to comment on how they may be the impact on monetary policy. The presented data also provided support for the U.S. currency. The National Association of Home Builders released a report saying that its indicator of the state of the housing market was 54 in November, being in line with the revised index down in October. The results were below expectations. The economists expected the index to rise to 56 compared with 55, which was originally reported in October.

Canadian dollar: The Canadian dollar continued to strengthen against its competitors after small correction. The trading dynamics were affected by comments of Deputy Governor of the Bank of Canada Mr. Tiff Maklema, who said that the financial reforms of Great Twenty countries after the economic crisis, have helped reduce the risk of future collapse in the world and has led to the fact that the risk is less affected by monetary policy Canada.

Gold: The gold prices declined moderately today, because the correction in the stock market and weak physical demand. The cost of the December gold futures rose to $ 1280.80 per ounce on COMEX today.

Oil: The cost of WTI December futures rose to $ 94.54 a barrel on the New York Mercantile Exchange.


Market review for 14.11.13: The yen fell against all of its major counterparts amid growth of Asian’s stock and weak GDP report.

Asian and European trading sessions:

Euro: The euro stopped a three-day growth after the ECB Governing Council member Peter Praet said in his today’s newspaper interview that the controller can begin to use negative interest rates and start buying assets. At the last week, the ECB cut rates and announced his readiness to decide on a further incentive to accelerate inflation. Afterwards, the euro fell against the dollar, which has been associated with the release of a weak report on the euro area from the European Union's statistics agency Eurostat. According to data, the euro area’s gross domestic product grew in the third quarter by just 0.1 % compared with the previous quarter. The EUR / USD pair fell to $ 1.3420 during the European session.

British Pound: The pound rose against the dollar , recovering from early fall rate after retail sales report , which showed that by the end of last month in the UK retail sales unexpectedly fell, which was associated with a reduction in demand for electrical goods and clothing. The GBP / USD pair dropped to $ 1.5985 area , but then recovered to $ 1.6050 level.

Japanese Yen: The yen fell against all of its major counterparts amid rising stock markets in Asia. Also, the published negative data on the growth of the Japanese economy in the third quarter supported this trend. According to a government report, growth of Japan’s GDP slowed to 1.9 %, against 3.8% growth in the second quarter. Japan's economy shrinking second consecutive quarter, as weak consumer spending and a slowdown in export growth surpassed the strengthening of investment in real estate. The USD / JPY pair rose to Y99.75 area.

American trading session:

U.S. Dollar: The U.S. dollar fell against major currencies after the deputy chairman of the U.S. Federal Reserve Ms. Janet Yellen signaled that no major changes in the central bank will be done during her being in a position of the head of FRS. Ms. Yellen pointed out that the Fed would consider folding its program of bond purchases by 85 billion dollars a month for the next meetings on monetary policy, although she did not say if it supports these early steps.

Gold: The gold prices rose for a second straight session. Positive price dynamics caused by technical purchases of gold, which in the previous trading days made the assets prices significantly cheaper, providing favorable conditions for opening long positions. The cost of the December gold futures on COMEX today rose to $ 1294.80 per ounce level.

Oil: The oil is the brand West Texas Intermediate fell to a five-month low after a report of the Energy Information Administration, which showed a 4.6% increase in stocks in the terminal Cushing, Oklahoma. The cost of the WTI December futures fell to $ 92.50 , and then rose to $ 93.98 a barrel on the NYMEX today.


Market review for 13.11.13: The pound rose sharply against its colleagues, which was helped by optimistic data on unemployment in Britain.

Asian and European trading sessions:

Euro: The euro fell slightly, which was associated with the release of a weak report on the euro area. The data published by the Statistical Office Eurostat showed that the September industrial production in the euro zone fell more than expected, after recording moderate growth in the previous month. According to the report, the seasonally adjusted industrial production fell in September by 0.5% on a monthly basis, which followed a 1% increase in the previous month. The economists had forecasted decline in September by 0.2%. The EUR / USD pair fell to $ 1.3405 during the European session.

British Pound: The pound rose sharply against its colleagues, which was helped by optimistic data on unemployment in Britain, and followed statements from the Committee on the monetary policy of the Bank of England. The Office for National Statistics reported that the unemployment rate fell in July -September to 7.6% level, compared with 7.7% in the three months to August. The GBP / USD pair set a high at $ 1.6010 during the European session.

Japanese Yen: The yen traded near a two-month low, after today speech of the Bank of Japan board member Ryuzo Miyao . The banker said that Japan is still far from achieving the inflation target of 2% and the Central Bank in the next year may expand incentive programs. Also today in Japan were published government data on orders for machinery and equipment, which showed a decline in September by 2.1 %. The USD / JPY pair fell to Y99.35 on the Asian session.

American trading session:

U.S. Dollar: The dollar rose on Preta’s comments which put a sign that the European Central bank may take further action, despite the fact that the U.S. Federal Reserve is likely to curtail incentives in the coming months.

Gold: The gold prices rose for the first time in five sessions, as many market participants took profits on short positions after the gold fell to one-month low. The cost of the December gold futures rose to $ 1280.80 per ounce on COMEX today.

Oil: The WTI futures rose after the demonstrators in the port of Libya Hariga stopped the tanker from loading which was informed by the spokesman for the state’s National Oil Corporation, Mohamed Elharari. The cost of the December futures rose to $ 95.50 a barrel on the NYMEX.


Market review for 31.10.13: The British Pound dropped when the annual inflation rate in the UK fell in October to its lowest level in more than a year.

Asian and European trading sessions:

U.S. Dollar: The dollar strengthened against its counterparts amid signs that the world's largest economy is gaining momentum. Note that many market participants are waiting for release of the report on the performance of the index of economic activity from the Federal Reserve Bank of Chicago, which is based on 85 economic indicators.

British Pound: The pound fell markedly against the U.S. dollar, which was associated with the release of weak data on Britain. The Office for National Statistics said that the annual inflation rate in the UK in October fell to its lowest level in more than a year. The report showed that the results of last month’s annual inflation fell to 2.2 %, compared with 2.7 % in September and with the forecasts of the economists that the index will rise up by 2.5%. The annual growth rate was the lowest since September 2009. The GBP / USD pair fell to $ 1.5855 area.

Japanese Yen: The rate of yen fell after the spread between yields on Japanese and U.S. 30 - year yields widened to the highest level since 2011, which was due to the stabilization of the situation in the U.S. economy. Additional pressure on the Japanese currency had a two-day growth in Asian stock markets. This situation has led to a drop in demand for safe-haven assets.

Australian dollar: The Australian dollar fell after data showed that the trust of the business community of the country has declined in October from the. The confidence index fell to 5 from 12 in September.

American trading session:

Euro: The euro rose against the dollar on the data on the index of economic activity from the Federal Reserve Bank of Chicago, which showed that the modest improvements in manufacturing have helped the index of economic activity to grow slightly in September , although less than predicted by experts . The EUR / USD pair rose to $ 1.3455 area.

U.S. Dollar: After the report on the index of economic activity from the Federal Reserve Bank of Chicago, which showed that in September the value rose to the level of 0.14 points, compared with a revised downwards index for August at 0.13 points, the dollar started its correction. The economists estimated that the index would rise to the level of 0.15 points. In addition, it was reported that the average value of the index of economic activity for the last three months has improved to the level -0.03 -0.15. The index still remains below its historical rate of growth for seven consecutive months.

Gold: The price of gold fell below $ 1290 an ounce, as investors were uncertain in reducing the incentives by the Fed. The price of December gold futures dropped to $ 1272.00 per ounce on COMEX today.

Oil: The cost of oil fell for the first time in three days on forecasts that the U.S. crude inventories rose to the highest level since June. The cost of WTI December futures on fell to $ 94.30 per barrel on the New York Mercantile Exchange.


Market review for 13.11.13: The Australian dollar fell against the U.S. dollar, in response to data from China.

Asian and European trading sessions:

Euro: Despite the lack of economic reports, the euro rose against the dollar. The EUR / USD pair started this trading week higher, recovering from a sharp fall last week at the ECB and the employment report for October on the weakening dollar. During the European session, the pair rose to $ 1.3408 area.

British Pound: The GBP/USD pair tried to restore confidence after imposing losses suffered on Friday. From the opening level of 1.5997 prices have grown to a local maximum of 1.6020, but slipped to a minimum $1.5965 and closed trading near $1.5992. The Bank of England on Wednesday will publish a quarterly inflation report as well as the employment and retail sales results, each of the events could cause fluctuations in the British currency.

Japanese Yen: The publication of GDP in Q3 could bring surprises projections indicate a slowdown in growth to 0.4 % from 0.9 %. The retail sales suggest that the figure could be much higher, which will trigger the growth of stock markets in Japan, and strengthening of USD / JPY.

American trading session:

Australian dollar: The Australian dollar fell against the U.S. dollar, in response, to data from China, which were published over the weekend. From the report it was reported that China's economic recovery is gathering pace, aided by a significant increase in industrial production and exports.

Gold: The gold prices visited a three-week low, as good indicators of employment in the United States, released on Friday, forced investors fear the Fed reduce the incentives in the near future. The cost of the December gold futures dropped to $ 1278.10 per ounce on COMEX today.

Oil: The oil prices rose as Iran was not able to negotiate with the West over its nuclear program, and the estimated fuel consumption in China increased. The cost of the December futures on WTI rose to $ 95.35 a barrel on the New York Mercantile Exchange.


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Market review for 07.11.13: The Euro fell sharply after the ECB decided to lower its key rates as well as the lending rate to a new record low.

Asian and European trading sessions:

Euro: The euro exchange rate fell sharply against major currencies after the ECB decided to lower its key policy rates as well as the lending rate to a new record low. Some analysts actually predicted it after last week's euro zone inflation data came out much worse than expected. The Governing Council of the ECB lowered its main refinancing rate by 25 basis points up to 0.25 %. The bank also lowered the rate of lending by 25 basis points to 0.75 %, while the deposit rate remained unchanged at 0.00%. The pressure on the single currency previously had data on German industrial production. The volume of German industrial production fell more than expected to 0.9% in September. The industrial production declined in spite of the consensus forecast of economists, who had expected its 0.2% growth. The value in August was revised upwards by 0.2 percentage points, and recorded a growth of 1.6%. The two-month average showed a slight increase in production of 0.6%, according to the Ministry of Economy. The EUR / USD fell to $ 1.3350 during the European session.

British Pound: The pound previously ignored the decision of the Bank of England to keep monetary policy unchanged and fell after the ECB decision. The last meeting of the Bank of England did not bring any surprises for markets, leaving the key lending rate at a record low 0.5 %, where it has been since March 2009, while the purchase of assets remained at £ 375 billion the central bank announced its intention to keep rates at a low level as long as the rate b / d in Britain will not fall below 7%, which is not expected before 2016. The GBP / USD pair fell to $ 1.6015 during the European session.

Australian dollar: The Australian dollar fell after the government's employment report for October. According to data published in Australia last month, was created only 1,100 jobs, while economists had forecasted an increase of 10K jobs.

American trading session:

Japanese Yen: The currency had a very volatile session today. Firstly, the yen declined significantly against the dollar, in response to the publication of the U.S. GDP. Later, the USD/JPY pair slid to new lows against a reduction of U.S. stocks market. Experts also pointed out that when a couple has broken this morning, investors rushed to buy it, even though many have placed stop orders at Y99 area. These stop orders were triggered when the pair fell back to the level of Y99, causing large dollar sales and pitting the pair to Y98.50. There were "large dollar purchases at lower level”, so it can mean that the pair is not likely to remain below Y99 for long.

Gold: The gold prices declined significantly today, down with up to three-week low, and losing all previously earned position achieved after the decision of the European Central reduce the interest rate to a record low. The cost of the December gold futures fell to $ 1305per ounce level on COMEX today.

Oil: The cost of oil futures fell today, reaching at the same level of $ 94 per barrel, which was due to unexpected decline in rates by the European Central Bank and the significant strengthening of the dollar. The cost of the WTI December futures fell to $ 94.04 a barrel on the NYMEX today.


Technical analysis for 7.11.13

EURUSD
The pair has declined to the support level at 1.34882.
Resistance: 1.35984, 1.36804, 1.37486
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is testing 1.60322. If the pair stays above this level the pair will rise to 1.62050.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is testing 0.91079. If the pair stays above this level the pair will rise to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141. If the pair stays below this level the pair will decline to 0.93493.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 06.11.13: The price of oil fell to $ 93.50 per barrel, which is the lowest level in more than four months.

Asian and European trading sessions:

Euro: The euro traded in a range amid mixed statistics on retail sales in the euro zone and industrial orders in Germany. The retail sales in the euro zone fell in September when the consumer spending remained weak against the backdrop of high unemployment and slow wage growth .The European Union’s statistics agency announced on Wednesday that sales in September compared with August fell by 0.6 %, although were up 0.3 % compared to the same period in 2012 . The data was worse than expected.
The orders in the industrial sector in Germany in September rebounded in September by 3.3 % compared with the previous month, far exceeding forecasts of economists, who expected an increase of 0.6 %. In the previous two months, the volume of orders decreased. Strong performance of orders in September provided a jump in foreign demand: foreign orders jumped by 6.8 % compared with the previous month, offsetting a 1.0% decline in domestic demand. Compared to the same period of the previous year, the total volume of orders adjusted for the number of working days increased by 7.9%, while the unadjusted orders jumped 11.0%. The EUR / USD pair traded in the range of $ 1.3485 - $ 1.3530 during the European session, the

British Pound: The pound rose against the dollar, supported by data on industrial production in Britain. According to the latest results from the Office for National Statistics, the British industrial production rose in September after two consecutive declines, and the recovery was stronger than economists expected. Total production increased by 2.2% year on year in September, after falling 1.5% in August and 1.1% decline in July. The consensus forecast of economists was at the level of growth of 1.8%. Manufacturing output grew by 0.8% per annum in September. This happened after falling 0.2% in August and 0.4% drop in July. The result corresponded to the forecast of economists. On a monthly basis, total production increased by 0.9% compared with a forecast of 0.7 percent growth. Manufacturing output increased by 1.2% in September compared with the previous month, in line with economists' forecasts. The GBP / USD pair rose to $ 1.6120 during the European session.

American trading session:

Euro: The euro exchange rate rose sharply against the dollar, although it has lost some of the previously won positions in response to rumors that report, quoting official sources in the ECB that the decline in inflation does not become a reason to lower the rates of the Central Bank at tomorrow's meeting.
The EUR / USD pair fell to $1.3500 level.

Gold: The gold prices rose slightly today, breaking with the longest string of declines in nearly six months. The cost of the December gold futures rose to $ 1316.90 per ounce on COMEX today.

Oil: The price of oil fell to the lowest level in more than four months on speculation that U.S. crude inventories increased last week, which could become the seventh consecutive weekly increase. The cost of the WTI December futures fell to $ 93.50 a barrel on the New York Mercantile Exchange.


Technical analysis for 6.11.13

EURUSD
The pair has declined to the support level at 1.34882.
Resistance: 1.35984, 1.36804, 1.37486
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is testing 1.60322. If the pair stays above this level the pair will rise to 1.62050.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is testing 0.91079. If the pair stays above this level the pair will rise to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141. If the pair stays below this level the pair will decline to 0.93493.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 05.11.13: The pound rose sharply against the dollar, which was associated with the release of strong data on service sector activity in Britain.

Asian and European trading sessions:

Euro: The euro exchange rate has not shown reaction to the data on producer prices and lowering the eurozone forecasts for economic growth in the European Commission. The prices for goods shipped enterprises euro zone fell in September at the fastest annual pace in more than three and a half years. The European Union’s statistics agency reported on Tuesday that, despite the growth of 0.1 % in September compared with August, producer prices were 0.9 % lower than in September 2012, which was the biggest annual drop since January 2010.
Also, the European Commission today published updated economic forecast that next year the euro zone economy will grow by only 1.1 %. Earlier, it was expected that this figure will be 1.2%. The projected EU economy growth would be in 2014 by 1.4 % and in 2015 by 1.9 %.
The European Commissioner for Economic and Monetary Affairs Mr.Rehn reported today that the unemployment rate will continue to remain at extremely high levels. The European Commission expects that this year and next year, the rate will remain at around 12.2 %, and in 2015 will decrease to 11.8 %.
The deficit of E -17 was projected to decline over the next year to around 2.5 % , and in 2015 - to 2.4 %.The EUR / USD pair is trading in the range of $ 1.3470 - $ 1.3510 during the European session.

British Pound: The pound rose sharply against the dollar, which was associated with the release of strong data on service sector activity in Britain. The survey taken by Markit Economics and the Chartered Institute of Purchasing & Supply (CIPS) demonstrated that the activity in the UK service sector expanded in October at the fastest pace in more than sixteen years. Seasonally adjusted Business Activity Index rose to 62.5 in October from 60.3 in September. The October value represented the strongest growth in activity since May 1997.
The composite index PMI reached a historic high 61.5 in October, up from 60.2 in September. The GBP / USD pair rose to $ 1.6070 during the European session.

Japanese Yen: The yen rose against most of its major counterparts amid falling stock market in Asia, which led to increased demand for safe haven. The USD / JPY pair fell to Y98.156 during the European session.

Australian dollar: The Australian dollar fell against the U.S. dollar after the RBA Governor Glenn Stevens said the Australian dollar exchange rate is “uncomfortably high." “In order to achieve balanced economic growth will probably require a lower rate of the Australian dollar," - said Mr. Stivens today.

American trading session:

U.S. Dollar: The dollar strengthened slightly due to positive U.S. data, which showed that in October, the index of business activity in the U.S. service sector, which is calculated by the Institute for Supply Management (ISM) rose, reaching at the same level of 55.4, compared the September reading at around 54.4. According to expert estimates, the value of this index was down slightly to 54.2. All major sub- indexes in September remained in expansion, which was influenced by the growth of employment and business activity.

Japanese Yen: The yen declined significantly against its competitors, having lost all previously earned position.

Gold: The gold prices fell today, losing all previously won positions, which was due to release a report on U.S. economic activity. The cost of the December gold futures dropped to $ 1308.90 per ounce on COMEX today.

Oil: The price of oil fell moderately today to the lowest level in more than four months on speculation that U.S. crude inventories increased last week, which could become the seventh consecutive weekly increase. The cost of the WTI December futures fell to $ 93.50 a barrel on the New York Mercantile Exchange.


Market review for 04.11.13: The U.S. dollar fell which was associated with the release of U.S. industrial orders data.

Asian and European trading sessions:

Euro: The euro was supported today by data on business activity in the manufacturing sector and the report on confidence of investors. The final data from Markit Economics showed that the Eurozone manufacturing purchasing managers' index rose to 51.3 in October from 51.1 in September. The October result coincided with the preliminary estimates and forecasts of experts. The level of investor confidence in the euro area has significantly grown for the fourth consecutive month from 6.1 in October to 9.3 in November, beating economists' expectations. The economists had expected a slight increase to 6.6. The level of confidence of German investors reached a record 30.2 in November while in October it resulted on 28.3. The November's value was the highest since the beginning of entering the data in 2009. Improving investor expectations contributed to the growth of the index. The EUR / USD pair rose to $ 1.3515 during the European session.

British Pound: The pound rose against its competitors, which was associated with the release of strong data on activity in the construction sector in Britain. The activity in the construction sector in the UK continued to increase in October, with the maximum rate of growth reached more than six years. Published data was evidence that the UK economic recovery continued rise in the 4th quarter of this year, which began in January. Accordingly data released by the Markit, the index of purchasing managers in the construction sector (PMI) in October rose to 59.4 against 58.9 in September showed again that the housing as the main factor of growth in October. The GBP / USD pair rose to $ 1.5980 level during the European session.

Australian dollar: The Australian dollar rose after today's release of data showed that the retail sales grew at the fastest pace in seven months. The September index rose by 0.8 %, while analysts had expected growth of just 0.4 %. After the release of positive data, it is likely that the Australian central bank will not lower interest rates at its next meeting, which will take place tomorrow.

American trading session:

U.S. Dollar: The dollar fell, which has been associated with the release of several data from U.S. The Ministry of Commerce reported that up to September, the volume of industrial orders increased significantly, which followed a two-month decline. However, it was noticed a sharp decline in orders for machinery and other goods, which may indicate a slowdown in economic growth. According to the report, the volume of industrial orders rose 1.7% in September, compared with a decline of 0.1% in August and a decrease of 2.8% in July.
The decline for the second time in three months indicates a weak activity in the manufacturing sector in the third quarter. In addition, the data showed that orders for durable goods rose 3.8% in September, mainly due to increase in orders for aircraft. The large increase in demand for aircraft helped offset the 0.7% drop in demand for cars and auto parts. This decline is expected to be temporary, given the strength of car sales this year. Note also that the demand for non-durable goods fell by 0.2 %.

Gold: The gold prices rose slightly today as the dollar lost some of their positions. However, the precious metal remains under pressure on talk that the European Central Bank may ease monetary policy, as well as renewed speculation that the Federal Reserve may curtail monetary stimulus at the end of this year. The cost of the December gold futures rose to $ 1317.50 per ounce on COMEX today.

Oil: The oil prices stabilized near four-month low as the dollar weakened against most currencies. The cost of the WTI December futures fell to $ 94.50 a barrel on the New York Mercantile Exchange.


Technical analysis for 5.11.13

EURUSD
The pair has declined to the support level at 1.34882.
Resistance: 1.35984, 1.36804, 1.37486
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has declined below 1.60322 and aiming to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is testing 0.91079. If the pair stays above this level the pair will rise to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141. If the pair stays below this level the pair will decline to 0.93493.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 31.10.13: The euro fell sharply against its competitors on unexpectedly weak unemployment report as well as data on CPI.

Asian and European trading sessions:

Euro: The euro fell sharply against its competitors, which has been associated with unexpectedly weak report on unemployment in the euro area, as well as data on CPI. The latest release from Eurostat showed that in the last month, the unemployment rate in the euro zone rose unexpectedly, returning with a record high at around 12.2%. Many experts expected that in September, the unemployment rate will be remained at 12.2%. The data also showed that the unemployment rate for the European Union in September remained unchanged from the previous month for which unemployment was revised upwards. Also it was reported that amount of people out of work in the eurozone in September totaled to 19.447 million, compared to 19.387 million in August. The total number of unemployed in the EU has been at the level of 26,872 million, compared to 26.811 million a month earlier. Meanwhile , the another report showed that inflation in the eurozone fell to its lowest level in nearly four years in October , increasing the pressure on the European Central Bank, and forcing soften monetary policy to support the fragile economy of the region. The EUR / USD pair fell to $ 1.3620 during the European session.

Japanese Yen: The yen strengthened against the U.S. dollar after the Bank of Japan decided to leave unchanged the unprecedented easy monetary policy, where the Prime Minister Mr. Shinzo Abe is trying to overcome 15 years of deflationary pressure on Japanese economy. The Bank of Japan left its key interest rate at 0, 0-0.1 %. The Bank of Japan has confirmed the basic lines of monetary policy, saying that would annually purchase government bonds at 60-70 trillion yen (611-712 billion dollars). The monetary policy of the Central Bank aims to achieve the inflation target of 2%. The USD / JPY pair fell to Y98.15 during the European session, the

American trading session:

Canadian dollar: The Canadian dollar rose after strong GDP data for Canada. The data presented by the Statistics Canada showed that up to August 's real gross domestic product grew by 0.3 %, which was followed after increasing 0.6 % in July and a decline of 0.5 % in June. Also, it became known that the output in goods-producing industries grew by 0.4 % in August, led by an increase in the sector of oil and gas (2.8 %). Also,the report showed that wholesale trade rose in August by 0.4 % , helped by the increase in wholesale sales of goods of personal and household goods . Wholesale of machinery, equipment, materials, motor vehicles and parts also rose in August. But these gains were partially offset by lower wholesale sales of other products in the category of agricultural products.

Gold: The gold prices fell after Wednesday night's U.S. Federal Reserve announced that the program of incentives will be continued, noting some improvement in the U.S. economy. The cost of the December gold futures dropped to $ 1320.50 per ounce on COMEX today

Oil: The cost of oil fell for the third day at a time, as U.S. crude stocks rose and the dollar strengthened against the euro. The cost of the December futures on U.S. light crude oil WTI fell to $ 96.00 a barrel on the New York Mercantile Exchange.


Technical analysis for 31.10.13

EURUSD
The pair is returning to 1.37486. If the pair breaks this level the pair will decline to 1.36804.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.36804, 1.35984, 1.34882
GBPUSD
The pair has declined to the support level at 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to 0.89635 and rolling back to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 30.10.13: The Swiss Franc rose against the dollar due to release of positive data from Switzerland.

Asian and European trading sessions:

Euro: The euro exchange rate gained previously lost positions against the dollar. The currency was supported by the mixed employment data from Germany, as well as a positive report on the level of business and consumer confidence. As it was informed the unemployment rate seasonally adjusted rose to a record level of June 2011 , while the unemployment rate remained near record levels recorded before the reunification of Germany. In October, the unemployment rate fell by 47 800, while the total number of unemployed amounted to 2,801K. Index seasonally adjusted increased by 2K, and the unemployment rate remained at 6.9%.
As for the report on the euro area, it showed that the sentiment indicator in the economy, which is a sensor sentiment among consumers and businesses, rose to 97.8 in October, up from 96.9 in September. The level of confidence has increased among households and enterprises, but on the decline among retailers, service providers and construction firms. The EUR / USD pair rose to $ 1.3780 during the European session.

Swiss Franc: The Swiss franc rose against the dollar, which was due to release of positive data from Switzerland. The study, presented by the bank UBS, showed that the consumption indicator for Switzerland has grown substantially in the last month, which basically helped by increased sales of new cars, the recovery in the tourism sector and the retail sector. According to the report, consumption indicator rose in September to a level of 1.56 points, compared with 1.32 in August. In addition, studies revealed that the number of new car registrations rose again in September, reaching a level with 22600 units, and showing the second-best result in the last 10 years. We also add car sales increased by 7 percent compared with the same month of the previous year.

American trading session:

U.S. Dollar: As it was shown by recent data that have been submitted by Automatic Data Processing (ADP), in October, the employment in the private sector markedly increased, but still not enough to confirm the estimates of economists. According to the report, in October, the number of employed increased by 130K people, compared with a revised downward from the previous month at 145K.The average forecast of this indicator would have grown by 151K. The data of Department of Labor revealed that the end of last month, consumer prices in the U.S. showed modest growth, underscoring the weak inflation and supports the decision by the Federal Reserve to keep buying program bonds unchanged - at $ 85 billion per month. The September consumer price index rose 0.2 % in August, while the core index, which excludes prices of food and energy costs, increased by only 0.1 %, while the expectations were on growth of general and basic prices by 0.2 %. In addition, it was reported that the annualized consumer price index increased by 1.2 %. Base prices, meanwhile, rose by 1.7 % per year, after increasing by 1.8 % in the previous month. According to experts, the rise was by1.8% up. The Department of Labor reported that the increase in overall prices was associated with higher costs for energy (+0.8 %), health care (+0.1 %) and rents (+0.2 %). However, food costs were unchanged, while clothing prices fell. But the report indicated that inflation remains below the Fed's annual target of 2%, reflecting the weak recovery of the U.S. economy.

Gold: The gold prices rise as investors bet on the continuation of the Fed's stimulus policy that will be favorable for the growth of gold prices. The cost of the December gold futures rose to $ 1360.00 per ounce on COMEX today.

Oil: The cost of oil brand WTI fell to $ 96.80 a barrel extending the second monthly decline after a government report showed that U.S. crude inventories rose to four-month high . The cost of the December futures fell 1.4% after the Energy Information Administration said that inventories rose 4.09 million barrels to 383.9 million barrels last week. The report also showed that the supply of the terminal Cushing, Okla., delivery traded in New York WTI, rose 2.18 million barrels to 35.5 million barrels , reaching a two-month high .


Technical analysis for 30.10.13

EURUSD
The pair is returning to 1.37486. If the pair breaks this level the pair will decline to 1.36804.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair has declined to the support level at 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to 0.89635 and rolling back to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 29.10.13: The Australian dollar fell after the speech of the RBA Governor, Mr. Stevens.

Asian and European trading sessions:

British Pound: The pound fell today despite a report that showed that in September it was approval of the 66,735 new home loans, up from 63,396 in August, which was the highest since February 2008 and exceeded the forecasts of economists - they had expected growth of 66K in the last month. The data showed that the interest rates on loans for housing construction fell in September, while total mortgage lending for the month was 15.6 billion pounds, registering the highest since October 2008. The data showed an improvement in production, which stimulates the revival of the mortgage lending and housing market activity. The number of mortgage approvals net mortgage lending expanded to 1.03 billion pounds and consumer loans amounted to 411 million pounds was informed by Bank of England. The GBP / USD pair fell to $ 1.6050 during the European session.

Japanese Yen: The yen rose against all major currencies after the release of macroeconomic data, which recorded growth in retail sales, surpassed the expectations of most economists. The Ministry of Economy of Japan reported that in September the index rose by 3.1 % in annual terms, while the average of analysts’ was expecting growth of 1.9%. The unemployment rate fell last month to 4% from 4.1 % in August with expectations average of unemployment at 4%. The USD / JPY pair, however, rose to Y98.00 during the European session.

Australian dollar: The Australian dollar fell after the RBA Governor Glenn Stevens said: “the Australian dollar exchange rate is not supported by cost and labor productivity in the economy and terms of trade are likely to decrease, rather than expand”.

American trading session:

U.S. Dollar: The dollar rose against its competitors as many market participants expected the announcement of the results of the two-day meeting of the Federal Reserve , which begun today . The market participants expected that and it is likely that the Committee will consider the weak U.S. economic reports as a reason not to reduce the amount of stimulus measures this year. It should be noted that the vast majority of analysts agree that the central bank will continue the program of asset purchases, which is now on $ 85 billion a month. In the accompanying statement, the central bank is likely to confirm the possibility of folding the program purchases until the end of the year.

Euro: The EUR / USD pair increased significantly to the level of $ 1.3788, reaching maximum of the session, which was associated with the release of weak data on U.S. consumer confidence. The euro showed mixed performance in relation to the U.S. dollar - highs in the comments of Mr. Novotny and weak consumer confidence data, and then turned around and went down.

Gold: The gold prices adjusted to five-week highs in anticipation of the Fed meeting. The gold investors have decided to refrain from taking action before a meeting of the U.S. Federal Reserve, scheduled for this week. The cost of the December gold futures dropped to $ 1339.80 per ounce on COMEX today.

Oil: The cost of WTI oil brand fell for the first time in four days on estimates that U.S. oil reserves, the largest oil consumer in the world, rose last week to a four-month high. The cost of the December futures fell to $ 97.82 a barrel on the New York Mercantile Exchange.)


Technical analysis for 29.10.13

EURUSD
The pair is returning to 1.37486. If the pair breaks this level the pair will decline to 1.36804.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair has risen to 1.62050. If the pair stays below this level the pair will decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to 0.89635. If the pair stays below this level the pair will reach 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 28.10.13: The British pound fell, losing all previously earned positions.

Asian and European trading sessions:

Euro: The euro was lower against the dollar as investors were waiting the U.S. data on industrial production and pending transactions on the house sales. The EUR / USD pair fell to $ 1.3775 during the European session.

U.S. Dollar: The data, recently presented by the Federal Reserve showed that at the end of last month, the volume of industrial production in the U.S. has grown significantly, thereby exceeded the average forecasts of experts, who predicted growth by 0.4 % and capacity utilization - to 78.1 %. According to the report, in September, the volume of industrial production increased by a seasonally adjusted 0.6 % compared with August, while capacity utilization rose by 0.4 percentage points - to the level of 78.3 %.

British Pound: The pound fell against the dollar, losing all previously earned the positions. The recent strengthening of the British currency was due to the release of the report from Hometrack, which showed that the average price in the sale of housing in the UK continued to rise in October, which was due to increased demand among buyers. However, the number of proposed homes for sale declined, raising questions about the health of the housing market. According to the report, the average asking price for a house in the UK rose by 0.5 % in October compared with the previous month, when prices rose at the same pace. The GBP / USD pair fell to $ 1.6150 during the European session.

Japanese Yen: The yen continued its three-week decline after the deputy head of the Bank of Japan Kikuo Iwata confirmed the intention of the Central Bank to continue the program of unprecedented monetary easing. The key event of the week, the meeting of the Bank of Japan that will be held on October 31will indicate further movement of the Japanese yen. The USD / JPY pair rose to Y97.79 during the European session.

American trading session:

U.S. Dollar: The dollar’s exchange rate was moderately higher against its competitors’ rates after the release of mixed U.S. data. The report showed that the number of Americans who signed contracts to buy housing, dropped sharply in September, registering with the fourth monthly decline in a row, which was mainly due to an increase in interest rates on mortgages and fiscal uncertainty. The National Association of Realtors reported that the index, which measures the number of pending home sales in the secondary market, fell by a seasonally adjusted 5.6%, compared to August, reaching at the same annual rate of 101.6, the lowest level since December 2012. It was the first time in more than two years, the number of pending home sales were lower than a year earlier. Note that according to the average forecast of experts, the index should have grown by 0.5 %, after falling 1.6 % in August.

Gold: The gold prices rose to a five-week high as traders expect the maintaining stimulus measures by Fed announced at a meeting this week. The cost of the December gold futures rose to $ 1362.80 per ounce on COMEX today.

Oil: The crude oil futures for West Texas Intermediate rose 1% after the state-owned national oil corporation said that the volume of production in Libya, the holder of the largest oil reserves in Africa, fell to 250,000 barrels per day due to labor protests. The cost of the December futures rose to $ 98.89 per barrel on NYMEX.


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Market review for 24.10.13: The dollar fell slightly, which was associated with the release of weak U.S. employment data.

Asian and European trading sessions:

Euro: The euro fell after the publication of disappointing purchasing managers' index (PMI) in the euro zone.
The data showed that manufacturing activity in the services sector in October did not grew a fourth consecutive month, but the pace of growth slowed compared with the last few months falling unexpectedly to 51.5 from 52.2 in September, while , according to forecasts , it has been a little increase to 52.3. Services PMI fell to 50.9 in October from 52.2. On the other hand, the growth of manufacturing activity improved slightly in October, the corresponding index rose to 51.3 from 51.1 in September. It was expected the index to rise to 51, 4 . The EUR / USD pair rose to $ 1.3826 during the European session, and then fell to $ 1.3760.

U.S. Dollar: The dollar fell against most major currencies, as recent partial shutdown of the government effected economic growth in the United States. Against this background, there were views that the Federal Reserve would be forced to extend the duration of the program of monetary stimulus.

Australian dollar: The Australian dollar rebounded slightly after yesterday's fall, after a preliminary PMI index for the manufacturing sector from HSBC Holdings Plc and Markit Economics in China, which is the largest trading partner of Australia, raised to 50.9, exceeding analysts' forecast, the expected value of 50.4. This month, China's manufacturing strengthened more than expected, and this was a sign that the economic recovery is gaining momentum this quarter.

American trading session:

British Pound: The pound regained previously lost ground against the dollar in anticipation of tomorrow's GDP report Britain. It is expected that the results of tomorrow's GDP report will support the positive tone of the British macro received during the last quarter. Office for National Statistics may report on the economic growth of 0.8% in the 3rd quarter. Yesterday, the Bank of England published the minutes of the meeting, which reflected the confidence of members of the Committee in the growth of the UK economy, as well as hints to the fact that the data for the 3rd quarter may be stronger than expected. The GBP / USD pair rose to $ 1.62100 during the session.

U.S. Dollar: The dollar fell slightly, which was associated with the release of weak U.S. employment data. The Ministry of Labor said that the number of initial claims for unemployment benefits fell from a seasonally adjusted by 12K to 350K in the week ended October 19. Applications for the previous week were revised slightly higher from the initial value. Figures for the last week exceeded economists' expectations at 341,000 new claims. However, there has been the second consecutive decline, which indicated that employment in the private sector also suffered from a 16-day shutdown of the federal government. The total number of today's report does not include the benefits of federal employees who file for unemployment benefits through a separate program. Report on Thursday showed that the four-week moving average of claims, which smoothes out volatile weekly data, rose by 10,750 last week to 348,250.

Gold: Gold prices rose significantly today, almost reaching the level of $ 1350 per ounce after the U.S. data showed that the number of applications for unemployment benefits was less than expected. The cost of the December gold futures rose to $ 1347.80 per ounce on COMEX today.

Oil: The cost of the WTI December futures Oil prices fell today, dropped to $ 96.45 which was associated with an increase in production and reserves of oil in the United States.


Technical analysis for 24.10.13

EURUSD
The pair is testing 1.37486. If the pair stays above this level the pair will rise 1.38554.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has risen to 1.62050. If the pair stays below this level the pair will decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to 0.89635. If the pair stays below this level the pair will reach 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair may return to 98.718 if stays above 97.491.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has reached 0.96579. Support is at the Moving Average (200) at 0.95611.
Resistance: 0.96579, 0.97423, 0.98436
Support: 0.95611, 0.94635, 0.93493


Market review for 23.10.13: The yen rose against all its major counterparts amid a sharp rising demand for safe-haven assets, while the Canadian dollar declined significantly on negative forecasts for Canadian economy.

Asian and European trading sessions:

Euro: Euro fell against the U.S. dollar amid evidence of continued growth of debts of the euro area governments in the 2nd quarter of 2013 year. That indicated that the one of the most difficult problem of European Union has not been solved. According to agency Eurostat data released on Wednesday, the eurozone public debt in relation to the aggregate euro area GDP in the 2nd quarter increased to 93.4 % versus 92.3 % in the 1st quarter and to 89.9 % in the same period the previous year. According to the rules of the European Union, governments must keep their debt at a level not exceeding 60 % of GDP. The EUR / USD pair fell to $ 1.3735 during the European session.

British Pound: The British pound reduced its power after the release of the protocol of the Bank of England reflected the unanimous sentiment of the Committee members on keeping loose monetary policy. In respect of new policies transparent communication, the newest head of the Bank of England M. Carney stated: "At the moment it seems likely that in the 2nd half of 2013 unemployment will be lower and the rate of production - faster than expected in the August inflation report ".However, saying further, " On the basis of the latest statistics on the labor market is still too early to make any confident verdicts on the extent of the growth of productivity." The GBP / USD pair fell to $ 1.61120 during the European session.

Japanese Yen: The yen rose against all of its major counterparts amid a sharp rising demand for safe-haven assets. It occurred after the volume of bad loans in China soared to a peak in July, stimulating demand for safer assets. The yen rose against all major currencies. The USD / JPY pair fell to Y97.10 during the European session.

Australian dollar: The Australian dollar touched highs against its counterparts after the publication of the inflation data revealed that in the last quarter the consumer price index rose more than economists’ forecasts. This increased the likelihood that the Reserve Bank of Australia completed its two-year program to mitigate the monetary policy.

American trading session:

Canadian Dollar: The Canadian dollar declined significantly against its counterparts, which associated with the application of the Bank of Canada. As it was expected, the Bank of Canada decided to keep interest rates unchanged at 1% at the October meeting. However, in the statement issued after was announced that the Bank of Canada expects modest growth in 2013, and the uncertain economic conditions may have a negative impact on exports and business investment in Canada. According to Central Bank estimates, the growth rate of real GDP should accelerate from 1.6 % in 2013 to 2.3 % in 2014 and 2.6 % in 2015.

Euro: The euro rose against the dollar, while restoring previously lost ground, after the European Commission said that the level of consumer confidence in the euro area increased more in October , reaching with its highest level in 27 months, which is likely to indicate continued increase in consumer spending , albeit slowing pace .
According to the report, a preliminary index of consumer confidence in the euro zone rose this month to the level of 14.5, compared with 14.9 in September. Meanwhile, data showed that the level of sentiment in the EU has remained unchanged for October - the corresponding index was 11.7 points. In September, the figure has exceeded its long-term average at 12.3, the first time since June 2011. Introduced today, the report showed that spending growth may continue in the third quarter as well.

Gold: The cost of the December gold futures dropped to $ 1334.10 per ounce on COMEX today. The gold declined moderately today, departing from the four-week high as investors started to close their positions after yesterday's employment report, which was weaker than expected.

Oil: The price of oil fell today, dropping to $ 96 per barrel, which was the lowest value since July. This trend was triggered by release of data on U.S. oil reserves, which indicated increase again. The cost of the WTI December futures fell to $ 96.60 a barrel on the New York Mercantile Exchange.


Market review for 22.10.13: The U.S dollar fell under pressure as the Nonfarm Payrolls data came out much worse than expected.

Asian and European trading sessions:

U.S. Dollar: The dollar brought signs of stability today as investors were much more confident in opening large positions before the employment data that should tell how much the U.S. Federal Reserve will continue to purchase bonds at the current rate. The U.S. dollar traded in a narrow range against most major currencies, as market participants are waiting for the publication of data on the change in Nonfarm Payrolls, as well as official data on unemployment in the United States. According to the median forecast of analysts in the U.S. economy in the past month there were created 179K jobs, higher than the August figure of 169K, however, and is expected that the official unemployment rate would be at 7.3 %.

Japanese Yen: The yen continued to fall against most currencies in anticipation of the publication of the inflation data, which are likely to be the highest since 2008. According to the median forecast of economists, the nationwide consumer price index excluding fresh food, last month, will grow by 0.7 % compared with a year earlier. The measures for accelerating of inflation, which applies the Bank of Japan, already accelerated the consumer price index in August by 0.8 %, which is the fastest pace since November 2008. The USD / JPY pair rose to Y98.43 during the European session.

American trading session:

U.S. Dollar: The Department of Labor reported that the number of people employed in the U.S. increased less than expected. It was shown the reduced growth of the economy pace. Employment growth in September was by 148K, while employment growth in August was revised up to 193K (higher than originally reported). The average score of economists was at 179K. Thus, the data came out much worse than expected. It was also reported that the unemployment rate fell to a five-year low, 7.2% - the lowest since November 2008. This result was better than expected 7.3 %. However, the dollar's decline could not stop even data on construction spending. The Ministry of Commerce reported that the seasonally adjusted construction spending rose in August by 0.6%, reaching at this annual level of $ 915.100 billion, while economists expected spending to increase by about 0.4%.

Euro: The euro exchange rate increased significantly against the dollar, in response for the weak employment data in the U.S. The EUR / USD pair rose above $ 1.3750 after U.S. employment data, the highest level since November 2011.

Gold: Gold prices rose significantly, reaching in this three-week high, after weak figures on employment in the United States have raised expectations that the Federal Reserve will keep its incentive program continued in 2014. The cost of the December gold futures rose to $ 1343.25 per ounce on COMEX today.

Oil: The cost of oil futures declined moderately, as market participants continued to analyze yesterday's report on oil. The cost of the WTI November futures fell to $ 98.45 a barrel on the New York Mercantile Exchange.


Technical analysis for 23.10.13

EURUSD
The pair is testing 1.37486. If the pair stays above this level the pair will rise 1.38554.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has risen to 1.62050. If the pair stays below this level the pair will decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to 0.89635. If the pair stays below this level the pair will reach 0.88418.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair may return to 98.718 if stays above 97.491.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has reached 0.96579. Support is at the Moving Average (200) at 0.95611.
Resistance: 0.96579, 0.97423, 0.98436
Support: 0.95611, 0.94635, 0.93493


Technical analysis for 22.10.13

EURUSD
The pair has broken 1.35984 and aiming to 1.37486.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has checked 1.62050 and rolling back to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair may return to 0.91079 if stays above 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair may return to 98.718 if stays above 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached 0.96579. Support is at the Moving Average (200) at 0.95611.
Resistance: 0.96579, 0.97423, 0.98436
Support: 0.95611, 0.94635, 0.93493


Market review for 21.10.13: The U.S. existing homes sales fell in September and cause the U.S. dollar to lose its previously gained positions.

Asian and European trading sessions:

Euro: The euro traded in range and was stable against the dollar amid data on producer prices in Germany. The producer prices in September and October fell by 0.5% on an annual basis. The prices of non-durable consumer goods increased by 2.1%and the prices of intermediate goods and energy decreased by 2% and 1.4% respectively, compared with September 2012. On a monthly measurement of producer prices rose 0.3%, offsetting a 0.1% drop in August. It was predicted that the prices would increase by only 0.1%. The EUR / USD pair is trading in the range of $ 1.370 - $ 1.3675 during the European session.

British Pound: The pound fell slightly against the U.S. dollar, in response, the statistics from the Markit Economics survey. The report said that the UK household finances remained under pressure in October, but the assessment of the employment situation has improved slightly .The seasonally adjusted index of household finances, which measures the overall presentation of the financial well-being of households, was 41 in October and has remained in negative territory. The October value was slightly better than the values of 40.8 in September, and was above the long-term average of 37.9. Meanwhile, the survey found that the trend in the labor market improved during October. Indicator of activity in the workplace remained above the neutral mark the ninth consecutive month. The GBP / USD pair rose to $ 1.6182 during the European session, and then dropped to $ 1.6140.

Japanese Yen: The yen fell against all major currencies after the release of the trade deficit of the country. The Ministry of Finance reported today in Tokyo, that in September, imports exceeded exports by 932.1 billion yen. This value was higher than previously expected by analysts to increase 918.6 billion. An additional pressure on the Japanese currency had speech of Governor of the Bank of Japan Mr.Kuroda, who promised to continue easy monetary policy to achieve stable inflation. The USD / JPY pair rose to Y98.29 during the European session.

American trading session:

U.S. Dollar: The dollar declined significantly against the euro, and lost the all previously earned positions which associated with the release of weak U.S. data. The sales of existing homes fell in September
by 1.9 % from the previous month to a seasonally adjusted annual rate of 5.29 million. Also, as it was reported by the National Association of Realtors, the pace of the previous month was revised down to 5.39 million from 5.48 million previously voiced. Nevertheless, the data show that the pace of sales in July and August were the best since 2009. Economists had expected sales rate in September at 5.3 million.

Gold: The December gold futures stabilized today at $ 1316.80 per ounce level on COMEX.

Oil: The cost November futures on WTI moderately declined today, dropping below $ 100 per barrel, after it was submitted a growth in oil inventories in the U.S. rose to the highest level in three months. The prices fell to $ 99.79 a barrel on the New York Mercantile Exchange.


Market review for 17.10.13: The U.S. dollar got hammered after the U.S. signed an interim agreement on the budget.

Asian and European trading sessions:

Euro: The euro jumped to a new 8 - month high against the dollar, despite announced agreement on the U.S. budget, in which the government will be funded until January 15, and the extension of the debt ceiling will be increased until February 7. The EUR / USD pair rose to $ 1.3665 during the European session.

U.S. Dollar: In addition, the pressure on the U.S. currency also had a message saying that today the Chinese rating agency Dagong announced its decision to downgrade the U.S. credit rating by one position to A- from A, leaving a negative outlook. The agency, in its decision, referred to concerns about the country's ability to solve the problem of the debt crisis, as well as the damage done to the economy by long government’s “shutdown ".

British Pound: The pound rose sharply against the dollar, which was helped by the publication of data by the Office for National Statistics. Accordingly report, the volume of retail sales of last month rose moderately, helped by higher sales and thereby exceeded the forecasts of experts. According to the report , the September volume of retail sales increased by 0.6 % ( on a monthly basis ), which followed a decline of 0.8 % in the previous month. Many experts believed that this figure will rise to 0.5 %. In addition, the annualized retail sales rose last month by 2.2 %, compared with a gain of 2.1 % in August, and the experts' forecasts were at 2% increase. The Office for National Statistics reported that the sales of furniture accounted for half of the total monthly rise, making it possible to add about 0.3 percentage points. The data also showed that with the exception of fuel, total sales rose by 0.7 % between August and September and by 2.8 % compared with September 2012. The GBP / USD pair rose to $ 1.6120 during the European session.

Japanese Yen: The yen fell after the U.S. Senate voted 81 - "for", and “18" - against the order to stop the 16 -day shutdown of government and raise the U.S. debt ceiling. The USD / JPY pair fell to Y97.80 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar got hammered by the strong downward pressure after the U.S. signed an interim agreement on the budget, it has agreed the day before. This has forced traders and investors to reconsider their predictions as to when the U.S. Federal Reserve will begin to phase out its program to stimulate the economy - at least in 2014. The market participants considered this decision as short-lived, because as less than 3 months later the Americans will have to solve the fundamental problem of the new spending and the budget deficit.

Gold: The value of gold has shown strong growth while the dollar fell, as the vague situation around the U.S. debt limit would prevent the growth and trigger the Fed to delay reduction programs stimulate the economy. The cost of the December gold futures rose to $ 1323.90 per ounce on COMEX today.

Oil: The cost of the November futures of WTI oil brand fell to $ 100.00 a barrel on the NYMEX. The oil fell after a report of the American Petroleum Institute (API) reported an increase in inventories last week.


Market review for 16.10.13: The U.S. Senate announced an agreement on raising the debt limit and the end of the period of work shutdown of the U.S. government.

Asian and European trading sessions:

Euro: The euro exchange rate rose on continued uncertainty ahead of tomorrow's “Deadline “of the budget issue in USA. The support for the euro had also data, submitted today which showed that by the end of August trade surplus euro area increased substantially as a modest rebound in exports outpaced import growth. According to the report, the seasonally adjusted trade surplus rose in August to the level of 12.3 billion Euros, compared with a profit in the amount of $ 11 billion in July, which was revised down from 11.1 billion Euros. Despite sharp increase in the surplus was slightly less than expected growth to 12.4 billion Euros. The exports in August amounted to 157.4 billion Euros, which was 1.0% more than in July, while imports amounted to 145.1 billion Euros, an increase of only 0.2% compared with the previous month. The EUR / USD pair rose to $ 1.3565 during the European session.

U.S. Dollar: The pressure on the U.S. currency had a decision of the rating agency Fitch Ratings, which downgraded the outlook for the highest rating of the U.S. to "negative." Agency refers to the inability of the government to increase the borrowing limit, the deadline of which is approaching quickly.

British Pound: The pound rose sharply against the U.S. dollar, which was associated with access better-than -expected data for unemployment benefits on Britain.
The Office for National Statistics said that by the end of last month the number of people claiming, significantly decreased, in the month of September, the number of applications for unemployment benefits fell by 41,700, reaching 1,350,000 at the same level. It is worth noting that according to the average forecasts of experts the value of this index was reduced by 24.3 thousand and added that in September 2012 the number of applications for benefits dropped by 214,500. The analysts forecasted the level of applications to remain unchanged. Meanwhile, data showed that the unemployment rate for the three-month period, calculated by the standards of the International Labour Organization, has remained constant - at around 7.7 percent, which was in line with the forecasts of experts, but less than 0.1 percentage points than the three-month period from March to May. The GBP / USD pair rose to $ 1.6065 during the European session.

Japanese Yen: The yen fell for the first time in three days after Senate leaders resumed talks, which lasted for 15 days in order to avoid a U.S. default, which reduced demand for safe-haven currencies like Japanese Yen.
The USD / JPY pair fell to Y98.28during the European session.

New Zealand dollar: The New Zealand's currency rose today, after the release of the inflation report, recorded growth. The level of consumer prices in the third quarter increased by 0.9 % compared to the second quarter, when the index rose by 0.2 %. The data exceeded the forecasts of economists expect the growth rate to 0.8 % and increases the likelihood that the central bank may raise interest rates.

American trading session:

U.S. Dollar: The U.S. dollar rose against most major currencies, after Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell, the Senate announced an agreement on raising the debt limit and the end of the period of shutdown of work of the government. Reid called the agreement "historic cross-party agreement." It will fund the government through mid-January, and increases the government debt ceiling until February 7. It also provides a mechanism for reaching an agreement on the budget for the long-term budget issues, which should be completed no later than December 13.

Gold: The gold prices were falling on the background of ongoing negotiations in the U.S. to raise the upper limit of the national debt. The cost of the December gold futures dropped to $ 1267.60 per ounce on COMEX today.

Oil: The cost of WTI oil brand rose on optimism that U.S. lawmakers will agree on a deal to raise the debt ceiling and avoid default. The November futures rose by 0.85% against on the optimism to $ 102.48 a barrel on the New York Mercantile Exchange.


Technical analysis for 17.10.13

EURUSD
The pair is trading between resistance 1.35984 and support 1.34882.
The pair has declined to support line at 1.34882.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trading between 1.60322 and 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is rolling back to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has risen to 98.718. If the pair stays below 98.718 the pair will decline to 98.271.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair’s resistance is at the Moving Average (200) at 0.95611, support is 0.94635.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Technical analysis for 16.10.13

EURUSD
The pair is trading between resistance 1.35984 and support 1.34882.
The pair has declined to support line at 1.34882.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trading between 1.60322 and 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has broken 0.91079 and aiming to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has risen to 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair’s resistance is at the Moving Average (200) at 0.95611, support is 0.94635.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Technical analysis for 15.10.13

EURUSD
The pair is trading between resistance 1.35984 and support 1.34882.
The pair has declined to support line at 1.34882.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trading between 1.60322 and 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has risen to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has reached support at 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair is aiming to the Moving Average (200) at 0.95611.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


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Market review for 10.10.13: The U.S. dollar reached top levels after the market speculated information about the readiness to start negotiations on the short-term increase in the debt limit issue.

Asian and European trading sessions:

U.S. Dollar: The U.S. dollar reached top levels today after the market speculated information about the readiness to start negotiations on the short-term increase in the debt limit issue from anonymous assistants of both parties in Congress.

British Pound: Despite that the meeting of the Monetary Policy Committee of the Bank of England did not bring any surprises, the pound rose slightly against the dollar. As it was expected, the Bank left rates unchanged at 0.50 % and the asset purchase program at 375 billion pounds. The Minutes of the meeting will be published on Wednesday, October 23. The GBP / USD pair bounced to a session high of $ 1.5960 after a publication of report.

Japanese Yen: The yen had fallen against most of its major counterparts ahead of today's speech of Governor of the Bank of Japan Haruhiko Kuroda. The presentation held at the Council on Foreign Relations in New York. The USD / JPY pair showed growth during the European session; however meet an resistance around Y97, 95.

Australian dollar: The Australian dollar weakened after the publication of the block of macroeconomic statistics on the employment market in the region. Despite the fact that the rate of the number of employed in Australia rose in September 9100 jobs data fell short of analysts' expectations of more positive planning to see the growth of not less than 15,000. However, the official unemployment rate, retreated in the past month with a four-year high of 5.8 % compared to 5.6% brought some positive, while analysts had expected the rate will remain unchanged.

American trading session:

Euro: The euro exchange rate kept the top and recovered from lows against the dollar. The couple could not determine the direction against the background of cautious optimism about reaching an agreement in the United States. The EUR / USD pair bounced to a session high of $ 1.3540 after a publication of report.

Gold: The gold prices fell slightly, dropping lower then to $ 1,300 an ounce today, as there were early successes in resolving the issue of the budget and the national debt ceiling

Oil: The cost of oil futures increased significantly, rising at the same time above $ 111 per barrel, which is primarily due to the reports of the kidnapping and release of the Prime Minister of Libya. The cost of the November futures on U.S. light crude oil WTI rose to $ 103.17 a barrel on the New York Mercantile Exchange.


Technical analysis for 10.10.13

EURUSD
The pair has declined to support line at 1.34882.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is aiming to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has risen to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has reached support at 97.491.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has risen to 0.94635 and rolling back to 0.93493
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 09.10.13: The U.S. President Mr. Barack Obama will nominate Janet Yellen as head of the Federal Reserve System.

Asian and European trading sessions:

Euro: Industrial orders in Germany did not support the expectations of +1.2 % and +3.9 %, they fell to -0.3 % in monthly term and on +0.1 % yearly. The Euro was under pressure, the EUR / USD pair decreased lower than $ 1.34950 and continued further decline.

U.S. Dollar: The dollar strengthened against the major currencies during the European session. For the growth of the dollar did not interfere the fact that the U.S. government is in shutdown and there is no sign of progress on the budget issue.

British Pound: The pound fell against the U.S. dollar, which was triggered by the release of weak data from Britain. The industrial production in the UK unexpectedly fell in August to the lowest in almost a year. It
fell by 1.1% from July. According to the Office for National Statistics, the median forecast of economists’ rate was to increase by 0.2%. The decline of manufacturing of pharmaceutical (factories production declined by 1.2%) was largest decline and contributed to the overall bad result. During the European session the pound dropped significantly, which was also a result of negative report for the trade balance in country. The GBP / USD pair fell below $ 1.5990 showing the lows of $ 1.5950, and putting into question the strength of British economic recovery in the third quarter.

Japanese Yen: The yen fell against all major currencies after the White House spokesman, said today that U.S. President Barack Obama will nominate Janet Yellen as head of the Federal Reserve System. The news thereby increased demand for higher-yielding assets. The USD / JPY pair consolidated under Y97 ,20-Y97, 60 levels during the European session, the

American trading session:

U.S. Dollar: The White House spokesman said today that the U.S. President Barack Obama will nominate Janet Yellen as head of the Federal Reserve System. The dollar rose significantly against the euro, the most likely cause of what may be called expectations regarding publication of the minutes of the last meeting of the Committee on the open market.

Gold: The price of gold dropped significantly due to profit-taking by traders. In addition, the nomination of Janet Yellen has revived hopes of the players on the fact that the U.S. would still be able to avoid a default on the debt. The cost of the December gold futures dropped to $ 1300.60 per ounce on COMEX today.

Oil: After the Administration of Energy department reported a bigger -than-expected gain in U.S. inventories the cost of oil futures declined substantially, enhancing their earlier losses. The cost of the November futures on U.S. light crude oil WTI fell to $ 100.55 a barrel on the NYMEX.


Technical analysis for 09.10.13

EURUSD
The pair has drawn the Pennant. The end of the figure maybe expected at 1.36806. The pair should stay above 1.34882 to be able workout the figure.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trading between 1.62050 and 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has tested 0.89635 and rolling back to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is rolling back to 97.491.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rise to 0.95611. If the pair stays below resistance 0.94635 the pair will decline to 0.93493.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 08.10.13: The situation on market is uncertain on a lack of progress in the budget issue at U.S. country.

Asian and European trading sessions:

British Pound: The British pound responded by declining after information that the Bank of England will conduct the LTRO operations. The currency traded relatively volatile and its decline was not too long: the GBP / USD pair could return to previous levels, and even then refreshed the session high. The Bank of England has not reported the detailed information on the operations of LTRO; the issue probably will be cleared up at a meeting of the Monetary Policy Committee, the results of which will be announced on Thursday. The GBP / USD pair shown low below $ 1.6015, but then managed to climb to around $ 1.6115 level where it met a resistance.

Japanese Yen: The United States President Barack Obama has once again publicly called on Congress to resume funding the government and increase the “ceiling" of the public debt. This was his subject to talk about in his speech at the Federal Emergency Management Agency. After that yen reached an eight- week high against the dollar, and rebound meeting the resistance; the USD / JPY pair rose to Y97.20.

Swiss Franc: The Franc rose against the euro, after the head of the Swiss National Bank Thomas Jordan said that the policy to curb the growth of the Swiss franc against the euro, which was introduced two years ago to avoid the dangers of deflation and recession, was the correct measure to ensure price stability in the foreseeable future. Recall that the restriction of the EUR / CHF pair at 1.20 was introduced on September 11, 2011 to deal with the growth of the franc, which could undermine the competitiveness of the Swiss economy, which is the euro zone’s main export market.

American trading session:

U.S. Dollar: The data showed that exports to the U.S. economy grew by 1.9 % to 30.1 billion dollars, registering the highest level since December 2011. Imports from the U.S. rose 0.1 % to $ 26.1 billion. Thus, the trade surplus with the U.S. increased from $ 3.4 billion in July to 4.0 billion in August. The “greenback” was supported by this news.

Canadian Dollar: The Statistics Canada reported today that by the end of August trade deficit increased slightly, despite the forecasts of experts who waited a decline. Accordingly report, the Canada's merchandise exports in August rose by 2.1 % to 39.8 billion, and imports rose 1.8% to 41.1 billion, resulting in a trade deficit rose to $ 1.3 billion, compared with $ 1.2 billion in July. After the publication the Canadian dollar declined significantly against their colleagues.

Gold: The gold rose on the background of the news that the Chinese market was opened after a week-long national holidays, where have seen a small interest in buying the asset. Also a lack of progress in the budget issue in U.S. supported the gold prices. The cost of December gold futures rose to $ 1327.80 per ounce on COMEX today.

Oil: The prices for November futures on U.S. light crude oil WTI grew moderately, rising above $ 103.65 a barrel on the New York Mercantile Exchange, due to the fiscal crisis in the United States.


Technical analysis for 08.10.13

EURUSD
The pair has drawn the Pennant. The end of the figure maybe expected at 1.36806. The pair should stay above 1.34882 to be able workout the figure.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trading between 1.62050 and 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken support level at 0.91079 and aiming to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has reached support at 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rise to 0.95611.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 07.10.13: The Canadian dollar fell on the number of building permits which were significantly worse than expected.

Asian and European trading sessions:

Euro: The euro fell back from progress highs against the U.S. dollar made at the beginning of the European session after the published data that were weaker than expected. The index of investor confidence was below expectations, the October value has decreased, contrary to expectations of growth rate fell from 6.5 points in September to 6.1 points in October, with the forecast that was at 10.9 points. Another report recorded that the euro zone GDP outcome by the end of the 2nd quarter was down by 0.6 % in year on year term, which was lower than the pre-assessment and forecast of -0,5% .The EUR / USD pair shown high of $ 1.3592 , then retreated to around $ 1.3568 level .

U.S. Dollar: The situation with the budget issues in the United States continued to dominate on the market and keep the U.S. dollar under pressure. It was added to concerns about the need to raise the debt ceiling, which will continue to put pressure on the U.S. dollar. The currency showed a moderate decline against major currencies.

Japanese Yen: The Bank of Japan has confirmed that private consumption is likely to remain stable, which will support the improvement in employment and an increase in revenue. The Bank of Japan also forecasted exports at a moderate grow pace on the background of improvement in overseas economies.
The yen rose against major currencies after the Secretary of Treasury department Jacob Lew said that Congress should increase the ceiling of government dept until October 17, or the United States will reach a “dangerously low " level of cash and runs the risk of defaulting on their payments. The USD / JPY pair tested the important support area Y96.85/50, which limited the further depreciation of the pair during the European session

American trading session:

Australian dollar: The recent report , published yesterday by the Australia Group and the Housing Industry (AiG) resulted in September, that the activity in the construction sector in Australia has continued to decline, but the rate of decline was the weakest in almost three and a half years . According to the report, the index of construction activity rose last month to the level of 47.6 points, compared with 43.7 points in August. Despite this significant improvement index remained below 50 points, indicating that the reduction of activity, while the growth of the above markers involves extension.

Canadian Dollar: The Canadian dollar fell against its counterparts after data on the number of building permits were significantly worse than expected. The data from Statistics Canada show that in August, the number of building permits fell to a record high, recorded in July, which was associated with a decrease in commercial projects, such as retail stores and office buildings. The total number of permits fell in August by 21.2 % to 6.34 billion Canadian dollars to 21.4 - percent increase in July. Economists had forecasted a decline of only 2.4%.

Gold: The gold prices rose markedly, as investors assessed the effect of reducing the dollar after U.S. policymakers failed to make progress on the settlement of the issue of the budget. The cost of the December gold futures rose to $ 1323.80 per ounce on COMEX today.

Oil: The cost of the WTI November futures on fell to $ 103.35 a barrel on the New York Mercantile Exchange after in an interview with Associated Press Mr. Obama said that it is a probability of agreement on raising the nation's debt ceiling to $16.7 trillion in the Congress.


Market review for 03.09.13: The slowdown of activity in all sectors of the British economy made a Pound suffering some losses today.

Asian and European trading sessions:

U.S. Dollar: The dollar fell to eight-month low against the euro amid the ongoing U.S. government shutdown. This fact will lead to slower economic growth in the country and can be a signal for a possible expansion of quantitative easing program, which will undoubtedly have a negative impact on the U.S. currency.

British Pound: A bit support for the pound was provided by the data on activity in the services sector of UK economy. As it became known, the activity of in this key sector of the British economy in September has remained its maximum marks, although decreased to 60.3 compare the 60, 5 in August. The economists had expected a decline to 60.4. The data also shown, that the index of activity in all sectors of the economy grew up in the 3- m quarter of up to 15 -year-old a maximum, that gave grounds to hope of growth of GDP in the quarter by 1.2 % . The GBP / USD pair fell to $ 1.6180 level during the European session.

American trading session:

U.S. Dollar: The U.S. dollar weakened against most major currencies except the pound, on the extension of shutdown of the U.S. government. Besides, the index of business activity in the U.S. service sector dropped significantly. The Institute for Supply Management (ISM) announced today that in September, the index of business activity in the U.S. service sector sharply fell reaching at the level of 54.4, compared with the August reading of 58.6 on the mark. According to expert estimates, the value of this indicator should have been only reduced to 57.2 .The greatest pressures exerted on the growth of the sub- index of employment and business activity. Also, the sub- index of new orders showed a slight decrease. The growth was noticed only in the sub-index of prices.
In addition, the report of the Ministry of Labour showed that by the end of last week, the number of American workers who first applied for unemployment benefits rose slightly, but remained near six-year low. According to the report, the seasonally adjusted number of initial claims for benefits for the week ending Sept. 28, an increase of 1 million people, reaching at the same level of 308,000 people. The result was significantly better than the forecasts of experts who had expected growth to 315K from 305K, which was originally reported last month.

Euro: The euro edged higher against the U.S. dollar to eight-month high against the evidence that the index of business activity in the U.S. service sector dropped significantly. The EUR / USD pair rose to $ 1.3650 during the session.

Gold: The cost of the December gold futures dropped to $ 1302.00 per ounce on COMEX today. Gold prices declined on weak economic performance and closing of the U.S. Government.
Oil: The cost the November futures of WTI fell to $ 103.21 a barrel from its highest level in nearly two weeks, while the partial suspension of the U.S. government has increased concerns that economic growth will slow down.


Market review for 02.10.13: The Euro rose sharply on the background of speech of the ECB President Mario Draghi.

Asian and European trading sessions:

British Pound: The pound did not even consider the weak data on the UK, which showed that up to September growth in the UK construction sector unexpectedly slowed. According to the report, the purchasing managers' index for the construction sector fell in September to a level of 58.9, up from 59.1 in August, which was the highest figure in six months. The experts were forecasted a rise to the level of 60.1. However, despite the decline, the index remains above the 50 mark for the fifth consecutive month, signaling a dramatic expansion of the total production in the construction sector. The other data showed that all three of the construction sector recorded a higher level of activity in September. Residential construction was the strongest, and the production growth was the fastest since November 2003 .The commercial construction , meanwhile, increased by the highest rate since May 2012 , and the growth of civil construction activity fell , retreating from the August high .The GBP / USD pair rose to $ 1.6230 during the European session.

Japanese Yen: The Japanese yen has increased significantly against the dollar, which was due to concerns about the U.S. budget, which continues to put pressure on market sentiment. The USD / JPY pair continued to fall for the second day in a row, having lost about 150 points after peaked at Y98.72 before the U.S. announced to stop the government's work.

New Zealand dollar: The New Zealand dollar weakened for a second day, after the central bank announced a possible decrease in interest rates.

American trading session:

U.S. Dollar: The pressure on the dollar strengthened after data showed that the number of jobs in the private sector in September rose less significant than it was expected. Accordingly report of ADP, the number of jobs increased by only 166K position last month.

Euro: The European single currency rose sharply against its competitors on the background of the speech of the ECB President Mario Draghi at the press conference as well as after the a vote of confidence was obtained by the government of Italian Prime Minister Mr. Letty. At a press conference, the ECB decided to leave rates unchanged at 0.5 % in October, saying that the rates will be left at this level or even lower for a long time. The Central Bank will keep accommodative policy to support economic activity in the eurozone.

Gold: Amid weakening dollar and stronger euro the gold prices rebounded from a two-month low. The cost of the October gold futures rose to $ 1323.30 per ounce on COMEX today.

Oil: The cost of the November futures on U.S. light crude oil WTI rose to $ 103.88 a barrel on the New York Mercantile Exchange. The oil futures extended gained after a government report showed that crude oil inventories have fallen to their lowest level since February 2012. According to the Ministry of Energy, crude oil inventories in the U.S. rose by 5.472 million barrels to 363.732 million barrels, while gasoline stocks rose by 3.495 million barrels to 219.73 million barrels, and the distillate stocks fell by 1.68 million barrels to 129.179 million barrels. Congestion of oil to the United States amounted to 89.0% against 90.3 % a week earlier. Oil reserves in Cushing terminal fell by 0.059 million barrels to 32.788 million barrels.


Technical analysis for 03.10.13

EURUSD
The pair has drawn the Pennant. The end of the figure maybe expected at 1.36806. The pair should stay above 1.34882 to be able workout the figure.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has risen to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken support level at 0.91079 and aiming to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has reached support at 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rise to 0.95611.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 01.10.13: The U.S. dollar fell after the U.S. Senate refused to accept the budget law. The Gold, however, took a nasty spill again.

Asian and European trading sessions:

Euro: The euro traded higher against the dollar gaining back its previous losses. The initial driver for the growth of European currency was the fact that the U.S. Senate refused to accept the budget law, as amended Republicans. The data for Germany showed that by the end of last month, the number of people who registered as unemployed has increased significantly. The issue added a little pressure on the euro, as the result was contrary to the expectations of experts. According to the report, the seasonally adjusted number of unemployed rose in September by 25K people, compared with the upwardly revised figure of 9K of previous month. According to the average forecasts of experts the value of this indicator should has came out down by 5K. Also negatively impacted the currency the report, which showed that by the end of September the euro area manufacturing sector continued to expand, albeit at a slower pace than it was seen in the previous month. The purchasing managers' index for the sphere of production fell in September to a level of 51.1, compared with 51.4 in August which was in line with the preliminary estimates released last month. The EUR / USD pair rose to $ 1.3590, and then fell to $ 1.3535 during the European session.

U.S. Dollar: The dollar fell against the pound to the lowest level since January 3 after the U.S. Senate refused to accept the budget law, as amended Republicans. Document against 54 senators voted for - 46. Earlier, the lower house for the third time this week returned the bill to the Senate.

British Pound: The British pound strengthened against the dollar, also responding to the shutdown of work of the U.S. government. The dynamics of currency trading were not impacted by the results of report on seasonally adjusted purchasing managers' index for the manufacturing sector, which demonstrated the fall in the last month to the level of 56.7. The economists had expected this indicator will rise to the level of 57.5 in September. Meanwhile, the other data showed that the volume of new orders in the manufacturing sector continued to grow strongly, with significant contribution from the domestic market. In order to cope with the increased workload, many companies significantly increased its staff showing the fastest pace since May 2011. The GBP / USD pair rose to $ 1.6265 during the European session.

Japanese Yen: The yen fell after report on the level of confidence among large manufacturers in Japan rose to the highest level since the time of onset of the global credit crisis in 2007. The Bank of Japan's Tankan index of activity in the sector of large manufacturers rose in September to 12 points level, compared to 4 in June. The USD / JPY pair traded near the of Y98.00 level today.

American trading session:

U.S. Dollar: The U.S. dollar reduced losses against the euro and other currencies after strong data on manufacturing activity and on expectations that the suspension of the federal government will be short-lived. According to the Institute for Supply Management (ISM) the reports published on Tuesday increased activity in the U.S. manufacturing, which unexpectedly accelerated in September reached its highest level this year amounting to 56.2 against 55.7 in August. The employment prospects have improved as the ISM data, index valued by Markit is above 50 levels, which indicates an increase in activity.

Gold: The gold, contrary to expectations, does not receive support in the form of a demand for “safe haven." after a partial suspension of the U.S. government's has been announced. On the contrary, after experiencing a short-term upward trend line price of gold dropped significantly. The cost of the October gold futures on dropped to $ 1285.00 per ounce COMEX today confirming the continuation of the downtrend.

Oil: The November futures of U.S. light crude oil WTI brand was down for third day after the U.S. government partially suspended work for the first time in 17 years, threatening to slow the economy and curb fuel use.


Technical analysis for 02.10.13

EURUSD
The pair has drawn the Pennant. The end of the figure maybe expected at 1.36806. The pair should stay above 1.34882 to be able workout the figure.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has risen to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken support level at 0.91079 and aiming to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is aiming to support at 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rise to 0.95611.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 13: The political tensions in Italy and the issue of refinancing of the U.S. government budget commitments were played by the market participants today.

Asian and European trading sessions:

Euro: The EUR / USD pair fell to $ 1.3475 during the Asian session. The report from the Statistical Office Eurostat showed that in the month of September the annual rate of inflation in the euro zone fell to its lowest level in three and a half years, which suggested that the European Central the bank has an opportunity to postpone for a while region's economy stimulus, if it would be necessary. The EUR / USD pair is trading during the European session traded in a narrow range with no particular trend.

British Pound: The pound fell against the dollar, as many market participants were waiting for tomorrow's publication of the results of the index of manufacturing activity PMI, which accordingly the forecasts of economists, will rise to two-year high in September and will reach 57.5. Meanwhile, today's data showed that the business lending in August fell to £3.8 billion dropping during last six months by more than three times then its average decline. Compared with a year earlier the loans declined by 3.6%. The volume of loans to small and medium-sized companies fell by 3.2% compared to the same period of time. The GBP / USD pair dropped to $ 1.6125 during the European session.

Japanese Yen: The yen rose against all major currencies and reached a three-week high against the euro amid growing demand for safer assets related to the possible dissolution of the Italian government. The USD / JPY pair fell to Y97.54 during the European session.

American trading session:

U.S. Dollar: The dollar fell to a month low against the yen after the U.S. Senate has not held its meeting yesterday, and brought it to on Monday. The meeting will consider the law on the refinancing of the government budget commitments which have to pass the House of Representatives.

Euro: The euro edged higher against the U.S. dollar despite the political tensions in Italy against the background of some improvement of risk sentiment. Talks about the fact that the Italian senators from PdL party could support the Prime Minister Enrico Letta, circulated among the market participants and positively affected the dynamics of the euro. The Fitch agency issued a statement on the situation in Italy, warning that if on Wednesday at the voting the government of Enrico Letta will not receive a vote of confidence, the financial goals of the country might be jeopardized.

Gold: Despite of the uncertain future of the Fed's incentive program, the gold rose today in price. The threat of closure of U.S. government agencies was the main reason for that. The cost of the October gold futures on COMEX rose to $ 1350.95 an ounce and then fell to $ 1322.50 an ounce.

Oil: The cost of WTI oil brand fell to its lowest level in nearly three months, while the U.S. government facing off funding, which could reduce demand in the world's biggest consumers of oil. The cost of the November futures fell to $ 101.00 a barrel on the NYMEX.


Technical analysis for 01.10.13

EURUSD
The pair has drawn the Pennant. The end of the figure maybe expected at 1.36806.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has risen to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken support level at 0.91079 and aiming to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is trading around 98.718. Support is at 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rise to 0.95611.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 26.09.13: The U.S. dollar strengthened today in association with increased political uncertainty in Italy, as well as the release of important U.S. data.

Asian and European trading sessions:

Euro: Euro fell against the dollar amid political instability in Italy. Italian President Napolitano unexpectedly canceled his participation in a conference in Rome due to “suddenly emerged political instability." In addition, the volume of lending to the private sector in the euro area fell again in August. This was a signal of the one of the key signs that showed that the sustained recovery in the euro area has not yet emerged. Data released on Thursday by the European Central Bank showed that the volume of lending to the private sector decreased by 2.0% compared to August of last year. The EUR / USD pair fell to $ 1.3480 during the European session.

British Pound: The British pound fell against the dollar after the final data showed that annual GDP in the second quarter was revised down. The released final data by Office of National Statistics (ONS) showed that the UK economy the expanded by 0.7% in the second quarter compared with the previous quarter, which was in line with the preliminary estimates. The GBP / USD pair fell to $ 1.6034 during the European session.

Japanese Yen: The yen fell against all major currencies after the news agency Kyodo News reported that the Japanese government is planning to commit to "immediately" begin a study on the effectiveness of corporate tax rates. The head of the investment department of the Government Pension Investment Fund of Japan (GRIF), which manages 121 trillion yen ($ 1.23 trillion), Takatoshi Ito said that the beginning of the Olympics -2020 Japan should raise the sales tax to a level of at least 20 % in order to prevent a “catastrophe “on its bond market. The USD / JPY pair rose to Y99.20 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar strengthened strongly against its competitors which was associated with increased political uncertainty in Italy, as well as the release of important U.S. data. Also the course of trade was affected by U.S. data that showed that the gross domestic product, the broadest measure of all goods and services produced in the economy, rose by a seasonally adjusted 2.5 % in the second quarter, in line with the preliminary value voiced last month. The economists forecasted that the revised second quarter growth rate of 2.7%.Meanwhile, another report, which was submitted to the Department of Labor, showed that the number of Americans applying for first time unemployment benefits remained near six-year low last week, indicating improvement in the employment situation. The Initial jobless claims fell by a seasonally adjusted 5,000 to 305,000 in the week ended Sept. 21. Value was lower than the forecast of economists in 319,000 new claims. The Ministry of Labour has revised slightly upwards the number of complaints in the previous week to 310,000 from 309,000.

Gold: The Gold futures traded lower, due to the release of today's U.S. data. The cost of the October gold futures dropped to $ 1323.40 per ounce on COMEX today.
Oil: The Oil prices rose today, despite the weakening of political disputes and improved supply situation, as many traders begun to open trade after a sharp fall in prices at the beginning of the month. The cost of the November futures on WTI rose to $ 103.95 a barrel on the NYMEX.


Market review for 25.09.13: The Consumer confidence in Germany rose to the highest since June 2007.

Asian and European trading sessions:

Euro: The Consumer confidence in Germany rose to the highest post-crisis levels since June 2007. As it was revealed by the research group GfK, the GfK consumer climate index rose to 7.1 in October, while the index September’s was also revised up by 0.1 points to 7.0. The result was in line with analysts' forecasts. The component “willingness to buy " added 0.6 points to 45.0 points in September , and remains at the highest level since December 2006 . The economic expectations component rose by 8.9 points to 10.7. On the other hand, expectations of household income declined 3.5 points to 33.7 and fell to second month in a row after four consecutive periods of growth. The euro rose against the dollar to the level of $1.3520.

British Pound: The British pound rose against the dollar after data on retail sales in the UK. Accordingly the Confederation of British Industry (CBI), the retail sales in September rose to its highest rate in 15 months. The volume index of retail sales in September reached 34, the highest level since June 2012, when it was only 42. The result indicated that consumer confidence, which is an important part of the economy, continues to strengthen. The GBP/USD pair moved up to the level of $1.6060 during the European session.

New Zealand Dollar: The New Zealand dollar fell against all major currencies, after the official data released today recorded the growth of the trade deficit of the country up to NZ $ 1,2 billion ($ 989 million) in August. The result was the worst in the last five years.

American trading session:

U.S. Dollar: The dollar declined significantly against the euro, which was associated with the release of data on Germany and the United States. The U.S. data showed that orders for manufactured durable goods showed a slight increase in August as demand for aircraft and military equipment declined. Another data revealed that the total orders for durable goods rose in August by 0.1 % to a seasonally adjusted $ 224.92 billion while economists forecasted that orders will remain unchanged from the previous month. Meanwhile, another report showed that sales of new U.S. homes rose in August by 7.9 % to a seasonally adjusted annual rate of 421K recovering from a big drop in July. The increase was due to increased sales of new buildings in three of the four regions. The sales rose at the fastest pace of growth since January, while economists had expected sales to rise to 422K, compared with the initial estimate of sales in July of $ 394,000. On Wednesday, the U.S. Commerce Department revised the July sales down to 390,000.

Gold: The cost of the October gold rose moderately to $ 1333.00 per ounce, completely offsetting its earlier decline.

Oil: The cost of the November futures of WTI oil futures rose slightly to $ 103.39 a barrel on the NYMEX against reducing the likelihood that new talks on Iran's nuclear program will bring a rapid improvement in relations with the United States.


Technical analysis for 26.09.13

EURUSD
The pair has declined to support level at 1.34882. If the pair breaks this level the pair will decline to 1.34218. If the pair stays above 1.34882 the pair will rise to 1.35984.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is testing 1.60322 for support. If the pair breaks this level the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to the support level at 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading around 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rises to 0.95611.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 24.09.13: The currency of Australia and New Zealand fell against most major currencies amid falling Asian stock indexes.

Asian and European trading sessions:

Euro: After data on business sentiment in Germany, which were weaker than expected the euro exchange rate fell slightly against the dollar. The Ifo survey showed that business climate index rose to 107.7 in September from a revised 107.6 in August, while many economists' expected it at the level of 108.4. Also, the Ifo business expectations index rose to 104.2 in September from 103.3 in the previous month, where accordingly to forecasts the index had to grow to 104 mark. The current conditions index fell slightly to 111.4 from 112 in August with forecast an increase to 112.6. The EUR / USD pair fell to $ 1.3470 during the European session.

British Pound: The British pound fell against the dollar after the data that showed that the approved applications for mortgage loans increased in August, both in quantity and in value terms in the UK. The data presented by the British Bankers Association (BBA) confirmed that the number of mortgages approved for house purchase rose to 38,228 which is the highest level since 2009. However, the August level was below the consensus of the forecast of 38650. In value terms, mortgage applications to purchase homes rose to 6 billion British pounds from 5.8 billion pounds in July. In addition, the data showed that the level of unsecured borrowing rose by 0.3% compared with a year earlier. As part of the annual growth of credit cards was 6.7 % surpassing the personal loans and overdrafts, which grew by 5.1%. The GBP / USD pair fell to $ 1.5956 during the European session.

New Zealand Dollar and Australian Dollar: The currency of Australia and New Zealand fell against most major currencies amid falling Asian stock indexes, departing from theirs the four-month high.
.

American trading session:

U.S. Dollar: The dollar allowed for its competitors to recover some of the lost ground which was helped by the U.S. data, demonstrated that the consumer confidence presented by Conference Board fell in September. The Index is currently 79.7 compared to 81.8 in August. The current conditions index rose to 73.2 from 70.9. And the expectations index fell to 84.1 from 89.0 last month.

Gold: The gold prices declined moderately today, registering with the decline in the fourth session in a row, which was associated with the strengthening of the dollar. The cost of the October gold futures dropped to $ 1315.00 per ounce on COMEX today.

Oil: The cost of WTI oil futures fell slightly, dropping at the same time below $ 102.80 per barrel as geopolitical tensions eased, and there were some new evidence of increases in oil supplies from Libya and Iraq.


Technical analysis for 25.09.13

EURUSD
The pair has declined to support level at 1.34882. If the pair breaks this level the pair will decline to 1.34218.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is testing 1.60322 for support. If the pair breaks this level the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to the support level at 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading around 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is trading between 0.94635 and 0.93493.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 23.09.13: The oil prices fell markedly on a possible improvement in US- Iranian relations.

Asian and European trading sessions:

Euro: The euro exchange rate fell slightly against the dollar after the data on manufacturing activity in the euro area came out weaker than economists' expectations. However, the Purchasing Managers 'Index rose primarily due to improved activity in the services sector. The production index rose in September more than expected to a 27- month high of 52.1 compared with 51.5 in August, while the economists had expected a rise to 51.7. The index of purchasing managers in the services sector reached 52.1 compared with 50.7 in August. Activity in the services sector rose a second month in a row and expanded at the fastest pace since June 2011. Meanwhile, the index of manufacturing activity fell to 51.1 in September from 51.4 in August, yet industrial production increased for the third consecutive month. The EUR / USD pair fell to $ 1.350 area during the European session.

U.S. Dollar: The dollar was higher today against all currencies excluding the yen ahead of today's speech, the president Federal Reserve Bank of New York and Atlanta Fed Dudley Dennis Lockhart. Recall that last week, the Fed unexpectedly refrained from lowering monthly asset purchases, saying that more signs of sustainable recovery of the labor market.

Australian Dollar: The Australian dollar rose after today's publication of the preliminary data of the manufacturing index from HSBC PMI on China’s economy. This month the index rose to 51.2, from 50.1 in August, while analysts had expected growth of only 50.9.

American trading session:

U.S. Dollar: The little pressure on the U.S. dollar had data on the index of business activity in the industry. The index of manufacturing activity in the U.S. PMI Markit weakened to 52.8 versus 54.2 and 53.1 which was its previous result. The decrease was primarily due to a reduction in new orders, including export, as well as the deterioration of the employment situation.

Japanese Yen: Against the background of the fact that the U.S. Treasuries rose and their yields fell on discussing the Fed's rate of economic growth, the yen rose against most major currencies. The yield on 10-year bonds fell by 1 basis point to 2.726 %. The yield on 30 -year bonds also fell by 1 basis point to 3.755 %, and 5 - year securities - 1.5 basis points to 1.469 %. The speeches by leaders of the Fed after the decision of keeping the asset purchase program again raised the question of when the Fed is ready to stop easy monetary policy.
The USD / JPY pair fell to Y98.80 during the session.

Gold: The cost of October gold futures dropped to $ 1327.60 per ounce on the COMEX today expanding the losses of the previous session. Many investors continued to weigh the Fed's comments with regard to stimulus.

Oil: The cost of the WTI November futures fell to $ 103.44 a barrel on the NYMEX. The oil prices fell markedly, as the higher the volume of production in Iraq and a possible improvement in US- Iranian relations have improved the outlook for oil supply.


Technical analysis for 24.09.13

EURUSD
The pair has declined to support level at 1.34882. If the pair breaks this level the pair will decline to 1.34218.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is testing 1.60322 for support. If the pair breaks this level the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to the support level at 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading around 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is trading between 0.94635 and 0.93493.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 19.09.13: The New Zealand dollar rose after a report of GDP showed an increase.

Asian and European trading sessions:

U.S. Dollar: The U.S. dollar index fell to its a seven-month low to 80 mark, after the Federal Reserve decided to leave interest rates at the current level of 0.25 %, and keep the size of the monthly program of asset purchases at the previous level of $ 85 billion. The authorities found it necessary to wait for the new signs of steady improvement in the economy.

Japanese Yen: After the Ministry of Finance of Japan stated at the publication of the Government's report on the trade balance of the country that the trade deficit decreased to ¥960 billion y ($ 9.8 billion) in August, while analysts expected a rise in the deficit to ¥1,100 billion the yen continued to fall against all major currencies after. The USD / JPY pair rose to Y99.0 area.

New Zealand Dollar: The New Zealand dollar rose after a report published today gross domestic product report for the second quarter showed an increase by 2.5 %, exceeding the average forecast of analysts, who expected to see growth of 2.3%.

Swiss franc: The Swiss franc rose slightly against the dollar amid the release of economic forecasts SECO. The State Secretariat for Economic Affairs (SECO) on Thursday cited the increase in domestic demand and raised its economic forecast for Switzerland for 2013 and 2014,
.

American trading session:

U.S. Dollar: The U.S. dollar rose slightly against its competitors after data on the labor market and U.S. housing, which were announced by the Department of Labor, showed that at the end of last week, the week ending September 14, the number of American workers who first applied for unemployment benefits rose slightly, increasing by 15K people, and reaching a level of 309K. The result was significantly better than the forecasts of experts who had expected growth to 323K from 292K, which was originally reported last month.

British Pound: The pound fell markedly against the dollar, which in the first place was due to the publication from the Office for National Statistics of the weak performance on Britain. As it was shown by data, at the end of last month the amount of UK retail sales unexpectedly contracted due to marked decline in sales in food stores. According to the report, in a monthly basis, retail sales including automotive fuel, fell last month to 0.9%, while experts averaged this value by growth by 0.5%. Also, the data showed that sales excluding automotive fuel fell 1 percent after rising by 1.2% in July, while economists forecasted that they will remain unchanged.

Gold: The cost of the October gold futures on COMEX today rose to $ 1375.80 per ounce. The prices rose after the U.S. Federal Reserve decided to leave unchanged its program of bonds purchasing. A promise of continuing pursuing a policy of "cheap money” has increased the demand for the precious metal.

Oil: The cost of WTI oil brand fell for the fourth time in five days after the oil production in Libya has increased and President of Syria Bashar al-Assad said that Syria will provide information about its chemical weapons. The cost of the October futures fell to $ 107.00 a barrel on the NYMEX.


Technical analysis for 19.09.13

EURUSD
The pair has risen to the Fibonacci 50% 1.35073.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has risen to 1.61352. The pair may rise to the resistance level at 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken 0.92026 and declined to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has declined below 98.718, but may return for a test to 98.718 again.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has broken 0.94635 and aims to the Moving Average (200) at 0.95959.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 18.09.13: The Dollar lost its battle. The Fed left the bond purchases at the same amount.

Asian and European trading sessions:

Euro: The course of trade of euro area did not even consider the data, which showed that by the end of July construction output in the euro zone rose again, although recorded improvement at a slower pace than the previous month, yet showing fourth monthly increase in a row. Many of experts assumed that the sector continues to recover from an unusually cold winter. According to the report, the July construction output rose on a monthly basis from seasonally adjusted 0.3% to the level of 0.9 %.The EUR / USD pair did not reacted on these news and continued trading in a narrow range as many market participants awaited the decision of the FOMC meeting.

U.S. Dollar: The dollar was kept tight, as many market participants were waiting for the announcement of the results of the two-day meeting of the FOMC. Many forecasts anticipate that today the U.S. Federal Reserve is expected to begin a retreat from the ultra - loose monetary policy through the small decline in bond purchases, while stressing that interest rates will remain at a level close to zero for a long time. Most economists expect the Fed will roll monthly purchase by a modest $ 10 billion to total $ 75 billion, which would signal the beginning of the end of an unprecedented monetary expansion.

British Pound: This month, members of the Committee of the Bank of England voted unanimously to maintain the policy unchanged. The pound rose significantly against the dollar, which was associated with the publication of the protocol of the Bank of England. The”minutes” meeting, which was held on September 3-4, showed that “no member believed that additional incentives would be appropriate at the present time." In the report, published today, was revealed that the politicians have voted " 9-0 " for the conservation program of bond purchases at around 375 billion pounds (598 billion dollars) and for keeping interest rates unchanged at a record low of 0.5%. The GBP / USD pair rose to $ 1.5980 during the European session.

Japanese Yen: The yen weakened against most major currencies, against the background of Japanese stocks, which led to a drop in demand for safe-haven assets. The USD / JPY pair fell Y9.77, then rebounded to Y99.00 area.

American trading session:

U.S. Dollar: The U.S. Fed's decision on interest rates was on keeping the interest rate at 0.25 % with 0.25 % forecasted and leaving the buying bonds without any change. The FRS upheld thresholds for unemployment and inflation. In its statement it reads that the continuation of bond purchases at 85 billion dollars a month will contribute to stronger economic improvement. The U.S. Dollar sharply fell against the Pound, to its lowest level since January and against the euro, the lowest level since February.

Gold: The gold took advantage of the weak dollar strengthening to the highs of $1368 per troy ounce level after the news of FOMC meeting.

Oil: The cost of West Texas Intermediate oil brand rose after a government report showed that U.S. inventories fell to the lowest level since March 2012. The cost of the October futures rose to $ 107 a barrel on the NYMEX today.


Technical analysis for 18.09.13

EURUSD
The pair is testing 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is trading around 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is trading between 0.93069 and 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is trading between 99.888 and 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has reached the Moving Average (100) at 0.93139 and may roll back to 0.92284.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.91366, 0.90284


Market review for17.09.13: The market in anticipation of an outcome of started today Federal Reserve of U.S. meeting.

Asian and European trading sessions:

Euro: The euro rose today against almost all its competitors due to the anticipation of the announcement of the outcome of meetings of the Open Market Committee of the Federal Reserve of U.S., which begins today and will end tomorrow. According to the median forecast of economists, the majority of the voting committee may decide to reduce the amount of monthly purchases of bonds to $ 75 billion to $ 85 billion
The Statistical Office Eurostat reported today that the seasonally adjusted trade surplus of the euro zone fell in July to a level of €11.1 billion, compared with a revised downward from the previous month at €13.5 billion. According to the average of experts surplus in trade in goods would have increased to 15.3 billion from €14.9 billion, which was originally reported. In addition, the data showed that exports in July totaled €155.9 billion, down 1.6% from June, while imports reached €144.8 billion, which is 0.1 % less than in the previous month. The EUR / USD pair rose to $ 1.3369 during the European session.

British Pound: The pound was slightly under pressure due to weak results of important macroeconomic reports. It is learned from the Office for National Statistics, at the end of last month, the growth of annual inflation slowed again, registering the second monthly decline in a row. According to the report, in the month of August consumer price index in UK rose by 2.7 % per annum, compared with an increase of 2.8 % in July, which was confirmed the experts' forecasts. In addition, it was reported that on a monthly basis the consumer price index rose 0.4 %, after the previous month. Meanwhile, the core inflation, which excludes the cost of energy, food, alcoholic beverages and tobacco products, remained unchanged in August - at the level of 2 %, confounding economists' expectations for a moderate increase to 2.1 %. Another report from the Office for National Statistics showed that producer prices rose in August by 1.6 % per annum, compared with an increase of 2.1% a month earlier. Experts estimate the growth of this index was up 1.8%. In monthly terms, wholesale prices rose by 0.1 %, which followed a 0.2 percent increase in July. It was assumed that the growth will be 0.2 %. The pound rose slightly against the dollar; the GBP / USD pair rose to $ 1.5940, and then fell to $ 1.5878 which was accompanied by a release of weak data for UK.

American trading session:

Euro: The data published today institute ZEW of German showed that the index of sentiment in the business environment has grown significantly in the month of September, registering with the second monthly increase and exceeded the estimates of many experts. According to a report this month, the indicator of economic sentiment for Germany's business climate rose to 49.6, up from 42 in August. Meanwhile, studies have shown that the current conditions index also rose, registering the third consecutive monthly gain. The value of this index in September rose to the level of 30.6, up from 18.3 last month. It was the best figure since June last year. The currency received slight support on this data.

U.S. Dollar: The data published on U.S. inflation demonstrated that the consumer prices at the end of last month rose less than expected, continuing with a series of "soft" reports on inflation, which will affect the decision of the Federal Reserve officials on future policy. According to the report, the August consumer price index rose by 0.1 %, compared with an increase of 0.2 % in the previous month. Core CPI, which excludes food prices and energy costs, also rose by 0.1 % added that the CPI was slightly below forecasts of experts - at the level of 0.2 %, while the growth of the underlying index confirmed their expectations. In addition, it was reported that on an annual basis, consumer prices rose in August by 1.5 %, which was followed after increasing by 2.0 % a month earlier. Meanwhile, the core consumer price index rose by 1.8 %, compared with growth of 1.7 % in July. According to experts, the value of these indicators would grow by 1.6 % and 1.8%, respectively.

Canadian Dollar: The sales volume manufacturers in Canada rose in July by 1.7 % to 49.5 billion Canadian dollars. The results gave some hope for the growth GDP in Canada in July, as the data of producers’ show that the economy is growing. The currency grew against its competitors.

Gold: The gold prices have stabilized slightly above the five-week low, as investors await news from the Fed about the reduction incentive program. The cost of the October futures of gold traded in the range of $ 1306.60 - $ 1323.70 per ounce today on the COMEX.

Oil: The cost of U.S. light crude oil WTI became cheaper again today after agreement with Russia to eliminate chemical weapons to Syria, and on speculation that the Federal Reserve will start reducing incentives. The cost of the October futures fell to $ 105.30 a barrel on the NYMEX.


Market review for 16.09.13: The news that the U.S. Treasury Secretary Larry Summers withdrawn his candidacy for the post of chairman of the Federal Reserve System was in markets focus today.

Asian and European trading sessions:

Euro: During the European session the EUR / USD pair rose to $ 1.3375 level. The impact on the trading dynamics of the asset had Mr. Draghi speech and data for the euro area. The European Central Bank President Mario Draghi confirmed again the benchmark for future policy of ECB, saying that interest rates will be remained at current or lower levels for an extended period, as the economy is still fragile. The consumer price data showed that on an annualized basis the index in August rose by 1.3 % matching the preliminary estimates, while slowing the pace of its growth compared to July, when the value of this index increased by 1, 6%. As for the monthly inflation, it was at 0.1% in August, which completely corresponded to experts estimates.

U.S. Dollar: The dollar fell to a two-week low against the euro after former U.S. Treasury Secretary Larry Summers has withdrawn his candidacy for the post of chairman of the Federal Reserve System. In a letter to Barack Obama, he wrote that he wanted to avoid unnecessary conflicts.

British Pound: The pound rose sharply against its competitors, also responding to the gathering of the race of the candidates for the post of head of the Fed. The trading dynamics were also affected by information from Rightmove. As it became known today, the agency Rightmove expects housing prices in the country will grow by 6% this year, which is much faster than the earlier forecast of 4 percent growth. The Rightmove also raised its forecast for UK house prices, which was primarily due to the fact that demand continues to exceed supply, amid concerns that the new scheme the government to increase the activity in the housing market will fuel the real estate "bubble". However, the house prices fell by 1.5% on a monthly basis in September which was a part of the summer traffic; the market continued to record a fall in prices. The GBP / USD pair rose to $ 1.5960, and then retreated to $ 1.5910 during the European session.

Japanese Yen: The yen fell against its competitors after the Syrian Minister of National Reconciliation Mr. Heidar Ali said that Damascus pleased with the agreement reached by U.S. Secretary of State John Kerry and the Minister of Foreign Affairs of Russia Sergey Lavrov on the subject of chemical weapons in Syria. The USD / JPY pair fell to Y98.68 level then was able to Y99.16 area.

American trading session:

U.S. Dollar: The U.S. dollar rose against other major currencies against the background of mixed statistics, which were presented by the Federal Reserve Bank of New York. According to the reports, in September, the index of manufacturing activity from the Federal Reserve Bank of New York fell to 6.29 , compared to 8.24 in August. According to the average forecast of economists, the value of production index would have grown to the level of 9.2. The fall was due to the deterioration of the employment situation. The industrial output rose moderately at the end of last month, which was another sign of recovery of the manufacturing sector. The seasonally adjusted volume of industrial production increased in August by 0.4 %, which was followed after zero growth in July, while the level of use of the existing production capacity increased by 0.2 percentage points - to the level of 77.8 %. However, the growth of industrial production was slightly below forecasts of experts - at the level of 0.5 %.

Gold: The cost of the October gold futures dropped to $ 1307.10 per ounce today on COMEX. The gold prices declined as investors' confidence that the Fed will begin reducing incentives in September.

Oil: The cost of U.S. light crude oil WTI brand fell to two-week low after the plan for the elimination of chemical weapons to Syria reduced the risk of disruptions in the export of oil from the Middle East. The cost of the October futures fell to $ 106.10 a barrel on the New York Mercantile Exchange.


Technical analysis for 17.09.13

EURUSD
The pair is testing 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken 1.58543 and aiming to 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is trading between 0.93069 and 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is trading between 99.888 and 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has reached the Moving Average (100) at 0.93139 and may roll back to 0.92284.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.91366, 0.90284


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Market review for 12.09.13: The gold prices have declined substantially, losing nearly 3% ahead of the Fed meeting next week.

Asian and European trading sessions:

Euro: The euro today was lower at the earlier trading session on weak data on industrial production in the euro area. According to Eurostat, the industrial production fell by 1.5% in July compared with the previous month rise by 0.6% in June and forecasts of reduction by 0.1%. The intermediate goods fell by 0.7%, while the production of energy fell by 1.6%. The production of capital goods and durable consumer goods fell by 2.6% and 2.2%, respectively. The consumer non-durable goods fell by 0.9%. On an annual basis, the industrial production decline deepened to 2.1% from 0.4% in June exceeding the consensus forecast of a 0.1% drop. The EUR/USD pair fell to $ 1.3285 during the European session.

British Pound: The pound rose to the comments of the head of the Bank of England and crossed the mark of $ 1.5800, but later backed down and continued to decline. Mr. Carney statements were more aggressive than usual. The head of the Bank of England said that "the monetary authorities set the medium-term inflation target of 2.5 % instead of 2% due to the fact that 35 % of the unemployed are still long-term unemployed." Mr. Fisher and Mr. Miles also noted that "the achievement of 2.5 % level of inflation will force the Bank to reconsider the policy," and "the positive reaction of markets on improvement the GDP may be temporary." The GBP / USD pair dropped to $ 1.5785 on these statements during the European session.

Japanese Yen: The yen rose after Tokyo published the data on the volume of new orders for machinery and equipment in Japan. In July, this figure did not change and was at June’s data at -2.7 %, while analysts had expected growth of new orders for 2,4% .The USD / JPY pair fell to Y99.20 during the European session.

Australian Dollar: The Australian dollar fell against all of its major counterparts after the Bureau of Statistics today in Sydney issued a negative report on employment in Australia. In details, in the last month, the number of employees in the country declined by 10K, which was revised for the worse values in the July 11K jobs, while the experts had expected increase.

New Zealand Dollar: The New Zealand dollar strengthened against all of its major counterparts after the Reserve Bank of New Zealand hinted about a possible rise in interest rates in the first half of 2014.

American trading session:

U.S. Dollar: The dollar fell sharply against most of its counterparts, losing the all previously earned positions as too optimistic data on treatment for unemployment benefits had been distorted because of the invalid parameters submitted by the different states. As it was learned, the primary applications for unemployment benefits in the U.S. unexpectedly fell in the week ended Sept. 7 to the lowest level in more than seven years. The Labor Department said that initial applications for unemployment benefits fell to 292K, which was by 31K less than the previous week's 323K which has not been revised. The decrease came as a surprise to economists, who had expected that the primary applications will grow to 332K.

Gold: The gold prices have declined substantially, losing nearly 3% and dropping to $ 1330.50 per ounce ahead of the Fed meeting next week at which the central bank could shed light on the future of its program of quantitative easing.

Oil: The cost of the October futures rose to $ 108.43 a barrel on the NYMEX as investors expected to see that diplomatic efforts to eliminate chemical weapons Syria will avoid attack by the United States, which could further disrupt the oil supplies from the Middle East.


Technical analysis for 12.09.13

EURUSD
The pair has reached 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is aiming to the resistance level at 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53348
USDCHF
The pair is working out Single Top. The pair will reach 0.92026 if stays below 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
If the pair stays below 99.888 the pair will decline to 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has reached the Moving Average (100) at 0.93139 and rolling back to 0.92284.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.91366, 0.90284


Market review for 11.09.13: The British pound has grown substantially after positive results of the report on employment in UK.

Asian and European trading sessions:

British Pound: The GBP / USD pair during the European session crossed the mark of $ 1.5800 and continued to rising to $ 1.5840 after the release of the report on employment in the UK. According to the Office for National Statistics, the number of people who claimed unemployment benefits fell by 32,600 people to 1.40 million, to its lowest level since February 2009. The economists had expected a fall of 21,200. As a result, the unemployment rate in August fell to 4.2% from 4.3% in July; while the experts forecasted this value remain unchanged at 4.3%. The unemployment rate in the three months to July was 7.7%, which is lower by 0.1 percentage points lower than in the period from the last period of February to April. Unemployment rates were slightly lower than expected 7.8%.

Japanese Yen: The yen fell to a seven-week low against the dollar after U.S. President Barack Obama at a closed meeting with senators urged the Senate to delay the vote on approval of military intervention in Syria before considering possible solutions for the conflict. The additional pressure on the Japanese currency had a growth of stock indices on all Asia Pacific financial markets. Later, the USD / JPY pair fell to Y100.10 on correction

American trading session:

Euro: The euro rose sharply against the U.S. dollar reaching $ 1.3300 areas. The euro has grown substantially since the deposition of the vote on approval of military intervention in Syria has reduced demand for refuge assets.

Gold: The gold prices fell slightly today which was associated with a reduced likelihood of military action against Syria. Also, the physical demand from Asia and other region remains weak, despite the fact that the price of gold fell below the psychologically key level of $ 1,400 an ounce. The cost of the October gold futures dropped to $ 1362.50 per ounce on COMEX today.

Oil: The oil prices moderately increased, approaching with up to a its daily highs, for the first time after followed a fall of more than 4 % in the last two days against reducing concerns about a military strike on Syria. The cost of the October futures on U.S. light crude oil WTI rose to $ 107.77 a barrel on the NYMEX.


Market review for 10.09.13: The U.S. dollar fell against almost all its competitors on postponing of military intervention in Syria.

Asian and European trading sessions:

Euro: The euro fell against the dollar after the data on industrial production in France came out weaker than expected. The information presented today by the statistical office Insee, showed that the volume of French industrial production fell unexpectedly by 0.6% in July compared with the previous month June where the rate was at 1.4% decline. The production, according to expectations, would have to be higher by 0.5%. The EUR / USD pair fell to $ 1.3225 level during the European session.

Japanese Yen: The yen fell today against its competitors as the Bank of Japan announced its firm intention to continue easing the monetary policy. This was stated in the minutes of the last meeting of the Central Bank, which was held last week. The USD / JPY pair rose to Y100.40 area during the European session.

Australian Dollar: The Australian dollar rose to a six-week high on the background of improved business confidence after the election. Accordingly to the National Australia Bank, the business confidence in Australia in August rose to its highest level since May 2011 against the expected victory of the coalition of the Liberal and Conservative parties in the recent elections.

American trading session:

U.S. Dollar: The dollar fell against the euro losing the all previously earned a position on the background of the fact that the information that has been published today in Washington by the Labor Department of U.S. The report resulted that the number of vacancies in the private sector in the U.S. decreased in July by 180K to 3.69 million compared with the revised 3.87 million the previous month. The pace of hiring also increased. The other main news that put pressure on the dollar today was the information that the U.S. secretary of state John Kerry said the United States will study the offer from Russia to Syria. Note that Russian diplomats over the past day could seriously change the approach to the Syrian issue.

Gold: The gold prices declined significantly today, while losing about 2%, dropping to $ 1362.00 per ounce after Syria accepted the offer of Russia to give up chemical weapons in order to prevent a strike by the United States.

Oil: The prices of the WTI October futures fell sharply today to $ 106.70 a barrel on the NYMEX, registering with the second session decline in a row, which was connected with an attempt to resolve the Syrian diplomatic issue, and the decision of the Senate of the United States to postpone the vote on military intervention in Syria.


Technical analysis for 11.09.13

EURUSD
The pair has found support at 1.31674 and rising to 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has risen to 1.57309. The pair may decline to support level at 1.56722 if stays below 1.57309.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53348
USDCHF
The pair’s support is 0.93069, resistance is 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is aiming to the channel line at 100.707.
Resistance: 101.207, 102.567, 105.649
Support: 99.888, 98.718, 97.491
AUDUSD
The pair has reached the Moving Average (100) at 0.93139.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.91366, 0.90284


Technical analysis for 10.09.13

EURUSD
The pair has found support at 1.31674 and rising to 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair’s is trying to break resistance is 1.56722, is the pair stays above this level the pair will rise to the channel line at 1.57962.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair is aiming to the support level at 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
If the pair stays below 99.888 the pair will workout Double Head and decline to 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is aiming to the Moving Average (100) at 0.93139.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.91366, 0.90284


Market review for 09.09.13: The Japanese Yen became cheaper after the International Olympic Committee decided that the 2020 Summer Games will be held in Tokyo, the capital city of Japan.

Asian and European trading sessions:

Euro: The euro strengthened after strong data on investor confidence. The EUR / USD rose to $ 1.3262 during the European session. The index of confidence of European investors Sentix jumped in August to around 6.5 - against the July results of 4.9 strengthening for the first time after 26 months of negative performance.The economic analysts had expected it growth to only -4.0.

U.S. Dollar: The U.S. dollar tried to grow on earlier sessions still on the background of last week expectations that the Fed will shut down the incentive programs in September.

Japanese Yen: The yen fell against other major currencies at the beginning of today's session. The currency became cheaper after the International Olympic Committee decided in a vote that the 2020 Summer Games will be held in Tokyo, the capital city of Japan. Later, however, the pressure on the Japanese currency had a published report on Japan's GDP for the second quarter of 2013. The result of it increased by 3.8 % compared to the second quarter of 2012 and previously reported increase 2.6 % in the April-June. The analysts had expected a more significant revision - to 3.9 %. The Cabinet of ministers expects economic growth of 2.8% in the current financial year ending 31 March 2014. The USD / JPY pair rose to Y100.07 level and than fell to Y99.25 during the European session.

Australian Dollar: The Australian dollar hit a three-week high against the U.S. colleague after the trade surplus of China in August 2013 increased by 60.1 % to $ 28.5 billion from $ 17.8 billion in July. The index reached its highest level since January 2013.

American trading session:

U.S. Dollar: The dollar declined significantly against its major counterparts on the uncertainty around the reduction of quantitative easing programs in the U.S. The markets were still analyzing the data on non-farm payrolls, which were released on Friday. The investors expect that the Fed will begin reducing incentives in September, despite the negative statistics.

British Pound: The pound was strong today as the British currency is still prevalent among traders. The GBP / USD pair rose sharply to $ 1.5685 during the European session, leaving behind a mark of $ 1.5700 and tested the multi-week peak around $ 1.5732. The experts pointed out that there is still the balance of risks indicates a weakening of the pound by the end of the year, as there is no confidence in the stability of the British economy recovery.

Gold: The gold prices fell slightly today, as many market participants continue to analyze the U.S. employment data published on last Friday. The cost of the October gold futures rose to $ 1389.20 per ounce on COMEX today.

Oil: The cost of the October of WTI oil futures declined markedly today falling to $ 108.82 a barrel on the New York Mercantile Exchange. The oil dropped from the two-year high against the background of the fact that President Barack Obama is struggling to convince Congress of the need for a military strike on Syria.


Market review for 05.09.13: The dollar was strong after positive ADP report, unemployment data and activity in the U.S. service sector.

Asian and European trading sessions:

Euro: The euro restored all the previously lost positions against the dollar ahead of the ECB press conference and U.S. data. The trading dynamics of the currency were partly influenced by today’s placement of bonds by Spain and France. The results of today auction, which was done through the sale of 10 - and 5- year bonds attracted €4 billion, reaching the upper limit of the target range €3 -4 billion. The EUR / USD pair rose from $ to $ 1.3220 during the European session.

British Pound: The pound rose sharply against the dollar, against the decision of the Bank of England, which left the key lending rate at a record low 0.5 % on today's meeting. The Bank of England intends to maintain the rate at a low level, at least as long as the rate of unemployment in the country will not fall under the 7% mark, therefore the Central Bank has kept the buyout of assets on £ 375 billion. During the European session, the GBP / USD pair rose to $ 1.5665 area.

Japanese Yen: The yen fell against the dollar, after strengthening against all major currencies when the Bank of Japan raised its assessment of the economic growth of the country, and left its program of quantitative easing unchanged. It should be noted that today, the Bank of Japan said that the country's economy is recovering. The government plans to raise the consumption tax from 5% to 8% in April next year, and a decision about the strategy to be announced in early October. In addition, in order to achieve the target level of 2% inflation over the current leniency policy, the Bank of Japan unanimously decided to keep the key policy of increasing the money supply by ¥60-70 trillion in the year through the purchase of government bonds in Japan. During the European session, the USD / JPY pair reached the level of Y100.15.

American trading session:

U.S. Dollar: The big contribution for strengthening of the dollar made a positive data on activity in the U.S. service sector. According to national survey of managers conducted by ISM, the economic activity in the non-manufacturing sector in the U.S. rose 58.6 % in August from 56.0 % in July. This showed that the growth in the non-manufacturing sector has accelerated. In addition, the data submitted by the Department of Labor today showed that at the end of last week, Initial Jobless Claims reached with levels seen before the recession. The report showed that for the week ended Aug. 31 , the number of those who applied for a first time unemployment benefits fell moderately from a seasonally adjusted at 9K, down to the level of 323K, while many economists predicted that this figure will drop to 330K from 332K.The dollar index was up today and reach the 82.60 areas.

Euro: The EUR / USD continued its decline as a reaction to the speech of ECB President Mr. Draghi who announced that the increase in GDP forecast for 2013 will be by 0.4 % from July's forecast of 0.6%, mentioning the existed risks. He also reiterated that interest rates should remain at current levels or below “for an extended period ", while the central bank is ready to act at any time. again updating the session low , which has helped the publication of positive data on the index of business activity in the services sector. The pair is currently trading at $ 1.3124 EUR / USD turned and fell below $ 1.3200 after data ADP employment and appeals for unemployment benefits, as well less than was recorded in the previous week. Note that the latter figure was the lowest since October 2007, which were several months before the start of the last recession.

Gold: The gold prices were falling for the fourth time in five sessions because of the strong dollar after the data on ADP report, unemployment and activity in the U.S. service sector. The cost of the October gold futures dropped to $ 1363.50 per ounce on COMEX today.

Oil: The cost of the October futures of WTI oil brand rose to $ 108.50 a barrel on NYMEX, rising after the U.S. Energy Department data showed a drop of oil stocks in last week.


Market review for 04.09.13: The pound was significantly higher today due to positive report on the performance of the PMI of services sector index.

Asian and European trading sessions:

Euro: The euro retreated from session highs against the dollar, against the background of the weak retail sales data. According to the report, in July retail sales rose by 0.1 % compared to the previous month. Many experts believed that the value of this index will rise by 0.5 %, after falling 0.7 % in June, which was revised upwards from -0.5 %. On an annual basis, retail sales fell in July by 1.3 %.The expected fall was projected at by only 0.3 %.Meanwhile, the report on GDP in the second -quarter showed a growth by 0.3 %, thus confirming the predictions of experts and the previous estimate. On an annualized basis, the GDP fell by 0.5%, which was slightly lower than originally reported - at 0.7% reduction. The EUR / USD pair rose to $ 1.3188, but then fell to $ 1.3171 during the European session.

British Pound: The value of the pound was significantly higher against the dollar, which was helped by a report on the index of the PMI services sector. The results of recent studies that have been presented Markit Economics and BME showed that the activity in the UK service sector has grown considerably in last month, registering with the fastest pace of expansion in more than six and a half years. The growth of the overall index was led by increase in the number of new orders received by the British services sector, which rose at the fastest pace in more than 16 years, due to the ongoing strengthening market confidence and improve marketing. In details: the seasonally adjusted index rose in August to a level of 60.5 from 60.2 in July beating the economists’ expectation of decline to 59.8. In addition, the prices for the products recorded a slight increase. The study showed that the British service providers still believe that the activity will continue to grow over the next year. The GBP / USD pair rose to $ 1.5640 during the European session.

Australian Dollar: The Australian dollar significantly grew against its U.S. counterpart, responding thus to the GDP report, which were published today by the Australian Bureau of Statistics. At the end of the second quarter the Australia's economy grew in quarterly terms by 0.6% which is fully in line with the experts, and followed the same growth in the last two quarters. Meanwhile, it became known that the annualized growth of 2.6 %. According to the average forecast of economists an increase was at by 2.5 %.

American trading session:

Euro: The euro rose against the dollar despite the fact that the previously weak retail sales data from the blocked part of the positive GDP report. The EUR / USD pair rose to $ 1.3216 during the American session.

Canadian Dollar: The USD / CAD rate fell sharply approaching towards a session low, which was associated with the announcement of the rate decision and the publication of the accompanying statements of the Bank of Canada. The decision was on leaving the basic interest rate of the Bank of Canada at 1.00% which absolutely matched the 1.00% forecasted.

Gold: The gold became cheaper, the cost of the October gold futures dropped on COMEX today to $ 1384.50 per ounce. All these were on background of profit taking issues after a significant increase on Tuesday, when U.S. President Barack Obama received the support of the Congress leaders in the plans of the military operation in Syria. The support for gold prices, however, provided a strike in the gold mines of South Africa.

Oil: The cost of the October futures of WTI oil brand fell to $ 106.95 a barrel on the New York Mercantile Exchange for the third time in four days at a time, on discussed military strike against Syria.


Market review for 03.09.13:The U.S.Dollar got pushed on the growth of manufacturing activity in August in the U.S.

Asian and European trading sessions:

Euro: The slight support for the Euro currency provided today the report on the euro area, which showed that the producer price index for the industrial sector, not included construction, rose in July by 0.2% year on year, after a 0.3% increase in June and forecast of many economists of growth by 0.1%. The EUR / USD pair fell to $ 1.3155 during the European session.

British Pound: The data on the index of business activity in the construction sector had a significant support British currency. The results of studies that have been conducted by Chartered Institute of Purchasing and supply, as well as by the Markit Economics company showed that the business activity in the construction sector rose unexpectedly in August, which was supported by the improvement in output and new orders.
According to reports, the purchasing managers' index for the construction sector rose last month to the level of 59.1 from 57 in July, against the projected decline to 58.4.In addition, the volume of new orders rose at the fastest pace since March 2012. The data also indicated a sharp increase in civil engineering activities and an increase in commercial construction the highest rate since May 2012. Finally, as it was reported that among the three areas of activity in the sector, housing shows the best results - construction output grew at the fastest pace since June 2010. The GBP / USD pair rose to $ 1.5600, but then fell to $ 1.5530 during the European session. The pound fell against the dollar, losing all previously earned positions on expectations of the publication of data on the U.S.

Japanese Yen: Japan's currency fell against all major currencies after a report published today about the monetary base in the country rose in August to a 40 year high. Index increased by 42 % compared with a year earlier, to ¥177 trillion ($ 1.78 trillion).

Australian Dollar: The Australian dollar rose after the rate decision and the statement by the RBA on keeping the interest rate at a record low - 2.5 %. According to the bank, to boost the economy of the country will require longer maintain the low rate, as slowing growth in China have a negative impact on the value of commodities and does not stimulate the flow of investment in the mining industry of Australia.

American trading session:

U.S. Dollar: The dollar rose sharply reaching maximum values of the session when the U.S. data on the production index was released. As it was learned, the manufacturing activity grew in August in the U.S. According to the report, Purchasing Managers Index (PMI) for the manufacturing sector in the U.S. August rose to 55.7 against 55.4 in July and beat expectation of fall to 54.2.

Gold: The cost of the October gold futures rose to $ 1404.50 per ounce on COMEX today. The gold rose for the first time in three sessions after Israel tested its missile defense system, triggering fears that tensions in the Middle East will intensify and increase the attractiveness of gold as a safe haven.

Oil: The cost of oil brand WTI rose after the Russian Defense Ministry today released a report that an early warning system of missile launches fixed launch two missiles over the Mediterranean Sea to its east coast. The cost of the October futures on U.S. light crude oil WTI rose to $ 108.53 a barrel on the NYMEX.


Market review for 02.09.13: The British manufacturing sector continued its expansion in August. The PMI result supported the Pound today.

Asian and European trading sessions:

Euro: The Euro was trading without a trend against the U.S. dollar despite the positive data on the manufacturing PMI, the results of which was presented today by the Markit Economics. They showed that in the last month euro zone manufacturing sector expanded at the fastest pace in 26 months. According to the report, the Purchasing Managers' Index rose in August to the level of 51.4, up from 50.3 in July beating the preliminary reading of this indicator of 51.3 and expectations of the many experts of remain this result unchanged at 51.3. The EUR / USD pair is trading in the range of $ 1.3207 - $ 1.3230 during the European session.

British Pound: The British manufacturing sector continued its expansion in August , showing at the same time the fastest pace in two and a half years. According to the studies presented today by the Markit Economics and the Royal Institute of Purchasing and Supply (CIPS), the seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector rose to the level of 57.2 in August, compared to the upwardly revised index for July at around 54.8 beating the economists’ expectation of rise the index to 55 points. Note that the data showed that the amount of production in the sector rose most rapidly in July 1994. The rise in new orders was supported by the successful launch of new products, promotional activities and increasing customer confidence. The pound on the backdrop of a significant growth of industrial activity as the result was higher against the U.S. dollar, the GBP / USD pair rose to $ 1.5595 during the European session.

Japanese Yen: The USD / JPY pair rose to Y99.40 during the European session, after the Prime Minister Mr. Shinzo Abe announced his intention to introduce a sales tax to improve the economic situation in the country. The published also today data on the volume of housing starts in Japan, which in July rose by 12.0%, with an expected growth of 14.3 % affected the trading dynamics of the asset.

Australian Dollar: The Australian dollar rose after the official purchasing managers' index published by the National Bureau of Statistics of China, rose to 51 points against 50.3 points in July, exceeding forecasts reaching the level that hasn’t been reached more than a year.

American trading session:

U.S. Dollar: The U.S. markets were closed in observance of Labor Day, but that did not stop the foreign exchange market to show sharp fluctuations. For the most part, the U.S. dollar has suffered losses in the framework of the corrective pullback.

Gold: The cost of gold futures fall below $ 1,390 per ounce on speculation that the U.S. military strike on Syria is already looking less likely.

Oil: The oil prices fell slightly today, the WTI prices fell even bellow $106 area on decreased concerns about supply disruptions from the Middle East after Britain said that it would not join any military action against Syria.


Technical analysis for 3.09.13

EURUSD
The pair has declined to 1.31674.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has found support at 1.54842 and aiming to 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair is aiming to the Moving Average (500) at 0.93665.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair’s resistance is 99.888, support is 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has risen to the resistance level at 0.90284. If the pair stays above this level the pair will rise to 0.91355.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


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Technical analysis for 29.08.13

EURUSD
The pair has declined to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair couldn’t stay above the Moving Average (500) at 1.56722 and declining. The pair is aiming to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has found support at 0.92026 and rising to 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair’s resistance is 98.718, support is 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has worked out Double Top and declined to 0.89029. Now the pair is rolling back to 0.90284.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Technical analysis for 28.08.13

EURUSD
The pair has drawn the Pennant. If the pair breaks 1.33630 the pair will decline to 1.33143. If the pair breaks 1.33905 the pair will rise to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair couldn’t stay above the Moving Average (500) at 1.56722 and declining. The pair is aiming to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has declined to support at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair’s resistance is 98.718, support is 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn Double Top. The end of the figure is at 0.89029.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Technical analysis for 27.08.13

EURUSD
The pair has drawn the Pennant. If the pair breaks 1.33630 the pair will decline to 1.33143. If the pair breaks 1.33905 the pair will rise to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair couldn’t stay above the Moving Average (500) at 1.56722 and declining. The pair is aiming to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has declined to support at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair’s resistance is 98.718, support is 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn Double Top. The end of the figure is at 0.89029.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Technical analysis for 22.08.13

EURUSD
The pair is trying to stay above 1.33143. The pair is aiming to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair couldn’t stay above the Moving Average (500) at 1.56722 and declining. If the pair stays below median line the pair will decline to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair stays above 0.92026 and aiming to 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has broken upper level of the Pennant, the pair is aiming to 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn Double Top. The pair may test resistance 0.90284 before continue declining to 0.89029.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Technical analysis for 21.08.13

EURUSD
The pair is trying to stay above 1.33143. The pair is aiming to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has risen to the Moving Average (500) at 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair is trying to break 0.92026. If the pair stays below this level, the pair will decline to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has drawn the Pennant. If the pair stays above 97.690 the pair will work out the figure. The end of the figure might be at 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn Double Top. If the pair stays below 0.90284 the pair will decline to 0.89029.
Resistance: 0.91366, 0.92284, 0.93493
Support: 0.90284, 0.89029, 0.87243


Technical analysis for 20.08.13

EURUSD
The pair is trying to stay above 1.33143. The pair will rise to 1.33988.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has risen to the Moving Average (500) at 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair is aiming to the median line at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has reached 97.491 and trying to decline to 96.400.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn Double Top and declines below the neckline 0.90954. If the pair stays below neckline the pair will workout the figure. The end of the figure might be at 0.89029.
Resistance: 0.91366, 0.92284, 0.93493
Support: 0.90284, 0.89029, 0.87243


Market review for 15.08.13: The U.S dollar fell sharply against most major currencies. The Euro and British Pound had very strong close.

Asian and European trading sessions:

U.S. Dollar: The dollar fell against most major currencies; the dollar index gave back almost 30 points and quoted at 81.3 levels after a representative of the U.S. central bank official has warned investors against excessive optimism about the recovery of the U.S. economy.

British Pound: The British pound rose against the dollar the GBP / USD pair rose to $ 1.5595 during the European session, the after the publication of the positive data on retail sales. These data which rose sharply in July was a new sign of recovery of the British economy. The retail sales rose by1.1 % compared with the previous month and by 3% compared with the same period last year, while economists had expected sales to rise by 0.7 % and 2.5 %, respectively. For an increase of the index contributed to an increase in sales of summer clothes, food and alcoholic drinks, the period of summer time when the British enjoyed a period of warm weather. Annual retail sales for the three month period ending in July rose by 2.2 % compared with the same period last year, and it was the strongest result since January 2011.

Japanese Yen: The yen rose today after the publication of the statement of the Government of Japan. The report said that deflation in Japan is nearing its completion. The government also revised its estimates on the labor market for the better view. "But it is too early to say that deflation in Japan “stable” on the decline” - said the official, adding that the ending deflation requires more prolonged increase in consumer prices. The USD / JPY pair fell to Y97.60 during the European session.

American trading session:

U.S. Dollar: The dollar fell sharply against most major currencies. The volume of industrial production in the U.S. in July has not grown as it was expected. After a number of positive statistics which were published at the beginning of the week these news disappointed investors and led to the elimination of long positions taken on the dollar currency.

Euro and British Pound: The sudden surge of interest in the purchase raised the EUR / USD and GBP / USD pairs to their week highs. The breakthrough single currency was associated with an attempt to break through the $ 1.3300 while for the pound it was the level of morning highs at $1.5595 level.

Gold: The gold prices have very volatile sessions today. They fell sharply losing about 1.1 %, which was due to the rise in the dollar and the increase in yield of U.S. government bond yields to two-year high. Then after the dollar dropped, the cost of the October gold futures jumped to $ 1366.10 per ounce level.

Oil: The prices for WTI crude oil to 107.59 dollars a barrel on the New York Mercantile Exchange rose again today, recording with the fifth session gain in a row as the situation in Egypt strengthened fears that shipments from the Middle East may be reduced.


Technical analysis for 15.08.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has found support and aims to 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has tested the Moving Average (500) at 0.93732 and rolling back to 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is aiming to 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has found support at the Fibonacci 0.91352 and aiming to the resistance 0.92284.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.91366, 0.90284, 0.89029


Market review for 14.08.13: The Australian dollar rose against its counterparts on positive results of the consumer sentiment index.

Asian and European trading sessions:

Euro: The euro fell against the U.S. dollar despite strong GDP data for the euro zone, as well as for Germany and France. According to the Eurostat, the Eurozone GDP in the 2nd quarter grew by 0.3 % compared with the previous quarter. The GDP fell by 0.7 % compared to the same period last year beating the forecasts of experts who predicted the growth of the first indicator will be by 0.2 % quarterly and yearly by 0, 8 %. The most significant increase in GDP was recorded in the largest in the eurozone economics, in Germany and France. The German economy grew by 0.7 %, while experts predicted growth of 0.6 %. The French economy for the same period increased by 0.5 % with expectations of a 0.2% rise. The EUR / USD pair fell to $ 1.3235 during the European session.

British Pound: The British pound rose against the dollar after data on the labor market and the publication of minutes of the Bank of England. In details, the unemployment rate in Britain fell by 29.2 million In July, exceeding the median forecast of -14.3 million and were better than the result of the June of -29.4 million. The unemployment rate in the three months to June remained at around 7.8 % accordingly ILO standards.
As it was shown by the Bank of England meeting minutes the members of the MPC voted unanimously to maintain the interest rate at around 0.5 %. The GBP / USD pair rose to $ 1.5505 during the European session.

American trading session:

Australian Dollar: The Australian dollar rose against its U.S. counterpart, which has helped by the publication of positive data on Australia. The results of recent studies presented today by the Melbourne Institute and Westpac showed that in the current month the Australian the consumer sentiment index rose due to recent cut of the key discount rate. According to a report, in the month of August consumer sentiment index rose by 3.5%, reaching a level of 105.7 in this case confirming its increase by 9.4% over the past 12 months. In addition, the data showed that the family finances compared to last year growth in August by 13%. The currency grew on the morning sessions against its competitors.

Gold: The gold prices rose sharply to $ 1333.80 per ounce, while recovering most of the losses suffered yesterday. The dynamics of trade were affected by the publication of U.S. data and yesterday's statement by the head of the Atlanta Fed’s Lockhart, who noted that the Federal Reserve may begin to reduce its purchases of bonds in September, despite the fact that inflation remains below the target designated by U.S. government.

Oil: The cost of the WTI September futures fell to 106.20 dollars a barrel on the New York Mercantile Exchange. The dynamics of the trade were also influenced by the report on oil. According to the U.S. Department of Energy last week crude oil inventories decreased by 2.812 million barrels to 360.49 million barrels, gasoline inventories fell by 1.169 million barrels to 222.42 million barrels, distillate stocks rose by 2.027 million barrels to 128.482 million barrels.


Technical analysis for 14.08.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has declined below 1.54842 and aiming to 1.53348.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair is aiming to the Moving Average (500) at 0.93732.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is aiming to 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair’s support is 0.90284, resistance is 0.92284.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.91366, 0.90284, 0.89029


Market review for 13.08.13: The Euro fell today even despite the strong data on industrial production in the euro area and the economic sentiment in Germany.

Asian and European trading sessions:

Euro: Despite the strong data on industrial production in the euro area and the economic sentiment in Germany the euro fell against its competitors. The published results showed that the industrial production in the euro area increased in June, after falling in the previous month. The statistics agency Eurostat informed today, that the industrial production increased by a seasonally adjusted 0.7% in June on a monthly measurement. The result was better than forecasted growth of 1.1% and offset a decline of 0.2% of the previous month, where was revised from 0.3% fall. The reason for that improvement was the performance of the production of durable consumer goods, which grew by 4.9% and production of capital goods, which rose by 2.5%.
In addition, the index of economic sentiment in Europe's largest economy rose to its highest level since March which was also the highest level since 2010. A key indicator gave hope that a prolonged recession in the euro zone is coming to an end. The centre for European Economic Research ZEW reported an increase of the index to 42.0 in August, compare with 36.3 in July, ahead of the growth forecast to 40.3. The EUR / USD fell to $ 1.3275 during the European session.

British Pound: The British pound fell slightly against the dollar after the CPI data. As it was shown by the release of the Office for National Statistics (ONS) today, on Tuesday, the inflation in the UK has slowed in July and inflation of output prices rose due to increase of the oil prices. The Consumer price inflation declined to 2.8% which was in line with forecasts. On a monthly basis, consumer prices were flat after falling 0.2% in June. The Core inflation, which excludes prices of energy, food, alcoholic drinks and tobacco, slowed more than expected, up to 2% from 2.3% in a month earlier, while the experts predicted the level of 2.3%. In addition, the annual retail price inflation fell to 3.1% in July from 3.3% in June, and also matched the economists' forecasts. The GBP / USD pair fell to $ 1.5430 during the European session.

Japanese Yen: The yen fell against all major currencies after the release of negative data which showed that the volume of Industrial orders in Japan fell by 2.7 % in June compare with the previous month, when was recorded a growth of 10.5 %. In this regard, the market was full of speculation about likelihood of the management of the Bank of Japan can increase the volume incentive programs, which will lead to cheaper Japanese currency. The USD / JPY pair rose to Y98.15 during the European session.

American trading session:

Euro: The euro continued falling this session against the U.S. dollar despite the strong data on industrial production in the euro area and the economic sentiment in Germany. One more reason for that was also the upcoming publication of the report on the euro area’s GDP, which will be presented tomorrow. It is expected that in the second quarter, the eurozone economy was able to grow, which will be an interruption in a series of cuts, which was during of 6 consecutive quarters. The EUR / USD fell to $ 1.3233 level during the session.

Gold: The cost of the October gold futures fell markedly today to $ 1325.10 per ounce on COMEX, which was due to the strengthening of the dollar.

Oil: The cost of WTI September oil futures rose to 107.01 dollars a barrel on the NYMEX. The oil prices rose slightly today after data showed that the volume of oil exports from Libya has fallen to its lowest level in two years, which increased concerns about the cuts of other members previously planned production.


Technical analysis for 13.08.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has declined below 1.54842 and aiming to 1.53348.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair worked out the Head and Shoulders and declined to 0.92026. The pair is rolling back to 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is aiming to the resistance at 97.491.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has risen to the Fibonacci level at 0.91352.
Resistance: 0.91366, 0.92284, 0.93493
Support: 0.90284, 0.89029, 0.87243


Market review for 12.08.13: The dollar was strong today on entire market after weakening last week.

Asian and European trading sessions:

Euro: The euro fell against the dollar and grew against the yen in anticipation of tomorrow's publication of data on the volume of industrial output and GDP of the Euro- region. The market prediction is that the industrial production in June will grow by 0.9 %, whereas in the previous month figure fell by 0.3 %. The GDP result for the second quarter is also likely to grow by 0.2 %. The EUR / USD pair fell to $ 1.3276 during the European session.

U.S. Dollar: The dollar index grew in anticipation of the release of data on the volume of retail sales in the United States, scheduled for tomorrow. According to the median forecast of economists the performance could grow by 0.3 %, increasing the fourth month in a row. The issue might push Fed to reduce the incentive programs which spends now every month $ 85 billion of Treasury and mortgage bonds for keeping downward pressure on interest rates.

Japanese Yen: The yen fell after the released today data showed that the growth of the Japanese economy was weak and now investors are awaiting a decision of the Prime Minister Shinzo Abe about raising the sales tax. The economists were not sure whether or not the country's leadership decides to introduce this tax. The USD / JPY pair rose to Y96.90 during the European session.

American trading session:

U.S. Dollar: The dollar was strong today on entire market after weakening last week. The technical correction down major currencies and low trading volumes with the absence of important economic news has become the main reasons for the growth of the dollar.

British Pound: The British pound trading dynamics were associated with euro’s one. The currency’s rate also decreased. After the GBP / USD pair broke the level of $1.5500 during the European session; the pair traded in the range of $ 1.5461 - $ 1.5485. Supported the pound today the level of $1.5461.

Gold: The cost of the October gold futures rose to $ 1340.40 per ounce on COMEX today. It was rising at the same time to the highest level in almost three weeks, despite the strengthening of the dollar against the background of technical situation.

Oil: The price of WTI oil fell to 105.01 dollars a barrel on the NYMEX, partly due to the strengthening of the dollar, as well as correction after a significant increase at the end of last week.


Market review for 08.8.13: The cost of the Australian dollar went sharply higher against its counterparts, due to the positive report on unemployment rate.

Asian and European trading sessions:

Euro: The euro currency strengthened against the U.S. dollar, on the background of positive results of data from Germany and the ECB's monthly economic report. The Federal Statistical Office reported that the German exports increased up to June of the year due to strong demand from the countries which are not included in the euro area. The volume of import, however, unexpectedly declined, reflecting the weakness in domestic demand. In details, the volume of exports, adjusted for working days and seasonal changes, rose in June by 0.6%, compared with a revised fall of May at 2%. However, the growth rate was weaker than the average forecast from the experts - at the level of 0.9%. As for imports, its volume decreased by 0.8%, after rising 1.4% in May, while the economists forecasted that imports will rise by 0.5%. The EUR / USD pair rose to $ 1.3395 area during the European session.

Japanese Yen: After the release on results of the Japanese economy the yen retreated from a seven week high. As it was found that for the fifth consecutive week, the Japanese investors are the largest buyers of foreign bonds and securities bought last week in the amount of 689.9 billion yen, against 233.2 billion on purchases in the previous week. In addition, the yen rose sharply against the dollar the USD / JPY pair fell to Y96.09 during the European session, against the background of the fact that the Bank of Japan did not make any changes in monetary policy. The leaders of the Bank of Japan decided to wait for new signals that will clarify the situation. In this regard, the Central Bank did not revise and assess the current state of the Japanese economy, and macroeconomic forecasts.

Australian Dollar: The cost of the Australian dollar went sharply higher against its counterparts, which has helped by the positive reports from Australia. As it was shown by the data, were presented today by the Australian Bureau of Statistics, the unemployment rate in Australia did change in July, but many workers have lost their jobs, creating concerns about slowing economic growth. The seasonally adjusted unemployment rate, according to the report, was at 5.7% last month, while the economists had expected the unemployment rate be remained at around 5.8%. In addition, it was reported that the number of employed fell by 10.2K compared to the expected growth of 6K in July.

American trading session:

U.S. Dollar: The U.S. dollar fell against major currencies after the data on the U.S. labor market, which revealed that by the end of last week, the number of employees in the U.S. slightly increased. According to the report, the seasonally adjusted number of initial claims for unemployment benefits rose in the week ended on August 3, increased by 5000 people reaching 333K, while the average forecasts of experts was valued at the increase to 336K. The dollar index fell closer to 81 points area.

Gold: The Gold prices recovered back the losses incurred earlier in the session, due to the weak dollar and covering of some short positions. The cost of the October gold futures rose to $ 1310.80 per ounce on COMEX today.

Oil: The cost of the WTI oil brand fell today on fifth day, after a better than expected unemployment data in the U.S. raised expectations of folding stimulus by the Fed in the nearest future. The cost of the September futures on U.S. light crude oil fell to 102.22 dollars a barrel on the NYMEX, however, later was able to recover growing to $104.20 area.


Technical analysis for 8.08.13

EURUSD
The pair has drawn Diamond. If the pair stays below 1.33143, the pair may workout the figure and decline to 1.31674. If the pair breaks 1.33143 the pair will rise to 1.33424.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has risen to resistance at 1.54842.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair has worked out the figure and declined to 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has worked out the Triangle and declined to 96.400.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has risen to 0.90284. If the pair breaks this level the pair will rise to the Fibonacci level at 0.91352.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Market review for 07.08.13: The British pound grew significantly against all major currencies, which was associated with the statement of the Bank of England.

Asian and European trading sessions:

Euro: The euro rose sharply against the dollar on positive data from Germany. As it was revealed today by the Federal Ministry of Economics and Technology industrial production in Germany increased substantially in the month of June, thereby exceeded the forecasts of most economists. According to the report, the seasonally adjusted June industrial output rose by 2.4% in monthly term, recovering from a fall of 0.8%, recorded in the previous month and beat the average estimates of experts on increase by only 0.3%. In addition, it was reported that the volume of production, with the exception of the construction sector rose in June by 2.2% on a monthly basis adding 1.6% of the previous month level. The industrial output adjusted for the number of working days compared with June 2012, increased by 2%, after recording 1.2% decline in May. The EUR / USD pair rose from $ 1.3264 to $ 1.3325 during the European session.

British Pound: The British pound grew significantly against major currencies and the GBP / USD pair rose to $ 1.5455, which was associated with the statement of the Bank of England. The issue revealed the plans for the future monetary policy of the central bank, noting that the key interest rate will remain at a record low of 0.5 % until the unemployment rate in the UK will not go less than 7%. The comments of the Governor of the Bank of England, Mr. Carney, who said that the gross domestic product will not reach its pre-crisis level in the coming year adding that the Monetary Policy Committee will continue to pursue a policy of securing economic growth helped the currency to strengthen above its competitors.

Japanese Yen: The yen fell against the background of the meeting of the Bank of Japan which began today. It is expected that the bankers will refrain from expanding existing monetary stimulus to devalue more the rate of yen this year. The USD / JPY pair rose from Y96.76 to Y97.35 during the European session. Additional impact on the dynamics of the trade had previously published statements of the president of Fed of Dallas Richard Fisher, and Chicago Fed President Charles Evans who mentioned that the Fed is close to the beginning of the process of reducing the volume of quantitative easing program.

American trading session:

Canadian Dollar: The currency dropped against its competitors. The USD / CAD pair rose sharply, updating the session high, which was associated with the publication of bad data in Canada. The results presented by the Association of Purchasing Managers Canada and the Richard Ivey School of Business, stated that at the end of last month the Managers Index unexpectedly fell, dropping below the 50 mark, indicating that purchasing activity in Canada has decreased. According to the report, the July PMI fell to 48.4, down from 55.3 in June. It is worth noting that many experts had expected growth of this index to 56.3.

Gold: The cost of the October gold futures rose to $ 1289.80 per ounce on COMEX today. However, the gold prices traded close to the minimum of three weeks after the publication of strong U.S. trade data and comments of the Fed officials that have increased fears that the central bank will reduce the incentives in September.

Oil: The cost of oil brand West Texas Intermediate traded down fourth day and fell today to 104.10 dollars a barrel on the New York Mercantile Exchange. The reason was the results of the government report showed that inventories of gasoline and distillates rose unexpectedly.


Technical analysis for 7.08.13

EURUSD
The pair has drawn Diamond. If the pair stays below 1.33143, the pair may workout the figure and decline to 1.31674. If the pair breaks 1.33143 the pair will rise to 1.33424.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is testing 1.53348. If the pair stays below this level, the pair will decline to 1.52063. If the pair stays above 1.53348 the pair will rise to 1.54842.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline to 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is working out the Triangle. The 100% of the figure is at 96.400. The pair will decline if breaks 97.491. Resistance is at 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair is aiming to the support level at 0.89029.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Market review for 06.08.13: The reports on German Factory orders and performance of Italy’s GDP supported the euro currency today.

Asian and European trading sessions:

Euro: The rate of the euro was higher against almost all of its competitors’ rates. The support for the euro currency had a report on German Factory orders the results of which was much better than expected. As it became known, in June they grow by 3.4% in yearly term versus 2% in May. Meanwhile, the analysts expected a contraction of 0.3%. In monthly terms, the orders increased by 3.8% versus -0.5% previously forecast of +1%. Another report was also better than expected. The dynamics of Italy’s GDP for the II quarter were encouraging; however, the Italian economy is still in recession. Italian GDP for this period of time decreased by 0.2% quarterly and 2% - in annualized, while the analysts had expected a decline in GDP of 0.4% on the quarter and by 2.2% - year on year. As it was reported by the national statistics institute ISTAT, the
Italy's economy, "compressed" for the eighth consecutive quarter, although the decline in GDP was less than that predicted by experts, and less significant than in I quarter, when the economy shrank by 0.6% in quarterly term. The EUR / USD pair rose to $ 1.321 during the European session.

British Pound: The pound’s value fell significantly against the dollar, offsetting the early growth. The currency reduced, even though the optimistic reports, which were released today. the industrial output increased significantly, thereby exceeded the forecasts of experts, which was due to recovery in the sector of mining and industrial production. As the Office for National Statistics reported today, the volume of industrial production increased by 1.1% in the June monthly basis, after three consecutive months of zero growth. The economists forecasted industrial production growth at only 0.7%. In addition, it was reported that production in the manufacturing industry increased 1.9% in June, fully offsetting the previous decline of 0.7% and exceeding the economists' forecast of 0.9%.In annual terms, the volume of industrial production increased in June by 1.2%, which followed a 2.3% decline in the previous month. The GBP / USD pair rose to $ 1.5391 and then decreased slightly to $ 1.5330 area during the European session.

Australian Dollar: According to a statement of the Reserve Bank of Australia in Sydney, the RBA Governor Glenn Stevens and his board cut its key interest rate by a quarter percentage point to 2.5 %. The 26 of the 27 economists, which were surveyed by Bloomberg News, expected such action. It was the eighth rate cut from the end of 2011. The markets were completely confident in such actions of the regulator and played these expectations already before, therefore the Australian dollar rose after the Australia's central bank cut its key interest rate to a record low level.

New Zealand Dollar: The New Zealand's currency rose after the largest representatives of the New Zealand dairy company Fonterra, indicated a willingness to double any of its quality standards. Earlier, China banned the import of Fonterra dairy products.

American trading session:

U.S. Dollar: The U.S. dollar fell against major currencies against the data on the reduction of the trade deficit. By the end of June the volume of U.S. exports increased significantly, showing with the highest rate in nearly a year, thus a sign of strong demand from the world economy. The volume of U.S. exports in June rose by 2.2% to $ 191.170 billion, demonstrating the largest volume of exports, adjusted for inflation ever recorded. Imports, meanwhile, fell by 2.5% to $ 225.40 billion, which was an indication that the demand in the U.S. remains still shaky. The trade deficit fell sharply - by 22.4% - to $ 34.22 billion add that many experts expect a decline in the deficit to reach 43.1 billion from 44.1 in May. In addition, the Atlanta Fed President Dennis Lockhart said today that the announce of the reducing of the program of bond purchases may be made at any of the further meetings of the Federal Reserve System, planned for 2013.

Gold: The gold prices had a nasty spill today dropping to $ 1278.40 per ounce on COMEX. The strong economic data have made the metal less attractive as a low-risk asset, and the demand in the physical markets of India and China remains depressed.

Oil: The cost of the September futures on U.S. light crude oil WTI fell for the third day on speculation that the Federal Reserve may reduce the incentive program. The asset price fell to 104.85 dollars a barrel on the New York Mercantile Exchange.


Market review for 05.08.13: The performance of ISM confirmed that the U.S. economy is steadily recovering.

Asian and European trading sessions:

Euro: The EUR / USD pair fell to $ 1.3232 during the European session. As it was shown by the final results of studies presented by the Markit today, the index of business activity in the service sector rose slightly last month, but still remained below 50, indicating a contraction in activity. The report demonstrated that in the July index of business activity in the services sector climbed to 49.8 points, compared with a preliminary reading at 49.6 and 48.3 in June, while many experts had expected the index to remain unchanged. In addition, the data showed that an index of the manufacturing and services sectors rose to 50.5 in July from 48.7 in June, which was the first reading above 50 points since January 2012.

U.S. Dollar: The dollar index fell on earlier session after the release of negative statistics on China's economy. The results showed a slowdown in the second largest economy in the world.

British Pound: The pound’s value increased significantly against the dollar, which has helped by the results of published data today, which in July revealed that the PMI index in the services sector rose to 60.2 from 56.9 in June, reaching its highest level since December 2006. The average estimate of economists was at the index growth to 57.4 points only. Last growth was supported by the rapid growth in sales volumes, as market conditions continued to strengthen. The GBP / USD pair rose to $ 1.5377 during the Asian session and then slightly decreased.

Japanese Yen: The yen rose significantly against the U.S. currency, which was associated with the release of Chinese data. According to the National Bureau of Statistics of China, the PMI index in the services sector of the HSBC / Markit remained unchanged at 51.3 points. However, the index of business activity in the non-manufacturing PMI was up in July by 0.2 percentage points reaching 54.1 points. The USD / JPY pair fell to Y98.17 during the European session.

New Zealand Dollar: The New Zealand dollar fell against all of its major counterparts after China ordered to withdraw the dairy products of the New Zealand dairy company “Fonterra " from retailers stores of China because of the risk of botulism contamination.

American trading session:

U.S. Dollar: The dollar rose against its counterparts restoring previously lost positions. Its growth was based on the background of published data for the services sector. The performance of ISM non-manufacturing activity was another U.S. report showing that the U.S. economy is steadily recovering. The Purchasing Managers Index (PMI) for the non-production sphere of the United States rose to 56.0 in July from 52.2 in June showing the highest value since February 2013 and beating the expectations of increase to 53.3 only. As it was shown, all major sub- indices in June were in the expansion (more than 50). The only index of employment in the non-manufacturing sector, which was down compared with June, restrained the growth of all sub- indexes.

Gold: The cost of the October gold futures dropped to $ 1297.70 per ounce on COMEX today after the dollar strengthened slightly against the background data for the services sector.

Oil: The prices the September WTI crude oil futures fell a second day after Libya reopened the terminal that were closed because of the protests. The cost fell to 105.66 dollars a barrel on the NYMEX.


Technical analysis for 6.08.13

EURUSD
The pair has drawn Diamond. If the pair stays below 1.32346, the pair will workout the figure and may decline to 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is testing 1.53348. If the pair stays below this level, the pair will decline to 1.52063.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline to 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is working out the Triangle. The 100% of the figure is at 96.400. The pair will decline if breaks 97.491. Resistance is at 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has found support at 0.89029 and aiming to the resistance level at 0.90284.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


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Market review for 01.08.13: The Australian dollar was sent to the deep lows on expectations of further lowering the discount rate.

Asian and European trading sessions:

Euro: The euro fell on fact that the data on the growth of activity in the manufacturing sector in Germany and the euro zone showed an improvement. The Purchasing Managers Index (PMI) for the manufacturing sector rose to 50.3 in the euro area in July against 48.8 in June. The July value was revised upward from a preliminary estimate of 50.1. Both manufacturing sectors of Germany and Italy reported an increase in activity.
Also, today was announced the decision to the ECB of leaving the interest rates unchanged at 0.50 %. The currency has slightly reacted to this decision. The EUR / USD pair fell to $ 1.3192 during the European session.

British Pound: The British pound rose against the dollar after strong data on manufacturing PMI and the decision of the Bank of England. The manufacturing activity in July showed the fastest pace of growth since February 2011 demonstrating that the total new orders rose to 54.6 against 52.9 in June. The Purchasing Managers Index (PMI) got support from the national and international market and increasing in employment for the third consecutive month. Also, today, the Bank of England decided to leave the rate and the size of its asset purchase program (0.5% and £ 375 billion, respectively at current levels as, which was in line with expectations. Although, the Bank of England confirmed its intention to streamline the communication process and to make their policies more transparent, this time the MPC refrained from accompanying statement. The GBP / USD pair rose to $ 1.5241 during the European session.

Japanese Yen: The yen fell against all of its major counterparts amid rising stock markets in Asia and under the influence of rising expectations of continuing the policy of ultra-low interest rates in the U.S. All these led to a decrease in demand for safe haven yen. The USD / JPY pair rose to Y99.40 level during the sessions.

Australian Dollar: The Australian dollar touched a three-year low on expectations that next week, with the Reserve Bank of Australia may lower the level of the discount rate. The recent speech of the head of the RBA, Governor Glenn Stevens found insufficient depreciation of the Australian dollar by 12 % over the past three months so market reacted by sending the currency to the deep lows. Even the good news of the positive data from China, where the July PMI index of manufacturing activity rose to the level of 50.3, against 50.1 in the previous month could not help the Australian dollar today.

American trading session:

U.S. Dollar: The value of the dollar has grown considerably against most of currencies, which was helped by the publication of the U.S. data. The report published today by the Institute for Supply Management (ISM), revealed that in July, manufacturing activity in the U.S. rose in July to 55.4 against 50.9 in May, which was more than expected by economists, who had forecasted an increase to 52.1. The rise in the index was mainly due to good growth of production, new orders and employment.

Gold: The gold prices fell sharply to $ 1315.20 per ounce, reaching almost yesterday's lows on expectations of tomorrow's jobs report. The speculation of this forecast is likely for reducing the average number of initial applications for unemployment benefits over the past four weeks and for showing the improvement of manufacturing employment.

Oil: The crude oil futures rose more than 2 % on presented today upbeat economic reports in the U.S. which led to help improving the prospects for energy demand. The cost of the WTI September futures rose to 107.55 dollars a barrel on the NYMEX today.


Technical analysis for 1.08.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken 1.52063 and aiming to 1.50594.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline. 100% of the figure is at 0.92026. The pair will reach this level if 0.93069 will be broken.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is working out the Triangle. The 100% of the figure is at 96.400. The pair will decline if breaks 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has broken 0.90284. If the pair breaks this level the pair will decline to 0.89029.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Market review for 31.07.13: The positive news for the U.S. economy could not help the “greenback” strengthen its position.

Asian and European trading sessions:

Euro: The euro edged higher against almost all its competitors against the data on unemployment in Germany and the euro area. The number of applications for unemployment benefits in Germany decreased by 7K in July compared with June where the falling was at 13K. The unemployment rate stayed near record lows and amounted in July to 6.8%, taking into account the correction. The data released by Eurostat showed that in the euro area unemployment rate remained steady at a seasonally adjusted at 12.1% in June. The number of unemployed in June fell by 24K to 19,266K. The unemployment rose by 1.129 million compared with June 2012 data. In addition, the separate report from Eurostat showed that inflation remained at 1.6% in July. The news played in favour for EUR / USD pair, which grew during the European session to the level of yesterday high, the $ 1.3300 level.

Australian Dollar: The Australian dollar reduced today for a the third day in a row on expectations that at the next week the Reserve Bank of Australia may lower the level of the key discount rate. In this regard, investors see a 95 % chance that the RBA will cut interest rates by a quarter percentage point to 2.5% at the meeting, which will take place on August 6.

American trading session:

U.S. Dollar: The dollar fell despite the previously noted the substantial growth that was recorded at the GDP data. The negative impact on the U.S. currency had a data that showed that the index of business activity of the Chicago Association of Managers rose to 52.3 with correction for July against 51.6 in June. The growth, however, was weaker than economists' expectations of 53.7.
Another report from Automatic Data Processing Inc. and Moody's Analytics revealed that the employment in the private sector in the U.S. in July rose faster than economists expected, and the figures for June were revised upward. The number of jobs in the private sector in the U.S. rose to 200K in July, while the economists had expected an increase of the number of jobs in the private sector only at 179K. The job growth in June was revised up to 198Kfrom 188K. In addition, the employment in the services sector increased by 177K, and the industrial sector decreased 5K in this month.
The long waited news of the decision of the FOMC meeting revealed that the key discount rate was remained unchanged at the 0.25 % level with 0.25 % forecasted.

Japanese Yen: The yen fell sharply against the dollar, the USD / JPY pair jumped to Y98.53, which was helped by positive data presented by the United States economy statistics.

Canadian Dollar: The cost of the Canadian dollar strengthened after the data provided by the statistics from Canada. As it was reported, the Canadian economy grew in May in line with market expectations. The growth in retail and wholesale trade was offset by weakness in the commodity sector. In details, the data showed that Canada's GDP rose by 0.2 % to C $ 1.58 trillion after increasing by 0.1 % in April. Compared to the same period last year the Canadian economy grew by 1.6 %.

Gold: The price of gold fell sharply, losing what was about 1% on presented strong data from the U.S. Later the prices rebounded on a weak dollar. The cost of the August gold futures dropped to $ 1309.10 per ounce, and recovered to $1333 per ounce.

Oil: The oil prices rose markedly, which was helped by the results of the report on oil stocks in the United States. The Energy Information Administration showed that by the end of last week, oil stocks rose by 431K barrels, while reaching a level of 364.622 million barrels. Many experts expected that the stock decline by 2.45 million barrels. The cost of the WTI September futures on U.S. light crude rose to 104.36 dollars a barrel on the NYMEX.


Technical analysis for 31.07.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken Fibonacci 23% at 1.53348 and aiming to 1.52063.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline. 100% of the figure is at 0.92026. The pair will reach this level if 0.93069 will be broken.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is working out the Triangle. The 100% of the figure is at 96.400. The pair will decline if breaks 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has declined to the support at 0.90284. If the pair breaks this level the pair will decline to 0.89029.
Resistance: 0.91366, 0.92284, 0.93493
Support: 0.90284, 0.89029, 0.87243


Market review for 30.07.13: The Australian dollar’s rate fell after the speech of the governor of the Reserve Bank of Australia.

Asian and European trading sessions:

Euro: The Euro was up against almost all its competitors, the EUR / USD pair rose to $ 1.3300 during the European session on the back of strong consumer confidence data in Germany and economic sentiment in the euro zone. The leading index of consumer confidence from the market research firm GfK increased to 7 in August from 6.8 in July showing its highest increase since September 2007. The experts expected a more modest increase to 6.9. The economic expectations of consumers in Germany rose for the third month in a row in July, where the indicator increased to 4.3 from 1.1 in June.
Another report showed that the index of economic sentiment in the euro zone in July rose to 92.5 against 91.3 in June, which was in line with the expectations of economists. The Industrial Confidence in euro zone in July rose to 10.6 against 11.2 in June. In addition, the confidence index of services sector in the euro zone in July rose to -7.8 versus -9.6 in June due to improved assessment of the business situation and increase in demand.

Japanese Yen: The yen fell against most major currencies amid growing stocks rtes of the Asian stock market. The issue led to a decrease in demand for safe haven yen. The USD / JPY pair rose to Y98.35 during the European session.

Australian Dollar: The Australian dollar fell after the governor of the Reserve Bank of Australia Governor Glenn Stevens said on the possible reduction of interest rates in the future, noting that the rate of the Australian currency, thus, must also decrease. This important comment was made just a week before the August RBA meeting, and sent the Australian dollar in sharp decline.

American trading session:

U.S. Dollar: The dollar rose this session due to support of upcoming by expectations of U.S. President Barack Obama. Many market participants believe that in his speech, as Mr. Obama may affect the discussion of lower tax rates on the income of the American companies which are currently paying 35% tax rate. The dynamics of dollar trade was also influenced by data from the S & P / Case-Shiller, which showed that home prices rose by 11.8% in 10 major U.S. cities in the year ended in May. The housing price index S & P Case-Shiller 20-city U.S. in May grew by 12.2% y / y compared with 12.5% growth which was predicted by economists.
In addition, it should be noted that a report from the Conference Board showed that consumer expectations weakened in July and the corresponding indicator of consumer confidence fell more than expected in July. The Conference Board reported today that the consumer confidence index fell to 80.3 in July from a revised 82.1 in June, while the economists expected the index at 81.1. Also, as it was reported today, the index of expectations in the U.S. in July fell to 84.7 against 91.1 in June, while the current conditions index for July rose to 73.6 against 68.7 in June.

Gold: The gold prices fell slightly today, the cost of the August gold futures dropped to $ 1320.60 per ounce on COMEX today, as many traders prefer to stay out of the market ahead of U.S. Fed meeting, which may shed light on the future of monetary police of the U.S. Fed.

Oil: The prices of oil futures declined substantially, the cost of the September futures on WTI fell to $ 103 per barrel. The prices fell before the publication of the weekly oil inventory data from the API, and also after the weak report on consumer confidence in the United States.


Technical analysis for 30.07.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is testing Fibonacci 23% at 1.53348. Resistance is at the Moving Average (200) 1.54348.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline. 100% of the figure is at 0.92026. The pair will reach this level if 0.93069 will be broken.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has found support at 98.025 and rising to the resistance level at 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair is aiming to the support level at 0.90284.
Resistance: 0.91366, 0.92284, 0.93493
Support: 0.90284, 0.89029, 0.87243


Market review for 29.07.13: The British pound fell on the fact of strong sales results.

Asian and European trading sessions:

British Pound: The British pound fell against its competitors amid the results of the report for loans from the Bank of England. Accordingly to results, the volume of mortgage loans rose to £981 million in June showing the sharpest increase since April 2012. It was approved by approximately 57,667 new mortgage loans in June, which was slightly less than in May. The volume of the loans for small business including overdrafts rose in June for £238 million. This was the largest increase of this indicator since April 2011. In May, the volume of loans fell to £476 million. The retail sector’s performances, presented by the Confederation of British Industry showed that the sales figure rose to 17 in July against the previous result 1, while the analysts expected growth to 11. During the European session, the GBP / USD pair rose to $ 1.5415, and then sharply fell to $ 1.5327.

Japanese Yen: The yen rose against most of its major counterparts amid falling stock market in Asia. In addition, the fears of a slowdown in the world's largest economy increased demand for safe haven assets as Yen. Additionally, supported today the Japanese currency the speech of the Governor of the Bank of Japan, Haruhiko Kuroda, who noted that it takes time to achieve the inflation target of 2 % .The USD / JPY pair fell today to Y97.65 level.

American trading session:

U.S. Dollar: The U.S. data published this session had a small influence on the currency’s trading dynamics. The National Association of Realtors (NAR) reported that by the end of last month the number of potential buyers in the secondary market slightly decreased after the previous month where it reached its highest level in more than six years. According to the report, the seasonally adjusted index of pending home sales in the secondary market fell in June to a level of 110.9, which is by 0.4 % lower compared to the previous month, and yet by 10.9 % higher than the same period in a year earlier. The index was down by 1.1 %, compared with growth of 5.8% in the previous month. The issue played for “greenback” favor this session.

Euro: The euro fell against the U.S. dollar with the absence of economic data for the euro area. Note that many investors were waiting for the next meeting of the representatives of the European Central Bank, where the ECB may keep interest rates until the change in the situation. The EUR / USD pair fell to $ 1.3240 area.

Gold: The Gold prices fell slightly, which was due to profit-taking by investors after a three-week of the asset growth. The August gold futures dropped to $ 1325.60 per ounce on COMEX today.

Oil: The supply disruptions were balanced concerns about global economic growth and demand prospects for oil in the nearest future. The cost of the September WTI futures rose to 103.85 dollars a barrel on the NYMEX.


Market review for 25.07.13: The dollar fell on increased risk appetite after the European and U.S. data came out better than expected.

Asian and European trading sessions:

Euro: The euro fell sharply against almost all its competitors amid the publication of German macroeconomic statistics. The results of studies presented by the German Institute of Ifo showed that this month the level of confidence in the German business confidence rose again, registering with the third monthly increase in a row. The data became another confirmation that the economy of eurozone is heading towards recovery. According to the report, the July index of business sentiment climbed to 106.2, up from 105.9 in June. Even though, the result was slightly below average forecasts of experts at the level of 106.3, it was still above the long-term average at around 101. The EUR / USD pair fell to $ 1.3165 during the European session yet then rebounded up to the area of $ 1.3215.

British Pound: The pound dropped significantly against the dollar on the background of the published today release of the report for performance of Britain's GDP. According to the report, in the last quarter of 2013 the GDP growth was 0.6%, compared with an increase of 0.3%, which matched the expectations of experts.
The preliminary data submitted today by the Office for National Statistics demonstrated that at the end of the second quarter the UK economy grew due to support from manufacturing, construction and services sectors. It should be noted that recent data have raised hopes that the British economy is recovering. The annualized GDP was also confirmed by the experts' opinion showing growth in the second quarter by 1.4%, compared with an increase of 0.3% in the first quarter and recording the largest increase since the first quarter of 2011. The largest contribution to GDP growth has been marked by the service sector, which expanded by 0.6% compared with the previous quarter. In addition, the data showed that the volume of construction rose by 0.9%, recovering from a fall of 1.8% in the first quarter. The GBP / USD pair fell to $ 1.5260 during the European session.

New Zealand Dollar: The Governor of the RBNZ, Mr. Wheeler commented today on the World economy situation noticing that the global outlook remains controversial, the eurozone remains in recession and China and Australia show signs of slowing growth, yet U.S. and Japan demonstrate positive economic data. In addition, the central bank representative said that the pace of future increases in interest rates will depend on the situation on the housing market. The New Zealand dollar reacted positively on these comments rising against all major currencies.

American trading session:

U.S. Dollar: The dollar fell against the background of increased risk appetite after the European and U.S. data came out better than expected. The U.S. orders for durable goods in June rose by 4.2% compared with forecasts of growth of only 1.1%, while the May value was revised upward from 3.7% to 5.2 %. The number of initial claims for unemployment benefits in U.S. last week amounted to 343K and the previous value was slightly revised from 334 to 336 thousand, and confirmed the expectations of the market.

Euro: The EUR / USD pair has overcome the resistance of $ 1.3240 and reached a fresh daily high at $ 1.3252 amid rising U.S. stock prices to new highs. In addition, it became known that the European companies participated in the monthly Ifo surveys, were more satisfied with the current business conditions. The relevant sub-index rose in July to the level of 110.1, compared to 109.4 in June and the experts' forecasts of 109.7. The data also showed that the index of business expectations fell slightly - to 102.4 from 102.5.

Gold: The gold prices recovered after falling earlier in the session against the backdrop of mixed U.S. statistics. The cost of the August gold futures dropped to $ 1308.45 and then rose to $ 1331.50 per ounce on COMEX today.

Oil: The oil was down the second day in a row despite the decline amount of oil in the U.S stocks. The cost of the September futures on U.S. light crude oil WTI fell to 104.08 dollars a barrel, yet lately was able to recover to the area of $105.83 on positive performances of the U.S. economy.


Technical analysis for 25.07.13

EURUSD
The pair has broken resistance 1.31674 and aiming to 1.33143.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken the Moving Average (100) 1.53348 and may try to rise to the Moving Average (200) at 1.54415.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline. 100% of the figure is at 0.92026. The pair will reach this level if 0.93069 will be broken.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has drawn the Triangle and drawing the fifth wave. The pair may has tested the upper level of Triangle at 100.258 and declining to the lower level at 99.371.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is trading in the range between 0.93493 and 0.91366.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.91366, 0.90284, 0.89029


Market review for 24.07.13: The strong data on manufacturing activity and new home sales help the U.S. dollar to rise against all major currencies.

Asian and European trading sessions:

Euro: The European currency today’s growth was associated with the publication report from Markit Economics. The results of the report showed that the composite index of production, which measures business activity in both sectors, rose in July to a high of 50.4 compare with June’s results of 48.7. It is worth noting that performance surprised many market experts who forecasted the value of this indicator rising to the level of 49.1. Also, the index of business activity in the manufacturing sector rose to the level of 50.1 from 48.8 in June and compare with the predictions of an increase only to the level of 49.1.
The other data showed that the index of business activity in the services sector rose in July to the level of 49.6, down from 48.3 in June and expectations of only a slight increase - to 48.9. As the result, the EUR / USD pair rose to $ 1.3255 during the European session.

U.S. Dollar: The dollar traded near -month low against the euro after the released data which was published yesterday on the U.S. housing market situation. The Federal Reserve System underlined the need to further support the U.S. economy through its usual stimulus.

Currencies of the Asia- Pacific region: The currencies such as the Japanese Yen, Australian dollar and New Zealand dollar fell against the U.S. dollar after the release of negative statistics from China. The results of the preliminary index of manufacturing activity showed drop to a minimum of 11 months. Index, calculated by HSBC, dropped the third consecutive month and reached 47.7, while analysts had expected growth of the indicator to the level of 48.8. The HSBC Holdings PLC reported today that the fall index in July was the most significant in nearly a year, signaling one of the sharpest downturns in the financial crisis of 2008-2009.

American trading session:

U.S. Dollar: The strong data on manufacturing activity and new home sales made the U.S. dollar rising against all major currencies this session. In July the preliminary index of business activity in the U.S. manufacturing sector rose to 53.2, up from 52.2 in June, as it was presented by the Markit Economics. The average forecast of experts this figure was at 52.5.
The data provided by the Ministry of Commerce demonstrated that at the end of last month June, seasonally adjusted new home sales grew by 8.3% rose markedly reaching a level with 497K units. The sales of new homes rose to a five-year high and, at the same time, increased the likelihood of an early economic recovery. According to the report this was the highest level since May 2008. Compared to the same period last year, sales were up 38.1%. The economists had expected increase in sales by only 482K, compared to a revised downward result of the last month at 459K.

Gold: The cost of the August gold futures dropped to $ 1313.50 per ounce on COMEX today. The prices were reduced due to profit-taking after a recent four day rally during which prices have risen to a month high.

Oil: The cost oil retreated from the lows after the U.S. Department of Energy reported on drop of oil in inventories, according to which the amount of oil there fell to a fourth week in a row, showing the longest slump since August. However, the cost of the WTI brand September futures on U.S. light crude oil showed new lows at 104.70 dollars a barrel level on the New York Mercantile Exchange.


Market review for 24.07.13: The U.S. dollar weakened on data from the Richmond Fed manufacturing activity.

Asian and European trading sessions:

Euro: The trading dynamics of the euro were affected by the results of the auction on the debt of Spain. The yield on securities maturing in 3 months, dropped to the level of 0.442 % versus the value of 0.869 % in the previous auction, which surprised many investors. The yield on the 9 -month debt dropped to 1.152 % against prev. 1.441 %. Spain managed to raise € 3.52 billion, exceeding the planned amount of € 2.5-3.5 billion. At this stage, the country has financed 72.9 % of the planned for this year cash requirements. The EUR / USD pair fell to $ 1.3162 during the European session then gain back to $1.3190.

U.S. Dollar: The U.S. dollar strengthened against the background of raising the yield of the 10 - year U.S. The treasury bonds of U.S. grew by 3 basis points to the level of 2.52 %.

British Pound: The publication of data on the UK which showed by the end of last month the number of approved applications for mortgage loans increased moderately reaching with the highest value since the beginning of 2012. However, the pound was down against the U.S. dollar, due to the fact that the results were less than the estimates of experts. The British Bankers Association reported that in June this indicator has risen to the level of £37.278 million, compared to £36.290 million in the previous month. The GBP / USD pair fell to $ 1.5325 during the European session.

American trading session:

U.S. Dollar: The dollar weakened on data of the Richmond Fed manufacturing activity who are the producers of the central Atlantic region of the U.S. The report of the Federal Reserve Bank of Richmond (Richmond Fed) reported a decline in activity this month showing today that the Richmond Fed index of current business conditions in the manufacturing sector fell to -11 in July from 7 in June. The index valued above zero indicating still on an increase in activity. The Richmond Fed sub-indexes showed a massive decline in July. The new orders index in July fell to -15 from 9 in June. The shipments index fell to -15 from 11. The activity in services was also decreased. The index fell to -6 from previous 12.

Gold: The cost of the August gold futures was up to $ 1348 per troy ounce on COMEX today. The price of gold traded near the highs today, with the support of the weak dollar and purchases in China.

Oil: The cost of the September futures on U.S. light crude oil (WTI) fell to 105.46 dollars a barrel on the NYMEX today.


Technical analysis for 24.07.13

EURUSD
The pair has broken resistance 1.31674 and aiming to 1.33143.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken the Moving Average (100) and aiming to the Moving Average (200) at 1.54415.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair’s resistance is 0.93949, support is 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has drawn the Triangle and drawing the fifth wave. The pair may rise to the upper level of Triangle at 100.258.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
MACD convergence supports pair to uptrend corrections. The pair has corrected to the Fibonacci 23% at 0.93493 and rolling back to 0.92284.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


Market review for 22.07.13: The U.S. dollar fell under pressure after the weak data on the U.S. housing market.

Asian and European trading sessions:

Euro: The euro exchange rate rose against almost all its counterparts, against the dollar it has increased markedly. The European market will be benefited from the agreements done on the meeting of G-20. The G20 finance meeting in Moscow agreement informed on concentration of the overall effort to increase the number of jobs in the "G-20" countries. They also agreed on the general principles for achieving further economic growth. Moreover, the regulation of the control for the weakening of the key interest rates in China also gave support for the euro currency. The EUR / USD pair rose to $ 1.3217, but then fell to $ 1.3184 during the European session.

U.S. Dollar: The dollar again fell against its competitors, after the manager Pacific Investment Management Co. Bill Gross said that the Federal Reserve of U.S. will not tighten monetary policy in the near future, and up to 2016.

Japanese Yen: The yen rose against most major currencies after the ruling coalition has secured a majority in both houses of Japan's parliament for the first time since 2006 and won the elections to the upper house of Japan's parliament. According to the results of the elections ended on Sunday, it managed to get 135 out of 242 seats. The ruling coalition which includes the Liberal Democratic Party is led by Mr. Abe and movement “Komeito”. The yen has stabilized against the dollar around Y99.53, after substantial growth to the area of Y99.122.

Australian Dollar: The Australian dollar rose after it became known that China has taken the first step on the way to the final liberalization of the key interest rates in country. The long-awaited reform on cancellation of the lower limit of interest rates on bank loans was finally announced by the Central Bank of China. The decision entered into force on 20 July 2013.

American trading session:

U.S. Dollar: The dollar fell against major currencies after data on the U.S. housing market. An unexpected slowdown of the pace of home sales in the secondary market in June supported the idea that the reduction in the Fed's stimulus may not start as fast as expected in the markets. However, the sales in the secondary market in June fell, yet remained at a level consistent with a strong housing market. The report published on Monday by the National Association of Realtors (NAR) informed that the sales of existing homes in June fell by 1.2% compared to the previous month and adjusted for seasonal variations of 5.08 million homes for a year. Compared with the same period of the previous year, sales in June rose by 15.2%.

Gold: The gold prices rose to a month high due to technical buying after depreciation of the dollar’s rate. The cost of the August gold futures rose to a high of $ 1339.60 an ounce on COMEX today.

Oil: The cost of the WTI oil brand fell on weaker- than-expected sales in the U.S. secondary market as well as on corporate earnings. All the news returned investors concerns that the U.S. economic growth will slow down. The cost of the August futures on U.S. light crude oil WTI fell to 106.50 dollars per barrel on the New York Mercantile Exchange.


Technical analysis for 23.07.13

EURUSD
The pair has broken resistance 1.31674 and aiming to 1.33143.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken the Moving Average (100) and aiming to the Moving Average (200) at 1.54415.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair’s resistance is 0.93949, support is 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has drawn the Triangle and drawing the fifth wave. The pair may rise to the upper level of Triangle at 100.258.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
MACD convergence supports pair to uptrend corrections. The first level of correction might reach Fibonacci 23% at 0.93493 if the pair stays above 0.92284.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


Market review for 18.07.13: The British pound rose after release of strong data on retail sales in the UK.

Asian and European trading sessions:

Euro: The Euro got support by the news that the Greek parliament passed a package of laws on the contraction of the public sector, the dismissal of more than 4 thousand civil servants up to the end of the year. And, in addition, another 25 thousand people will be fared in the near future. Approval of a new package of laws was a prerequisite for the release of the next tranche of aid, a loan of €6.8 billion from the EU and the International Monetary Fund for country of Greece. The EUR / USD pair during the European session was trading in the range of $ 1.3120 - $ 1.3170.

U.S. Dollar: Demand for the dollar was limited after a speech by Federal Reserve Chairman Ben Bernanke in the lower house of the U.S. Senate. The Chairman said yesterday that the Fed should also be prepared to increase the pace of purchases “for a time, to promote a return to maximum employment in a context of price stability.”

British Pound: The pound rose after release of data on retail sales in the UK, which showed sharply growth up 0.9 % in the 2nd quarter of 2013. This was another indication that the economic recovery that began in the 1st quarter is continuing. According to the data of the National Bureau of Statistics (ONS) the data on retail sales corresponded to the polls that the sales are gaining momentum in April- June. Compared with the previous month the retail sales rose in June by 0.2 %, slightly above economists' forecasts. Compared with the same period last year, sales were up by 2.2 %.

Japanese Yen: The yen weakened against most major currencies, the USD / JPY pair rose to Y100.35 level during the European session on expectations that at the meeting of finance ministers and central bankers (G- 20) the ultra easy monetary policy of Japan will not be condemned by the representatives of the G- 20.

American trading session:

Euro: The euro rose sharply against the dollar, recovering with most of the previously lost positions. The currency recovered after the results of the report which showed that the current account surplus euro zone fell in May to €19.6 billion from an upwardly revised €23.8 billion in April. In March, the balance amounted to €23.1 billion. The cause of the deterioration was the deficit in current transfers, which increased to €9.8 billion in May, compared with €7.5 billion in April, while the account surplus revenues decreased to €4.9 billion from €5.2 billion.

Gold: The cost of the August gold futures on COMEX today rose to a high of $ 1288.30 per ounce Gold prices rose today, recovering more than 1% from the previous session, which was associated with a decrease in concerns about the program to purchase assets of the U.S. Federal Reserve System.
.

Oil: The price of oil has increased significantly, which was associated with the publication of the U.S. data. The cost of the August U.S. light crude WTI oil futures grew to its highest level in more than 15 months rose to 107.65 dollars a barrel on the NYMEX today.


Technical analysis for 18.07.13

EURUSD
The pair is trading in between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading in the range between 1.52063 and 1.50594.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.46676
USDCHF
The pair is trying to return to the Triangle’s level at 0.94589 for a test.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair is trying to break 99.888 and aiming to 101.207.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair couldn’t break resistance 0.92284 and declining to Fibonacci 23% at 0.91375.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.90284, 0.89029, 0.87243


Market review for 17.07.13: The British pound rose after strong labor market data and decision of the Bank of England.

Asian and European trading sessions:

Euro: The pressure on the single currency had data on production in the construction sector of the euro area. As it was reported by the Eurostat agency, the volume of production fell In May by 0.3 % compared to growth of 2 % in a month earlier. In the annual comparison data showed a decline by 5.1 % against a decline of 6.6 % in the previous month. The EUR / USD pair was trading in the range of $ 1.3177 - $ 1.3082 during both sessions.

British Pound: The British pound rose against the dollar after strong labor market data. As it was reported by the national statistics agency, the number of unemployed people in June fell by 21.2 million against 16.2 million of the previous month. It was the strongest decline since June 2010. The number of applications for benefits totaled 1.48 million while the analysts had expected a drop of 8K. The unemployment rate fell to 4.4 % from 4.5% previously, while analysts had expected the index to remain unchanged. The ILO unemployment rate in May remained at 7.8 % in line with expectations. As the result, the GBP / USD pair rose to $ 1.5266 area during the European session.

Japanese Yen: The yen fell when the minutes of the last meeting of the Bank of Japan were released. One of the members of the Board of Directors revealed his opinion that the expectations on the reduction of Fed asset purchase program may tighten lending conditions in Europe and emerging markets. The USD / JPY pair rose to Y99.85 during the European session.

American trading session:

Euro: The comments of the Fed Chairman Ben Bernanke supported the euro this session. Mr. Bernanke said today that the course program of bond purchases is not predetermined. It became clear, from the comments, that folding of program is expected, although the Fed intends to keep policy highly accommodative for the foreseeable future. He added also that the program of bond purchases is flexible and will respond to the reports.

Canadian Dollar: The cost of the Canadian dollar declined significantly against its U.S. counterpart, which followed immediately after the announcement of the Bank of Canada on interest rates. As it was expected, the central bank left interest rates unchanged - at 1.0 %. In its followed announcement, the Bank of Canada commented on the level of a "substantial fiscal stimulus measures that are currently in force, and they are appropriate to the situation."

British Pound: The publication of the minutes of the last meeting of the Bank of England also supported the pound at this trading session. The protocols presented today showed that all nine members of the monetary policy of the Bank of England in July voted to keep unchanged the existing program of stimulus for economy.

Gold: The cost of the August gold futures dropped sharply to $ 1270.20 per ounce on COMEX today, which was related to the statements of the Federal Reserve Chairman Ben Bernanke, who said that the U.S. central bank still expects minimize its stimulus measures later this year, but, nevertheless, there is still possibility of some changes.

Oil: The cost of the WTI oil August futures rose slightly today to 106.66 dollars a barrel, after the U.S. government report showed that the amount of oil reserves in the U.S. fell more than expected, and the demand for gasoline has decreased.


Market review for 16.07.13: The Euro and Pound rose, the dollar fell even though the number of positive results of the U. S. economy.

Asian and European trading sessions:

Euro: The euro was under pressure after the data published today by the Center for European Economic Research, which showed that the German economic sentiment resulted on unexpected deterioration in the German confidence in July. The ZEW indicator of economic sentiment fell by 2.2 points to 36.3 points, while economists had forecast that it growth to 39.9 points. The other report for the assessment of current economic conditions demonstrated positive results rising to 10.6 in July from 8.6 last month, and exceeded the expected level 9. According to a study of ZEW, in the euro zone in July the economic sentiment improved to 32.8 from the previous value of 30.6, while markets had expected a more modest increase to 31.8. Indicator for the current economic situation also improved to 74.7 points.
However, the euro did not grow after these results as the pressure on the single currency provided data on the trade balance of the euro area, which showed that exports from the euro zone as well as imports fell in May. The EU statistics agency Eurostat informed today on Tuesday that the seasonally adjusted exports from the euro zone in May fell by 2.3% compared with the previous month, while imports fell by 2.2%. The sharp fall in exports was already for the second consecutive month. The EUR / USD pair fell to $ 1.3048 during the beginning of the European session and then rose to $ 1.3150 levels.

British Pound: As it was shown by the Office for National Statistics today, the inflation rate rose to 2.9% in June in UK due to higher prices for fuel, clothing and footwear. The inflation retail prices also increased in June to 3.3% from 3.1% in the previous month thus demonstrating the fastest growth since April 2012. On a monthly basis, retail price inflation fell by 0.2%. The British Pound was lower against its counterparts after a report on inflation; the GBP / USD pair dropped to $ 1.5045 area.

Australian Dollar: The Australian dollar rose against the U.S. dollar after today's publication of minutes of the last meeting of the Reserve Bank of Australia. The report informed on a possible increase in inflation in Australia. The RBA increase the outlook for inflation giving it “slightly higher " mark because of the recent drop of the Australian dollar rate. Many of market participants still believe in that the RBA at next month meeting will lower the cost of borrowing by 0.25 % to a new record low of 2.5%.

American trading session:

U.S. Dollar: The interrupt to the fall of the dollar index could not even made a positive U.S. data on the Consumer Price Index and Industrial Production performances, the results of which pleased investors today.

Euro: The euro rose against the dollar to the $1.3173 area, helped by the data for the euro area, as well as the expectations of tomorrow's speech of the Federal Reserve Chairman Ben Bernanke, in which, as expected, he will be able to shed light on the future of the program to purchase assets, as well as their timing of completion or continuation. Another report showed that the inflation in the euro area accelerated to 1.6 % in June compared with 1.4 % in May, which was in line with preliminary estimates. The harmonized index of consumer prices rose by 0.1% in June on a monthly measurement. The rate of core inflation, which excludes energy, food, alcohol and tobacco, remained stable as it was expected at 1.2 % and did not show any change on monthly basis. The annual inflation rate in the EU was 1.7% in June, compared with 1.6% in May. Monthly inflation rate in the region was 0.1%.

Canadian Dollar: The Canadian dollar was up against the U.S. dollar today on the background of the fact that many traders were focused on the meeting of the Monetary Policy of the Bank of Canada on Wednesday, which will be the first meeting under the new Governor of the Bank of Canada, Stephen Poloz. The quarterly report on monetary policy and the economic outlook of the Bank of Canada will be also published on Wednesday.

Gold: The cost of the August gold futures rose to a high of $ 1292.30 per ounce on COMEX today, which was due to the weakening of the U.S. dollar.

Oil: The cost of the WTI August futures on fell to 105.60 dollars a barrel on the NYMEX. The trading dynamics of the asset were related to concerns about the decline in U.S. oil inventories, as well as concerns that unrest in Egypt could disrupt supplies.


Technical analysis for 17.07.13

EURUSD
The pair is trading in between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading in the range between 1.52063 and 1.50594.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.46676
USDCHF
The pair has broken the Triangle’s upper level and declined to 0.93949. The pair may return to the Triangle’s level at 0.94589 for a test.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair’s resistance is 99.888, support is at 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
MACD convergence supports pair to uptrend corrections. The first level of correction might reach Fibonacci 23% at 0.93493 if the pair stays above 0.92284.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.90284, 0.89029, 0.87243


Technical analysis for 16.07.13

EURUSD
The pair’s resistance is 1.31674, support is 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading in the range between 1.52063 and 1.50594.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.46676
USDCHF
The pair is trading the Triangle. The upper level is at 0.97427, lower level is at 0.94420.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair’s resistance is 99.888, support is at 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
MACD convergence supports pair to uptrend corrections. The first level of correction might reach Fibonacci 23% at 0.93493.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.90284, 0.89029, 0.87243


Market review for 15.07.13: A data of weaker than expected rise in retail sales in U.S put pressure on “greenback’s” dynamics today.

Asian and European trading sessions:

U.S. Dollar: The U.S. dollar rose against the major currencies during both sessions in anticipation of the report on retail sales in U.S. The forecasts of economists predicted that retail sales in the U.S. in June would likely to grow by 0.7 % in monthly term after rising 0.6 % in May. Many experts believed that sales excluding autos would rose by 0.4 %, while sales excluding motor vehicles and gasoline by 0.3 %.

Australian Dollar: The Australian dollar tried to rebound from deep lows strengthening in early sessions against almost all of its counterparts after the publication of data showing that the slowdown in China's economic the 2nd quarter was not as deep as some of market participants had expected. The China's GDP in the 2nd quarter, accordingly released today data grew by 7.5 % in yearly term. Note, that the GDP of Chine in the 1st quarter rose by 7.7%. The Australian dollar was in favor today as the Australian economics’ performance is highly dependent on the state of China's economy due to the fact, that China is the largest trading partner of Australia.

American trading session:

U.S. Dollar: The dollar fell under pressure when the U.S. Commerce Department reported today on Monday, that the total retail sales in U.S. increased by 0.4 % last month to a seasonally adjusted $ 422.79 billion. However, excluding autos and gasoline retail sales were down 0.1 %. The overall increase was below the forecast of economists who had expected the growth of sales by 0.7%. The sales of auto dealers rose 1.8 %, continuing a strong trend of growth by 11 % in year on year term. The volume of retail sales, which exclude gasoline, automobiles, and construction, was 0.15% higher. All in all, the today’s information showed that U.S. consumers spent more on gasoline and cars in June, but showed little interest in the other goods, which raised concerns that the personal spending will cause a slow recovery of the economy.

Euro: The EUR / USD pair was able to recover after setting daily a low of $ 1.2993 during the European session. The rate of euro rose against the dollar after all; as such dynamics were provoked by the U.S. data, which resulted worse than expected.

Gold: The cost of the August gold futures rose to a high of $ 1286.00 an ounce on COMEX today, recovering from lows due to the publication of weaker -than-expected data on U.S. retail sales that in turn may increase prospects for keeping stimulus measures from the Federal Reserve System.

Oil: The cost of the WTI August futures on U.S. light crude oil fell to 104.68 dollars a barrel today then were able to recover to the level of $106.6 per barrel, which was associated with the publication of Chinese data, which showed a slowdown in economic growth and a weaker -than-expected rise in retail sales in U.S.


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Market review for 11.07.13: The Bank of Japan also confirmed its intention to continue the quantitative easing monetary policy for achieving the inflation target of 2%.

Asian and European trading sessions:

U.S. Dollar: The dollar tried to recover today, however, the pressure was still strong due to yesterday’s speech of the Federal Reserve Chairman Ben Bernanke who said that the low inflation and high unemployment, which is now observed in the United States, still require adaptive monetary stimulus.

Japanese Yen: The Bank of Japan raised its assessment for the economic situation in the country, saying that the economy is starting to recover moderately. The Japanese yen, however, did not react vigorously on these comments showing mixed trading dynamics against the dollar. So, by the end of the two-day meeting the central bank left its policy unchanged and stuck to the positive outlook for the 2015 financial year, noting that the radical program of monetary easing policy, launched in April, will help to stop the decline in prices, which was observed in Japan for over 15 years. The Bank of Japan also confirmed its intention to continue the quantitative easing monetary policy keeping its target to increase the monetary base by 60-70 trillion yen per year for achieving the inflation target of 2%. In addition, the Bank of Japan revised its forecast for GDP and inflation for the current financial year, informing that the growth of the Japanese economy in 2013 fiscal year will be at 2.8% versus 2.9% projected in April. Inflation forecast was revised to 0.6% from 0.7% previously anticipated. Expectations for the 2014 fiscal year were also deteriorated: the GDP growth is now expected at 1.3% versus 1.4% in previous forecast. The USD / JPY pair traded in the range of Y98.25 to Y99.50 during both sessions.

Australian Dollar: The Australian dollar declined significantly against the U.S. dollar, which was associated with the release of unemployment data, according to which the unemployment rate in Australia increased at the end the month of June and grew to the highest level since 2009. The Australian Bureau of Statistics informed today that the seasonally adjusted unemployment rate rose in June to a level of 5.7 % compared with the upwardly revised figure for May of 5.6 %. All these were against the background of a marked increase in the number of people who were looking for full-time work; however, the number of part-time employed people has jumped.

American trading session:

Euro: After the previous day’s monster move of the euro against the U.S. dollar by over 400 pips on the comments of Fed chairman Bernanke the currency decreased to the area of $ 1.3010 amid lack of events related to the euro.

U.S. Dollar: The players today’s focus was on a weekly report on the U.S. labor market, the importance of which has increased since yesterday. Analysts had forecasted a modest drop in new applications for unemployment benefits, however, the report of the Ministry of Labor showed that the number of initial claims for unemployment benefits, which are an indicator of layoffs for the week June 30 - July 6 rose by 16K and adjusted for seasonal variation was 360K. The dollar index tried to recover to the 83 area on this news.

Gold: The cost of August gold futures rose to a high of $ 1298.20 an ounce today. The prices rose after Federal Reserve Chairman Ben Bernanke promised to continue a policy for stimulation of the economic growth.

Oil: After the released today report showed that more Americans than expected filed applications for unemployment benefits and the International Energy Agency issued a forecast that global supply will outpace demand growth next year the cost of WTI oil brand fell to 104.30 dollars a barrel on the NYMEX. Before the publication the futures were at the $ 107.42 per barrel level which it's the highest intraday price since March 2012.


Market review for 10.07.13: The dollar was under the strong pressure, the EUR/USD grew by 4 figures, with the greatest volatility caused by the FOMC Minutes and Bernanke's press conference

Asian and European trading sessions:

Euro: The euro exchange rate has increased markedly against the dollar and restored more than half of the positions which were lost yesterday. The reports presented today by the Federal Statistical Office in Germany recorded that at the end of last month the inflation accelerated again in Germany, which was the second consecutive monthly increase. The inflation grew due to the higher prices for the food and energy and reached its highest level since December 2012. In details: according to report, the results of the month of June demonstrated that the consumer prices rose by 0.1 % on a monthly basis, and rose by 1.8 % on yearly, which was fully consistent with the preliminary estimates and forecasts of experts. For comparison, in April, the annual inflation rate was 1.2%. The EUR / USD pair was able to strengthen to $ 1.2858 during the European session.

Japanese Yen: The signs of recovery of the Japanese economy reduced the prospects that the central bank will soften its monetary policy this year. As the result, the yen rose significantly against most major currencies. Also, the positive trading dynamics of the currency were associated with the starting today a two-day meeting of the Bank of Japan. Most economists believed that the outcome of the meeting of the Central Bank will be as refraining from the expanding of the incentive programs. Also, the published today reports from China helped the currency to strengthen. According the data, the volume of exports in June fell by 3.1 % compared with the same period of the last year. The June’s result was significantly worse than expected; the export increase by an amount slightly greater than 3%. The USD / JPY pair fell to Y99.76 during the European session.

American trading session:

Euro: The comments of the representative of the ECB Mr. Noyer that the central bank will continue to support the stabilization of the sovereign debt crisis in Europe and the further publication of the FOMC minutes along with Mr. Bernanke’s speech were able to break the previous week’s downtrend of the euro. The EUR / USD pair boosted with the monster move to the $1.2930 area and then by more than 3 figures up to April’s highs of $1.3200. All these were done during the American session.

U.S. Dollar: The dollar was held under pressure during whole day, which became stronger with the greatest volatility caused by the FOMC Minutes and Bernanke's press conference. The dollar index has lost more than 1.5% ending up at the levels of 82.8.

British Pound: The pound on the background of the empty economic calendar followed the situation which developed in Europe and U.S. The catalyst for the growth of the currency was the data from the U.S, which allowed the GBP / USD pair to peak at 1.5190 areas today.

Gold: The cost of the August gold futures on COMEX today rose to a high of $ 1266 an ounce due to the outcome of the outcome of the FOMC minutes.

Oil: The cost of the WTI August futures rose to a 14- month high, the level of 105.99 dollars a barrel after data showed a drop in U.S. oil inventories second consecutive week, reinforcing the assumption that the excess crude oil in the central part of the country is scattered. Moreover, the support for oil prices also had recent events in Egypt, which increase the concern on oil supplies from the Middle East.


Market review for 09.07.13: The ECB confirmed today its powerlessness for preventing the collapse of the euro currency.

Asian and European trading sessions:

British Pound: The pound significantly fell against the dollar, due to the publication of the report from the Office of National Statistics of Britain. As it was demonstrated by recent data presented today, the volume of industrial production in the UK did not change in May showing zero growth on monthly basis, while the manufacturing production unexpectedly fell by 0.8%. Accordingly experts, the prediction were at increase by 0.3% and 0.5%, respectively. In addition, the rate of industrial production in April was revised down to -0.1% from 0.1%.Moreover, the data showed that on an annual basis, industrial production fell by 2.3%, beating economists' reduction forecasts of 1.5% and the manufacturing industry declined by 2.9%, which was also significantly higher than the estimates of experts of -1.5%. The April’s decline was at 0.6% and 0.5% respectively. The GBP / USD pair fell to $ 1.4835 during the European session.

Japanese Yen: The yen suspended yesterday's decline ahead of the pending outcome of a two-day meeting of the Bank of Japan, which starts tomorrow. Officials will discuss the situation in the markets and reassessment of the country's economic growth. The USD / JPY pair rose to Y101.28 during the European session.

Australian Dollar: The Australian dollar rose on the background of strong rise in gold prices in Asia on Tuesday. However, the growth of the currency was restrained as the release of negative data on producer price index in China showed that the June’s index increased by 2.7 % compared with a year earlier, when it was recorded a growth of 2.5 %.

American trading session:

Euro: The euro fell after comments of the ECB representative in regard of low interest rates. In an interview with Reuters Governing Council member Joerg Asmussen, explaining the recent speech of the ECB President Mario Draghi made last week, said that the ECB will probably keep rates low for more than 12 months. Mr. Asmussen also mentioned the probability of another round of injecting capital for troubled banks in the eurozone. The euro reacted with a sharp decline on those comments, as they were the signal that the ECB will continue to keep rates low, which reduces the attractiveness of euro-denominated assets to investors. Moreover, the pressure on euro strengthened after the rating agency Standard & Poor's downgraded Italy's credit rating from BBB + to the level of BBB, mentioning the ongoing slowdown in Italy due to structural weakness and low vitality of its economy. The S&P agency maintained a negative outlook on the rating, which indicates the possibility of further downgrade in 2013 or 2014.The EUR / USD couple dropped sharply to the area of $1.2755.

Gold: The cost of the August gold futures rose on COMEX today to a high of $ 1258.70 an ounce as the data of the acceleration of inflation in China increased the appeal of the precious metal as a hedge against inflation.

Oil: The cost of the WTI August futures fluctuated today falling to 102.31 dollars, and then rising to new highs of to 104.70 dollars a barrel on the NYMEX as the dollar strengthened against a basket of other major currencies and an interim leader of Egypt committed creation


Market review for 08.07.13: The Euro grew despite of weak data for the euro area and Germany.

Asian and European trading sessions:

Euro: During both sessions the euro rose against the dollar rebounding after a significant decline on Friday, as many market participants were waiting for the speech of President of the European Central Bank Mario Draghi. Earlier, the official said that the interest rate of the European Central Bank will remain at the current low level or near for a long period of time.
Moreover, published today weak data for the euro area and Germany could not prevent the rate of the currency from rising. The presented indicator of investor confidence of European investors from Sentix in June, the fell to around -12.6 from -11.6 resulted in May. Also, the data from the Federal Ministry of Economics and Technology showed reduction in industrial production in Germany. The data resulted that up to May the volume of industrial production fell significantly more than expected, which was associated with a significant reduction in the construction and energy sectors. According to the report, on a monthly basis in May, industrial production fell by 1%, thus showing the biggest drop since October 2012. It is worth noting that many economists had expected a drop in production was 0.5%, after rising 2% in April. The same orders on
an annualized basis output fell by 1%, offsetting an increase of 0.9%, which was recorded in April. The EUR / USD pair rose to $ 1.2870 however.

Japanese Yen: The yen was trading around Y101.10 area against the dollar, due to the lack of important publications and events. The data from the Ministry of Finance of Japan, which showed that in May positive current account balance has decreased, partially influenced the trading dynamics of the currency.
According to a report on the results of May, the current account surplus decreased to the level of 540.7 billion yen, compared with a surplus of 750.0 billion yen in April. It is worth noting that according to the average forecasts of experts the value of this index was to drop to 600.0 billion yen.

American trading session:

Japanese Yen: The currency’s rate became more expensive when the Ministry of Finance reported that the surplus jumped in May by 58.1% on an annualized basis, which was also below expectations for a jump of 91.6% after a surge 100.8% in the previous month. In addition, the trade deficit in May totaled ¥906.7 billion compared to the predictions of experts at the level of ¥902.1 billion yen deficit, and after a deficit of ¥818.8 billion yen in the previous month. The volume of exports increased by 9.1% yearly, reaching at the same level of ¥5.526 trillion, compared with ¥5.568 trillion in April. Meanwhile, imports grew by 9.6% per annum - up to ¥6433 billion after reaching ¥6,387 billion a month earlier. The USD / JPY pair fell to Y100.75 during the session.

Gold: The cost of the August gold grew to a high of $ 1238 an ounce on COMEX today after deep Friday's decline, but growth was constrained by a high dollar.

Oil: The cost of the August futures of oil brand WTI fell to 102.15 dollars a barrel after the representative of Egypt said that the Suez Canal is a "safe", and the movement of ships through it "normal ", despite the escalation of violence in Cairo.


Market review for 04.07.13: The Euro and Pound have reacted negatively to the decisions of the ECB and the Bank of England announced today.

Asian and European trading sessions:

Euro: Before the announcement of the decision of the ECB meeting, the euro grew amid drop in tension for situation in Portugal, as the coalition of government there has made every effort to survive. According to analysts, the risk of disorderly elections declined, but recent events have obviously weakened the Portuguese government. The euro fell against the dollar after the Governing Council of the ECB decided to leave key interest rates unchanged, which coincided with the forecasts of experts. The ECB announced that the rate of credit and deposit rate as well as the interest rate on the main refinancing operations will remain unchanged at 1.00 %, 0.00 % and 0.50% levels respectively. The EUR/USD pair fell to $1.2868 during the European session.

British Pound: On a background of the decision of Bank of England, the pound has essentially decreased against US dollar, having lost almost 200 points. The Bank of England after its two-day session announced on keeping the interest rate at a level of 0,5 %, and the size of its program of purchase of bonds at the level of £375 billion. Mark Karni, the new chairman of Committee of the monetary policy of Bank of England has come to the end with the unusual prevention, saying that the overestimated expectations among investors about toughening of policy do not guarantee the UK’s economic development. The GBP/USD pair dropped to $1.5055 during the European session.

American trading session:

U.S. Dollar: The financial markets of the USA today were closed in connection with celebrating of Independence Day in USA. The index of dollar grew above the 84 level, which was its monthly high due to the results of the published today decisions of the meetings of ECB and Bank of England. Also, a pending tomorrow's output of official statistics of the Ministry of work which will be published tomorrow has driven the currency’s rate up today.
.
Euro: The downtrend of the euro accelerated at the beginning of press conference of Mr. Draghi . The ECB president stressed out that he expects that the rates will be maintained at current or even lower levels for a long period time. Moreover, he said that in the medium-term price pressures will remain weak. In addition, Mr. Draghi expressed that he looks forward for the implementation of the banking union idea. The EUR / USD pair was kept at the lows of $ 1.2982 during the meeting. No significant impact on currency trading dynamics was provided by the data on GDP of the euro area. Accordingly the Eurostat, at the 1st quarter of 2013 the seasonally adjusted GDP of euro area reflected decline of 0.3 % in quarterly basis versus 0.2% in Q4 2012.

Gold: The prices of August gold futures did not change much at today's trading session on COMEX remain trading around the 1248.90 dollars an ounce.

Oil: The oil prices fell slightly today after the armed forces of Egypt have ousted the president of the country, having weakened concern in occasion of threat of failure of deliveries of oil in the Middle East. The cost of the August futures on U.S. light crude oil WTI closed at 101.30 dollars per barrel on the New York Mercantile Exchange.


Market review for 03.07.13: A weak data of PMI services for euro zone helped strengthen bearish positions on the EUR / USD pair.

Asian and European trading sessions:

Euro: The euro exchange rate fell sharply against the weak PMI data in the service sector of the euro zone. According to the report, the composite output index, that measures activity in the manufacturing and services sectors rose from 47.7 in May up to a level of 48.7 in June. However, despite this significant improvement, the results were slightly below the pre-assessment level of 48.9. The final studies presented today by the Markit Economics showed reduction of activity in the private sector of the euro area, which was associated with a slower decline in employment and the number of new orders. Only Spain and France were able to contribute positive note in today's report services PMI, but the Germany and the euro zone as a whole have disappointed investors, which helped strengthen the bearish sentiment on euro currency.
The other report showed that the index of business activity in the services sector rose in June to the level of 48.3 from 47.2 in May, which was lower than the preliminary estimate at around 48.6. The EUR / USD pair during the European session fell to $ 1.2922 area.

Japanese Yen: The Japanese yen strengthened against the dollar and the euro amid weak macroeconomic results for Europe, where the report for Purchasing Managers Index (PMI) became a catalyst. The USD / JPY pair fell to Y99.24 level during the European session.

Australian Dollar: The Australian currency fell to a two-year low after the speech of the president of RBA, Mr. Stevens who said that the Australian dollar “remains at a high level," despite a decline of nearly 10 % since the beginning of April. There was also noted an economic growth which is now below usual trend in Australia. Moreover, Mr. Stevens said that "it is possible to further decrease the Australian currency, which would help the process of reorientation of economic growth."

American trading session:

U.S. Dollar: The U.S. dollar showed its weakness today after publication of data on activity in the U.S. service sector. The data released today by the Institute for Supply Management (ISM), showed that the rate of growth of activity in the U.S. non-manufacturing sector slowed in June, but employment grew. Reported Purchasing Managers Index (PMI) for the non-production sphere of the United States in June fell to 52.2 from 53.7 in May. The economists forecasted the index in June at 54.3.

Euro: On weak data for U.S. ISM the euro recovered to $ 1.3031 against the dollar. However, the currency remains weak as the recent events in Portugal and Greece have added some negative. News about the growth of bond yields in the debt markets boosted some concerns among traders ahead of tomorrow's ECB meeting. As it became known, the yield on 10-year Portuguese bonds exceeded the psychologically important level of 7% and continued to grow, now residing at 8%.

British Pound: Against the publication of the reports for Britain’s economy, the value of the pound has increased significantly against the U.S. dollar. The results of recent studies that have been presented Markit Economics and the Chartered Institute of Purchasing and Supplym showed that at the end of last month the growth in the British service sector accelerated to the highest level in more than two years, which was supported by a significant increase in new orders, which went tothe highest level since 2007.
The index of business activity in the services sector climbed to 56.9 in June, which is the highest level since March 2011and demonstrated its sixth consecutive month extension. Many economists, however, forecasted slight drop of the index to 54.6 areas. The GBP / USD pair rose to $ 1.5304 level during the session.

Gold: The cost of the August gold futures rose to 1259.30 dollars per ounce on COMEX today, showing moderate growth associated with weak dollar’s rate.

Oil: The cost of the WTI August futures rose to 102.15 dollars per barrel on NYMEX today. For the first time in 14 months еру WTI oil brand crossed the 100 mark dollars per barrel, as the U.S. government reported that stocks fell for the first time in four weeks.


Market review for 02.07.13: The Reserve Bank of Australia for the second time in a row left its key interest rate unchanged at 2.75%.

Asian and European trading sessions:

U.S. Dollar: The dollar was held near monthly highs against its major counterparts on expectations that the signs of recovery in the U.S. economy will force members of the Federal Reserve to start folding QE3programs in nearest future. The dollar index got almost at the 83.90 area today.

British Pound: The British pound got hammered again today by the statement of the representative of the Bank of England's Mr. Tucker, who said that the UK economy seems to be embarking on a path of sustained recovery, but high levels of household debt still constrain its growth. Also, the impact on the currency had expectations of the upcoming meeting of the Bank of England, which will be on Thursday for the first time led by M. Carney.

Australian Dollar: The Australian dollar dropped before the decision of the Reserve Bank's on discount rate. The decision coincided with analysts' expectations, the RBA Governor, Glenn Stevens and his board kept the level of bank interest on the value of 2.75 %. The Reserve Bank of Australia for the second time in a row left its key interest rate unchanged at 2.75%. After the central bank's announcement, the Australian dollar continued to decline, losing about half a cent against the U.S. dollar.

American trading session:

Euro: The euro fell on data about the euro zone producer prices, the results of which declined for the third month in a row. Even though, the economists forecasted that the producer prices will remain unchanged in May, they fell 0.1 % in yearly term, after falling 0.2 % in April. On a monthly measurement, the producer prices fell 0.3 % after falling by 0.6 % in April however, the rate of decline was slightly above the consensus forecast of 0.2 %.

U.S. Dollar: The trading dynamics of the dollar was influenced by the publication of the U.S. data. As it became known, the demand for manufactured goods rose in May and gave another sign that the companies were stepping up spending after the sluggish winter. Also, as it was informed by the Commerce Department, the total production orders compared with the previous month rose to a seasonally adjusted $ 9.9 billion in May, or by 2.1 %, to $ 485 billion. The production orders grew at the third time of the past four months.

Japanese Yen: The U.S. dollar rose against the yen, again exceeding the level of 100 Japanese yen for the first time since the beginning of June, as traders become more confident that the Fed will slow the pace of monetary stimulus.

Canadian Dollar: The U.S. dollar moved up sharply against major currencies and exceeded the level of $1.0575 against of Canadian dollar, which is its highest level since October 2011.

Gold: The cost of the August gold futures on COMEX fell slightly to 1239.40 dollars an ounce. The prices of asset were not able to hold previously won position, and broke a two-day growth in a row series.

Oil: The WTI August futures prices rose modestly to 99.88 dollars, continuing yesterday's gain, which was due to concerns over supply disruptions from Libya, as well as political unrest in Egypt that can affect the supply of oil in this region.


Market review for 01.07.13: Positive statistics published today from Britain helped the Pound to rebound.

Asian and European trading sessions:

British Pound: Positive statistics published today from Britain helped the pound to rebound. Calculated by Markit and the Chartered Institute of Purchasing & Supply, the Purchasing Managers Index (PMI) for the manufacturing sector rose to 52.5 in June, to its highest level since May 2011 and beat expectations of economists. Initially forecasts were at 51.3values. Also, the Bank of England showed that the number of mortgage approvals in the UK in May rose to 58,242 from 54,354 in April, to the highest monthly figure since December 2009. At the same time, net lending to individuals fell to £ 1 billion against the forecast of £ 1, 4 billion. The GBP / USD pair dropped to $ 1.5183 during the European session, the and then rose to $ 1.5252

Japanese Yen: The yen fell against major currencies after the business activity index for large manufacturers Tankan (Q2) in Japan proved the best result in the last two years rising to +4, against -8 in the last reporting quarter. The USD / JPY pair rose to Y99.74 during the European session.

Australian Dollar: The Australian dollar rose on rumors that the central bank will not cut interest rates at its meeting tomorrow. Only 24 % of economists believe that the Reserve Bank of Australia will go lowering the key interest rate to 2.5% from 2.75 %.

American trading session:

U.S. Dollar: The report published by the Institute for Supply Management (ISM), showed that in June manufacturing activity in the U.S. rose more than expected after unexpectedly fell in May for the first time since November 2012. The PMI for the manufacturing sector in the United States June rose to 50.9 against 49.0 in May. However, this news did not provide support to the “greenback”.

Euro: It is learned that the unemployment rate in the euro zone rose to 12.1%. Value of the index in the previous month was revised from 12.2 % to 12 %. The result was better than the forecasts of experts who expected an increase in unemployment in May to 12.3 % and helped the euro rose against the U.S. dollar. In addition, the euro zone manufacturing PMI Italy and Spain increased substantially. Both countries have shown the best results, rather than Germany. The euro currency was up this session.

Gold: The gold prices grew today, recovering from the largest quarterly loss in history, which was associated with stabilization of the dollar. The price of the August gold futures rose to 1245.40 dollars an ounce on COMEX today.

Oil: The cost of the WTI August futures rose to 98.26 dollars a barrel on the NYMEX.


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Market review for 27.06.13: The cost of the August gold futures fell below $ 1,200 level for the first time since August 2010.

Asian and European trading sessions:

Euro: The publication of positive data for euro zone supported the single currency and euro’s exchange rate recovered from previously lost grounds against the dollar. The report from the European Commission showed that in June, the index of sentiment in the economy increased markedly reaching the highest level since May 2012, thereby exceeded the forecasts of experts. According to this report, in the current month index of sentiment in the economy rose to 91.3 marks up from 89.5 in May. The economists said that the results of the index, as well as recent surveys of purchasing managers suggested that the recession in the euro zone may slow down in the second quarter. The report also showed that increased confidence has been detected in five largest economies of the euro zone - the largest increase was recorded in Spain and Italy. However, the confidence in Greece, Austria and Slovakia fell. The EUR / USD pair rebounded from $ 1.3011 to $ 1.3048 during the European session.

British Pound: The GBP / USD pair fell to $ 1.5240 during the European session. The value of the pound fell sharply against the U.S. dollar in the background that the final data presented by the Office for National Statistics (ONS) today, which showed that the British economy avoided a recession in the first quarter, while confirming the initial estimates. According to the report, in the first three months of this year, gross domestic product grew by 0.3%, which was in accordance with the forecasts of experts. Meanwhile, it was revealed that, compared with the first quarter of 2012 the economy grew by 0.3%, after zero growth in the previous quarter, which surprised many experts, as they were waiting for confirmation of the initial assessment - at the level of 0.6 %.

Australian Dollar: The Australian dollar rose for the fifth consecutive day after the results of the elections in Australia. Mr.Rudd was elected there and became the new Prime Minister of Australia. As Prime Minister, Kevin Rudd was replaced Ms.Gillard, who headed the government since 2010. Julia Gillard has resigned after losing the election of the Labour party in power on Wednesday, June 26.

American trading session:

U.S. Dollar: The U.S. dollar rose against almost all its competitors after publication of series of positive macroeconomic statistics for U.S. and comments of President Federal Reserve Bank of New York Mr. Dudley. William Dudley said today that the central bank may extend bond purchases if the economy does not justify the hopes of regulators. However, the labor market showed that the number of initial claims for unemployment benefits fell last week to 346K and personal income and spending showed an increase in May. That meat, that Americans spent more in the past month by 0.3 % in m/ m, and their incomes rose by 0.5 % in m / m with average expectations of +0.2 % m / m. The other important reports recorded the growth of the index of pending home sales in May by 6.7 % m / m to 112.3 points and the drop of the index of business activity in the Federal Reserve Bank of Kansas industry in June to -17 points with 5 points in May.

Gold: The cost of the August gold futures for the first time since August 2010 fell below $ 1,200 level on the background of strong dollar as well as positive U.S macroeconomic statistics.

Oil: The cost of the WTI August futures rose to its weekly high of 97.35 dollars a barrel on the NYMEX against the reduction in the number of applications for unemployment and growth in consumer spending in U.S.


Technical analysis for 27.06.13

EURUSD
The pair has broken Fibonacci level 23% at 1.31143 and reached support at 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading in the range between 1.54842 and 1.53348.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair is trading between resistance 0.93949 and support 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is trying to break support 97.491, the pair may decline to the next support level at 96.400.
Resistance: 98.718, 99.888, 101.657
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has found support at 0.92284 and rising to 0.93493.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


Market review for 26.06.13: The U.S. Dollar resumed its strength on negative results of revised U.S. GDP.

Asian and European trading sessions:

U.S. Dollar: The dollar rose sharply against its competitors and the Dollar Index went above 83 areas, which has been associated with the speech of the President of ECB, Mr. Draghi. Mario Draghi during his speech at the lower house of parliament, said that so far the Central Bank has made successful efforts to restore the European economy, but noted that monetary policy alone cannot solve all the problems. He also mentioned that the HTA program has helped to restore the market, and accommodative monetary policy was intended to support the growth, but the euro-zone governments need to continue implement reforms in order to see the progress in a future.

British Pound: The rate of pound fell sharply against the dollar, which has been associated with the publication of the report on the financial stability of the Bank of England, as well as comments from the members of the Monetary Policy Committee of the Bank of England D. Miles, who said that the ending of quantitative easing will have less negative impact on economic growth and inflation compare with purchasing. He also said that the central bank did not raised any “bubbles " so far, therefore, UK may require further stimulus. The GBP / USD pair fell to $ 1.5350 during the European session.

Japanese Yen: The USD / JPY pair fell during the Asian session from Y98.15 levels below the Y97.50 areas. This declines occurred because of the demand for haven assets which was boosted by a sixth day of Chinese equity market decline, disappointing expectations that comments from the People's Bank of China would calm markets. In details: the Japan's currency rebounded from a 0.5% against the dollar as the Shanghai Composite Index slid as much as 1.9%.

American trading session:

U.S. Dollar: The dollar stopped rising due to publication of the revised data on U.S. GDP, the result of which was suddenly lower then forecasts. As shown by the data, the GDP in the 1st quarter grew by 1.8 %, whereas the previous estimate of the expected increase of 2.4 % which meant that the U.S. Commerce Department revised downwards the estimate of U.S. GDP growth in the 1st quarter of 2013.

Euro: The exchange rate of the EUR / USD pair fell sharply, losing more than half of the figure, which was associated with comments from ECB President Draghi. The EUR / USD couple was able to hold this level and finish this session at $ 1.3031 level.

Gold: The cost of the August gold futures on COMEX today dropped to 1223.20 dollars an ounce, continuing to update the multi-year lows while the dollar strengthened against all its competitors.

Oil: The cost of the August futures on U.S. light crude oil WTI fell to 93.68 dollars a barrel, which is 1.7% negative change after the Energy Information Administration said that crude oil supplies rose by 18K barrels to 394.1 million. The inventories of gasoline and diesel fuel also increased by more than 5 million barrels.


Technical analysis for 26.06.13

EURUSD
The pair has broken Fibonacci level 23% at 1.31143 and aims to reach support at 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading in the range between 1.54842 and 1.53348.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair is trading between resistance 0.93949 and support 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is trying to break support 97.491, the pair may decline to the next support level at 96.400.
Resistance: 98.718, 99.888, 101.657
Support: 97.491, 96.400, 95.200
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


Market review for 25.06.13: The dollar rose after bunch of positive U.S. data increased speculation that the Federal Reserve will cut bond purchases.

Asian and European trading sessions:

Euro: The euro rate fluctuated against the dollar, therefore, the EUR / USD pair traded in the range of $ 1.3110/35. As it was announced today, Spain held an auction where the 3 and 9 -month bonds worth 3.07 billion euro were sold, which was higher than the maximum target. The pair, however, fell during the European session to the lows of $1.3085.

U.S. Dollar: The dollar index strengthened in anticipation of today's output by the macroeconomic data for U.S. Today, the U.S. Department of Commerce will present the data on orders for durable goods, which, according to analysts should rise up 3% in May compared with April.

British Pound: The rate of pound strengthened against the rates of others its competitors due to the speeches of the representatives of the Bank of England and the publication of the data for UK. The report of the British Bankers' Association showed that the number of approved applications for mortgage loans increased significantly in May to the level of 36,102 thereby exceeded the forecasts of most experts who predicted its rise to the level of 33100. Moreover, the number of approved applications was higher than April’s figure of 32,952.In addition, it was reported that the total number of mortgage approvals rose in May to the level of 65,752, compared with 61,262 a month ago. The GBP / USD pair during the European session rose to $ 1.5470 areas.

Japanese Yen: The yen rose stepping back from a two-week low against the U.S. dollar against the selling-off at the Asian markets and the liquidity problems of Chinese banks. Yesterday, the People's Bank of China has warned the country's banks on the need for greater control over their own liquidity, as well as on its risks. The USD/JPY pair touched the area of Y96.92.

American trading session:

U.S. Dollar: The dollar rose after better-than-forecast U.S. data analysts increased speculation that the Federal Reserve will cut bond purchases.
At the end of last month the demand for expensive manufactured goods increased significantly, as it was shown by recent data that has been provided by the Ministry of Commerce. The seasonally adjusted total number of orders for durable goods rose in May by 3.6%, reaching at the same level of $ 231 billion, which was followed after an increase of 3.5% in the previous month. The results exceeded the forecasts of experts, who predicted increase by 3.0% only, and demonstrated the second consecutive monthly increase. The exact details of these reports recorded that sales of new U.S. homes rose in May to its highest level in nearly five years and the sales in the primary housing market in May rose 2.1%. In addition to that, the adjusted for seasonal variations were 476K homes a year and reached the highest level since July 2008. According to another report, the housing price index Case-Shiller 20-city in April rose by 12.1% compared to April 2012. Housing prices in 20 metropolitan areas in April showed the biggest monthly increase since the beginning of the data, up 2.5% compared with March.
As it was shown by the private research group Conference Board, the consumer confidence in the U.S. in June rose to its highest level in five years. According to the data, the index of consumer confidence in the U.S. in June rose to 81.4 from a revised 74.3 values in May while many economists had expected the index falling to 75.6 in June.

Gold: The price of gold declined moderately today amid fears related to the reduction incentive program the Fed and cash deficit in China. The cost of the August gold futures dropped to 1271.70 dollars an ounce on COMEX today.

Oil: The cost of WTI oil brand firstly grew on expectations that oil stocks fell last week and after data showed that U.S. orders for durable goods rose in May more than forecasted. However, when the cost of the WTI August futures touched the 96.15 dollars a barrel it came down to the $94.15 areas.


Market review for 24.06.13: The euro retreated from lows on positive results of business confidence in Euro zone.

Asian and European trading sessions:

Euro: The positive data from Ifo for Germany partially influenced trading dynamics of EUR / USD pair during the European session. As it became known, the business sentiment index improved in June rising for a second straight month to 105.9 in June from 105.7 in May. The news increased hopes for the restoration of sentiment among Europe's largest trading partners. The business confidence was above expectations of economists. Also, the business expectations for the next six months improved to 102.5 in June from 101.6 in May. The studies of Ifo provided hope that business sentiment also restores the position of the major European trading partners, particularly France and Italy.

U.S. Dollar: The dollar rose on these sessions ahead of speech of Mr. Fisher in London today. The President of the Fed Bank of Dallas, who is the one of the most vocal critics of the U.S.central bank's quantitative easing, will speak on monetary policy and may add to the case for the Federal Reserve to pare back bond purchases program. Ahead of the speech the dollar index grew to almost 83 levels.

Japanese Yen: The yen fell against most major currencies after the ruling coalition of the Liberal Democratic Party won the elections to the Legislative Assembly of the prefecture of Tokyo. The broadcaster company NHK reported on Monday that the winning party took more than half the seats. The USD / JPY pair rose to Y98.68 area.

American trading session:

U.S. Dollar: The dollar index declined during last hours of this trading session as some investors changed their favor of the relative safety of dollar assets towards the high-yielding currencies. The dollar began to fall back from highs against the euro and other higher-yielding currencies after comments of the Fed official, President of the Federal Reserve Bank of Dallas, Richard Fisher. Responding to questions, Fisher said that “it is expedient to reduce bond purchase program " and " restart the monetary policy."

Gold: The cost of the August gold futures on COMEX today dropped to 1277.20 dollars an ounce, due to the pressure, which was provided by the negative forecasts of analysts of Goldman Sachs and Credit Suisse on the future of prices for precious metals.

Oil: The cost of the WTI July futures fell to 92.68 dollars a barrel on the New York Mercantile Exchange on speculation that a liquidity crisis in China may contain the risk for economic growth in China, the largest consumer country in the world of energy. Later, during the session the prices were able to recover from deep lows and strengthen to the $95.62 areas.


Technical analysis for 25.06.13

EURUSD
The pair has declined to the Fibonacci level 23% at 1.31143.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has reached 1.54842. Support is at Fibonacci 23% level at 1.53348. MACD supports downtrend corrections.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair is trading between resistance 0.93949 and support 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is trying to break support 97.491, the pair may decline to the next support level at 96.400.
Resistance: 97.491, 98.718, 101.657
Support: 96.400, 95.200, 94.009
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


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Market review for 20.06.13: The cost of gold declined substantially under the level of $ 1,280 per ounce, for the first time in three years.

Asian and European trading sessions:

U.S. Dollar: The dollar index was trading near one-week high, after the Federal Reserve Chairman Ben Bernanke yesterday said that the central bank is prepared to reduce the volume of purchases of bonds this year and even suspend them in 2014, when the economy will show steady growth. Also, the U.S. Federal Reserve decided to keep the key interest rate unchanged in the range of 0-0.25 % per annum as well as monthly pace of bond purchases at $85 billion.

British Pound: The pound recovered after data on retail sales in Britain recorded that the retail sales in the UK in May strongly re-energized after the failure of April, as consumers were willing to buy using advertising campaigns of supermarkets. The National Bureau of Statistics reported that in May retail sales rose by 2.1 % compared with April and by 1.9 % compared with the same period last year. The GBP / USD pair dropped to $ 1.5412 yet did not go lower and then was able to rise to $ 1.5483 during the rest of the European session. The recent data for retail sales strengthened expectations that the economy continued to grow in the 2nd quarter because consumers are still willing to spend money, despite the pressure exerted on their budget weak wage growth and inflation.

Japanese Yen: Against the background of falling World and particularly Asian stock markets, the yen strengthened against most major currencies. The demand for safe haven currency has been increased and USD / JPY pair rose to Y98.35 during the European session.

Australian Dollar: The performance of the PMI of manufacturing index in China from HSBC has disappointed investors today. The Australian dollar fell after the preliminary data published In June showed the figure at 48.3, while economists had expected to see it at 49.1.

American trading session:

U.S. Dollar: The U.S. data published at this trading session helped the dollar to get even higher than the levels of previous sessions. The report from the National Association of Realtors showed that the sales of existing homes in the U.S. in May to a seasonally adjusted rose 4.2 % to 5.18 million homes per year compared with 4.97 million in April, reaching its highest level in more than three years, where the economists predicted that sales of existing homes will rise to an annual rate of 5.01 million. The results of the report from the Federal Reserve Bank of Philadelphia also supported the currency. It recorded that in June, the business activity index rose to 12.5 versus -5.2 in May, while the predictions were at the rise of index to -0.4.

Euro: The euro was able to confront the dollar, recovering from the lows. The currency was supported by the data from the European Commission which showed that consumer confidence in the euro area has grown significantly in the month of June, which added further points to signs of recovery in the region.
According to the report, a preliminary index of consumer confidence in the euro zone rose this month to the level of -18.8, compared with -21.9 in the previous month, while many economists had expected a more modest increase of the index - to the level of -21.5. The EUR / USD pair rise to $ 1.325 during the session.

British Pound: The GBP / USD pair rose to $ 1.5515 area. The support for the currency had a report from the Confederation of British Industry, which showed that activity in the month of June in the UK manufacturing sector remained subdued, as the total number of orders, including export, remained roughly close to their long-term averages. Studies have also shown that some companies have lowered their expectations, though they still expect a modest increase in production over the next three months. In details: the report showed that 14 % of firms reported that the total number of orders was much higher, while 32% of the decline, which made the balance of -18 %, in line with the long-term average at 17%. In addition, it was reported that the balance for export orders amounted to 22%, which was the lowest level since January 2013.

Gold: The cost of gold declined substantially on COMEX today, falling to the levels of $ 1,276 per ounce, which was the first time in nearly three years, as traders rushed to sell gold, after the Federal Reserve hinted at a possible decrease in the volume of its asset-purchase program.

Oil: The price of July futures on U.S. light crude oil WTI fell sharply and reached one -week low near $94.6, which was due to pressure from the Chinese data, as well as statements by the U.S. Federal Reserve in reducing the size of the program to purchase assets.


Technical analysis for 20.06.13

EURUSD
The pair couldn’t stay above 1.33143 and below. If the pair stays below this level the pair will decline to 1.31674.
Resistance: 1.33143, 1.34881, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has reached 1.54842, if the pair stays below this level the pair will decline to the Fibonacci 23% level at 1.53348. MACD supports downtrend corrections.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair is trading between resistance 0.93069 and support 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is aiming to the resistance 97.491. Strong support is at Fibonacci 23% at 92.580.
Resistance: 97.491, 98.718, 101.657
Support: 96.400, 95.200, 94.009
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


Market review for 19.06.13: The decision of the FOMC meeting provided significant support for the U.S. dollar.

Asian and European trading sessions:

Euro: The EUR / USD pair was trading in the range of $ 1.3385 - $ 1.3415 during the European session. The euro was held down not daring it to go further ahead of pending results of the FOMC’s meeting. The meeting has attracted widespread attention not only because of the speech of FOMC chairman Mr. Bernanke but also due to the publication of the quarterly economic forecast.

British Pound: The pound fell after the release of the minutes of the Bank of England, which showed again that the monetary authorities unanimously voted for keeping the key interest rates at 0.5 % level. The representatives of the Bank of England Mr.King, Mr. Fisher and Mr. Miles called for an increase in the volume of purchases to £ 400 billion as it was stated in the protocol. The GBP / USD pair during the European session rose to $ 1.5670 and then fell to $ 1.56 level.

American trading session:

U.S. Dollar: The Fed left interest rate range unchanged between 0.0 % and 0.25 %. The dollar appreciated the issue moving sharply against most major currencies amid the decision as well as due to the publication of the accompanying statement by the Committee on the Federal Open Market.

Euro: The EUR / USD pair fell to a minimum 1.3262 and ended up this trading day at the 1.3290 level. The head of the FRS signaled on gradual limitation of monetary measures for economy stimulation and their conduction that will be held later this year. Moreover, the economic forecasts have been revised for increase.

Japanese Yen: The USD / JPY pair was finally able to recover part of the incurred losses over the past week reaching the maximum of Y95.35 and ending up at the Y96.35 area.

Canadian Dollar: As it was reported today by the Statistics Canada, the Canadian monthly wholesale sales grew slightly less than expected in April climbing 0.2% to 49.03 billion Canadian dollars. The sales volume, which feeds into the calculation of monthly economic output, grew 0.4%. However, the currency dropped against its neighbour, the U.S. dollar after announce of the result of the FOMC meeting.

Gold: The Gold prices firstly grew today to 1372.80 dollars an ounce level, due to the expectations of the accompanying statement by the FOMC. However, when the statement has been released the cost of the August gold futures on COMEX today fell sharply to $1350 an ounce area.

Oil: The Oil prices fell slightly, which was associated with the publication of a weekly report on oil stocks, which showed growth, but much smaller than the previous week. Later, after the FOMC’s meeting results, the cost of the July futures on U.S. light crude oil WTI fell to 97.75 dollars a barrel on the NYMEX.


Technical analysis for 19.06.13

EURUSD
The pair has broken resistance 1.33143 and aims to reach 1.34881.
Resistance: 1.34881, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has reached the median line at 1.56722. The MACD warns of possible downtrend corrections. The pair stays below 1.56722, this will bring pair to decline to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has declined to support level at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair continues corrections. The pair is aiming to reach Fibonacci 23% at 92.580.
Resistance: 95.200, 96.400, 97.491
Support: 94.009, 92.580, 91.254
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 18.06.13: The euro reached a four-month high against the dollar on positive result of ZEW index of economic sentiment in Germany.

Asian and European trading sessions:

Euro: The ZEW index of economic sentiment in Germany rose to 38.5 points in June from 36.4 points in May. The figure was higher than the expectations of economists, who forecasted increase to 38.2 points only. The Euro zone economic sentiment index also grew up to 30.6 points in June. As the result, the EUR / USD pair rose to $ 1.34 during the European session.

British Pound: The pound fell against its rivals on data for inflation and producer prices. The economists had expected the CPI to rise to 2.6% in May from 2.4% in April %; however, it grew up to 2.7%. On a monthly basis, consumer prices rose at the same pace as in the previous month by 0.2%, where the expectation was at to rise by 0.1% only. The retail price index (RPI) rose by 3.1% year on year, as expected. In addition, the Bureau of Statistics reported that the Output PPI on the year to year basis rose by 1.2% in May, compared with 0.9% in April. This, however, was lower than the 1.4% that economists expected. The GBP / USD pair fell to $ 1.5600 during the European session.

Japanese Yen: The yen was losing against the dollar for the second consecutive day in anticipation of the result of started today the two-day meeting of the Federal Reserve System. It was expected that the central bank may announce reduce of quantitative easing program. Additional pressure on the yen had a release of weak data on industrial output in Japan. The published today report showed an increase of 0.9 %, while analysts had expected a rise to 1.7 %. The USD / JPY pair rose to Y95.50 during the European session.

American trading session:

Euro: The euro reached a four-month high against the dollar recording the level of $1.34140 as a daily high on positive result of ZEW index of economic sentiment in Germany.

British Pound: The pound slightly recovered from lows of $1.5565 level, but still traded lower. Such dynamics triggered data on inflation and producer prices, which showed that the base index of producer prices excluding volatile prices for food, beverages, tobacco and petroleum products rose 0.8% yearly, compared with the expected 0.9% growth. The production costs in the year to May (Input PPI) rose by 2.2% after a 0.1% drop in April with the expected increase to 2.5%. On a monthly basis, the Producer Price Index fell 0.3%, while expectations were at the same level.

Gold: The August gold futures on COMEX today dropped to 1361.10 dollars an ounce on the COMEX today. The prices declined significantly, which was associated with the expectations of tomorrow's meeting of the Federal Reserve System, which is expected, the market will have more clarity on the prospects of U.S. monetary policy.

Oil: The cost of the July futures on WTI rose to 95.75 dollars a barrel on the NYMEX. To the rise in prices contribute to concerns about disruptions for global supply, after the United States decided to play a more active role in the Syrian conflict.


Technical analysis for 18.06.13

EURUSD
The pair has broken resistance 1.33143 and aims to reach 1.34881.
Resistance: 1.34881, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has reached the median line at 1.56722. The MACD warns of possible corrections.
If the pair stays below this level the pair may decline to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has declined to support level at 0.92026. MACD warns of possible uptrend corrections.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair continues corrections. The pair is aiming to reach Fibonacci 23% at 92.580.
Resistance: 95.200, 96.400, 97.491
Support: 94.009, 92.580, 91.254
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 17.06.13: The value of the dollar index increased due to positive results released by the NAHB.

Asian and European trading sessions:

Euro: The euro rose after data showed that the trade surplus of the euro zone in April was below the record high. Trade data showed for that period of time recorded a positive balance of foreign trade in goods in the amount of €14.9 billion as the region's exports exceeded imports. Total exports in April amounted to €161.3 billion against €165.6 billion in March. Imports in April rose to €146.4 billion against 143.0 billion in March. These data indicate that domestic demand is likely increased in the first month of the 2nd quarter, while foreign demand declined. The EUR / USD pair rose to $ 1.3355 during the European session.

U.S. Dollar: The Dollar Index decline on the background of the upcoming meeting of the Federal Reserve. The event, which starts tomorrow will reveal when the central bank will curb bond purchases policy.

Japanese Yen: The yen weakened against all 16 most- traded currencies amid growth of the stock market indices around the world, which in turn led to a damping demand for save-heaven assets. The USD / JPY pair rose to Y95.18 during the European session.

American trading session:

Australian Dollar: The Australian dollar declined significantly against the U.S. dollar, having lost in the course of trade of more than one figure. It should be noted that market participants focused on the publication of reports of the Reserve Bank of Australia, which will be published tomorrow and the meeting of the open market operations at the end of the week, which will be the most important event since the Australian calendar seems pretty loose for the current week.

U.S. Dollar: The value of the dollar index increased this session which was a reaction to the U.S. data, which were released by the NAHB. The National Association of Home Builders reported today that the
Housing Market Index in June rose to 52, adding 8 points compared to May which was far surpassed the expectations of economists, who had forecasted that the index would be at 45 points. Recall that the index value above 50 indicates that the number of companies that positively assessing the conditions for sales, exceeds the number of companies that give a negative assessment. The index reached a value greater than 50 for the first time since April 2006.

Gold: The gold prices fell today due to the strengthening of the dollar, and investors ' expectations of the Fed meeting, which is scheduled for this week. In addition, the data presented today showed that gold mining in Australia fell by 5% in the first quarter, reaching a level of 63.5 tons. The cost of the August gold futures dropped to 1383.50 dollars per ounce on COMEX today.

Oil: Oil prices rose slightly today, rising above 98 dollars a barrel on the NYMEX, as the confrontation between the U.S. and Syria have increased significantly, which may help reduce oil production in the Middle East region.


Market review for 13.06.13: The yen extended its biggest three-day growth amid falling of the Nikkei 225 stock index.

Asian and European trading sessions:

U.S. Dollar: The dollar was higher against its competitors on today’s sessions as market participants' attention was focused on the publication of the statistics from U.S. Many of experts predicted that the U.S. retail sales were likely to increase in May at the fast way in the last three months, as Americans took advantage of cheap loans for buying new cars. As it was expected, accordingly the median forecast of economists, the increase would have came out higher by 0.4 % after increasing 0.1 % in April.

Japanese Yen: The yen extended its biggest three-day growth since 2008, amid falling of the stock index Nikkei 225, which stimulated demand for safe-haven assets. The currency increased against the dollar and crossed the mark of Y95.00, which is a maximum of the last two months, after official data showed that Japanese investors were selling foreign shares and bonds for the 4th consecutive week. The USD / JPY pair fell to Y93.79, but then during the European session rose to Y94.50 area.

Australian Dollar: After data from the Australian Bureau of Statistics showed that by the end of last month the number of employed in Australia unexpectedly increased, the Australian dollar rose against the U.S. dollar. The result was led by growth in the number of a part-time employed people in Australia. It also showed a slight drop in the unemployment rate. According to a report in May, the number of employees increased by 1,100 people reaching at this level 11.66 million, where accordingly the average forecasts of experts, the value of this index should have been shrank by 9,800 people.

New Zealand Dollar: The New Zealand dollar fell against all of its major counterparts after the RBNZ manager said that the currency is overvalued. The manager of the Reserve Bank of New Zealand, Mr.Graeme Wheeler showed a tendency to rigid policy, yet it was expressed in lesser than expected manner. He also stressed out that the inflation is not expected to be a problem in the near future, although signaled the fears about the growth in house prices in some areas.

American trading session:

Euro: The Euro compensated previously incurred losses against the dollar after data on retail sales and the U.S. labor market. The EUR / USD pair after falling to $ 1.3278 during the European session was able to recover one figure strengthening to the level of $ 1.3378.

U.S. Dollar: The retail sales and food sales in the U.S. rose by 0.6 % in May and adjusted for seasonal variations were at 421.15 billion dollars. The expectations were at increase of 0.4 % compare with previous month. Annually, the retail sales in the U.S. rose by 4.3 % in May. Also, the number of initial claims for unemployment benefits in the U.S. last week showed decline for the second week in a row, which gave a sign of steady progress in the labor market. In the week of June 2-8, the number of initial claims for unemployment benefits fell by 12K and adjusted for seasonal variation was 334K. The analysts expected the, initial claims which is an indicator of layoffs will be amounted to 354K. The U.S dollar, however, dropped against its competitors.

Gold: The August gold futures traded within yesterday's range of $1375 - 1395 per ounce against the downturn in the stock markets in Asia and the fall of the dollar.

Oil: The price of oil recovered, as the effect of macro-economic statistics published by the U.S. compensated depressing mood in the markets. The cost of July futures of U.S. light crude oil WTI raised to 96.89 dollars a barrel level on the NYMEX.


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Technical analysis for 13.06.13

EURUSD
The pair has broken resistance 1.33143 and aims to reach 1.34881.
Resistance: 1.34881, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has reached the median line at 1.56722. If the pair stays below this level the pair may decline to 1.54842. If the pair stays above 1.56722 the pair will rise to 1.58543.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair is trying to break 0.92026. If the pair stays below this level the pair will decline to 0.91079.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair continues corrections. The pair is aiming to reach Fibonacci 23% at 92.580.
Resistance: 95.200, 96.400, 97.491
Support: 94.009, 92.580, 91.254
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.90284


Market review for 12.06.13: The results of reports for inflation change in eurozone supported the Euro and Pound.

Asian and European trading sessions:

Euro: The euro rose today. The EUR / USD pair after testing the lows of $ 1.3264 at the beginning of the European session, strengthened to the highs of $ 1.3340 at the end of it. Partially, the dynamics of the euro were affected by the data for Germany, which showed that by the end of last month inflation rate in Germany increased. The positive change was associated with an increase in food prices. However, the level of inflation still remained below the target level of the European Central Bank. According to the report, in May, the annual inflation rate rose to 1.5%, compared with 1.2% in April, confirming a preliminary assessment, and being in line with expectations of experts. The CPI on a monthly basis rose by 0.4%, which followed a 0.5% decline in the previous month and the value matched the preliminary estimates and forecasts of analysts. Also, the acceleration of the pace of the harmonized inflation in the country was up to 1.6% in May from 1.7% previously calculated and has risen by 0.5% from 1.1% in April. Inflation has remained below the strategically important level of 2%. The Federal Bureau of Statistics also reported that on a monthly basis, the harmonized index of consumer prices rose by 0.3% in May, as suggested earlier, after slowing to 0.5% a month earlier.

British Pound: The pound rose against the dollar after the release of data from the Office for National Statistics showed that by the end of last month the number of applications for unemployment benefits decreased markedly ahead with the predictions of most experts. According to the report, the number of applications for unemployment benefits fell in May by 8,600 units compared with a revised downwards index for April at 11,800 units. The estimated values were at the decline in 6800, compared to a fall of 7300, which was originally reported last month. In addition, it was reported that average earnings, which excluded bonuses and overtime, increased for the three months (to March) by 0.9%. Today's report showed that the unemployment rate estimated by ILO has remained unchanged for the three-month period (to April) at 7.8%, which was in line with the expectations of experts. During the European session, the GBP / USD pair rose to $ 1.5680 then fell to test the opening level.

Japanese Yen: The yen fell today against all major currencies into correction after yesterday’s strength associated with the decision of the Bank of Japan of keeping the level of monetary stimulus measures at the same value. The USD / JPY pair grew up to Y97.05 during the European session.

Australian Dollar: The Australian dollar retreated from a three-year low, amid the result of the report which recorded that the consumer confidence in Australia rose in May to -4 from -6 points, while the index of business confidence remained unchanged at -1 point.

American trading session:

U.S. Dollar: The dollar fell against its counterparts amid uncertainty about the future of the Fed's stimulus program. The Fed is expected to start phase out its bond-buying program this year, as the U.S. GDP has already accumulated some growth and continuing to gain momentum. The next meeting of the Fed on monetary and credit policy, which takes place on June 19 should reveal the situation.

Gold: The Gold has played back some of incurred during the two previous sessions losses after better than expected data on industrial production in the euro area. The cost of the August gold futures rose to 1394.45 dollars per ounce on COMEX today.

Oil: The cost of WTI oil brand rose to its highest level in three weeks 96.43 dollars a barrel on NYMEX today even despite of the data on the increase in stocks of crude oil from the U.S. Department of Energy. The crude oil inventories rose by 2.52 million barrels compared to the expected decline of 0.5 million increase in gasoline stocks totaled 2.75 million barrels, compared expected 0.5 million.


Market review for 11.06.13: The Yen gained back its losses when the Bank of Japan unexpectedly left the lending program unchanged.

Asian and European trading sessions:

Euro: The euro rose slightly against the U.S. dollar, the EUR / USD pair during the European session grew to $ 1.3300, due to the fact of the opening two-day session of the Federal Constitutional Court of Germany, the highest judicial body of the country. As part of the hearing the judge will consider the legitimacy of government bond buyback program OMT, which is the head of the European Central Bank (ECB), Mario Draghi announced in September 2012. As it was stated by one of the members of the ECB Executive Board, Jörg Asmussen, that the potential decision of the court against the ECB's program of buying back government bonds could mean new risks for the single currency.

Japanese Yen: The Japanese currency has gained back all its lost positions against the dollar after the result of the meeting of the Bank of Japan on June 10-11, revealed the keeping the course of monetary policy unchanged, refraining from additional measures to support the economy. Most experts though expected that the Bank of Japan will adopt new credit operations of at least one year. The USD / JPY pair fell to Y96.45 level during the European session.

Australian Dollar: The Australian dollar dropped during the European session for a third day in a row on the background of release of data on the level of business confidence in Australia. So, in May the index remained weak, despite the recent unexpected decline in the basic interest rate announced by the central bank of the state. The confidence index of investors in May, according to the survey conducted by the National Australia Bank, was -1 point, as in the previous month. The negative value of the indicator meant that there are pessimists than optimists among investors.

American trading session:

British Pound: The pound was up against the U.S. dollar against the publication of better than expected results of the industrial production report for Britain. As shown by recent data submitted by the Office for National Statistics, at the end the month of April, the volume of industrial production increased by only 0.1 %, compared with an increase of 0.7 % in March and an increase of 0.9 % in February. The average forecast of experts was at decline by 0.4 %. Also, the data showed that the manufacturing industries decreased in April by 0.2% 1.1% where the economists had expected the figure to be unchanged. The GBP / USD pair grew to $ 1.5658 during the American session.

Gold: The August gold futures of gold dropped to 1365 dollars per ounce after ratings agency Standard & Poor's raised the outlook of the U.S. rating to stable, reducing the appeal of gold as a safe asset.
.

Oil: The cost of the July futures of WTI fell to 94.02 dollars a barrel on the New York Mercantile Exchange on the background the decision of the Bank of Japan of leaving the lending program unchanged, reinforcing investor concern that central banks are not ready to add more stimulus.


Technical analysis for 12.06.13

EURUSD
The pair is trading between resistance 1.33143 and support 1.31674.
Resistance: 1.33143, 1.34881, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has reached the median line at 1.56722 and rolling back. If the pair stays below this level the pair may decline to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has broken 0.93069 and aiming to 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair continues corrections and declined to 96.400.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.009
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.90284


Market review for 10.06.13: The Euro strengthened when the Sentix Investor Confidence report showed an improvement in confidence among investors in June.

Asian and European trading sessions:

Euro: The data from the research center Sentix helped the euro rose against the U.S. dollar today. The currency reached a maximum at the European session, when it was shown that the confidence among investors improved in June, registering with the second monthly increase in a row. According to the report in the current month sentiment index rose to -11.6, up from -15.6 in May. The EUR / USD pair during the session was trading around $ 1.3195 areas. Also, it was recorded that the sentiment index for – Germany, the country with the largest economy in euro zone increased after two consecutive declines in recent months. According to the report, the sentiment index for Germany rose to 16.2 in June from 15.2 in May.

U.S. Dollar: The U.S. dollar rose against the euro due to some investors’ expectations ahead of the performance of the president of the Federal Reserve Bank of St. Louis, James Bullard, which was scheduled for today at an economic forum in Montreal.

Japanese Yen: The annualized GDP of Japan grew by 4.1 % compared with the preliminary data that suggested an increase of 3.5%. As the result, the statement provided today by the Cabinet Office in Tokyo did affected the trading dynamics of the yen against it’s competitors. The USD / JPY pair during the sessions strengthened to the Y99.30 area.

Australian Dollar: The Australian dollar fell today after the publication of the statistics from China. The exports from China rose in May 2013 to 1% in annual terms, after an increase of 14.7 % in April, according to data of the State Statistical Bureau of China, which was the weakest growth in 10 months. The analysts predicted the May’s figure to be came out with less restrained fall - up to 7 %.

American trading session:

British Pound: The pound rose today in anticipation of tomorrow's report on industrial production. The previously increase by 0.7 % which was published in March, showed that the change in volume of industrial production beat expectations with the majority of experts. The dynamics of the GBP / USD pair correlated well with the dynamics of the EUR / USD pair and reached the highs of $ 1.5585 during the session.

Gold: The gold prices were kept within a narrow range of 7-8 dollars, as today's calendar was empty on the important economical statistics. The cost of the August gold futures reached the highs of $1388 per ounce on COMEX today.

Oil: The cost of oil brand West Texas Intermediate (WTI) fell to $95.18 a barrel level from its two-week highs after the indicator of industrial production showed slow down in China.


Technical analysis for 11.06.13

EURUSD
The pair is trading between resistance 1.33143 and support 1.31674.
Resistance: 1.33143, 1.34881, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is aiming to the median line at 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has broken the median line at 0.93949 and declined to 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has declined to the channel line at 98.720.
Resistance: 98.718, 99.888, 101.657
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has broken support level at 0.94635. The next support is at 0.93493.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.90284


Market review for 06.06.13: The speech of Mario Draghi and the decision to leave the interest rate unchanged at 0.5 % pushed the euro significantly up against the U.S. dollar.

Asian and European trading sessions:

Euro: During the European session the EUR / USD pair rose to $ 1.3170 level. The Governing Council of the ECB at today's meeting decided to leave rates unchanged, which meant that the lending rate and deposit rate will remain unchanged at 0.5%, 1.00% and 0.00%, respectively. The decision was in line with the forecasts.
The weak data on Factory Orders in Germany, which showed more than expected decline, did allow the euro to continue growing. The orders in the industrial sector in Germany fell in April by 2.3% compared with growth of 2.2% in the previous month and expectations of decline by 1.0% only. The demand for industrial goods in Germany in April was disappointing everywhere in euro zone, especially in the country.

British Pound: The pound showed a moderate increase against the dollar after the Bank of England's MPC today left interest rates at a record low 0.5%. There were also mentioned that the asset purchase program will be kept at £ 375 billion. Both decisions were line with the main forecasts. The data on house prices in the UK, which in May rose at the fastest pace in nearly two and a half years, also provided support for the pound. An activity in the housing market has increased due to a variety of government programs as it was confirmed in report released by the mortgage lender Halifax today. The house prices rose in May by 0.4% compared to the previous month and by 2.6% compared to the same period last year. In April, prices rose by 1.1% compared with the previous month and up 2% compared to the same period last year. The GBP / USD pair rose to $ 1.5463 during the European session.

Australian Dollar: The Australian dollar fell to an annual minimum after the release of negative data published by the Bureau of Statistics of Sydney on the trade balance of the country, which in April recorded surplus target of 28 million Australian dollars against the expected surplus of 215 million.

American trading session:

Canadian Dollar: The cost of the Canadian dollar sharply higher against the U.S. dollar, after the data showed that the index of business activity managers from Ivey rose in May to 63.1 indicating a high rate of growth of import . The median forecast of economists was at 55.3. Also, the trading dynamics of the currency were impacted by the information of the Bank of Canada, which mentioned that the slowdown in domestic demand limits the incentive policy. Furthermore, was added that “at some point” rates would be raised " to more normal levels," and the momentum of the foreign demand should help to increase the confidence of exporters.

Euro: The speech of the President of the Central Bank, Mario Draghi, who commented on the reasons for the decision of leaving the refinancing rate unchanged at 0.5 % in June, after it had previously been speculated a reduction of 0.25% by market, pushed the euro significantly up against the dollar and almost all others competitors. The EUR / USD pair rose to $ 1.3300 level.

Gold: The cost of the August gold futures rose above $ 1,410 an ounce, which helped comments European Central Bank President Mario Draghi, and the decision to leave interest rates unchanged.

Oil: The July U.S. light crude oil WTI futures rose today to 95.30 dollars as a report published today by the U.S. unemployment raised hopes that on Friday the monthly employment data in the U.S. will mean an improvement in economic conditions in the largest oil consumer in the world.


Market review for 05.06.13: The pound rose after the PMI of UK services showed strong growth.

Asian and European trading sessions:

Euro: The rate of the euro retreated from highs against the dollar occurred during the Asian session under pressure of the published today data which recorded the reduction of GDP, weak economic activity and a fall in retail sales. The results confirmed ongoing recession, which lasts for the sixth quarter. The data, according to the second estimate by Eurostat, evidenced that the euro zone economy contracted by 0.2 % in the first quarter compared with the previous quarter, which was in line with expectations. In annual terms, the gross domestic product fell by 1.1 %, slightly higher than the 1 % decline according to preliminary estimates from May 15. Also, the retail sales in the euro zone fell by 0.5 % in the month term, which was faster than the 0.2 % drop, which was reported in March. Many economists forecasted a drop of 0.2%. The EUR / USD pair fell to $ 1.3053 level during the European session.

British Pound: The pound rose after the PMI of UK services showed strong growth. The activity in the UK service sector grew in May at the fastest pace in more than a year, as new orders increased most rapidly in three years. Increased activity in the services sector in today’s report was the strongest signal, which suggests that the recovery that began in the 1st quarter may continue in the 2nd quarter and thereafter. The issue can make the Bank of England to think of announce the stop providing additional stimulus to the economy at the next meeting. The Purchasing Managers Index (PMI) for the service sector rose in May to 54.9, its highest level since March 2012, against 52.9 in April. The value exceeded the forecasts of economists who had expected growth of the index to 53.1level only. The GBP / USD pair rose to $ 1.5397 area during the European session.

Japanese Yen: The yen rose against the dollar after today after the Japanese Prime Minister Mr.Abe outlined the next steps of its plan to stimulate the economy. He said that he will create certain economic areas to attract foreign investors, the annual income will be increased by 3% and there will be no restriction in the electric power sector. Also, Mr.Abe drew attention to measures aimed at stimulating long-term growth saying that revenue growth was an important event, because "the purpose of the growth strategy - is primarily the creation of jobs for active people and increase wages for those who work a lot." The USD / JPY pair fell to Y99.09 during the European session.

Australian Dollar: Despite the fact that the Australian economy is growing without recessions for 22 years in a row, the data provided today were bad news for the markets. The volume of gross domestic product in Australia rose in the first quarter of this year by 0.6 %, or 2.5 % year on year. The vast majority of experts predicted GDP growth of respectively 0.8% and 2.7 %. The government forecasts the Australian GDP to grow by 3%, and in the new year by 2, 75 %. The Australian dollar fell after the release of the worst in the last two years of statistics on the country's GDP.

American trading session:

U.S. Dollar: The dollar fell after data from Automatic Data Processing. Inc (ADP) showed that in May, the level of private sector employment increased by 135K versus forecast of 171K and 113K in April. The employment rate in firms with the number of employees from 1 to 49 increased by 58K jobs in May. The average amount of business with 50-499 employees attracted 39K new employees. Large firms and enterprises with 500 employees or more added 39K new jobs. The employment in the service sector increased by 138 million in May, and manufacturing employment fell again. The obtained data raised concerns about the situation at the U.S. labor market on the eve of Friday's employment report from the Labor Department.

Gold: The cost of the August gold futures rose to 1410.50 dollars an ounce after the published data on employment in the U.S. has not met the expectations of experts, and brought again some speculation that the Federal Reserve may begin to cut back its program of monthly purchases of bonds.

Oil: Oil prices also rose up today. The cost of the July futures on U.S. light crude oil WTI rose to 94.44 dollars a barrel on the NYMEX, after data showed that U.S. crude stocks fell sharply, signaling the increasing of demand in the United States.


Technical analysis for 6.06.13

EURUSD
The pair is aiming to the Fibonacci level 38% at 1.31208. The pair’s resistance is 1.31674, support is 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has broken Fibonacci 23% level at 1.53348 and aiming to 1.54842.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair has reached the median line at 0.93949.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair has declined to the channel line at 98.720.
Resistance: 99.888, 101.657, 105.649
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has broken support level at 0.94635. The next support is at 0.93493.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 04.06.13: The pound rose after the reports for PMI in the UK which showed an improvement.

Asian and European trading sessions:

Euro: The euro exchange rate rebounded back from the reached highs against the dollar on data for producer prices and unemployment in Spain. The producer prices in Eurozone fell in April for a second consecutive month and the rate of decline has been most rapid in nearly four years. In details: In April, as it was reported by the agency Eurostat, the index fell by 0.2 % compare with 0.6 % the previous month and analysts expectations of gain by 0.3 %. In monthly term, the comparison index fell 0.6 % against 0.2% in March and forecasts -0.2 %. However, the currency did not go lower than $1.3050 level against the dollar because the data on employment in Spain presented also today have surprised many investors. In May, the unemployment rate fell by -98.3K versus -46.1K in a month earlier and forecasts of -50.2K. The EUR / USD pair rose to $ 1.3099 during the European session.

U.S. Dollar: During the Asian session, the dollar index fell to a month low after yesterday’s disappointed results of ISM manufacturing index of U.S. which fell in May at the fastest pace in four years. The index did not recover today as well showing the level of 82.70.

British Pound: The pound rose slightly after the reports for PMI in the UK construction sector which showed an improvement from 49.4 to 50.8, exceeding analysts' expectations. Analysts were more confident in expectations of rising in the activity, after today’s strong performance of the PMI in the service and industrial sectors. The GBP / USD pair during the European session rose to $ 1.5371 before it dropped to $ 1.5280 areas.

Australian Dollar: After the Reserve Bank of Australia decided to keep interest rates unchanged at 2.75 %, the Australian dollar fell today. "The pace of growth of the economy in the past year were slightly lower than expected, and according to our estimates, in the near future, this situation is generally kept, - said the chairman of the Central Bank Mr. Glenn Stevens commenting on today's decision. The Management Board of directors, at today's meeting, decided that for the current situation the level of interest rates is appropriate. However, they also added that they cannot rule out the possibility of further rate cut, if the measure is needed to support demand.

American trading session:

Canadian Dollar: The Canadian dollar was down against the U.S. dollar. The presented data showed that the U.S. trade deficit widened to $ 40.30 billion in April versus expectations of $ 41.1 billion, while the trade deficit of Canada was only at 567million.

U.S. Dollar: The dollar rose slightly, which in part was helped by the U.S. data which showed that the U.S. trade deficit with other countries widened in April. All these improvements were on the background of growing interest of the Americans to foreign goods, such as cars and cell phones, which outpaced the growth of exports. In details: the U.S. deficit in international trade of goods and services grew by 8.5 % in April to $ 40 300 million from a revised $ 37.1 billion in the previous month, the Commerce Department said. The deficit increased because imports rose by $ 5.4 billion, while exports increased by only $ 2.2 billion. Many economists had expected the deficit to reach $ 41.1 billion

Gold: The Gold prices have declined substantially below $ 1,390 an ounce level, which was associated with an increase in concerns about demand in India, the world's largest consumer of gold. The government of India has recently restricted further the import of precious metals. The cost of the August gold futures dropped to 1395.50 dollars an ounce on COMEX today.

Oil: The cost of the WTI July futures on fell to 92.85 dollars a barrel on the NYMEX today. The oil was under pressure amid fears of further growth stocks in the United States.


Technical analysis for 5.06.13

EURUSD
The pair’s resistance is 1.31674, support is 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has risen to the Fibonacci 23% level at 1.53348.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has worked out Double Top and aiming to the median line at 0.93949.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair stays below 101.657. MACD convergence warns of possible downtrend corrections. The pair is aiming to 98.718.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
MACD supports possible uptrend corrections. Strong resistance maybe met at the Fibonacci 23% level at 0.98732.
Resistance: 0.97423, 0.98436, 0.99207
Support: 0.96579, 0.95611, 0.94635


Market review for 03.06.13: The Euro and Pound increased their values against the U.S. dollar on positive news.

Asian and European trading sessions:

Euro: The euro reached a peak against the dollar, which was contributed by the positive data on PMI. The recession continued in the euro area in the last month, but at a slower pace, as it was shown by the results of recent studies that have been presented today by the Markit Economics. Accordingly report for the period of May, the final index of business activity in the manufacturing sector rose to 48.3 compared with 46.7 in April and the average forecast of most experts with the initial assessment at the level of 47.8. The EUR / USD pair rose to $ 1.306. In the meantime, the data for May showed a decline of slowdown in all the euro union countries studied, indicating improvements in the conditions of production. Spain and Greece showed the smallest decline over the past two years, and German showed the activity in the manufacturing sector since February this year. The final index of business activity in the manufacturing sector, seasonally adjusted rose to 49.4 from 48.1 in April where the rate was expected to be unchanged from the preliminary estimate of 49.0.

British Pound: The results of recent studies that have been published by the Markit Economics and the Chartered Institute of Purchasing and Logistics (CIPS) demonstrated that in the last month the PMI for the manufacturing sector has increased dramatically. According to the report, the seasonally adjusted purchasing managers' index rose from a revised 50.2 in April to the level of 51.3, which is a 14-month high. It is worth noting that according to the average forecasts of experts, the index should have grown to the level of 50.1, compared with 49.8. Other news recorded that the industrial production increased in all sub-sectors within a month. The New orders report provided by the British producers of goods showed the third monthly increase in a row. The new orders index rose to a 26-month high forecasting future prospects of the industry. As a result, the value of the pound against the dollar has increased significantly the GBP / USD couple from the opening level of 1.5200 reached the maximum of 1.5374 and closed trading near 1.5320after the publication of the mentioned above data.

Australian Dollar: The Australian dollar rose departing from the minimum levels today after Chinese PMI in the manufacturing sector of the economy reached 50.8 in May, while in April the figure was 50.6. The report was provided by the China Association of logistics and procurement.

American trading session:

U.S. Dollar: The U.S. index of economic conditions, the ISM for the manufacturing sector fell in May from 50.7 to 49 points, although expected keeping of almost the same level. As the result, the U.S. dollar fell against major currencies, as the weak ISM manufacturing data increase prospects for the continuation of the Fed's asset purchase program. The other data of the construction costs for April released also today showed that the index increased significantly weaker than expected at 0.4 % instead of the projected 1.1%.

Japanese Yen: The USD / JPY pair fell below Y99, to the lowest since the beginning of May. All these sell-off was the consequence of the continuing fall of the Nikkei index.
Gold: The gold showed growth due to a weaker dollar after weak data from the Institute for Supply Management (ISM) has been released. The cost of the August gold futures rose to 1416.70 dollars per ounce on COMEX today.

Oil: The U.S. dollar that weakened at whole market provided cause for demand of oil. The West Texas Intermediate brand recovered from month low rose to 93.66 dollars a barrel on the New York Mercantile Exchange.


Technical analysis for 4.06.13

EURUSD
The pair’s resistance is 1.31674, support is 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has risen to the Fibonacci 23% level at 1.53348 and rolling back to 1.52063.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has worked out Double Top and declined to 0.95074.
Resistance: 0.96220, 0.97427, 0.98512
Support: 0.95074, 0.93949, 0.93069
USDJPY
The pair stays below 101.657. MACD convergence warns of possible downtrend corrections.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
MACD supports possible uptrend corrections. Strong resistance maybe met at the Fibonacci 23% level at 0.98732.
Resistance: 0.97423, 0.98436, 0.99207
Support: 0.96579, 0.95611, 0.94635


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Market review for 30.05.13: The dollar fell on hopes for an extension of Fed’s ultra-soft monetary policy on the background of today’s weak U.S. economic data.

Asian and European trading sessions:

Euro: Even though, the dollar rose sharply against the euro at the beginning of the European session the European currency was able to turn this trend into opposite direction during the rest of the session. The dynamics of trade for the second half of the session were affected by the data from the European Commission, which showed that the Business Climate Indicator as well as the Euro-Zone Services Confidence in 17 countries of the euro area came out less pessimistic compare with their prospects showing even some improvement in May. According to the reports, the Business Climate Indicator rose -9.3 from -11.1 in April and forecasted -10.6 and the Euro-Zone Services Confidence grew to -0.76 compare -0.85 predicted in forecasts of experts. The EUR / USD pair rose to the day's high of $ 1.3060 on this positive news.

Japanese Yen: The yen strengthened after it became known that in the past two weeks, the Foreign Buying Japan Bonds has been remarkably increased. Over the last week, which ended May 24, the Japan was able to sell the government bonds to the foreign investors for the amount of ¥457.2 billion compare with previously adjusted ¥17.6 billion. Relatively, the yield on 10- year Japanese government bonds reached a one -year high of 1% at the last week. And today the yield fell to 0.9 %. The USD / JPY pair rose to Y101.80 during the European session.

Australian Dollar: The Australian dollar rose after positive results of the report on the number of building permits which were released in Australia. In April, the value rose by 9.1 % compared with the previous month, when it registered a decline of 5.5 %. The economists expected growth of 4 %. The other news also published today recorded that in the first quarter of 2013 the change in capital expenditures in the private sector of Australia unexpectedly fell by 4.7 %, while economists had expected growth of 0.5 %.

American trading session:

Canadian Dollar: The results of last quarter’s balance of payments deficit showed markedly decline today. The Canadian dollar strengthened against its competitors after the data, which exceeded the forecasts of most experts, recorded that the seasonally adjusted current account deficit declined in the first quarter to a level of 14.09 billion Canadian dollars ($ 13,610 billion).

U.S. Dollar: The dollar fell after U.S. economic data published today revived some hopes for an extension of Fed’s ultra-soft monetary policy. In the first quarter of 2013, the GDP growth was revised down to 2.4% compare with the expectations of the result to be remained unchanged at 2.5%. Furthermore, the number of initial claims for unemployment benefits rose last week from a revised 344K to 354K. Again, the result did not show the stabilization of the index to at least at the level of 300K, which can be accepted as an adequately reduce of an unemployment rate. In this regard the U.S. markets considered some hope for the continuation of QE in the foreseeable future.

Gold: The June futures price of gold on COMEX today rose to 1417.50 dollars an ounce thanks to the downturn in the Asian stock market and weak results of U.S. economics reports.

Oil: The oil recovered from four-week low after publication of the results of report for the growth of inventories of crude oil in the United States. The cost of the July futures of WTI oil brand rose to $93.95 a barrel on the New York Mercantile Exchange.


Technical analysis for 30.05.13

EURUSD
The pair has found support at 1.28630 and aiming to 1.30277.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is trading between resistance 1.52063 and support 1.50594.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has drawn Double Top. If the pair stays below 0.96220 the pair will work out the figure and may decline to 0.95074.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair stays below 101.657. MACD convergence warns of possible downtrend corrections.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
The pair has reached 0.96579. MACD warns of possible uptrend corrections.
Resistance: 0.96579, 0.97423, 0.98436
Support: 0.95611, 0.94635, 0.93493


Market review for 29.05.13: The euro grew despite of weak data of the Unemployment Change report for Germany.

Asian and European trading sessions:

Euro: The euro exchange rate grew sharply against its competitors’ rates today as the published data on lending in the euro area pointed to the steady growth in deposits and a weak lending in the corporate sector, which supports a program of asset purchases. The growth rate of the M3 money aggregate in the first three months till April amounted to 3% and repeated the March result. The result was better than predicted expectations of a slight slowdown to 2.9 %. The annual equivalent rate M3 grew by 3.2 % against 2.6 % the previous result and the forecast of 2.9 %. The volume of private lending fell by 0.9 % on yearly basis versus 0.7 % of the previous month and confirmed forecasts. The EUR / USD pair rose to $ 1.2976 during the European session.

U.S. Dollar: The dollar index grew on Asian session for a second straight day in anticipation of the release of revised data on changes in GDP in the first quarter of 2013. According to the median forecast of economists tomorrow's report from the U.S. Department of Commerce can confirm the growth of the U.S. economy in January -March, up to 2.5%. The demand for the dollar contributed to investors' expectations that the restoration of macroeconomic indicators will prompt the Federal Reserve to reduce the amount of the purchase of assets from the current $ 85 billion a month.

Japanese Yen: The Japanese currency rose today against the background of comments of the Bank of Japan, Mr.Kuroda, who noted that the global economy is still reeling from the effects of the global financial crisis that erupted five years ago. The USD / JPY pair fell to Y101.03 during the European session.

Australian Dollar: After the International Monetary Fund cut its forecast for economic growth in China in 2013 from 8% to 7.75 % the Australian dollar fell to its lowest level since October 2011. The reason for the decrease was forecast noting the instability of the situation in the world economy and the decline in demand for Chinese goods exports. The other leading international financial institution, the World Bank predicted economic growth of China in 2013 to 8.3 %.

American trading session:

Canadian Dollar: The Bank of Canada made the decision today on keeping the basic interest rate unchanged at 1.00%, which was in line with 1.00% forecasted. The USD/CAD pair fell into correction to the level of CAD1.035 after the announcement.

Euro: The euro currency was supported this session despite of weak data on seasonally adjusted number of unemployed persons in Germany was published. According to the report, the number rose this month to 21K where the forecasts were at growth to only 4K people. The Agency for Labour noted that the labor market in Germany remains "solid” despite the difficult economic background. The total number of unemployed people fell in May by 83K, reaching at the same level of 2,973K. In addition, the report showed that the unadjusted unemployment rate was at 6.8 % from 7.1 % in April. The unemployment rate remained unchanged at 6.9% in May. Nevertheless, the German labor market is strong, despite the deep recession in the euro area, where the unemployment rate in March is an average of 12.1%.

Gold: The gold gone higher and was up for the first time in three sessions, as lower prices attracted buyers to the market of physical metal due to extended fall of stock markets indices. The cost of the June gold futures rose to 1395.80 dollars an ounce on COMEX today.

Oil: The price of WTI oil brand fell today on the IMF’s cut its forecasts for China economy growth as well as on fears that the Federal Reserve will reduce bond buying program. The cost of the July futures fell to 92.71 dollars a barrel on the NYMEX.


Market review for 28.05.13: The U.S. Dollar strengthened on favorable reports for U.S. economy

Asian and European trading sessions:

Japanese Yen: The yen declined significantly against the dollar, the USD/JPY pair has shown the high of Y102.32 during the European session when the Prime Minister Shinzo Abe informed that the central bank if it will be required can increase the volume of their unprecedented stimulus in order to support the economic recovery. The news of today also provided some effect on the trading dynamics of the yen. The results of the latest research presented today by the Shoko Chukin Bank recorded that the level of business confidence for small and medium-sized enterprises in Japan deteriorated in May, registering with the second monthly decline in a row. The current month index business sentiment fell to 48.2, compared with 49.4 forecasted and previous results of 49.7 in March. Moreover, it was informed that the deterioration in sentiment reflected negatively assessment of business conditions in the non-manufacturing sector, which recorded 49, compared with 51.1 in the previous month. The only report that did not record any change was the confidence in the manufacturing sector, the result of which came out at the level of 47.2.

Australian Dollar: The Australian dollar rose against the U.S. dollar, departing from the lowest level since June last year to above the pivot of AUD0.9695. The exchange rate grew ahead of a key report of consumer confidence in United States.

American trading session:

Canadian Dollar: The USD / CAD pair grew today, approaching the $ 1.0400 against the background of favorable reports in U.S. The investors were preparing for the meeting of the Bank of Canada, which will publish its statement on Wednesday. All economists are expecting that the central bank will leave its key interest rate unchanged at 1.00 %. This is the last meeting will be held under the direction of Mark Carney, who is preparing to take the post of head of the Bank of England.

U.S. Dollar: After a report showed that the consumer confidence in the U.S. reached the level of 76.2 in May from April's revised value of 69.0 the dollar strengthened against most currencies. The May’s value was the highest since February 2008 and its result increased the likelihood that the Fed will slow its purchases of bonds. The housing price index Standard & Poor's / Case-Shiller, the result of which was also released Tuesday, showed that home prices in the U.S. rose in March compared with the same period of the previous year. In March, according to the data, the house price index S & P / Case-Shiller for 10 cities rose by 10.3% compared to the same period last year. Moreover, the 20-city index rose by 10.9% compared to March 2012. The low interest rates on mortgages reduced cases of property discharges, and reduced housing inventory on the market helped to restore the housing market.

Gold: The value of gold slightly decreased due to the strong U.S. dollar, which grew after positive result of consumer confidence data in U.S. The cost of June futures on COMEX gold today fell to 1372.40 dollars per ounce then after, however, was able to rise above $1,402 level.

Oil: The oil value moved up after the indicator U.S. consumer confidence rose to its highest level in more than five years. Also, another report showed the rise in house prices and pushed the July futures of WTI to 95.90 dollars a barrel on the NYMEX, reinforcing signs that the economy and fuel consumption will be raising.


Technical analysis for 29.05.13

EURUSD
The pair is trading around 1.28630. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.26454.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is trading between resistance 1.52063 and support 1.50594.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has reached median line at 0.97427. This level is resistance for the pair. If the pair stays below this level the pair will decline to 0.96220.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair is testing 101.657. If the pair stays above this level, the pair will rise to the Fibonacci 38% 102.614. MACD convergence warns of possible downtrend corrections.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair has reached support at 0.95611. MACD warns of possible uptrend corrections.
Resistance: 0.96579, 0.97423, 0.98436
Support: 0.95611, 0.94635, 0.93493


Technical analysis for 28.05.13

EURUSD
The pair is trading around 1.28630. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.26454.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is trading between resistance 1.52063 and support 1.50594.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has found support at 0.96220.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair is testing 101.657. If the pair stays above this level, the pair will rise to the Fibonacci 38% 102.614.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair has reached support at 0.96579. MACD warns of possible uptrend corrections.
Resistance: 0.97423, 0.98436, 0.99207
Support: 0.96579, 0.95611, 0.93493


Market review for 27.05.13: The U.S. and Britain trading floors were closed today due to the National Holiday.

Asian and European trading sessions:

Euro: During the Asian session the EUR / USD couple one more time tested the$1.2915 level and again found some demand in this area. As the result, despite of thin market due to holidays in Britain and U.S. the euro showed moderate gains against the dollar and the EUR / USD pair rose to $ 1.2947 level during the European session,

British Pound: It was a quiet day for pound, amid closed markets in the UK and the U.S. The pound consolidated near the last week close, and the GBP / USD pair traded at around the $1.51level.

Japanese Yen: On concerns that the Bank of Japan will try it best to control the growth of the yields of the government bonds through monetary measures, the yen strengthened against all major currencies. The head of the Bank of Japan Haruhiko Kuroda said that the stability for the debt market in the country is "highly desirable” adding that the Central Bank will work on flexible market operations and the strengthening of ties with the stock market in order to prevent volatility in bond yields. The USD / JPY pair fell to Y100.75 during the European session.

Australian and New Zealand Dollar: The Australian and New Zealand dollars fell after Chinese President Xi Jinping pledged to establish an environmental “red line " to stop slowdown in the growth of the Chinese economy and strictly follow it in order to ensure its protection.

American trading session:

Today, the U.S. trading floors were closed.

U.S. Dollar: The dollar index showed today mostly positive dynamics approaching to the high of last week. The economic calendar was empty today. During the holidays, the markets in the U.S. and UK were closed

Gold: The gold prices were rising today thanks to existence of some demand for the asset that we have seen recently. The concerns over global economic growth have increased the attractiveness of gold as a safe asset. The cost of the June gold futures rose to 1396.60 dollars an ounce on COMEX today.

Oil: The World oil prices decline on Monday amid investors concerns about slowing economic growth in China, confirmed by the statements of the country's leader Xi Jinping. The cost of the WTI July futures fell to 93.23 dollars per barrel in NYMEX electronic trading, yet closer to the end of the session the asset was able to recover to $94 level.


Market review for 23.05.13: The euro rose despite of contraction in the service sector and manufacturing activity.

Asian and European trading sessions:

Euro: The EUR / USD pair during the Asian session tried to breakdown the level of $ 1.2820. However, it did not go through. The euro rose despite the fact that the key indicators of the service sector and manufacturing continues to indicate a contraction in activity. As it was revealed by the Markit Economics published data, the preliminary PMI of euro zone, rose in May to 47.7 from 46.9. The total value exceeded economists' expectations, but the index was still below 50, indicating a contraction in activity. The EUR / USD pair rose to $ 1.2920 during the European session.

Japanese Yen: The yen jumped to a maximum amount in nearly three months against the dollar and five weeks against the euro on the publication of the Chinese manufacturing data, the result of which came out weaker then it was forecasted. Also, the falling of stock markets around the world revived the demand for the Japanese currency as for the one, which used to have safe-haven status. The USD / JPY pair rose above Y103.00 during the Asian session and fell to Y100.85 during the European one.

Australian Dollar: After the data on the level of production in China was published, the Australian dollar fell to a 11 - month against the U.S dollar. According to the report provided by HSBC Holdings and Markit Economics, the China's PMI index for the manufacturing sector fell for the first time in seven months to 49.6 in May from 50.4 in the previous month. Lower then 50 level is the area of compression of overseas production.

American trading session:

U.S. Dollar: The presented today data that showed that the number of U.S. workers applying for new unemployment benefits fell last week, suggesting that the labor market is slowly improving. As it was recorded by the Labor Department, the number of applications fell by 23K to a seasonally adjusted 340K in the week ended May 18.All these results was not in favor of U.S. Dollar. The Dollar index fell below 84 areas.

Euro: The euro exchange rate was significantly higher against the U.S. dollar going up to the highs of $1.2950 level despite the fact that the activity in the private sector in the euro area fell again in May. The reason for that growth might be the probability of further actions initiated by the European Central Bank and the government, aimed for stimulating economic growth.

British Pound: Despite a slight increase in earnings, the published data reflected today that the costs of UK households in the 1st quarter grew at the slowest pace in 18 months. The British pound showed modest gains against the dollar due to some indications to the fact suggesting that the Britains did not hurry to drop off their cash money in this uncertain economic environment. In its second estimate of GDP for the 1st quarter, released also today on Thursday was confirmed that GDP grew by 0.3 % quarterly and by 0.6 % compared to the 1st quarter of 2012. According to the UK National Bureau of Statistics (ONS), the household spending on goods and services in the 1st quarter were up 0.1 %, which was the weakest level since the third quarter of 2011.The GBP / USD pair rose to $ 1.5093 during the European session.

Gold: Helped by the weakening of the U.S. dollar and recent official statements of the Federal Reserve, which mentioned that the central bank is not in hurry to start reducing economic incentives, the gold prices rose today. The cost of the June gold futures was up to highs of 1398.30 dollars an ounce.

Oil: The Oil prices were volatile today. They firstly fell helped by the weak Chinese data on the manufacturing sector, which increased concerns about weak demand. Then, at the American session the cost of the July futures of WTI oil brand raised up to 94.44 dollars a barrel correlating with the dynamics at the stock markets as well as due to weakening of the U.S Dollar’s rate.


Technical analysis for 23.05.13

EURUSD
The pair is trading around 1.28630. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.26454.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has declined to the support level at 1.50594. If the pair will stay below this level the pair will decline to 1.48527.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has broken 0.97427 and aiming to 0.98512.
Resistance: 0.98512, 0.99248, 1.00168
Support: 0.97427, 0.96220, 0.95074
USDJPY
The pair has risen to the Fibonacci 38% 102.614.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair has reached support at 0.96579. If the pair stays below this level the pair will decline to 0.95611.
Resistance: 0.97423, 0.98436, 0.99207
Support: 0.96579, 0.95611, 0.93493


Market review for 22.05.13: Mr. Bernanke reduced fears about possible reduction in the amount of the monthly Fed's bond purchases.

Asian and European trading sessions:

British Pound: The pound fell to a four- month low against the euro and to a six-week low against the dollar after the UK government report showed that the UK retail sales unexpectedly fell last month. The volume of retail sales including automotive fuel, fell by 1.3% compared with the previous month, sales excluding fuel fell by 1.4% compared with an expected 0.1% growth. The motor fuel sales rose 0.5% in April, in annual terms, while the expected 2% increase. Sales excluding fuel rose 0.2% compared with the previous year, the expected 1.8% growth. Furthermore, the GBP / USD pair fell to $ 1.5075 at the beginning of the European session after the minutes of the Bank of England from May 8-9, showed that Mervyn King is still looking for expanding incentives. Members: Mr. King, Mr. Miles and Mr. Fisher have kept their views on the increase in so-called quantitative easing by 25 billion pounds ($ 37.7 billion) from the current 375 billion pounds. However, many other members diad not consider it necessary to increase the incentive program after the expansion of QE in February.

Japanese Yen: The USD / JPY pair rose to Y103.15 during the European session. At the previous session, the yen was trading with minor fluctuations against the U.S. dollar after the Bank of Japan kept its monetary policy unchanged, confirming its earlier intention to double the monetary base over the next two years. Thus, the Central Bank has decided to increase the money supply from 60 to 70 trillion yen. In addition, the Central Bank has improved its assessment of the state of the national economy, noting its strength. After the released today report showed that the trade deficit of Japan widened in April, more than it was forecasted by analysts’ the yen fell against almost all its major counterparts.

Swiss Franc: The currency fell to its weakest level since May 2011 against the euro after the head of Swiss National Bank Thomas Jordan mentioned the possibility of changing bindings of EUR / CHF pair to 1.20 level and negative interest rates as a tool of protection of this binding.

American trading session:

U.S. Dollar: The awaited today comments of the Fed Chairman Ben Bernanke, made as a speech before Congress reduced fears of market participants about possible reduction in the amount the Fed bond’s purchases. The information played in favor for “greenback”. Also, the results of home sales report presented today by the National Association of Realtors supported the currency. As it was recorded, that at the end of last month, the volume of home sales in the secondary market has increased, but was lower than the forecasts of experts. According to the report, the seasonally adjusted volume of sales rose in April by 0.6 %, reaching at the same annual rate of 4.97 million units. The market participants were sure that the recovery is continuing, albeit at a slow pace.

Euro: The euro exchange rate fell sharply against the dollar after reaching maximum values of $1.2997. The EUR / USD pair updated its session low on impact done by the statement of the Fed Chairman Ben Bernanke, who said that the U.S. economy remains under pressure from high unemployment and every cut in government spending would be too early and may jeopardize its growth.

Canadian Dollar: The Canadian retail sales fell in March confirming the weakest rate in three months. The results were lower than expected by experts, due to lower gasoline prices. In details: the retail sales excluding auto in February fell by -0.2 % versus forecasted+0.2 % and retail sales month to month basis recorded 0.0% in March versus+0.2 % forecasted. The Canadian Dollar dropped sharply against its competitors.

Gold: The gold prices fell sharply after the Fed Chairman Ben Bernanke warned that the U.S. economy remains under pressure due to high unemployment and, therefore, too rapid tightening of policy could undermine its growth. The prices fell sharply dropping back below $ 1,400 to 1354.60 dollars an ounce, after strengthening before to session highs at $ 1,415 an ounce.

Oil: The Oil prices fell after data showed an unexpected rise in gasoline in the U.S inventories thus causing concerns that the summer demand may be weaker than expected. The cost of the July WTI futures fell to 94.04 dollars a barrel on the NYMEX.


Market review for 21.05.13: The British Pound fell after the publication of the UK’s macro economic statistics.

Asian and European trading sessions:

Euro: The Euro was under pressure at the beginning of the today sessions on published data on German producer prices report. The German PPI in April was down 0.2 % compared to March, and the average forecast of analysts anticipated a decline of 0.1 %. The EUR / USD pair fell to $ 1.2840 during the European session.

British Pound: The pound fell after the publication of the UK’s macro economic statistics. Data released by the National Bureau of Statistics (ONS) today, showed that the rate of consumer price inflation in the UK slowed in April, due to the fall of oil prices, which affected the world economy. The GBP / USD pair fell to $ 1.5135 during the European session. The other report announced that the annual growth rate of consumer price index (CPI) slowed in April to 2.4 % from 2.8 % in March. Thus, the annual inflation rate was the lowest since September 2012 and was below economists' forecast, which was 2.6 %. The annual core inflation, which excludes energy prices, food and drink declined in April to 2 %, to its lowest level since November 2009.

Japanese Yen: After yesterday’s drop of the currency on information revealed by comments of the Minister of Economy of Japan Akira Amari, the yen weakened against again almost all major currencies. Mr. Amari, in his speech posting on television, said "Correcting the yen's strength largely came to an end. If the yen continues to weaken, it will have a negative impact on the quality of life of people." Further growth of the Japanese currency will be depended on the results of the Bank of Japan meeting scheduled on May 21-22. The market participants expect that the Bank of Japan will not soft monetary policy, but it can make a "fine tuning" of current operations, to reduce the volatility of the bond market. The USD / JPY pair rose to Y102.87 during the European session.

American trading session:

U.S. Dollar: Dollar weakened against its competitors, updating the session low, which associated with the statements by the Fed Bullard and Dudley. According to Mr. Bullard, the Federal Reserve should continue to buy bonds, but be ready to change their rates in accordance with the development of the economic situation.

Swiss Franc: The Swiss franc fell against the euro after the International Monetary Fund informed all markets that the Swiss National Bank should continue to protect the minimum rate for the EUR / CHF at 1.20.

Gold: The gold prices declined on speculation that the U.S. Federal Reserve may curb its easing programs. The cost of the June gold futures dropped today to 1360 dollars an ounce on COMEX, then was able to recover.

Oil: The cost of the June futures of WTI fell to 95.65 dollars a barrel on the New York Mercantile Exchange. The drop associated with fears that the U.S. Federal Reserve may cut its program of quantitative easing.


Technical analysis for 22.05.13

EURUSD
The pair has found support at 1.28630 and rolling back to 1.30277.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is staying below 1.52063. The pair may decline to the next support at 1.50594.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair’s resistance is 0.97427, support is 0.96220.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair has risen to the Fibonacci 38% 102.614.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair’s resistance is Fibonacci 23% at 0.98746. Support is at 0.97423.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.97423, 0.96579, 0.95611


Market review for 20.05.13: The British pound grew on rising of the housing market prices.

Asian and European trading sessions:

Euro: The EUR / USD pair was able to recover to around $1.2878 during the European session. The published today data on Industrial Orders in Italy supported positive trading dynamics of the euro. The result showed that in March the Industrial Orders decreased by 10.0 % compared to -7.9 % in the previous year. However, they were much higher in monthly term and demonstrated growth by 1.6 % versus -2.5% previously and forecasts of 0.6%. The pair fell into correction moving down towards $1.2840 level when sales in the manufacturing sector revealed decline by 7.6 % yearly versus -6.0 % previously.

Japanese Yen: The yen rose against all major currencies; the USD / JPY pair fell to Y102.31 level during the European session, after the Japanese Economy Minister Akira Amari said that the further decline of the yen could have a negative impact on the earnings and well-being of the Japanese people, and the task of the government is that to prevent this process.

New Zealand Dollar: The New Zealand dollar showed moderate growth today after the Minister of Finance in his speech addressed concerns to the rapid growth of property prices in the region. He noted that this phenomenon can cause the Reserve Bank of New Zealand to raise interest rates.

American trading session:

British Pound: The pound rose against its rivals, especially against the dollar after a report from Rightmove showed that in May the cost of housing in the UK has increased, registering with the fifth consecutive monthly increase. The prices grew in May, reaching a record high of 249,841 pounds, as new sellers raised prices by 2.15% compared to the previous month. Recall that the prices have shown a similar increase by the end of last month as well. On an annual basis, housing prices rose much faster than previously 0.4 % increase registered in April and recorded growth by 2.5%. All these results provided some suggestions that the program of asset purchases, as well as credit financing scheme of the Bank of England are the basis of recovery in the housing market. The GBP / USD pair rose to $ 1.5280 level during the session.

Gold: The price of the June gold futures contract showed a big move jumping to almost $1400 dollars an ounce level today on COMEX. Previously, the asset was under selling pressure falling lower than $1340 area due to concerns that European central banks may liquidate gold reserves.

Oil: The cost of the WTI June futures rose to 97.30 dollars a barrel on the NYMEX. The oil markets were supported by tensions in the Middle East, which has raised concerns about the safety supplies from major producers in the region.


Technical analysis for 21.05.13

EURUSD
The pair has declined to the support level at 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is trading between resistance 1.53348 and support 1.51510.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair’s resistance is 0.97427, support is 0.96220.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair has risen to the Fibonacci 38% 102.614.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair’s resistance is Fibonacci 23% at 0.98746. Support is at 0.97423.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.97423, 0.96579, 0.95611


Market review for 16.05.13: The U.S. Dollar stopped its uptrend due to weak data of U.S. economy.

Asian and European trading sessions:

Euro: During the Asian session the euro fell to almost six-week low against the dollar in anticipation of today's release of inflation statistics for the euro area, which is likely to fall to three-year minimum. The EUR / USD pair traded in the range of $ 1.2856-80 that time. Another report published today by the Statistics Eurostat for the unadjusted trade surplus recorded that the surplus of Eurozone has markedly increased in March showing growth by more than two times compared with 10.1 billion euros in February, to a level of 22.9 billion euros. Furthermore, the data showed that the volume of exports to the euro area rose by a seasonally adjusted 2.8% compared with February. At the same time, the volume of imports fell by 1%. The EUR / USD pair during the European session rose to $ 1.2926 level.

Japanese Yen: The yen rose after the release of economic data in Japan, which recorded that the GDP in the first quarter grew by 0.9 %, while analysts expected it growth only by 0.7%. The yen declined significantly against the dollar rising to Y102.67 level during the beginning of the European session, even though the publication of better-than -expected data. The results released today showed that in quarterly term the economy of Japan grew by 0.9 % in the period from January to March, while in yearly - by 3.5 %.

Australian Dollar: The commodity prices were under pressure today, reducing prospects of Australia's exports. The Australian dollar traded near 11 -month low against the U.S. dollar due to signs of a slowdown in the world economy.

American trading session:

U.S. Dollar: The dollar stopped its proudly victory’s march against all major currencies as the CPI report for seasonally adjusted consumer price index fell in April by 0.4%, compared with a decline of 0.2% in the previous month and average forecasts of experts of prediction of the fall the index down by 0.3%, which was due to the result of the reduction in price of gasoline by 8.1%. Moreover, submitted today by the U.S. Labor Department data showed that the number of applications for unemployment benefits in the U.S. in the week May 5-11 increased by 32K and adjusted for seasonal variation was 360K. It was the largest weekly increase of applications since November 2012.The dollar fell against its competitors on this unexpectedly weak data prompting speculations that the Fed will not slow down the programs of bond purchases.

Euro: The single European currency was able to recover after deep downtrend last during all this week; the EUR /USD pair strengthened to the level of $1.2930 at the beginning of the session.

Gold: The gold prices fell on earlier Thursday’s session to its monthly lowest level amid fears of the reduction in the volume of the Fed's bond purchase program and investments into the Gold Investment Fund ETF. The cost of June futures fell to 1369.00 dollars an ounce, however, was able to recover on weak data from U.S. to the level of $1390 on COMEX today.

Oil: The cost of WTI oil brand rose on speculations that the central bank will continue to keep the incentive programs on today’s weak data for consumer prices and applications for unemployment benefits in U.S. The cost of the June futures on WTI (U.S. light crude oil) rose to 95.55 dollars a barrel on the NYMEX.


Technical analysis for 16.05.13

EURUSD
The pair declined below 1.30277 and reached support at 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has broken daily trendline at 1.53348 ad declined to the support level at 1.52063.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has worked out the Triangle and reached 0.97427.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair stays above 101.657. Resistance is at the Fibonacci 38% 102.614.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair has reached Fibonacci 23% at 0.98746.
Resistance: 0.99207, 1.00067, 1.00907
Support: 0.98436, 0.97423, 0.96579


Market review for 15.05.13: The euro fell sharply against the dollar, which was primarily due to the weak GDP data for the euro zone.

Asian and European trading sessions:

Euro: The value of the euro fell sharply against the dollar, which was primarily due to the publication of data on GDP for the euro zone. The Statistical Office of Germany reported that the gross domestic product in the first quarter grew by 0.1% quarterly or 0.4% yearly, after a short and sharp decline in the fourth quarter. At the same time, other data, which were also released today, showed that the French economy contracted in the last quarter. The data beat the forecasts of experts, confirming weak demand in the country and abroad. According to the report published by the National Statistics Institute Insee, in the first quarter of the 2013 the GDP of France fell by 0.2%, compared with an upwardly revised decrease from the previous quarter, lower compare with average estimate of economists of reduce by 0.1%. The GDP result in an annualized basis was fully in line with experts' forecasts showing decline by 0.4%. In the Statistics Bureau reported that most of the major components of GDP showed a significant weakness, but the major contribution to reducing the consumption of had households (fell 0.1%), business investment (down 0.8%) and exports (down to 0, 5%). The EUR / USD pair showed substantial decline falling to the level of $ 1.2843.

U.S. Dollar: The dollar index fell in slight correction from yesterday highs, which were the maximums of the last nine months. The reason for the previous growth of the index was the yield on U.S. government bonds, which rose to highs of March after the head of the Federal Reserve Bank of Philadelphia Charles Plosser reiterated that the Fed should begin to reduce the volume of the bonds purchasing program as early as next meeting scheduled for June 18-19. "Conditions in the labor market can begin to reduce the pace of purchases at the next meeting of the Fed," - said Mr. Plosser.

British Pound: Initially, to the growth of currency contributed presented today data by the Office of National data, which showed that by the end of last month the number of applications for unemployment benefits fell substantially, thereby exceeded the estimates of experts.
The number of applications for unemployment benefits fell in April for 7300 people to the level of 1.52 million, beating the average forecast of economists of reduction by only 3,100 people. These results also contributed to the decline in the unemployment rate which recorded the significantly lower level of 4.5% less than predicted 4.6%.However, strengthening the currency did not last long, and after the publication of the quarterly inflation report, where the Bank of England informed that the inflation in Britain could rise above 3% in June, and may be above 2% in the next 2 years, the rate of the sterling has markedly declined. This report put some light for inflation situation and suggested that the growth may require additional incentives. It was also noted that prior to 2016 the key interest rate increase is not expected. The GBP / USD pair rose to $ 1.5271 then dropped to $ 1.5171 during the European session.

American trading session:

Japanese Yen: The yen retreated from a four-month low against the dollar, amid signals showed rapid decline of the Japanese currency. The USD/JPY pair during the previous session rose to Y102.74 touching the lowest levels since 2008, which for many traders was the signal for a reversal trend.

U.S. Dollar: The U.S. Dollar continued to trade higher against many currencies after data on the manufacturing sector of New York and U.S. producer prices. The seasonally adjusted index of producer prices in April demonstrated the strongest decline in more than three years dropping by 0.7% amid falling gasoline prices. The support for the dollar was provided by the results of the report of the National Association of Home Builders (NAHB), testifying the increasing confidence among home builders in May after three months of decline. The rise of the housing sector, according to the words of Mr.Vecchio, has been one of the engines for recovery of the U.S. economy, and increase the level of confidence is a positive factor for the dollar.

Gold: The price of gold fell to four-week low against the strengthening of the dollar against the euro due to weak economic data in the euro zone. In addition, the pressure on gold prices had weak data on U.S. industrial production.The cost of the June gold futures dropped to 1388.40 dollars an ounce today on COMEX.

Oil: The cost of WTI oil brand was down today for the fifth consecutive day on weak U.S. data on industrial production. However, the prices retreated from the lows after the report of the Ministry of Energy on stocks of petroleum products recorded decline in volumes. The cost of WTI June futures fell to 92.13 dollars per barrel and then rose to 94.12 dollars a barrel on the NYMEX.


Technical analysis for 15.05.13

EURUSD
The pair declined below 1.30277 and aiming to 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has broken daily trendline at 1.53348 ad declined to the support level at 1.52063.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has broken the upper level of the Triangle. The end of the figure maybe expected at 0.97427.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair stays above 101.657. Resistance is at the Fibonacci 38% 102.614.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
The pair is aiming to Fibonacci 23% at 0.98746.
Resistance: 0.99207, 1.00067, 1.00907
Support: 0.98436, 0.97423, 0.96579


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Market review for 14.05.13: The U.S dollar was in strong demand today. The dollar index grew above 83.7 areas.

Asian and European trading sessions:

Euro: During the Asian session the euro rose, recovering after its three-day decline, in anticipation of today's statistics from the Center for European Economic Research in Mannheim (ZEW). Accordingly to the forecasts of economists, the investor confidence index this month is likely to grow to 40 from 36.3 in April. The EUR / USD pair rose to $ 1.3025 area. As it was shown by the data presented by statistical office Eurostat today, the industrial production increased significantly in March, thereby exceeded the estimates of experts. The results demonstrated growth by 1.0%, compared with an increase of 0.4% in February. The data recorded the biggest increase since July 2011 beating the average forecasts of experts of raising the index only by 0.6% and brought hopes that the European economy emerged from recession in the period from January to March. However, these results had limited influence on the trading dynamics of the euro. The currency fell against the background of the results of the German ZEW economic expectations index for May which rose by only 0.1 points to 36.4. Economists had expected the growth of index to 39.5. The index fell to 36.3 in April, while analysts were expecting it to be 43.0. The EUR / USD pair dropped to $ 1.2946 during the European session.

British Pound: The sterling reached a two-week low against the U.S. dollar falling to $ 1.5227 level on speculations that the Bank of England will present tomorrow its latest inflation forecast. The pound weakened even after the house prices in the UK rose to its highest level since June 2010. Tomorrow, the Bank of England Governor Mervyn King will be the last time at a press conference in his current role, leaving this place to Governor Mark Carney, who will take this position at the beginning of the next month.

Australian and New Zealand Dollar:
The Australian and New Zealand dollars rose on rising stock markets of Asia, which increased demand for risky assets. However, on the next following sessions they declined due to the strong dollar. As long as the markets demanded dollars these currencies were not in favor.

American trading session:

Canadian Dollar:

U.S. Dollar: The U.S. dollar rose against major currencies amid improved prospects for the U.S. economy and the fall in commodity prices. The dollar index, which tracks the “greenback” against a basket of six other major currencies, was above 83.65 areas today.

Japanese Yen: The USD / JPY pair, although, in the morning sessions carried some loses was able to recover jumping above the new 4- year high of 102.40. The market rumors that the Prime Minister of Japan Mr.Abe on Friday will present to the world a second package of measures to stimulate the economy provoked the Japanese currency to further decline.

Gold: The gold prices showed a slight increase in the correction after a three-day decline. However, as the U.S. currency strengthened due to remained interested of traders, the cost of the August gold futures fell to 1423.00 dollars per ounce on COMEX today.

Oil: The cost of WTI oil brand had a volatile today influencing by the commentaries of the hedge fund manager David Tepper’s and recent results showed that the U.S. crude stocks rose to 82 -year high. The cost of the June WTI futures fell to 93.84 dollars per barrel, and then rose to 94.35 dollars a barrel on the NYMEX.


Technical analysis for 14.05.13

EURUSD
The pair’s resistance is 1.31674, support is 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has declined to support level at 1.53348. The next support is at 1.52063.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
The pair has tested upper level of Triangle and aiming to return into the Triangle. Upper level is 0.94678, lower level is 0.92755.
Resistance: 0.96220, 0.97427, 0.98512
Support: 0.95074, 0.93949, 0.93069
USDJPY
The pair is testing resistance 101.657. If the pair declines below this level the pair will decline to 99.888. The MACD supports the start of downtrend corrections.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
The pair has declined to support 1.00067. The pair is aiming to Fibonacci 23% at 0.98746.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97423


Market review for 13.05.13: The yen weakened on news that the G7 did not criticize the aggressive monetary policies of Japan.

Asian and European trading sessions:

Euro: During the European session, the euro was slightly higher against the dollar, due to some expectations of the report on retail sales in the United States. Recall that the weakness in March in retail sales was observed in many sectors, particularly in the consumer category which fell that time by 0.4 %. The EUR / USD pair traded in the range of $ 1.2941 -$ 1.2993.

U.S. Dollar: After the yield on 10 -year U.S. Treasuries rose to a seven-week high the “greenback” was able to strengthen against all major currencies. The currency traded higher today also because of some rumors that the head of the Federal Reserve Bank of Philadelphia Charles Plosser in his upcoming speech will hint the possibility of reducing the volume of bonds purchase implemented by FRS. Speaking last week, Mr. Plosser said that unemployment in the U.S., it is estimated to decline to 7% by the end of 2013 from the current 7.5 %.

Japanese Yen: The yen fell today for the first time in four years above the level of Y102 to the dollar after the Japan's Finance Minister Taro Aso said the G7 at it’s over the weeken’s meeting did not criticize the Japanese monetary policy. He also noted that the G7 probably will continue to support the idea of stimulating policies conducted by the Bank of Japan. The Japanese currency got another push down for the way to further decline for the fourth day in a row and the USD / JPY pair rose to Y102.14, yet fell to Y101.52 in correction.

Australian Dollar: The Australian dollar continued its biggest five-day decline. The currency fell on the background of the fact that a survey conducted by the National Bank of Australia, ahead of the release of the federal budget, showed that business confidence fell in April.

American trading session:

U.S. Dollar: The dollar rose against most major currencies and the Dollar Index grew up above 83.30 areas after the Commerce Department of U.S. reported that U.S. retail sales rose by 0.1 % in April, beating the expected decline of 0.3%. This unexpected growth reinforced optimism about the world's largest economy and accelerated demand for the “greenback”.

Gold: The cost of the June gold futures dropped to 1429.70 dollars per ounce on COMEX today.

Oil: On news of OPEC about increasing volume of production of oil in April, the oil prices were down today on Monday. The cost of the WTI June futures fell to 94.46 dollars a barrel on the New York Mercantile Exchange, yet was able to recover later closing the session at the 95$ a barrel area.


Technical analysis for 10.05.13

EURUSD
The pair is trading between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading below support level at 1.54842. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.53348.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has tested upper level of Triangle and aiming to return into the Triangle. Upper level is 0.94678, lower level is 0.92755.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is aiming to 101.657.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
The pair has reached support 1.00907.
Resistance: 1.01744, 1.02558, 1.03535
Support: 1.00907, 1.00067, 0.99207


Market review for 09.05.13: The dollar's value has increased markedly caused by the report of the U.S. Department of Labor.

Asian and European trading sessions:

Euro: The EUR / USD pair traded around the $ 1.3164 level. The euro currency slightly grew in anticipation of today's placement of Spanish 10 -year government bonds. Today, Spain will hold an auction for the sale of debt securities with a maturity in 2016, 2018 and 2026 years. The yield of 10 -year government bonds was 4.10% on yesterday’s auction and it touched a three-year low of 3.94 % in a week earlier, on May 3.

British Pound: During the Asian and European session the pound managed to grow against the dollar, but the growth was moderate and after testing for a second time the level of $1.5586, the GBP / USD pair failed to lows of $1.5485. The reason for the earlier strength of the currency was published data on industrial production in the United Kingdom, which in March were much better than expected. According to the presented report, the industrial production rose by 0.7% in March against an increase of 0.9% in February. The forecast of the experts was at growth rate of only 0.3%. On an annual basis, the industrial production in the UK fell by 1.4% in March compared with a decline of 2.5% in February. And the forecasts here were at decline by 2.0%.
The results were helped the pound to grow, however, the growth was moderate, as market participants were expecting the announcement of the results of the Bank of England meeting.

Australian and New Zealand Dollar: These currencies rose against other most major competitors after the release of positive statistics on employment in these countries, which exceeded the analysts' expectations. The employment in New Zealand grew by 1.7 % showing that in the first three months of this year there were 38K jobs created. The employment in Australia increased by 50.1K last month, exceeding analysts' average forecast for growth by only 11K.

American trading session:

U.S. Dollar: The dollar's value has increased markedly against almost all major rivals, on fact which was mainly caused by the publication of the report of U.S. Department of Labor. As it was reported, the number of initial claims for unemployment benefits unexpectedly fell today, reaching the same levels that had been shown prior to the recession. In details, the number of initial claims for unemployment benefits seasonally adjusted for the week ending on May 4, dropped to the level of 323K, compared to the upwardly revised figure for the previous week at the level of 327K and forecasts of the analysts of 333K. The news brought even more signs on improvement in the labor market. In addition, it was reported that on a seasonally adjusted basis the average claims for the past four weeks fell by 6,250 to 336,750 in the week ending on May 4, which was the lowest level since November 2007.

Japanese Yen: The yen started to grow today on falling of stock markets of Asia. However, the dynamics of the currency has dramatically changed and the USD / JPY pair finally was able to overcome the important level of Y100 rising even above for the first time since April 2009.

British Pound: The British central bank made no changes to its monetary policy leaving the interest rate remained at 0.50% level and the volume of asset purchase program at 375 billion pounds. The GBP / USD pair, though, in contrast, reacted negatively declining to the level of $ 1.5424 during the session. The dynamics of the pair were influenced by strong data of American economy.

Euro: The euro currency also could not resist the strong data from the U.S. labor market. The EUR / USD pair showed consistent decline falling below $1.3050 level during the session.

Gold: The cost of the June gold futures on COMEX dropped today to the 1453.60 dollars an ounce level on strong dollar, which received support by published U.S. data showing that the number of initial claims fell to its lowest level in more than five years.

Oil: A significant strength of the U.S. dollar occurred after U.S. labor market report has sent the WTI oil prices fell below $ 96 a barrel to $95.35 area. However, the cost of the June futures was able to recover and closed at $96.04 per barrel area on NYMEX.


Technical analysis for 9.05.13

EURUSD
The pair is trading between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading near support level at 1.54842. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.53348.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair is drawing the Triangle. Upper level is 0.94678, lower level is 0.92755.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair’s resistance is 99.888, support is 98.718.
Resistance: 99.888, 101.657, 105.649
Support: 98.718, 97.491, 96.400
AUDUSD
The pair’s support is 1.01744, resistance is 1.02558.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


Market review for 08.05.13: The strong and unexpected data on industrial production in Germany helped the euro significantly strengthen against its competitors.

Asian and European trading sessions:

Euro: During the European session the euro significantly strengthened against its competitors after released data on industrial production in Germany, the results of which were better than expected. The presented report recorded that in March the industrial production grew by 1.2 % in monthly term and fell by only 2.5% in yearly term. The average forecast, which predicted a decline by 0.1 % monthly and 3.9 % yearly, was bitten by the better than expected results. Despite the data on industrial orders came out much promised, the reaction of the euro has been limited because of the fact that many market participants have followed the principle of "buy on rumors, sell the facts", thus causing a rise in the euro to be short-lived. The EUR / USD pair set the high of the session at $ 1.3170 level.

U.S. Dollar: The U.S. Dollar index approached the level of support 82 on the background of positive dynamics at the world stock markets.

Australian Dollar: The currency was able to recover from low levels where it has been sent by the decision of the RBA on lowering the interest rate. The Australian dollar also showed some strength after the earlier release of statistics from China. The volume of Chinese imports increased by 16.8 % last month after rising 14.1% in March, with predicted increase of 13%. The April trade surplus of China, the largest trading partner of Australia and New Zealand was $ 18.16 billion, while the market expected it at the average of $ 16.15 billion.

American trading session:

Canadian Dollar: The report of Housing Starts in Canada released today showed that the number of housing starts in April fell to 175K homes in a yearly term and matched the figures of analysts' expectations. The Canadian dollar rose against the U.S. dollar, helped by these data and approached to the level of paritet with it. According to revised data, the number of Housing Starts in March totaled 181K homes a year.

New Zealand Dollar: The New Zealand dollar after falling to a five-week low on the earlier session was able to recover at the American session. It dropped after the announcement of Governor of the Reserve Bank of New Zealand, Mr.Wheeler, who stated that the bank may start selling its National currency very soon. The reason for this decision was the fact of high exchange rate of the “kiwi” against the U.S. dollar, which remains near multi-year highs. Moreover, Mr.Wheeler noted that the RBNZ is ready for further interventions aimed for weakening the National currency.

Gold: Today, the cost of the June gold futures grew on COMEX to 1476.00 dollars an ounce, as many traders were confident that a strong Chinese economic data will increase demand of the metal in the second world consumer. Also today, it was announced that the demand for gold coins and bars has been increased in India and China.

Oil: The oil prices fell, dropping at the same time below $ 95 a barrel for WTI futures contract as significant concerns about global demand and rising U.S. crude stocks to new highs were offset by the published data on imports of China and an unexpected jump in German industrial production. The cost of the June futures of WTI rose to 96.74 dollars per barrel on NYMEX today.


Market review for 07.05.13: The Australian dollar fell on lowering the key interest rate to the record low level of 2.75 % by the RBA.

Asian and European trading sessions:

Euro: The euro, during the European session, demonstrated strength against the major currencies, which was occurred after the published data on industrial orders in Germany. The report recorded that in March the volume of industrial orders grew by 2.2% monthly showing a growth for the second consecutive month and fell by only 0.4% yearly. The results suggested that the German economy is set to return to growth. Moreover, the data for March were significantly better than the average forecast, according to which the index was expected at -0.4% monthly and -2.9% yearly. However, the situation in the rest of the European economy was not remained that bright as in Germany. The published also today data on industrial production in France were quite pessimistic and demonstrated that in March index fell by 0.9% monthly and 2.9% yearly where the forecasts were at decrease of 0.2% and 1.3%, respectively. The EUR / USD pair was able to demonstrate growth to $ 1.3130 level then reduced to $1.3109 area.

Japanese Yen: The yen tried to weak against the dollar again today in order to reach the level of Y100, after three days of growth caused by the better -than-expected U.S. employment data. So, the USD / JPY pair showed high of Y99. 38, yet later backed off this level. It fell to the area of Y99.04 at the end of the European session.

Australian Dollar: The Reserve Bank of Australia lowered its key interest rate to the record low level of 2.75 %. Most analysts had not expected such actions from the RBA and forecasted that the Reserve Bank’s decision will be on keeping the rate at 3%.The Australian dollar reacted negatively falling against all major currencies.

American trading session:

British Pound: The dynamics of the pound were influenced by result of published report from the British Retail Consortium (BRC), which showed that the consumer price index fell by 0.8% in a monthly basis, which led the annual rate grew by only 0.4 %, compared with an increase to 1.4% per year in March. The GBP / USD pair sharply decreased to $ 1.5445 during the publication of the report.

Euro: The euro exchange rate fell sharply against the dollar, helped by the disappointing results of the report of the IBD / TIPP for economic optimism. As it became known, the economic optimism index fell in May by 2.4 %, to 45.1 from 46.2 in April. The indicator is still below 50 points which indicates the pessimistic moods. The EUR / USD pair fell to the lows of around $ 1.3071 area.

Gold: The cost of the June gold futures dropped to 1450.80 dollars an ounce on COMEX today. In addition, the data showed that the amount of gold in the SPDR Gold Trust fell yesterday by 0.3 % to 1,062.30 tons, while reaching its lowest level since August 2009.

Oil: The price of WTI oil reached the highest level of $96.65 today, which was supported by strong data on industrial orders in Germany. However, the price was not able to keep its positions, and decreased to $94.90 per barrel.


Technical analysis for 8.05.13

EURUSD
The pair is trading between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has declined to support level at 1.54842. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.53348.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair is drawing the Triangle. Upper level is 0.94678, lower level is 0.92755.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair’s resistance is 99.888, support is 98.718.
Resistance: 99.888, 101.657, 105.649
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is aiming to support level at 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


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Technical analysis for 7.05.13

EURUSD
The pair is trading between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has tested the Moving Average (200) at 1.55929. The pair may roll back to support at 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair is drawing the Triangle. Upper level is 0.94678, lower level is 0.92755.
Resistance: 0.93949, 0.95074,0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair’s resistance is 99.888, support is 98.718.
Resistance: 99.888, 101.657, 105.649
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is aiming to support level at 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


Market review for 06.05.13: The Euro fell today again on the speech of the ECB president.

Asian and European trading sessions:

Euro: During the European session the euro currency showed a moderate decline against its rivals on published today data on retail sales in the euro zone. According to the Eurostat, the retail sales in March fell by 0.1 % monthly and 2.4 % yearly recording a decline in sales for the 14th consecutive month in year- on-year term. The average forecast of the result of the indicator was expected down by 0.1 % m / m and 2.2 % y / y only. The report showed that the increase in food sales was offset by lower sales of non-food products. However, for the reduction of the single currency confronted the previously released data on PMI index for the service sector of the European countries and the euro area as a whole. These indices resulted better than expected, but were still remained below 50 points, which indicates a further reduction of activity in these sectors. The EUR / USD pair retreated from session lows and managed to hold above $ 1.3115 area.

British Pound: Today the UK financial markets were closed, which was the reason for less compare with usual trading activity of the pound. The GBP / USD pair rose to $ 1.5597 level then decreased to $ 1.5532 area.

Japanese Yen: The Japanese markets were closed today for a holiday as well. However, on signs of recovery in the U.S. economy published on Friday as U.S. Labor report, which showed that by the end of last month the number of people employed in non-agricultural sectors of the economy increased markedly, and the unemployment rate fell again, the yen depreciated against the dollar. The USD / JPY pair was traded around the level of Y99 but later moved higher above the Y99.4 area.

Australian Dollar: The Australian dollar fell against all major currencies after the publication of the report on retail sales in the country. After rising 1.3 % in February, the index unexpectedly fell 0.4 % in March leaving suggestions that the RBA may announce cutting key interest rate at its tomorrow meeting.

American trading session:

Canadian Dollar: The Ivey report showed that the index of business activity has decreased noticeably in the past month surpassing many market participants and beating in negative way the forecasts of experts. It was the reason, why the cost of the Canadian dollar was higher against the U.S. dollar today.

Euro: The euro exchange rate fell sharply and the EUR / USD pair dropped to the $ 1.3051 area during the speech of Mr. Draghi. The ECB president said today that the authorities are ready to act again, after the Central Bank has already lowered the rate to 0.50 %.

Gold: The gold prices showed slight increase and were held near 2- week high of 1469.40 dollars per troy ounce. The rising prices attract more and more buyers back to the market.

Oil: The cost of the June futures of WTI has grown up to 96.20 dollar per barrel after hitting the lows of the previous session at around the 94.84 area. By that time the prices for oil have decreased on recent enhance of concerns at the Middle East after the Israeli air forces attacked some object in the Syria.


Market review for 02.05.13: The euro got hammered after the ECB cut interest rates up to record low level of 0.5 %.

Asian and European trading sessions:

Euro: The euro currency declined on expectations about the result of today's meeting of the European Central Bank which might have been ended in lowering of the base interest rate to a record low of 0.5 %. The EUR / USD pair fell to $ 1.3145 level during the Asian session. The published later reports of PMI index for the industrial sectors in France, Germany and the Euro zone as a whole were able to provide some support for the euro and the euro rallied to $1.3217 area against the dollar. However, the pair could not hold this zone and snapped back amid exerted pressure ahead of the ECB decision.

U.S. Dollar: On the background of the outcome of the FOMC meeting delivered yesterday, the U.S. dollar strengthened against most currencies. The leaders of the Federal Reserve Board announced that they will continue their program of monthly purchases of bonds worth 85 billion dollars. They also signaled on possible increase or decrease of the rate of monthly purchases depending on the situation on the labor market and inflation. As we noted recently, the Fed officials discussed the gradual completion of the program earlier this year.

British Pound: Published today data have supported the pound, and the GBP / USD pair managed to show a moderate rise to around $ 1.5590 during the beginning of the European session. Today's report showed that business activity index for the construction sector in the UK in April rose to 49.4 points and exceeded the forecasts of the analytics of recording the 48 mark. The situation later has changed, though, the pair dropped back to the lows of $1.5540 in anticipation of the results of the ECB meeting.

New Zealand Dollar: The New Zealand dollar lower against its rivals on released information by the largest world’s dairy producer the “Fonterra Auckland”. The company informed on lowering prices for milk powder for the first time in this year.

American trading session:

Euro: The euro exchange rate got hammered, after the Governing Council of the ECB cut interest rates by 25 bps up to the record low of 0.5 %. The head of the Central Bank Mario Draghi, in the following press conference, hinted that the ECB is ready to act, if the situation requires further reduce of the lending cost. Mr. Draghi noted that the euro zone economy kept weakness, and reduction of the rates is aimed to maintain an economic recovery, which should begin later this year.

Japanese Yen: The Japanese yen fell against most major currencies, helped by the ECB's decision to lower interest rates. The trading dynamics of the currency were also influenced by the published report from Markit Economics and HSBC, according to which the PMI, which measures the efficiency of Manufacturing in China, fell in April suggesting weakness of the economic recovery. The USD / JPY pair held the Y97.95 area during the session.

Gold: The gold futures grew today, as many investors had hoped that central banks should continue to pursue its policy of stimulating of the economy. The decision of the ECB attracted some buyers for the precious metals. The cost of the June gold futures rose to 1471.40 dollars an ounce on COMEX today.

Oil: The price of WTI type of oil strengthened above the level of $94 a barrel as the interest rate cut by the ECB provided support for the increase of demand for risky assets. The cost of the June futures WTI grew despite the shaky global outlook for oil demand and sufficient amount of oil in the U.S. inventories.


Technical analysis for 2.05.13

EURUSD
The pair has risen to the residence level at 1.31674. The pair may roll back to Fibonacci 38% at 1.31208.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has tested the Moving Average (200) at 1.55929. The pair may roll back to support at 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
If the pair stays below 0.93069 the pair will decline to 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has declined to the support level at 97.491. If the pair stays below this level the pair will decline to 96.400.
Resistance: 97.491, 98.718, 101.657
Support: 96.400, 95.200, 94.089
AUDUSD
The pair is aiming to support level at 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


Market review for 01.05.13: Many experts believe that the ECB will lower interest rate; meanwhile, the FOMC left its rate unchanged.

Asian and European trading sessions:

Euro: The Euro grew in spite of the expectations of tomorrow's ECB meeting. Unlike the Federal Reserve, the European Central Bank is likely to modify its monetary policy by lowering the key refinancing rate from 0.75% to 0.50%. However, until these expectations are not reflected in the quotes of euro currency, the EUR / USD pair was able to rally in around $ 1.3240 area.

U.S. Dollar: The dollar fell on today’s earlier sessions on ongoing talks that the Federal Reserve System will not announce the turn off, or limit its program of bond purchases as the third stage of the strategy of quantitative easing stimulation established in order to reduce the cost of borrowing in the country and acceleration of the pace of economic growth. The result its two-days meeting would have been announced afternoon.

British Pound: The pound rose after the data on the index of business activity in the manufacturing sector provided by Markit, showed that the index of business activity in the industrial sector in the UK in April rose to the level of 49.8 points. The result was higher than the March’s value and the average forecast of 48.6 points. Despite the fact that the index still remains below the level of 50 points, indicating a decline in activity, the GBP / USD pair showed high of $ 1.5594, but then retreated to around $ 1.5550 area.

Australian Dollar: The Australian dollar fell today after negative data on the Chinese economy recorded that the index of purchasing managers in the manufacturing sector dropped to a mark of 50.6 points.The National Bureau of Statistics and the China Federation of Logistics and Purchasing in Beijing informed that the value is still above 50, indicating expansion of the sphere of production. The average of the forecast of analysts suggested that the index will go up 50.7; however, it did not work out.

American trading session:

U.S. Dollar: The results reflected in the report of the manufacturing activity in the U.S. in April demonstrated a slow down and did not match the estimates of economists. According to the report, the purchasing managers' index for the manufacturing sector in April fell to 50.7 against 51.3 in March. All other indexes in the ISM report showed mixed results, but overall picture showed an increase in activity. As usual the trading dynamics of the currency were affected by the decision of the FOMC meeting. However, it did not last longer as the published announce of keeping the key interest rate at 0.25% has matched the forecasts of many analysts.

Euro: The euro fell against the dollar as market participants were still waiting for the coming outcome of the ECB meeting which ends tomorrow. Many experts believe that the ECB will lower interest rates by 0.25 % to 0.5 %.

Gold: The Gold prices fell, on low volumes as the holidays in China and some European countries declined an activity in trading dynamics of the asset. The cost of the June gold futures dropped to 1440.60 dollars an ounce, but was able to recover to the level of $1463 on COMEX today.

Oil: The cost of June futures of WTI fell to 90.09 dollars per barrel. The price of oil fell more than 3 %, as concerns over the economic growth in China and the United States and the increase in stock volumes in the United States has weakened prospects of future demand of the oil. As it became known, last week, the U.S. crude inventories rose 6.7 million barrels to 395.280 million barrels level. The price recovered slightly on the NYMEX and closed at the $90.90 level.


Market review for 30.04.13: The U.S. Dollar fell on weak data from the U.S. Chicago PMI.

Asian and European trading sessions:

Euro: The EUR / USD pair traded in a very narrow range of $ 1.3084 - 1.3098 during the Asian session. After the report for preliminary data on inflation in the euro area in April was published the pair lowered to the level of $1.3053. The report documented a significantly more than expected reduction of Euro-Zone CPI Estimate rate thus increased chances that the ECB will cut interest rates on upcoming meeting. The data on retail sales in Germany which was published little earlier reported that the sales came out also worse than expected. The consumer spending in France, however, was better than predicted. Accordingly the Eurostat, the unemployment rate in March rose again and reached 12.1%, which was in line with the average forecast of analysts. The EUR / USD pair suffered losses. The decline was halted at $ 1.3050. Later the rate could recover to $ 1.3075.

British Pound: The pound rose after published data for approved applications for mortgage loans, the results of which were higher than expected. The GBP / USD pair showed high at $ 1.5516 level. However, the increase was not long and soon the sterling returned to $ 1.5478. At the European session the currency, despite weak results of the consumer confidence, was able to grow against its rivals. The GBP / USD pair strengthened to the level of $1.5525.

Japanese Yen: The yen fell against most currencies amid rally on the Asian stock market, which reduced demand for safe-haven assets. As it was announced today the industrial production in Japan raised less than analysts had expected. The data provided by the Ministry of Commerce recorded a less as it was predicted growth of the rate in March. The rate grew only at 0.2 %, which was below predicted to 0, 4%. In addition, the unemployment rate in Japan fell to 4.1 % from 4.2 %, while consumer spending rose by as much as 5.2% of the projected 1.8%. The USD / JPY pair rose to Y98.15, and then during the European session, fell under pressure and dropped to the yesterday's lows of around Y97 area.

New Zealand Dollar: At the beginning of the day the New Zealand dollar fell against all its major counterparts after the Bureau of Statistics of New Zealand has reported decline in the volume of approved building permits by 9.1 % in March, where the predictions were at the growth of 2 %.

American trading session:

Canadian Dollar: After the report of the GDP of Canada which showed that in February the GDP rose by 0.3 %, driven by increased activity in the mining and oil exploration sector, the Canadian dollar strengthened against almost all its counterparts.

U.S. Dollar: The dollar declined significantly against most major currencies after the report from the Conference Board showed that by the end of April, consumer confidence has grown significantly to the level of 68.1 compared with a revised downwards index for March at 61.9 and way ahead of the experts' forecasts of 61. Yet, the weak data from the U.S. Chicago PMI that was the real reason for decline of the “greenback’s” rate.

Euro: The euro exchange rate has significantly increased and the EUR / USD couple broke the resistance of $1.3120, reaching a maximum at 1.3185 as high of today on the release of data from the U.S. Chicago PMI which fell to 49.0 from 52.4. The index for the first time since September 2009 lowered below the 50 level.

Gold: The gold prices fell today as many investors preferred to be on the sidelines ahead of a meeting of central banks in Europe and the United States. The cost of the June gold futures dropped today to 1463.60 dollars an ounce then, however, was able to grow to $1477 level on COMEX.

Oil: The cost of the June futures on U.S. light crude oil, WTI fell to 93.27 dollars per barrel on concerns about the outlook for demand outweighed expectations for the meeting of the U.S. Federal Reserve and the European Central Bank, which may contribute to further stimulation of the world economy.


Technical analysis for 1.05.13

EURUSD
The pair has risen to the residence level at 1.31674. The pair may roll back to Fibonacci 38% at 1.31208.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has tested the Moving Average (200) at 1.55929.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
If the pair stays below 0.93069 the pair will decline to 0.92026.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has declined to the support level at 97.491. If the pair stays below this level the pair will decline to 96.400.
Resistance: 98.718, 101.657, 105.649
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has risen to resistance 1.03535. If the pair stays above this level the pair will rise to 1.04407.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744


Market review for 29.04.13: The euro rose contrary to expectations of the rate cuts by the ECB.

Asian and European trading sessions:

Euro: The euro rose in early European session against the major currencies, on the background of the completion of a two-month political crisis in Italy. On Saturday, Mr. Enrico Letta officially took the place of the prime minister of Italy. However, the single currency reduced its growth after the results of the index of sentiment in the business environment, which showed a worse than expected data for the economy of the region. According to the information provided, in April, the index of business sentiment fell to -0.93 points versus the March value of -0.86 and demonstrated a decrease in all major sectors. Later, the currency was able to resume its uptrend on the publication of the information on the result of the last auction of government bonds of Italy. The result of the auction was much better than previous one. The EUR / USD pair shown high at $ 1.3114 and then declined to around $ 1.3074.

U.S. Dollar: The dollar index fell today on the eve of the publication of data from the United States for the results of the consumer spending report. The median forecast of economists said that the level of personal spending by U.S. consumers in March is likely to remain unchanged in February. There were also speculations at the market that the Fed will stick to soft policy, pushing down the yield of U.S. Treasury bonds.

British Pound: When the report showed that house prices in the UK increased this month, the pound currency strengthened to a 10- week high against the dollar. The boosting optimism about the fact that the recovery of the British economy is gaining momentum was pushed the rate of the currency up to new highs. The recent data for the UK economy provided evidence that the UK economy has avoided a recession in the last quarter of 2012, dropping speculation that the Bank of England will raise incentives measures. The GBP / USD pair traded in the $ 1.5540 - $ 1.5480 during the European session.

American trading session:

U.S. Dollar: On the trading dynamics of the U.S dollar affected the data which showed that the number of pending home sales rose in March by 1.5 % to 105.7. According to the average forecast of economists, this indicator would have grown by 1.1 %. In addition, the annualized data for home sales showed rise by 7.0 % compared with March of last year and registered the 23rd consecutive monthly gain.

Canadian Dollar: The Canadian dollar rose to a two-week high against the dollar, which was helped by a rise in oil prices. The oil, the country's largest export as well as speculation that the U.S. government will support the incentive programs; these are the supportive factors for the growth of the Canadian dollar.

Gold: The gold prices grew slightly today, helped by the weakening of the dollar on prospects for further easing of monetary policy in the United States and Europe. The cost of the June gold futures rose to 1476.93 dollars an ounce on COMEX today.

Oil: The price of WTI oil grew above $ 94.5 a barrel today, which was due to shaky growth prospects in the largest consumers of oil in the world (U.S., Europe and China). The cost of the June futures on U.S. light crude oil WTI closed at 94.40 dollars per barrel on NYMEX.


Technical analysis for 30.04.13

EURUSD
The pair has found support at 1.30277 and aiming to reach Fibonacci 38% at 1.31208.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has reached resistance at 1.54842. The pair may roll back to the Moving Average (100) at 1.54232.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
The pair has broken 0.93949 and aiming to 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has declined to the support level at 97.491.
Resistance: 98.718, 101.657, 105.649
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has risen to resistance 1.03535.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Market review for 25.04.13: The Gold prices grew today by 2%, helped by the weakening of the U.S. Dollar rate.

Asian and European trading sessions:

Euro: The EUR / USD pair rose to $ 1.3090 as the desire for risk happened in the markets stimulated the growth of the pair. The dynamics of the trade was also affected by the fact that many market participants were waiting for a weekly report on the U.S. labor market. Today, also, the German Chancellor Merkel expressed the desire that the holders of banks’ shares will also take some of the responsibility for the future, and said that the government does not favor the general insurance system of deposits. After, these words the EUR / USD pair snapped back to almost yesterday’s lows, to the $ 1.3010 level during the rest of the European session.

British Pound: The British pound rose significantly, supported by the British publication of today's report on UK GDP for the first quarter. The results recorded a growth of the rate by 0.3 %, which was above the average forecast of analysts 0.1 % and showed that the UK economy managed to avoid falling into "third" recession. The reason for the unexpected growth of the economy was the services sector, which expanded by 0.6%, while the strongest sectors were transport and communications which grew by 1.4 %. The GBP / USD pair rose to $ 1.5478 during the European session.

Japanese Yen: The yen fell against most major currencies after the release of the information on fact that the Japanese investors sell foreign bonds for the sixth week in a row. The USD / JPY pair fell to Y99.45 during the European session.

New Zealand Dollar: The New Zealand dollar rose against the U.S. dollar, despite the fact that financial markets in Australia and New Zealand were closed for National holidays.

American trading session:

Canadian Dollar: The Canadian dollar reached its highest level in more than a week against the U.S. dollar after the head of the Bank of Canada, Governor Mark Carney in his speech to the Canadian Senate committee said that the Bank of Canada may raise interest rates after the pass certain "period of time."

U.S. Dollar: The currency weakened against its most major rivals amid the fact that the U.S. Labor Department reported that the number of Americans who first applied for unemployment benefits fell last week to near five-year low, which was a sign that the demand for employers has been increased. According to the report, for the week ended by April 20, the number of initial claims for unemployment benefits fell to the lowest level since early March, to a seasonally adjusted 16K, reaching the level of 339K. The average forecasts of experts were at 352K means remain unchanged.

Euro: The speculations that the European Central Bank may cut its key interest rate to a record low level at the next meeting in order to support the region's economy put pressure on the euro exchange rate and it weakened considerably against most major currencies. The EUR / USD pair fell to $ 1.2988 area.

Gold: The gold prices grew today by almost 2% to its highest level in the past 10 days, helped by the earlier weakening of the dollar. The cost of the June gold futures rose to 1469.00 dollars per ounce on COMEX today.

Oil: The cost of the June futures of WTI rose to 93.85 dollars per barrel. The oil prices rose, due to the weakening of the dollar.


Technical analysis for 25.04.13

EURUSD
The pair has worked out the Head and Shoulders. If the pair stays above 1.30277 the pair will rise to the Fibonacci 38% at 1.31208.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063. If the pair breaks 1.53348 the pair will rise to the Moving Average (100) at 1.54268.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has risen to 0.95074 and rolling back.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
If the pair declines below 98.718 the pair will decline to 97.491.
Resistance: 101.657, 105.649, 109.500
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has found support at 1.02558 and rising to 1.03535.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Market review for 24.04.13: The Reserve Bank of New Zealand left its key interest rate unchanged at 2.5% thus supported the National currency.

Asian and European trading sessions:

Euro: The rate of the euro currency against the dollar grew today to the $ 1.3034 level after the report showed that the level of business confidence in German fell in April for the second month in a row. According to a German IFO, the business climate index fell from 106.7 to 104.4, while analysts had expected result at the level of 106.2. Indicator of expectations eased to 101.6 from 103.6 vs. 103.0. The experts pointed out that despite some improvement in performance of French economy the result of which were published yesterday, the German reports came out again disappointed which may lead the ECB to lower rates by 25 basis points in May, and consider to lower it even more in June.

British Pound: The GBP / USD pair rose to $ 1.5286 on the Asian session. During the European session the currency retreated from highs after disappointing report of the Confederation of British Industry (CBI) on retail sales. As it was informed, the volume index of retail sales in March was -1, and the index of expectations for sales in March fell to a yearly low -6. Another report showed that in March, the number of approved applications for mortgage BBA increased to £31.2 million versus £30.5 million previously. The result coincided with analysts' expectations.

Japanese Yen: The USD / JPY pair tried again to hit the important level of Y100. The yen fell against the majority of the most traded currencies amid growing signs that the Japanese investors are transferring their assets towards foreign assets, which considers as the probability of National currency depreciation. The USD / JPY pair rose to Y99.71 during the European session.

Australian Dollar: After the release of inflation data reported by Sydney Bureau of Statistics, the Australian dollar fell against all major currencies. The level of inflation in the first quarter slowed by 0.3% compared with the previous period of time. The economists had forecasts at 0.5 %. The slowdown in growth of prices in Australia was seen as a negative sign for the Australian dollar, since the last meeting of the Reserve Bank of Australia has hinted that further easing is possible.

New Zealand Dollar: The New Zealand dollar rose on the decision of the central bank of New Zealand to keep the interest rates unchanged. The Reserve Bank of New Zealand left its key interest rate unchanged at 2.5%, which was in line with economists' forecasts and informed that such a situation is likely to persist until the end of the year as inflation remains at low-key level, despite the growth observed in the housing market.

American trading session:

U.S. Dollar: The trade report reflected a much larger than expected drop in new orders for durable goods in March and was able to influence the trading dynamics of the U.S. dollar in slightly negative way. The economists had expected that the orders will be decreased by 2.8 %, however, the report showed their fall by 5.7 % in March after a revised 4.3 % rise in February. The seasonally adjusted total orders for durable goods in March recorded $216.28 billion. Also, the orders for durable goods excluding transportation equipment fell in March by1.4 % and orders for durable goods excluding defense value of the goods decreased in March by 4.7 %. In addition, it was reported that orders for durable goods excluding transportation equipment in the U.S. in February revised to -1.7 % from -0.5 %.

Gold: The gold prices grew today, as a physical demand has been increased due to speculative buying after recent falling of the gold prices. The cost of the June gold futures rose to 1432.10 dollars per ounce on COMEX today.

Oil: The cost of the June futures of WTI rose to 91.70 dollars per barrel on NYMEX. The prices for crude oil rose today due to results of the government report on oil stocks in the United States. According to data from the U.S. Department of Energy, last week the oil reserves rose by 947K barrels reaching a level of 388.600 million of barrels.


Market review for 23.04.13: The U.S. Dollar strengthened against its rivals on weaker -than-expected manufacturing data from China and Germany.

Asian and European trading sessions:

Euro: On the earlier session the euro fell in anticipation of today's publication of macroeconomic data in the Euro zone. The preliminary data on the composite PMI index for the services sector and business activity in the manufacturing sector of the EU, according to the average forecast of economists will reach 46.5 in April. The value of the indicator which is below 50 - confirms decrease in activity. The EUR / USD pair during the Asian session fell to $ 1.3032. Later, while the publication of the PMI Germany results the euro deeply fell against its rivals as the activity in the private sector of the euro zone has declined again in April. Also, the PMI index of manufacturing activity in April decreased to around 47.9 compare with 49 in March. The result was weaker than the market forecast of 49, so the EUR / USD pair fell to $ 1.2971 during the European session.

British Pound: The British pound updated its intraday lows falling against the dollar to $ 1.5195 during the European session. The pair fell, however, recovered on the results of the April’s CBI published by the Confederation of British Industry. According to the report, the industrial orders index fell to -25 from the March level of the value of -15 and analysts expectation of slight improvement to -14. Another report showed that in March, the public sector net borrowing of Britain (PSNB) increased to £16,747 billion, although analysts expected it growth to £14.000 billion.

Japanese Yen: Today’s release of negative statistics from China has increased concerns about the future prospects of growing of the Asian economy and increased demand for safe-haven assets. The yen rose against all major currencies against and USD / JPY pair fell to Y98.47 during the European session.

Australian and New Zealand Dollar: The Australian and New Zealand dollars fell against almost all their counterparts after the release of preliminary data on manufacturing PMI index from HSBC in China. The result of the indicator did not even match the worst predictions of economists. The preliminary PMI for China this month came out at 50.5, while analysts had expected a slight decline to 51.5. And the final value for March was 51.6.The index still lies above the level 50, indicating the expansion of industry.

American trading session:

Canadian Dollar: The Canadian dollar traded at almost six-week lows against the U.S. dollar on the published today negative data from Europe and China, which indicated a slowdown in global economic growth, thus undermining demand for Canadian exports. Also, the dynamics of the currency were influenced by a report from Statistics Canada, which showed that retail sales in February rose at a faster pace than they were expected.

U.S. Dollar: The dollar index was able to sustain above the 83 level as the demand for safe-haven asset, the U.S. dollar has been increased.

British Pound: The data presented today show that the number of new orders in the three months ended in April fell slightly, while the index, which measures expectations for the next quarter orders grew. The balance was much lower than the expected 14 %, but remained above the long term average level of 3%. The GBP / USD pair fell to $ 1.5231during the American session.

Euro: The data showed that the ease of the recession in France in April has overshadowed the sharp drop in business activity in Germany. The PMI index for the services sector in the euro area rose to the level of 46.6 in April, compared with 46.4 in March and coincided with decrease of the index for German companies, which build up the backbone of the economy in the euro zone. The EUR / USD pair fell to $ 1.3027 during the session.

Gold: The acceleration of the outflow from the largest gold exchange-traded fund provides the pressure on the Gold prices. The cost of the June gold lost more than 1%, dropping to 1408.10 dollars per ounce on COMEX today.

Oil: The cost of the June futures of WTI fell to 88.93 dollars per barrel, to its lowest intraday level since December 2012. The reason for this drop was a weaker -than-expected manufacturing data from China and Germany, which have worsened the prospects of demand for fuel. Also the expectations about future report on oil stocks in the United States helped to identify the demand of the largest oil consumer in the world.


Technical analysis for 24.04.13

EURUSD
The pair has drawn Head and Shoulders and broken neckline. The end of the figure maybe expected at 1.29243.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has broken resistance at 0.93949 and aiming to 0.95074.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair is testing 98.718. If the pair declines below this level the pair will decline to 97.491.
Resistance: 101.657, 105.649, 109.500
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is testing 1.02558. If the pair stays below this level the pair will decline to 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


Market review for 22.04.13: The ex-president of Italy, 87 -year-old man, Mr. Napolitano was re-elected for a second term.

Asian and European trading sessions:

Euro: The euro rose against the dollar after the current president of Italy, Giorgio Napolitano, was re-elected for a second term. After the Italian parliament failed for the fifth attempt to elect the new president, Mr. Napolitano a 87 -year-old agreed to once again participate in the elections. The EUR/ USD pair tried to grow at the beginning of the day, however, fell to $ 1.3013 at the European session

British Pound: The pound traded without certain direction at the beginning of the day. The news which were recently published by the international rating agency Fitch Ratings on downgrading of the sovereign rating of UK by one stage from the highest " AAA" to "AA +" with the rating outlook - "stable," did not influenced much the trading dynamics of the currency. The GBP / USD pair rose to $ 1.5245 during the European session.

Japanese Yen: The yen weakened again and approached the level of 100 yen to the dollar, after on the recent meeting of the representatives of the G20; were the actions over the soft monetary policy of the Bank of Japan have not been criticized. The head of the Central Bank, Haruhiko Kuroda, moreover, has already hinted about expanding the monetary stimulus at the second meeting under his leadership, which will take place this week. The USD / JPY pair rose to Y99.84 then retreated to Y99.50 during the European session.

Australian and New Zealand Dollar: The Australian and New Zealand dollars rose today due to positive trading dynamics in Asian stock markets.

American trading session:

U.S. Dollar: The weak report on the U.S. housing market has helped to reduce the mood of investors of holding risky assets. According to a report released on Monday by the National Association of Realtors, the sales of existing homes in the U.S. in March unexpectedly fell by 0.6 % to 4.92 million homes a year. The dollar strengthened against its rivals.

Gold: The gold prices rose significantly today due to increase of the physical purchases, after falling last week to two-year low. However, investors continued to reduce their holdings in the biggest exchange-traded fund to its lowest level in nearly three years. The cost of the June gold futures dropped today to 1424.50 dollars per ounce on COMEX.

Oil: The oil prices rose today, which was associated with the publication of U.S. data on home sales of the secondary market. The May futures of WTI rose to 89.45 dollars per barrel.


Technical analysis for 23.04.13

EURUSD
The pair is trading between resistance 1.31674 and 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has worked out the Head and Shoulders figure and aiming to the resistance at 0.93949.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is testing 98.718. If the pair declines below this level the pair will decline to 97.491.
Resistance: 101.657, 105.649, 109.500
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is testing 1.02558. If the pairs stays below this level the pair will decline to 1.01744.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.00907, 1.00067


Market review for 18.04.13: The rumors that the Societe Generale has suffered heavy losses caused panic in the financial markets.

Asian and European trading sessions:

Euro: The EUR / USD pair rose to $ 1.3075 level due to presented by international agency Moody 's Investors Service today’s information showed that the Germany's sovereign rating remained unchanged - at' AAA ' thus confirming the highly competitiveness of the German economy of and a high level of investor confidence in it. Although the sovereign rating received a "negative "outlook the high level of investor confidence is still based on an advanced, diversified economy and a great track record of macroeconomic stability policy, which is reflected in the very low cost of debt financing. The trading dynamics of the currency were also supported by the positive results of the auction for 5 - year bonds of France where the low record level of yield of 0.73% was recorded. Today, also, Spain held an auction for 3 -, 5 - and 10- year government bonds and was able to attract the amount of €4.71 billion, exceeding the target range of 3.5-3.5 billion were an average yields showed also some decline.

British Pound: The GBP / USD pair dropped to $ 1.5215, after rose to $ 1.5296 during the European session. The pound’s fell happened after the data from the Office for National Statistics showed that in March the volume of retail sales in the UK fell markedly, which brought evidence of instability of the consumers’ finances and weak prospects for sustainable, long-term economic recovery. The volume of sales, however, increased in the first quarter of this year due to strong increase store sales in February. The economists pointed out that these data supported the tentative signs that the UK can avoid a return to recession for the third time in five years. In details, in March retail sales fell by 0.7% compared to February and were up 0.5% compared with the same month a year earlier where the average estimates of experts was that the values would be reduced by 0.3% and 0.4%, respectively. The level of annual sales for the previous month was revised down to growth of 2.5%, compared to the initial estimate of 2.6% increase.

Australian Dollar: The Australian dollar retreated from month lows after the release of statistics on the real estate market in China. The government of China which monitors the index of house prices informed that the index rose in 68 of the 70 cities of China.

New Zealand Dollar: The New Zealand dollar rose on positive report from the Bank of New Zealand. In March, the number of announcements of new jobs increased by 0.7 % confirming its second consecutive month of growth.

American trading session:

U.S. Dollar: The published by the Federal Reserve Bank of Philadelphia report, revealed today that the business activity among manufacturers located in Philadelphia region declined this month, but still remained in expansion. The Philadelphia Fed manufacturing index fell in April to the level of 1.3, compared with growth in February to the level of 2.0 and surprised many economists who forecasted the average rise of the value to the level of 3.1.

Euro: The euro in this session declined against its competitors on an ambiguous statistics and some rumors that came out during the trading hours. The rumors that the Societe Generale has suffered heavy losses caused panic in the financial markets. After these rumors were denied by SocGen, the EUR / USD pair fond support at the 1.3046 level.
Gold: The price of the June gold futures rose to 1402.5 dollars per ounce on COMEX today. The prices were able to recover nearly 3% after big sell-off happened couple days ago where the prices dropped due to decline in world markets amid prospects of slowing of the inflation and fears that gold will be sold by central banks.

Oil: The cost of oil rose today from its four-month lows against the successful results of the Spanish bond auction and the strengthening of the euro against the dollar. The cost of WTI May futures rose to 88.60 dollars a barrel on the NYMEX.


Market review for 17.04.13: The “greenback” was in demand today due to overall negative behaviorof the world markets.

Asian and European trading sessions:

Euro: The EUR / USD pair fell to $ 1.3084 during the European session. The trade dynamics of the currency were affected by the data, which showed that the construction output in the euro area has declined in February; however, its pace of decline compared to the previous month was not so big, which added hopes that the euro can survive its sixth consecutive quarterly economic downturn. According to the report, the construction fell by 0.8% in February, compared with a fall of 2.1% in the previous month. The initial estimates were at the level of fall by 1.4%. It was the fourth consecutive monthly decline of the value.

U.S. Dollar: The dollar rose sharply against its rivals today, which was partly due to the fact that the French government presented its stability program. As it became known to reduce the budget deficit in 2014 will be 70% achieved through reducing of the spending cuts. Meanwhile, it was noted that the budget deficit should amount to 2% of GDP in 2015 and 1.2% of GDP in 2016. On the way to it, the debt will peak at 94.3 % of GDP in 2014 against 93.6 % in 2013, and the budget deficit should reach 3.7% of GDP in 2013 and 2.9% in 2014. The French government predicted the GDP’s growth by 2% in 2015 and beyond.

British Pound: The pound dropped significantly against the dollar, losing in the moment about a half of figure. The reason for this sell-off was the data that was published by the Office for National Statistics which showed that the number of people, who applied for unemployment benefits unexpectedly fell last month, thus surprised many of experts. According to the report, the number of applications dropped by 7K in March reaching the total of 1,530K applications, where the average forecast of economists was on value remained unchanged. The trading dynamics of the pound were also affected by the publication of the minutes of the Bank of England from April 3-4, which showed that the MPC voted unanimously for having to leave the rates unchanged at 0.5 %. The six members where for and three against for keeping of the asset purchase program at £ 375 billion amount. The GBP / USD pair fell to $ 1.524 during the European session.

Japanese Yen: The yen fell today for a second day against all major currencies against the continuation of the presented pressure occurred due to recently announced measures which were taken by the Bank of Japan in order to mitigate the monetary policies. An additional pressure on the yen applied the positive dynamics of the American stock indices happened at the beginning of this day which reduced demand for safe haven assets. The USD / JPY: yesterday the pair rose to Y98.40, then, however, corrected to the Y97.60 level at the European session.

Australian Dollar: The Australian dollar tried to grew after yesterday's rally in the stock and commodities market, which increased demand for higher-yielding assets.

New Zealand Dollar: The statements of the Fonterra Cooperative Group had a positive impact on the New Zealand dollar’s trading dynamics. The world leader in the supply of dairy products informed about strong rise in prices for milk powder. According to the site Global Dairy Trade Fonterra, the milk powder price for delivery rose by 4.4 % in June to a record $ 6,283 per ton. However, the publication of the results of the consumer price index report provided the certain pressure on the currency’s dynamics. The index raised by 0.9 % compare with year earlier and matched the expectations of analysts of keeping the target level of inflation in the country.

American trading session:

U.S. Dollar: The “greenback” was in demand today as many sellers demonstrated their power which was shown on overall behaviors of the world markets. The dollar index strengthened above the 82.5 level.

Euro: The euro exchange rate decline even more on the American session after in an interview published by the WSJ, the head of the Bundesbank, Mr. Weidmann mentioned that the ECB may cut interest rates in the event of further deterioration of the economic situation. The EUR / USD pair drooped to $ 1.2995 during the session.

Canadian Dollar: The Canadian dollar was slightly higher against the U.S. dollar during the press release of today’s conference, where neither the Governor of the Bank of Canada, Mark Carney nor the deputy Central Bank governor Tiff Macklem did not signal on their willing to give up keeping tight monetary policy in Canada. The Bank of Canada left the key interest rate unchanged at 1%.

Gold: The Gold prices rose due to increased demand for gold bars and coins after yesterday’s sell-off to the two-year lows. The cost of the June gold futures rose to 1395.2 dollars per ounce on COMEX today.

Oil: The May futures of WTI fell to 86.04 dollars a barrel on the NYMEX. The prices fell today by 2.2 % after the Energy Information Administration reported that oil production rose to the highest level since July 1992, the level of 7.2 million barrels a day.


Technical analysis for 18.04.13

EURUSD
The pair is trading between resistance 1.31674 and 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has worked out the Head and Shoulders figure.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is rising to 98.718.
Resistance: 98.718, 101.657, 105.649
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has broken 1.03535 and aiming to 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.00907, 1.00067


Technical analysis for 17.04.13

EURUSD
The pair has risen to 1.31674.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063. If the pair breaks 1.53348 the pair will rise to the Moving Average (100) at 1.54842.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders, the end of the figure is at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is rising to 98.718.
Resistance: 98.718, 101.657, 105.649
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has declined to 1.03535. If the pair stays below this level the pair will decline to 1.02558.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.00907


Market review for 16.04.13: The Euro made the biggest one-day rise since January on results of the inflation report for the euro area.

Asian and European trading sessions:

Euro: During the European session the euro rose against its rivals. The EUR / USD pair retreated from yesterday's lows and grew to $ 1.3145 area. The reason for that sharp growth was the result of the annual inflation report released today by the European Central Bank, which showed that at the end of last month the rate of inflation in the euro area declined below the target level. According to this report, the March’s figure was the lowest since August 2010. It recorded the annual rate of inflation at a level of 1.7 %, compared to 1.8 % in February, confirming an earlier estimate of analysts.

British Pound: The pound grew today after the report showed that consumer price index remained above the target level which was designated by the Bank of England. The inflation rate in the UK remained stable in March, but was still above the target level. According to the report released today by the Office for National Statistics, the annual rate of consumer price inflation in March remained at 2.8%, despite the expectations of economists of rising to 2.9%. The GBP / USD pair during the European session grew to the high of $1.5327.

Japanese Yen: Despite yesterday's strengthening against almost all its competitors amid the mitigation of monetary policy adopted by the Bank of Japan, the yen fell today resuming its previous trend. The USD / JPY pair rose to Y98 level during the European session. Also, the dynamics of the trade were affected by the official information published today, which showed that the international rating agency Moody's changed the rating outlook of China's government bonds to “stable” from ”positive”, confirming its rating at " Aa3 " stage.

American trading session:

U.S. Dollar: The dollar weakened today, the dollar index fell below 82 levels cutting off yesterday's results, because of the recovery in gold prices and U.S. equities which erased demand for safe assets.

Euro: The euro rose to a seven-week high against the U.S. dollar to the level of almost $1.32 after the stop orders on short positions on the euro were triggered and boosted the single European currency to its highest levels since the end of February 2013. The euro closed today almost making the biggest one-day rise since January 2013.

Gold: The price of gold went green for the first time in two days where the aggressive sales were involved and returned to positive territory. The cost of the asset is still far of covering up all of its lost positions. The U.S. spot gold grew today to $ 1401 area.

Oil: The price of oil has also bounced back after recent sell offs and the May futures for WTI rose to 88.73 dollars a barrel on the NYMEX. However, the pressure on oil trading dynamics existed due to some speculations that U.S. crude inventories would demonstrate growth in its upcoming report.


Technical analysis for 16.04.13

EURUSD
The pair has tested Fibonacci 38% 1.31222, couldn’t break it and declines to 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063. If the pair breaks 1.53348 the pair will rise to the Moving Average (100) at 1.54842.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders. If the pair breaks 0.93069 the pair will decline to 0.92026.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has declined to 96.400 and rolling back to 97.491.
Resistance: 97.491, 98.718, 101.657
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has declined to 1.03535. If the pair stays below this level the pair will decline to 1.02558.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.00907


Market review for 15.04.13: The risky currencies had a nasty spill today when China showed slowdown in economic growth in the first quarter of 2013.

Asian and European trading sessions:

Euro: The euro fell after ratings agency Moody's downgraded the credit rating of the Cyprus’s largest bank, Bank of Cyprus, by two stages - from "Caa3" to default level “C". The expectations of large losses on uninsured deposits deposited in the Bank of Cyprus, that was the issue which reflected the rating report of the Moody’s agency. The EUR / USD fell to $ 1.3050 pair during the European session.

U.S. Dollar: The dollar index grew today as the “greenback” was in demand due to the negative dynamics occurred on all stock and commodity markets.

British Pound: The GBP / USD pair fell to $ 1.5307 during the Asian session. The currency, however, did not get under negative pressure which was during all day on the markets and was able to recover on next following session after the report on house prices showed that in Britain the house prices rose in April, which was the fourth monthly increase. The issue increased an optimism of investors about the possibility of avoiding another recession in Britain. For the growth of the pair, also contributed the expectations of future currency report on inflation, where the increase on a monthly basis by 0.3% is expected. The GBP / USD pair rose to $ 1.5344 during the European session.

American trading session:

Japanese Yen: The yen rose against all major currencies after China in the first quarter of this year showed a slowdown in economic growth in the country. The issue generated the demand for the asset with safe-haven status. The analysts had expected a rise of GDP in the first quarter by 8%, however, according to figures released today by the State Statistical Bureau of China, the growth of this index for the period was only 7.7%. The growth was lower by 0.2% compare with the fourth quarter of 2012, which recorded 7.9%. Additional impulse to the growth of the Japanese currency was the speech made on April 12 of the Finance Minister of United States, who called Japan to refuse of taking actions for intentional devaluation of the yen. The U.S. Treasury stated that a large-scale measures of the Bank of Japan's lead to the sharp drop in the yen exchange rate and caused concerns due to the possibility of devaluations of other currencies by trading partners. The USD / JPY pair fell to Y95.80 in the moment.

Australian and New Zealand Dollar: Australian and New Zealand dollars fell after Chinese data showed that their largest trading partner, lost momentum of economic growth. Also,for the dropp of rates of these currencies contributed today’s nasty spill which happened on the commodity and stock markets

Gold: The price of gold has fallen by more than 10 % against the statistics from China, were worse than expected. The investors' feared about continuation of the negative dynamics of prices for precious metals, which was occurred on Friday. The cost of June gold futures dropped to 1336.60 dollars per ounce on the COMEX today.

Oil: The cost of WTI oil brand fell to its lowest level this year, after data showed that China's economic growth unexpectedly lost its momentum. The May futures of WTI fell to 87.09 dollars a barrel on NYMEX.


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Market review for 11.04.13: The U.S. dollar was temporally supported by the positive results of the Initial Jobless Claims report for U.S country.

Asian and European trading sessions:

Euro: The euro rose to the six weeks high against the dollar amid positive results of the auctions of the Italian and Spanish bonds. In details, Italy held an auction of 3 -year government debt and was able to attract 7,169 billion euro, exceeding the planned amount of 5.5 -5.7 billion euro where the average yield of the bonds was 2.29 %, compared to the result of the previous auction 2.48 %. This was the lowest value since January, which indicated that the debt crisis in Europe is possibly waning. The EUR / USD pair rose to $ 1.3138 during the European session.

Japanese Yen: After strengthening in the moment to the level of 99.6 yen per one dollar, which was 0.1% away from the rate Y100 yen per dollar for the first time since April 2009, the Japanese currency started to grow. It rose against most major currencies amid signals from technical indicators about its possible oversold and possible correction after its recent sharp drop. The USD / JPY pair fell to Y99.36 area during the European session.

Australian Dollar: The unemployment rate in Australia rose to 5.6% while the economists had expected unemployment rate to be unchanged at 5.4%. Also, the employers in March were forced to cut 36,100 jobs. After the Bureau of Statistics revealed this disappointing data the Australia's currency weakened against its counterparts.

New Zealand Dollar: The New Zealand dollar rose today amid the statements of the country's Finance Minister, Bill English who said that the budget for the 2013-2014 fiscal years will be designated for achieving of positive surplus in 2014-2015 financial years. The strong results of the index of activity in the manufacturing industry published by New Zealand's BNZ Capital-Business NZ remained above the 50 level indicating still positive activity, also contributed to the growth of New Zealand currency. In fact, in March the seasonally adjusted index fell to 53.4 against 56.0 in February, however, was above 50 levels. The housing market of New Zealand, according to the report of the Institute of Real Estate of New Zealand (REINZ), also brought positive results. The average price of housing increased in March by 4.7% compared to February and totaled at 400K New Zealand dollars (344K of U.S. dollars).

American trading session:

Canadian Dollar: The Canadian dollar grew sharply for the third day against the U.S. dollar, just only because the fact that investors were buying higher-yielding currencies of exporting countries.

U.S. Dollar: A little support for the U.S. currency provided the result of the report that showed that the number of U.S. workers who filed new applications for unemployment benefits fell for the first time in four weeks. The number of unemployment benefits fell by 42K to a seasonally adjusted to 346K in the week ended April 6 where the economists had forecasted this value for 360K only. This was the biggest weekly drop since November 2012. However, the support for the dollar was temporary as the confidence of investors that central banks around the world will support measures to stimulate the economy pressured the dollar trading dynamics. The dollar index dropped today as the demand for the higher-yielding assets has been strengthened.
Gold: The gold prices rose, recovering from at this week's low. The dynamics of the asset was affected by the results of the published U.S. data. The May futures for gold grew to 1568.60 dollars per ounce on COMEX today.

Oil: The oil prices fell after analysts cut forecasts for global economic growth and demand for oil. It also fell due to fact that crude oil in the U.S stocks has reached its highest level in more than two decades. The May futures for WTI fell to 93.03 dollars per barrel.


Technical analysis for 11.04.13

EURUSD
The pair is testing Fibonacci 38% 1.31222.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063. If the pair breaks 1.53348 the pair will rise to the Moving Average (100) at 1.54842.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders. If the pair breaks 0.93069 the pair will decline to 0.92026.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has risen to 98.718.Next resistance level is at 101.657.
Resistance: 101.657, 105.649, 109.500
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is trading between 1.05332 and 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 10.04.13: The commodity currencies got support from the positive data of China's imports.

Asian and European trading sessions:

Euro: The EUR / USD pair traded in the range of $ 1.3071-1.3110 during the Asian session. At the beginning of the next following session the euro rose against its rivals as the data for industrial production in France, in was better than expected. The single European currency also rose to its three years high against the yen, while last week's announcement of aggressive measures for easing the monetary policy by the Bank of Japan continued to provide indirect support for the euro.

Japanese Yen: The yen got hammered one more time today when the Japanese Prime Minister, Shinzo Abe said the depreciation of the yen has a general positive effect on the Japanese economy. The USD / JPY pair traded in the range of Y98.90- 35 during the Asian session. Later, the currency was able to offset earlier losses incurred after the Bank of Japan Haruhiko Kuroda said that the bank has done enough at this point, suggesting a pause in the easing cycle. Mr.Kuroda also said that the purpose of the monetary policy is not determined by the depreciation of the Japanese currency exchange rate. The USD / JPY pair fell to Y98.95 during the European session after this news.

Australian Dollar: The Australian currency continued to grow for the third consecutive day after today's report on statistics from China. The China’s imports rose by 14.1% in March, compared with the previous year twice exceeding the expectations of analysts, who expected to see its growth by only 6 %.

American trading session:

Euro: The other published results for the euro were not so favorable. The EUR / USD pair dropped to $ 1.3052 on report for industrial production in Spain and Italy, which recorded decline.

U.S. Dollar: On the publication of the minutes of the Fed for March 19 and 20, which was suddenly released a 5 hours earlier than planned, showing that members of the FOMC continued to discuss the 85 -billion program of QE, and the time when it should be shut down, the dollar rose against the euro. The minutes showed that almost all Fed officials want to keep a bond purchasing program at least until mid of 2013 year.

Commodity currencies: The commodity currencies of Australia, New Zealand and Canada grew rose against the U.S. dollar after China reported its trade deficit of $ 880 million in March against surplus 15.25 billion dollars in February. Also the support for commodity currencies was received by the data showing that China's imports rose in March by 14.1% after a decline of 15.2 % in February. The expected of increase in imports were at by 6.1%.

Gold: The price of gold fell down below $ 1570 level ahead of the publication of minutes of the last meeting of the FOMC. The May futures of gold declined to 1556.50 dollars per ounce on COMEX today.

Oil: As it became known today, that the OPEC cut its outlook for growth in oil demand in 2013 to 40K barrels per day, remarking that the revision of the forecast of the demand was associated with fears over Cyprus. The May futures of WTI fell to 93.30 dollars per barrel, and then grew to 94.8 on NYMEX.


Technical analysis for 10.04.13

EURUSD
The pair is testing Fibonacci 38% 1.31222.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders. If the pair breaks 0.93069 the pair will decline to 0.92026.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has risen to 98.718.Next resistance level is at 101.657.
Resistance: 101.657, 105.649, 109.500
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is trading between 1.05332 and 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 09.04.13: The Australian currency substantially grew on boosted demand for higher-yielding assets.

Asian and European trading sessions:

Euro: The dynamics of the currency were fluctuated amid weak statistics on the trade balance of Germany. As it was informed by the Federal Bureau of Statistics the exports to all regions of the world declined in February, showing drop by 1.5 % compared with the previous monthly report and by 2.8 % compared with the same period of the last year. Although the recovery of the economy continues, the growth is much weaker than it was previously expected. The published data as well indicated a difficult in recovery of German economy after the decline of GDP in the 4th quarter. The German imports also declined in February, indicating a weak domestic demand and difficulties in trade within the euro area. The EUR / USD pair fell to $ 1.3028 by the end of the European session.

U.S. Dollar: The dollar continued to fall on the background of recent statements from the Federal Reserve Chairman Ben Bernanke who said that the U.S. economy continues to recover from the financial crisis, but the situation there is still far from desired. "Today’s economy is much stronger than it was four years ago. However, the situation is still far from what we would like to see, "- said Bernanke, speaking at a conference in Atlanta, Georgia. The dollar index fell, as traders continued to sell the currency amid continuing stimulation of the U.S. and Japanese economies.

British Pound: The published today reports indicated the reduction of the risk for economy in slipping back into recession in the 1st quarter of 2013. The British pound rose after data showed that UK manufacturing grew in February more than expected. The National Bureau of Statistics informed today about the growth of industrial production by 1% in February compared to the previous month. For the rise of the value contributed the recovery of oil and gas sectors and the growth in the mining industry. The manufacturing industry has also increased by 0.8% for the same period of time. The GBP / USD pair rose to $ 1.5332 during the European session.

Australian Dollar: The Australian currency grew substantially for the second day, as the monetary incentives of the U.S. and Japan boosted demand for higher-yielding assets. The published inflation data, which showed a slowdown in growth of the consumer price index in China thus weakened the excitement about possible tightening of monetary policy by the government, also supported the growth of Australian dollar’s rate. The CPI in March fell by 0.9% in monthly term compared forecasted decrease by only 0.6%.

American trading session:

Japanese Yen: The yen fell again; the USD / JPY pair recorded today new high of Y99.70 during the European session after the Japanese Prime Minister Shinzo Abe said the depreciation of the yen has had an overall positive impact on the economy. The pair was supported by buyers as well at the American session who kept it above Y99 level.

Euro: The euro raised to a three-week high against the U.S. dollar, to the level of $1.31on the background of good results of bonds’ sales which showed high demand. As it was informed by the European Financial Stability Fund, the five-year bonds were sold in the amount of EUR 8 billion, while the volume of supply was at 14 billion euro.

Gold: The gold prices rose sharply above $ 1580 level, which was helped by the further weakening of the U.S. currency. The May futures of gold grew to1589.60 dollars per ounce on COMEX today.

Oil: The support for oil prices was provided by the positive data on inflation in China, which might help strengthening the demand for oil in the second largest oil consumer country in the world. The May WTI prices were up to 94.47 dollars per barrel on NYMEX.


Technical analysis for 9.04.13

EURUSD
The pair has risen to the Moving Average (500) at 1.30277. The pair may rise to Fibonacci 38% 1.31222.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has risen to the Fibonacci 23% 1.53348 and rolling back to support 1.52063.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders. If the pair breaks 0.93069 the pair will decline to 0.92026.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has risen to 98.718.Next resistance level is at 101.657.
Resistance: 101.657, 105.649, 109.500
Support: 96.400, 95.200, 94.089
AUDUSD
The pair is trying to stay above 1.04407 and aiming to 1.05332.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 08.04.13: The demand for the Euro currency is growing in spite of negative results of the Sentix Investors Confidence Index.

Asian and European trading sessions:

Euro: It was announced today by the Sentix GmbH that the index of confidence of European investors Sentix in April updated its 20th consecutive month low on pessimism of investors, falling to -17.3 versus -10.6 in the previous month. The analysts had expected a drop to only -12.6. The other data released earlier by Eurostat, showed that euro zone economic sentiment also deteriorated in March. The corresponding index fell to 90 from 91.1 in the previous month. The relapse was determined by reduction of all types of business, while consumer confidence generally remained stable. The EUR / USD pair fell below $ 1.2970 level during the earlier sessions.

Japanese Yen: The yen fell to its lowest level since June 2009, to a level of Y99 against the 1U.S. dollar on fears of the consequences associated with the new incentive measures the Bank of Japan. It weakened on ongoing speculations that the last week's announcement by the Bank of Japan's measures purposed to fight the deflation will lead to further currency depreciation. Recall that the new President of the Bank of Japan, Haruhiko Kuroda, the fierce supporter of active easing of monetary policy, in a few weeks ago, has promised to achieve the target of inflation rate of 2% in two years. The USD / JPY pair during the European session the pair rose to Y99.00 level.

American trading session:

Canadian Dollar: The Canadian dollar continued to drop today against most of the major traded currencies, on background of negative statistics submitted at the end of last week. Recall that the number of employed persons decreased in March by 54K people compared with growth by 50.7K in the previous month, which was a big surprise to many economists expecting growth of value by 7.6K. The other data showed that the unemployment rate rose last month to 7.2%, compared to 7 % in February, where many of the analytics expected the value of the indicator unchanged.

Euro: The euro rose this session against the dollar, continuing its rally after recent report on industrial production in Germany the result of which grew in February. This news lead to the fact that Europe's largest economy is recovering slowly from the recession in the 4th quarter of 2012. The EUR / USD pair rose to $ 1.3040.

Gold: The gold prices fell today after rising to 1580.40 dollars per ounce in the previous session. The drop in prices was associated with the moving of investors ‘capitals towards risky assets like stocks and euro. The May futures of gold declined to $1567 area on COMEX today.

Oil: The May futures of the U.S. light crude oil, WTI rose to 93.60 dollars per barrel today. The prices recorded slight growth after recent big decline, on background of recent conflicts in Nigeria, as well as on failure in discussions between Iran and World leaders.


Market review for 04.04.13: The trading dynamics of the Euro, Yen and Pound fevered on the news from the BoJ and the ECB.

Asian and European trading sessions:

Euro: The EUR / USD pair was trading around $ 1.2840 during the Asian session. At the beginning of the European session, the euro fell on published today report showed that the decline in activity in the private sector of the euro area has increased in March. Germany which contributes mostly to the value of this index almost reached the level of stagnation, thus many economists as the result pointed that the euro zone is about to step on its way to his sixth quarterly decline. In details, the final composite PMI, which measures the performance of both the service sector and the manufacturing sector, fell last month to the level of 46.5, compared to 47.9 in February. The PMI for the services sector dropped to a mark of 46.4 versus estimated 46.5. Meanwhile, the report for annualized producer price index increased by only 1.3% and showed that the inflation slowed in the euro area in February. However, the monthly growth was much slower than the 0.4% recorded in January, demonstrating the increase of 0.2%. But in spite of such a significant decline, the euro was able to recover from its first negative reaction and showed impressive up move after the ECB informed about leaving the interest rate unchanged. The EUR / USD pair strengthened to $ 1.2780.

British Pound: The cost of the British pound against the dollar has increased significantly, restored almost all the losses that have been incurred in the first half of the European session. The data on activity in the services sector, which showed considerable growth moving up with the fastest rate of expansion in the last seven months, contributed for such strong positive dynamics of the currency. The seasonally adjusted PMI for the services sector was way above 50, which indicates expansion and according to the report, rose in March to the level of 52.4 up from 51.8 in February with the forecasts of the value of this index were to rise to 51.4 only. In addition, it was reported that the number of new orders also rose, registering with the largest increase in the last ten months. The GBP / USD pair during the European session was able to rise to $ 1.5195 area.

Japanese Yen: The yen fell dramatically against all major currencies after the Bank of Japan announced its decision to keep the benchmark interest rate unchanged at 0-0.1 % and extended the program to repurchase assets by 50 trillion yen - up to 151 trillion yen per year. This meant that the Bank of Japan announced higher than expected measures to stimulate the economy, which tend to devalue the currency. In addition, the regulator intended to start buying government bonds with maturities greater than the limit of three years. The new limit was extended to seven years. The USD / JPY pair rose to Y95.85 level on this news.

Australian Dollar: The Australian dollar reacted positively on published today macroeconomic statistics and rose the fifth consecutive day. In February, the Australian retail sales on monthly term rose by 1.3 %, after rising by 1.2% in January and forecasts of 0.3%. Also, the report on the building permits the results of which, according to the seasonal correction, rose in February by 3.1 positively affected the dynamics of the asset.

American trading session:

U.S. Dollar: The dollar reacted positively on the published today data by the Department of Labor. The dollar index grew above 83 areas when the number of initial claims for unemployment benefits increased markedly showing addition of 28K and reaching 385K level. The issue registered the third consecutive weekly increase and showed a potential sign of slowing economic growth. Furthermore, the report on continuing applications for unemployment benefits in the week ended on March 23 amounted to 3,063K while the forecasts were at the level of 3,050K.

British Pound: The growth of the rates also contributed to the decision of the Bank of England and the ECB to leave the key interest rates level unchanged at 0.5% and 0.75% respectively. The GBP / USD pair continued to rise this session also and strengthened to the area of $1.5245.

Gold: The gold prices were kept in a minimum of 10 months trading in the range of $1540- $1560 per ounce, as investors were mainly more focused on currencies the trading dynamics of which fevered on the news from the Bank of Japan and the ECB.

Oil: The cost of oil fell deeply today reaching in momentum the area of 92.11 dollars per barrel for WTI May futures amid weak data on the U.S. labor market and the comments of the ECB on the existing risks for the economy of the euro region.


Market review for 03.04.13: The Euro reacted positively when the March’s CPI slowed less than economists had forecasted.

Asian and European trading sessions:

Euro: During the Asian session the EUR / USD pair fell to $ 1.2790. The euro currency continued yesterday's decline ahead of upcoming meeting of the European Central Bank where a readiness of taking economic stimulus program in the near future may be announced. On the next following session, the EUR / USD pair rose to $ 1.2860.The euro recovered from previous lows setting new sessions high as the dynamics of pair were affected by the data showed that the level of consumer price inflation in the euro area declined monthly for the third time in a row. The CPI slowed in March less than economists had forecasted. According to the report, the harmonized index of consumer prices rose last month by 1.7% in March in a yearly term, compared with an increase of 1.8% in February and forecasts of 1.6%. It was also learned that the greatest contribution to the overall increase made growth of food, alcohol and tobacco prices, which grew by 2.7% per year. At the same time, the report showed that energy prices have also increased at a slower rate - by 1.7%, compared with an increase of 3.9% in February.

British Pound: The GBP / USD pair fell to $ 1.5156 during the European session. The pound rose against the dollar after the report which was introduced by the Bank of England, showed that at the UK loan market many lenders claimed that the program loan financing (FLS) had reduced the cost of borrowing for companies and households. The report also indicated a significant increase in demand for loans from small and large companies in the 2nd quarter.

Japanese Yen: The yen fell ahead of two-day meeting of the Bank of Japan which started today. Most of economists expect that the outcome of the April meeting of the Bank of Japan will be as an increase of the asset purchase program as purchasing medium-and long-term government bonds (5 years). The USD / JPY pair firstly grew to the level of Y93.64 then fell to the area of Y92.88 during the European session.

American trading session:

U.S. Dollar: The dollar weakened against its competitors on weak data of ADP and ISM services sector. The Automatic Data Processing Inc (ADP) data published today revealed that the number of employees has grown much less than many economists had forecasted. The number of jobs, accordingly the report, in the private sector in the U.S. rose only 158K in March, compared with a revised towards increase at the previous month to the level of 237K. Another report from the Institute for Supply Management (ISM) showed that the index of business activity in the services sector has declined significantly falling in March to the level of 54.4, compared with 56.0 in February. The figure was reduced to the level of 55.9 accordingly the experts’ expectations.

Australian Dollar: The Australian dollar rose substantially against most major currencies after it was reported that Australia’s trade balance for the last month has surprisingly changed. In the report, the Australian Bureau of Statistics noted that the rate of seasonally adjusted has changed to -0.18B from the -1.22B of the previous month. These data has been revised from -1.06B. The analysts had expected the trade deficit will rise to -1.00 billion only.
Gold: The cost of June gold futures dropped to the 1550.1 dollars per ounce today on COMEX. The reason for this fall was the willing of the investors to transfer their funds towards risky assets on a wave of optimism about the U.S. economy.

Oil: The Oil prices fell; the May WTI futures dropped to 94.22 dollars per barrel after the U.S. Energy Information Administration reported government data showed that the amount of U.S. crude oil rose in the stock inventories to their highest level in more than 22 years. Therefore, the WTI Oil futures traded in New York fell today more than 1.9 %.


Technical analysis for 4.04.13

EURUSD
The pair stays below 1.28630 and aims to Fibonacci level 23% at 1.26897.
Resistance: 1.28630, 1.30277, 1.31674
Support: 1.26897, 1.25690, 1.23907
GBPUSD
The pair has declined to 1.50594. If the pair breaks this level the pair will decline to 1.49213.
Resistance: 1.52063, 1.53482, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair stays below 0.95075, the pair may decline to 0.93949.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair has returned to Fibonacci 23% at 92.580.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair is trying to stay above 1.04407 and aiming to 1.05332.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 02.04.13: The Euro got under pressure after the unemployment rate in the euro area remained unchanged in February at the level of 12.0%.

Asian and European trading sessions:

Euro: The euro fell against the dollar after presented data, which showed that the unemployment rate in the euro area remained unchanged in February at the level of 12.0%, and was in line with economists' forecasts. A year earlier, the unemployment rate in the EU was 10.2 %. The EUR / USD pair fell to $ 1.2823 during the European session.

U.S. Dollar: The dollar fell in anticipation of the publication of data on the U.S. labor market. According to the forecasts of economists, the upcoming release from the Research Institute of ADP for last month would show that the employment growth might rise to 200K jobs, after increasing by 198K in February. In addition, the most likely the unemployment rate in March would be the same as in the previous reporting period, at a value of 7.7%.

Japanese Yen: The yen rose in anticipation of the two-day meeting of the Bank of Japan, which will start tomorrow. Recall that in this month the Bank of Japan will hold two meetings. The next meeting of the Board of the Central Bank of voting was scheduled for April 26. The position of Prime Minister Shinzo Abe, who said at the parliament that the Bank of Japan should not "sacrifice everything" in order to achieve the inflation target of 2%, supports the rising move of the yen today. The USD / JPY pair fell to Y92.55 during the Asian session and was able to recover to the level of Y93.35 during the European session.

Australian Dollar: The Australian dollar rose today after the Reserve Bank of Australia again did not change its key interest rate, leaving it at the level of 3% per annum, the minimum level for more than 50 years. The decision of the Bank coincided with the market expectations.

American trading session:

British Pound: The pound fell for the first time in four days against the dollar after a report showed that the UK recession in the manufacturing sector continued last month. However, the rate of decline of manufacturing sector activity was less significant than in the previous month. Accordingly the report, the PMI for the manufacturing sector rose last month to the level of 48.3 recovering from a four-month February’s low at 47.9. The rate of decline in the number of new orders slowed slight decline compared to the previous month, and the other data showed that the volume of production at factories in Britain had dropped significantly, demonstrating the biggest decline since October last year. The GBP / USD pair fell to $ 1.5096 during the session.

Euro: The pressure on the single currency also had a weak data of the Purchasing Managers Index (PMI) for the manufacturing activity in the euro region, which showed decrease in March to 46.8 compared with 47, 9 in February. The index fell to its lowest level since December and values below 50 give signaling one more time about decreasing of the activity. Published data are further evidence of reduction of GDP of euro area in the first three months of 2013, which means continuation of the economic recession. The EUR / USD pair dropped to $ 1.2808 area during the session.

Gold: The gold became cheaper pressured by strong dollar. The Cost of June gold futures dropped to 1573.6 dollars per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate, WTI (Light Sweet Crude Oil) fell for a second day on speculation that tomorrow's report, would reveal that the U.S. crude stocks rose to their highest level in more than 22 years. The cost of May futures for U.S. light crude oil fell to 95.89 dollars per barrel.


Technical analysis for 3.04.13

EURUSD
The pair stays below 1.28630 and aims to Fibonacci level 23% at 1.26897.
Resistance: 1.28630, 1.30277, 1.31674
Support: 1.26897, 1.25690, 1.23907
GBPUSD
The pair has declined to 1.50594. If the pair breaks this level the pair will decline to 1.49213.
Resistance: 1.52063, 1.53482, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair is testing 0.95075. If the pair breaks this level the pair will rise to 0.96220.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair has tested Fibonacci 23% at 92.580 and rolling back to 94.089.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair is trying to stay above 1.04407 and aiming to 1.05332.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 01.04.13: The yen strengthened against the disappointed results of the Tankan index released today.

Asian and European trading sessions:

Euro: The single currency rose above $ 1.2800 in anticipation of the ECB meeting this week, where the analysts expect the European Central Bank will leave rates at a record low of 0.75%. The decision will be announced on April 4. Meanwhile, experts say that the process of economic recovery is likely to remain too slow in the coming months while the recent fall in the euro may provide additional support for the manufacturing sector and the export sector ,however, events in Cyprus may, in turn, undermine confidence among companies and households in the near future. The EUR / USD pair rose to $ 1.2848 during the European session.

Japanese Yen: The yen strengthened against the negative dynamics of the Asian stock markets, which increased demand for safe assets. The results of the Tankan index released today were disappointed. The quarterly Tankan index rose in March to - 8 points compared to minus 12 in December, thus showing that the confidence among large Japanese companies processing industry for the quarter improved less than it was expected by economists, who predicted value at -7. The USD / JPY pair fell to Y93.27: during the European session.

Australian Dollar: The Australian dollar fell after the level of manufacturing activity in China fell unexpectedly in March. As it was informed by the logistics information center of China, the manufacturing activity in China (PMI) declined to 50.9 from 50.1 in the previous reporting month and the analysts’ expectation of growth to 51.2 levels.

American trading session:

Japanese Yen: The yen rose to the highest level in four weeks against the dollar after the release of the U.S. manufacturing sector activity data revealed an unexpected decline of the indicator of in March. The ISM Manufacturing Index of the Institute for Supply Management (ISM) fell in March to 51.3 from 54.2 in February, pointing to a sharp slowdown in manufacturing activity in the U.S. last month. The economists had expected the index at the area of 54.2.

U.S. Dollar: The “greenback” dropped on the presented today data of the Institute for Supply Management (ISM), which demonstrated that in March the manufacturing index was below the forecasts. The ISM Prices Paid report also fell in March to the values of 54.5 versus forecasted 60 and 61.5 in February.

Euro: The currency had slight correction of its upward move today. It fell in anticipation of the tomorrow's labor market data, which may show that the unemployment rate in the euro zone rose to a record high. Te EUR/USDD pair was trading lower this session also before the meeting of the European Central Bank, which will announce its decision on interest rates. Most of economic analysts expect that the European Central Bank President will leave rates at a record low 0.75%.

Gold: The Gold prices were stable today, while the major European exchanges closed for a holiday, and investors were less concerned about the situation in Cyprus. The Cost June gold futures traded in the range of 1595.1 - 1601.5 per ounce on the COMEX.

Oil: The Oil prices were down today due to the negative came from China, Japan and the U.S. statistics and as well as because of concerns on weak demand for commodities. In addition, the WTI prices fell by more than 1.4 % on news that the Exxon Company has not resumed operation of the Pegasus pipeline, which was closed on March 29 because of the break and the oil spill in Arkansas. The cost of WTI May fell to 95.91 dollars per barrel, however, was able to grew to 97.09 dollars per barrel.


Technical analysis for 2.04.13

EURUSD
The pair is moving in the downline trend and testing 1.28630. If the pair stays below this level the pair will decline to Fibonacci level at 23% 1.26480.
Resistance: 1.28630, 1.30277, 1.31674
Support: 1.26897, 1.25690, 1.23907
GBPUSD
The pair has returned to 1.52063 and trying to break it. The pair may rise to 1.53348.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair stays below 0.95074 and aims to 0.93949.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair has declined to the median line at 94.089. Strong support is at Fibonacci 23% at 92.580. Resistance is at March 12 highs 96.400.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair is trying to stay above 1.04407 and aiming to 1.05332.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 28.03.13: The British Pound grew today as the activity in the UK service sector grew in January at the fastest pace since August.

Asian and European trading sessions:

Euro: The EUR / USD pair went up to $ 1.2812 at the end of the Asian session from where it declined amid the release of data on German Unemployment Change and the National Data on Bank Deposits, Balance Sheets of ECB. In March, the number of unemployed people rose by 13K in Germany, although the market was expected the drop of 2K. The unemployment rate remained unchanged at 6.9%, which was in line with expectations. The currency, however, moved up reacting positively on Cyprus banks’ return to work after tightening control over the movement of bank capital accordingly recently signed agreement. The EUR / USD pair fell to $ 1.2754 and then rose to $ 1.2835 during the European session.

British Pound: The GBP / USD pair rose to $ 1.5150 during the Asian session and then dropped to a new low of $ 1.5109 at the beginning of the next following one. The British pound fluctuated against the dollar amid mixed results of published today statistics. The activity in the UK service sector grew in January at the fastest pace since August; index of services the UK in January rose by 0.3 % compared to the previous month and by 0.8% compared with the same period last year. Another report showed a growth of the house prices in the UK in March. The Nationwide house prices index did not change on monthly term, however, rose by 0.8% compared to March 2012. The GBP / USD pair updated its high moving up to the $ 1.5197 area during the European session.

Japanese Yen: The yen rose against all major currencies after the performance of the new head of the Bank of Japan, Haruhiko Kuroda, who discussed ways out of massive stimulus programs of the Central Bank. He stated that he support keeping all these programs for now as the Bank of Japan is still far from achieving the inflation target of 2%. The USD / JPY pair fell to a new low of Y93.86 and then rose to Y94.37 during the European session.

American trading session:

U.S. Dollar: The “greenback” was under pressure after the release of the U.S. data, which resulted weakness of the U.S. economy. According to the U.S. Department of Labor report, the number of initial claims for unemployment benefits in the week of March 17-23, increased by 16K and was seasonally adjusted to 357K. This was higher than the forecast of economists, who expected that the number of applications at 340K. In addition, the data submitted by the U.S. Commerce Department showed that the GDP grew in the fourth quarter by 0.4 % at an annual rate compared to the previously reported value of 0.1% growth.

Euro: The signal that the banking crisis of Cyprus may be restrained triggered the euro growth against the dollar. The pair demonstrated strength for the first time in the week, which was associated with falling yields on Spanish and Italian government bonds. For the strengthening of the euro contributed the Bank of Cyprus return to work after applying stronger control over the movement of bank capital.

Canadian Dollar: The currency strengthened after the release of GDP data for Canada. The Canada’s economic growth in January was more than expected, as the production and wholesale re-established their growth, and arts and entertainment industry showed the highest growth rate in three years on the background of resuming of the activity of the professional hockey league. As it was reported by the Agency of Statistics, the Canadian economy grew by 0.2% on monthly basis, exceeding the forecast of +0.1%.

Gold: The April futures price of gold fell to 1594.00 dollars per ounce on the COMEX on the information that the banks in Cyprus opened again for the first time in the last two weeks.

Oil: The WTI crude oil prices grew approaching up to a five-week high, as the data presented today showed that the U.S. economy grew in the fourth quarter, more than was previously estimated. The May futures of WTI rose to 97.32 dollars per barrel on NYMEX.


Market review for 27.03.13: The UK’s GDP for 4th quarter of 2012 fell by 0.3% causing fears that UK may expect third recession in five years.

Asian and European trading sessions:

Euro: The EUR / USD: during the Asian session the pair fell to $ 1.2835. During the European session the euro fell below $ 1.28 for the first time in more than four months, as the rescue program for Cyprus and the political uncertainty in Italy lowered demand for assets of the euro region. The European Consumer Confidence report which came out worse than expected also had a pressure on dynamics of the currency. So, in March the Euro-Zone Industrial Confidence fell from -11.3 to -12.5, Services Confidence from -5.3 to -6.7 and Business Climate Indicator from -0.72 to -0.86. The Consumer sentiment was in line with expectations of -23.5. The Factory Orders in Italy fell in January by 1.4% on monthly basis and -3.3% in yearly. The sales in the industrial sector fell by 1.4% monthly and, -3.4% yearly in January. In this amount of negative statistics contributed also the report for current account of surplus resulted in the amount of € 4.87 billion moving into negative territory, amounting to € -2.64 billion. The EUR / USD pair fell to a new low of $ 1.2760 during the European session.

British Pound: The British pound fell against the dollar after data that showed that the Britain’s annual GDP grew by 0.2 % in Q4 in yearly basis against the expected fall by 0.3%. The GBP / USD pair during the European session fell to a new low of $ 1.5093. Also, the current account deficit grew weaker then forecasts to -14,037 billion versus -12.7 billion projected. The Total business investment, in addition, fell to -0.8% in Q4 against the forecasts of -1.2%.

Japanese Yen: In anticipation of tomorrow's speech of the new head of the Bank of Japan Haruhiko Kuroda in the Japanese parliament, the Yen fell for the second day against most major currencies. In addition, the head of the Bank of Japan repeated his commitment to "do everything we can to put an end to deflation, which has dragged on for fifteen years, and reach the target inflation rate of 2% per annum as it was set by the Central Bank in January. The USD / JPY pair rose to Y94.95 during the Asian session then fell to a new low of Y94.09 during the European one.

American trading session:

British Pound: The British pound fell, pressured by the provided data of the National Bureau of Statistics which informed that in the 4th quarter of 2012 the GDP fell by 0.3% compared with the 0.3% for the previous month. The weakening of the economy at the end of last year has given rise of fears that UK may expect third recession in five years.

Canadian Dollar: The “loony” sharply grew after the release of data on the Consumer Price Index of Canada, according to which the consumer price index in Canada in February rose by 1.2% monthly with expected +0.6% and +0.1% previous change . Compared to last year the consumer price index rose by 1.2 % versus expected 0.8 % and previous change of +0.5%.

Gold: The Gold prices recovered from the minimum values session and grew above $ 1,600 per ounce, as the bad economic data for the euro area added concerns over the debt crisis in Cyprus and accelerated some demand for safe -haven assets. The April futures price of gold on COMEX rose to 1608.20 dollars per ounce.

Oil: The Oil prices traded lower, after a report on oil showed that U.S. crude inventories increased substantially. However, the WTI prices were able to recover and grow to 96.81 dollars per barrel on NYMEX.


Technical analysis for 28.03.13

EURUSD
The pair is moving in the downline trend and broke support 1.28630. The pair is aiming to Fibonacci level at 23% 1.26480.
Resistance: 1.28630, 1.30277, 1.31674
Support: 1.26897, 1.25690, 1.23907
GBPUSD
The pair has tested 1.52063 and couldn’t break it. The pair is rolling back to 1.50594.
Resistance: 1.52063, 1.53482, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has broken resistance level at 0.95074 and aims to 0.96220.
Resistance: 0.96220, 0.97427, 98.512
Support: 0.95074, 0.93949, 0.93069
USDJPY
The pair has declined to the median line at 94.089. Strong support is at Fibonacci 23% at 92.580. Resistance is at March 12 highs 96.400.
Resistance: 95.200, 96.400, 97.491
Support: 94.089, 92.580, 91.254
AUDUSD
The pair couldn’t stay above 1.04407 and declining to 1.03910.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744


Market review for 26.03.13: The Consumer Confidence report for U.S. showed weak result and was the reason of lowering of the U.S Dollar.

Asian and European trading sessions:

Euro: The Euro fluctuated against the dollar amid contradictory statements of euro zone officials about the rescue program of Cyprus and its possible extension to other troubled economies in the euro region. The Cyprus Finance Minister Michalis Sarris said today that the holders of large deposits in the Bank of Cyprus may lose up to 40 % of their money accordingly the signed agreement between Cyprus and EU. The holders of deposits that exceed 100000 Euros will have to contribute to the recapitalization of the banking system and the money will be converted into shares of banks. The deposits of less than 100K will not suffer this issue. The EUR / USD pair rose to $ 1.2888 and then fell to a new low of $ 1.2838.

British Pound: The pound fell after the release of report of CBI balance of sales of Britain. The result showed the drop in sales to 0 in the March against the previous 8 and forecast of 11 with the further expectations in April which grew from 8% to 15%. The report was provided by the CBI Reported Sales. The GBP / USD pair fell to a new low of $ 1.5134 during the European session.

Japanese Yen: After the new head of the Bank of Japan Haruhiko Kuroda, in his speech in parliament today announced about the possible start of purchasing the middle and long-term assets by the Central Bank the yen fell against most major currencies. In addition, Mr. Kuroda confirmed his commitment to "do everything we can to put an end to deflation, which has dragged on for fifteen years, and reach the target inflation rate of 2% per annum set by the Central Bank in January”. The USD / JPY pair traded around Y94.24 during the Asian session, and then moved higher in the range of Y94.00 - Y94.44 during the European session.

American trading session:

U.S. Dollar: The new home sales fell in February by 4.6% to a seasonally adjusted to the level of 411K homes a year in January from a revised value of 431K. The economists had expected these sales would drop to 426K from 437K. Also, the data published today showed that the average price of new house sold in February was at $ 246,800, which is by 2.9% higher than in the last year. But despite this improvement the home sales remain well below historical levels. Also, the Consumer Confidence report published this session showed weakness falling to 59.6 marks versus forecasted 67.5. The dollar reacted by lowering from the highs of 83.15.

Gold: After the agreement on Cyprus problem had been reached in respect of financial assistance the Gold prices fell showing that the decline in demand for safe-haven assets. The cost of Gold closed today at the level of $1597 per troy ounce.

Oil: The WTI crude oil price dropped on report for new home sales. In addition, the market participants expect the data for commercial crude oil inventories in the U.S., which is forecasted increase by 1.1 million barrels. The May futures of WTI rose to 95.46 dollars per barrel.


Technical analysis for 27.03.13

EURUSD
The pair is moving in the downline trend and if support 1.28630 will be broken the pair will decline to Fibonacci level at 23% 1.26480.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has tested 1.52063 and couldn’t break it. The pair is rolling back to 1.50594.
Resistance: 1.52063, 1.53482, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has reached resistance level at 0.95074.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026, 0.91079
USDJPY
The pair has declined to the median line at 94.089. Strong support is at Fibonacci 23% at 92.580. Resistance is at March 12 highs 96.400.
Resistance: 95.200, 96.400, 97.491
Support: 94.089, 92.580, 91.254
AUDUSD
The pair is trying to stay above resistance 1.04407, this may bring pair to test next resistance at 1.05332.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 25.03.13: The Cyprus’s agreement has been finally signed. The markets’ reaction wasn’t positive.

Asian and European trading sessions:

Euro: On the background of published today information about the news that the EU finance ministers approved the plan to release the loan tranche for Cyprus, the euro rose against most major currencies. The news initially reduced the risk of default in the country. The EUR / USD pair rose to $ 1.3047 level during the Asian session. However, the reaction, which came later, was very strong and negative. The euro fell against the dollar losing all accumulated growth in early trading session and leaving no sufficient incentives for growth. The currency remained under pressure as investors remained cautious amid fears that an agreement to rescue of Cyprus could set a precedent for possible future rescue for the other euro zone countries with troubled banking sector. The EUR / USD pair fell to a new low of $ 1.2915 during the European session.

British Pound: The GBP / USD pair rose to $ 1.5257 before the Asian session. After being traded within the narrow range the currency fell against the U.S. dollar on the background of the released today data for the approved applications for mortgage BBA, the number of which was reduced to 30.5 million in February versus 33.6K and 32K in January. All these data based on the fact that the companies and homeowners the UK in February were busy to paid their debts, thus the amount of their borrowing from large banks was remained fairly low. The GBP / USD pair fell to a new low of $ 1.5170 during the European session.

American trading session:

Euro: The euro fell to a four-month low against the dollar after the leaders of the European Union stated that that the salvation of Cyprus can become a precedent, which may trigger many doubts about the safeness of deposits of people of others countries in the euro zone. In addition, the comments of the Finance Committee chairman of Cyprus Mr. Nicolas Papadopoulos about the likelihood of leaving the euro zone by Cypress, along with rumors about the possible downgrade of Italy’s rating was in focus of the market participants who opened short position on the asset. The EUR / USD pair fell to a new low of $ 1.2828 during the European session.

Japanese Yen: The yen rose sharply against the dollar and its other rivals. The USD/ JPY pair was in moment at Y93.51 area, as investors used the currency as a safe-haven asset.

Gold: The Gold prices fell sharply at the moment below level of $ 1600 as it became known that an agreement on Cyprus has been signed, however, the new buyers used the opportunity to get into the trade and the asset grew to 1.607 dollar per troy ounce area. The April futures price of gold closed at 1604.00 dollars per ounce the COMEX session.

Oil: Price of WTI oil futures grew after the publication of the agreement on Cyprus problem to the $95.63 per barrel area. The news could help to prevent the aggravation of the crisis in the euro zone, and raised demand for fuel in the troubled region.


Technical analysis for 26.03.13

EURUSD
The pair is moving in the downline trend and if support 1.28630 will be broken the pair will decline to Fibonacci level at 23% 1.26480.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is testing 1.52063. The pair is aiming to Fibonacci 23% at 1.53348.
Resistance: 1.52063, 1.53482, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has reached resistance level at 0.95074.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026, 0.91079
USDJPY
The pair has declined to the median line at 94.089. Strong support is at Fibonacci 23% at 92.580. Resistance is at March 12 highs 96.400.
Resistance: 95.200, 96.400, 97.491
Support: 94.089, 92.580, 91.254
AUDUSD
The pair is trying to stay above resistance 1.04407, this may bring pair to test next resistance at 1.05332.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 27.02.13: The published results of New Zealand's GDP provided support for the New Zealand currency.

Asian and European trading sessions:

Euro: The euro fell sharply against its rivals, the EUR / USD pair fell into the $ 1.2880 after the data, which were released today by Markit Economics, showed decline in purchasing at the manufacturing and services sectors. At the same time, the seasonally adjusted composite index, which measures activity in the mentioned above services recorded the slowest pace in the last three months declining in March to 46.5 down from 47.9 in February. However, despite this decline, the currency was able to recover most of the losses on release of the positive results of the Spanish auction. Today, Spain sold bonds worth 4.513 billion Euros against the target range of 3-4 billion Euros. The averages of the yields of 10, 5 and 2- year securities were also lower than their previous values. The EUR / USD rose to $ 1.2942 during the second part of the European session.

U.S. Dollar: The U.S. dollar index showed the range today restrainedly responding to yesterday's announcement of the two-day meeting of the Federal Open Market. The markets did not hear anything new at the last meeting, as it was expected. The soft monetary policy was kept and the GDP forecast has been downgraded, however, the forecast for the labor market was better. Also, the concerns about the situation with Cypress in the market have been slightly decreased.

British Pound: The GBP / USD pair consolidated above $ 1.5100 during the Asian session before the big move on the European session. The pound rose sharply against the dollar, after the report submitted by the Office for National Statistics showed that retail sales increased significantly in the last month, while the amount of government borrowing was much lower than it was expected. According to the report, by the end of February, retail sales including automotive fuel rose by 2.1%, which was much stronger than the value of 0.6% that economists were expected. In addition, the retail sales also increased by 1.9%, compared with the average forecast of 0.6%. Notable was the increase in retail sales excluding automotive fuel which grew in annual term by 3.3%, compared with forecasts of 1.2% growth. The sales including fuel increased by 2.6% versus expected growth by 0.5%. On these positive data the GBP / USD pair strengthened to $ 1.5207 during the European session.

Japanese Yen: During the Asian session the yen strengthened against the dollar ahead of the press conference of the Bank of Japan Hirohiko Kuroda, scheduled for 09:00 GMT. Market participants were waiting to hear from the new head of the Japanese central bank about his plans about easing the monetary policy before the April meeting. The pair USD / JPY fell in the area of Y95.20 during the Asian session.

New Zealand dollar: The rate of the New Zealand dollar against the “greenback” remained at the yesterday's sessions highs. The published data of New Zealand's GDP provided support for the New Zealand currency. The data showed that by the end of the 4th quarter the GDP rose by 1.5% quarterly and 3.0% yearly where the average forecasted values were at the growth of 0.9% and 2.3% respectively. Stronger data strengthened the confidence of market participants that the Reserve Bank of New Zealand will not reduce the interest rate, which currently stands at 2.50%.

American trading session:

Japanese Yen: The Value of the yen rose sharply on the comments of the Governor of the Bank of Japan Kuroda, who noted that the stability of the exchange rate of the National currency is the sphere of responsibility of the Ministry of Finance. In his speech he added that the buying foreign bonds by the Bank of Japan can be seen as an intervention. He also expressed his strong belief in the need of qualitative and quantitative easing policy. As for the currency, he added that the yen is still going through a correction phase after excessive growth following the financial crisis, and the correction of an excessive strengthening of the yen after years of fighting with deflation. In addition, he said that it is highly desirable to achieve the inflation target of 2% in 2 years. The USD / JPY pair fell to Y94.54 during the session.

Gold: The April futures price of gold today rose to 1616.3 dollars per ounce on the NYMEX. The Gold prices were stable amid existed fears for the situation with Cyprus and the U.S.Federal Reserve's promise to continue keeping the monetary policy.

Oil: The May futures of U.S. light crude oil WTI was cheaper falling to 91.80 dollars a barrel on the New York Mercantile Exchange. It fell on the background data that German industrial production unexpectedly fell in March, signaling that the euro zone debt crisis slowed growth in the largest economy in the region.


Market review for 27.02.13: The markets slightly calmed down after recent events in Cypress.

Asian and European trading sessions:

Euro: The EUR / USD pair was trading around the level of $ 1.2875 during the Asian session. The markets were calm as they got some relief after statement from the European Central Bank, saying that it will provide the necessary liquidity in existing rules. Today, Frankfurt hosted a meeting of Troika representatives, the ECB, the IMF and the European Commission where the comments on Cyprus will be announced. At the European session the euro strengthened against the dollar due the fact that the Parliament of Cyprus voted against the EU rescue program, and President Nikos Anastasiadis started discussions with party leaders and the head of the Central Bank this morning in an attempt to reach agreement on alternative proposals which will be less damage for private investors. The EUR / USD couple pair rose to $ 1.2971 during the European session.

U.S. Dollar: The dollar slightly weakened ahead of the announcement of the results of the two-day Fed meeting. It was expected that the Federal Open Market Committee would decide to leave the program redemption of government bonds to support economic growth at the same level. The dollar index fell below the 83 level.

British Pound: After a significant decline in the first half of the European session, the pound rose sharply against almost all its rivals, after data provided by the Office of National Statistics showed that the number of people applying for unemployment benefits (Jobless Claims Change ) fell in February, but less than expected. In details, according to the report, the number of applications fell last month to 1.5K while many economists forecasted a drop of 5.2K. Also, the dynamics of trades were influenced by the publication of the minutes of the meeting of the Bank of England for March 6-7, showed that most politicians have expressed the opinion that the increase in bond purchase program could undermine their authority. In addition, it was reported that the level of applications unemployment to employment was 4.7%, unchanged from the previous month, and fully in line with estimates. The GBP / USD pair fell to $ 1.5040 and then rose to $ 1.5185 during the European session.

Japanese Yen: The yen fell against all major currencies, against the background of the recovery of the Asian stock market after its biggest daily drop since seven last months. While waiting for a change in leadership at the Bank of Japan, the currency weakened for the first time in the last four days. The investors expect that the leader party will pursue an aggressive monetary policy. The USD / JPY pair rose to Y95.63 during the European session.

American trading session:

Euro: The euro continued to rise against the dollar after the Federal Reserve signaled that improvements in employment are not sufficient for the politicians for stopping the reducing stimulus incentives. The Fed said that the unemployment rate will reach a threshold level of the central bank's of 6.5% in year of 2015, the rate that allows to increase the interest rates. Mr. Bernanke said that the Fed will continue the quantitative easing program of bond purchases in the amount of $ 85 billion a month, as it aims to reduce the unemployment rate, which has not yet fell below 7% since November 2008 year.

Gold: The April futures price of gold tested today the 1,600 dollars per ounce level on the COMEX. The has asset stopped its four-day rise as calm returned to the markets, which slightly reduced the attractiveness of the gold as an alternative investment.

Oil: The cost of April futures price of WTI oil brand rose to 93.58 dollars a barrel on the New York Mercantile Exchange after a government report showed that U.S. crude inventories unexpectedly fell last week.


Market review for 19.03.13: The pound strengthened today as the annual inflation rate in the UK increased in February.

Asian and European trading sessions:

Euro: The Euro fluctuated today amid the uncertainty with the situation in Cypress. The euro traded near its yearly lowest levels against the fact that the euro zone finance ministers agreed on raising the "anti-crisis " tax on large deposits and reduce it on small deposits, only if the collection of the previously agreed 5.8 billion Euros will be provided. The EUR / USD pair fell to $ 1.2915 during the European session the, but later grew up to the $ 1.2955 area.

British Pound: The pound rose against the dollar, departing from the values of the session. The data released today which were presented by the Office for National Statistics showed that the annual inflation rate in the UK increased in February, while still keeping the highest level since May. In details, according to the report, the annual rate of inflation rose last month by 2.8%, compared with 2.7% in January which was fully in line with the expectations of many experts. The indicator was driven by rising prices for household gas and electricity, as well as the increase in the cost of gasoline. In addition, the report showed that on a monthly basis the value of the consumer price index rose 0.7%, which followed a decline of 0.5% in January, which was also coincided with the estimates of economists. The GBP / USD rose to $ 1.5150 during the European session.

Japanese Yen: On the background of dropping of the Asian stock markets which were recovering after its biggest daily drop the yen fell against all major currencies. The currency weakened for the first time in the last four days waiting for a change in leadership at the Bank of Japan, which, as expected investors, will pursue an aggressive monetary policy. The USD / JPY pair rose to Y95.48 during the Asian session and then fell to Y94.70 level.

New Zealand dollar: The New Zealand dollar fell after Finance Minister Bill English noted that the New Zealand dollar is overvalued. He also noted that the current low interest rates may remain way longer than they were previously estimated.

American trading session:

U.S. Dollar: The dollar was supported today with regard to the quite positive statistics published today. In February, the Building Permits in the United States rose from 0.904 million to 0.946 million versus 0.925 million of forecasted values. The Housing Starts also exceeded expectations, improved from 0.910 million to 0.917 million with forecasts of 0.915 million.

Euro: The euro fell to a three-month low against the dollar in spite the fact that the results of the March survey sentiment in Germany conducted by ZEW exceeded expectations. The index of economic sentiment in Germany improved to 48.5 against 48.2 the previous month, while analysts had expected a decline to 48.1. However, the volume of production in the construction sector of the euro zone fell in January from -4.6% to -7.3%. The officials of Cyprus reported today that the Parliament did not support the idea of taxtation of the bank deposits. The Parliament session ended up as was expected, the Cypriot lawmakers voted against the introduction of depository taxes (36 votes "against" and 19 abstentions).

Gold: The gold futures finally managed to stabilize above $ 1600 per troy ounce area recording the close of the COMEX’s session at the $1615 level. The still unresolved situation with Cyprus provided support for the metal as for the safe haven asset.

Oil: The April futures price of WTI fell to 92.15 dollars a barrel on the New York Mercantile Exchange after making a new week high at the 94.08 area on the previous session.


Market review for 18.03.13: The Euro deeply fell in regard to the unprecedented tax application on deposits in Cyprus.

Asian and European trading sessions:

Euro: The euro deeply fell against the U.S. dollar with gap down of more than 300 points, as investors were scared that the decision of the Cypress government on the one-time write-offs of deposits that saved at the Cypriot banks will exacerbate the debt crisis in Europe. Recently, the aid package of 10 billion Euros was provided by the European Union and the International Monetary Fund the representatives of which were in Cyprus on Saturday in order to grant this aid for saving the island from bankruptcy. However, the rest, the significant part which is required, the amount of nearly 7 billion will have to be covered by a one-time fee from investors of Cypriot banks. The EUR / USD pair dropped to $ 1.2876 during the Asian session, however, grew on the next following to the $ 1.2978 area.

British Pound: The pound, however, was in investors’ favour today. The currency at the beginning of the week was up against the euro by about 130 points due to its reaction to the innovations in the financial assistance program for Cyprus. The impact on the exchange rate and the data were provided by the Agency of Statistics of the European Union, the presented, not seasonally adjusted data of which recorded that in January the imports of the euro area exceeded the amount exports, and the deficit of $ 3.9 billion ($ 5.1 billion) thus was recorded. The GBP / USD pair rose to $ 1.5144 during the European session.

American trading session:

U.S. Dollar: The Index of U.S. dollar grew today sharply to the level of recent highs, the 83.05 area as many investors were transferring their actives towards safe haven assets due to the situation with Cypress.

Euro: In spite of such drastic drop, the single currency was able to grow to $ 1.2995 level, when it became known that the government of Cyprus postponed the parliamentary vote on the conditions for the country's financial aid which was scheduled for today. Also, for the recovery of the euro contributed the results of the auction of Italian and Spanish government bonds that responded to the Cyprus’s decision only with slight increase in yield, which was seen by analysts as a sign of stability of the European dept market.

Gold: The Gold prices jumped over $ 1,600 an ounce level for the first time in more than two weeks because of fears investors' about the debt crisis in the euro zone. The April futures price of gold on COMEX rose to new two weeks high of 1611.40 dollars per ounce today.

Oil: The April futures prices of WTI crude oil firstly fell to 91.75 dollars a barrel along with the intraday losses incurred on stock markets, and then rose to 93.44 dollars a barrel. They grew on the New York Mercantile Exchange offsetting previous losses after European politicians said that they would be flexible in regard to the unprecedented tax application on deposits in Cyprus.


Market review for 14.03.13: The Australian dollar sharply grew on the strongest February’s employment change report.

Asian and European trading sessions:

Euro: The EUR / USD pair was trading around $ 1.3060 during the Asian session. The currency weakened against the U.S. dollar on the background of launched today a 2-day summit, which will focus on the problems of stimulating economic growth in conditions of high unemployment. The economic news published on Thursday demonstrated that in the 4th quarter of 2012, the employment rate in the euro zone fell by 0.8 % in yearly term and by 0.3 % quarterly against the previous values of by 0.6 % and by 0.1% respectively. In addition, the unemployment rate in Greece has increased to the level of 26 % in Q4. The EUR / USD pair fell to $ 1.2909 during the European session.

British Pound: The pound rose today from the weakest level in seven months amid the speculation that Qatar will invest in infrastructure projects in Britain. These rumors directly led to increased demand for sterling. The growth of the currency, in addition, was also associated with the fact that many market participants were waiting for the publication of the annual budget for 2013.The GBP / USD during the Asian session, the pair hit the level of $ 1.4915 and on the next following session demonstrated good upward move making the high at around $ 1.5040 area.

Japanese Yen: The Japanese yen rose against its rivals after the economic adviser of the Prime Minister Shinzo Abe, Mr. Hamada warned the ruling party that the targeting of the exchange rate can lead to currency wars. In addition, he said that if the future head of the Bank of Japan, Mr. Kuroda will perform too diligently his duties the inflation rate may reach 4.5 %, which can be dangerous for Japan. The USD / JPY pair fell to Y95.62 during the Asian session and then rose to Y96.54 during the European one.

Australian dollar: After February’s data showed the strongest monthly growth in employment in Australia over the past 13 years the Australian dollar rose against all major currencies. These data reduced the likelihood of further lowering interest rates. the number of jobs in Australia in February, according to the Australian Bureau of Statistics, increased by 71,500 compared with January while the number of jobs with part-time employment increased by 53 700. The expectations of the economists were at the rise of jobs only by10000. The unemployment rate in Australia, however, remained unchanged in February at 5.4 %.

American trading session:

U.S. Dollar: The demand for the dollar could not save even better than expected data from the Labor market. The Ministry of Labor presented today another positive sign for the U.S. economy, publishing the statistics that showed that the number of initial claims for unemployment benefits unexpectedly fell in the week ended March 9. The report shows that the number of applications for unemployment benefits fell to 332K for the week ended of March 10. The number was by 10K less from the previous week's revised figure of 342K. The decrease in value surprised the markets, who had expected that the number of applications for unemployment benefits will increase to 355K from 340K, which was originally reported last week. The number of continuing claims has been also decreased from 3.113 million to 3.024 million versus the forecast of 3.090 million.

Gold: The April futures price of gold on the COMEX finished this day at the 1590.30 dollars per ounce level.

Oil: The presented data by the EIA today showed that for the week on March 8, the reserves of natural gas in the U.S. fell by 145 billion cubic feet compare with decline of 146 billion cubic feet. The April futures price of WTI rose to 93.23 dollars a barrel on the New York Mercantile Exchange.


Market review for 13.03.13: The U.S. Dollar got support after retail sales in the U.S. increased considerably in February.

Asian and European trading sessions:

Euro: The Euro weakened against the background of weak results of the published data on industrial production and growth in the yield of Italian debt securities. In details, the industrial production declined in January in the 17countries of the Euro zone, confirming the recent data which demonstrated the weakness of sector in the 1st quarter of this year. The data showed that industrial production in the euro area in January fell by 0.4% compared to December, after rising 0.9% the previous month. The Italy has sold bonds worth 6,993 billion Euros against the target value of 7.25 billion Euros. The yield of the bonds with a term expiration in 2015 was at 2.48% versus previous 2.30% and the papers expiring in 2017 at 2.95% versus 2.55% bonds previously. The yield of the bonds expiring in 2018 was also higher. The EUR / USD pair during the European session fell to $ 1.2924.

British Pound: The GBP / USD pair rose to $ 1.4950 during the Asian session and continued higher at the. European session climbing to $ 1.4981 Pound was higher against its counterparts amid the background that many analysts have noted that the decline of 6.5% in this year was excessive, which increases the possibility that the government will delay fiscal austerity measures in the budget next week.

Japanese Yen: The yen rose against most major currencies against the disagreements in the Japanese parliament on the proposed candidates for senior positions of the Bank of Japan. The USD / JPY pair fell to the Y95.89 area during the Asian session. The currency was also supported these sessions due to the fact that the largest opposition party informed about it yesterday that it would vote against a potential deputy head of the Bank of Japan, Kiku Iwata, which stands for acceleration of the easing policies. The USD / JPY pair fell to Y95.45 during the European session.

New Zealand dollar: The New Zealand dollar fell against all its major counterparts on concerns about the drought in the country which may continue thus influence negatively the New Zealand economy. In connection with these events, there can be changes in the monetary policy of the Central Bank of New Zealand. The Reserve Bank will hold a meeting of the country on matters of monetary policy tomorrow.

American trading session:

U.S. Dollar: After the report on retail sales in the U.S. showed that in February the sales increased considerably, registering the largest increase in the past five months, and improving the prospects for the world’s largest economy the dollar rose against its competitors. In details, The retail sales and the sale of food in February rose by 1.1 % for adjusted amount of $421.40 billion. The sales demonstrated their biggest increase since September and beat the Economists expectation of growth only by 0.5%. The sales increased by 4.6% comparing with the same period at the last year. The jump in prices for the most part was secured by the higher prices for gasoline and an increase in car sales.

Gold: Prices of gold futures rose to the level of $ 1,600 per troy ounce, which was associated with the publication of disappointing data on industrial production in the euro area. The April futures price of gold declined on COMEX and now stands at 1587.75 dollars per ounce.

Swiss franc: The Swiss franc fell today, as many market participants were waiting for the meeting of the National Bank of Switzerland on the issue of monetary policy, which may considered providing measures that could help stop the deflation and stimulate economic growth.

Oil: The U.S. Energy which showed an increase in oil and a significant decline in gasoline inventories last week pushed the oil prices higher today above $ 93 per barrel. The April futures price of U.S. light crude oil WTI rose to 93.20 dollars a barrel on the NYMEX.


Market review for 13.03.13: The U.S. Dollar got support after retail sales in the U.S. increased considerably in February.

Asian and European trading sessions:

Euro: The Euro weakened against the background of weak results of the published data on industrial production and growth in the yield of Italian debt securities. In details, the industrial production declined in January in the 17countries of the Euro zone, confirming the recent data which demonstrated the weakness of sector in the 1st quarter of this year. The data showed that industrial production in the euro area in January fell by 0.4% compared to December, after rising 0.9% the previous month. The Italy has sold bonds worth 6,993 billion Euros against the target value of 7.25 billion Euros. The yield of the bonds with a term expiration in 2015 was at 2.48% versus previous 2.30% and the papers expiring in 2017 at 2.95% versus 2.55% bonds previously. The yield of the bonds expiring in 2018 was also higher. The EUR / USD pair during the European session fell to $ 1.2924.

British Pound: The GBP / USD pair rose to $ 1.4950 during the Asian session and continued higher at the. European session climbing to $ 1.4981 Pound was higher against its counterparts amid the background that many analysts have noted that the decline of 6.5% in this year was excessive, which increases the possibility that the government will delay fiscal austerity measures in the budget next week.

Japanese Yen: The yen rose against most major currencies against the disagreements in the Japanese parliament on the proposed candidates for senior positions of the Bank of Japan. The USD / JPY pair fell to the Y95.89 area during the Asian session. The currency was also supported these sessions due to the fact that the largest opposition party informed about it yesterday that it would vote against a potential deputy head of the Bank of Japan, Kiku Iwata, which stands for acceleration of the easing policies. The USD / JPY pair fell to Y95.45 during the European session.

New Zealand dollar: The New Zealand dollar fell against all its major counterparts on concerns about the drought in the country which may continue thus influence negatively the New Zealand economy. In connection with these events, there can be changes in the monetary policy of the Central Bank of New Zealand. The Reserve Bank will hold a meeting of the country on matters of monetary policy tomorrow.

American trading session:

U.S. Dollar: After the report on retail sales in the U.S. showed that in February the sales increased considerably, registering the largest increase in the past five months, and improving the prospects for the world’s largest economy the dollar rose against its competitors. In details, The retail sales and the sale of food in February rose by 1.1 % for adjusted amount of $421.40 billion. The sales demonstrated their biggest increase since September and beat the Economists expectation of growth only by 0.5%. The sales increased by 4.6% comparing with the same period at the last year. The jump in prices for the most part was secured by the higher prices for gasoline and an increase in car sales.

Gold: Prices of gold futures rose to the level of $ 1,600 per troy ounce, which was associated with the publication of disappointing data on industrial production in the euro area. The April futures price of gold declined on COMEX and now stands at 1587.75 dollars per ounce.

Swiss franc: The Swiss franc fell today, as many market participants were waiting for the meeting of the National Bank of Switzerland on the issue of monetary policy, which may considered providing measures that could help stop the deflation and stimulate economic growth.

Oil: The U.S. Energy which showed an increase in oil and a significant decline in gasoline inventories last week pushed the oil prices higher today above $ 93 per barrel. The April futures price of U.S. light crude oil WTI rose to 93.20 dollars a barrel on the NYMEX.


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Market review for 12.03.13: The gold prices strengthened more than 1 % on comments of the ECB representative Mr. Weidmann.

Asian and European trading sessions:

Euro: The EUR / USD pair fell to $ 1.2990 at the beginning of the European session. However, the couple was able to find some new buyers when the fundamental background has been changed. In details, the euro rose offsetting losses incurred earlier, against the background of the comments of the member of the Governing Board of the European Central Bank as well as of the Bundesbank’s President Jens Weidmann who said that inflation is not currently a concern in the euro zone, because the risk that the prices will go higher has decreased. Also, today’s report showed that the annual inflation rate in Germany came out at the lowest level since November 2010, at 1.5% in February against 1.7 % in January, coinciding with forecasts. The index rose in monthly terms as it was expected by 0.6% in February against a 0.5% decline in January. The EUR / USD pair showed strong growth in the $ 1.3070-80 area during the European session.

British Pound: The GBP / USD pair fell to $ 1.4879 during the Asian session. It continued falling passionately dropping down to its weakest level since June 2010 after the industrial production showed an unexpected decline. According to the National Bureau of Statistics, industrial production in the UK in January fell by 1.2% compared with December, suggesting that the economy is closing to another round of recession. During the European session the GBP / USD pair sharply fell to the lows of $ 1.4832 then was able to recover to $ 1.4900 area.

Japanese Yen: The yen was held at the lowest levels continuing its fifth day in a row, against presentation of the most probable deputy chairman of the Bank of Japan Mr. Iwata. Today in Tokyo, the professor of economy of the Gakushuin University, Mr. Iwata said that the Bank of Japan can reach its target of 2% inflation over the next two years, using the method of buying bonds. Also today, the index of purchase prices of the goods for Japanese corporations published by the Bank of Japan recorded fall of 0.1 % in February. These data once again confirmed the deflation in Japan reducing for the 11th month in a row. The USD / JPY pair after holding the Y96.63 levels strengthened against all 16 major currencies. The Japan's currency grew more then 0.3% amid falling U.S. stock futures, which supported demand for safe assets. The USD / JPY pair fell to Y95.63 area during the European session.

Australian dollar: The Australian dollar was trading higher than its U.S. counterpart. The AUD / USD pair was able to get to the important level of $1.033 on these positive dynamics.

American trading session:

Euro: The euro fell against the dollar, losing previously won positions on the background the statements of the German Finance Minister Schaeuble who said that the lower house of Bundestag Parliament may decide on providing the financial help to Cyprus next week. The head of the Bundesbank, Mr. Weidmann noted also on confirmation that the ECB may decide to further encourage easy stimulus due to the fact that the inflation remains under control.

Gold: Today’s sharp rise in prices of the precious metal has been supported by some physical buying in Asia, after the candidate for the post of Deputy Governor of the Bank of Japan Mr.Iwata said that the central bank should continue to conduct the quantitative easing as its monetary policy, which aims to termination of deflation. The April futures price of gold has increased to 1598 dollars per ounce on COMEX, and now stands at. The prices of gold climbed more than 1 % on comments of the ECB representative Mr. Weidmann, who mentioned the weakening of the inflationary pressures in the euro area , which can be seen as a sign of further easing of monetary policy.

Oil: April futures price of WTI rose to 93.44 dollars a barrel on the NYMEX inspired by the recent rise in equity markets, which was supported by the expected increase in the supply of oil to the U.S. country.


Market review for 11.03.13: The Italy's sovereign debt rating was downgraded to the level of BBB + with a negative outlook by the Fitch rating agency.

Asian and European trading sessions:

Euro: The euro fell against the dollar amid decrease in the demand for the risky assets. These negative dynamics were caused by the news about the lowering of the sovereign rating of Italy by the Fitch rating agency. The sovereign debt rating was downgraded to the level of BBB + with a negative outlook, which increased political uncertainty. In addition, today’s releases informed that in the 4th quarter of 2012 the Italy's economy contracted by 0.9% quarterly, which was in line with expectations. The GDP annual rate was -2.8% against expectations of -2.7% from a revised -2.7 %. The negative sentiment of the market has also increased after the release of economic statistics from Germany and France. The Industrial production in France fell by 1.2 % versus +0.1% and the trade surplus of Germany narrowed by € 16.9 billion to € 15.7 billion. The EUR / USD pair fell to $ 1.2988 during the European.

U.S. Dollar: The dollar index went up closer to almost 83 level which is the highest level in seven months in anticipation of data on retail sales in the U.S. The data on retail sales of the last month which will be published by the Ministry of Commerce on March 13, accordinghly the average forecast of economists, is likely to show the growth by 0.5 %, after a 0.1 % gain in January.

Japanese Yen: The Yen traded lower after the release of negative statistics from Japan. The orders for industrial equipment in the country showed the strongest decline in eight months falling by 13% in January in monthly terms with the analysts’ prediction of the drop by only 1.7%. The USD / JPY pair traded in a narrow range of Y95.98 - Y96.23 during the Asian and European session.

American trading session:

U.S. Dollar: The dollar was under pressure after the release of the results of the auction on U.S. government bonds. As it became known, the 3-month and 6-month treasuries were sold today and their yield average has declined from 0.11 % to 0.095 % and from 0.12% to 0.115 %, respectively.

Canadian dollar: The Canadian dollar was up today against most of its major competitors. The Unemployment rate report submitted on Friday showed that the level came out better than expected, at the level 7.0% versus forecasted 7.1%, prompting speculation that the economic recovery is gaining momentum.

Gold: The price of gold futures traded in the narrow range of $ 1576-1582, as many traders continued to assess the strengths Friday's employment data in the U.S., which greatly influenced the dynamics of Friday's trading sessions. The April futures price of gold on COMEX closed at the 1581.10 dollars per ounce level.

Oil: The oil prices fell today on the negative macroeconomic statistics from China. The report submitted by the National Bureau of Statistics showed that the inflation rate in China has increased significantly in February, while still achieving a ten-month high. The April futures price of WTI fell to 91.13 dollars a barrel then, however, were able to recover on the NYMEX to the level 91.84.


Market review for 07.03.13: The speech of Mr. Draghi suggested on stabilization of the European economy in this year.

Asian and European trading sessions:

Euro: On today’s early sessions the dynamics of the currency were greatly affected by the upcoming conference of the ECB. The speech of the President Mr.Draghi was in focus of the market participants. The EUR / USD pair sharply rose to $ 1.3114 level as market participants were awaiting the decision of the ECB interest rate on remaining it at a record low of 0.75%. The strong results of the auctions in Spain and France of selling their government bonds supported today’s positive move of the asset. So, Spain resulted on selling of the securities maturing in 2015 were at the amount of 569 million with return of 2.63% against 2.54% earlier, and the securities maturing in 2018 were sold on the amount of 2030 million with yield 3.57% versus 4.27% previously. The bonds maturing in 2023 sold to the amount of 2440 million, with a yield of 4.91% versus 5.20% previously. France placed 10-year bonds worth 7 billion Euros with a yield of 2.1% versus 2.3% previously. The only negative point today, which firstly dropped the EUR / USD couple to $ 1.2988 level was today's report from the Ministry of Economy of Germany, which showed that the volume of industrial orders in Germany fell unexpectedly stressing that the country's economic recovery remains fragile. According to the report, the number of orders in manufacturing decreased in January by 1.9% after rising 1.1% in December with the estimate average of experts of growth by 0.6%.

U.S. Dollar: The dollar index traded trading near its six months highs, amid an improvement in the U.S. job market. Yesterday, the employment report showed that the U.S. companies in February added more jobs than it was forecasted. The rising in employment growth may prompt the Federal Reserve to cut earlier the incentive programs which were originally planned for much longer period of time.

British Pound: The pound has significantly grown against the dollar restoring the losses which it suffered in a while ago. This sharp increase in rates was caused by a statement from the Monetary Policy Committee, which confirmed that the size of the program to purchase assets will be remained unchanged - at 375 billion pounds. In addition, the Bank of England's remained the current interest rate unchanged at the level of 0.5 %. The GBP / USD pair went up to a maximum of $ 1.5085 during the European session.

Japanese Yen: The yen rose after the Bank of Japan refrained from expanding monetary stimulus. The Central Bank’s decision confounded the expectations of economists in keeping the asset purchase program unchanged at Y76 trillion yen ($ 809 billion), and monthly purchases of government bonds at Y1.8K billion. The USD / JPY pair went up to Y94.74 level during the European session.

American trading session:

Euro: The euro showed the maximum increase in eight weeks against the dollar moving to the level of $1.3116 after the President of the European Central Bank Mario Draghi stated that the recent economic data suggested that the European economy will stabilize in this year. The statements of the ECB President were considered that the lowering of the rates in the euro area in the short term will not occur.

U.S. Dollar: The dollar index fell down by almost 0.5% when the U.S. Labor Department reported that the number of initial claims for the week ending March 2, decreased by 7K to a seasonally adjusted 340K, compared with expectations of an increase by 8K to 355K. Other important releases recorded that the U.S. trade deficit widened more than expected and the level of labor productivity in the non-manufacturing sector contracted less than it was expected in the fourth quarter.
Canadian dollar: After better than expected the Canadian trade report recorded that the trade deficit narrowed to 0,2 billion CAD in January from a deficit of 0,3 billion CAD a month earlier the Canadian dollar went higher against the U.S. dollar. Another report showed that the number of building permits issued in Canada rose by a seasonally adjusted 1.7% in January, well below the expected growth of 5.3%, however, were much better than the previous value of -10.4%.

Gold: The April Gold futures traded mostly flat today in the steady range and closed at $1579.90 dollars per ounce level on COMEX.

Oil: After it became known that the number of initial claims for unemployment benefits unexpectedly fell last week by 7K to 340K the price of the U.S. light crude oil, WTI rose to 91.70 dollars a barrel in trading in New York.


Technical analysis for 7.03.13

EURUSD
The pair is trading below 1.30277, it may bring pair to decline to 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has broken 1.50594. If the pair stays below this level, the pair will decline to the next support level at 1.48527.
Resistance: 1.50594, 1.52063, 1.53482
Support: 1.48527, 1.46676, 1.45066
USDCHF
The pair is aiming to the resistance level at 0.95074.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026, 0.91079
USDJPY
If the pair stays below median line 94.089, the pair will decline to 92.580.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair’s resistance is 1.02558, support is 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


Market review for 06.03.13: The employment in the U.S. country grew by 198K, the Dow Jones index recorded the historical high.

Asian and European trading sessions:

Euro: The data presented by the Eurostat Statistics agency today showed that in the fourth quarter of 2012 the GDP in the euro area fell by 0.6 %, compared with the fall of 0.1% in the third quarter. The result, actually, was in line with forecasts recording the largest reduction of the rate since the first quarter of 2009, however, forced many market participants to sell the currency against its rivals. The EUR / USD pair fell to the low of $ 1.2988 during the European session. Other reports demonstrated decrease of the costs of household consumption by 0.4% in the end of last quarter, and the Government Expenditure which dropped by 0.1%. In addition, the Gross Fixed Capital of Euro zone decreased even more rapidly, thus showing decline of 1.1%.

British Pound: The pound weakened against the majority of currencies, which was associated with the beginning of the two day meeting of the Bank of England. The question in regarding of the additional stimulate the economy is on the agenda of this meeting. The GBP / USD pair dropped to a minimum of $ 1.5045 during the European session.

Australian dollar: The currency grew after the release of the favorable macroeconomic statistics. As it was informed today by the Australian Bureau of Statistics, in the fourth quarter of the last year, the GDP of Australia increased by 0.6 % compared to the third quarter of growth to 0.7%. The annual GDP improved by 0.1% to the 3.1% beating the estimate forecast of economic growth of 3.0%. Last year's growth in the Australian economy was the highest in five years.

Swiss franc: The Franc fell against all major currencies, as the currency with safe haven status, on the optimism of the investors after positive move of the Dow Jones Index, which yesterday recorded historic high amid the growth of the world's largest economy.

American trading session:

Japanese Yen: The yen fell against the dollar as the demand for safe haven assets after the jobs report, which showed that in February the U.S. companies added more jobs than it was expected, has been decreased. The USD / JPY pair rose to Y94.10 during the session.

U.S. Dollar: According to data of ADP, the employment in the U.S. country grew by 198K, exceeding analysts' expectations. After recent economic and budgetary challenges showed failed debates in Washington, the positive data on the U.S. labor market, which pointed to continuation of the growth in employment, added more optimism to investors. In addition, the revised data on factory orders in January was better than the first estimates and showed that the index fell by 2% while estimates were at 2.2% fall. This news supported the “greenback” today.

Canadian dollar: The Bank of Canada left its key rate unchanged at 1.00 %, pointing that it will not going to raise interest rates soon. The released statement of the authority revealed that the quite mild monetary stimulus is likely to be appropriate for an indefinite period of time. The published also today, the Purchasing Managers Index (PMI) Ivey, was 51.1 in February, falling well below the expected growth to 56.2. The Canadian dollar weakened on these negative releases.

Gold: The April futures price of gold on COMEX stabilized today at the1584.60 dollars per ounce levels on hopes for the continuation of the ease policies of central banks and the increased interest in higher yielding assets.

Oil: The cost of the West Texas Intermediate type of oil fell today after it was reported that the crude oil stocks in inventories has been increased by more than expected during the last week. The April futures price of WTI dropped sharply to 89.65 dollars a barrel, however, were able to recover to the 90.4 area on the NYMEX.


Technical analysis for 6.03.13

EURUSD
The pair’s resistance is 1.31674, support is 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has broken Fibonacci retracement 23% at 1.53482 and declined to support 1.50594. If the pair stays above 1.50594, the pair has chance to return to Fibo at 1.53482.
Resistance: 1.52063, 1.53482, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has broken the Moving Average (500) and reached 0.93949.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has started corrections. The pair is aiming to 92.580.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair has found support at 1.01744 and aiming to the Moving Average (500) at 1.03336.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Market review for 05.03.13: The Australian dollar grew after the retail sales showed growth, exceeding analysts' average forecast.

Asian and European trading sessions:

Euro: The EUR / USD pair traded in the range of $ 1.3013-47during the Asian session. On the next following session the currency tried to strengthened against its major competitors as the published today releases showed that the both euro zone PMI of services and composite came out better then forecasts. According to the report, the index of business activity in the services sector and composite rose last month to the level of 47.9, up from 47.3 in January. However, after making new high the EUR / USD pair bounced back to the day lows as the value of these the indexes is still below 50 activity which indicates its weakness. In addition, it was reported that retail sales rose by 1.2% on a monthly basis, and compensated the decline of 0.8% in December and beat the average experts’ estimates of growing only by 0.3%. The Euro-Zone Retail Sales in yearly basis increased in January by 1.7%, compared with forecasts of improvement only by 0.1% During the European session the EUR / USD pair rose to high of $ 1.3073, and then fell to $ 1.3013.

British Pound: During the European session the GBP / USD couple rose to $ 1.5200, but then fell to $ 1.5145 area after the published today Purchasing Manager Index Services report showed the UK service sector expanded in February, showing a more rapid pace than analysts had forecasted. The issue, however, raised some speculations that the Bank of England will increase its easing programs.

Japanese Yen: The yen strengthened against most major currencies. Today, at the Japanese parliament one of the candidates for the post of vice- president of the Bank of Japan, Kiku Iwata said that the central bank should expand its monetary policy base and buy more long-term bonds. He also noted that although at the time the purchase of foreign bonds does not make any sense, this option might be considered later. The USD / JPY pair fell to Y92.92 during the Asian session then grew at on the next following session to the Y93.28 area.

Australian dollar: The demand for the Australian dollar grew after the published data on retail sales showed growth in January by 0.9 %, exceeding analysts' average forecast of 0.4%. There were also signs of growth in house prices as the pace of housing construction in Australia, after nearly three years of decline, also gained momentum at the end of last year. The positive impact for the currency, in addition, had the decision of the Reserve Bank of Australia to leave its key interest rate unchanged at 3%.

American trading session:

U.S. Dollar: After the service indicator in the U.S. rose in February, at the fastest pace in a year, adding signs of economic acceleration in the United States the dollar index went to the highest level in almost six months. The data published by the Institute for Supply Management (ISM) today showed that the Non-Manufacturing Composite Index of U.S. rose in February to 56.0 from 55.2 last month.

Gold: The Gold prices rose to 1586.40 dollars per ounce, heading into the largest increase for the week on speculation that central banks will support measures to stimulate the economy. However, on COMEX the gold April futures price retreated from these highs against the strengthening of the dollar and dropped to the $1579 per ounce level.

Oil: The oil prices stabilized on the New York Mercantile Exchange after three days of decline due to the promise of China to support the growth of the economy. The April futures price of WTI closed at the $90.87 per barrel today.


Market review for 4.03.13: The long-awaited decision on reducing the U.S. government’s spending has been finally made.

Asian and European trading sessions:

Euro: The euro traded near 3 -month low against the U.S. dollar in the range of $ 1.3000-28 against the uncertain situation occurred due to obstacles of Italian politicians to form a coalition. The EUR / USD pair fell to the low of $ 1.29805 during the European session.

U.S. Dollar: The dollar index was supported by the published last weekend news on final negotiations between Republicans and Democrats on the budget sequester which ended on Saturday. The long-awaited decision which ultimately was made, unfortunately, did not found any compromise and Mr. Obama had to signed the bill of reducing the government spending by $ 85 billion by the end of this year. However, the president immediately tried to come down all markets saying that the apocalypse will not happen after that.

British Pound: After trading in the range of $ 1.5021-44 during the Asian session, the GBP / USD pair finally found some buyers. The pound strengthened against almost all its rivals amid concerns that the formation of the Government of Italy may be delayed, and the issue will have a negative impact on the recovery of 17 countries of the Euro currency union. In addition, the house prices report for UK in February released today showed that the prices grew, registering the first increase in nine months. The business activity index fell, however, to the level of 46.8 in February compare with 48.7 in January and versus the average analysts’ estimates of growth of the value to the level of 49.2. The report also recorded that the total production has fallen sharply, demonstrating the highest rate of decline over the past 3 years. The number of new orders declined accelerating its pace. The GBP / USD pair grew to $1.5118 during the European session.

Japanese Yen: The yen grew at the Asian session due to the falling of the major stock markets of Asia, caused by the release of negative statistics for the euro area published last week. The yen strengthened even after the next candidate for the Governor of the Bank of Japan, Mr. Kuroda promised a more ease monetary policy in order to overcome deflation in the economy. Mr. Kuroda also said in parliament that the Bank of Japan will do everything possible to end the 15- year period of deflation in Japan. The USD / JPY pair rose to Y93.69 and tested last week high during the European session.

Australian dollar: According to published by the statistical office in Sydney data today, the number of building permits fell from December by 2.4% .The Australian dollar fell as well after the release of this negative statistics of the construction sector, the average economists’ forecasts of which were at gain of 2.8 %.
The Australian dollar fell to near an eight-month low against the U.S. dollar, as the data presented today showed that the number of Building Approvals for the construction or reconstruction of homes and apartments fell in January by 2.4 %, compared with a revised downward fall of 1, 7 % in December and the average forecasted value of this index of increase by 2.8%.

American trading session:

Euro: The euro grew against the dollar to the high level of today’s range amid the mixed regional statistics which were published during the session. The Euro zone’s confidence significantly decreased among investors in March recording its first decline in six months and topping analysts' forecasts. Also, the Sentix investor confidence indicator fell this month to the lowest level since December 2012, the level of -10.6. The annual rate of producer price inflation, at the same time, fully corresponded with the experts forecasts showing slow down in January to the level of 1.9%, compared with 2.1 % the previous month.

Japanese Yen: The yen rose against almost all its major counterparts after the Chinese CSI 300 Index fell to the lowest in two years. The released data showed that the purchasing managers' index (PMI) was 50.1 in February, slightly up from neutral mark, which indicates a lack of growth. The USD / JPY pair dropped to Y93.18 level during the session.

Gold: The Gold prices grew slightly on the support of some buyers at the market of Asia, but strong U.S. economic performance reduced the demand for the gold as a safe investment. The April futures price of gold fell to 1569.40 dollars per ounce on COMEX today.

Oil: The futures price of WTI oil brand fell below $ 90 a barrel, the April futures fell to 89.36 dollars a barrel on the NYMEX, for the first time in more than two months against the negative official data from China, which is the second largest oil consumer in the world.


Technical analysis for 5.03.13

EURUSD
The pair’s resistance is 1.31674, support is 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has broken Fibonacci retracement 23% at 1.53482 and declined to support 1.50594. If the pair stays above 1.50594, the pair has chance to return to Fibo at 1.53482.
Resistance: 1.52063, 1.53482, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has broken the Moving Average (500) and reached 0.93949.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has started corrections. The pair is aiming to 92.580.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair has found support at 1.01744 and aiming to the Moving Average (500) at 1.03336.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


Market review for 28.02.13: The U.S. dollar strengthened on weak result of the U.S. GDP.

Asian and European trading sessions:

Euro: The Euro fluctuated against the U.S. dollar today, the EUR / USD pair traded in the range of $ 1.3131-62 the Asian session amid mixed macroeconomic data and ongoing uncertainty in Italy. The pressure on the euro had the data from the labor market in Germany, according to which the number of unemployed in Germany in February rose to 3.156 million people against 3.138 million in January. The level was the highest level since March 2011.The CPI report showed that the annualized CPI of the Eurozone rose 1.3% in January against 1.5% in December and was in line with the forecasts. The CPI, however, fell in monthly terms, by 1% in January against 0.4% in December. Annual CPI rose 2% from 2.2% previously and coincided with forecasts of analysts. The preliminary consumer prices index in Germany in February rose 0.6% monthly and 1.5% yearly versus +0.7% and +1.6% respectively. When the ECB representative Mr.Novotny said that "the dollar exchange rate against the euro is in the historic range and there is no reason for the intervention", the Euro currency retreated from its session lows. Mr. Nowotny also said that the economic situation has markedly improved compared to what it was a year ago. The EUR / USD pair recovered to the area of $ 1.3135 during the European session.

U.S. Dollar: In anticipation of today's release of revised GDP for the 4th quarter of 2012 the dollar index did not show much of it move. The analysts predicted that the U.S. economy will grow by 0.5%. Also today, the market participants were expected the publication of the report of U.S. Department of Labor for the number of initial claims for unemployment benefits.

Japanese Yen: The USD / JPY pair traded in the range of Y92.17- 68 during the Asian session. The Yen remained under pressure today after Harika Kuroda, who is currently head of the Asian Development Bank was nominated to head of the Central Bank by the Japanese Prime Minister Shinzo Abe. The USD / JPY pair stayed trading in the range of Y92.00- 50 during the European session.

Australian dollar: The Australian dollar rose after the publication of a positive report from the country’s lending market, which showed that the total amount of new consumers and businesses loans in Australia rose less than expected last month. The report provided by the Reserve Bank of Australia, informed that the rate of change, seasonally adjusted, to 0.2% from 0.4% the previous month. The forecasted amount of loans to the private sector in Australia was of rising to 0.3 %.

New Zealand dollar: After the Reserve Bank of New Zealand reported that the business confidence rose this month to the level of 39.4, compared with 22.7 in the previous month, the New Zealand dollar strengthened against the U.S. dollar.

American trading session:

Euro: The euro fell against the dollar in association with the Italian political disputes about the formation of the government, as well as against decrease in the inflation rate in the euro area. The issue "opens the door" to stimulation measures from the central bank. In addition, lately, the European Central Bank President Mario Draghi signaled that the ECB is not going to hold tighter monetary policy in the near future. The euro weakened against most other major currencies.

U.S. Dollar: The dollar strengthened even not taking into account the release of the U.S. GDP data. The report published by the Ministry of Commerce, recorded that the GDP grew at an annual rate by 0.1 % in the fourth quarter, compared with a 0.1% of drop, which was originally reported. The economists had expected much more substantial revision to the consensus forecast of growth of 0.5%.

Canadian dollar: The Canadian dollar fell against the dollar today for the third day in a row when the data showed that the country's balance of payments deficit fell less than it was forecasted, adding speculations that the tomorrow's report will confirmed contraction in the Canadian economy in December.

Gold: The Gold futures prices fell today as signs of economic optimism led to a decrease in demand for the metal as safe haven asset. The cost of the gold March futures dropped to $1581.90 per troy ounce on COMEX today.

British Pound: The GBP / USD pair traded in the range of $ 1.5155-75 then was able to grow to a new high of $ 1.5221.The presented today data showed that the consumer confidence index from Gfk was -26 in February, unchanged from the previous month. The value was fully in line with economists' forecasts. The news did not change the dynamics of the pound against its rivals.

Oil: The prices of Oil prices fell today due to presented data, which showed that the U.S. economy far less expanded in the fourth quarter, than economists forecast. The April futures price of WTI dropped to 91.58 dollars a barrel on the New York Mercantile Exchange.


Market review for 27.02.13: The positive fundamental news supported the Euro currency today.

Asian and European trading sessions:

Euro: The euro strengthened against the dollar after Italy reached sales goals on its today’s bonds auction. Although, the yield on 10-year bonds of Italy was better than expected, but it increased compared with the previous value of 4.17% to 4.83%. Also, the yield of 5-year bonds rose from 2.94% to 3.59%. Other report showed that the indicator of economic confidence in the region has improved this month. The pressure on the single currency today had Investors Service Moody's agency’s statement that called the election results negative for the ratings of Italy which could threaten the structural reforms in the country. In addition, there were many other releases that supported the EUR / USD pair during all the way up to $ 1.3120 area. The consumer confidence in the euro zone slightly improved from -23.9 to -23.6 in February, the business climate indicator rose from -1.09 to -0.73 with -1.04 forecasted, and the industrial confidence rose from -13.8 to -11.2 compare to -13.2 forecasted, the services confidence also improved from -7.7 to -5.4 more than 8.5 forecasted, and the indicator of economic sentiment rose from 89.5 to 91.1also better than forecasted 89.8.In addition, the Gfk by German Economic Institute, according to which the German consumer confidence index in the last reporting period rose to 5.9 points from the previous value of 5.8 points, associated with published earlier Ifo and ZEW indices, confirmed expectations that economic growth in Germany will rise after weak Q4 2012 .

British Pound: The GBP / USD pair fell below $ 1.5100 during the Asian session. The British pound rose against the dollar after the representative of Bank of England Mr. Bean in his today’s speech suggested revising the target level of inflation. Report published today shows that up to the 4th quarter of the British economy grew by 0.3 % versus 0.0% in yearly, while the quarterly term decreased by 0.3 % which was in line with forecasts. In addition, the Total business investment fell by 1.2% in quarter term, with the annual rate of 0.4% compared to 5.4 % in yearly base. The GBP / USD pair rose to $ 1.5165 during the European session.

Australian and New Zealand dollar: The Australian and New Zealand dollars fell against the U.S. dollar, again for the third -session decline in a row, against the background of concerns of results of the election in Italy, which could deteriorate the debt crisis in Europe, and decrease investors' appetite for risky assets.

American trading session:

Japanese Yen: The USD / JPY pair was trading around the level of Y92.00 during the Asian session. It fell at the end of the European session to the lows of Y91.11and then grew up sharply amid news of pending appointment of a new head of the Bank of Japan, which will take place tomorrow. Economists also point out that the main candidate Mr. Kuroda as a critic of the Bank of Japan policies does not support the idea of buying foreign bonds.

Gold: Many of investors decided to lock some of their positions in the run-up speech by Federal Reserve Chairman Ben Bernanke. The price of gold fell today, after rising more than 1% in the previous session. The cost of the March futures of gold fell to 16932.50 dollars an ounce today on the COMEX.

Oil: The crude oil inventories rose by 1.13 million barrels in the week ended February 22 as it became knowing today. The data showed that stocks of distillates, including heating oil and diesel, rose by 557K barrels. The April futures price of WTI rose to 93.34 dollars a barrel on the NYMEX today.


Technical analysis for 28.02.13

EURUSD
The pair’s resistance is 1.31674, support is 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has broken Fibonacci retracement 23% at 1.53482 and declined to support 1.50594. If the pair stays above 1.50594, the pair has chance to return to Fibo at 1.53482.
Resistance: 1.52063, 1.53482, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair returned to the Moving Average (500) at 0.93378.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has started corrections. The pair is consolidating between 92.580 and 91.254.
Resistance: 92.580, 94.089, 95.200
Support: 91.254, 90.045, 88.640
AUDUSD
The pair has found support at 1.01744 and aiming to the Moving Average (500) at 1.03336.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Technical analysis for 27.02.13

EURUSD
The pair has worked out Head and Shoulders, and declined to 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has broken Fibonacci retracement 23% at 1.53482 and declined to support 1.50594. If the pair stays above 1.50594, the pair has chance to return to Fibo at 1.53482.
Resistance: 1.52063, 1.53482, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair returned to the Moving Average (500) at 0.93378.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has started corrections and broken Fibonacci 23%. The next aim is at 91.254.
Resistance: 92.580, 94.089, 95.200
Support: 91.254, 90.045, 88.640
AUDUSD
The pair has broken 1.03535 and may decline to the next support level at 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


Market review for 26.02.13: The results of election in Italy raised a wave of concerns about the political instability in the region.

Asian and European trading sessions:

Euro: Yesterday, in Italy, were concluded parliamentary election, the outcome of which did not bring an unambiguous victory of any political force and suggested that it may require an additional round. Also, it demonstrated that the voters opposed any fiscal austerity policies. The center-left Democratic Party, which won the election in Italy's, led by Pier Luigi Bersani, got only a small majority in the lower house of parliament (29.6%), which will not be enough to form a cabinet. Next was the party of former Prime Minister Silvio Berlusconi with 29, 1%.The results of elections raised a wave of concerns about political stability in the country and a possible deterioration of the debt crisis in Europe. The EUR / USD pair, however, recovered from its seven-week low amid declining profitability of Italian and Spanish bonds. In addition, the currency was supported by speculations that the ECB will intervene to limit losses of the bondholders of the peripheral euro zone countries after Mario Draghi spoke clearly about the persistence of monetary union. The EUR / USD pair rose to $ 1.3120 during the European session.

British Pound: The GBP / USD pair rose to $ 1.5222 during the Asian session. It offset some losses in the correction after aggressive sales which dropped it yesterday to a minimum of $1.5070. The currency also gained again the status of safe haven asset amid the political uncertainty prevailing in Italy after the election. Also, today the representative of the Bank of England Mr. Bean said that he expects to accelerate growth of the national economy in 2013-14, and expressed readiness to take additional QE measures. His colleague, Mr. McCafferty said, in addition, that the risks of collapse of the euro zone were reduced but persist that once again confirmed the elections in Italy. However, later the pound came under pressure after the Bank of England informed markets that the "real exchange rate of currency should be lower". The GBP / USD pair fell to the lows of $ 1.5127 during the European session.

Japanese Yen: The expectations that the Bank of Japan will continue easing monetary policy further to stimulate economic growth moved the USD / JPY pair to the lows Y91.38 during the European session.

American trading session:

Euro: The euro rose against the dollar to the level of $ 1.3123 as investors increased their bets that the European Central Bank will intervene in the situation to limit losses from so-called "peripheral bonds."

U.S. Dollar: After the Chairman of the Federal Reserve, Ben Bernanke said the U.S. economy will continue to recover in 2013, but the situation on the labor market and the economy as a whole is weak, and therefore, further easing is necessary the dollar index loss some points.

Swiss franc: The speculation that Italy would need a second vote after the inconclusive election results immediately increased the demand for the relative safe haven currencies like of the Swiss franc. The Swiss franc rose to a six-week high against the euro.

Gold: The Prices of gold futures registered second session gain in a row rising above the level of $ 1600 per troy ounce due to comments by the Federal Reserve Chairman Ben Bernanke to Congress. The February futures prices of gold were up to 1620 dollars on COMEX today.

Oil: The April futures price of WTI fell to 92.2 dollars a barrel on the NYMEX reaching a one-month low, as the inconclusive results of Italian elections have revived concerns among investors about the instability in the euro zone, therefore suggested on weak growth in demand for fuel.


Market review for 25.02.13: The euro fell sharply on the results oа election in Italy.

Asian and European trading sessions:

Euro: The EUR / USD pair traded in the range of $ 1.3180-20 during the Asian session. The euro was strengthening ahead of pending outcome of the parliamentary elections in Italy. The analytics suggested that the most likely outcome would be an alliance between the center-left Bersani and Mario Monti, which would be positive for the euro. The EUR / USD pair has shown a steady growth up to $ 1.3320 during the European session.

British Pound: After the international rating agency Moody's Investors Service has downgraded the UK government bond rating by one step from “Aaa” to "Aa1" the pound fell against the U.S. dollar. The rating outlook – was left as "stable." The risks to the financial situation of the country due to the economic slowdown were also mentioned by the agency, in particular. The GBP / USD pair fell to $ 1.5070 during the Asian session but later recovered to $ 1.5165 levels.

Japanese Yen: The yen fell to a three-year low against the dollar on news reports that Japanese Prime Minister Shinzo Abe formally promotes forward the nominee Harika Kuroda for the post of Central Bank, who is now the head of the Asian Development Bank. Mr.Kuroda advocates aggressive monetary measures for stimulating the economy. The USD / JPY pair rose to Y94.60 during the Asian session, the, but later dropped to its intraday low of Y93.76 during the European session.

Australian dollar: In February, the purchasing managers’ index from HSBC for the manufacturing of China which is the largest trading partner of Australia fell to 50.4, compared with a final value of 52.3 in January. The Australian dollar fell against almost all its major counterparts after the preliminary PMI report was released.

American trading session:

Euro: The euro fell sharply against the dollar, losing all previously won positions, after the first results of the exit polls in Italy pointed to the victory of the center-left coalition party of Bersani.

Canadian dollar: The Canadian dollar was down against the U.S. dollar on speculation of the outcome of the speech of the governor of the Bank of Canada Governor Mark Carney who said that economic growth slowed more than it was forecasted.

Gold: The prices of gold grew today on the weak equity markets and weakening of the dollar, which has helped to traders to offset some of the losses they suffered last week. The February futures price of gold rose by more than $ 22on 1596.20 dollars per ounce on COMEX today.

Oil: The April futures price of WTI fell to 92.25 dollars a barrel on the NYMEX after rising before to the highs of 94.45. The investors were caution on the situation with Iran and world powers to resolve the issue of the disputed nuclear program.


Technical analysis for 26.02.13

EURUSD
The pair has worked out Head and Shoulders, and declined to 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has broken Fibonacci retracement 23% at 1.53482 and declined to support 1.50594. The pair may return to Fibo at 1.53482.
Resistance: 1.52063, 1.53482, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has tested the Moving Average (500) at 0.93378 and rolled back to support at 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has started corrections and broken Fibonacci 23%. The next aim is at 91.254.
Resistance: 92.580, 94.089, 95.200
Support: 91.254, 90.045, 88.640
AUDUSD
The pair is trading in the range between 1.03535 and 1.02257.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


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Technical analysis for 21.02.13

EURUSD
The pair has declined to the channel line at 1.32653. The pair has drawn Head and Shoulders. If the pair breaks 1.32653 the pair will work out the figure. The end of the figure maybe expected at 1.30277.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken Fibonacci retracement 23% at 1.53482 and declined to support 1.52063.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.48527
USDCHF
The pair is aiming to the Moving Average (200) at 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is testing median line at 93.235. If the pair breaks this level the pair will decline to the Fibonacci 23% level at 92.279.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair couldn’t stay above 1.03535 and declined to the support level at 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Market review for 20.02.13: The result of the Fed meeting caused correction in almost all markets.

Asian and European trading sessions:

Euro: The EUR / USD pair rose to $ 1.3437 during the Asian session. The support for the currency was provided by published data for Germany, which revealed that the producer prices in January were stronger than expected due to the high cost of electricity. The result suggested that the slowdown in the German consumer price index would be delayed. According to the report, producer prices rose in January by 0.8% in monthly terms and by 1.7 % per year, compared with forecasts at 0.3 % and 1.2 %, respectively. Later on, during the European session, the EUR / USD pair decreased by setting the minimums at $ 1.3363 on expectation of the outcome of the FOMC meeting, which will have to be announced today .

U.S. Dollar: The dollar rose against its competitors during the European session as many market participants were awaiting publication of U.S. data on the housing market, the index of producer prices, and results of the very important event, protocols of FOMC meeting.

British Pound: The pound fell to the lows against its rivals after the Bank of England minutes showed that some officials at this month meeting voted to expand the program of buying assets. The only three politics voted for increased bond purchase program by 25 billion pounds ($ 38.3 billion) to 400 billion pounds, while the remaining six members of the Monetary Policy Committee were against the increase. In addition, the pressure on sterling was supported after reports showed that the policy has been already considered for cutting interest rates. Also exerted pressure on the currency presented data which showed that, according to estimates of the International Labour Organization, the number of unemployed for three months till December 2012 increased by 10K, while the unemployment rate rose to mark of 7.8%, compared to 7.7% three months earlier before November. At the same time, the Office for National Statistics reported that the number of unemployed in the same period decreased by 14K, while the number of employed people increased by 154,000. In addition, the ONS reported that the number of applications for unemployment benefits fell in January by 12,500 to 1.54 million. The GBP / USD pair fell to the low of $ 1.5278 during the European session.

Japanese Yen: The yen rose against the dollar ahead of the meeting between the leaders of Japan and the United States. Investors interested in whether or not Obama would support a policy of Prime Minister Abe. Some countries are concerned that this policy is intended to artificially weaken the yen. The Japanese Prime Minister Shinzo Abe will fly to the U.S. to meet with President Barack Obama by the end of this week. The news that disappointed today many investors was the one that has been published by the Ministry of Finance Japan on trade deficit in country. In January, it was recorded at almost $ 17.5 billion which was a record mark since 1947 year. The amount of imports grew much more strongly due to rising prices for oil and gas. However, the Japanese exports rose for the first time in eight months. The USD / JPY pair fell to a week minimum during the Asian session and then grew during the European session.

New Zealand dollar: After the chairman of the central bank of New Zealand, Mr.Wheeler in his speech to the manufacturers and exporters in Auckland expressed RBNA’s willingness to intervene in monetary policy to weaken the National currency the New Zealand dollar fell against its rivals. Graeme Wheeler noted that the monetary authorities are ready to intervene to decrease the growth of the New Zealand dollar.

American trading session:

U.S. Dollar: The dollar rose sharply against other major currencies against the U.S. publication of minutes FOMC. The currency substantially strengthened after the publication of minutes of the Fed meeting, in which it was noted that “the economy remained on a moderate growth, and tensions in global financial markets have eased. Also, was mentioned that the housing sector is strengthening, and the unemployment rate is likely to continue decline gradually. The solution of the "budget cliff” reduced the downside risks for the economy. "

Gold: The gold was cheaper today as well as in recent days due to better economic performances of Europe and the U.S. and falling of stock markets in this particular session. The April futures price of gold dropped to 1577.50 dollars per ounce on COMEX today.

Oil: The growth of oil supplies to the Midwest of U.S. which was announced by the ”Enterprise Products Partners LP” Company contributed to today’s lower prices of the asset. The company expects increase to 295,000 barrels a day in February-May from 180,000 barrels of January. The cost of March futures of WTI fell to 94. 2 dollars a barrel on the New York Mercantile Exchange.


Market review for 19.02.13: The Canadian Dollar weakened when the Canada December’s Wholesale Sales fell more than two times compare with economists' expectations.

Asian and European trading sessions:

British Pound: The GBP / USD pair traded in the range of $ 1.5460-90 during the Asian session. The pound tried to grow on the background of upcoming release of the unemployment rate, which will be presented tomorrow. So, the GBP / USD pair rose to high of $ 1.5502 during the European session, however, fell to lows of lows at $ 1.5462.

Japanese Yen: The yen rose against the dollar and euro, which was for the first time in three days, as the Finance Minister Taro Aso expressed Japan government’s unwillingness to buy foreign bonds. His comments were opposed to the statement of Prime Minister Shinzo Abe, who said that the purchase of foreign bonds is one of many options, which should help to the monetary policy. The yen retreated from the lowest levels against the U.S. currency; the USD / JPY couple fell tom the lows of Y93.37 during the European session.

New Zealand dollar: The New Zealand dollar fell against all major currencies after information that the General Directorate of Quality Supervision of China, Inspection and Quarantine (AQSIQ) destroyed milk powder came from New Zealand. However, later after the “Fonterra Co” company - the world's largest exporter of dairy products, said that none of its products were destroyed by the Chinese authorities the New Zealand dollar regained some of its losses.

Australian dollar: The Australian dollar rose against most major currencies after the Reserve Bank of Australia noted the possibility of further lowering the interest rate in case of a fall in economic growth in the region. The RBA also mentioned that the series of lowering of the interest rate which was done during the year helped stimulate the Australian economy.

American trading session:

Euro: The currency grew on positive results of the ZEW survey of February. The Germany’s economic sentiment improved from 31.5 to 48.2 and the euro area’s sentiment from 31.2 to 42.4, exceeding forecasts of 35.0 and 35.5 respectively. The other news published were: the report of the performance of the production in the construction sector in Eurozone, which decreased in December by 1.7 % in monthly term versus 0.4% in a month earlier and the annual comparison index fell by 4.8 % compared to -4.7 % in November. In addition: the Greece’s current account deficit narrowed in December, from € -0.850 billion to € -0.534 billion. The EUR / USD pair reacted positively on these releases rising to the highs of $ 1.3395.

Canadian dollar: The Canada’s wholesale sales fell by 0.9 % in December. The result of the report which recorded that the rate of decline was more than two times higher than economists' expectations pushed down the Canadian dollar which fell to a new 7- month low after the release.

British pound: During the session the British pound fell to the lowest level since July 12th 2012 to the level of $1.5413. The fears that tighter fiscal policy will continue to put pressure on the economy and concerns about possible downgrade of the credit rating of the United Kingdom as well as the assumptions that the next head of the Bank of England Mr.Carney will announce the implementation of the milder policy than the current one of the Mr. King negatively affected the British currency.

Gold: The April futures price of gold dropped to 1600.70 dollars per ounce on COMEX today. The price of gold was down today also for the fourth consecutive session even despite increase in demand from the markets of Asia after the holidays in China.

Oil: The WTI crude oil futures rose after a representative of Enterprise Product Partners LP reported that the Seaway pipeline will not be able to reach the design capacity of 400,000 barrels per day. The March futures price of WTI strengthened to $96.7 per barrel on the NYMEX today.


Technical analysis for 20.02.13

EURUSD
The pair has found support at 1.33143 and rolling back to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair declines below 1.54842 and aiming to test Fibonacci retracement 23% at 1.53482.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair is testing 0.92026. If the pair breaks this level the pair will rise to 0.93069.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is consolidating between 94.089 and 92.580.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair has drawn Double Bottom and is testing neckline at 1.03644, the end of the figure maybe be expected at 1.04407 if stays above 1.03644.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744


Market review for 18.02.13: The U.S. stock markets will be closed today in observance of President's Day.

Asian and European trading sessions:

Euro: The euro fell against the dollar; the EUR / USD pair fell to $ 1.3325 during the Asian session in the run-up to parliamentary elections in Italy on February 24-25. During the European session the pair fell to the lows of $ 1.3305, and then established a high at $ 1.3380 area.

British Pound: The pound fell, approaching the seven-month low against the dollar amid expectations of increasing inflation in the country. Recall that on February 20 will be published minutes of the last meeting of the Bank of England. On its previous meeting the Central Bank left its bond purchase program unchanged, saying that inflation is likely to accelerate in the near future and may remain above the target level of 2% for the next two years. The GBP / USD pair fell to $ 1.5470 the Asian session. The pound fell against almost all of its 16 major counterparts as futures traders increased bets that the currency will continue to decline. According to the data, the number and volume of short positions of hedge funds and other large speculators who are betting on further depreciation of the currency were substantionally increased. Also exerted pressure on the currency was provided by the representative of the Bank of England Wil Martin, who noted that exporters can be benefited from the reduced rate of the sterling.

Japanese Yen: The statements of the Finance Ministers and Central Bank Governors of the G20 in respect of competitive devaluations of the rates of National currencies were interpreted by market participants as relatively mild in relation to Japan. For that reason, the yen fell against most major currencies. The USD / JPY pair rose to Y94.21 level during the Asian session, however, then it fell toY93.73 during the European session.

American trading session:

U.S. stock markets will be closed today in observance of President's Day.

Euro: The data released today showed that in December the current account surplus narrowed more than expected euro zone - up to € 13.9 billion from € 15.9 billion in November and the expected result of € 15.3 billion. The Indicator, which summarizes the flow of goods, services, income and transfer payments in and out of the Euro-zone nations to other countries widened to € 27.0 billion from the previous value of € 20.8 billion revised from € 19.8.

Gold: The prices of gold recovered from a six-month low today on Monday during the Asian session and grew due to return to the Chinese investors to market. However, the strong dollar restrained the growth of the asset. The April futures price of gold fell to 1609.70 dollars per ounce on COMEX today.

Oil: The March futures price of WTI type of oil tested today Friday’s lows when it suffered the biggest decline in two weeks, a 1.5 % decline and was held in a narrow range. The electronic trading were closed today with in observance of the U.S. President's Day celebrated in U.S.


Technical analysis for 19.02.13

EURUSD
The pair has broken Fibonacci retracement 50% at 1.34882 and reached support at 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has declined to the channel line at 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair is testing 0.92026. If the pair breaks this level the pair will rise to 0.93069.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is testing resistance 94.089. Support is 92.580.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair has risen to the resistance level at 1.03535.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Market review for 14.02.13: The GDPs results of Japan and Eurozone came out worse than forecasted.

Asian and European trading sessions:

Euro: The EUR / USD pair traded in the range of $ 1.3433-55 during the Asian session. On the next following session the currency fell against its rivals; the EUR / USD pair fell to the lows of $ 1.3315 after the release of the preliminary report on the GDP of the Euro zone, the result of which was unexpectedly worse than forecasted. In the 4th quarter Eurozone GDP declined from -0.6% to -0.9 % in annual term compared with an expected 0.7%. In the quarterly equivalent index fell by -0.6 % versus -0.4% forecasted.

Japanese Yen: The USD / JPY pair rose to Y93.65 during the Asian session. The market participants did not react to the decision of the Bank of Japan kept monetary policy unchanged and consider further support for the Japanese economy in the coming months due to the ongoing recession in the country. Instead, the pressure on the Japanese currency had a statement of a potential candidate for the presidency of the Bank of Japan, the former deputy head of Kazumasa Iwata, who reported that the currency has prospects for further depreciation. Also today was released data, which recorded that the Japanese economy in the 4th quarter of 2012 was not able to get out of recession decreasing in GDP by 0.4% in annual terms. The average forecast expected growth of 0.1% compared to the third quarter and 0.4% year on year. The USD / JPY pair traded around of Y93.4 level during the European session.

New Zealand dollar: The “kiwi” rises for a third day on the data released that the country's manufacturing industry grew at the fastest pace since May last year. The PMI was held higher than 50 levels, which indicates the level of economic expansion and rose in January to 55.2 from a revised 50.4 in December.

American trading session:

U.S. Dollar: The dollar had support after the release of U.S. data which showed that the number of initial claims for unemployment benefits fell last week, more than expected. According to the U.S. Department of Labor, for the week ends by February 10th, the numbers showed a larger than expected decline dropping by 27K to 341K which was lower than 360K forecasted and the revised value for the previous week of 368K.The dollar index erased yesterday’s loses and jumped over the 80.5 area.

Gold: The cost of the February gold futures on the COMEX today dropped to 1633.90 dollars per ounce reaching its five-week low.

Oil: The cost of oil fell today after data showed that the euro zone’s GDP declined by the end of last quarter, more than expected. The decline in oil prices associated with the constraining expectations for world economic growth and increased demand for energy. The March futures price of WTI dropped to $96.75 per barrel rose then, however, was able to cover some loses moving up to $97.33 area on the NYMEX.


Technical analysis for 14.02.13

EURUSD
The pair has broken Fibonacci retracement 50% at 1.34882 and aiming to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair is aiming to the channel line at 1.54842, the pair will reach this level if breaks 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has risen to 0.92026. If the pair breaks this level the pair will rise to 0.93069.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is testing resistance 94.089. Support is 92.580.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair has risen to the resistance level at 1.03535.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Market review for 13.02.13: The unemployment rate in Portugal rose to the highest value since the creation of the Eurozone.

Asian and European trading sessions:

Euro: The euro grew up against the dollar and hit the level of $ 1.3500 ahead of started today G20 meeting. Many of German officials hope that other members of the union would support a statement regarding the G20 debate on exchange rate. In addition, they noted the need for more regulation of the international financial markets. Today was also released the report of the European industrial production the data of which showed that in December the production rose by 0.7% against previously 0.7% and forecasted 0.2 %. The result of annual terms coincided with the forecast thus resulted contraction by 2.4% which was substantially better than the 4% in November. The EUR / USD pair rose to a maximum of $ 1.3520 during the European session.

British Pound: The British pound came under heavy pressure today after the Bank of England released a quarterly report on inflation .The report demonstrated that UK GDP will remain below pre-crisis levels until 2015, and the CPI will exceed the target mark in the next three years. In addition, the statements of the head of the Central Bank Governor Mervyn King did not provide any support for the currency dynamics. The GBP / USD pair fell to the low of $ 1.5538 during the European session.

Japanese Yen: The yen rose against all major currencies ahead of the G20 meeting, where officials will have to discuss the legitimacy of the recent decline in the Japanese currency. The yesterday’s statement of the financial G7 informed that a perceived decline of the yen will be discussed at the G20 summit. The USD / JPY pair fell to Y92.80 then rose to a maximum of Y93.81.

Australian dollar: After the release of data on consumer confidence in the region showed the big jump up to the highs of 2011rising by 7.8% to 108.3 in February the Australian dollar rose against almost all its rivals.

American trading session:

Euro: The euro fell against most major currencies and the EUR / USD pair dropped to the lows of $ 1.3426 during the European session after a published report showed that the unemployment rate in Portugal in the fourth quarter rose to the highest value since the creation of the euro area to 16.9 %, compared with 15.8 % in the third quarter. Also, another data showed that the number of unemployed people in the country for the year rose by 19.7 % per year to 923 200 persons and the number of employed persons decreased by 4.3% to 4.53 million.

Gold: Gold prices fluctuate traded with low trading volume, as many investors prefer to remain on the sidelines in the run-up G20 meeting. In addition, reduce in the volume happens now as many Asian markets closed for the Lunar New Year. The February futures price of gold was able to grow higher than $ 1,650 per ounce today on COMEX.

Oil: The cost of oil fell lost all its early growth after a report from the government showed that oil stocks rose last week. Accordingly data from the U.S. Energy Information Administration, crude oil inventories last week rose by 0.60 million barrels, while reaching the level of 372.20 million barrels, well above the upper limit of the average range for this time of year. For this reason, the March futures price of WTI fell to $96.61 per barrel on the NYMEX.


Technical analysis for 13.02.13

EURUSD
The pair has broken Fibonacci retracement 50% at 1.34882 and aiming to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair is aiming to the channel line at 1.54842, the pair will reach this level if breaks 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has risen to 0.92026. If the pair breaks this level the pair will rise to 0.93069.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is testing resistance 94.089. Support is 92.580.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair has reached support at 1.02558 and rolled back to the Moving Average (500) at 1.03535.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Market review for 12.02.13: The statement of B7 indicated that exchange rates should be determined by markets not by the Central banks.

Asian and European trading sessions:

Euro: The EUR / USD pair fell $ 1.3370 during the Asian session. However, later the euro currency was supported by the positive results of the Spanish bond auction which showed decent demand for the assets. Spain was able to sell its 6 and 12 –month mature bonds for amount of E5.57 billion with a yield similar to the yield at the previous auction. Total demand reached 13,311 billion. The EUR / USD pair rose to a maximum of $ 1.3465 during the European session.

British Pound: The British pound fell to a six -month low against the dollar ;the GBP / USD pair fell to the low of $ 1.5570 during the European session the after the consumer price index in the UK in January showed increase up to 2.7 % compared to the same period of the previous year, in a monthly term. Thus, the annual inflation rate in the UK in January was confirmed at the high level that firmly held above the target level of the Bank of England.

Japanese Yen: The pressure on the yen had the words of Deputy Secretary of the Treasury, Lael Brainard, who said yesterday in Washington that he supports the efforts of Japan to overcome deflation and wake up economic growth in the country. The USD / JPY pair retreated from the previous day's highs during the Asian session. On the next following session the couple was held at the highs of Y94.3 levels amid the issued today statement of B7 which indicated that exchange rates should be determined by markets, and the central banks are not able to weaken or strength their national currencies. The USD / JPY pair rose to Y94.41 after the release of the statement then fell to the previous levels.

American trading session:

U.S. Dollar: The dollar index suffered today big intraday down fall and dropped below the area of 80.00 after
published statement of the G-7 on the commitment to market exchange rates.

Swiss franc: The dynamics of the Swiss franc against its rivals slightly were influenced after the Swiss National Bank announced that it will continue to hold the franc against the euro at the rate of CHF1. 20 and if necessary, will be ready to take additional measures.

Canadian dollar: The Canadian dollar traded higher this session against the U.S. dollar, after big move of the USD /CAD pair on the previous session after the Chinese Cnooc Ltd. was authorized to purchase the assets of the U.S. Nexen Inc., breaking the recent regulatory hurdles and thus completing the deal on acquisition of Canadian oil producer for $ 15.1 billion . The drop of the pair continued even despite the fact that the head of the Bank of Canada Governor Mark Carney said that the need to raise key interest rates in Canada now is not on the agenda as it was before.

Gold: The Gold prices grew today recovering from the yesterday’s deep lows. The asset was also supported by the decrease of the U.S. currency rate which occurred after the Group of Seven industrialized countries (G- 7) reaffirmed the commitment to market exchange rates. The February futures price of gold rose to 1652.50 dollars per ounce on COMEX today.

Oil: The cost of oil has been held up during the day at the highest level in a week, after the OPEC increased its forecast for oil demand this year. The prices of oil were also positively affected by the statements of the G-7, which promised to avoid the rate devaluation. The March futures price of WTI type of Oil rose to the highs of $97.77 per barrel on the NYMEX.


Market review for 11.02.13: The Australian dollar fell due to the negative result recorded in the Home Loans report.

Asian and European trading sessions:

Euro: Amid the new round of escalating political situation recently started in both Italy and Spain the euro traded near a two-week low against the dollar; the EUR / USD pair during the Asian session traded in the range of $ 1.3361-81. Today, the “El Pais” newspaper published the compromising materials on the Spanish Prime Minister, Mariano Rajoy who has faced calls from the opposition to resign. Also, the public surveys conducted in Italy ahead of the elections which will be held on February 24-25 showed an increase in popularity of the former Italian Prime Minister Silvio Berlusconi, who was found guilty of tax evasion in October 2012. The EUR / USD pair rose to a high of $ 1.3411 during the European session as the reaction on the published today industrial production report from France which resulted an increase by 0.1 % in December vs. -0.2 % expected and previous change by +0.5% .

Japanese Yen: The yen continued to grow during the Asian session; the USD / JPY pair fell to the Y92.24 area close to its Friday’s lows amid the statements of the Finance Minister of Japan, Taro Aso who said that the recent sharp depreciation of the Japanese yen surprised the government. In addition, the rate of yen was also supported by the information about the obstacles comes from the opposition within the appointment of the new head of the Central Bank of the country, who will pursue an aggressive policy of economic incentives. On the next following session the yen fell against the dollar after the President of the Asian Development Bank Haruhiko Kuroda, who is a potential candidate for head of the central bank position, said that he supports the implementation of additional measures to stimulate the economy, expecting that some of them might be approved in 2013. The USD / JPY pair rose to a maximum of Y93.50 during the European session.

Australian dollar: Amid the release of the data by the Bureau of Statistics for the real estate markets in the region accordingly to which the number of loans for the construction or purchase of housing fell by 1.5% in December compared to the previous month and expectation of 0.00%, the Australian dollar fell against its competitors.

American trading session:

Euro: On the background of statements of the representative of the European Central Bank, Jens Weidmann who said that the current rate of the single European currency is not too overpriced the euro rose against most major currencies. In addition, Mr. Weidmann added that the policy aimed for weakening of the euro will lead to inflation.

British Pound: The GBP / USD pair to the low of $ 1.5650 after the industry report showed that the level of trust in relation to employment in the UK fell in January. The pound fell against most major currencies also on speculation that confidence among market participants about the growth of exchange rate of the pound has significantly reduced.

Gold: The Gold prices declined substantially while achieving the most minimal values for the month, which was due to speculation that physical demand will be slow during the Lunar New Year celebrated this week in Asia. The February futures price of gold fell to 1643.50 dollars per ounce on COMEX today.

Oil: The futures price of March WTI rose to 96.37 dollars a barrel on the New York Mercantile Exchange.


Technical analysis for 12.02.13

EURUSD
The pair has broken Fibonacci retracement 50% at 1.34882 and aiming to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair is aiming to the channel line at 1.54842, the pair will reach this level if breaks 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has risen to 0.92026. If the pair breaks this level the pair will rise to 0.93069.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is testing resistance 94.089. Support is 92.580.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair has reached support at 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Market review for 07.02.13: The speech of Mario Draghi sent the Euro to the deep lows against it’s rivals.

Asian and European trading sessions:

Euro: The Euro fell slightly against its rivals during the Asian session in anticipation of the ECB decision regarding the interest rate in Eurozone and the speech of Mario Draghi about the whole economic situation in region. Accordingly to analysts’ predictions the ECB will not change interest rates keeping it for the seventh consecutive month at 0.75 % per annum as well as the general course of monetary policy and Mr.Dragi will pay particular attention to the continuing economic weakness of the euro zone. The EUR / USD pair fell to $ 1.3504 level.

British Pound: The GBP / USD pair was trading slightly down at the lows of $ 1.5646 level during the Asian session the. The pair done a monster move up to the area of $ 1.5770 during the European session, which was associated with the statements of Mark Carney, who in the near future is going to led the Bank of England. According to his statements, the central bank should close unconventional policies, maintain the integrity of the sterling, and be more flexible with regard to inflation targeting.

Japanese Yen: The yen rose on falling Asian stock markets, which led to increased demand for safe haven assets. The USD / JPY pair fell to the previous day's low of Y93.30 during the Asian session and continued to the new low of Y93.09 at the European one.

New Zealand dollar: The New Zealand dollar fell against most major currencies after the publication of the weak data on employment in New Zealand. The data adjusted for seasonal variations in the 4th quarter recorded fall by 1.0 % compared with the previous quarter and decreased by 1.4% compared with the same period last year. Accordingly the forecasts of economists, employment should have been grown by 0.4% compared with the previous quarter and by 0.3 % compared to the same period of the previous year.

American trading session:

U.S. Dollar: The U.S. dollar got support by the published today economic statistics for U.S. country, which disappointed many investors. Accordingly preliminary data, the labor productivity in the fourth quarter of 2012 decreased by 2.0 % after rising 2.9% in the third quarter. Also, the last week’s number of initial claims for unemployment benefits amounted to 366K, while the market had expected it at 360K.

Euro: The euro suffered nasty spill falling more than 200 points against the dollar after European Central Bank President Mario Draghi said that the recent strengthening of the currency raised fears that inflation in Eurozone will slow down. He mentioned, also, that the forecast showed the slowdown in inflation below 2% in the coming months.

British Pound: The pound was supported by the announced decision of the Bank of England to leave key interest rate and keep the target level of bond-buying program unchanged, saying that while the UK economy showed willingness to slow growth, however this growth may be influenced by the Eurozone’s problems.

Gold: The April futures price of gold on COMEX today fell to 1662.40 dollars an ounce, and then rose to 1682.90 after comments from ECB President Mr.Draghi and the release of the U.S. economic statistics.

Oil: The Oil fell in New York trading after European Central Bank President Mario Draghi said that the strength of the euro could hamper economic recovery, which in turn will reduce the demand for fuel. The March futures price of WTI fell to 95.53 dollars a barrel.


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Technical analysis for 7.02.13

EURUSD
The pair has returned to Fibonacci retracement 50% at 1.34882.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is aiming to the channel line at 1.54842, the pair will reach this level if breaks 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has declined to 0.91079. The pair will decline to the median line at 0.90135 if stays below 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is testing resistance 94.089. Support is 92.580.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair has broken the Moving Average (500) at 1.03535 and aiming to 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Market review for 06.02.13: The markets are waiting for the meeting of the ECB scheduled for tomorrow.

Asian and European trading sessions:

Euro: The euro tried to rise against its rivals on news that the European Central Bank is not concerned about the sharp rise of the euro currency. However, the demand for the currency was limited as many market participants are waiting for the meeting of the European Central Bank, which will be held tomorrow. The EUR / USD pair strengthened to the level of $ 1.3595 during the Asian session then fell sharply reaching its one-week low of $1.3512 on the next following session.

U.S. Dollar: The dollar index continued to grow also today after slight yesterday’s decrease. It updated it’s recent high reaching the 79.9 mark.

British Pound: The pound fluctuated within a narrow range of $ 1.5630-75 against the dollar during the both sessions. The published today’s data showed that the Halifax house price in Britain registered in January its first annual increase since October 2010, rising by 1.3%. However, despite an improvement of house market situation, the value of this indicator was below analysts' expectations of 1.6 %. Also, the Halifax Plc House Prices on a monthly basis fell by 0.2% more than it was expected by the estimates of experts.

Japanese Yen: The yen fell against the dollar to Y94.05 level for the first time since May 2010 on the background of the statement of Governor of the Bank of Japan, Masaaki Shirakawa who announced his early retirement thus increased expectations of further easing of the central bank. The USD / JPY pair during the European session traded in a narrow range, demonstrating a slight decrease due to the strong resistance which was provided by the Y94.00 level.

Australian dollar: The Australian dollar fell against most currencies after the publication of negative data on retail sales of the country. According to statistics, the volume of retail sales in Australia fell in December by 0.2 % compared to the previous month with expectations of growth by 0.3%.

American trading session:

Euro: The single currency fell against almost all major currencies amid speculations that the Prime Minister of Spain, Mariano Rajoy may resign on the background of recent corruption scandal and the expectations of investors on negative results of the report of Banca Monte dei Paschi di Siena SpA for 2008 and 2009 years. The EUR / USD pair fell to the lows of $ 1.3494 during the session.

Canadian dollar: The Canadian dollar rose after data showed that the January’s Ivey PMI improved to 58.9 from 52.8 versus forecasted 53.9. The USD /CAD couple fell to $0.9958 area.

Gold: Today, the value of gold held within yesterday's range as the market is still waiting for the European Central Bank statement after the meeting on Thursday. April futures price of gold finished at 1677.40 dollars an ounce level on COMEX.

Oil: After the U.S. Department of Energy reported an increase in oil inventories last week, the March futures price of WTI in trading in New York strengthened sharply to 96.99 dollars a barrel rebounding from yesterday’s deep low levels.


Market review for 05.02.13: The dollar was under pressure by the result of U.S. ISM index that came out in January higher than expectations.

Asian and European trading sessions:

Euro: The euro fell against most major currencies amid a corruption scandal in Spain and the growing uncertainty of the results of the parliamentary elections in Italy. The leader of the Socialist Party demanded the resignation of the prime minister. However, the Spanish prime minister categorically denied any involvement in the fierce corruption scandal. The recent news from Italy informed that conducted there public opinion polls showed that the former Prime Minister Silvio Berlusconi has narrowed the gap between the candidate Pier Luigi Bersani, even though his litigation related to tax evasion. Mr. Berlusconi is gaining sympathy to the parliamentary elections which will be held on February 24-25, because of his statement that he will terminate the real estate tax which was imposed under austerity programs of the current cabinet of Mario Monti. The EUR / USD pair fell below $ 1.3460 during the Asian session, yet rose during the European one to the maximum of $ 1.3566

British Pound: After trading in the narrow range of $ 1.5750-63 during the Asian session, the GBP / USD pair strengthened to $ 1.5802against the published report showed that the activity in the services sector in Britain unexpectedly expanded in January, indicating at the same time that the economy can avoid a triple recession. In details, the data recorded that the purchasing managers' index for the services sector rose in January to a level of 51.5 and beat the predicted value of 49.5. Meanwhile, in line with the increase of orders, the company raised the number of personnel to the maximum value in the last six months. However, despite the positive results of the report, the pound fell sharply and the GBP / USD pair fell to the lowest today’s level of $ 1.5708.

Japanese Yen: The yen rose against most major currencies on the back of weak Asian stock markets and the increasing demand for safe-haven currencies. The yen then fell against all major currencies when the governor of the Bank of Japan Governor Masaaki Shirakawa informed about his earlier retirement at March 19 rather than planned on April 8. The USD / JPY pair rose to a new high of Y93.51 during the European session.

Australian dollar: After the Reserve Bank of Australia kept its benchmark interest rate unchanged at 3%, which agreed with the forecast of analysts, the Australian dollar fell against all major currencies.

American trading session:

Euro: The euro rose with association of the release of data that showed that the final purchasing managers’ index for the euro area services sector rose in January more than was originally reported. However, the demand for the currency was limited and currency remained under pressure, as many market participants are waiting for the meeting of the European Central Bank, which will announce the decision on the interest rates in the Euro zone. The EUR / USD pair rose to a maximum of $ 1.3597 during the session.

U.S. Dollar: The pressure on the dollar currency was provided by the statistics from the U.S. ISM Non-Manufacturing Composite index that came out higher than expectations in January, up to 55.2 versus expectations of 55.0. At the same time, the index of economic optimism IBD / TIPP rose to 47.3 in February from 46.5 in January, against the forecasts of 46.1.

Gold: Earlier, the price of gold rose to 1683.45 dollars an ounce after strong data from China and Europe data, although at the COMEX the prices were reduced by the unfavorable U.S. macroeconomic statistics and the February futures price of gold dropped to 1666.53 dollars per ounce.

Oil: The Oil futures grew by 0.9% on U.S.PMI in January that indicated growth in activity. The March futures price of WTI rose to the level of 97.04 dollars a barrel on the NYMEX.


Technical analysis for 6.02.13

EURUSD
The pair has tested Fibonacci retracement 50% at 1.34882 and rolled back to 1.35984. The pair may return to Fibonacci level again.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is aiming to the channel line at 1.54842, if stays below 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has declined to 0.91079. The pair will decline to median line at 0.90135 is stays below 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is testing resistance 94.089, if this level is broken the pair will rise to 95.200.
Resistance: 94.089, 95.200, 96.400
Support: 92.580, 91.254, 90.045
AUDUSD
The pair has reached Moving Average (500) at 1.03535. If this level is broken the pair will decline to 1.02558.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744


Market review for 04.02.13: The dropped euro today amid political instability in the Eurozone and high yield of Italian and Spanish bonds.

Asian and European trading sessions:

Euro: The EUR / USD pair started its correction falling into $ 1.3620 during the Asian session. It dropped sharply causing a decrease in demand for the European currency after the yield of Italian and Spanish bonds has grown on the background of political instability in the Eurozone’s economy. The published today forecasts by the Barclays Plc. also influenced negatively the trading dynamics of the asset. The forecast projected that the EUR / USD could fall to $ 1.32 in six months and up to $ 1.28 during the whole year, which was higher than the previous estimate of $ 1.26 and $ 1.22.

British Pound: The pound increased its relative attractiveness and retreated from its recent deep lows amid the political instability in the Euro region and the growth yield of Spanish and Italian government bonds. The GBP / USD pair rose to $ 1.5737 during the European session even not taking into account the fact that the one of the report published today showed that the activity in the UK construction sector continued to decline in January, gradually for the third consecutive month. The today’s data also showed that the number of new orders in the sector continued to decline in January showing the slowest decline since October 2012 and registered the 8th month of fall.

Japanese Yen: The USD / JPY pair rose to the level of Y93.22 during the European session and then dropped to a new low of Y92.70 as some technical indicators especially the Relative Strength Index RSI (14) signaled that the recent decline of the Japanese currency was too fast.

Australian dollar: The Australian dollar tried to grow on more adverse than expected data on the number of building permits in Australia in December. The increase was short-live as many market participants were not willing to risk in anticipation of the meeting of the central bank of Australia, which will be held tomorrow. Just a few of economists expect that the Reserve Bank of Australia will lower its key interest rate.

American trading session:

Euro: The single currency dropped against almost all major traded currencies amid speculation that the Prime Minister of Spain, Mariano Rajoy may resign after Spanish media reported that he was accepting illegal payments. The conducted recently poll showed that the former Prime Minister Silvio Berlusconi has narrowed the gap between the favorite Pier Luigi Bersani, even though his litigation related to tax evasion. The published today statistics by agency Eurostat confirmed that the annual increase in producer prices in the euro area remained unchanged in December at 2.1 % instead of forecasts of economists who projected this index to rise to the level of 2,2% .The EUR / USD couple recorded new today’s low of $ 1.3504.

Gold: The February futures price of gold rose to 1677.70 dollars per ounce. Before then the gold prices was down as improved U.S. economic performance reduced the attraction of gold as a safe investment.

Oil: The oil fell while the resumption of negotiations between Western countries and Iran reduced tension in the Middle East. Also, the falling of stock markets because of the political turmoil in Europe pressured the asset today. The WTI fell to $95.88 per barrel on the NYMEX.


Technical analysis for 4.02.13

EURUSD
The pair has worked out the Pennant and declined to the Fibonacci retracement 50%.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair’s resistance is 1.58543, support is 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has declined to 0.91079. If the pair stays above this level the pair will rise to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has reached resistance level Fibonacci retracement 23% at 92.580.
Resistance: 92.580, 94.089, 95.200
Support: 91.254, 90.045, 88.640
AUDUSD
The pair has broken 1.04407 and aiming to 1.03535.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744


Market review for 31.01.13: The Reserve Bank of New Zealand left its key interest rate unchanged at 2.50%.

Asian and European trading sessions:

Euro: After making a 13-month high against the dollar the euro fell amid results showed by the report on German retail sales which fell last month compared with the same period last year. Retail sales adjusted for seasonal variations, the number of working days and inflation fell in December by 1.7% compared with November’s data. more than economists were forecasted and leaded to damp the demand for the single currency. However, the release of data that showed that the unemployment rate unexpectedly fell in German in January, down to the level of 6.8% from 6.9% supported the currency. The number of unemployment people fell by 16K to 2.92 million, while the projected growth was at 8K. The EUR / USD pair fell to a new low of $ 1.3539 during the European session.

U.S. Dollar: The dollar slightly grew in anticipation of today's release of statistics on employment in the United States. Accordingly forecasts of economists, the number of initial claims for unemployment insurance would have grown by 21K, while the previous data showed an increase of 351K. Yesterday, the Fed officials in their final statement noted that economic activity "took a break in recent months," mainly because of the weather conditions and time factors. However, they added that they expect continuation of growth in "moderate pace" and improvement of the situation in the labor market. The Fed also said it will continue on a monthly basis to buy longer-term Treasury bonds and mortgage-backed securities for the amount of $ 85 billion.

Japanese Yen: Amid falling of stock markets in Asia and positive reports from Japan the Japanese yen has regained a part of the recently lost ground against major currencies. Accordingly todays released data, the industrial production in Japan rose in December from the previous month. The issue added a sign that the country emerges from recession along with the world’s economy gradual recovering. The USD / JPY pair fell to Y90.72 during the Asian session then grew to a maximum of Y91.09 at the European one.

New Zealand dollar: The New Zealand dollar traded higher against the background of the statements of the Reserve Bank of New Zealand. The RBNZ left its key interest rate unchanged at 2.50% and slightly more positively assessed the economic outlook for 2013, however, making it clear that there are still concerns about inflation in housing prices.

American trading session:

Euro: The euro rose against the dollar getting very closely to the level of $1.36 registering with the longest winning streak in nearly a decade, as risk appetite improved on speculation that the worst days of the crisis of sovereign debt in the euro area are over.

U.S. Dollar: The dollar index fell as the report showed that the number of applications for unemployment benefits rose more than expected. The pressure on the index from yesterday's announcement by the Federal Reserve continued to be existed. Accordingly to the announcement the Fed would continue to buy Treasury and mortgage bonds to stimulate the U.S. economy and reduce unemployment rate.

Canadian dollar: The USD / CAD reached new lows after Canada's GDP grew more than expected in November showing an increase by 1.3 % yearly versus 1.1 % y / y and 0.3 % monthly g versus 0.2 %

Gold: Gold prices lost more then1%, falling sharply due to profit-taking after yesterdays exceeded rise above the level of $ 1680 per ounce. The price of gold on COMEX dropped today to 1657.80 dollars per ounce.

Oil: The cost of the February futures the duration of which expire today fell for the first time in four days, after data showed that the number of initial claims for unemployment benefits in the U.S. increased more than tey were forecasted. The March futures of WTI fell to 96.82$ a barrel on the NYMEX.


Technical analysis for 31.01.13

EURUSD
The pair is working out the Pennant figure. The end of the figure maybe expected at 1.36809.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair’s resistance is 1.58543, support is 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has broken support at 0.91079 and aiming to the median line at 0.90254.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is testing resistance 91.254.
Resistance: 91.254, 92.580, 94.089
Support: 90.045, 88.640, 87.728
AUDUSD
The pair has broken 1.04407 and aiming to 1.03535.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744


Market review for 30.01.13: The U.S. GDP for the fourth quarter of 2012 year has declined.

Asian and European trading sessions:

Euro: The EUR / USD pair finally broke the level of $ 1.35 for the first time since December 2011, after the report showed that the level of economic confidence in the region has improved in January more than the analysts had forecasted. The index of economic sentiment in the euro zone showed the third consecutive monthly increase rising to 89.2 from 87.8 in December and approached to the highest level since June 2012. The consumer confidence in January was in line with expectations recording the -23.9 value, and the confidence in the manufacturing sector increased from -14.2 (revised from -14.4) to -13.9 with -13.5 forecasted. As for results of today's auction, the yield on 30-year Bund of Germany was 2.45% vs. 2.34% previously. The EUR / USD pair rose to a new high of $ 1.3563 during the European session.

British Pound: The GBP / USD pair traded in a narrow range of $ 1.5740-60 during the Asian session. The British pound rose, receiving support from the increased risk appetite and exceeded forecast data from the UK in December. The number of approved applications for mortgages rose to 55.8 million from54.00 million in November and the volume of net consumer credits increased to £ 0.6 billion from the previous value of £ 0.1 billion. The GBP / USD pair rose to a new high of $ 1.5797 during the European session.

Japanese Yen: Amid the continuation of the rally in Asian stock markets the yen fell against most major currencies. This month will be the fourth month of decline of the yen - the longest decline since August 2008; in January the Japan currency fell by 4.5% against the dollar. The USD / JPY pair rose to Y91.40 during the European session.

New Zealand dollar: The published today data recorded a rise in the number of building permits in November by 9.4% to 1,566 to it’s the highest level since May 2008. On this positive news the New Zealand dollar rose against its competitors.

American trading session:

U.S. Dollar: The dollar index fell on positive news about the European economic confidence. However, the support for the currency was provided by the negative result of the report on the U.S GDP for the fourth quarter which showed that the U.S. economy has declined. The market also reacted not in dollar’s favor after the decision of Federal Reserve to leave the interest key rate at no change and support its commitment to monetary stimulus measures. The dollar fell to its lowest level since November 2011 against the euro.

Gold: The Gold prices have increased significantly since the news of GDP of U.S. showed the unexpected result. The news led to an increase in purchases of precious metals as a safe-haven asset. The price of gold rose to 1683.50 dollars per ounce on COMEX today.

Oil: The cost of oil fluctuated, due to the previously submitted report which showed expected increase in oil inventories. The pressure on prices was provided by the report from the U.S. Department of Energy which showed that the U.S. economy unexpectedly fell in the fourth quarter. The cost of March futures for WTI rose to 98.10 dollars a barrel on the NYMEX today.


Technical analysis for 30.01.13

EURUSD
The pair is working out the Pennant figure. The end of the figure maybe expected at 1.36809. But first the pair should break the Fibonacci retracement 50% at 1.34882 and stay above this level.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has declined to support level at 1.56722 and rolled back to 1.57498.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
The pair has declined to the median line at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is testing resistance 91.254.
Resistance: 91.254, 92.580, 94.089
Support: 90.045, 88.640, 87.728
AUDUSD
The pair is consolidating between 1.05332 and 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 29.01.13: The home prices in 20 U.S. cities rose to the six years high, signaling U.S. economy’s recovery.

Asian and European trading sessions:

Euro: The euro was under pressure during morning sessions and fell against the major currencies against the bunch of bad news that came out of Europe. First, the statements addressed by the Moody's rating agency to the Irish were not too positive; the negative outlook on the country's banking system has remained unchanged since 2008 and the French labor minister called the country bankrupt, second: Mr. Wren’s offers to reduce the deficit targets of Spain were ignored by Madrid. Also, the published today data showed that the volume of retail sales in Spain fell in December by 10.7 % in yearly versus -7.8% in the previous report. Meanwhile, import prices in Germany in December fell by 0.5% in monthly term, and Frenc