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Develop a habit of reviewing and analyzing

Develop a habit of reviewing and analyzing your good and bad trades. Then you will have a much better sense of what will work best in your future trades.

Trading is always full of emotions

Because trading is always full of emotions, you must have a trading strategy which includes a set of rules you stick to. This will help protect you from yourself.

software which aims at predicting future trends

While there are a lot of companies who make money by selling software which aims at predicting future trends, the reality is that if this software really worked, these companies would not be giving the secret away.

Trade wisely

There are many beginners who make trades in any direction. While there is a possibility to make profits both on the upside and downside of a trade, trading in the direction of the trend will give you the best chances for success

Invest in a good Forex trading education

The market is always changing and it may be hard to understand and keep up with these changes unless you invest in a good Forex trading education

Tuesday, 23 April 2013

02:00       No comments

Forex - EUR/USD hits 2-week lows after euro zone PMI data

The euro fell to two-week lows against the dollar on Tuesday after weak euro zone purchasing managers’ index data added to speculation over a possible rate cut by the European Central Bank.

EUR/USD fell to 1.2977 during European morning trade, the pair’s lowest since April 8; the pair subsequently consolidated at 1.2990, shedding 0.57%.

The pair was likely to find support at 1.2899, the low of April 5 and resistance at 1.3083, the session high. 

The euro zone’s manufacturing PMI ticked down to 46.6 from 46.8 in March, worse than expectations for an unchanged reading.

The currency bloc’s services PMI edged up to 46.6 from 46.4 in March, in line with expectations.

Germany’s manufacturing PMI fell to 47.9 from 49.0 in March, against expectations for an unchanged reading and well below the 50 level which separates contraction from expansion.

Germany’s services PMI came in at 49.2, down from 50.9 in March, the fastest rate of contraction in six months. Analysts had expected the index to ease up to 51.0.

France’s manufacturing PMI ticked up to 44.4 in April from March’s reading of 44.0, while the French services PMI rose to an eight-month high of 44.1 in April from a final reading of 41.3 in March. 

The data added to fears that the recession in the euro zone would extend into the first quarter.

On Monday, ECB Vice-President Vitor Constancio said a rate cut is always a possibility and is dependent on economic data.

The euro fell to session lows against the pound and the yen, withEUR/GBP down 0.15% to 0.8229 and EUR/JPY dropping 1.08% to 128.25.

The U.S. was to release official data on new home sales later in the trading day.
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