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
Monday, 30 September 2013
Italian government collapsed – EUR/USD could start lower
Forex - Dollar falls to 1-month low versus yen
USD/JPY hit 97.69 during late Asian trade, the lowest since August 29; the pair subsequently consolidated at 97.85, shedding 0.39%.
The pair was likely to find support at 96.97, the low of August 27 and resistance at 99.03, Friday’s high.
Political wrangling in Washington over funding for President Barack Obama’s healthcare law continued over the weekend, fuelling fears over the prospect for a U.S. government shutdown
Congress must pass a short-term budget by midnight on Monday in order to keep the government open.
Republican opposition to the funding of the Affordable Care Act has created a standoff with the White House and the Democratic-controlled Senate, which have both said they will not support any budget bill that defunds or amends Obamacare.
Market sentiment was also hit after data released on Monday showed that China’s HSBC manufacturing index was revised down to 50.2 from an initial reading of 51.2 this month, indicating that the recovery in the world’s second largest economy remains fragile.
Economists had expected an unchanged reading.
Elsewhere, the euro fell to two-week lows against the yen, with EUR/JPYdown 0.65% to 131.96, as concerns over fresh political instability in Italy weighed.
Silvio Berlusconi announced Saturday that he was pulling his ministers out of Prime Minister Enrico Letta’s coalition government and called for fresh elections to be held.
Forex - Euro slips lower vs. dollar
EUR/USD hit 1.3478 during late Asian trade, the session low; the pair subsequently consolidated at 1.3489, sliding 0.24%.
The pair was likely to find support at 1.3460, the low of September 25 and resistance at 1.3536, the high of the same day.
The euro came under pressure after Silvio Berlusconi announced Saturday that he was pulling his ministers out of Prime Minister Enrico Letta’s coalition government and called for fresh elections to be held.
Meanwhile, political wrangling in Washington over funding for President Barack Obama’s healthcare law continued over the weekend, fuelling fears over the prospect for a government shutdown
Congress must pass a short-term budget by midnight on Monday in order to keep the government open.
Republican opposition to the funding of the Affordable Care Act has created a standoff with the White House and the Democratic-controlled Senate, which have both said they will not support any budget bill that defunds or amends Obamacare.
Elsewhere, the euro was weaker against the pound and the yen, withEUR/GBP down 0.32% to 0.8350 and EUR/JPY losing 0.58% to trade at 132.06.
Also Monday, data showed that China’s HSBC manufacturing index was revised down to 50.2 from an initial reading of 51.2, indicating the recovery in the world’s second largest economy remains fragile. Economists had expected an unchanged reading.
GBP/USD Outlook – Sep. 30-Oct. 4
- Net Lending to Individuals: Monday, 8:30. An increase in lending reflects stronger consumer confidence and spending. The July reading dropped to 1.5 billion pounds, falling short of the estimate of 1.7 billion. The estimate for August stands at 1.6 billion.
- Manufacturing PMI: Tuesday, 8:30. This PMI has been steadily rising and the index has been above the 50-point level, indicating expansion, for the past four releases. Little change is expected in the upcoming release, with an estimate of 57.5 points.
- Halifax HPI: Wednesday, 2nd-4th. This housing inflation indicator provides a snapshot of the health of the UK housing sector. The index dropped to 0.4% in July, falling short of the estimate of 0.7%. The forecast for the August release stands at 0.6%.
- Construction PMI: Wednesday, 8:30. Construction PMI has been on a steady upward rise, and hit 59.1 points in the August reading. The markets expect the rise to continue, with an estimate of 60.1 points.
- Services PMI: Thursday, 8:30. This index continues to look sharp, and has been above the 60-point line for the past three readings. The markets are not expecting much change in the September release, with an estimate of 60.4 points.
- 10-y Bond Auction: Thursday, Tentative. British 10-year bond yields have been rising, and the previous average yield came in at 2.98%. If this week’s auction produces an average yield above 3.0%, it will be the first time we’ve seen this in over two years.