Forex Trading

Forex trading, or foreign exchange current exchange trading, is a global phenomenon. This is the single largest market in the world. There are many different market sectors that are involved with Forex trading. These include, but are not limited to;

" Banks

" Corporations

" Governments

" Individuals

What is Forex trading you ask? At its simplest, Forex trading is currency being traded for another currency. However, Forex trading is anything but simple. The market has massive trade volume and is very fluid. Not to mention the hundreds of different currencies being traded and their ever changing value.

Forex trading is a very focused area of trading, but the amount of time and

energy most people and companies spend getting trained and educated on Forex trading and its inner workings and pitfalls, is at least as much time as it takes to learn the stock market.

Because of the complexity, Forex Trading is not your typical overnight success operation. There are many large corporations, such as GCI Financial which is a market leader in this space.

Forex trading is unique in that everyone does not have access to all of the same information and prices at the same time, as they do with the stock market. I won't get into specifics here, but basically there is a tiered level whereby different levels of access are given to the Forex traders and Forex firms.

The other main thing to remember about Forex trading is, until such time that the world adopts a single currency, Forex Trading will be around for a very long time.

Forex - Dollar lower after US consumer confidence indicator falls

The dollar was slightly lower in afternoon trade after US consumer confidence figures came in below expectations.

The US Conference Board said its Consumer Confidence Index fell to 107.2, down from the revised 111.2 in February. Analysts had expected a reading of 109. The March index was the lowest since November 2006 when the reading was 105.3.

However, the figures showed US consumers' assessment of present conditions improved slightly with the present situation index up to 137.6 from 137.1 in February.

'Consumer assessments of the current state of the labour market improved to the highest reading in over five years,' said analysts at Barclays.

'We interpret this report as another indicator that the labour market is tight, but that consumers are concerned about the potential effect of recent financial market volatility and rising gasoline prices,' they added.

However, after the dollar's falls yesterday following weak new home sales data, the reaction was limited.

'There was a short term reaction with day traders taking a quick profit, but other than that the data didn't cause much of surprise,' said Paul Bednarczyk, currency strategist at 4CAST.

The market will now be waiting to see what happens when US Federal Reserve chairman Ben Bernanke makes his crucial testimony to the Joint Economic Committee tomorrow.

'After mixed US housing data has drawn differing views of the state of the housing sector, the market will be interested in Bernanke's assessment of the subprime situation,' said Gavin Friend, currency strategist at Commerzbank Corporates & Markets.


More Here

Will there be any nice sushi for the US dollar?

Forex reserve diversification has got a bit of limelight today, with Iran saying that it has reduced USD holdings to 20% of its total reserves. These days, it seems like the forex conveyor belt only brings USD-negative news, which is not doing any good for the US dollar. US consumer confidence survey for March dropped to a reading of 107.2 vs an expected reading of 108 (111.2 in February). Meanwhile, Euro got a boost from an unexpected rise in Germany's IFO measure of business confidence. The business climate index..


rose to 107.7 (106.3 forecast) from 107 in February, and this indicated that the huge tax raise in January didn't seriously dim the outlook for Europe's biggest economy.

This bullish outlook will certainly spark talks that the European Central Bank will increase interest rates again in June.

EUR/USD's nearest resistance is around 1.3350, then 1.3370, then 1.3400-10. Support is around 1.3320, then 1.3280-3300, then 1.3250-60.

USD/CHF looks quite bearish at the moment. It has the following possible topside barriers: 1.2170-80, 1.2200, 1.2230. Nearest support area is around 1.2100-10, then 1.2070-80, then 1.2030.

Market players will now awaiting congressional testimony from Fed Chairman Ben Bernanke on the US economy as well as data on US durable goods tomorrow.


Wednesday:

UK Nationwide house prices 0600 GMT

German GfK consumer confidence 0610 GMT

UK GDP 0830 GMT

Swiss KOF leading indicator 0930 GMT

US durable goods 1230 GMT

Fed Chairman Bernanke testifies 1330 GMT

New Zealand current account balance 2245 GMT

Japan retail trade 2350 GMT

Click here to view Forex Economic Calendar

Click here to use Free Forex Charts

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