The Greece crisis reached new corners of the globe recently with its latest haphazardly turn away from progress. Today Monday June 29th, markets suffered across Asia to Europe in the wake of Greece shutting down its banks for a week, ahead of a debt default that now seems more probable than ever.
Oil prices saw a sharp drop and the Euro declined against the dollar, while Japan’s Nikkei 225 index fell 2% to 20,283.98 points.
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Following an ease of momentum concerning the Euro-Zone data, online forex trading has slowed down for the second week of June. On the back of a promising first week of the month, the fears of a possible default on payments from the Greek government and a Euro-Zone exit have resurfaced after negotiations in Brussels broke down.
According to the Bloomberg reports, less money is changing hands in trading stock in the US than in China market.
The combined turnover in Shenzhen and Shanghai rose to a record high of $380 billion on Thursday, exceeding the value of stock traded in the U.S on Wednesday by a whooping $132 billion.
The equity volumes in China surged as monetary speculation and easing of further stimulus ignited the biggest rally in the world.
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This week the dollar will start another chapter in its race against devaluation in the forex market. US dollars have seen their value being decreased; an occurring trend for the last three months and that can be seen on online trading.
This is particularly worrying as America is facing external deals around the world.
China has signed a $22bn agreement with India and this clearly shows a new layout in the design of the international markets.
America has already started taking steps to counter attack this situation by approaching the Chinese. However the question here is: should we buy or sell dollars?
Read the rest of To buy or not buy? That is the dollar question »
As the week begins, Gold is still trading within a narrow range while staying under the $1190 resistance.
Supported from $1180, online forex trading will potentially see similar prices as last week where gold had support at $1180 and rose to a $1200 resistance.
The trend for the previous two months has been an attraction to the $1200 resistance, which is a key level.
Two weeks ago, the price on Gold fell through this level and down to $1170, the lowest in six weeks. Overall, though, Gold has tended to gravitate to $1200.
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The World’s financial markets have been shocked by the news that the world’s second biggest bank HSBC is reviewing its headquarters in London and is considering moving elsewhere, probably to its natural base in Hong Kong.
HSBC have had their headquarters in London since 1992, after they purchased Midland Bank, one of the UK’s ‘big four’ banks.
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Fears over a hung parliament at the upcoming UK General Election, to be held on 7 May 2015, helped to weaken the British Pound at the end of last week and experts are now warning that the currency is unlikely to recover until all uncertainty is removed and a new government has been successfully formed.
Sterling slumped as low as $1.4618 on the morning of 10th April, marking a five-year low against the US Dollar and its lowest level since the uneasy days that followed the 2010 General Election.
Despite a very slight recovery to $1.4637 by the end of the week’s trading, pre-election nerves are expected to continue to affect currency traders.
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Two encouraging pieces of news emerged from the UK economy on Tuesday, both of which are likely to give the British Pound a boost in the currency markets and will be of keen interest to anyone involved in online Forex trading.
Stronger Growth Than Expected
The first of these was the announcement from the CBI that the British economy expanded at a faster rate in the past quarter than it did in the quarter before that.
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The additional liquidity offered by the European Central Bank (ECB) might pose some risks to the financial stability of the region, according to the bank’s president, Mario Draghi.
Addressing investors in Frankfurt, the president said the ECB new policy measures may have some risks, and further suppress benchmark sovereign bond in the euro zone.
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Traders are preparing for news from the US Senate Banking Committee as Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, is set to give testimony before the committee on rate hikes.
In the meantime, the US dollar has kept up with Monday’s gains and is in the green with an increase of 0.15% for online forex trading.
Read the rest of Traders Await Fed Testimony At Congress »
In the latest round of online Forex trading news, it seems that the bears still have a strong hold over the euro.
It should be no surprise that Greece has played a central role in this recent doom and gloom.
As their government is now hinting (not so subtly) that they wish to renegotiate the terms of their previous bailout, rumours are spreading that the stability of the European Union may once again come into question.
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The Australian dollar has been weakening as a result of falling oil prices. “Jawboning” or the false market commentary has also been blamed to be partially responsible for AUD weakening.
The currency is under pressure with predications that the Aussie Reserve Bank will lower interest rates in response to other central bank decreases and lesser inflation expectations.
The cuts are contagious – currencies are weakened. Central banks in Mexico and South Africa are to release policy decisions and Mexico’s central bank is keeping policy rates on hold.
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It has recently been announced that the ECB will take an unprecedented step and inject no less than €1.1 trillion euros into the European economy.
This quantitative easing measure intends to purchase €60 billion euros worth of bonds each month until (at least) September 2016.
This action is seen as being no great surprise to many online Forex investors who have stated that a stagnant European economy required an additional economic stimulus.
Obviously, this will have a rather dramatic effect upon the value of the euro in relation to other currencies.
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There is still much uncertainty in global markets, with jitters in Europe having an effect on the US dollar.
A recent 5.8 per cent drop in German exports coupled with a downward revision of growth forecasts for the country has had a negative knock-on effect on the dollar, owing to the potential for a weak US export market.
Although the dollar has largely retraced earlier losses, investors are still dovish, with the federal reserve bank keeping interest rates low. The recent meeting of the fed also raised concerns about how a strong dollar may further affect US exports.
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As you all know by know, we normally cover currency trading and forex news specifically here at OnlineForex.net. However, the IPO by one of the largest Internet companies in the world can not be missed. By the end of the day on Friday, Alibaba Group Holding Ltd had completed its first day of trading stock shares on the New York Stock Exchange.
The company has been in the spotlight over the past week as its executive chairman and founder, Jack Ma, announced his intentions to expand his business beyond the confines of China and bring Alibaba to the attention of a wider audience in Europe and the US.
Jack Ma founded the company in the late 1990’s and it is believed that after a hectic day of trading on Friday, it now has a market value of $231 billion.
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The brokering of a ceasefire between Russia and Ukraine has finally brought stability to Forex trading markets in the last week, particularly in the Eurozone.
The conflict has significantly slowed the recovery in central Europe, with Germany’s finance minister Wolfgang Schäuble recently announcing that the growth forecast for the country may not attain its predicted target of 1.8 per cent.
This is to be expected in a country only 400 miles from the conflict; fighting has affected business confidence in the powerhouse economy of Europe, and this has had a negative knock-on effect on the price of the Euro.
However, the tenuous peace deal between Russian rebels and the Ukrainian government has helped the Euro advance against the Dollar faster than all other currencies; from previous lows to a price of $1.311565.
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A good portion of the latest forex trading news has focused on the continued decline of the yen in comparison to its other major counterparts.
This benchmark currency took a battering when it emerged that investment policies in relation to the Government Pension Investment Fund (GPIF) will focus on more risky assets.
In turn, this has led some online Forex trading analysts to conclude that China feels as if the yen will continue its descent. Of course, a risk-averse strategy that reflected a bullish yen market would hardly employ such modifications.
Read the rest of Yen continue to decline, you should understand why »
In the recent commodity trading news, is seems as if those allured by the profit of gold may be in for a disappointing return; at least for the short term.
As this benchmark indicator hints at other financial trends, recent developments in regards to housing sector data in the United States alongside a bullish dollar have caused the yellow metal to take a slightly bearish outlook.
Figures have shown that investor appetite is on the upswing; thus fueling their ability to enter into open trading positions.
As always, the inverse relationship to the dollar is another reason for slight concern. However, the potential damage in international trade due to increasing concerns over the Ebola outbreak may serve to mute the overall negative outlook for gold in the coming weeks.
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The two days gains shown by the Pound have been halted, as figures show that mortgage approval rates dipped to their lowest rate in nine months during April.
The approval rate dropped as a result of the tightening of lending rules used by the banks.
Banks have been tightening the rules that they apply to mortgage lenders for several months.
In April, new rules demand that borrowers show they will be able to afford repayments even if the interest rate rises.
While the decline in mortgages has hit the Pound’s ascent, it may have helped to quell fears surrounding the property market.
Officials were set to meet to discuss what actions, if any, needed to be taken to prevent the property growth from becoming more of a problem.
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The world’s top most expensive cities to live in, calculated by the respected company Mercur continues to bring some unexpected and expected results.
Whilst those cities you would expect to rank in the top five, or maybe top ten positions are actually quite far down the list.
The world’s most expensive city to live continues to be Luanda, in Angola, Africa. It is the capital city of Angola, an important administrative region of South Africa, as well as being an important sea port.
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