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February 29th, 2012

Currencies EUR/USD The EUR/USD rose 0.1 percent to $1.3487. Rising to an almost 3-month high, On speculations that European Central bank (ECB) allots of 3-year loans to banks today that will spur demand for the region’s assets.

USD/CAD fell from the opening at 0.9990 to trade at 0.9950. With the euro surging to new recent highs against the USD, all of the USD trading partners are benefitting on the weakness. Also reports show U.S. home prices fell 1.1% in December to bring the year-over-year fall to 4percent, according to the Case-Shiller home price index released Tuesday. Today’s report show durable goods fell 4 percent in January, the U.S. Commerce Department said.

Commodities Oil advanced from the lowest price in almost a week in New York on speculation that fuel demand will increase amid signs of economic recovery and concern that tension with Iran threatens global crude supplies.

Oil for April delivery increased as much as 60 cents to $107.15 a barrel in electronic trading on the New York Mercantile Exchange and was at $106.99 at 1:37 p.m. Singapore time. The contract yesterday slipped $2.01, or 1.9 percent, to $106.55, the lowest close since Feb. 22 and the biggest drop since Jan. 20. Prices are 8.6 percent higher this month and up 10 percent in the past year.

Gold surpassed platinum as the most expensive metal used in jewelry in August for the first time since December 2008. Gold demand from jewelry makers dropped 3 percent last year, according to the World Gold Council.Gold has climbed for 11 successive years and peaked at $1,921.15 an ounce on Sept. 6 before retreating to $1,774.71 an ounce in London.

Spot Gold rose up 0.3 percent to $1,771.96 per ounce by 06:45 GMT, making a 3-month high of $1,787.11 that went to last week. Spot Gold made its highest level since middle of November.

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March, 1st 2012

Currencies EUR/USD has traded in the range of 1.3454-1.3485 this morning and it holds itself above the 100-day moving average at 1.3316; it has kept above this key level since last Friday ahead of today’s much anticipated 3-year Long Term Refinancing Operation (LTRO). To the upside next immediate levels are 1.3535/1.3619 (the 61.80% retracement of the October 27th – January 13th move lower) while to the downside support should be found at 1.3408/1.3357.

US Dollar fell to 3 month low against most of its major traded currencies on Thursday after the US Federal Reserve chairman Mr. Bernanke reduced the bond buying.

The dollar index against a basket of currencies stood at 78.72, above a three-month low of 78.095 hit on Wednesday, while the euro traded at $1.3341, up slightly in Asia but hardly recovered from a loss of more than 1 percent from a high of $1.3486 on EBS on Wednesday.

 

USD/CAD is currently trading 0.9889 after falling to 0.9845. Federal Reserve Chairman Ben Bernanke fueled strength in the dollar, and as upbeat U.S. economic data dulled safe-haven demand for the metal. In testimony prepared for the House Financial Services Committee, Bernanke said that recent improvement in employment has put the Federal Reserve on alert and that it’s watching incoming data closely. Bernanke stopped short of saying the improvement in the jobless rate meant a better economy ahead.

 

Commodities Oil for April delivery was at $107 a barrel, down 7 cents in electronic trading on the New York Mercantile Exchange. Crude in New York fell as much as 1.6 percent yesterday after a report from the U.S. Energy Department showed stockpiles increased almost 4 times more than forecast.

 

Gold futures fell as much as $100 to below $1,700 an ounce on signs that that the Federal Reserve will refrain from offering more monetary stimulus to bolster the U.S. economy. Yesterday, gold reached $1,792.70, a three-month high, even as coin sales by the U.S. lowest in February.On Wednesday, SPDR Gold dropped 5.3percent, its biggest one-day loss since late September. Volume was triple the average.

Gold futures for April delivery fell $90.30, or 5 percent, to $1,698.10 at 5:14 p.m., compared with yesterday’s settlement. Earlier, the price tumbled as much as $100, or 5.6%, to $1,688.40, the lowest for a most-active contract since January 25th.

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March, 2nd 2012

Currencies EUR/USD dropped to 1.3318 with the USD remaining positive against the euro.In Europe, the Market purchasing managers index for the euro zone showed activity in the region shrank at a slower pace in February, coming in unchanged from a preliminary estimate.Separately, consumer prices grew at 2.7% annual rate in February, edged up from 2.6% in January, the European Union statistics agency Eurostat reported. January unemployment rose to 10.7% from an upwardly revised 10.6% in DecemberThursday a U.S. manufacturing gauge dropped unexpectedly, but the USD held gains against the euro following a trade body’s ruling that Greece’s privately-held debt restructuring hasn’t met the threshold of a “credit event.”

 

USD/CAD rose for a fourth day, the longest string of advances in more than a month, as jobless claims in the U.S., the nation’s biggest trade partner, fell to the lowest level in four years. It gained versus the majority of its most-traded peers before data tomorrow that may show the Canadian economy grew in the fourth quarter. China’s manufacturing expanded, a report showed.The pair rose 0.5% to 98.55 cents per U.S. dollar. It reached 98.42 cents, the strongest since Sept. 19. One Canadian dollar is traded for $1.0147.

 

USD/JPY The Yen dropped against all its major peers after government data showed Japan’s consumer-price index lowered, rising speculation the nation’s central bank will expand monetary easing to meet its inflation goal.The yen fell 0.3 percent to 108.27 per euro as of 6:14 a.m. in London. It dropped 0.4 percent to 81.44 per dollar after touching 81.67 on Feb. 27, the weakest since May 31. The euro dipped 0.1 percent to $1.3295.

 

Commodities Oil climbed over $110 a barrel for the first time since May after an Iranian state-run news channel reported an explosion on a pipeline in Saudi Arabia. A Saudi official said no oil facilities were sabotaged.Futures reached $110.55 at 3:17 p.m. in New York after Iran’s Press TV reported on its English-language website that “an explosion has hit oil pipelines in the flashpoint Saudi Arabian city of Awwamiya,” then fell back below $109.

Major General Mansour Al-Turki, a spokesman for the Saudi Interior Ministry, said no oil facility in the region has been sabotaged after reports of a fire near the Ras Tanura refinery.Crude oil for April delivery rose $1.77 to settle at $108.84 a barrel on the NYMEX before the Press TV report. The price was $108.73 at 5:11 p.m. Futures settled at a nine-month high of $109.77 on Feb. 24. Brent oil for April settlement climbed $3.54, or 2.9 percent, to a 10-month high of $126.20 a barrel on the London- based ICE Futures Europe exchange. Brent rose as high as $128.40 after the settlement and dropped back to $126.15

 

Gold gained Thursday, running with equities and oil as they looked to recover from a 4.3% drop the previous day. Gold is up $10.90, or 0.6%, to settle at $1,722.20. On Wednesday as Federal Reserve’s Chairman Mr. Bernanke spoke before Congress his tone and the market interpretation caused Gold to drop over $70.00 in just a few minutes. Yesterday, gold reached $1,792.70, a three-month high, even as coin sales by the U.S. lowest in February.The markets were also concerned about the effects of the program as the ECB lent a record 530 Billion euro of three-year loans to 810 financial institutions, up from 523 at the first round of lending in December. Investors are wary banks will become too reliant on ECB funds and fail to take the steps to strengthen their balance sheets

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