Good Day Traders,
Starting this Wednesday off on a very high note – the US Dollar continues to climb against all major currencies – the EUR, GBP and Swiss Franc. The most surprising market deterioration came from the Yen who performed dismally yesterday.
This great peak in the US dollar has not only come about due to our discussion on crude oil, gold and the sad state of the Euro, but the release of the US ADP Employment change released during the New York trading session. The ADP National Employment Change is a monthly published report, examined by a group of labor market researchers. Providing accurate data of U.S. nonfarm private sector employment based on actual transactional payroll figures. Developments from these findings will always affect the USD. We can only wait to see what the release of the ‘FOMC’ (Federal Open Market Committee) will agree on today with regards to the interest rates, which will have its effect on the USD. My feeling is that interest rates will go up even if it is by the end of 2015 by at least 1%.
With Japanese stocks as a whole moving up and down during the middle of last week, seems the Nikkei’s’ worst drop in over 10 months was last week Tuesday. One Nikkei report I came across, mentioned the company is set to build a center in Southeast Asia specifically for making home appliances that will be best suited to the local market. The outcome should be a good growth for Japan.
Today’s Trading Tip:
As predicted, Gold did close on a low, and I am almost certain this will continue throughout today. As well as I would continue on a positive streak where the USD is concerned, I’d buy all the way to the bank today.
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