Friday 23 May 2014

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Thursday 22 May 2014

Forex News: Aussie Climbs On Chinese Manufacturing Data


Australia’s dollar advanced from a three-week low. This was influenced by the data revealing the unexpected improvement in the Chinese manufacturing this year. China is the biggest trading partner of Australia.

In a preliminary reading by HSBC Holdings Plc and Markit Economics on the Chinese manufacturing purchasing managers’ index, the gauge reading came at 49.7 in May 2014, which was the strongest since December 2013. While the median estimate of economists polled by Bloomberg News predicted a level of 48.3.

The Aussie moved up by 0.2 % to 92.66 U.S. cents while earlier it weakened as much as 0.3 %. The Australian dollar hit the level of 92.09 U.S. cents on May 21,2014, the lowest since May 2,2014.

The MSCI Asia Pacific Index of stocks advanced by 1.1 %, driven by a 0.8 % rally in the Standard & Poor’s 500 Index. (SPX) U.S. Treasury 10-year note yields gained by 0.02 percentage points to climb up to 2.55 %.

Tuesday 20 May 2014

Aussie Struggles On RBA Statement

Australia’s dollar slumped following the central bank’s signal of keeping low interest rates
The Aussie hit a two-week low followed by the Reserve Bank’s statement of protracted spare capacity in labor markets during the hours of the May meeting.

The euro remained in the vicinity of a three-month minimum against the yen before European Central Bank authorities address at a conference in Frankfurt. This was followed by the presumption that they might relieve monetary policy in the upcoming month. Later in the day, the Bank of Japan commences a two-day meeting. The Thai baht declined the most in two months after the military enforced martial law.

Australian dollar declined by 0.5 %, coming to the level of 92.88 U.S. cents during the London session. It touched the level of 92.85 the lowest since May 6, before consolidating.The euro was hardly affected and traded at 139 .13 against the Japanese currency compared to May 19. The euro hit the level of 138.62, the lowest considering the level since 7th Feb 2014.

While against the dollar, the euro traded at $1.3707 from $1.3709 in New York. The dollar bought 101.49 yen against the Japanese currency from the level of 101.50 on 19th May, when it attained the level of 101.10.

Monday 19 May 2014

Malaysia’s Ringgit Gain On Record Economic Growth


Malaysia’s Ringgit advances supported by the benchmark stock index that is steering towards a record close. This was fueled by after the Malaysian economic growth and current-account surplus that broke the lower expectations.

In the first quarter, the GDP advanced by 6.2 % compared to that of the previous year, while the economist’s estimated were only at 5.7 %. The data also revealed that there are expectations that in order to temper this quickest inflation in almost three years, the central bank might elevate the borrowing costs for the first time since 2011.

The Ringgit advanced by 0.5 % to 3.2170 against the dollar at the time of 10:53 a.m. in Kuala Lumpur. The FTSE Bursa Malaysia KLCI Index (FBMKLCI) of shares moved up by 0.2 % to 1,887.13.

Friday 16 May 2014

China Stocks Edgy With Anticipated IPOs

Investors booking profits after the recent rally has led the Hong Kong shares divest the early gains on May 16.however, the benchmark index may still give its best week in more than eight months.China stocks moved down marginally as investors were nervous on the expected restart of initial public offerings (IPOs) and the likelihood of a slowdown in the Chinese economy.

The Hang Seng Index was down 0.7 % at 22,583.79 points, which was well above the 3.3 % level for the week.The China Enterprises Index of the top Chinese listings in Hong Kong slumped down by 0.7 %, while it was 2.2 % up for the week.

The Shanghai Composite Index moved down by 0.3 %, while it was up by 0.4 % for the week.
Analysts predict that the substantial correction in New York overnight led to the narrow declines in Hong Kong.

Thursday 15 May 2014

Forex News: EUR/USD - Fundamentals & Technicals

The EUR/USD declined by 0.01% at 6:43 GMT on May 15 and traded at 1.3713 and at 6:31 GMT, the pair hit a daily low at 1.3707.

Fundamental view:

The preliminary annualized GDP of the Euro zone probably advanced by 0.4% during the first quarter. This was followed by a 0.2% gain in the previous quarter. In the event of a better-than-expected rise in the region’s economy, the euro will receive support.
The final annualized reading of the harmonized index of consumer prices (HICP) in the Euro zone, perhaps increased by 0.7 % in April.

At 09:00 GMT, the Eurostat is expected to release the official report. Any weaker-than-expected reading may make the ECB to ease monetary policy at their next meeting in June. The ECB may ease the policy to avoid risks of deflation. On the other side,if the data comes out better-than-expected, it will probably dismiss the pressure on central bank’s officials and prevent them from taking imminent actions.

According to the median analyst’ estimate, The cost of living in the US probably increased 2.0% in April compared to the same month a year ago. According to the median forecast by experts, the core CPI moved up by 1.7% in April compared to the previous year,.

The US Bureau of Labor Statistics is expected to release its report at 12:30 GMT in Washington. Any better-than-expected result will certainly influence greenback’s demand. Moreover, the initial jobless claims in the US moved up to 320 000 in the week ended May 10th, compared to that of 319 000 the previous week. In case the initial jobless claims declines more than expected in the data that is expected to be released at 12:30 GMT, it will bring the positive sentiment for the greenback.

Technical view

In the event that EUR/USD figures out to breach the first resistance level at 1.3733, it will most likely proceed up to test 1.3749. On the off chance that the second key resistance is broken, the pair will likely endeavor to move to 1.3766.

In the event that EUR/USD figures out to breach the first key support at 1.3700, it will most likely keep on sliding and test 1.3683. With this second key support broken, the development to the downside will presumably proceed to 1.3667.

Wednesday 14 May 2014

Forex outlook: USD/CAD - Fundamental & Technical


Throughout yesterday's trading session, the USD/CAD traded inside the extent of 1.0888 to 1.0926 and consolidated in 1.0906.
On May 14, at 11:54 GMT, the USD/CAD slipped by 0.04% for the day to trade at 1.0900. The pair hit a daily low at 1.0894 at 10:58 GMT.

Fundamental view

United States' annualized record of Poducer Price (PPI) most likely hopped by 1.7% in April, as indicated by the average gauge by experts, after including 1.4% in March.

Country's annualized core PPI, which bars costs of volatile categories, for example, food and energy, presumably stayed steady at 1.4% in April. This indicator is very sensitive to changes in demand. Therefore, it could be utilized as a heading marker for the economy. In any case, due to its controlled extension, it is not suitable for future inflation forecasts.

The US Bureau of Labor Statistics is projected to distribute the official PPI readings at 12:30 GMT. Higher-than-anticipated readings might help positive sentiment for greenback.

Technical view

On the off chance that USD/CAD figures out to break the first resistance level at 1.0925, it will presumably proceed up to test 1.0945. In the event that the second key resistance is broken, the pair will presumably endeavor to move up to 1.0963.
On the off chance that USD/CAD figures out to breach the first key support at 1.0887, it will presumably keep on sliding and test 1.0869. With this second key support broken, the development to the downside will presumably proceed to 1.0849.