Probably most dominant piece on information this week was the jobless data. In Great Britain number of unemployed reached 2.1 million, the highest level in at least a decade, bringing fears of repeat of the awful 80's. We sincerely hope this will not be the case.
Meanwhile in US number of first time filers for unemployment benefits rose once again to 640,000. This is a jump, that many economists viewed as unexpected, bringing the total of people who collect benefits to 6.13 million. Another huge threat to total employment picture is continued uncertainty over GM future. Virtually all of its workers and many suppliers could end up on unemployment line, swelling the total number by hundreds of thousand. Not a pretty picture. Federal government continues to grant General Motors additional loans, but the amounts are smaller and smaller, bringing bankruptcy into realm of possibility.
Jobless data had no direct effect on Forex markets and very few other developments had. Riksbank cut its official rate for Swedish Krona to 0.5% and indicated this level to be stay untouched for the rest of the year. In Canada, Bank of Canada also lowered rates to a historic low of 0.25%. These actions didn't result in any huge moves.
Our services had mixed results last week. Numbers are posted below and link is provided for details.
(Sunday 04.26.2009)
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Here are the results for last week:
- Daily Pound made 103 pips ;
- Daily Euro lost 49 pips;
Follow the link on the right to view details.
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Last week's results.
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Trade we presented two weeks ago finally came to a conclusion. We sold NZD-USD at 0.5680, with a target of 0.5560. Trade was closed few days ago for 120 pips gain. Good haul for this pair.
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Trade featured in last update has also reached conclusion already. We were selling USD-JPY at 98.65. Objective for this trade was 98.00. Target was reached fast for a gain of 65 pips. Good trade.
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We are staying with Dollar pairs for this update. Expectation is for USD to remain volatile and probably weaken over most immediate future. This would not be unexpected after a relatively good run dollar had over preceding 2-3 weeks. With this in mind we are setting sights on GBP-USD. Pound behaves in a way which is consistent with beginning of a bullish move.
We placed a buy order at 1.4781 and objective of 1.4900. We don't think it will take long for this trade to come to a conclusion.
We wish everybody great trading week!
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Once again we must stress that the trades highlighted here are only a small sample of our trades. If you have any comments or would like to obtain more information please contact us at info@spectrumforex.com .
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Risk disclaimer:
Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in our website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.
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