New Year started full of big news, with Sterling reversal being right there at the top. If not a an all out reversal, at least some strength after prolonged plunge. Bank of England cut interest rates to 1.5 %, the lowest level in the institution's 315 year history. Pound registered significant gains last week, against almost all currencies. We have to wait and see if this Sterling reversal is for real.
US unemployment rate was also on the rise.The economy lost more than half a million jobs in December for the second month running, figures showed on Friday, making 2008 the worst year for job losses since 1945. The number of jobs lost during the year reached 2.6m, while the unemployment rate, 4.4 per cent before the credit crisis, jumped to 7.2 per cent in December, its highest level in 16 years. It must have surprised a lot of people, but USD gained ground on the news, especially against Euro.
To round up the majors, Yen also got stronger but we don't think this will last.
Our services had a good start to 2009. Both services registered good gains. See the results below and follow the link for details.
(Sunday 01.11.2009.)
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Here are the results for last week:
- Daily Pound made 133 pips ;
- Daily Euro gained 364 pips;
Follow the link on the right to view details.
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Last week's results.
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For our inaugural trade in 2009 we chose a long position in GBP-JPY. Buy order was placed at 134.82, with a target of 137.00. We didn't have to wait long for this trade to happen and it concluded fast as well. Nice gain of 218 pips.
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This year we will continue featuring trades here just like we had in the past. They are popular and produce good results. We have received great deal of emails on the subject. We want to thank everybody for their opinions.
With markets as volatile as they are, the moves are large. After displaying strength Swiss Franc appears to be retreating. This combined with dollar strength might give us an opportunity in USD-CHF. We are placing a buy order in this pair at 1.1298. Objective here is 1.1550. This trade is expected to take some time, since we are using an intermediate time frame.
Have a 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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