Obama administration has come under increased criticism over economic situation. White House spokesman Robert Gibbs said early this week that the president expects the nation will reach 10 percent unemployment within the next few months. In January, President Barack Obama's economic team predicted unemployment would rise no higher than 8 percent with the help of $787 billion in new government spending. The unemployment rate in May reached a 25-year high of 9.4 percent. Obama aides have said that the economy took a turn for the worse since their initial forecast.
Now voices from US are criticizing excessive spending, joining the chorus of creditors like China, Russia and others in calls for financial restrain. People in Washington where did the money go and where are the jobs it was supposed to create? One thing is certain, if there is no signs of recovery in US soon, not wishful thinking, but real evidence, the rest of the world can also forget about the end of recession.
Our services had very good week, with both of them showing nice gains. Please see the results below and follow the link for details. Next week we will take a look at the first half of the year.
(Sunday 06.28.2009.)
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Here are the results for last week:
- Daily Pound gained 65 pips ;
- Daily Euro made 205 pips;
Follow the link on the right to view details.
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Last week's results.
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Our lat update contained a short trade in EUR-USD. Intention was to sell it 1.3866 with a target of 1.3760. Trade came quickly but the market turned against us just as rapidly. We were stopped out for 50 pips loss.
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Last few week have brought some good moves in currencies. All the major pairs showed volatility, with most of them strengthening against the dollar. Most, but on all. Swiss National Bank intervened to make the Franc weaker, although it regained some ground.
Canadian Dollar stood out from the pack as about the only major currency falling against USD, and falling hard. Pair reached as high as almost 1.1650 and is showing signs of reversal.
We are going to test it by placing a sell order at 1.1410. We think this could be a start of something bigger, but for now we are interested in a modest gain. Our target is at 1.1300. If the price moves our way, trade should be a quick one.
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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