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EarnForex.com Monthly Newsletter
| | | | Welcome to the latest issue of EarnForex.com newsletter — October 2014. In this issue of EarnForex.com newsletter, I will remind you about the most important Forex-related events of the last month and will also show you the list of the site's latest updates. | | EDITORIAL: A Word on Angles on Forex Chart | | If you have watched our latest video on measuring angles on Forex charts, you should know that this is quite a useless activity. Nevertheless, one useful application for angles is mentioned only briefly. When you set the chart to some fixed scale (1:1 or any other), so that the scale remains the same however you scroll the chart, it is possible to get some insights from the resulting angles. With fixed scale, you can compare historical angles. For example, you can find some steady trend, measure its angle and then use it in comparison with the current trends. Absolute angles still do not make much sense even with the fixed scale as the chosen fixed ratio remains purely subjective. There is no some magic scale ratio that would give you objective chart angles. | | Overview of the major currency pairs' performance in September | | EUR/USD — was in an almost non-stop fall during September. It was at the maximum at 1.3159 on September 3, at its minimum at 1.2570 on September 30, finishing the month at 1.2630. GBP/USD — fell significantly during the first nine days then recovered a half of the loss and fell again. The highest monthly rate was at 1.6643 on September 1, while the lowest — at 1.6051 on September 10. GBP/USD finished September trading at 1.6212. USD/JPY — was in a strong upward rally. The pair rose to as high as 109.84 on September 30, reaching a bottom at 104.09 on September 1 and closing the month with the 109.64 rate. EUR/JPY — posted a distinct bullish wave with two small corrections. The monthly high was at 141.21 on September 19, the monthly low — at 135.80 on September 5. Trading ended at 138.47 for this currency pair. GBP/JPY — fell during the first week of the month then proceeded to a growth, which stalled only after September 19. The maximum level for this pair was 180.67 on September 19, while the minimum — 169.32 on September 8. The month's trading ended at 177.73 for GBP/JPY. | | Fundamental background of the past month | | The month did not start well for the euro. It was literally devastated by the unexpected decision by the ECB to cut the interest rates on September 4. The negative outcome of the Scotland independence referendum turned out to be a weakening factor for the British pound but added some strength to the euro. Continuing recovery of the US economy resulted in another good month the greenback. While not-so-good reports out of other countries made it even easier for the US dollar to shine. The Japanese yen experienced significant weakness during the first half of the month as the markets reacted to weaker GDP growth. Among the less significant currencies, the Russian ruble has shown a significant drop. It lost more than 6 percent during the month as tensions around Ukraine failed to ease despite a cease-fire and as the economic sanctions for the Russian Federation hardened. Commodities, such as oil, gold, and, especially, silver did not stop their decline in September. A flight to safe haven assets failed to help the gold. | | Interest rate changes in September | | Chile | 3.50% | -0.25% | 3.25% | | Eurozone | 0.15% | -0.10% | 0.05% | | | Top 5 Forex brokers of the last month | | Three new Forex brokers have been added to EarnForex.com since the last issue of the newsletter: - Vistabrokers — a CySEC-regulated company with easy entry conditions and rather low (by modern standards) maximum leverage of 1:100. The only available platform is MetaTrader 4.
- SpediaFX — a regulated broker from New Zealand with pretty high minimum account size — even for Micro accounts it is $750. Their spreads are very low and the maximum leverage is pretty high — 1:400.
- HiWayFX — an offshore company with low minimum size both for Standard accounts and for ECN accounts ($20).
You can always view our full list of Forex brokers. | | There were the following important Forex industry news since the last issue of the newsletter: - FXCM is buying the US MT4 clientele of IBFX.
- Zulutrade is to pay $150,000 penalty and $80,000 in profit disgorgement due to poor activities supervision according to CFTC.
- FXDD fined for $600,000 forbidden to act as Retail Foreign Exchange Dealer and Futures Commission Merchant for 3 years by CFTC.
- Craig A. Karlis, ex-owner of Boston Trading and Research (BTRFX) was sentenced to 9 years in prison for defrauding his investors out of more than $30 million.
| | Until the next newsletter issue! | | That is all for the October issue of the EarnForex.com newsletter. If you have questions, comments or just want to see something else in the next monthly issue, please let us know. | | |
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