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| | | | Welcome to the latest issue of EarnForex.com newsletter — January 2015. 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: Take a Look Back at 2014 | | The year 2014 was a fast-moving one for currencies and connected markets. Although there was a usual mix of sideways trading and plain up-and-down swings, the year had shown a great deal of significant and rare events that allowed many traders to gain hefty profits. Here is the short list of such events: - Oil downtrend — it started in June and continued through the whole year with the price losing about 50% on peak-to-bottom. (WTI down from $98.68 to $53.55, Brent down from $110.63 to $57.52 in 2014.)
- Aussie's fall — a rather fast bearish trend has started back in early September this year as the Reserve Bank of Australia made it clear that there is no rate increase plans on the horizon and continued to comment on the Australian dollar as being 'too high'. (AUD/USD down from 0.8927 to 0.8164, AUD/NZD down from 1.0845 to 1.0471 in 2014.)
- Expansion of Japanese QQE — the BoJ had accelerated its Quantitative and Qualitative Easing program, which has finally led to the rapid depreciation of the yen against major currencies. (USD/JPY up from 105.24 to 119.83, GBP/JPY up from 174.40 to 186.70 in 2014.)
- End of US QE — despite some doubts and premature disbelief, the Federal Reserve (led by Janet Yellen) kept its promise and suspended quantitative easing program on October 29. (EUR/USD down from 1.3778 to 1.2099 in 2014).
- Ruble's demise — mostly thanks to oil prices' downtrend and involvement in the Ukrainian conflict, Russia saw its currency losing half of its value versus the US dollar and the euro in 2014. (USD/RUB up from 32.85 to 55.02, EUR/RUB up from 45.36 to 67.10 in 2014.)
- Swissie's negative rates — -0.25% rate was established by the Swiss National Bank in mid-December to help the monetary authority keeping the Swiss franc from appreciating above the set cap against the euro. (EUR/CHF down from 1.2268 to 1.2025 in 2014.)
| | Overview of the major currency pairs' performance in December | | EUR/USD — declined rapidly after rising somewhat during the first half of the month. It was at the maximum at 1.2569 on December 16, at its minimum at 1.2097 on December 31, finishing the month at 1.2099. GBP/USD — fell somewhat compared to the last month's closing level but had a small rise in the first half of December. The highest monthly rate was at 1.5785 on December 16, while the lowest — at 1.5485 on December 23. GBP/USD finished December trading at 1.5580. USD/JPY — demonstrated a high level of volatility with strong up-down-up spikes. The pair rose to as high as 121.84 on December 8, reaching a bottom at 115.56 on December 16 and closing the month with the 119.83 rate. EUR/JPY — dropped significantly after reaching a new multi-year high. The monthly high was at 149.75 on December 8, the monthly low — at 144.76 on December 30. Trading ended at 144.99 for this currency pair. GBP/JPY — traded similarly to USD/JPY in December. The maximum level for this pair was 189.67 on December 5, while the minimum — 181.60 on December 16. The month's trading ended at 186.70 for GBP/JPY. | | Fundamental background of the past month | | The US dollar continued to perform admirably in December, being the strongest among major currencies over the year. Speculations about interest rate hike were the major reason for the currency's strength, and the last Federal Reserve's policy meeting in 2014 reinforced the outlook for higher interest rates. The euro's performance was not stellar. While the currency got boost at the start of the month as the European Central Bank refrained from expanding monetary stimulus, the currency struggled for the most part of the month and will likely continue to experience problems in 2015. The Great Britain pound was also a poor performer, falling even against the euro, though its drop versus the dollar was not as big as that of the shared 18-nation currency. While there have been attempts to rally, the sterling came into the new year rather weak. The Japanese yen was not performing poorly over December. The currency started the month weak but rallied after Prime Minister Shinzo Abe retained his seat. While unprecedented monetary stimulus and some poor economic indicators kept the currency in check, the yen got support from demand for safety among investors. The Swiss franc was soft against other major after the referendum rejected the idea of higher gold reserves ratio and the Swiss National Bank followed in the footsteps of the ECB implementing negative interest rates. Commodity currencies were among the losers (though they still managed to outperform the euro) not the least because of the drop of crude oil price. The Russian ruble suffered due to the conflict in Ukraine and the resulting sanction from the United States and the European Union. Even the massive interest rate hike was unable help the currency. Yet the ruble managed to rally after all only to lose its upward momentum by the end of the month. Gold's performance was not bad in December though it suffered from the outlook from the Fed policy statement and the general softness of the commodity market. | | Interest rate changes in December | | Brazil | 11.25% | +0.50% | 11.75% | | Iceland | 6.75% | -0.50% | 6.25% | | Norway | 1.50% | -0.25% | 1.25% | | Russian Federation | 9.50% | +7.50% | 17.00% | | Switzerland | 0.13% | -0.38% | -0.25% | | | Top 5 Forex brokers of the last month | | Two new Forex brokers have been added to EarnForex.com since the last issue of the newsletter: - Fairbanks — an unregulated offshore ECN broker with MT4 and ActTrader platforms. The minimum account size is $1,000 with leverage limited at 1:100.
- MXTrade — a CySEC regulated broker with $1,000 minimum account size and MetaTrader 4 platform (including web, Android and iOS versions). Currency trading leverage is maxed at 1:400.
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: | | Until the next newsletter issue! | | That is all for the January 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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