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| | | | Welcome to the latest issue of EarnForex.com newsletter — April 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: Check Your Fed's Policy Expectations | | The latest US Federal Reserve's monetary policy meeting had ended with a statement that offered the same optimistic language as before but dropped the bit saying that the Fed 'can be patient'. It looks like a lot of traders are now expecting an interest rate raise as soon as possible, this summer at maximum. I would not hold a breath for it though, and here is why: First, the new no-patience wording is still pretty strong at telling us that there will not be a rate hike on the FOMC's next meeting at the end of the month. Second, the Fed's Board of Governors now says that it will wait for 'further improvement in the labor market' and for the signs that 'inflation will move back to its 2 percent objective over the medium term'. That is a very important point. It suggests that any negative report on the employment will be thoroughly scrutinized by the Fed and will probably trigger a hike-averse behavior. Third, the Fed may decide to leave the rates low for a much longer period to keep the whole thing rolling on an assumption that it is not the best choice to fix what is not broken. Fourth, the latest speech by the Federal Reserve Chairwoman, Janet Yellen, confirms the assumption that the Fed is going to be very cautious with its monetary policy tightening steps. Although the increase of the US interest rates is a very likely event for this year, I still would not be surprised much if the Fed postpones it for the next year. | | Overview of the major currency pairs' performance in March | | EUR/USD — fell down to a new multi-year low but recovered somewhat during the third week of the month; the pair returned its fall after that. It was at the maximum at 1.1240 on March 2, at its minimum at 1.0462 on March 13, finishing the month at 1.0731. GBP/USD — declined rapidly during the first half of the month and entered a consolidation triangle in the second half. The highest monthly rate was at 1.5428 on March 2, while the lowest — at 1.4634 on March 18. GBP/USD finished March trading at 1.4815. USD/JPY — rose during the first half of March, declined during the second. The pair rose to as high as 122.02 on March 10, reaching a bottom at 118.33 on March 26 and closing the month with the 120.11 rate. EUR/JPY — traded similarly to EUR/JPY but with a less pronounced mid-month recovery. The monthly high was at 134.59 on March 2, the monthly low — at 126.90 on March 13. Trading ended at 128.87 for this currency pair. GBP/JPY — demonstrated a stead drop during the whole month. The maximum level for this pair was 184.91 on March 2, while the minimum — 176.47 on March 26. The month's trading ended at 177.93 for GBP/JPY. | | Fundamental background of the past month | | The US dollar entered March with a strong bullish bias and initially it looked like the currency would continue to move up, supported by positive economic reports (including the amazing employment data.) Yet the greenback lost its shine after the Fed's meeting that made market participants to reconsider the possible timing for an interest rate hike. The dollar attempted to fight the downside pressure, receiving support from the speech of Fed Chairwoman Janet Yellen, but was definitely not as strong as it has been before, being under pressure from the wave of unfavorable macroeconomic indicators (including slowing growth of GDP.) The euro attempted to halt its decline and had a limited success in that endeavor. Still, the European Central Bank's QE program and the financial troubles in Greece made analysts skeptical about prospects for the shared 19-nation currency. The Great Britain pound was among the weakest currencies in March as it lost support from prospects for an early interest rate increase while absence of growth in consumer prices added to the currency's woes. With the dollar sell-off, the Japanese yen became the preferred safe currency for traders, making it one of the strongest on the Forex market. The Bank of Japan decided not to expand its stimulus program, aiding the yen's rally. By the same token, the Swiss franc managed to stop its decline as demand for safety attracted investors to the currency. Commodity currencies ended the month mixed even though they found support from the rally of prices for raw materials, particularly crude oil. Similar to other commodities, gold rallied in March on the back of the dollar's weakness. Still, the drop after the release of US non-farm payrolls at the start of the month was so big that the precious metal was not able to erase it before the end of the month. Additionally, the greenback firmed by the month's end, preventing gold for rising further. |  Join ForexStars вЂ" trade like a star! More than 105 000 traders from all over the world have already joined ForexStars. Unique character of the project consists in the fact that all the clients of ForexStars participate in tournaments, trading at their brokers’ MetaTrader accounts. From 700 to 1000 people take part in free and regular tournaments every day. 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| | Interest rate changes in March | | Brazil | 12.25% | +0.50% | 12.75% | | Hungary | 2.10% | -0.15% | 1.95% | | Israel | 0.25% | -0.15% | 0.10% | | Poland | 2.00% | -0.50% | 1.50% | | Republic of India | 8.75% | -0.25% | 8.50% | | Russian Federation | 15.00% | -1.00% | 14.00% | | South Korea | 2.00% | -0.25% | 1.75% | | Sweden | -0.10% | -0.15% | -0.25% | | Thailand | 2.00% | -0.25% | 1.75% | | | Top 5 Forex brokers of the last month | | One new Forex article has been published on EarnForex.com since the last issue of the newsletter: You can always browse the previously uploaded articles. | | Four new Forex brokers have been added to EarnForex.com since the last issue of the newsletter: - ThreeTrades — an offshore broker that advertises as a pure no dealing desk service with a unique proprietary trading platform. The minimum account size is just $1. It offers multiple trading instruments and up to 1:200 leverage on Forex.
- WesternFX — an offshore broker with MT4 trading platform and accounts starting from as little as $50, while the leverage can be maxed out to 1:500. A variety of non-Forex trading instruments is also available for trading.
- 5Stars Forex — a Spanish broker without European regulation. Unsurprisingly, it offers MetaTrader 4 as the only demo and live trading software. Its minimum account size is $500, while the maximum leverage is 1:300 for currency pairs and 1:100 for other trading instruments.
- AC Forex — a company based in Saint Vincent and the Grenadines and regulated by their FSA. It offers the usual MetaTrader 4 platform, massive leverage on Forex products (up to 1:500) and only $25 minimum to begin trading.
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: - Neteller has announced acquisition of Skrill. It means that you will probably see more brokers accepting both payment methods in the future. It should be one of the biggest news for the users of any of these payment systems in 2015 so far.
- We have published an interview with Grand Capital's CEO. It should be an interesting read for anyone working in the online Forex industry.
- AForex broker rebranded into AMarkets.
- HotForex obtained CySEC regulation.
- RoboForex along with some other brokers restored the normal margin requirements for CHF pairs that had been increased following the Swiss franc market disaster that hit the market on January 15.
| | Until the next newsletter issue! | | That is all for the April 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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