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EarnForex.com Monthly Newsletter
| | | | Welcome to the latest issue of EarnForex.com newsletter — June 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: Viewing Forex as Long-Term Opportunity | | What many aspiring traders often fail to do is to view the Forex as something different from the get-rich-quick scheme as it is often being advertised online. Sure, the foreign exchange market has that possibility of winning big from nearly nothing, but let us be sincere about that — the chance of such thing happening is one in a million. It is not too different from the chance of winning in a lottery. Of course, you could be a very talented trader, a gifted mathematician, an ingenious quant with affinity to develop outstanding trading algorithms. You could be, but the probability of that is also very insignificant unless you have shown some signs of such capabilities outside of the Forex before. That does not mean that you cannot earn from Forex or are doomed to fail in financial trading. No, the conclusion here is that you have to check your attitude towards Forex trading — is it something you would be learning, practicing and carefully earning some return on investment? Or is it something that should make you a multi-millionaire overnight? The first option will slowly lead you to success; the other will most probably ruin you. | | Overview of the major currency pairs' performance in May | | EUR/USD — went down after a minor growth period. It was at the maximum at 1.1466 on May 15, at its minimum at 1.0819 on May 27, finishing the month at 1.0990. GBP/USD — rose up during the first half of the month but lost nearly all of its gains during the second one. The highest monthly rate was at 1.5814 on May 14, while the lowest — at 1.5088 on May 5. GBP/USD finished May trading at 1.5284. USD/JPY — rallied after a short period of sideways market. The pair rose to as high as 124.45 on May 28, reaching a bottom at 118.88 on May 14 and closing the month with the 124.11 rate. EUR/JPY — rose, fell and then rose again ending the month slightly above its opening level. The monthly high was at 136.95 on May 18, the monthly low — at 133.10 on May 26. Trading ended at 136.40 for this currency pair. GBP/JPY — soared straight up. The maximum level for this pair was 190.70 on May 28, while the minimum — 180.94 on May 7. The month's trading ended at 189.69 for GBP/JPY. | | Fundamental background of the past month | | The US dollar rallied in May. It was not a straight move up as many negative economic reports hurt the currency, and the Federal Reserve basically ruled out June interest rate hike, adding to the pressure on the greenback. Yet there were enough positive macroeconomic data to bolster the dollar while prospects for monetary tightening (even though it will likely be pushed back to a later date) continued to provide support for the currency. The euro was not particularly strong in May. Greece with its debt problems was the main reason for the currency's weakness, but there also were problems in other European countries. The Japanese yen was the weakest major currency last month. This was mostly due to poor economic indicators as well as because of the concerns that the Bank of Japan has not been able to spur inflation to the desired degree. The Great Britain pound was relatively strong thanks to the surprise victory of the Conservative majority in the Parliament. Still, the currency was not able to keep its gains versus the dollar, dragged down by deflation and the economic growth data that was mildly disappointing. The Canadian dollar demonstrated rather weak performance during May. The currency was often tracking moves of crude oil prices, but Canada's economic situation also played its part in the loonie's performance. Weak employment and the unexpected drop of Canadian gross domestic product have made the currency not particularly attractive to investors. The Australian dollar was not demonstrating an impressive performance either, dragged down by an interest rate cut and the soft macroeconomic indicators. The New Zealand dollar was the weakest among commodity currencies, and it fell even against the extremely soft Japanese yen as the economic situation in New Zealand did not look promising. Gold was often moving inversely to the US dollar, but in the end, it did not move far in either direction in May. | | Interest rate changes in May | | Australia | 2.25% | -0.25% | 2.00% | | China | 5.35% | -0.25% | 5.10% | | Hungary | 1.80% | -0.15% | 1.65% | | Romania | 2.00% | -0.25% | 1.75% | | | One new Forex book has been published on EarnForex.com since the last issue of the newsletter: You can always browse the previously uploaded books. | | Top 5 Forex brokers of the last month | | Seven new Forex brokers have been added to EarnForex.com since the last issue of the newsletter: - 10Markets — an unregulated European broker with an offer of mini, standard, ECN, and "tailor-made" accounts. The minimum deposit is just $200. The trading is done via MT4.
- PhillipCapital UK — an FCA-regulated company from the United Kingdom. It offers MetaTrader 4 Forex, CFD, gold/silver, and oil trading starting with $10,000. The maximum leverage is 1:200 for all trading instruments.
- Valutrades — a British broker with proper regulation and very favorable trading conditions. The minimum account size is $100 and the maximum leverage is 1:400. Commodities and index trading is also available. The only platform is MetaTrader 4.
- FXRANEX — a Belizean Forex company with cent, mini, and standard accounts. They only offer currency pairs and MetaTrader 4 platform, but the leverage can be as high as 1:500.
- NAS Broker — an unregulated broker based in the United Kingdom with MT4 and MT5 platform available in live accounts. Their micro accounts (actually, cent-based) start from $50 and offer Forex leverage up to 1:1000.
- AMFX — another British company with FCA regulation and the offices in several countries. Micro accounts start with $500, but the broker's best conditions are offered on Premium and DMA accounts aimed on bigger traders. It is a MetaTrader 4 broker.
- AAFX Trading — an Australian ASIC-regulated company with VertexFX and WebTrader platforms. They can provide extremely high leverage — up to 1:2000 and also offer commodity trading. Do not confuse it with the Greek broker AAAFx.
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: - We have launched a new category of Forex brokers: brokers with cent accounts for those traders that seek the lowest possible trade size on MetaTrader platform.
- FXCM is preparing to take over the retail customers of CitiFX Pro broker this June.
- TradeMarker (Cyprus) Ltd (operator of SkyFx broker) was fined by CySEC for €20,000 for a breach of the country's investment laws in relation to shareholders' eligibility.
- Barclays has to pay £1.53 billion (~$2.37 billion) to six British and US authorities for Forex rate manipulation. Citigroup's FX settlement will require a total payment of $1.66 billion. RBS lost "only" $669 million in a similar case. JPMorgan Chase & Co's manipulation was worth $892 million.
- Reliantco Investments Limited (operator of UFXMarkets broker) was fined by CySEC for €8,000 for three minor cases of misconduct.
| | Until the next newsletter issue! | | That is all for the June 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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