EarnForex.com Monthly Newsletter
| | | | Welcome to the latest issue of EarnForex.com newsletter — July 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: Primary Sources of Economic Data | | There are many ways of getting the latest economic news relevant to Forex trading. The most common are the following: economic calendar, news websites, event reminders inside the platform, and social networks. Each of those kinds of news sources has its own pros and cons. The most significant disadvantage is that they are, at best, secondary sources and are prone to errors of transfer and interpretation. When dealing with Forex, it is very important to get the macroeconomic news for your fundamental analysis directly from their primary sources — the agencies that release such information on a predetermined schedule. For nearly 99% of indicators that traders follow, the original publishers are the fastest and most reliable sources. Here is the list of only a few US websites that can serve as a direct reference for the most important fundamental indicators: - Bureau of Labor Statistics — info on nonfarm payrolls, initial unemployment claims, inflation, productivity, and export/import prices.
- Bureau of Economic Analysis — reports on GDP, personal income/spending, trade balance.
- Federal Reserve — interest rates announcements, reports on consumer credit, industrial production and capacity utilization.
- Treasury — info on Treasury notes purchases (TICS), budget balance.
- Census Bureau — reports on factory orders, durable goods orders, new home sales, housing starts and building permits, construction spending, retail sales, business/wholesale inventories.
- Markit — a set of sentiment reports.
- Institute for Supply Management — another set of sentiment surveys.
- National Association of Realtors — real estate related data: pending home sales, existing home sales.
- Energy Information Administration — weekly oil/gas inventory reports.
Of course, you do not have to monitor these resources constantly. However, it is a good idea to keep an eye on them when you expect some influence of the upcoming news on your trading and also when you need to read up more detail on some statistical release. | | Overview of the major currency pairs' performance in June | | EUR/USD — went up during the first half of the month, but slumped in the second one. It was at the maximum at 1.1437 on June 18, at its minimum at 1.0887 on June 1, finishing the month at 1.1142. GBP/USD — rallied during the first three weeks, declined during the final week of June. The highest monthly rate was at 1.5929 on June 18, while the lowest — at 1.5170 on June 1. GBP/USD finished June trading at 1.5713. USD/JPY — declined in a downward channel during the month. The pair rose to as high as 125.85 on June 5, reaching a bottom at 121.93 on June 30 and closing the month with the 122.49 rate. EUR/JPY — fell rapidly in June with a massive spike down near the end of month. The monthly high was at 141.05 on June 4, the monthly low — at 133.78 on June 29. Trading ended at 136.51 for this currency pair. GBP/JPY — rose significantly but lost some of its gains during the last ten days of trading. The maximum level for this pair was 195.87 on June 24, while the minimum — 188.53 on June 1. The month's trading ended at 192.45 for GBP/JPY. | | Fundamental background of the past month | | June has started on a positive note for the US dollar as non-farm payrolls demonstrated an amazingly good reading. Yet things took turn for the worse after the Federal Reserve released a dovish statement, and the currency remained subdued also due to not-so-good economic reports. Euro was driven by the news about Greece and its negotiations with international creditors about extension of the debt repayment term, fewer austerity measures and a new bailout package. Initially, market participants were rather optimistic, bringing the currency higher, yet the optimism started to wane and has almost evaporated by the end of the month. The Japanese yen got a boost from the comments of the nation's central bank chief who said that the currency is weak as opposed to his previous complaints about the strength of the yen. Slowing inflation hurt the performance of the currency by the end of the month. The Great Britain pound demonstrated very good performance during June with the help of positive economic data, like the inflation and the employment reports, though not all macroeconomic indicators were good. The Swiss franc had support from the risk-averse sentiment that drove traders to safer currencies, even though the Swiss National Bank was attempting to bring the exchange rate down. The Canadian dollar leaped at the start of the month with the help of employment data but had troubles establishing a clear trend, moving up and down together with oil prices. The Australian dollar rallied at the start of June after the central bank refrained from additional monetary easing but was under from signs of slowing economic growth in China. The New Zealand dollar was not as lucky as its Australian counterpart -- New Zealand's central bank cut interest rates. Furthermore, the nation's economic growth was rather disappointing, leading to big losses for the currency during June. Gold was trading inversely to the US dollar for the most part, falling after the good NFP and rising after the dovish Fed comments. As for other factors, the precious metal had support from the safe-haven demand due to the Greek crisis while China's slowing economic growth was hurting the prices. | | Interest rate changes in June | | Brazil | 13.25% | +0.50% | 13.75% | | China | 5.10% | -0.25% | 4.85% | | Hungary | 1.65% | -0.15% | 1.50% | | Iceland | 6.25% | +0.50% | 6.75% | | New Zealand | 3.50% | -0.25% | 3.25% | | Norway | 1.25% | -0.25% | 1.00% | | Republic of India | 8.50% | -0.25% | 8.25% | | Russian Federation | 12.50% | -1.00% | 11.50% | | South Korea | 1.75% | -0.25% | 1.50% | | | 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 | | Three new Forex brokers have been added to EarnForex.com since the last issue of the newsletter: - WatanFX — a Pakistani Forex broker with an English/Urdu website. It is a brand new broker and they offer MT4 trading with as little as $1 and up to 1:400 leverage — all with variable spreads.
- SimpleFX — an offshore Forex broker that went online in 2014. SimpleFX offers MT4 and a custom proprietary web interface for MetaTrader, which is indeed very simplistic. Trading can be started with $1 and the maximum leverage of 1:500 can be used. The variable spread on major currency pairs is very low.
- Tradeo — a regulated Maltese broker with MT4 platform, variable spreads, and 1:200 leverage on Forex instruments. The minimum account size is $250.
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: - Many brokers have decreased the leverage on the euro currency pairs, while some brokers also increased the weekend maintenance margin requirement for all currency pairs for the upcoming weekend, due uncertainty surrounding Greek debt situation. eToro went as far as decreasing the maximum allowed stop-loss level from 100% of the investment amount to 50% in its platform, citing tensions between Greece and the rest of the eurozone.
- Dukascopy exits Japanese retail Forex market.
- Alpari launched a new platform to enable binary options trading for its customers.
| | Until the next newsletter issue! | | That is all for the July 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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