The last 15 years have seen a massive increase in forex trading with the Internet playing a major role is supporting the industry.
“We have seen a massive increase in online trading across a range of asset classes,” said Orion Brokers senior vice-president Ali Hamoud.
His Dubai-based company develops and provides software solutions on its own platform, as well as offering these to banks and financial institutions for their client base.
“We are a one-stop-shop in the region offering access to local stock markets, international futures, international stocks and forex markets. So taking part in Forex Trading Expo and Conference and organising a seminar on Strategies for Forex Trading made it important for us to be here,” he said.
“The current liquidity in the regional markets suggest we will have growth for five years if not 10.
“One of the strengths of this market is that we have a young and growing population of whom 75 per cent are under 25 years of age.
“We see massive infrastructure investment, that is certainly likely to continue for the next five years.”
He said the GCC was the next emerging market and that asset classes like commodities, particularly agricultural products and oil would likely boom for seven years.
The volatility in global markets also meant there were a lot of opportunities in forex trading.
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EUR losses continue following Trichet’s weak economic outlook
The EUR saw a very bearish trading session yesterday, losing ground against all of its currency crosses. The Euro fell to a seven week low against the USD and closed under 1.5320, a remarkable number when considering that less than a month ago the oft-traded currency pair set record highs above 1.60. Moreover, the 15 nation currency lost almost 100 points versus the CHF, closing at 1.6253 and just under 150 points versus the JPY.
EUR bearishness yesterday could be attributed in part to words from European Central Bank President Jean-Claude Trichet, who said he expects economic growth in the Euro- Zone to weaken substantially this year, even as he sees inflation remaining above the bank’s target. As has been the case for quite some time now, Trichet’s speeches cause substantial volatility in the market. Yesterday was no different, as Trichet’s 12:30GMT speech at the ECB Press Conference led to a 100 point drop in the EUR/USD pair. There has been a series of recent data signaling the economy is now in the grips of a slowdown while commodity prices have fallen, easing some of the inflationary pressures. However the ECB raised rates last month and analysts believe it will be reluctant to alter its rhetoric until official data shows pricing pressures are starting to subside.
Sentiment in the US economy has brightened in the past week following better-than-expected news. However, the EUR is still showing signs of resilience as it traded in a relatively close range yesterday even though there was volatility all across the board. So it will be crucial for traders to identify how the preceding economic indicators from Europe will affect their positions.
Today’s early morning release of French Government Budget Balance and Italian Preliminary GDP, the sole data from the Euro-Zone today, should provide little fluctuation to the market as traders approach the end to this weeks trading session.
USD USD looks to test 1.50.
The US currency underwent a bullish trading session yesterday, as it appreciated against all of its major currency rivals. The dollar rose 0.5% and closed under 1.5320 versus the euro in yesterday’s trading session. Also, the USD saw steady gains against the GBP and CHF.
The greenback saw significant bullishness yesterday as the Pending Home Sales beat our forecasts which showed an expected rise of 1%. Instead, the indicator rose 5.3% and added to another day of surprising US economic data supporting the USD. The indicator was also the first real sign of housing improvement in the US in recent history. Although foreclosures are accounted for in the figure, it is nice to see some positive housing numbers out of the US to support the latest bullish trend for the greenback in Forex trading. Yesterday’s numbers mark the second positive pending home sales this quarter, in June homes sales saw a 6.3% rise.
In addition, the gain in pending home sales offset a bleak U.S. jobless claims report which saw a 35K rise from the expected mark of 420K. The swing in home sales, despite jobless data adds even more to the growing speculation that the housing sector has hit its bottom and will now begin to see steady growth. The data also backed expectations of U.S. rate hikes this year, which has fueled a rebound in the dollar over the past two weeks.
Today we can expect a slower pace to the news cycle from the US as 3 events of lesser significance
will be released. Preliminary Nonfarm Productivity and Unit Labor Costs along with Wholesale Inventories are forecasted to see positive gains, but should contribute little to volatility. If data returns inline with expectations we should see the Dollar’s resurrection continue as traders will look to infuse bullish USD positions.
JPY JPY gains against crosses as risk appetite rises
Besides the bearishness against the USD, the JPY saw bullish trends against all of its other major currency counterparts. The USD was unstoppable because of its economic data and like the Dollar’s other crosses, the JPY lost grounds against it. The JPY showed its strength against the rest of its crosses, especially against major currencies as it saw a 100 point rise against the GBP, EUR and a 70 point rise against the CHF.
There will only be one data release from Japan today as the Economy Watchers Current Index will be announced during early trading. There is no official forecast for this measure and a rising trend will have a positive effect on the nation’s currency. Traders should pay close attention to the response of equity markets to the rising dollar, to determine how to continue with JPY positions.
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