(1) TRADING IS NOT ON A REGULATED MARKET OR EXCHANGEYOUR DEALER IS YOUR TRADING PARTNER WHICH IS A DIRECT CONFLICT OF INTEREST. BEFORE YOU ENGAGE IN ANY RETAIL FOREIGN EXCHANGE TRADING, YOU SHOULD CONFIRM THE REGISTRATION STATUS OF YOUR COUNTERPARTY. The off-exchange foreign currency trading you are entering into is not conducted on an interbank market, nor is it conducted on a futures exchange subject to regulation as a designated contract market by the Commodity Futures Trading Commission. The foreign currency trades you transact are trades with the futures commission merchant or retail foreign exchange dealer as your counterparty. WHEN YOU SELL, THE DEALER IS THE BUYER.
Any strength in the jobs data could be used as an excuse to buy the dollar, while a disappointing outcome may reinforce expectations that the Fed would hold off from scaling back its stimulus this year, pressuring the greenback, analysts say. There might be some return of speculation about the possibility of Fed tapering in December, if nonfarm payrolls show an increase of around 180,000 and there are also upward revisions to the July and August numbers, said Hiroki Shimazu, senior market economist for SMBC Nikko Securities in Tokyo. “I think about 60 percent to 70 percent of market players now expect tapering to start some time between next January and March, but we could see that change,” Shimazu said. Still, analysts say any how does etf trading work bounce in the dollar in the event of an upside surprise could be limited, since the September jobs data will shed little light on the economic impact of this month’s U.S.
Forex – Dollar broadly higher ahead of U.S. jobs data
In U.S. economic news out Monday, the National Association of Realtors reported earlier that total existing home sales declined 1.9% to a seasonally adjusted annual rate of 5.29 million units in September from a downwardly revised 5.39 million in August, mainly due to home prices outpacing income growth. Analysts were expecting to see 5.30 million units sold. Meanwhile, some market observers expect the Aussie’s recent bullishness to continue due to strong Chinese economic growth.
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So to get an idea of what to expect, lets look at last months event in more detail. Below we can see exactly what occurred with last months price action on a EURUSD 5 minute chart, during the NFP news release. NFP numbers were expected to be released at 180k, meaning analysts expected 180,000 new jobs to be added to the economy. However, at the time of release the NFP number was issued lower than expected at 169k. Traders were left to react to this lower number with the market immediately reacting by selling off the EURUSD.
Forex News: Trading Tuesdays NFP Event
An outlook for rate hikes that precedes counterparts can potentially reverse this disadvantage. Before Wednesdays BoC rate decision, we will look for economic strength in August retail sales. Gold Ready for NFPs Turbulence Following Quietest Day in Six Months The daily range for gold through Mondays session was a mere $11.03. That is exceptionally quiet in fact, the most reserved trading session since April 1. The comparison should stand out to metal traders. Conditions changed dramatically for gold on April 12 when it began a two-day, 14 percent plunge.
Forex: Dollar Ready for NFPs Volatility
Economists expect the addition of 180,000 new jobs and for the unemployment rate to stay at 7.3%. AUD/USD fell 0.07% to 0.9650 while NZD/USD inched down 0.05% to 0.8451. The U.S. Dollar Index added 0.10% 79.82.