Why to trade on Forex?

1. There is no commission fee for trading at Forex.

2. There is no intermediary, you can trade directly at Forex.

3. Forex is open 24-hours a day.

4. Nobody can influence the market for a longer period.

5. High liquidity.

6. Free demo accounts, analysis and charts.

7. Small accounts that allow everyone to try out his luck.

Hope this has answered a lot of questions you were asking yourself about Forex and that you can now start trading. Also make sure that you check out other articles on this blog which can help you earn your fortune.

EUR/USD Hits Two Months' High

The European currency may gain further after Germany rebuffed a U.S. plan to increase fiscal stimulus to help pull the global economy out of recession. The fact the Euro-Zone nations avoided making any fresh commitments to extend spending, should encourage more investments in Europe and, as a result, to boost the EUR currency.

USD - USD Hits 5 Weeks Low against the EUR

The Dollar pared losses against the EUR on Monday after the New York Federal Reserve Bank's manufacturing index fell to a record low in March, adding to worries about the U.S. economy. The USD experienced some gains, rising to $1.3000 from around $1.3055 yesterday, however it still remained down 0.9% during the trading session.

Moreover, economic data published yesterday imply that the U.S. recession is likely to deepen further. To give an example of the type of negative data emanating from the American economy, the Empire State Manufacturing Index had its worst showing since 2001! This is also a signal that economic difficulties are starting to spread from the financial sector into the mainstream economy. Investors will have to adapt themselves to the upcoming economic hardships as these changes will not rectify themselves within a short period of time.

Later today, there are several important economic data releases coming out of the U.S. The most important of these publications is the Building Permits indicator at 12:30 GMT. The release is expected to be lower than the previous figure, meaning the USD could continue a level of bearishness today. Traders should stay close to the market as there is a strong chance to capitalize on the fluctuations which will likely follow this release.

EUR - EUR Gains against Major Currencies

The EUR experienced a bullish trading session yesterday, as it appreciated against most of its major currency pairs. The 16 nation's currency hit a five-week high against the USD yesterday as gains in European stocks signaled investors' willingness to take on more risk.

A rise in Euro-Zone inflation last month helped push the EUR above $1.30 for the first time since Feb. 10 in early trading. A pledge by the G20 finance ministers during a weekend summit to double the resources available to aid emerging market economies also lifted spirits.

In addition, European Central Bank (ECB) President Trichet said last week that deflationary risks were negligible, even as he left the door open to another Interest Rate cut. The central bank, which expects inflation to average just 0.4% this year, has already reduced its key Rate by more than half since early October to a record low of 1.5%.

Looking ahead to today, the most important financial indicator scheduled to be released from Europe is the German ZEW Economic Sentiment. Analysts are forecasting this figure to slightly decrease from its previous reading. Traders will be paying close attention to today's announcement as a stronger than expected result may continue to boost the EUR in the short-term.

JPY - Yen Slides on Weakening Economy

The Japanese Yen completed yesterday's trading session with mixed results versus the major currencies. The JPY fell against the EUR yesterday, pushing the oft traded currency pair to 1.2171. The JPY experienced similar behavior against the GBP as the pair rose from 137.50 to 138.50 by days end.

The Yen's safe-haven appeal has, however, lost some of its luster due to a rapid deterioration in Japan's economy, with the trade balance falling into deficit, and political uncertainty with an unpopular government facing an election that must be held by October. The Bank of Japan is seen likely to keep Interest Rates unchanged at 0.10% at a two-day policy meeting that ends on Wednesday. The BOJ is also expected to discuss whether to raise its purchases of government debt but market players are unsure if the central bank will make such a move at this week's board meeting. The Bank may be forced to increase purchases of government bonds if the country's economic slump deepens suddenly or banks start to fail, moving closer to a quantitative easing policy it has been trying to avoid.

OIL - Crude Oil Prices Soar $3 Higher

The Crude Oil's gains on Monday were helped in part by an early rally in U.S. and European stock markets on growing confidence in the banking sector, which outweighed Organization of the Petroleum Exporting Countries (OPEC) decision not to cut production target further.

The cartel which met on Sunday, decided not to cut output further, but rather concentrate on existing cuts that total 4.2 million barrels per day since September. Some analysts said OPEC's adherence to the existing cuts might be enough to offset falling demand and reverse the recent increases in oil inventories in many countries, including the world's largest oil consumer, the United States. However, in light of U.S grim economic data which confirms that long recession in the world's largest economy is far from over, the Crude might fall below $47 giving up its previous session's gains.

Article Source - EUR/USD Hits Two Months' High

Starting To Trade On Forex

Whenever you start doing something new, you should learn the basics of it. Every start is hard and needs a lot of dedication, but if you are willing to learn success will come in time. So, before starting to trade on the Forex you should learn the very basics. I recommend that you check outForex-Training. It provides high quality training and educational resources for foreign exchange ("Forex") and commodity traders. They also give you a free account which you can use to practice before starting to invest real money.

Even if you’re an active trader in stocks, you may not be prepared to invest in forex, or the foreign exchange market. Forex trades 24 hours a day from 5:00 p.m. ET on Sunday until 4:00 p.m. ET Friday, so you won’t hear those opening or closing bells. And, there’s no central market like the New York Stock Exchange or Nasdaq. Instead, trade is conducted between participants through electronic communication networks (ECNs) and phone networks in various markets around the world. So, when you hear that the US dollar closed at a certain rate, it simply means that was the rate at market close in New York. But currency continues to be traded around the world long after New York’s close.

But, like securities, traders can go long or short and they can make a profit or lose money. As with stocks, it’s best to conduct some research into how the forex market works before you begin to trade. After you understand how the forex market works, you can begin to build a trading strategy.

The following list contains 37 tutorials, tools, and resources that will help you get started with investments in forex. If you’ve traded on any stock exchange in the past, some of these tools might feel or appear familiar, but they may have a new twist. The resources listed below were chosen for their clarity and simplicity as well as for their reputation.

What is Day Trading? Day trading refers to the practice of buying and selling financial instruments within the same trading day such that all position

The Euro consolidated gains in overnight trading, oscillating around the 1.29 level. Euro Zone Retail Sales are expected to show the annual pace of decline accelerated to -2.3% in January from -1.5% in the previous month, issuing the eighth consecutive month in negative territory.

Key Overnight Developments

• New Zealand Retail Sales Fall -1.1% in January, Led by Autos

• Euro, British Consolidate Gains in Overnight Trading

• China Says More Stimulus Ready, Questions Safety of US Assets

Critical Levels

The Euro consolidated gains in overnight trading, oscillating around the 1.29 level. The British Pound followed suit, trading sideways in a well-defined 50-pip range above 1.39.

Asia Session Highlights

New Zealand Retail Sales shrank more than economists forecast, falling -1.1% in January to disappoint calls for a more modest -0.1% decline. Motor vehicle sales saw the largest decline, slipping -11.0% from the previous month. In annualized terms, receipts fell -3.96% from -2.81% in the year to December. Coupled with a -17.6% drop in house sales in the year to February, today’s metric suggests a deep aversion to commit to big-ticket purchases. This is arguably the most accurate gauge of consumer sentiment, reflecting uncertainty about future income and a lack of access to lending. Indeed, private sector credit has been shrinking at an annual pace of 4.12% since peaking October 2008 while the unemployment rate has risen to a 5-year high at 5.6%. Private spending is the largest component of overall GDP and the persistence of barriers to sustained improvement in visible (as opposed to stated, as in survey data) consumer confidence suggests deepening recession lies ahead.

China’s Premier Wen Jiabao announced the government was prepared to add to existing fiscal stimulus (worth $915 billion) should it prove insufficient to support the economy through the global economic downturn. Wen told observers that a “full arsenal” of additional measures was ready to be deployed “at anytime” and assured that policymakers had “reserved adequate ammunition” to do so. Wen went on to bluntly question the security of US investments, saying American lawmakers need to “ensure the safety of assets”, musing that “We have lent a huge amount of money to the United States… of course we are concerned about the safety of our assets. To be honest, I am a little bit worried.” Speaking about the exchange rate, Wen said that now country can “pressure” China to appreciate or depreciate its currency.

Euro Session: What to Expect

Euro Zone Retail Sales are expected to show the annual pace of decline accelerated to -2.3% in January from -1.5% in the previous month, issuing the eighth consecutive month in negative territory. Weak spending seems reasonable considering the jobless rate has risen to 8.2%, the highest in over 2 years. The European Commission expects the unemployment to rise to 9.3% through 2009 and 10.2% in 2010, implying long-standing downward pressure on spending and thereby economic growth.

Futures markets now price in the likelihood that the European Central Bank will respond to the deepening downturn by taking interest rates to 0.75% by the end of April. Although ECB president Trichet has suggested that policymakers are studying “additional non-standard measures”, the bank is treading slower on the path to quantitative easing than the US or the UK where the policy is already in place. On balance, it remains to be seen if this becomes a source of strength or weakness for the Euro. If the global recovery begins sooner rather than later and pulls the regional bloc along for the ride through a rebound in export demand, the single currency will face a smaller risk from rapid re-inflation and become attractive against major counterparts as a store of value. Alternatively, if the crisis is protracted, political pressure to circumvent the ECB and do something at the national level will intensify, threatening the structural integrity of the currency union itself.

In Switzerland, Producer and Import Prices are set to fall to -1.2% in the year to February, the lowest since September 2002. Threatened with the prospect of deflation, the Swiss National Bank announced the most aggressive stimulus of any major central bank: policy makers cut interest rates to 0.25%, announced quantitative easing, and said they were prepared to intervene in forex markets to prevent appreciation of the Swiss Franc. With the policy equivalent of everything but the kitchen sink now officially thrown at prices, today’s data is likely to be overlooked as moot until further evidence emerges in the months ahead.

Written by Ilya Spivak, Currency Analyst

Article Source - Euro Holds at 1.29, EZ Retail Sales to Fall for Eighth Month in January (Euro Open)

US Dollar Lower as Risky Assets Extend Gains on Japanese Stimulus Plans (Euro Open)

The US Dollar slipped -0.5% against major currencies as stock markets advanced in overnight trading on news of a possible new 20 trillion yen fiscal stimulus package. Euro Zone’s trade figures are on tap in European hours, with expectations calling for a -1.9 billion euro deficit in January.

Key Overnight Developments

• ECB’s Trichet Defensive on Sluggish Stimulus in WSJ Interview

• Japan’s FinMin Says Economy Needs Trillions in New Fiscal Stimulus

• US Dollar Sold As Risky Assets Advance, AUD and NZD Lead Gains

Critical Levels

The Euro gapped higher at the weekly trading open and added as much as 0.9% against the US Dollar. The British Pound also advanced against the greenback, rising as much as 0.8%. The Dollar sold off as risky assets rallied on news Japan introduce further fiscal stimulus.

Asia Session Highlights

Speaking in an interview with the Wall Street Journal, European Central Bank President Jean-Claude Trichet was seemingly on the defensive about his reluctance to follow counterparts in the UK and the United States down the path of quantitative easing, snapping “I said clearly that we could decrease [interest rates] again…we will continue to do whatever we think optimizes our own situation.” Most critically, Trichet clearly alluded to allegations that monetary stimulus is not everything it could be amid deepening recession, saying, “One element which has to be taken into account is that the risks of the central banks and the risks of the governments are, in the euro area, clearly separated without combination of risks or blending of responsibilities." This looks like a clear attempt to talk down building popular discontent with the ECB across the euro region. Calls to un-tether national monetary capabilities from Trichet’s measured approach are likely to find greater favor as the downturn hits home for an increasing percentage of Europeans, threatening to turn electorates in the most troubled member states against currency union altogether.

In Japan, Finance Minister Kaoru Yosano said the economy needs a new fiscal stimulus plan, noting that a figure of 20 trillion yen ($209 billion) is “not out of line”. The news encouraged risk appetite across financial markets in overnight trading, pushing the MSCI Asia Pacific Stock Index 1.5% higher and contributing to rallies in the Australian and New Zealand Dollars. US equity index futures are up close to 1.8% ahead of the opening bell in Europe.

Euro Session: What to Expect

The Euro Zone’s seasonally adjusted Trade Balance is set to show a -1.9 billion euro deficit in January, the third consecutive month in negative territory, suggesting trading terms deteriorated -12.8% from a year before. Meanwhile, the external balance has been improving at an accelerating pace in the US: the bilateral trade gap with the European Union narrowed to just -$3.5 billion in December, the smallest monthly shortfall since September 2001 while the overall Current Account gap (the broadest measure of cross-border money flows) shrank to a 5-year low of -$132.8 billion. A widening deficit in the Euro area coupled with a contracting one across the Atlantic implies a net outflow of capital from the currency bloc and into the States, extending our medium-term expectations of EURUSD downside into the long-term outlook.

Written by Ilya Spivak, Currency Analyst

Article Source - US Dollar Lower as Risky Assets Extend Gains on Japanese Stimulus Plans (Euro Open)

Central Banks Maintain Holdings of US Treasury Securities, but For How Long?

Yesterday, Chinese Premier Wen Jiabao aired his country’s growing concerns about continuing to lend money to the US. Within the context of the US economic stimulus plan and other related US spending initiatives, Mr. Wen is understandably anxious about China’s vast holdings of US Treasury securities:

"President Obama and his new government have adopted a series of measures to deal with the financial crisis. We have expectations as to the effects of these measures. We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried."

While the announcement represented political posturing (to an increasingly restless, domestic Chinese audience), it should nonetheless be heeded as a warning, that the US cannot expect China (and other foreign Central Banks) to fund US budget deficits indefinitely.

Let’s put aside the rhetoric for a moment, and examine the data. This week witnessed strong demand for Treasury securities, which were auctioned by the Treasury Department on consecutive days. Despite historically low yields (see chart), investors continue to snap up Treasury Bonds, mainly for the sake of risk aversion. The newly-revived issuance of 30-year bonds also went off without a hitch, and were more than 2x oversubscribed. Most relevant to this discussion is the fact the foreign Central Banks accounted for as much as 46% of demand!

The most recent Federal Reserve Statistical Release paints a similar picture. While foreign Central Banks and other international institutions reduced their holdings of US government securities slightly from the previous week, the decrease was essentially negligible. Overall, such entities have increased their holdings by at least $440 Billion over the previous year, bringing the total to approximately $3 Trillion (depending on the data source). China’s contribution remains substantial. Of its $2 Trillion in foreign exchange reserves, “Economists say half of that money has been invested in United States Treasury notes and other government-backed debt.”

However, there are a few reasons why I don’t think this trend will continue. First of all, the buildup in foreign Treasury holdings that transpired over the last decade was largely a product of unsustainable global economic imbalances, as net exporters to the US invested their perennial trade surpluses in what they perceived to be the world’s most secure investment. Temporarily putting aside whether Treasuries are actually secure, economic indicators suggest that Central Banks simply do not have the capacity to increase their holdings by much more. China’s trade surplus plummeted to $4.8 Billion last month; one economist projects a surplus of only $155 Billion in 2009, compared to nearly $300 Billion in 2008.

You can also remove from the list Japan- the second-largest holder of US Treasury securities- which is now running a trade deficit. Instead, both countries have publicly announced plans to use some of their forex reserves to fund domestic economic initiatives.

Then there is the equally unsustainable short-term buildup in US Treasuries, which is largely a product of technical factors. As I mentioned above- and which should be clear to all investors- the current theme underlying securities markets is one of risk aversion. In fact, it now appears that a bubble is forming in the bond market, and “any exodus now could spark selling across the board. Foreign debt holders would likely repatriate their funds immediately to reduce the risk of being last to convert.” As soon as markets recover- of which there are already nascent indications- investors will probably reduce their holdings of government bonds, or at least not increase their holdings.

Even the most conservative projections indicate a cumulative budget deficit for the next few years measuring in the the Trillions. Unless the risk-aversion theme obtains for the next decade, it seems unlikely that foreigners can be tapped to fund more than a small portion, leaving the Federal Reserve (with the help of its printing press) to make up the shortfall.

G20 Summit on Economy Kicks-Off Today

The finance ministers and central bankers from the top 20 industrialized nations are set to begin another economic summit today in which a multitude of recent concerns about the economy will likely be addressed. These meetings, which can last days, have an indirect impact on the market and decisions reached during its meetings are typically implemented at a much later date. It is important for forex traders to follow any statements made regarding stimulus packages and interest rate cuts, however, as these will offer insight into future monetary policy decisions by the central banks.

USD - Dollar Moves on Stock Market Gains

The Dollar recorded an extremely volatile session yesterday as the American stock market made massive gains on Thursday. The Dow Jones climbed an impressive 240 points, or 3.5%.This was owed to a number of diverse factors, such as General Electric revealing that losing its AAA rating won't hurt the company, General Motors stating that it won't need government loans this month, and better-than-expected retail sales figures helped push-up stocks too. This led the Dollar to make big moves against its major currency crosses. Against some currencies it made gains, and against others, like the EUR, it recorded heavy losses.

The Dollar dropped 100 points against the EUR to close down at 1.2924 in yesterday's trading, as investors decided to take some riskier assets. The Dollar also made losses against the Pound. This is more likely to be a correction in the pair, as the Pound has lost a lot of ground against the greenback as of late. The British currency gained 50 points against the USD to close at 1.3918. The Dollar, however, recorded a 150 point gain vs. the Yen as it closed at 97.63.

Other news owing to the bullish U.S. stock market and the fall in the Dollar's value against the EUR yesterday was Bank of America, JP Morgan, and Citigroup reporting impressive figures, leading to more risk taking yesterday. If the trend continues, this will mark a turning point in the current recession. In turn, this would mean a lot for the forex market. Thus, investors would abandon the current safe-haven Dollar en masse and return to currencies such as the GBP and EUR. However, to be safe, the global economic situation should only be judged on a daily basis.

Today, we have some important economic data releases coming out of the U.S. before the weekend kicks in. There are the U.S. Trade Balance figures at 12:30 GMT and the Preliminary University of Michigan (UoM) Consumer Sentiment report at 13:55 GMT. Better-than-expected figures may push the EUR/USD rate up to the 1.3000 level by Friday's close. It is also advisable for traders to pay close attention to whether the Euro-Zone will reveal whether or not they will make rate cuts close to 0% in the coming months.

EUR - EUR Gains against Major Currencies

The EUR made notable gains against all of its major currency pairs in Thursday's trading. This comes about as the stock markets of the Euro-Zone made similar gains, much inspired by the rally on Wall Street. There was also a leap in confidence yesterday, as President of the European Central Bank (ECB), Jean-Claude Trichet, revealed that he will be very aggressive at tackling the economic crisis, more than many analysts had originally forecasted.

Trichet revealed that he plans on cutting the overnight lending rate to 0.5%. In the short-term, this has resulted in an increase in demand for the European currency. This recent news is likely to lead to much volatility in the coming weeks between the EUR and its main currency pairs and crosses.

The EUR gained 40 points against the British Pound in yesterday's trading to close at 0.9284. It nearly gained 300 points vs. the JPY to close at 126.24. This result is also owed to the stock market rally in Japan and the poor Japanese GDP figures, showing that Japan's economy shrunk by 3.2% in the 4th quarter of 2008, the worst figures since 1974. Against the Dollar, the EUR rose 100 points to 1.2924, as investors took up riskier assets.

Looking ahead to today, there is some important news coming out of the Euro-Zone. The German Wholesale Price Index (WPI) will be released at 7:00 GMT, and the Retail Sales figures are set to be released at 10:00 GMT. If these figures match expectations, the EUR is likely to build on yesterday's gains against its major currency pairs. There may be other factor's affecting the EUR's strength later today, such as investors profiting from current market conditions ahead of the weekend.

JPY - JPY Slides on Poor GDP Data and Stock Market Rally

The JPY slid in Thursday's trading owing to 2 factors. First, the recent publication of Japan's poor GDP figures showing that her economy shrunk by 3.2% in the 4th quarter of 2008, the sharpest fall since 1974. The second factor that led to the very weak Yen yesterday was the stock market rally in Japan, inspired by Wall Street. The Nikkei rose by over 300 points, or 4%, as investors dropped the safe-haven Yen. Shares such as Sony, Canon, and Japan's banking sector made notable gains. This was the push that Japan needed to show that there may be light at the end of the tunnel. Maybe we are seeing a turnaround in economic fortunes for Japan?

The JPY made large losses against its major currency crosses. Against the Dollar, the Japanese currency fell by 150 points to close at 97.63. The JPY dropped a massive 300 points vs. the EUR, as there was renewed confidence yesterday due to the Euro-Zone's fiscal policy, and the move away from less risky assets. The Pound also gained against the JPY by 250 points to finish yesterday's trading session at 135.93, reversing losses that the Pound made in recent days. Revised Industrial Production and Household Confidence figures may determine the JPY's strength in early trading today. However, as the day goes on, the Yen will be impacted more and more by developments coming out of the U.S. and the Euro-Zone.

Oil - Crude Oil Prices Soar $4 Higher

The price of Crude Oil for April delivery soared a dramatic $4 a barrel in Thursday's trading to $46.60. This comes about as ministers from the Organization for Petroleum Exporting Countries (OPEC) are set to meet this coming Sunday. Officials in Saudi Arabia and Libya revealed that there may be a decision on further production cuts at their next meeting. However, ministers from OPEC failed to go into detail. There is concern, however, about the destabilizing economic situation on Oil prices.

Throughout this week, Oil prices have continued to be volatile as the upcoming meeting for OPEC in Vienna approaches. On Wednesday, for example, Crude prices dropped dramatically, after a higher-than-forecasted storage of Oil that was published in the Crude Oil Inventories report in the U.S. It seems that these losses have now been overcome. We will have to wait until Sunday's meeting for the surprises that OPEC's oil ministers have for us.

Forex Yard - Trading Made Easy

To make a living from Forex trading, you need a reliable trading platform that is easy and convenient to use and offers the same tight spreads to large and small players alike. You also want a system that offers the ability to test your trading approach before committing real money.

Forex Yard is an online foreign currency exchange trading service. It is designed so that a new trader can sign up and start trading in a matter of minutes. The service consists of online trading tools, access, and educational programs for both beginners and expert traders to use, as well as a downloadable software trading platform. The organization believes strongly in education as the best means to expert trading, so the learning tools are extensive. Based in Cyprus, Forex Yard was designed by professional Forex traders, as well as internet and financial sector specialists, and the service caters to international traders.

Advantages of using ForexYard

ForexYard is an online trading platform that offers variety in all aspects of the trade and this is why it has become one of the better known online foreign currency trading facilitators in today’s market. One of the clear advantages with their system is that you can use it pretty much anywhere there is an internet connection. The reason for this, is that you have the choice of trading using both a web based Java system and downloading ForexYard’s own free Forex trading software to your own computer . The web based Java system means you don’t need any special software which would restrict your online trading ability to your own PC or laptop. They also have free trading station software that you can also download, though this is not necessary to be able to trade. This provides you with more sophisticated decision making tools.

A very important feature on ForexYard is the ability to trade in commodities. Gold is a growth market during recession and Silver is likely to have a rally after dropping nearly 1/3 last year. Another one of the benefits of Forex trading is the massive amount of leverage that traders can employ. ForexYard gives its traders 200:1 leverage (meaning, a customer must have 0.5% of the value of their positions in their trading account in order to execute a trade.

ForexYard offers a neat little “virtual trading” demo-account facility. You can practice trade, using real-time quotes and full platform functionality, but only risking “pretend” money. This is a great way of testing out trading systems, particularly if you use technical analysis as your decision making tool. Finally, they dedicate a whole section of their website to Forex training and education. This includes a section on charts and technical analysis techniques.

Another attractive feature of their service, is that you can make a decision to sign up online and start trading within minutes using your credit card (Visa, MasterCard, Diners Club, Maestro) or bank wire to fund your account. You can make a decision to join them and be “out there doing it” almost immediately. They are also very big on credit card security and your personal privacy as well. With a “SuperMini” account, you can start trading with as little as $100.

ForexYard boasts that they never freeze their spread prices. This is common with other market makers when price spikes occur. A trader’s worst nightmare is getting frozen out and unable to exit when a sudden price move, either in your favor or otherwise, takes place. ForexYard has a policy of fairness for all. They want to provide their less experienced clients with every possible advantage and consequently, provide tighter spreads across the board. These were once only available to more experienced account holders, while less experienced clients were given spreads 1-3 pips higher. Their “universal pip rate” has dispensed with this discrimination, so that new traders receive exactly the same spreads as professional clients.

What ForexYard offers?

Guaranteed Limited Risk - If your equity drops below what you can cover then the deal closes out so you are not left owing.

Training - An excellent tutorial package allowing traders of all levels to learn and develop trading technique, this is totally free with ForexYard.

Security - Using the latest SSL encryption technology, you can trade safe in the knowledge that your personal details are protected by the latest anti-fraud techniques.

Customer Service - All traders have access to a dedicated, 24-hour Support Center. Here you can receive help on any technical issues with your account, plus up to date advice on the markets. This is extremely useful and important because the staff all has great experience in trading.

Languages - ForexYard trading platform is available in the following languages: Chinese, Turkish, Spanish, German, Arabic, English, French, Norwegian, Finnish & Swedish.

Depositing - The minimum deposit at ForexYard is $100 and they accept the following methods: Credit Card, Neteller, Wire Transfer, Paypal, Western Union, MoneyGram and WebMoney.

Types of Account

ForexYard Super Mini - ForexYard has an excellent starter membership called the SuperMini Account. These accounts are 1/10th the size of a Forex standard account meaning new Forex traders can start learning and earning, without a large initial outlay.

ForexYard Standard Accounts - ForexYard Standard accounts are set up for the more experienced Trader. There is more variety on the spreads with the standard size being 10,000 base currency per trade. That’s 10 times more than the Super Mini, so your risk is higher, but so are the gains.

VIP Services - ForexYard offers VIP services which are often described as Trading Big Guns. They offer consultation and will work to tailor a package that meets your trading needs.

What can we expect in the future?

You can expect the same high level of service you are used to with a lot of improvements. First and the most important one will be the introduction of EA (or Robots as they are also known). At the moment ForexYard doesn't support EA's, although they will be releasing a new account type on their platform shortly with a specific EA built in. I will be happy to let you know about this once the new account type has been launched so that you can start using this service.

Threat of the U.S. Auto Bankruptcy Boosts the Dollar

Turmoil in the U.S. auto industry had currency traders moving into safe haven positions of the Dollar and Yen. Further equity losses also contributed to a lack of confidence in the global economy and lower risk taking.

USD - Threat of Auto Bankruptcy Spurs Dollar Buying

The Dollar continued its appreciation yesterday as fears of bankruptcy filings in the U.S. auto industry sparked safe haven currency bets. Losses in U.S. equity markets triggered by autos and bank worries also helped to bring traders to the Dollar. The EUR/USD finished the day at 1.3190 from 1.3268, while the GBP/USD ended at 1.4256 from 1.4276.

Yesterday there was little reason for Forex Traders to take positions in riskier currencies. Over the weekend Treasury Secretary Geithner said some banks may need further capital injections. Also shaping the markets was the Obama administration's position that it may prefer a bankruptcy filing of an auto maker versus further bailouts. Now a looming threat of a General Motors or Chrysler bankruptcy filing hangs over the head of the market. A situation like this could have a detrimental effect on the financial markets as the debt of these two companies is widely held throughout the global financial system.

Looking to today's trading, traders should be aware of the release of Canadian monthly GDP at 12:30 GMT. The USD/CAD appreciated by 1.2% today as the market anticipates a contraction of Canadian GDP by 0.6% in January. If the result comes in worse than the forecasted value, look for the USD/CAD to rise close to the 1.2700 resistance level.

EUR - Is Inflation a Concern for the EUR?

The EUR appears to be in a correction as the currency's gains on the Dollar are unraveling. The currency has slid the past 2 days amid concerns of future monetary policy moves by the European Central Bank (ECB) and a drop in risk tolerance. Yesterday the EUR finished lower against the Dollar while the EUR/GBP fell to 0.9250 from 0.9312.

Market forecasts have the ECB slashing rates by another 50 basis points later this week. However a debate still rages whether the ECB will take further measures to ease the strained European credit markets through a program of buying long term government bonds. This would follow a move taken by the U.S. Federal Reserve and Bank of Japan. Yesterday ECB President Trichet addressed the European Parliament and said that the European economy has weakened since the beginning of the year. Also notable was the downgrade of the sovereign debt rating of Ireland.

Today the EUR may be impacted by the release of the yearly CPI Flash Estimate. It is an early indicator of inflation in the EU. Trichet yesterday mentioned that there is no significant risk of deflation and the ECB has set a target rate of inflation near 2%. The Flash Estimate is forecasted to rise by 0.7%. A higher number that contradicts Trichet's statement yesterday may hurt the EUR further during today's trading.