Forex Trading Broker

Aurora Global Markets is a new Forex broker company that was added to the list on my site today. It’s on-line since 2009 and offers brokerage services on almost every kind of financial market — starting from Forex and ending with the equities. They have their own custom browser-based platform, which supports charts and other useful trader’s tools. Other highlights of Aurora Global Markets include:

* Hundreds of trading instruments
* Only traders from South Africa, European Union, Canada, New Zealand and Bahrain are accepted
* Non-EU traders need to send notarized copies of ID documents
* Variable spreads on all instruments
* Regulated by FSA

Forex Small Change



EUR/USD rose slightly today, but again, just insignificantly, hovering slightly below the major resistance line. The lack of significant movement in the dollar-against-euro pair was accompanied by the increase of the initial jobless claims in the past week. EUR/USD is now trading near 1.4222.

Initial jobless claims were at 554k last week — that’s a 30k increase compared to the previous week’s 524k. The release came out to be almost exactly the same as the forecast value of 555k.

Existing home sales increased to 4.89 million annual rate in June, following the revised rate of 4.72 million in May and 4.83 million forecast for June.

As was reported yesterday, the U.S. crude oil inventories showed another declining week — -1.8 million barrels, while the motor gasoline inventories rose once again — by 0.8 million barrels.

Forex Management

A new trading e-book has been uploaded to my site today. It’s Forex Management. As the title of this book goes, it’s about money management — one of the most important parts of Forex trading (and not only Forex, but any other financial trading that involves risk and probability). The author wisely divides the money management into two kinds — the proper and improper money management. Where the first type refers to the one that always keeps in mind both the risk and reward parts of each trading action, while the improper tries to amplify the importance of only one of those to vital parts. Unfortunately, the majority of traders, especially newbie traders, that see the possibilities opened by the on-line Forex market and its huge leverage, fail to see the full picture and all the more so they can’t apply the proper money management to their trading strategy. But now you can download this book to learn more about the proper money management:

Forex News

Euro continued to fall for a second day against the U.S. dollar today as the durable goods orders in U.S. unexpectedly fell at a very fast pace. This is the second day in a row with the bad macroeconomic statistics from United States. EUR/USD is now trading near 1.4099.

Durable goods orders declined by 2.5% in June, following 1.3% growth in May. The market analysts expected a decline from this report but only by 0.6%. Durable goods orders rate is a good indicator of the overall conditions of the U.S. industrial production sector.

Crude oil inventories unexpectedly increased last week, and increased by a rather large amount — 5.1 million barrels compared to the previous week. Meanwhile, motor gasoline inventories decreased by 2.3 million barrels. So, the gain in the oil inventories looks like a result of poor production capacity utilization.

Forex Slumps

Forex is currently posting a biggest daily drop since July 10th as the consumer confidence report for July along with the housing data for May cut the traders’ hopes for the fast economical recovery and boosted the attractiveness of the U.S. dollar in the Forex market. EUR/USD is now trading near 1.4173.

S&P/Case-Shiller Home Price index for 20 U.S. states was at a seasonally adjusted level of 140.05 in May — that’s a 17.05% drop compared to a year before. A decline by 17.90% was expected following an 18.10% drop in April.

Consumer confidence decreased from 49.3 in June to 46.6 in July in United States. It was a rather unexpected drop (forecasts pointed at a decline only to 49.0).

On the good side, yesterday, a report on the June’s new home sales showed a growth from 346k to 384k annualized seasonally adjusted rate. That report surpassed the optimistic forecast of gain to 355k rate.

Forex Gets Rallied

EUR/USD rose today more than twice as much as yesterday as the news about 2nd quarter U.S. GDP change spurred bullish confidence in the euro and other high-yielding currencies. EUR/USD is now trading near 1.4134.

Advance estimate for the U.S. GDP change in the second quarter of 2009 came out at 1.0% decrease, which is better than the average forecast of 1.5% decline. But the first quarter’s GDP drop was negatively revised from -5.5% to -6.4%, which was quite a disappointment for the market participants.

Chicago PMI Business Barometer index went up from 39.9 to 43.4 in July, showing a good improvement in the business conditions, but still indicating an overall bad outlook for the industry. The forecast was near 43.0.

Yesterday, the initial jobless claims report was released for the last week, showing an increase from 559k to 584k claims, surpassing the 570k value of the forecasts.