Australian Dollars

The Australian dollar is a commodity-based currency and is currently the sixth most traded currency in the world currency market (behind the US dollar, the euro, the yen, the British pound and the Swiss franc).

It accounts for approximately 5% of the total volume of foreign exchange transactions (approximately 1.9 trillion dollars a day). Its popularity is due to the fact that there is little government intervention in the currency and a general view that Australia has a stable economy and government.

For much of its history, the Australian dollar was pegged to the British pound however, that changed in 1946, when it was pegged to the US dollar under the Bretton Woods system. When this system broke down in 1971, the AUD moved from a fixed peg to a moving peg to the US dollar.

 Then in September 1974, it moved to a moving peg against a basket of currencies called the TWI (trade weighted index) because of concerns about the fluctuations in the US dollar. This continued until December 1983, when the then Labour government under Prime Minister Bob Hawke and Treasurer Paul Keating floated the Australian dollar.

The  Australian dollar is now governed by its economies terms of trade. Should Australians commodity exports (minerals and farms) increase then the dollar increases. Should mineral prices falls or when domestic spending is greater than exports, then the dollar falls.

The resulting volatility makes the Australian dollar an attractive vehicle for currency speculators and is the reason why it is one of the most traded currencies in the world despite the fact that Australia only comprises 2% of the global economic activity.

Over the last 23 years as a free floating currency, the Australian dollar has usually served as a proxy for gold due to the fact that Australia is the second largest producer of gold after South Africa. Fluctuations in the price of gold have seen corresponding rise and falls in the Australian dollar.

As well as its relationship with gold, like the Canadian and the New Zealand dollars, the Australian dollar is a commodity currency. Agriculture and Resources Economic, commodity sales are expected to total AUD billion or about 55% of Australias exports, hence any movements in commodity prices will effect the Australian dollar.

Expectation over the next few years is for a gradual easing of world economic growth, which should see the price of Australian commodities average lower and result in downward pressure on the Australian dollar especially in late 2006/2007.

It should however be noted, that there is considerable uncertainty in predicting Australian dollar movements since it can be significantly influenced by a change in market sentiment. Since the floating of the Australian dollar in 1983, the currency has fluctuated in an average range of 10 cents a year.

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Stock Exchange Markets Rates

Currencies are traded in pairs and exchanged one against the other when traded, the rate at which they are exchanged is called the exchange rate. The majority of the currencies are traded against the US dollar (USD).

The four next-most traded currencies are the Euro (EUR), the Japanese yen (JPY), the British pound sterling (GBP) and the Swiss franc (CHF). These five currencies make up the majority of the market and are called the major currencies or "the Majors". Some sources also include the Australian dollar (AUD) within the group of major currencies.

The first currency in the exchange pair is referred to as the base currency and the second currency as the counter term or quote currency. The counter term or quote currency is thus the numerator in the ratio, and the base currency is the denominator.

The value of the base currency (denominator) is always 1. Therefore, the exchange rate tells a buyer how much of the counter term or quote currency must be paid to obtain one unit of the base currency.

The exchange rate also tells a seller how much is received in the counter term or quote currency when selling one unit of the base currency. For example, an exchange rate for EUR/USD of 1.2083 specifies to the buyer of euros that 1.2083 USD must be paid to obtain 1 euro.

At any given point, time and place, if an investor buys any currency and immediately sells it - and no change in the exchange rate has occurred - the investor will lose money.

 The reason for this is that the bid price, which represents how much will be received in the counter or quote currency when selling one unit of the base currency, is always lower than the ask price, which represents how much must be paid in the counter or quote currency when buying one unit of the base currency.

For instance, the EUR/USD bid/ask currency rates at your bank may be 1.2015/1.3015, representing a spread of 1000 pips (also called points, one pip = 0.0001), which is very high in comparison to the bid/ask currency rates that online Forex investors commonly encounter, such as 1.2015/1.2020, with a spread of 5 pips.

In general, smaller spreads are better for Forex investors since even they require a smaller movement in exchange rates in order to profit from a trade.

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Forex Price Dynamics

In order to gain an understanding of what actually moves the prices, or exchange rates in the interbank market, we must first understand that for any transaction to take place, there must be a buyer and there must be a seller – there must be a counter party for every trade.

Open interest in the forex can be loosely defined as the combination of all resting (limit) orders. Many market participants set such orders either above (sell limit) or below the current price (buy limit). These orders are to be filled only when price reaches the set level. For example, say we are trading EUR/USD and the current bid price is at 1.2500.

We set a sell limit order at 1.2501. When will our order get triggered? Once all the sell orders at 1.2500 have found buyers, the bid price will move up to the next available level, which is 1.2501. Once buyers enter the market at that price (they would actually be paying the ask price, and the broker would collect the difference), they become the counter party to our trade and our order is filled.

 One way to look at it is that there are essentially 2 types of orders: limit orders and market orders. There are other types, but they can always be classified as sub-types of these two. Limit orders are set to execute if and only if a set price level is reached, while market orders are set to execute at the current market price. Alternately, limit orders can be described as providing open interest, while market orders can be described as consuming open interest. This is a very important distinction because it is the backbone of price dynamics.

It should be noted that the only relationship between bid and ask prices is that the ask price, by its definition, should never be lower than the bid price. In every other aspect, the two are unrelated, so the spread between the two varies according to where the open interest lies.

During times of low liquidity there may be no one interested in buying above 1.2450 and no one interested in selling below 1.2550, making the spread 100+ pips. This is not necessarily the product of shady dealer practices (though at the retail level it may be), but is more likely caused my normal market mechanics – all open interest was either consumed by market orders, or withdrawn (limit orders can be cancelled before they are executed).

This type of situation normally happens when important, unexpected information enters the market, such as an NFP reading that is way off the mark. In that case, open interest in one direction will be consumed by a barrage of market orders, and open interest in the other direction will be withdrawn by market participants cancelling their orders.

This is equivalent to saying that liquidity is “drying up”, and that the bid price will gap down until it finds a buy limit order, and likewise, the ask price will jump up until it reaches a sell limit order. Note that no one has come in and “set” the spread.

The spread is not a parameter that can be set, but is rather the result of market mechanics at their most basic level. It also should not be a surprise that, although today’s technology is lightning fast, there are delays between market order entry and execution, during which time the open interest at the desired level can be consumed, particularly in fast moving markets.

In such circumstances, there is no longer a counterparty to take the market order at the desired level, and it can either be filled at a worse price (slippage), or it can be re-quoted. Again, this is not necessarily indicative of any malpractice by your broker, but is more often than not a natural result of market mechanics and the delays inherent in communication media.

It should be noted however, that once prices have moved through several tiers and they reach the retail level, they may or may not have been “massaged” by someone along the way (a practice known as price shading). This is the reason many quote for their preference in trading through an ECN rather than a traditional retail broker. In reality, there are advantages and disadvantages to both. You can explore exactly how and why this is true in our follow-up article How Forex Brokers Work.

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How to Choose a Forex Broker

Choosing a good forex broker is one of the most important decisions you need to make at the beginning (or at any point) of your forex trading career. Do not take this decision lightly, but at the same time don’t stress over it – the process does not need to be complicated – just like in your trading decisions, once you do your homework, things tend to fall into place.

Chance favors the prepared trader and everything you need to make an informed decision is listed right here. All you have to do is follow the advice given and you will find yourself a broker that suits your needs.

Regulation

The first thing you need to do is check whether the broker is regulated. The fact that the forex market itself is not regulated opens the door to a lot of possibilities for a scheming mind.

There are shifty brokers out there, ranging from outright scams to just badly run businesses which are not accountable to any regulatory body. The brokers who are regulated choose to be so, in order to add a layer of legitimacy to their reputation. Please do NOT fund any accounts with an unregulated forex broker.

There are not many good reason to do so, and plenty of reasons not to. It just makes sense.

Most forex brokers, even if they are not based in the United States, are members of the NFA and registered Futures Commission Merchants (FCMs) with the CFTC.

The UK based Financial Services Authority (FSA) is also a well respected regulating body, as is CySEC (Cyprus), ARIF (Switzerland), ASIC (Australia) and SFC (Hong Kong) among others.

Just because a firm writes on their website that they are regulated however, does not make it so. Always check the websites of the regulating bodies themselves – they all offer a searchable database that allows visitors to find regulated members by name

NFA/CFTC:http://www.nfa.futures.org/basicnet/

FSA:http://www.fsa.gov.uk/register/home.do

ARIF:http://www.arif.ch/en/membres.htm

CySEC:http://www.cysec.gov.cy/licence_members_1_en.aspx

ASIC:http://www.search.asic.gov.au/gns001.html

SFC:http://www.sfc.hk/sfcprd/eng/pr/html/PR002.jsp?charset=ISO8859_1

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Structure of forex brokers in the markets..!!!

The forex is unique among financial markets in a number of ways. One of these is that it was not traditionally used as an investment vehicle. It had, and still maintains to some extent, a somewhat more utilitarian purpose.

In today’s globalized economy, most businesses have some international exposure, creating the need to exchange one currency for another in order to complete transactions.

For example, Honda builds its cars in Japan and exports them to the United States, where an eager American buyer exchanges his dollars for a brand new Honda. Some of this money has to make its way back to Japan to pay the factory workers that built the car, but first those dollars have to be exchanged for Japanese yen, since that is the currency the Japanese factory workers are paid in.

Transactions such as this are facilitated by international banks and are done through a mechanism known as the foreign exchange market, or forex. Since banks are used to facilitate these cross-border transactions, they naturally want to be paid for their services.

 This payment comes in the form of a bid/ask spread – offering to buy the desired currency at a slightly lower price than they are willing to sell it at, and pocketing the difference. Considering the fact that more than $3bn moves through the forex market daily, these seemingly small fees can add up to a significant sum.

Since the 1970’s most of the world’s major currencies have been on a (mostly) free-floating exchange mechanism, allowing for exchange rates to be determined by market forces, that is, supply and demand. I say “mostly” because there have been times when major central banks have intervened in the market to manipulate exchange rates by either buying or selling large amounts of their currency, but normally this only takes place in extreme situations.

There are also other central banks that choose to manage their currencies much more strictly, but these are a minority in the developed world. So in most cases, this free-floating exchange rate mechanism allowed currencies to fluctuate against one another much more, and this in turn opened the door to speculation on the future movement of exchange rates.

The banks’ intimate knowledge of the forex market, and their high level of capitalization allowed them to be the first to speculate in the forex market, and to significantly increase their profits by doing so. An unfortunate consequence of this speculation however was that liquidity at certain times became scarce, and some necessary transactions could not be completed. In order to solve this problem, banks turned to expanding the number of participants in the market to include non-banks, thereby generating sufficient order flow (liquidity distribution) to complete clients’ transactions, and also to profit from these newer and less knowledgeable market participants.

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How forex brokers work

Like any other business in the history of business, your broker’s raison d’etre, is to make as big a profit as possible. There are about as many ways to go about this as there are brokers.

 For those who are in it for the long haul, however, it is generally best to adopt a set of practices which are deemed fair by their clients: certain boundaries are set, and operating beyond them can cost a brokerage its reputation, and along with it its clients. Straying outside these boundaries, therefore, is not considered as being in line with the long term goals of the business.

How strictly these boundaries are enforced, especially when there is little chance of clients ever even becoming aware of any transgression, again varies from business to business. For the sake of simplicity, in this article we assume that everyone in the business is squeaky clean, as if every client could peek into the broker’s back office at any time and dissect every trade. This is obviously not the case, and many brokers do take advantage of this opaqueness, but the details of that are best left for another discussion.

So without further ado, let’s get into the details of how forex brokers function. Somewhat removed from the top-tier interbank market, retail forex brokers are there to provide a service that would otherwise not be available, that is, giving an investor with a $10,000 bankroll the chance to speculate in the up-until-recently very exclusive forex market. There are generally considered to be 2 types of brokers providing access at the retail level: Electronic Communications Networks (ECNs) and Market Makers.

ECNs are generally somewhat more exclusive, requiring larger deposits to get started, but are seen as providing more direct access to the interbank market. As we will see, there are certainly advantages to this, but some disadvantages as well.

Market makers, on the other hand are more often than not, the counter party to their clients’ trades, creating somewhat of a conflict of interest, whereas ECNs profit from commission fees charged directly to the clients, regardless of the result of any trade, they are seen as being completely impartial – an ECN has no incentive for a client to lose money.

In fact, one could argue that an ECN stands to profit more if a client is successful, meaning that s/he will stay around longer and they will be able to collect more commission fees from them. A market maker, on the other hand, being the counterparty to a client’s trade, makes money if the client loses money, providing an incentive for some shady practices.

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You Trade Forex

YouTradeFX is one of the fastest growing Forex companies as of this year.  They are constantly optimizing and updating its trading platforms and inventing ways to make the trading world a more user-friendly one.  Additionally, YouTradeFX has extended its website and trading platform so traders today can more easily invest in CFD’s on stock, commodities, indices and the foreign exchange market.

YouTradeFX History and Background

YouTradeFX got its start in 2009 and has already achieved initial revenues over $1.5 million from over 2000 global customers. YouTradeFX addresses a growing client base of private and professional traders, 24 hours a day, six days a week, providing specialized trading services in over ten languages.

With optimal trading conditions, updated offerings, innovative technology and high quality support, YouTradeFX addresses the introducing brokers’ business needs while allowing for considerable extra income with their flexible revenue plan and withdrawal policy.

Advantages of Trading with YouTradeFX

YouTradeFX has developed automated trading tools (expert advisors, custom indicators and scripts) that require minimal intervention and allow traders to automate their trading strategy, improve discipline, remove emotions, and capture opportunities.  Traders can choose from over 20 predefined trading strategies to create custom portfolios and automatically execute trades according to their specifications.

Their website features premium video tutorials to help traders get started or optimize their trading strategies.  The tutorials range from basic techniques, technical analysis, fundamental analysis, to the types of risk and money management needed to become a successful trader.  Traders account and apply the lessons they chose to the real-time market.

Trading Platform

YouTradeFX uses Meta Trader 4 and now, Meta Trader 5

Deposits and Withdrawals

Deposits are made with major credit cards, debit cards, paper checks, money bookers and wire transfers. All requested withdrawals are processed the same working day and transferred to the trader’s account within three business days.

Customer Care

YouTradeFX values their customer service.  24/6 support in ten languages is available at your request via email, phone, and live chat.

Security

YouTradeFX is regulated by the Federal Security Commission.

Conclusion

YouTradeFX provides all levels of traders with the best tools to invest in a controlled and measured manner.  “Your gain. Our goal” reflects their commitment to offer both customers and business partners a wide array of trading instruments and one on one support for their traders to make sound decisions and lead them to a real profit.

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Minmetals Offer of $6.5 billion for the Equinox

An offer of approximately 6.5 billion dollars in cash deposited by Minmetals Resources for the acquisition of Equinox Minerals, in an attempt to gain control of the largest copper mine in Africa.
The offer includes premium of 23% on the closing price of the stock of Equinox on the Toronto Stock Exchange on April 1st. The company’s shares rose today in Sydney by 28%.
The title of Minmetals, part of the state unit of China Minmetals Group, was strengthened in Hong Kong by 0.5%, thus making its market value of the company at 19.6 billion Hong Kong dollars (2.5 billion U.S dollars).
As mentioned in the announcement, the board of Equinox will meet in order to consider the offer. Consultants of Minmetals are the Deutsche Bank and Macquarie Capital Advisors

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Is the commodities rally came to an end?

A rally was fueled by today as expectations for global recovery, with “background” the frantic pace of development, and the resulting surge in demand, in emerging economies such as China or India, and the weak dollar result and mainly quantitative easing measures in the U.S..

The new “dip” in commodity markets, oil, gasoline, and prices of agricultural products, precious and industrial metals, sparks new debate about whether the many months rally reached or is nearing to completion

Furthermore, the duration and intensity of growth was such that attraction was a large volume of speculative capital, drawing on many commodity markets unskilled investors. As a result, fluctuations in prices began to reflect less and less to fundamentals …

In time, the cheap money from the U.S. channeled the majority of the equity markets of emerging economies in search of high returns, but also in markets of goods, as noted recently by the chief investment officer of Merrill Lynch, Bill O ‘Neil, «reflect now fairly dynamic emerging economies. ”

The surge in prices, especially as regards agricultural products and a host of other commodities such as coal, iron ore and its derivatives were in the meantime “ally” … the phenomenon La Nina, and adverse weather conditions seriously affected the level of supply in many countries (guide floods in Australia), creating pressures on global supply-demand balance.

Recent moves by the CME which rose sharply in transaction costs in silver futures had two immediate effects: first “kicked” by buying the metal net short-term speculative capital but caused a degree “collateral damage” to other goods has forced investment funds internationally at a comprehensive reassessment and review their strategies against the goods.

In this reassessment and review now entering new variables, such as overheating emerging economies and the efforts of central banks to control interest rates through increases in inflationary pressures.

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Warns Great Britain of Bank Downgrade

A warning for degration the evaluation of the five largest UK banks sent to an analysis the Moodys, because of concerns about what might happen if the government stop its support to them. The Royal Bank of Scotland and Lloyds TSB, which are controlled by majority share from the British government are among the 14 financial institutions, whose assessments might be lowered by Moodys.

However, the CNBC news agency notes that despite recent problems, both banks are still receive an Aa3 assessment from Moodys, which is one of the highest ratings. Moodys began to examine the financial institutions who are directly supported by the government, such as RBS and Lloyds, or had accepted a change in long-term evaluations of the credit crisis. The 14 banks that are affected are Bank of Ireland, Co-Operative Bank, Coventry Building Society, Norwich & Peterboough Building Society, Nottingham Building Society, Principality Building Society, Santander, Skipton Building Society, West Bromwich Building Society and Yorkshire Building Society. As many indicate, if Moody’s eventually proceed to the downgrade the EURGBP and GBPUSD rates will significantly affected.

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103,000 fewer jobs in the banking sector

The five biggest British banks, including the Royal Bank of Scotland and Lloyds Banking Group, from 2008 until today have cut more than 103,000 jobs and is expected to proceed and to more cuts. It highlights the agency Bloomberg, the figure corresponds to 11% of the total workforce are the UK banks worldwide. At least 34,500 of those who lost their jobs, working in Britain. However, the departments of the banks will not be affected much.

Banking analyst at PricewaterhouseCoopers in London, Andrew Gray, points out that banks have plans to aggressively reduce costs, “which suggests that further cuts.” He adds that in many cases, the cost savings will be made in global operations and will expand in the international cost base. The British banks cut jobs and sell assets shrinking their balance sheets by 1.5 trillion pounds from the 2008 crisis, as banks reduce their leverage and are subject to stricter rules in regard to their capital from the beginning. Companies in the financial industry worldwide, plans to cut more than 16,000 positions in the first half of 2011, according to the Confederation of British Industry. The biggest cuts were executives of RBS and Lloyds, which have received state support.

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Greece the “Greens” of Germany

The German Greens seek restructuring involving private creditors in order to address the debt crisis in Greece. “This is required to restore debt sustainability in Greece,” said the spokesman of the Greens Gkerchart Sic on German radio Deutschlandfunk. “The debt burden is so large that there is no prospect, if not reduce this level of debt through a restructuring,” he said. The “green” politician criticized the German government, why did not advance the goal of restructuring. At the same time praised the efforts of the Greek government to clean up the budget. No other European country has not progressed as improvements in such a short time, said k.Sik and proposes the establishment of a European bank rescue fund, which will support those banks will face problems due to the restructuring of the Greek debt, “so not to cause further turmoil in financial markets.

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New growth in import prices in May (USA)

Unexpected increase for the eighth consecutive month in May showed that import prices in the U.S.. In particular, according to data from the Ministry of Employment, import prices increased by 0.2% on a monthly basis, after 2.1% growth in April. Noted that a poll of Dow Jones Newswires, economists have developed estimates for monthly fall of 0.7%. Trade currencies and other products such as Metals, Indices and Futures with the best of the online forex world – the MT4. Furthermore, on an annual basis, import prices increased by 12.5% ​​the biggest annual rise since September 2008. The petroleum import prices fell by 0.4% while overall the last twelve months have increased 44.6%. Excluding oil import prices rose 0.4%.

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Losses in the Southern European Countries Stock Exchanges

With nervous movements and loss of more than 1% European markets react to the new slow Europeans to reach a definitive solution to the Greek crisis.Serious losses in Madrid and Milan, and restored the problem in Paris, Lisbon, Brussels and Amsterdam. The Eurozone finance ministers have indicated that reduced their differences over the participation of private creditors to the financing of Greece in the coming years, but the final plan should … wait until early July.

After the meeting in Luxembourg on Sunday, officials left unresolved important details, most important how to involve private creditors without lead Greece into “bankruptcy.”In their announcement, pledged to prevent any form of bankruptcy, which many fear could cause chaos in the financial system of the eurozone. “The markets just do not want the uncertainty is therefore estimated that the traders will continue to avoid risks, thereby leading stocks and the euro to fall,” says Cameron Peacock of IG Markets. Involve to the high volatility  market and trade currencies online now with leverage up 1:500.

Earlier, it was known that the Paris, Lisbon, Brussels and Amsterdam did not start normal trading due to technical problem, as announced by the company NYSE Euronext. On the dashboard, the estimator of the state of the stock markets of member countries of the Eurozone, the Euro Stoxx 50 lost 1.51% record. In London the FTSE 100 falling 1.05% record.The German DAX declining at a rate of 1.19%, while in Paris the CAC-40 moved to -1.38%. Losses of 1.99% notes IBEX in Spain, a 2.45% decline in the Italian MIB, while the Swiss SMI moves downward by 0.95%.In Portugal, the index PSI records falling 1.55%. Negative signs have indices in Russia, the RTS to -1.23% and -0.65% in Micex.In Turkey, the ISE index falls at a rate of 1.97%.

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Stabilizing Moves Spreads of The European Countries

Small fluctuations are making Friday the spreads of bonds of the European region. In particular, upward moves in today’s trading the spread of the decade and a mild decline recorded by the rest of the region. Further, the premium demanded by investors for holding ten-year Greek bonds over German bund formed at 1,333 bps this time by 1.16 bps higher than the close Thursday. Instead, a small decline in record Friday the spreads Ireland, Portugal, Spain and Italy customizable to 763 bps, 783 bps, 233 bps and 181 bp, respectively. The Greek five-year CDS are at 2,100 bps this time. In the  market the EUR & USD is trading above 1.4500 heading towards 1.4700 while the EURJPY is trading at 117.50 and the USDJPY at 80.72.

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Returns over $80 the crude on Globe

The upward trend of maintained in Asian session as it remained in line with the broad rebound in stock markets in Asia. The Commodity Exchange of New York The contract of crude, September delivery traded above $ 81 a barrel with gains above 2% in electronic transactions. Brent crude type rises 2.2% to $ 104.86 a barrel. recalled that yesterday the price of NYMEX closed at lowest level since September and below $ 80, the climate challenge for the global economic outlook posed the depressing stock markets around the world. Analysts estimate that the current upturn in the price of crude comes from regular short covering. The goal of $ 85 a barrel on the NYMEX is “on paper”.

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We are ready to intervene in foreign exchange markets(Japan)

Japan would take decisive action against any speculation in the market, said Monday the Minister of Finance of Japan Yoshihiko Noda, signaling the readiness of Tokyo to intervene to curb any new rise of the yen, after record high last week. The Japanese finance minister said the recently observed sharp strengthening of the currency and that will hold close discussions with the G7 countries around the foreign exchange market, while continuously monitoring the progress of the yen. “We will monitor more closely the markets to see if there is a speculative move. We do not exclude any measure and will take decisive action if necessary”.

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Download Fee Frex Strategy Builder Software

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Forex Strategy Builder incorporates the best practices for developping technical strategies and the most reliable methods for backtesting. Its purpose is to facilitate you in gaining profit on the forex market.

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Paypal Forex Brokers

A list of Forex brokers that support PayPal payment system as an option for funds deposit/withdrawal. Pay Pal is a convenient on-line payment system that is widely accepted in U.S., Canada and United Kingdom. Forex brokers that accept PayPal deposits often are good-standing companies, which you can trust.

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Meta Trader Forex Brokers

A list of Forex brokers that support MetaTrader 4 Forex trading software as a primary Forex trading platform. MetaTrader 4 offers Forex traders a very flexible trading environment including Forex trading automation with MT4 expert advisors. Almost all presented MT4 brokers offer easy account opening procedure and accept on-line payment methods. Some of these MT4 Forex brokers are already offering MetaTrader 5 platform for demo accounts.

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