The US dollar continued marching forward, accompanied by clear hints of a rate hike. US Durable Goods Orders, UK GDP and the all-important FOMC Meeting Minutes stand out in the week of Thanksgiving. These are the major events on forex calendar. Join us as we explore the market movers for this week.
US data was a mixed bag last week with a strong monthly gain of 0.4% in consumer prices after rising 0.3% in September. In the 12 months through October, the CPI edged up 1.6%, the biggest increase since October 2014. However Core CPI disappointed, climbing a mere 0.1% on a monthly basis and declining to 2.1% year-on-year. Meanwhile, Jobless claims declined to 235,000 a 43-year low indicating continued strength in the US labor market. Amid all the data, Janet Yellen testified in Washington and talked about raising rates “relatively soon“. Let’s start:
Updates:
Mario Draghi speaks: Monday, 16:00. ECB President Mario Draghi will testify before the European Parliament, in Strasbourg. The ECB has not been clear about its bond-buying program plans. Economists expect the ECB will announce the plan on Dec 8, however Trump’s election win introduced uncertainty about what he will do when he becomes U.S. president on Jan. 20. Analysts believe Draghi will extend its bond-buying stimulus program by six months in the coming ECB meeting.
US Durable Goods Orders: Wednesday, 13:30. Orders for durable goods declined slightly in September after two months of increases. The number of new orders for manufactured goods dropped 0.1% to $227.3 billion, after a rise of 0.3% in August. Analysts had forecast a 0.1% gain in orders. Meanwhile, durable orders excluding transportation edged up 0.2%. Economists expect the upward trend to show in the October readings. Economists expect durable goods to rise 1.2% in September, while core goods to rise 0.2%.
US Unemployment Claims: Wednesday, 13:30. The number of new claims for unemployment benefits declined to a 43-year low of 235,000 last week, backing the Fed’s plan to raise interest rates next month. Jobless claims fell 19,000 compared to the previous week, remaining below 300,000 for 89 straight weeks. That is the longest run since 1970, when the labor market was much smaller. Economists expected claims would rise to 257,000. The four-week moving average of claims dropped 6,500 to 253,500 last week. The number of jobless claims is expected to reach 241,000 this time.
US Crude Oil Inventories: Wednesday, 15:30. U.S. crude oil inventories rose more than expected in week ended Nov. 11 on increased imports and a build at the storage hub. Crude inventories edged up for the third consecutive week, increasing 5.3 million barrels. Economists expected an addition of 1.5 million barrels. However this stock build is not expected to stir up the market. The Organization of the Petroleum Exporting Countries will meet at the end of the month, where it is expected to cap oil production to offset an ongoing supply glut.
US FOMC Meeting Minutes: Wednesday, 19:00. These are the minutes from the November meeting, in which the Fed left rates unchanged but argued that the case for raising rates has “continued to strengthen”. In the minutes from that meeting, Yellen and her colleagues could provide yet another hint that interest rates will be raised in December.
German Ifo Business Climate: Thursday, 9:00. German business confidence improved unexpectedly in October, reaching the 2-1/2 years high of 110.5. The rise indicates growing optimism among company owners regarding future growth prospects in Germany. The reading was higher than the estimated 109.6, boosting hopes the recent slowdown of the German economy was temporary. Businesses were more positive about their current state and even more so regarding future conditions. German business climate is expected to register 110.6 in November.
UK GDP data: Friday, 9:30. According to the initial data for Q3, the UK economy grew by 0.5%, better than expected, especially given the fact that this is the first quarter after the EU Referendum. Year over year, the economy grew by 2.3%. The second estimate is expected to confirm the first one, but changes are not uncommon.
That’s it for the major events this week. Stay tuned for coverage on specific currencies
The Advantages and Disadvantages of a Forex Demo Account
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The Advantages and Disadvantages of a Forex Demo Account
forex demo account
Creating a demo account with a forex broker is free,
and you will be able to trade with virtual funds without risking any money. The advantage of a demo account is that you can learn the basics before making a real money trade. Typically, a broker will have two versions: a desktop version and a mobile version. The desktop version is easier to navigate and will typically offer all of the same functions as the mobile app. A trading terminal that can be accessed via a web browser is compatible with most operating systems and browsers.
If you are new to the market, a forex demo account will give you the opportunity to try out trading strategies before committing to real-money investments. After you have gained some experience with the demo account, you should aim to move to a live account and apply the strategies you’ve developed there. Make sure you set short-term goals and stick to them if you want to make money from the forex market. Remember that practice makes perfect!
While a forex demo account is free, it’s not a good idea to invest your own money in it. There are too many risks, and you might end up losing your entire investment. You need to know that there is no “get-rich-quick” scheme in the forex market. You can use a demo account to test out different strategies before investing real money. And if you do not want to lose money, you can always open another one until your virtual funds are exhausted. This is the safest and most realistic way to learn the market and become a successful forex trader.
A forex demo account is ideal for a beginner to learn new strategies and habits. Once you learn to use a forex trading platform, you can test out your strategies and create your own trading strategy. You can even practice using fake money. You can even make trades with this virtual money. And when you learn to control your emotions, you’ll have more confidence in making the right moves in the market. Then, you can move on to a real account.
A forex demo account is an excellent way to gain confidence in your trading skills.
Since it’s a virtual account, you’ll be able to trade without any risk. It’s also important to practice market entry and exit. In a real-world situation, you may need to exit a trade and re-invest to make a profit. A forex demo account is a great way to practice risk management in the forex market.
A forex demo account will help you decide if you’d like to trade currency.
There’s no need to worry about making the wrong decision, as you can use the demo account to test your strategy. You can always come back to the real-world version later. Once you’ve decided, you can proceed to live trading. You can also practice your skills on your live trading account to learn the ins and outs of forex.
A forex demo account allows you to test out a broker’s services and trading strategies without any risk.
In addition to allowing you to test trading strategies, a demo account also lets you evaluate broker services. It is an excellent way to learn about a new broker and develop your own personal trading style. Once you’ve chosen a broker, you can start practicing in the real market. You’ll be glad you did! You’ll be surprised at the number of benefits that a forex demo account has to offer.
While a forex demo account can be a valuable tool for learning new trading strategies, it should also be used for practice. In addition to testing new techniques and strategies, a demo account should also enable you to brush up on your trading skills. While a demo account can be a helpful tool for developing your trading style, it should never be your primary source of income. In fact, a forex demo can be a great source of profits and knowledge.
Using a demo account is beneficial for a number of reasons. It gives you a chance to experiment with the different strategies and learn the differences between them. By utilizing a demo, you can get a feel for what works and what doesn’t. Often, a trading simulator is a great way to gauge your skills. The more experience you have, the better you’ll become at trading. It’s a great way to develop your forex skills.
Monero Price starts the Selloff, BitcoinCash and Cardano struggle
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Monero Price starts the Selloff, BitcoinCash and Cardano struggle
Monero Price (XMR) tumbled at a double-digit rate today and is likely to continue to fall somewhat , extending its declining trend for a third day straight after hitting a two-month high earlier in the week.
The broader selloff in cryptocurrencies impacted XMR price; the fresh wave of downside volatility in digital currencies was pinged by regulators and the surprise drop in trading volume.
Before the latest crypto market crash, Monero price gained substantial momentum in the last couple of weeks.
it even climbed to the 10th spot in its market capitalization.
n the middle of this month( if launched on time) a spin off or fork of the monero coin called MoneroV will be launched , people that have monero coins can get 10 moneroV coins for every monero coin. this is always good for the market and Monero went on a small rise. this is now behind us and the prices settled before this announcement was made returning more to its original value.
But for traders and brokers these were a few interesting days where people that saw the market the correct way made good profits
Still Trader’s sentiments overall turned bearish
the main reasons for this are:
crypto exchanges registration with SEC
The U.S. SEC has informed all the domestic cryptocurrency exchanges to get the registration certificate or wait for a crackdown on them.
a crackdown on Japanese exchanges
Japanese authorities are now closely watching digital currencies to protect crypto traders from adverse events, such as Coincheck hack – which resulted in the loss of $500 million worth of coins.
declining trading volume
Lower trading volume is a major factor behind the broader selloff in digital currencies, while the decline of 80% in Google searches indicates the waning popularity of cryptocurrencies.
harsh comments from European regulators.
Regulators started taking actions against cryptocurrencies exchanges to evade illegal activities and price manipulation techniques.
this affects the markets as the hype has settled down.
this affects other currencies in a similar manner as Cardano (ADA), which is the eighth largest cryptocurrency based on market capitalization, plunged more than 6% today to the lowest level since mid-December.
Its market capitalization stands around $5.9 billion, slightly higher from Stellar’s (XLM) capitalization of $5.8 billion.
And Bitcoin Cash (BCH) traded in the range of $1200 in the last of couple week before falling to $1000 level today.
it could be assumed that this will continue to go down till another hype cathes the markets. cryptocurrencies have become already something that is less sexy and more mainstream ,this is good for its development but for those that only invest not so much.
still as a trader you see a volatile market where enough fluctuations happen mostly based on news to make some good trades. good luck
Supreme Court Sides With Bits of Gold in Bank Dispute
Supreme Court Sides With Bitcoin Broker “Bits of Gold” in Israeli Bank Dispute
Upon appeal, the Israeli Supreme Court has rejected the closure of Bits of Gold’s banking facilities at Leumi bank, Tel Aviv.
The Israeli cryptocurrency brokerage’s appeal followed a previous ruling against it that has now been set aside by the higher court.
As Israel and many other countries struggle with the accelerated phenomenon of virtual currencies, Leumi Bank recently made the news for being a particularly blunt in its rejection of Bitcoin.
We should of course not be surprised with the banks attitude towards bitcoin or any other cryptocurrency for that matter. keep in mind that the banks become more and more obsolete because of them.
They will keep on loosing money which now they make with ridiculous commissions of work that is fully automated. so they will try to see how they are able to make the operation and acquiring cryptos as hard as possible knowing that they will never be able to stop them.
There is widespread anticipation that the upcoming G20 Summit in March 2018 will produce a global, moderate framework for a regulatory approach. Set against that are persistent hostile stances the world over from banks, asset managers and even governments towards cryptocurrencies.
Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane.
Apart from the Israeli revenue service opting to tax cryptocurrency assets as “properties” and other more positive developments dating back to mid-2017, Israel remains a strange mix of genteel acceptance alongside wildly opposing voices.
There is thus Hope But no decision
Bits of Gold has fought a David and Goliath battle since their banker decided it wanted to steer clear of all cryptocurrency-related business.
On record as recently telling another bitcoin-related trader that they simply don’t want the business, Leumi Bank’s hard-line stance is accumulating bad press. The second-largest bank in Israel appears as discriminatory when analyzing virtual currency traders and other digital coin businesses.
During 2017, a customer made a bank transfer to the Kraken exchange site for buying bitcoin worth $1000. The bank identified the request, halted it, and started investigating.
The elated CEO of Bits of Gold, Youval Rouach said that “The court’s decision enables us to focus on the growth of the Israeli cryptocurrency community.”
The February 26 Supreme Court ruling granted Bits of Gold a temporary injunction against their account closure pending further scrutiny by the bank and other parties. The presiding bench declared that the company had “acted transparently and did not violate any provision of law.”
Calling the bank’s concerns “speculative” and turning an unsympathetic ear to the plaintiff, the ruling does, however, allow for the bank to still close the account on any small technical detail that defies legislation. As a record of a public spat around cryptocurrency’s right to be recognized in many ways, the ruling is seen as a victory for the local cryptocurrency community.
One Small Step Forward
Although not as absolute as nations like China that has opted for draconian bans, Israel is a front line for digital coins’ right not just to exist, but also become assets in the true sense of the word. The Supreme Court noted in its written ruling that Bits of Gold had not made itself guilty of the violation of any standing laws since opening its doors for business.
The Bits of Gold v. Leumi Bank case might become something of a test case once the bank applies its mind in scrutinizing the company’s accounts against the backdrop of existing legislation. The outcome will also be informed by sentiment post the G20 Summit due in March as well as other global regulatory trends.
Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane.