الخميس، 8 سبتمبر، 2011

What is Forex?

What is forex?

Forex is the international market for the free trade of currencies. Traders place orders to buy one currency with another currency. For example, a trader may want to buy Euros with US dollars, and will use the forex market to do this.
The forex market is the world's largest financial market. Over $4 trillion dollars worth of currency are traded each day. The amount of money traded in a week is bigger than the entire annual GDP of the United States!
The main currency used for forex trading is the US dollar.

When did forex start?

As the world continued to tear itself apart in the Second World War, there was an urgent need for financial stability. International negotiators from 29 countries met in Bretton Woods and agreed to a new economic system where, amongst other things, exchange rates would be fixed.
The International Monetary Fund (IMF) was established under the Bretton Woods agreement, and started to operate in 1949. All exchange rates changes above 1% had to be approved by the IMF, which had the effect of freezing these rates.
By the late 1960's the fixed exchange rate system started to break down, due to a number of international political and economic

Talking Forex Daily

The pair finished the session sharply
2011 GDP 1.4% to 1.8% vs. Prev 1.5% to 2.3% and 2012 GDP
Asset Purchase Facility unchanged. The ferocity of the upward move post the policy decision suggests that there was speculation prior to the release that
The pair finished the session higher amid a stronger greenback after a dovish press conference by ECB’s Trichet prompted a flurry of risk averse trade flows. Even though the Fed is likely to announce another round of monetary easing, the outlook for the USD remains bullish as the ECB continues to struggle to contain the sovereign debt crisis. In terms of technical levels, supports are seen at 77.07, 76.69 and then at 76.53. On the other hand, resistance levels are seen at 77.74 and then at 78.09.

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