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I'll be posting regular market updates from well respected Forex experts and showcasing the best Forex advice and systems, so you don't have to waste fruitless hours searching for it yourself!
Add me to your 'Favourites' now and as a special thank you, I'd like to give you 4 fantastic FREE gifts by simply entering your details on the right of this page >>>
You'll receive my 3 Part Ebook series 'The Forex Decoder' which covers everything from the history of Forex, to revealing the most consistently profitable indicators you'll need in your Forex arsenal. I've sorted the 'wheat' from the 'chaff' so you don't have to make the same mistakes as I did when I first started.
You'll also receive a copy of Mark Nelson's famous '7 Habits Of A Highly Successful Trader' which will prove an indispensible aid in your Forex career, as it has done in mine.
Just enter your details on the right and get these 4 fantastic gifts absolutely for FREE >>>
Yours 'Forexly',
Cliff
Simon Denham's Daily Market Comment
As this year’s budget approaches calls from all lobbies are making
their argument for preferential treatment and all the demands have a
recurring theme – reduce taxes. No matter how compelling each group’s
argument is unfortunately any sort of big headline grabbing tax breaks
are unlikely. Whilst motorists and businesses with high fuel costs are
crying out for a cut in fuel duty, the country’s top earners (and that
doesn’t mean just bankers) are calling for the 50p tax rate to be
scrapped. Taxes should be cut where there’s evidence that such a
reduction will actually boost the coffers of the treasury. Recently the
CEBR said that a few pence off fuel duty would lead to the creation of
hundreds of thousands of jobs. The top earners are saying that by
scrapping the top rate of tax you will see more jobs and businesses
expand. One argument against the abolishment of the 50p tax rate is
that these people should pay their fair way. But how can you quantify
fairness when this small proportion of taxpayers, who make up less than
one percent of the total, pay over a third of the taxes that go to HMRC.
If, by removing the 50p, this actually reaps more in tax from the
country’s top earners, then this must be the best answer.
We all
want to pay less tax and other measures should be prioritised too in
order to reduce the tax burden on lower income earners, but considering
the current state of affairs and even though the Chancellor is slightly
ahead of his budget deficit reduction targets, it’s too early to
suddenly start changing the game plan.
Greece continues to dominate the markets as an agreement on the PSI is still yet to be completed. Now the eurozone has decided to delay half of the bailout funds in order to see that Greece does actually act and implement the austerity measures that they’ve said they would do. Whilst the markets have recovered well from their falls on Wednesday this morning they have commenced with a little bit of slant to the downside. The mid 5900 area for the index remains a struggle and so 6000 still looks rather like a bridge too far.
We usually get the US non farm payroll on the first Friday of every month, but not so today so we have to wait another week before we get that data. Without the NFP there’s little else on the data front to mention apart from the UK construction PMI figure due out this morning. This is expected to show a small rise and remain above the 50 level, but only just.
It was a case of sideways trading yesterday for EUR/USD as FX traders are waiting to see how the Greek debt swap deal will pan out next week. Despite the dollar falling against the majority of its counterparts on the back of weaker than expected US manufacturing, traders still feel that they would rather be short of the euro. The pair is currently trading at 1.3270 and is very close to its support of 1.3265, and if it breaks that the pair may well head lower towards 1.3235.
Following the sell-off in the previous session, gold made back some of the losses yesterday as bargain hunters saw an opportunity to snap up the yellow brick, with strong buying in early Asian trade. Once the European markets had opened their doors, the price was weighted, touching a low of 1701.9 before slamming into reverse and rallying as the US dollar weakened, making the shiny metal more attractive. There was also support from the encouraging US initial jobless data and positive Chinese Manufacturing figures, allowing the precious metal to end the day at 1717.6 after touching a high of 1726.0 on the back of rumours of an oil pipeline explosion in Saudi Arabia. Currently, the price of a bar sits at 1714.1.
With the rumours of the aforementioned oil pipeline blast, crude futures shot past the 110 dollar mark, but later confirmation came from Saudi officials that this was simply a rumour and all was well. Prices were also given strength from the Chinese manufacturing data which expanded for a third straight month, signalling that the world’s second largest economy was stabilising. At time of writing, US crude trades at 108.29 and Brent is at 125.10.
Greece continues to dominate the markets as an agreement on the PSI is still yet to be completed. Now the eurozone has decided to delay half of the bailout funds in order to see that Greece does actually act and implement the austerity measures that they’ve said they would do. Whilst the markets have recovered well from their falls on Wednesday this morning they have commenced with a little bit of slant to the downside. The mid 5900 area for the index remains a struggle and so 6000 still looks rather like a bridge too far.
We usually get the US non farm payroll on the first Friday of every month, but not so today so we have to wait another week before we get that data. Without the NFP there’s little else on the data front to mention apart from the UK construction PMI figure due out this morning. This is expected to show a small rise and remain above the 50 level, but only just.
It was a case of sideways trading yesterday for EUR/USD as FX traders are waiting to see how the Greek debt swap deal will pan out next week. Despite the dollar falling against the majority of its counterparts on the back of weaker than expected US manufacturing, traders still feel that they would rather be short of the euro. The pair is currently trading at 1.3270 and is very close to its support of 1.3265, and if it breaks that the pair may well head lower towards 1.3235.
Following the sell-off in the previous session, gold made back some of the losses yesterday as bargain hunters saw an opportunity to snap up the yellow brick, with strong buying in early Asian trade. Once the European markets had opened their doors, the price was weighted, touching a low of 1701.9 before slamming into reverse and rallying as the US dollar weakened, making the shiny metal more attractive. There was also support from the encouraging US initial jobless data and positive Chinese Manufacturing figures, allowing the precious metal to end the day at 1717.6 after touching a high of 1726.0 on the back of rumours of an oil pipeline explosion in Saudi Arabia. Currently, the price of a bar sits at 1714.1.
With the rumours of the aforementioned oil pipeline blast, crude futures shot past the 110 dollar mark, but later confirmation came from Saudi officials that this was simply a rumour and all was well. Prices were also given strength from the Chinese manufacturing data which expanded for a third straight month, signalling that the world’s second largest economy was stabilising. At time of writing, US crude trades at 108.29 and Brent is at 125.10.
