Friday, September 4, 2009
Forex Trading Software
Traders
As a trader, it is important that you take your time to learn forex market and currency converter. Taking time as much as you need will be beneficial for you. You also need to know about the market in which you are entering, at the level where everyone is standing. However, you are not going to get that knowledge, as some one has been for years in this market before. You should have a complete understanding so that you can work on your knowledge. It is up to you, how much time you take to understand this market. Some best ways to learn forex market are online courses and reading books.
Currency Converter Symbols
Every currency is represented with a symbol in forex trade. While using the currency converter, you can easily notice currencies marked by an asterisk, reason behind it is those currencies might be out dated or faded. Once this process is completed, you only have to push the currency conversion button; you will see the results of your actual rate conversion. While using the currency converter to make it easy, ten currencies are listed first and are sorted by popularity. The rest eighty-five currencies were sorted by their country name. At the end of the list, you will find some special units and precious metals that listed on their own section.
How to Use a Currency Converter
When it comes to currency trading, most people like to convert one individual currency rates with others. Currency converter is the most popular tool, used by the trades to convert one currency rate with other. If time taken to learn and use this currency converter, you can use the interactive foreign exchange, which is also referred as the forex rate calculations. It will also help you in using the live rates related to different currencies. The currency converter gives you the chance to be a part of transactions done in foreign exchange, which is done online and gives the security of best results as well. You can find many currency converters online, which you can use when you login to that particular web site. These online currency converters come with your online trading platforms, which help you a lot, while you trade.
If you think to use the currency converter with this actual forex market, you may consider either to use it online or offline. Overall, we help you know the importance of currency converter, and let you know how it is used. When you are using a currency converter, make sure that you type the correct information about the currency, which you want to convert. When you use a currency converter by selecting it from the menu bar, put the correct information of that particular currency in the currency converter.
Learn Currency Converter
When it comes to real trading in foreign exchange, the currency converter is an individual type of service that allows you to purchase as well as sell in this market. If interested to trade with this market, it is important to learn about currency converter, to figure out a currency converter it is not a typical task. What is the actual work of a currency converter? You can find a bunch of web sites, which offer you the facility to use the currency converter, which is located on their independent web site, they also help you how to use the currency converter as well. The actual work of currency converter is to covert the currency of one country to another. While using the currency converter for the first time, make sure that you fill the required information correctly. If you provide wrong information in the currency converter, you might receive wrong information about the amount. Here you will come to know the use of a universal currency converter, which you can use online at any given time. When searching for information about currency converter, make sure that you take into consideration every piece of information.
Currency Converter
Why Forex market to be analyzed
Analysis is the main issue for a trader. Without proper analysis, a trader might book some losses. Proper examination and forecast trading with any forex software makes the trader know about the currency and market conditions. Why traders are winning? Making proper analysis and research helps you to take profitable trades. In forex software, you can find many tools for market analysis. Many experts and professional analyst use this software. Market analysis and forecast is not an easy task, it requires a deep study about market and economical factors that affect the market
Forex Software Tools
In forex software, you find a startup kit. One can start with this starter kit, in this you find a demo account and a demo-trading sheet. Through which you can learn trading and know how the market turns its positions with fluctuations. Pip calculator, it is a tool which helps you to know the change percentage of different currencies. Through pip calculator, you can calculate the change in percentage, and can take trades according to the changes made. World timings, you came to know about the open and close of the world markets. It helps you to adjust your trading time, through which you can decide your own trading times. The economical factor of each country affects the currency and stock prices. Through economic calendar one can predict the market date wise what is going to be the market status on that particular date. In forex software, you can find a tool called forex chart. Through which you get news of that particular currency. With forex chart, you can predict the high and low of all the currencies for the day and book your trades.
Use of Forex Software
A trader can have a cool head by using the forex software, and he can face his trades unemotionally. He can execute his trades of initial stop loss, by using the pre-determined price levels computed, projected profit price and stop loss. In all trading software, some rules and strategies are in use for all forex software. According to the rules stop loss is the main factor. To cut your losses at a minimum level always trade with a stop loss, which helps you to continue with your profit booking? For proper trading always, use the rules and methods while taking any trades.
It is advised always go for a short-term trade if trading according to market movements. Market movement sometimes fill your trading account with huge profits, sometimes it can be opposite. Automated forex software, should be used for trading, through this system your buy and sell orders are executed automatically. Before starting with any forex trading system, go for some experienced or professional brokers. At the same time day, trading can be profitable as some professional and experienced traders say this, though day trading is never easy.
Forex Software
Forex Software
For everyone not all days are equal, how one has planned his trades for the day does not matter, sometimes he finds some trades performing according to his plans. In current years, some brokers and traders asked for some improvements in trading systems, this was to make trading simple and easier for individual investors and small businessperson. So that, one could make more profits easily. This development took place, looking the market conditions and the increasing number of investors in the world of foreign exchange trading. Be cautious before selecting any forex software. You can find various forex software that might provide, you with much trading tools; they might show you huge profits and minimum loss earned by traders. These developed forex software, provides many trading systems and tools, which has made trading easier in all ways. It has now become an electronic and automated software, in which all trades done are automatically, your buy and sell orders are execute automatically.
Study Forex Rates
Foreign Inflation Transmission under Flexible Exchange Rates
In 1970s, there was a belief that by floating the currency rates of that country. The forex rates movements depend on the inflation rate and flexible exchange rates. Inflation and other exchange rates matter a lot, while you see any movement in it. Individual nations would allow a floating exchange rate system, by the inflation trends and monetary police; otherwise, it would dominate for using monetary policy for domestic purpose. The floating exchange rates were introduced dates back by Friedman in 1953.
Theoretically, it was expected that under the exchange, possibility to function the floating exchange rate system was alert under currency substitution. One can observe the effects of higher foreign inflation rates, on demand for domestic real balances, with flexible prices and exchange rates. The domestic velocity of money, and the domestic inflation rate, under currency substitution, is a small open economy for foreign interest.
Two features of domestic economy can be identified and analyzed in details through which flexible exchange rates and the insulation properties were affected: the elasticity of demand for, and initial stock of, foreign real balances.
Several phenomena of concern, like the transmission of international disturbances, and currency substitution are examined here, jointly or separately, either theoretically or empirically. On international inflation Darby and Lothian presented abundant empirical evidence in 1983. Including currency substitution, several possible channels were analyzed. Concentrating on this study, some major industrialized countries during the Bretton Woods era, mainly due to the U.S. monetary policies and increase in oil prices explains the bulk of inflation for these countries. Empirically and theoretically the phenomena of international inflation transmission in a currency was explored by McKinnon in 1982. In addition, Cuddington in 1983, explored the substitution framework, concentrating on his empirical analysis of currency substitution on the industrialized countries.
Foreign Exchange Rates
Forex rates are also termed as FX rates or foreign exchange rates. The difference between two currencies, of different countries is specified in Forex rates. With the help of forex rates, one can be familiar with the ideas of exchange rates of different currency, even if he had been abroad for a holiday. The price units used in a country or an expressed area or in the money of another country is termed as Forex Rates. In forex market, one can trade most of the currencies, and can get all the details of it in forex rates. All currencies are paired with the dollar. In forex rates numerator represents the quote currency and the denominator represents the base currency within the exchange, which always equals one another. In the 1970s, it was considered that, the country needs to be provided insulation for foreign price shocks through the currency. This motivates the removal of the system of fixed exchange.
Forex Rates
Advantages of Forex Charting Software
Working of Different Forex Charting Software
Types of Forex Charting Software
With the increase in trading platforms, charting software has also increased. You can find many forex charts on your trading platforms. Like the bar chart, line chart, candlestick chart etc. Some new forex charting software introduced is easy to use. Some of them are like finance chart, FXtrek, Stratagem, Chart station, Pros ticks, ProRealTime, MetaTrade etc. These charting softwares are easy to use with different time and indicators. Forex charting software let you know the levels and resistance. Forex charting software are constructed, to make technical analysis and to coordinate price easily. Big traders and companies use these forex charting software for technical analysis at different time units. In forex charting software, time applied for plotting charts and analyzing the market movement, the more you come near to making profits regularly.
What is Forex Charting Software?
In forex trading, forex charting software is another important tool. Forex charting software helps you in analyzing the market and decides your trades for the day. The work of this charting software is to analyze the forex market or the stock market. With the development in this worldwide trading field, these forex charting software have also improved. As the people have started taking interest in this trading field, many improvements have been made from trading platforms to trading tools. In this run, forex charting software has improved very much. When forex trading started, forex chart were used for analyzing the market and the currencies. However, with the development in foreign exchange, forex charting software has also developed. If you are interested in forex online trading, forex charting software will be very helpful for you to know the market trend.
Forex Charting Software
More about Foreign Currency Trading
Some people think that foreign currency trading is not important, when really think of it, you come to see that it is very important than else because of the fact that foreign currency trading can determine whether you are going to be successful or going to loose in this market. I am not preaching to you as a trader, but it is a fact that you need to make sure you have a proper knowledge about foreign exchange trading before you step into this huge financial market on your own. If you have devoted your precious time to sit and think about, and learn the information that you need to understand the market. You will come to know that the information collected by you about forex market is very important. Because on the daily basis you are going to use this information, to know what ups and downs come in this forex market. Initially, every body thinks that foreign exchange trading is really a waste of time, but once all the hard work that is required in forex market is considered, you will come to know how useful are the information every minute.
Foreign Exchange Trading Overall
You have learnt new things about foreign exchange trading. It is better to sit down and think little more about it. If you think to collect more information about foreign exchange trading, it is better to get online and search more, as no one is holding you back, to learn more about foreign exchange trading. All you have to do is to open the information and note it down in your notebook, so that you do not have to worry when it comes to trading.
Speculators and Foreign Exchange Trading
Best opportunities present while trading currencies in foreign exchange trading is called as the speculators. These major currencies present in forex exchange trading, are known to be the most liquid as well. It is known that all the major currencies are involved with the trading. The US dollar, Japanese Yen, Euro, Swiss Franc, British Pound, Australian Dollar and the Canadian Dollar are the seven different major currencies. Foreign Exchange Trading is considered as a 24-hour market, which starts on Sunday evening 5:00 pm and ends on Friday evening 4:00 pm. The forex market first opens in Sydney and then begins around the world, and makes sure at the start of each business day it meets each financial center.
Reasons for Foreign Exchange Trading
Two different reasons are present currently to make a purchase as well as sell the same in different currencies. In foreign exchange trading you can find the actual turnover made daily, is about five percent. It is because of the government and large companies, which use different services to purchase and sell different products of different countries. Because of this reason, the countries have to convert their profits made by them from different countries known as foreign countries, need to change that currency into their home currency. The both reason for foreign exchange trading are the same. The second reason for foreign exchange trading is, ninety five percent of the trading is done only for making profits which is also known as speculation.
Learn the Basics of Foreign Exchange Trading
Some basic things about foreign exchange trading is also to be understood so that when it comes to introduce your self to this market you may not have any problem. Foreign exchange market is also called as the worlds largest financial market because of it’s one point nine trillion dollar turnover per day. The simultaneous purchase of one currency and selling the other currency has made it as the easiest market. The main thing that you should remember here is that the currencies are traded in groups and pairs. For example, if you want to trade EURO as well as the United States Dollar, the symbol for this currency will be EUR/USD.
Forex Exchange Trading
Foreign Exchange Trading
It becomes important to learn few things, if new to foreign exchange trading, which will help in winning this forex market. Logic and fundamentals are some basic points, which you have to understand in foreign exchange trading, it will also take time for you to recognize the market trends and to develop your forex-trading plan. To manage your risks in this market as a trader, it will take time to utilize the tools of the market. Moreover, you need to react with the major economic events, which affect the global currencies as well. If you want to be the best in foreign exchange trading, make sure you take time to accomplish these things. Here you will learn the basics about foreign exchange trading, to introduce your self to this market.
Advantages
The Foreign market is the only trading markets were one can find liquidity in volume as it is in trillions. Most of the people globally are trading in Forex and Foreign exchange. Forex market is open for 5 days in a week and is continue all round the clock. Why people are preferring forex? Being a 24hr market this has become an advantage for the person to open a trading account in Forex, where a person can trade at night after completing his whole day tasks. No need for any one to quit his full time job or business, forex is different from stock exchange, which starts 10:30am and ends by 3:30pm. The equity market being for a limited hours, few people are able to trade and invest in stock market. The person doing a full time job cannot invest in equity market. But investing in forex becomes easy for him as he can trade market after his office hours. One more advantage of forex is having various methods of trading. Because of these reasons, Forex now has become a platform for the investors, for trading and making quick money. People are becoming familiar now to forex.
Trading systems
Forex Trading systems are operated by career focused individuals, with diversified experience in all accepts, like media and management, business, finance, economics etc. For example an investor wants to exchange euros for dollars. In this case, the euro is the quote currency, or how much currency you have to exchange. And dollar will be the base currency. The investor through the internet, bank or broker researches about the current exchange rate (euros converted into dollars) and then multiplies euros to be exchanged with that amount. Let's take an example that the exchange rate is 1.57959. That means that an investor will have to pay 1.57959 euros to receive one dollar. He can receive $1,579.59 he wants to exchange 1000 euros (1000 x 1.57959). If the investor converts dollars back into euro how much he is going to receive can get the idea through the exchange rates on the flip side. If he is having $1000, that amount can either be divided by the same euro to dollar exchange rate ($1000/1.57959 = 633.07 euros), or can look up on the internet conversation rate for dollars to euros etc. (i.e. .633072) and multiply the amount of dollars to be exchanged ($1000 x .633072 = 633.07 euros).
Forex Market and Trading
Introduction to Forex
Those who were not familiar with the term, Forex refer to a global exchange market where currencies from different nations are bought and sold. It began in 1970’s by the veterans of the banking system. Today there are so many trading systems introduced in the market. As the other advantage is that the currencies traded in Forex are in pairs. Like the USE/EURO JYP/USD. In Forex, currency is done in pairs. Forex or foreign exchange is basically started to operate and let people invest money to trade currency from different nations. If people eager to enter forex market it advisable learn about and then go for real money trading. As forex is related with currency trading, its market movement depends upon the countries economical, political and social conditions. Unlike the equity market or the stock market, forex also has a trading system through which you can trade. In the early days, solely the system of currency exchange was supported by the gold amount held in the vault of a country.
Fundamental and technical analyses
Fundamental and technical analyses are the 2 factors through which we can know its movements. Under fundamental analyses, comes the social, economical and political condition on which the movement of the currency of a particular country depends. Under technical analyses, come the technical features of the currency like the inflation rates, banks interest rates of that country. Now days through the market forces the value of one currency is determined. Floating currency and pledged currency these two types of main systems are used to determine the value of a currency’s exchange rate. Now a day’s more and more people are adopting forex trading.
There are several methods for trading in forex. Because of these methods forex trading has become uncomplicated. Hedging, Arbitrage, Margin these are the methods through which one can easily trade in forex. The Foreign exchange is trying to improve the trading rules on daily basis for its clients, by providing recommendations and market updates. For trading in forex, it is very important for a trader that he is able to access large amount of information’s around the globe as quickly as possible.
Commission in Forex Market
Adjacent to EURO the dollar trading near its two-week high after Treasury Secretary Henry Paulson expressed hold up for the currency and the president of Federal Reserve Bank of Philadelphia said that the interest rates must be raised. The greenback was also trading near its two-week high against the yen and the Swiss franc, as Paulson supposed he expects parliament to support a set free chart for Fannie Mae and Freddie Mac. The AUD reached its eight-month top versus the yen following an administration report today showing price rises accelerating to a two-year top in the second section. Dollar got a lot of support from the U.S. official,'' said by the head of foreign exchange sales Yuji Saito, at the General Society SA in Tokyo, France's is the second-biggest bank by bazaar assessment. The comments from the official of the Fed were extremely hawkish. Comments from Paulson's help to ease anxiety in excess of concerned administration- sponsored enterprise.''
The dollar traded at $1.5791 for each euro at Tokyo and in New York it was trading from $1.5783 yesterday, when it touch $1.5758, the toughest level since July 10. Yesterday the dollar was at 107.20 yen from 107.33, when it jumped to 107.45, the uppermost since July 9. Moreover, the euro was trading at 169.32 yen from 169.43. The exchange might rise to 107.80 yen now, Saito forecast.
Therefore, against franc the dollar was trading at 1.0302, close to the uppermost since July 10, from 1.0311. In franc there is a 10% gain this year as banks of the US have a wide loss..
Won, Yuan
The WON currency of South Korean rose 0.4 % to 1.013.20 versus the dollar on rumor; oil prices near its six-week low might temper demand for dollars and as local equity stocks rebounded. The Chinese Yuan cut down 0.1 % to 6.8285 per dollar on conjecture that the administration will look for slower approval to assist exporters manage with undecided worldwide demand. China will slow down the profits of Yuan up to about 3 % in the second semi of the year to assist exporters last out a turn down in worldwide order and increasing costs, said Zhang Ming, a investigator at the Chinese college of Social Sciences.
There was a gain in Dollar versus the yen it might speed up after the U.S. currency stopped over its 200-day moving standard for the original time since Aug.8, said Toru Umemoto, leader currency analyst at Barclays Capital Inc. in Tokyo.
This is the reason why the market is receiving additional bullishness in the dollar,'' said Umemoto, who is working for a unit, which is the third largest bank of United Kingdom. The dollar might go up to 110 yen in three months, Umemoto forecast.
Plans to Rescue
The currency of the U.S. strengthen yesterday as in a dialogue in New York Paulson said he is convinced that lawmaker will overtake a invoice to present financial support for Fannie Mae and Freddie Mac, the major sources of U.S. credit finance. He reiterates that a well-built dollar is actually very important. This goes fine past the two institution Fannie and Freddie,'' said in a report by to a Television after his speech. It has scheduled the road to carry out with investor in the United States and investor worldwide.''
The US Dollar touched a proof low down of $1.6038 per euro on July 15 as trader speculate that the company, which possess or promise approximately semi of the $12 trillion in exceptional U.S. home loan would be enforced to search for a post security.
Out of the country investor net purchase of Fannie Mae, Freddie Mac, and extra so-called group debt, was $24.2 billion in May the Treasury Department said on July 16. That compare with the $67 billion overseas investor worn-out on U.S. stocks, notes and bond that month, Treasury data show.
Gold bug vs. Gold value
Gold stocks are trying a hold up level, as gold has declined, showing to facilitate a great number of investors have frightened out of their position and thus pushing gold stocks downward more than usual.
DZZ Gold ETN Short Trading Signal
Recently inventors had a buy indication for the DZZ ETN gold, which has provided an outstanding low danger setup close to the conclusion of July. Currently the deal is up over 28 percentages in just 3 weeks. While investors look for the identical type of system for going short, there is one significant point to note. While trading Gold or any additional stock, index or futures agreement to the long surface it is significant not to go into a setup with a sheer vertical hold up trend line, as it normally will not carry on for any span of time. However, trading to the dumpy side similar to this DZZ trade, the drift lines can be steeper, as price generally goes down much quicker, thus approaching ETN gold fund higher. This is presently one example of how to buy and sell gold to the long and short elevation.
Gold Trading Signals
Gold Trading Signals
DZZ twofold Gold ETN is a comparatively new method to acquire advantage of gold value action. This gold funding provides two times the movement that the Gold ETF or the value of gold does, providing superior opportunity in the bullion sector. I have presently happening to make use of DZZ ETN for trade and have set up it to be extremely useful, which investors will see in the paragraph below.
A Couple of profit of the New DZZ Gold ETN
The truth that it is a leveraged finance provides additional of a prospect to the undersized investors, as they know how to have twice the quantity of gold exposure not including having to make use of margin, shell out interest, and unlock a margin account. Although trading with advantage is a two-sided blade, if completed properly, potential and superior earnings can be obtained. One more grounds gold from ETN’s are well liked is for the reason that they permit gold traders and investors to buy and sell both accepts of the bullion sector inside their 401k, IRA as well as for Canadian their RRSP accounts. Being capable to take benefit of the short elevation during bear market circumstances, traders can double their annual come back on investment.
Gold Bugs Index – Monthly Gold Chart Breakdown
Breakdown in monthly gold stocks index monthly as traders and investors can make out on the monthly chart, the gold bug index is flouting down beneath the hold up trend line. Investors could be incoming a much superior consolidation stage or perhaps even a bearish marketplace. It really does not matter, as one can take benefit of both side of gold (long and short). The sell side in fact has more potential, but the majority of traders like better to trade the buy side as it is what everybody learns first and feels contented.
Minor Gold Index Breakdown
The minor gold stocks index have given traders a crash, as well as viewing that a small play is not combating the existing short term drift of gold. It is at present trying support, which funds short trader should tense up their stop loss to lock in additional profits when gold decide to bounce.
US Trading Session (New York)
European Market
Asian Trading Session
The Forex System
The Forex System
One of the supreme features of the FX market is that it is open 24 hours a day. This allows shareholder roughly from the globe to deal all through the normal trade hours, after work or even all through the night hours. However, not all era are fashioned equally. Though there is evermore a market for the majority of liquid asset classes, there are times when cost action is repeatedly unstable and periods, once it is quiet. What is more, different currency pairs display varying activity over assured times during trades because of the general demographic of individual participants that are online at that time. In this commentary, we will wrap the main trading session, discover what variety of market movement could be likely over the unusual periods and demonstrate how this information can be customized into a trading strategy.
Breaking Forex Market into Manageable Trading
While a 24-hour market gives a large benefit for many institutional and individual traders as it guarantees liquidity and the chance to trade at any imaginable time, it also have its disadvantages. Although currency can be traded any time, a buyer can only watch a location for so long. This illustrates that there could be time of missed opportunity, or poorer, when a bound in instability will guide the mark to shift in opposition to a recognized situation when the buyer is not around. To diminish this danger, a buyer desires to be conscious of when the bazaar is characteristically unstable and make a decision what time is superlative for his or her policy and trading method.
Conventionally, the bazaar is separated into three session during which movement peaks: the Asian; European; and North American session. More carelessly, these three sessions are referred as the Tokyo, London and New York sessions. These names are used interchangeably as the three cities symbolize the chief monetary centers for every of the region. The market is most vigorous when these powerhouses are doing business as the majority of banks and corporation make their day-to-day dealings and there is a superior attentiveness of online speculators. Now let us take a quicker look at each one of these sessions.Currency signs
EUR - Euro
AUD - Australian Dollar
CAD - Canadian Dollar
CHF - Swiss Franc
JPY - Japanese Yen
GBP - British Pound
Day Trade
Day trade refers to the purchasing and selling of position within a solitary day’s trade.
Overseas Exchange
Also known as Forex or FX, it is the procedure of buying of single currency in trade of other exchange in an over-the-counter marketplace.
Leverage
Leverage is the relation of the deposited total to the quantity that can be traded. Find out significance of Forex Leverage
Limit Array
Limit orders in forex let the investor stop extra trading and put down the bazaar at predetermined profit objectives. It is an array, which restricts the maximum price to be pleased or the lowest value to be established.
Liquidity
Liquidity is distinct as the capability of a marketplace to permit fat business deal with insignificant force on the cost stability.
Margin
Margin is the smallest amount necessary for deposit before a depositor start trading. This can be acknowledged as the initial amount through which a depositor can open a Forex trading account.
Pip / Point
Forex Vocabulary
Forex Vocabulary
The Foreign Exchange market has its own vocabulary, which are generally adopted by all Forex brokers, investor and traders. Here is a short list of the regularly used Forex vocabulary and their meaning. Also besides vocabulary, we give you helpful tips for Forex Trading as well.
Ask Price/ Bid Price
The ask over and bid price is the value at which the marketplace is prepared to trade a definite currency. This is the value where, a depositor can buy the support currency. When considering a quote, it is located on the right elevation.
For example, in the quotation EUR/USD 1.4547/52, the ask value is 1.4552.
Support currency
The base currencies are listed first in a currency match up is known as the support currency.
Bids
A Bid is the value at which the depositor is eager to buy a currency.
Bid/Ask Spread
Simply stating, Bid/Ask increase is the difference connecting the bid and offer price. It is also distinct as the amount of dissimilarity in pips, along with the buying cost and the selling cost of a currency couple.
Dealer
A person or an association performing as an mediator, putting jointly buyers and sellers for a payment or fee, can be distinct as a dealer. They are the ones who labor on behalf of their investors.
Offset Currency
The currency scheduled second in a Currency couple is clear as the offset currency.
Markets
By Angela Moon
NEW YORK, Sept 4 (Reuters) - U.S. stocks closed higher on Friday as investors focused on the bright side of a mixed payrolls report that showed smaller-than-expected job cuts in August, although the unemployment rate hit a 26-year high.
The market was relatively flat in morning trade before sharply rising around noon, with all major indexes gaining around 1 percent.
"Yes, the unemployment rate was a little worse than expected, but the wild card was the non-farm payrolls, which came out better than forecast," said Robert Francello, head of equity trading for Apex Capital in San Francisco.
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NEW YORK, Sept 4 (Reuters) - The yen fell on Friday after news that U.S. employers cut fewer jobs than expected in August, reinforcing recent data pointing to an economic recovery and dimming safe-haven demand for the Japanese currency.
Major currencies see-sawed earlier as traders said the jobs data was a mixed bag, with light trading ahead of the U.S. Labor Day holiday adding to volatility.
The U.S. economy cut 216,000 jobs in August, while the unemployment rate rose to 9.7 percent, the Labor Department said on Friday. Analysts had expected nonfarm payrolls to drop by 225,000 and the unemployment rate to rise to 9.5 percent. For more see [ID:nL4577554].
"I think it's a little bit mixed in terms of the number and that's fairly evident from the market's reaction afterwards," said Camilla Sutton, senior currency strategist at Scotia Capital in Toronto.
"On the one side is that the unemployment rate climbs significantly higher and that just keeps fears alive that the unemployment rate is still moving higher and will remain high for a longer period of time. However, the payrolls number ... shows that the pace of job losses has declined," she added.
FOREX RATES
pdated at : 5/9/2009 9:57 AM (PST) | ||
Currency | Buying | Selling |
| Australian Dollar | 68.55 | 69.55 |
| Canadian Dollar | 74.50 | 75.50 |
| China Yuan | 12.00 | 13.50 |
| Euro | 117.60 | 119.60 |
| Japanese Yen | 0.8890 | 0.8990 |
| Saudi Riyal | 21.45 | 21.65 |
| U.A.E Dirham | 22.45 | 22.65 |
| UK Pound Sterling | 134.00 | 136.00 |
| US Dollar | 82.65 | 83.00 |
