PrimeXBT Tutorial: Beginners Guide on How to Use PrimeXBT (2022)

‘Green Shoots’ Drying Up

For the last two months forex traders and investors have been reading about the ‘green shoots’ of recovery theory which has affected currency exchange rates. Although many experts warned that the optimism displayed was premature investors searched for signs that the worst of the global recession was over. Recent unemployment data from the US and weak industrial figures from the US combined with poor stock market performance have left doubts about the progress of global recovery.

Dollar Holds on to Last Week’s Gains

Mr. Mahon also suggested that investors are waiting to see if last week’s dollar rally is a sign that the correlation between the dollar and risk sentiment is breaking down. Since the current recession began bad news has helped the dollar and good news has put downward pressure on the greenback.

G 8 Nations Ponder Recovery

The weekend meeting of the G 8 nations yielded some positive viewpoints about the global economy. Finance Ministers believe the credit crisis is easing and described their respective economies in the most positive terms since the global recession began. Despite the positive tone of the meeting many participants expressed caution.

Dollar Gains on Treasury Auction Results

The dollar to euro rate rose on Wednesday after the US government sold $19 billion in 10 year notes. Investors were reassured about the US’s ability to sell long term debt to ease mounting deficits. The dollar to yen rate was also affected by the auction.

A Forex Converter Can Be the Key to Success

The foreign currency exchange market otherwise known as Forex is the world’s largest market trading over $2 trillion dollars daily. Typically investors either use a broker or become day traders themselves. No matter which course of action is taken the ability to use a Forex converter is essential.

Dollar Stages Rally

The US dollar staged a rally late last week after better than expected jobs data showed that the rate of job losses in the US sharply declined in May despite the news that General Motors was closing several manufacturing facilities across the US. Currency exchange rates were also affected by speculation that the US Federal Reserve will raise rates by the end of the year. The euro was pressured downward after Standard and Poor’s downgraded Ireland’s credit rating for the second time this year.

Entertainers and Forex Converters

American entertainers performing overseas find themselves in a unique position due to the dollar’s strength. Depending on how and when they were contracted to appear overseas some entertainers could end up taking home less than they would have months ago.

FOMC Meeting Boosts Euro

Wednesday’s release of the Federal Open Market Committee’s (FOMC) meeting minutes pushed the euro to its highest level against the US dollar since January. The euro to dollar exchange rate was prompted by rising stocks and the belief that the US will be the first to recover from the global recession. The dollar has declined against the euro for the last three trading sessions.

Travelers Need a Forex Converter

Earlier in the year the weak US dollar caused many Americans to postpone trips abroad especially to Europe. An impressive rise in the value of the dollar vs. the Euro is making it much more affordable for Americans to travel abroad. Despite the economic crisis and negative economic indicators the US dollar has not only remained stable but has risen dramatically against the Euro and other major currencies.

Replacing the Dollar?

In the not so distant past there was talk of the Euro replacing the US dollar as the medium of exchange for commodities, a development which would create the need for constant use of forex convertors. Because of the dollar’s strong performance in the face of the worst economic crisis the world has faced since the great depression of the 30’s most talk of replacing the US dollar as the world’s reserve currency has ceased. Naysayers had cited the massive national debt of the US and a bloated government budget …

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The Forex market is the world’s largest with almost $2 trillion dollars traded daily. Once the domain of large banks and financial institutions the internet now allows the small investor to participate in this exciting and lucrative market. For the small investor who is new to the world of currency trading and who does not have a lot of money to invest or is uneasy about investing large amounts a mini account is the perfect solution.

Rise in Risk Sentiment Premature

This week’s economic calendar promises to be relatively uneventful and traders expect currency exchange rates to be affected by stock market performance. French and Italian production figures are due this week and could affect the euro to dollar exchange rate. The production figures are expected to show the fourth consecutive month of double digit declines in both Euro Zone countries.

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