EDITOR’s note FX
Tumultuous times for Forex traders
Aſter the chaotic first six months of 2010, currency markets are now entering the second half of the year, with significant question marks about Europe continuing to dominate the outlook. During the second quarter, the euro faced its biggest test as the Greek debt crisis threatened to tear apart the European Union. As investors question the viability of the common currency, the euro was sent into a tailspin, which by early June, amounted to an 11% decline against the U.S. dollar from the end of March. At one point, the euro came within shouting distance of the $1.18 at which it exited the first day of trading when it was introduced in 1999. Alessandro Balsotti writes, as usual, a pertinent analysis of the current Euro zone outlook, insisting on the importance and strength of the will that brought the euro project to life, and underling the impact of the recent Euro troubles on the Swiss Franc and the Hungarian Forint. Kevin Sollitt brings an interesting point of view about unstable forex markets and explains how to avoid most trading errors during violent market swings and preserve your trading capital.
Not everybody is pessimistic
about the Euro future. For Jürgen Stark, European Central Bank chief economist, there is no crisis of confidence in the Euro, just a loss of market trust in the state finances of some euro zone governments. He explained at a conference in Frankfurt that the issue of shaky public finances isn’t confined to the euro zone, but is rather “a global phenomenon”, using his favorite argument that budget deficits in many advanced economies outside the euro zone, especially the U.K., U.S. and Japan, are far higher than the average within the European currency union. In fact, the European Commission estimates that the euro zone this year will have an aggregate budget deficit of 6.2% of gross domestic product.
Recalling Alessandro Balsotti’s introductory quote from Niels Bohr: “prediction is very difficult, especially about the future”, and our role is to continue providing you with market experts analysis… and forecasts.
Other interesting themes of this edition include the announcement in anteprima of the 2010 FX Traders’ Choice awards. Javier Paz reveals which are the key attributes of the 2010 best FX brokers awards, based on the votes of 1.000 retail traders.
We also wanted to bring light on the recent release of MetaTrader 5, thanks to an exclusive interview with Alexander Saidullin, director of platform development at Metaquotes Soſtware. Although MT5 is better news for equity traders or forex brokers wanting to expand on new financial and equities markets, the new platform will offer forex traders more analysis data, timeframes, indicators and analytical tools. However they will have to learn a new programming language and develop their strategies from scratch.
Talking about strategies and indicators, don’t miss the 6th article of Caspar Marney, which reveals the codes of his proprietary Marney Indicators, results of years of research, and which illustrate the study that has been presented in his previous articles in FX Trader Magazine. For readers who would like to receive a specific PDF file containing all of Caspar Marney’s articles since April 2009, please contact
editor@fxtradermagazine.com.
We’ll keep you updated on major researches, trading strategies, market events and releases. Good trading.
Emmanuelle Girodet FX TRADER MAGAZINE July - September 2010 5
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