Author: Editorial Team

ForexPromos Editorial Team is comprised of a selection of hand picked editors that bring you the latest breaking news from the financial markets. We also provide forex educative articles as well as comprehensive fx broker reviews.

Why did the Euro rally on ECB’s decision in December, 2015

Why did the Euro rally on ECB’s decision in December, 2015

Financial Markets Explained
On December 3rd 2015, the European Central Bank met for its monetary policy review. The ECB decided to leave the minimum bid rate unchanged at 0.05%, but cut the deposit rate to -0.30%, from -0.10% a 20bps cut for deposits held at the Central Bank. The ECB then followed up the monetary policy decision with a press conference, where the Central Bank announced that it would extend the QE deadline from September 2016 to March 2017, while leaving the current pace of QE purchases unchanged at €60 billion per month. During the press conference and into the end of the day, the Euro rallied close to 3.06% for the day, closing at 1.0938 and posting a 21-day high. Prices reversed sharply after initially opening the day (03/12/2015) at 1.0612. So why did the Euro rally so strongly despite the E
German DAX – Mind the weekly double bottom

German DAX – Mind the weekly double bottom

Technical Analysis
From the update on German DAX a few weeks ago, the index which was trading at 10009 managed to turn around from the lows to close last Friday at 10188.4. The equity index was supported by the fact that the ECB had signaled its willingness to expand the sovereign bond purchases. Although nothing was confirmed, the fact that the option is now on the table has been supportive for the German DAX Index. It remains to be seen if indeed the ECB will expand its balance sheet and of course, it all depends on how the Eurozone data continues henceforth. So far, the markets were surprised with a pickup in the Eurozone GDP which increased to 0.4% for the second quarter, beating estimates. However, inflationary pressures remain to the downside especially in light of Crude Oil prices being forecasted...
German DAX could soon turn bearish

German DAX could soon turn bearish

Technical Analysis
The German DAX along with major world equity indices plunged the last week. For the week, the German benchmark index fell -9.35% after enjoying a strong first half of the year. The DAX index gained a total of 30.69% from the start of the year rallying from the yearly open at 9719 to test the highs of 12416 largely fuelled by the ECB's quantitative easing program. The rally continued on until April which was when the index started to post lower highs. To date, the DAX has wiped out -18% of the total gains made this year and looks poised for further downside in the near term. Since this year, the DAX has formed a strong inverse correlation to the EURUSD and the highs and the lows in both the currencies coincided strongly. With the view that the DAX could push lower in the near term outlo...
NOK/SEK to see parity soon?

NOK/SEK to see parity soon?

Technical Analysis
The Norwegian Krone posted a second straight week of losses against the Swedish Krone after the currency pair traded sideways for close to nine weeks. The declines for past week saw the NOKSEK fell by -1.77% while posting a combined decline of -3.69% over the past two weeks. Prices closed at 1.0190 as of Friday and the price action in NOKSEK is starting to show increasing possibility that the currency pair might reach parity soon. On a fundamental level, the decline in the Norwegian Krone comes amidst a renewed slump in Global crude oil prices. The NOK has been closely tracking the declines to the Crude Oil prices and the first chart below shows the weekly comparison between the NOKSEK and the NYMEX Crude Oil futures. While the Norwegian Krone briefly managed to lead Crude oil price...
Forex Trade Simulator – SphereTester Review

Forex Trade Simulator – SphereTester Review

Trading Platforms & Software Reviews
SphereTester is a unique and a new product that offers an enhanced visual trading experience for market simulation. SphereTester, in a nutshell offers a visual trading interface that is applied to the 'Strategy Tester' function from MT4. Instead of trading the live market environment, SphereTester makes it easy for traders to simply load up the Strategy Tester, add the SphereTester expert advisor and hit 'Run' Traders can Buy/Sell in the simulated trading environment. The SphereTester forex simulator works on the MT4 platform and requires traders to use the ‘Strategy Tester’ function in Visual Mode. SphereTester – Forex Simulator Features and Functions The SphereTester forex simulator comes packed with a lot of features, summarized as follows: Visual Testing Works on MT4 platfor