Euro falls slightly against dollar as investors anticipate interest rate cuts
BERLIN (AP) -- The 15-nation euro fell slightly against the U.S. dollar as markets anticipated rate cuts from both the European Central Bank and the Bank of England later Thursday.
In morning European trading the common currency bought $1.2620, down from $1.2655 late Wednesday in New York.
The British pound fell to $1.4599 from $1.4722 yesterday, while the dollar weakened slightly to trade at 93.08 Japanese yen from 93.09 yen in New York.
Both the ECB and the Bank of England are expected to cut their interest rates when they meet Thursday.
Though lower interest rates can jump-start an economy, they often weigh on its currency as traders transfer funds to countries where they can earn higher returns.
"Aggressive cuts are widely expected by both parties and this has been factored into prices so look for volatility initially if we don't see the anticipated 100 point cut in the U.K. and a 50-point cut in the euro zone," said James Hughes at CMC Markets. "However, it's worth bearing in mind that some speculation is circulating that an even softer stance could be adopted and this would certainly end up weighing on the respective currencies if it proves to be the case."
Many observers think the ECB will reduce its benchmark rate by half a percentage point to 2.75 percent -- though some are predicting it will cut it by three quarters of a point.
"Just a 50 basis point rate cut by the ECB should be mildly disappointing for markets, although investors would refrain from selling heavily the euro ahead of a new shocking jobs report in the U.S. tomorrow," said a statement from Milan-based UniCredit.
The Bank of England is expected by many to lower its rate by a whole percentage point to 2.00 percent, which would be equal to its lowest level since the bank was founded in 1694.
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BERLIN (AP) -- The 15-nation euro fell slightly against the U.S. dollar as markets anticipated rate cuts from both the European Central Bank and the Bank of England later Thursday.
In morning European trading the common currency bought $1.2620, down from $1.2655 late Wednesday in New York.
The British pound fell to $1.4599 from $1.4722 yesterday, while the dollar weakened slightly to trade at 93.08 Japanese yen from 93.09 yen in New York.
Both the ECB and the Bank of England are expected to cut their interest rates when they meet Thursday.
Though lower interest rates can jump-start an economy, they often weigh on its currency as traders transfer funds to countries where they can earn higher returns.
"Aggressive cuts are widely expected by both parties and this has been factored into prices so look for volatility initially if we don't see the anticipated 100 point cut in the U.K. and a 50-point cut in the euro zone," said James Hughes at CMC Markets. "However, it's worth bearing in mind that some speculation is circulating that an even softer stance could be adopted and this would certainly end up weighing on the respective currencies if it proves to be the case."
Many observers think the ECB will reduce its benchmark rate by half a percentage point to 2.75 percent -- though some are predicting it will cut it by three quarters of a point.
"Just a 50 basis point rate cut by the ECB should be mildly disappointing for markets, although investors would refrain from selling heavily the euro ahead of a new shocking jobs report in the U.S. tomorrow," said a statement from Milan-based UniCredit.
The Bank of England is expected by many to lower its rate by a whole percentage point to 2.00 percent, which would be equal to its lowest level since the bank was founded in 1694.
[ForexGen Expert Advisors]
Expert Advisors are used to automate the trading process and relieve traders from constantly performing the day to day trading activities. Many experienced traders apply multiple automated trading strategies and make them operate in different market situations and with a variety of conditions.
ForexGen traders will have the opportunity to write and test their trading strategies in the well-known, easy to use, popular and used strong analytical development package, which is MetaQuotes Language 4 (MQL 4) developed by http://www.metaquotes.net/.
With ForexGen client expert advisor tool there will always be a way, by which experienced traders can link the signals generated by the trading systems with their trading accounts, and link them in such a way to be able to track and manage their opened positions, placed orders and stops at any given moment.
What is an Expert Advisor?
It is a mechanical trading system (MTS) written in specialized language which is MetaQuotes Language 4 (MQL 4) and linked to a trading chart. An Expert Advisor has the capability to notify traders of the trading, chances and also to automatically execute positions in their trading account, sending them directly to the trading server. Like all experts systems, Expert Advisors supports the testing of strategies with historical data, with the trade entry/exit points being represented on the charts. Furthermore, the executable code of the Expert Advisor is stored separately from its source text
Starring in writing your custom [Expert Advisor] has never been easier. To be able do so, traders only need to learn how to use a very simple language - the MQL 4.
There is a great variety of trading strategies developed by a lot of traders using MQL4 language and [ForexGen] traders can depend on it as a good start to get familiar with MQL4 language and allow traders to incorporate the previously accumulated experience.
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