I need to see real growth in metrics like customer acquisition and trading volume before making a deeper commitment. From what I can tell, the news about EDXM will only be positive for Coinbase if it helps to expand the pie for the crypto industry as a whole. That's right -- they think these 10 stocks are even better buys. Independent nature of EDXM would also restrain the firm from the possibility of conflicts of interest. EDXM needed to prove its utility to stay relevant within the crypto space though. For now, I'm taking a wait-and-see backed crypto exchange with Coinbase. Meanwhile, the EDX exchange would work to accommodate both private and institutional investors.
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There is a significant amount of concern as to what this will do for international trade, and as a result the British pound sold off rather drastically. Other such political reasoning can include elections, as one particular party may be more business friendly than another. Another reason that currencies often move is interest-rate expectations. Simply put, a currency that is expecting higher interest rate coming out of the central bank typically enjoys greater strength.
This is because more people are willing to invest in a country that returns more interest on investment. Alternately, if interest rates are likely to go lower, that typically works against the value of the currency. Some currencies are driven by other markets. What I mean by this is that some are highly influenced by a particular commodity for example. One such currency is the Australian dollar, as it tends to move with the gold markets in general.
Over the longer term, the two tend to have the same trend, as Australia is a major exporter of gold to the rest of the world. Obviously, if you are to buy gold from an Australian mining company, they want to be paid in Australian dollars. This drives of demand for that particular currency.
These include unemployment numbers, housing statistics, and more. While many see GDP as the broadest way to view an economy, it is also a lagging indicator, because it is only released once a year and thus does not give a snapshot of where an economy is in the current moment.
Before the final annual GDP is released, there are two reports: the advance report and the preliminary report. The reports are likely to stir up some volatility in the market, especially as they often offer different numbers. The industrial production report specifically shares changes in production of factories, utilities, and mines. Utility production can be more volatile as it is impacted by weather and other factors.
Image by TradingView. For example, after news about huge floods that devastated farms in China in November dropped, we saw a spike in the value of the USD over the CNH. This is an excellent way to track consumer spending, and reports adjust for impacts of the seasons. Retail sales reports are often more readily available with more recent data, so they are useful between releases of the GDP and other lagging indicators.
Export prices can change pretty rapidly, so you need to keep a good eye on them. These institutions oversee monetary policy, set economic goals such as lowering inflation or raising employment levels, issue currency, regulate credit, manage reserves, and act as the bank of the government. Higher interest rates indicate optimism from the central bank, as they mean the economy is growing. If interest rates are being cut, that means the central bank is more skeptical.
Traders will often try to anticipate what a central bank is going to do. If there is news approaching of an announcement and traders think that interest rates will increase, they might start buying that currency to get a head start on the increase in value associated with these higher rates.
Others will take you by surprise, such as major weather events, or… a global pandemic? National economies have been impacted not only by the start of the pandemic back in March , but also news of developing vaccines, vaccine rollouts, the Delta variant, and more. Traders flocked to the Yen and Swiss Franc after news of a potential COVID variant resistant to vaccines, as these safe haven currencies often stand up more strongly to political turmoil.
However, many traders use the forex markets more for short-term price fluctuations. This means that immediate news and technical analysis are often more helpful. Long-term positions are more common in the stock market than in forex, and fundamental analysis is a bit more useful for deciding what to do with your long-term positions.
However, fundamental analysis can give you a heads up on when a currency might be experiencing short-term volatility that you want to capitalize on. Reading an economic calendar and tracking upcoming reports will help you predict these windows and sneak on in to capitalize on a turbulent market. But how do you start putting this into practice? First, make sure you have one of the top brokers for forex trading , which will automatically set you up with many of the tools you need.
In particular, the following advice can get you started on tracking economic indicators and making better-informed trading decisions. There are many economic calendars available from a variety of websites. When the USD weakens, many traders will be watching inflation for an indication that things might change. Understanding the context of how these indicators are viewed in the market is just as important as understanding the indicators themselves.
How is trading volume impacted before and after a major announcement? What indicators are news sources most interested in at what times? Countries are complicated. Fundamental analysis can be a bit of a rabbit hole, as there are so many factors that impact currency values, and so many nations whose economies you might want to understand on a deeper level. Set priorities for yourself for what is most interesting to you and most relevant to your trading strategies: you might decide to first just focus on commodity currencies , or exotic currencies , or take a deep dive on the Euro.
Whatever you choose, make sure that you set yourself reasonable goals, and then make balanced decisions about how to incorporate your findings into your trading strategy.
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