What's New in FXCM?
Are you trading the latest market data?
There’s nothing like accurate data to help you spot opportunities as they’re coming around the corner. That’s why we’ve teamed up with TipRanks to give you analyst research in real time. Read on for more about that and the latest market moves.
Have a great week trading!
Top Market Events
With most of the Q2 earnings reports announced by August 3rd, big tech seemed to run out of steam, along with the other major indices. Given that many stocks were in overbought territory, this is likely to be a short-term sell-off, giving the moving averages a chance to catch up with price.
Meanwhile, Russia and Saudi Arabia have agreed to further cuts in the supply of oil with the aim of pushing crude to $100 a barrel. And we are already on the way there. On August 10th, Brent Oil hit $87 and WTI hit $83, with little sign of a pull-back in sight.
Gold, on the other hand, continues to slide lower towards the next major support line around 1907. If the recent up-move by the US dollar falters, Gold bulls will be looking to get in again to push the precious metal back up to 2050, highs not seen since early May of this year.
In the Spotlight
As the dollar index climbed higher during July, the pound came crashing down. The Bank of England’s decision to raise the base rate another quarter of a point on August 3rd quickly reversed the pound’s decline. Since then the pound has begun to base, ranging between 1.267 and 1.275. If the USDOLLAR Basket should break below its previous low around 12,635, there is a strong possibility the pound may break out, heading for previous highs at around 1.31.
The NAS100 has had a tremendous run for most of the year and hasn’t even come close to breaking the 50 EMA since March. So, it’s perhaps hardly surprising to see the bulls taking a holiday during August, allowing the bears to come in and cool things down a little. Price on August 11th has dropped below the 50 EMA (short term bearish) but remains well above the 200 EMA, and therefore bullish long-term.
Since the US2000 broke above the 200 EMA in early June, it has been making steady progress upwards, reaching 2002 by the end of the July. As with the other US indices the Russel 200 has seen some selling off in the past few days, although this may in large part be due to the low trading volume typical of August.
Trading Station Web 3.0 and Mobile Progressive Web App (PWA)
- Analyst Research (available in both platforms): View stock analysis from professional analysts, price targets, news sentiment, media buzz and instrument-specific news with TipRanks widgets on each Stock Instrument page.
- Stock Screener (only available in Trading Station Web 3.0): Uncover a new resource within the “Tools” section where you can view shares by analysts’ ratings, from different market caps and different sectors. You can also sort stocks by different criteria to find trading ideas.
Your Trading Platform, Faster and Lighter
Based on client feedback, we have done significant changes to both platforms’ backend, to make them faster, lighter and more responsive.
On average, performance across both platforms was improved by 75%+: everything from the instrument categories, the portfolio tables, charts and analysis tools – all so that you never miss a trade.
Log in to get started
Refer, Earn and Repeat
If you know someone who wants to start trading, why not mention your own broker – that’s us! – and earn some cash for your referral? Pick up a double bonus if you refer more than five people*.
*Terms and Conditions apply.
Take a look at the client service response times across the FXCM Group in the month of July.
Average wait time for live chat support.
Source: FXCM Service data, review period: July 2023.
Top Traded in July
See the top instruments by trading volume during July 2023 across the FXCM Group.
Top 5 Stock CFDs
Tesla Motors Inc
Advanced Micro Devices Inc
Meta Platforms Inc (Facebook)
Koninkliike Philips NV