Crude Oil Effect On Forex Market

Crude Oil All Time High

Global uncertainty has driven crude oil prices to historically high prices in the last few days, hitting the 90$ per barrel psychological barrier. The speculation of a war between the USA and Iran, a possible Turkish confrontation with Iraq are two of the main factors that are helping speculators to drive prices higher.

The most affected currencies for this situation have been the CAD and the JPY. This is mainly because Canada is one of the biggest crude exporters and refiners of the world, making the CAD go strong and higher. On the other hand, Japan is one of the biggest crude importers, so that has affected negatively the JPY.

Keep track of what's really happening around the black gold market. View our Futures Energy section. And if you want to see the effects on the currencies check our Rates and Charts section.

• US Energy Information Administration (EIA)
• US Department of Energy (DOE)

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Today Gold And Silver Rates

TODAY  INTERNATIONAL GOLD AND SILVER RATES:

Gold Rate:
Latest gold rates are

Gold Silver:

Latest Silver rates are

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Canadian Dollar Strengthens on Stocks & Oil Prices

The Canadian dollar strengthened today as the gains of the global stocks and the rising oil prices spurred the demand for the currencies related to the economical growth.

The Standard & Poor’s 500 Index rose 1.6% and The MSCI World Index gained 1.4%. Crude oil, Canada’s key export, jumped as much as 1.9 percent to $76.63 per barrel on the New York Mercantile Exchange. The manufacturing sales grew 0.1% in June, following the 0.5 percent advance in the month earlier. The forecasts predicted the decline by 0.4%.

David Watt, senior currency strategist at the Royal Bank of Canada, described the situation:

We’ve got equities that are up and tensions that have been building through the global financial system have certainly eased. That’s given a fillip to all risk-sensitive securities

USD/CAD slumped from 1.0432 to 1.0315 today as of 16:31 GMT. EUR/USD fell from 1.3379 to 1.3282 after it rose to 1.3423.

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10 Myths about Forex

1. Forex trading is easy. Many people that want to start Forex trading believe that the Forex trading is easy — you just read a book or two and then you will be able to earn daily profits with just 2-3 hours trading daily. Others people think that they can buy a profitable strategy and it will make them rich in Forex. In reality that’s nothing else then a myth. Succeeding in Forex isn’t easier than mastering any other profession — it takes time, money and a lot of practice and hard work.
2. "I will make money in Forex, if I can trade stocks successfully." Success in stock market doesn’t imply that you will get success in Forex market too — there are many differences between trading stocks and the spot currencies. Firstly, Forex market requires a lot of hard work and dedication because Forex market is open for 24 hours a day. You cannot just sit in front of your computer for the whole day and night, so the best way is that you should find the most suitable time periods for trading. Secondly, “buy&hold„ strategy simply won’t work in Forex market. Thirdly, you don’t have that much information about currencies as you can get from the companies’ reports and statistics.
   

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Today Dollars ($) Rate 20 Aug

American Dollar USA($)

USD    USD    Argentine Peso    3.99695   0.250191    Australian Dollar    1.12611   0.888013    Botswana Pula    6.86813   0.1456    Brazilian Real    1.76115   0.567811    British Pound    0.644402   1.55183    Brunei dollar    1.3536   0.738771    Bulgarian Lev    1.53867   0.649912    Canadian Dollar    1.04838   0.953853    Chilean Peso    506.268   0.00197524    Chinese Yuan    6.79018   0.147272    Colombian Peso    1816.61   0.000550476    Croatian Kuna    5.73307   0.174427    Danish Krone    5.86154   0.170604    Estonian Kroon    12.3095   0.0812381

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