May Oil Prices and Forex Bulls

Friday's historic high in the price of oil had a tremendous effect on the forex currency market. As we have been riding the inflation fears for weeks, this additional increase in oil prices moved the currency markets sharply on Friday. Shortly after the early morning announcement that oil had reached a record breaking $137 dollars USD a barrel, the rise in currencies against the dollar was breath-taking. Both the cable and euro rose sharply. The EUR/USD currency pair went from a low of 15431 to a high of 1.5601. The GBP/USD had a low of 1.9441 and a high of 1.9598. For forex traders that were in the market at the time, profited from the oil price angst. As the Japanese Yen is also quite sensitive to the price of oil, the GBP/JPY consequently dropped sharply with the news.

For more information about forex trading for novice to advanced forex traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, trading systems.

For weekly economic indicators for other country's currencies, consult this Forex Calendar.


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Top Forex Currency Pairs

In foreign exchange, forex traders analyze currency pairs to benefit from small movements in exchange rates between currencies. The top currency pairs traded in forex are:

1. EUR/USD - Euro/U.S. Dollar
2. GBP/USD - Great British Pound/U.S. Dollar
3. USD/CHF –- U.S. Dollar/Swiss Franc
4. USD/JPY –- U.S. Dollar/Japanese Yen
5. USD/CAD –- U.S. Dollar/Canadian Dollar
6. AUD/USD - Australian Dollar/U.S. Dollar
7. EUR/GBP - Euro/Great British Pound
8. EUR/JPY - Euro/Japanese Yen
9. EUR/CHF - Euro/Swiss Franc
10. GBP/CHF - Great British Pound/Swiss Franc
11. GBP/JPY - Great British Pound/Japanese Yen
12. CHF/JPY - Swiss Franc/Japanese Yen
13. NZD/USD - New Zealand Dollar/US Dollar
14. EUR/CAD - Euro/Canadian Dollar
15. AUD/CAD - Australian Dollar/Canadian Dollar
16. AUD/JPY - Australian Dollar/Japanese Yen
17. EUR/AUD - Euro/Australian Dollar

For more information about forex trading for novice to advanced forex traders, check out Forex Trading Essentials, a website containing forex tools, forex broker info, currency charts, and trading systems. Stay informed; boost your forex trading knowledge.


Technorati tags : forex, forex trading, currency, currency trader, currency pairs, learn forex, make money, forex trading essentials, global currency exchange, trade currencies, forex broker, forex trading systems

Forex Trading for the currency trader whose only goal is to make money!