Leading online Forex broker eToro offers trading challenges for both real money traders and practice account traders that offer you the chance to win cash prizes for being one of the best Forex traders of the week. The trading challenges offer real money Forex traders the chance to win up to $3,000 every week at eToro, which is a serious boost to anybody’s bankroll.
The trading week runs from Sunday to Saturday, with the current challenge starting yesterday and running until 20th May. The top 100 real money Forex traders each week will be rewarded with a Forex bonus ranging from $50 to $3,000.
Wednesday’s early trading sessions have played host to Forex traders avoiding the euro as the debt crisis in Greece dominates the world’s financial headlines. Last week Forex traders applied risk aversion tactics to avoid losing with the US dollar. This week it’s the turn of the struggling single European currency to take the hit as traders at ForexYard and other trading platforms sold the euro, dropping it like a hot potato following the nervous news from Greece.
Ratings agency Standard & Poor have just downgraded Greece’s credit rating from BB- to B, which has forced the Greek Government to face the facts that it may have to restructure its debt repayment agreement, with the original plan already strongly objected to by the people of Greece, who rioted and protested in the streets.
During Wednesday’s sessions Forex traders at eToro and other platforms across the world sought safe havens for their investments. These Forex traders applied risk aversion tactics, opting for safer commodity-linked currencies such as the Japanese yen and the Swiss franc, which continued to force down the price of the US dollar, a currency that has been in freefall recently.
The recent instability of the dollar was compounded yesterday when worse than expected U.S. economic data was released, giving Forex traders and investors yet another reason to avoid trading the greenback.
During the last week traders at ForexYard and other online brokers witnessed the dollar suffering broadly, falling to a two and a half year low. This prompted further selling of the US currency, with many believing that the downward slide will continue but what do you think will happen to the US dollar’s fortunes next week?
Between Monday and Friday of next week there will be numerous events and reports that will sway the fortunes of the dollar, possibly offering profitable positions to Forex traders in the know. Take a look below at the US economic events and releases that could mould the dollar’s immediate future for better or for worse.
In a turbulent and volatile week Forex traders at eToro had a lot of opportunity to trade some profitable positions as pairs swung one way then the other, with winner and losers across the board but the US dollar was this week’s big loser, devaluing against all of its G10 trading partners. There were many reports and news stories from across the world that also shaped the Forex markets this week.
A whole range of factors affected the fortunes of the US economy and dollar last week including; a possible credit rating drop from their AAA credit rating by Moody’s, reports of a ‘very weak’ housing sector and worse than expected jobless and unemployed figures. All of this and more has led to the dollar suffering broadly, even making losses against the Japanese yen, which is also having a difficult time following the earthquakes and tsunami that has devastated the country.