Forex News: Saxo Bank, EBS FX, USD/EUR


Saxo Bank adds CFDs on government bonds
Saxo Bank has launched the addition of CFDs on government bonds to the current range of assets wich can be traded. The new CFDs are available on  SaxoTrader, SaxoWebTrader, SmartMobileTrader and the SaxoTrader App and they include; French OAT (10y), Italian BTP (10y), German Bund (10y), German Bobl (5y) and German Schatz (2yr). The new products will allow retail customers to invest directly in European debt with favorable terms compared to those offered on the futures markets.

The terms include very low mandatory margins, lower minimum trade sizes and tick values as well as no financing costs, exchange fees or minimum commissions. It also creates  the conditions for retail investors to trade the underlying asset with much better control of their exposure to risk margin.“Bond CFDs provide a cost-efficient way for experienced investors to trade on the political risk and uncertainty in the Eurozone that have overshadowed financial markets. These products have previously only been available for institutions to trade”, said Didier Abbato, Product Manager of Multi-Asset CFDs and Cash Products at Saxo Bank.

EBS FX gets high volumes in September
ICAP has announced that the daily averages of the platforms BrokerTec and EBS platforms accounted US$ 716.8 billion. The amount has increased 11 percent when compared to August, the previous month. Related to Setember of last year, there was a 16 percent fall. Average daily volumes in fixed income products on the BrokerTec platform were US$ 604.8 billion, which means a 10 percent growth against August. Volumes for September are a result of major improvements of market confidence in Europe.

Wells_Fargo-330x220Cautiousness on USD/EUR
After a really of two weeks above 1.300,  the EUR/USD closed at 1.3015 mark as the ringed and the Asian market was about to start. “EUR/USD has finally broken out of its short-term range trade and is currently stalling at the 61.8% retracement of the 1.3170/1.2800 fall which comes in at 1.3030″, analyzed Sean Lee, founder of FXWW, while Wells Fargo Bank’s Currency Strategist, Vassili Serebriako, believes that the EUR/USD could extend gains after positive NFP. “With the ECB decision out of the way, markets will be looking ahead to tomorrow’s US September nonfarm payrolls report”, he says. “Judging from recent US data, the jobs numbers should not be particularly weak, which in our view could play into further gains in risk-sensitive commodity and emerging currencies”.