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  • Foreign Currency Trading 2024: What to Expect


    On 8 February 2024, we examined how the exchange rates of the leading world currencies had changed in 2023 and discussed the key factors that will impact their performance in 2024. Additionally, we shared short and medium-term expert forecasts for the major currency pairs.

    The strongest and weakest currencies in 2023

    In 2023, many central banks were actively fighting inflation, resulting in relatively high volatility in the currency market. According to Visual Capitalist, the Mexican peso (MXN) saw an impressive increase last year, appreciating 14.8% against the US dollar (USD). This development occurred amid aggressive interest rate hikes by Mexico’s central bank. When writing, the interest rate was 11.25%.

    The Swiss franc (CHF) also demonstrated steady growth of 9.8% due to geopolitical turbulence. The British pound (GBP), Canadian dollar (CAD), and euro (EUR) strengthened moderately within the range of 2-5% by year-end due to the interest rate hike policy pursued by the central banks.

    The Australian dollar (AUD), New Zealand dollar (NZD), and Indian rupee (INR) ended the year with little to no changes, declining slightly by −0.1%, −0.5%, and −0.5%, respectively. The Chinese yuan (CNY) slid moderately by 2.8% in 2023.

    The worst-performing currencies of the year were the Japanese yen (JPY), Russian ruble (RUB), and Turkish lira (TRY), which dropped by 7%, 17.5%, and 36.6%, respectively. The low-rate policy influenced the yen; the ruble is under pressure from the sanctions imposed following the onset of full-fledged war in Ukraine, and the lira is struggling due to domestic political and economic challenges.

    The US Dollar Index (DXY), showing changes in the US currency value against a basket of the world’s major currencies, ended 2023 with a 2.0% decline.

    https://blog.roboforex.com/wp-content/uploads/2024/02/fx-1.jpg

    Key factors influencing currencies in 2024

    Inflation and central bank policy

    The critical factor affecting exchange rates over the last two years was multiple central banks' aggressive interest rate hike cycles to combat inflation. The US regulator initiated these actions in Q1 2022, with the indicator increasing to 5.5% in less than two years.

    Most of the world’s developed countries experienced monetary policy tightening to a similar extent. The Bank of England began to raise the interest rate at the end of 2021, a couple of months before the Federal Reserve, with the rate in the UK reaching 5.25% following 14 consecutive hikes. The European Central Bank began to increase the interest rate in mid-2022, pushing it up to 4.5%.

    The central banks of Australia, Canada, and other countries followed suit, while the Bank of Japan was practically the only one among the most prominent regulators to pursue an adaptive zero-interest rate policy. This approach dominated the world for the first two years after the beginning of the COVID-19 pandemic.

    US elections

    Historically, the US dollar exchange rate tends to rise under Democratic presidents and decline under Republicans. Therefore, the currency market becomes especially volatile in the face of uncertainty surrounding upcoming presidential elections in the US, as stated by Business Insider analysts. This event will determine not only the US policy but also the US dollar exchange rate against other currencies.

    Donald Trump is expected to become the leading nominee from the Republican party, having won the primaries in the coming months. He will face incumbent Democratic President Joe Biden in a tightly contested election. Their rematch, accompanied by heated rhetoric and the potential for social conflict, may affect investor sentiment and currency markets. Trump is committed to higher tariffs, which will push up inflation and increase the US dollar exchange rate, putting the Chinese yuan, euro, and Mexican peso under pressure.

    Trends in the global economy

    The International Monetary Fund projects that global economic growth will remain at 3.1% in 2024 and rise to 3.2% in 2025. Higher rates and a withdrawal of fiscal support amid high debt exert pressure on economic activity.

    In most regions, the inflation rate is slowing down faster than expected amid unwinding supply-related issues and restrictive monetary policy. Global inflation is projected to fall to 5.8% in 2024 and 4.4% in 2025, with the outlook for the next year being revised downwards.

    Read more at R Blog - RoboForex

    Sincerely,
    The RoboForex Team

    Comment


    • RoboForex: important information in view of Walmart's stock split on 26 February 2024

      On 26 February 2024, Walmart will have its stocks go through a split. A stock split is a corporate action, as a result of which the company increases the number of issued shares by a specific multiplier and reduces the value of each share by the same multiplier.

      Walmart will conduct a 3-for-1 stock split (1 share will be split into 3).

      How will this affect positions and orders?

      If you have open positions in Walmart shares or plan to open such positions, please pay attention to the following changes, which will be effective as of 26 February 2024:

      MetaTrader 4 / MetaTrader 5 accounts

      The split procedure will take place on 26 February and will be completed prior to the US Stock session's start at 16:30 hours (server time).
      • All pending orders (Buy Limit, Buy Stop, Sell Limit, Sell Stop, Buy Stop Limit, Sell Stop Limit, Stop Loss, and Take Profit) in WMT will be cancelled.
      • For positions in WMT, the opening price will be divided by 3.
      • The volume of each open position in WMT will be multiplied by 3.
      Please note that if you are using an Expert Advisor (EA), we suggest that you check with its developers whether its code needs any modifications to ensure the correct interpretation of the price data after the stock split.

      R StocksTrader accounts

      The split procedure will take place on 26 February and will be completed prior to the US Stock session's start at 16:30 hours (server time).
      • During the split procedure, all active pending orders (Buy Limit, Sell Limit, Stop Loss, and Take Profit) in WMT and WMT.ny will be cancelled.
      • For positions in WMT and WMT.ny opened before the split, the opening price will be divided by 3.
      • The volume of all open positions in WMT and WMT.ny will be multiplied by 3.
      • All positions in any of these instruments in the same direction and on the same account will be combined into one new position. This new position will have the opening price and a volume based on an average weighted price of all positions held before the split.
      The historical charts in your trading terminal will be updated to reflect the new prices of the above-mentioned instruments.

      All other aspects of trading conditions shall remain intact. Please take this information into account when planning your trading activity.

      Sincerely,
      The RoboForex Team

      Comment


      • Join the “$1,000,000 to RoboForex partners” 2024 promotion


        Let us remind you that all RoboForex partners can participate in our grand promotion and win cash prizes.

        Don't miss out on your chance to win big with RoboForex! Our Partner program is offering an incredible opportunity for outstanding results. With up to $15,000 up for grabs every month, the rewards are unmatched.

        Step into the world of RoboForex Partners – where success is not just a goal, but a thrilling journey. With commissions that speak volumes and an exciting chance to win cash prizes from June 2023 to March 2024.

        Winners will be decided by the market. We've chosen the top US stocks and crafted 60 winning combinations using the closing prices of leading US stocks on the first Friday of each month. Participants whose coupon numbers align closest with these combinations will emerge victorious.

        Earn with RoboForex and receive prizes!

        I want to take part!


        Sincerely,
        The RoboForex Team

        Comment


        • RoboForex: upcoming changes to the trading schedule (reverting to Daylight Saving Time)


          Please note the upcoming adjustments to the trading schedule.

          Event: Reverting to Daylight Saving Time
          Dates: 11/03/2024 - 29/03/2024

          This schedule is for informational purposes and may be subject to further amendments.

          MetaTrader 4 / MetaTrader 5 platforms

          Schedule for trading on CFDs on Metals (XAUUSD, XAGUSD)
          • 11/03/2024 - 29/03/2024 – trading session (server time): 12:05 AM - 10:55 PM
          Schedule for trading on CFDs on oil (Brent, WTI)
          • 11/03/2024 - 29/03/2024 – trading session (server time): 02:00 AM - 10:15 PM
          Schedule for trading on CFDs on US indices
          • 11/03/2024 - 29/03/2024 – trading session (server time): 02:00 AM - 10:15 PM
          Schedule for trading on CFD on the Japanese index JP225Cash
          • 11/03/2024 - 29/03/2024 – trading session (server time): 12:05 AM - 10:55 PM
          Schedule for trading on CFDs on US stocks
          • 11/03/2024 - 29/03/2024 – trading session (server time): 3:31 PM - 10:00 PM
          Schedule for trading on CFDs on US futures (ESM23, YMM23, NQM23)
          • 11/03/2024 - 29/03/2024 – trading session (server time): 12:00 AM - 11:00 PM

          Important notice: On 15, 22, and 29 March 2024, trading all instruments in all platforms will be closed at 11:00 PM server time. In addition, from 11 to 29 March 2024, the bank rollover time will be from 10:00 PM to 12:30 AM server time. Consequently, this might lead to short-term interruptions in quoting and the significant widening of spreads.

          R StocksTrader platform

          Schedule for trading on US stocks and ETFs
          • 11/03/2024 - 29/03/2024 – trading session (server time): 3:30 PM - 10:00 PM
          Schedule for trading on CFDs on US stocks and ETFs
          • 11/03/2024 - 29/03/2024 – trading session (server time): 3:30 PM - 10:00 PM
          Schedule for trading on CFDs on oil (WTI.oil, BRENT.oil)
          • 11/03/2024 - 29/03/2024 – trading session (server time): 02:00 AM - 10:15 PM
          Schedule for trading on CFDs on Metals (XAUUSD, XAGUSD, XAUEUR)
          • 11/03/2024 - 29/03/2024 – trading session (server time): 12:05 AM - 10:55 PM
          Schedule for trading all currency pairs
          • 11/03/2024 - 29/03/2024 – trading will stop for the 11:00 PM - 11:15 PM interval (server time)
          Schedule for trading on CFDs on US futures (ESM23, YMM23, NQM23)
          • 11/03/2024 - 29/03/2024 – trading session (server time): 12:00 AM - 11:00 PM

          Important notice: On 15, 22, and 29 March 2024, trading all instruments in all platforms will be closed at 11:00 PM server time. In addition, from 11 to 29 March 2024, the bank rollover time will be from 10:00 PM to 12:30 AM server time. Consequently, this might lead to short-term interruptions in quoting and the significant widening of spreads.

          Please take note of the above amendments to the trading schedule as you plan your trading activity.

          Sincerely,
          The RoboForex Team


          Comment


          • RoboForex: upcoming changes to the trading schedule (the Easter holidays)

            https://i.ibb.co/zSn3dQT/main.jpg

            Dear Clients and Partners,

            Please note the upcoming adjustments to the trading schedule.

            Holiday: the Easter holidays
            Dates: 28/03/2024 - 02/04/2024

            This schedule is for informational purposes and may be subject to further amendments.

            MetaTrader 4 / MetaTrader 5 platforms

            Schedule for trading on German Indice (DE40Cash)
            • 29/03/2024 – no trading
            • 01/04/2024 – no trading
            • 02/04/2024 – trading as usual
            Schedule for trading on CFDs on US indices (US30Cash, US500Cash, USTECHCash) and CFD on the Japanese index JP225Cash
            • 29/03/2024 – trading stops at 6:00 PM server time
            • 01/04/2024 – trading as usual
            Schedule for trading on CFDs on Metals (XAUUSD, XAGUSD) and CFDs on oil (Brent, WTI)
            • 29/03/2024 – no trading
            • 01/04/2024 – trading as usual
            Schedule for trading on CFDs on US stocks
            • 29/03/2024 – no trading
            • 01/04/2024 – trading as usual
            Schedule for trading on CFDs on US futures
            • 28/03/2024 – trading stops at 10:00 PM server time
            • 29/03/2024 – no trading
            • 01/04/2024 – trading as usual
            R StocksTrader platform

            Schedule for trading on US stocks, ETFs, CFDs on US stocks and ETFs
            • 29/03/2024 – no trading
            • 01/04/2024 – trading as usual
            Schedule for trading on CFDs on US indices (US500, US30, NAS100)
            • 29/03/2024 – trading stops at 6:00 PM server time
            • 01/04/2024 – trading as usual
            Schedule for trading on CFD on EU Indices (GER40, UK100, FRA40, SPA35), Australian index AUS200 and the Japanese index J225.
            • 29/03/2024 – no trading
            • 01/04/2024 – no trading
            • 02/04/2024 – trading as usual
            Schedule for trading on CFDs on EU Stocks
            • 29/03/2024 – no trading
            • 01/04/2024 – no trading
            • 02/04/2024 – trading as usual
            Schedule for trading on CFDs on US futures
            • 28/03/2024 – trading stops at 10:00 PM server time
            • 29/03/2024 – no trading
            • 01/04/2024 – trading as usual
            Schedule for trading on CFDs on Metals (XAUUSD, XAGUSD) and CFDs on oil (WTI.oil, BRENT.oil)
            • 29/03/2024 – no trading
            • 01/04/2024 – trading as usual

            Please take note of the above amendments to the trading schedule as you plan your trading activity.

            Sincerely,
            The RoboForex Team



            Comment


            • RoboForex: upcoming changes to the trading schedule (May holidays)
              roboforex-header (6).jpg

              Dear Clients and Partners,

              Please note the upcoming adjustments to the trading schedule.

              Holiday: May holidays
              Dates: 01/05/2024 - 07/05/2024

              This schedule is for informational purposes and may be subject to further amendments.

              MetaTrader 4 / MetaTrader 5 platforms

              Schedule for trading on CFD on German Index (DE40Cash)
              • 01/05/2024 – no trading
              • 02/05/2024 – trading as usual

              R StocksTrader platform

              Schedule for trading on CFD on German Index (GER40)
              • 01/05/2024 – no trading
              • 02/05/2024 – trading as usual
              Schedule for trading on CFDs on German Stocks
              • 01/05/2024 – no trading
              • 02/05/2024 – trading as usual
              Schedule for trading on CFD on Index FTSE100 (UK100)
              • 06/05/2024 – no trading
              • 07/05/2024 – trading as usual
              Schedule for trading on CFDs on UK Stocks
              • 06/05/2024 – no trading
              • 07/05/2024 – trading as usual

              Please take note of the above amendments to the trading schedule as you plan your trading activity.

              Sincerely,
              The RoboForex Team

              Comment


              • The RoboForex partners promotion with cash prizes worth $1,300,000 has started!

                https://i.ibb.co/sqt37sv/main1.jpg

                Dear Clients and Partners,

                The RoboForex Partners promotion offers an exciting opportunity for all our partners to attempt to win a share of $1,300,000 in cash prizes. This promotion starts on 1 May 2024 and will run for 13 consecutive months, giving partners ample chances to participate and win big.

                780 cash prizes worth $1,300,000


                How to participate


                The higher your commission, the more chances to win!

                Partners can earn up to 31 Member Coupons each month, with the number of Coupons earned depending on the amount of partner commission received during the month. Don't miss the chance to be part of this exciting promotion and be in the
                running to win big!



                Sincerely,
                The RoboForex Team

                Comment


                • RoboForex: upcoming changes to the trading schedule (the Memorial Day in the US and the Late May Spring Bank Holiday in the UK)

                  roboforex-header (7).jpg
                  Dear Clients and Partners,

                  Please note the upcoming adjustments to the trading schedule.

                  Holiday: the Memorial Day in the US and the Late May Spring Bank Holiday in the UK
                  Dates: 27/05/2024 - 28/05/2024

                  This schedule is for informational purposes and may be subject to further amendments.

                  MetaTrader 4 / MetaTrader 5 platforms

                  Schedule for trading on CFDs on US indices (US30Cash, US500Cash, USTECHCash) and CFD on the Japanese index J225Cash
                  • 27/05/2024 – trading stops at 7:40 PM server time
                  • 28/05/2024 – trading as usual
                  Schedule for trading on CFDs on Metals (XAUUSD, XAGUSD) and CFDs on oil (Brent, WTI)
                  • 27/05/2024 – trading stops at 7:40 PM server time
                  • 28/05/2024 – trading as usual
                  Schedule for trading on CFDs on US stocks
                  • 27/05/2024 – no trading
                  • 28/05/2024 – trading as usual

                  R StocksTrader platform

                  Schedule for trading on US stocks, ETFs, CFDs on US stocks and ETFs
                  • 27/05/2024 – no trading
                  • 28/05/2024 – trading as usual
                  Schedule for trading on CFDs on US indices (US500, US30, NAS100) and the Japanese index JPY225
                  • 27/05/2024 – trading stops at 7:40 PM server time
                  • 28/05/2024 – trading as usual
                  Schedule for trading on CFD on the UK100 index
                  • 27/05/2024 – no trading
                  • 28/05/2024 – trading as usual
                  Schedule for trading on CFDs on UK Stocks
                  • 27/05/2024 – no trading
                  • 28/05/2024 – trading as usual
                  Schedule for trading on CFDs on Metals (XAUUSD, XAGUSD) and CFDs on oil (WTI.oil, BRENT.oil)
                  • 27/05/2024 – trading stops at 7:40 PM server time
                  • 28/05/2024 – trading as usual

                  Please take note of the above amendments to the trading schedule as you plan your trading activity.

                  Sincerely,
                  The RoboForex Team

                  Comment


                  • RoboForex: upcoming changes to the trading schedule (the Independence Day in the US)
                    roboforex-header (9).jpg

                    Dear Clients and Partners,

                    Please note the upcoming adjustments to the trading schedule.

                    Holiday: the Independence Day in the US
                    Dates: 03/07/2024 - 04/07/2024

                    This schedule is for informational purposes and may be subject to further amendments.

                    MetaTrader 4 / MetaTrader 5 platforms

                    Schedule for trading on CFDs on US indices (US30Cash, US500Cash, USTECHCash) and CFD on the Japanese index J225Cash
                    • 03/07/2024 – trading stops at 7:40 PM server time
                    • 04/07/2024 – trading stops at 7:40 PM server time
                    • 05/07/2024 – trading as usual
                    Schedule for trading on CFDs on Metals (XAUUSD, XAGUSD, XAUEUR) and CFDs on Oil (Brent, WTI)
                    • 03/07/2024 – trading stops at 7:40 PM server time
                    • 04/07/2024 – trading stops at 7:40 PM server time
                    • 05/07/2024 – trading as usual
                    Schedule for trading on CFDs on US stocks
                    • 03/07/2024 – trading stops at 8:00 PM server time
                    • 04/07/2024 – no trading
                    • 05/07/2024 – trading as usual
                    Schedule for trading on CFDs on US futures
                    • 03/07/2024 – trading stops at 8:00 PM server time
                    • 04/07/2024 – no trading
                    • 05/07/2024 – trading as usual

                    R StocksTrader platform

                    Schedule for trading on US stocks, ETFs, CFDs on US stocks and ETFs
                    • 03/07/2024 – trading stops at 8:00 PM server time
                    • 04/07/2024 – no trading
                    • 05/07/2024 – trading as usual
                    Schedule for trading on CFDs on US indices (US500, US30, NAS100) and the Japanese index JPY225
                    • 03/07/2024 – trading stops at 7:40 PM server time
                    • 04/07/2024 – trading stops at 7:40 PM server time
                    • 05/07/2024 – trading as usual
                    Schedule for trading on CFDs on US futures
                    • 03/07/2024 – trading stops at 8:00 PM server time
                    • 04/07/2024 – no trading
                    • 05/07/2024 – trading as usual
                    Schedule for trading on CFDs on Metals (XAUUSD, XAGUSD, XAUEUR) and CFDs on oil (WTI.oil, BRENT.oil)
                    • 03/07/2024 – trading stops at 7:40 PM server time
                    • 04/07/2024 – trading stops at 7:40 PM server time
                    • 05/07/2024 – trading as usual
                    Please take note of the above amendments to the trading schedule as you plan your trading activity.

                    Sincerely,
                    The RoboForex Team

                    Comment

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