Currency Strength Meter Our currency strength meter gives you a quick visual guide to which currencies forex cross currency currently strong, and which ones are weak. The meter measures the strength of all forex cross pairs and applies calculations on them to determine the overall strength for each individual currency. Please see notes below for further details. How Does The Currency Strength Meter Work?
The meter takes readings from every forex pair over the last 24 hours, and applies calculations to each. It is useful as a quick guide to which currencies you might want to trade, and which might be worth staying away from. For instance, if a certain currency is very strong, and another suddenly turns weaker, you may find a trading opportunity. Such deviation between pairs usually indicates momentum. Conversely, if two currencies are weak, strong or average strength, there is often a range or sideways movement happening. How Often Is The Meter Updated?
It checks our real time forex data every minute and determines the current strength. Any changes will appear if you refresh the page. It’s Still Not Clear, Can You Show Me A Real Example? Sure, let me show you a couple taken right now. This is different to a currency index.
Instruments such as the US Dollar Index are weighted indexes which compare the Dollar’s value relative to a basket of other currencies. For instance, at the time of writing this the US Dollar index is weighted as follows: Euro 57. Our meter is based on more pairs, and takes the average gain or loss over a couple of timeframes to give an overall strength. It doesn’t calculate a price like an index does, it gauges the strength on a numerical scale. At Forex Rate our aim is to provide as much free forex trading information as possible.
Our pages are geared towards active currency daytraders and include our real-time foreign exchange rates, live Forex charts, live Forex quotes for most currency cross pairs,daily currency trading news and forex forecasts with our free RSS news feed. We also provide intraday and end of day forex historical data – free for downloading, currency trend charts and a currency converter. Forex Rate provides live information for currency trading. The one stop currency site , e mail us from our contact page.
The US dollar held strong in the early European session. After the quarterly rate decision was announced the dollar surged strongly against most currencies. The foreign exchange market was extremely active afterwards. Department of Labor figures were released. Filed unemployment claims fell below last months figure of 302,000, down to 259,000. Euro has weakened across the board in the early trading session across Asia and Europe, with the expectant result of the French elections now selling on the news.
Whilst many see this result as a positive for the single currency, it seems the result was priced in after opinion polls late last week suggested which way the vote would go. The Euro gained slightly against the Dollar and the Pound Friday, and strongly against the Japanese Yen, traders noticed the debate on the ECB’s accommodating monetary policy. At the start of the US session, the British pound declined sharply against the Euro to 87. 55 pence for one euro, but falls were also seen against the greenback, to 1. The Swiss Franc gained modestly against the euro at 1. 0727 and more significantly against the Dollar to 1.