What is the State of the Union?
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| Every year, the US President delivers a keynote speech to congress setting out their agenda for the upcoming year and celebrating accomplishments from the previous year.
It has obviously been an 'eventful' first year of this term for Trump, so it will be very interesting to hear what he classes as a 'success' and of course what he chooses to bring up for this year.
The stock market is mixed so far today with little to-no-movement in the FX market, which tells us everyone is waiting for the Trump speech before moving.
Ok, now for those of you 'newish' to our industry and/or this report, here are two tools for your consideration if you have any plans for 'larger' exchanges in the near-future..
Rate Alert
This is a notification informing you when a currency pair has hit a specific rate you have chosen. This alert provides information without commitment and is used to monitor market movements.
The key here is to set a rate alert with an FX company that you have an account open with. Here's why?
Setting a rate alert online and/or without an account open with an FX company, means you cannot act on that rate if you wanted to. It takes time to open an account, the FX market moves every two seconds and the rate you will receive will not be close to the one you have set simply because the FX company hasn't added their margin to the exchange yet.
Whereby if you set a rate alert with an FX company you have an account open with (you can do that with us here in 2-minutes if you like - Register) and you want to act on the rate, you can and you will receive (time dependent) almost exactly the rate you have set as the FX margin has already been included.
Limit Order
This is an automated instruction to buy or sell at a designated rate you have set. This in an execution tool that will exchange the currency pair, the amount and the rate when your target price has been reached.
The only way to set a limit order is to open an account with an FX company. This is a 'set and forget' play and useful for those with a flexible time window and/or flexible budgets.
Around 20% of our clients will set both a high and low limit order as this saves them the headache and stress of watching and worrying about rates. Almost 50% of our clients would set a high rate alert with us.
If you would like to learn more about either tool or any other tools we offer that helps limit your risk on this market, please reach out to me or your account manager. |
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