Finding the Right Broker

So you want to get involved in the foreign exchange market, or forex. You’re itching to trade one currency for another and make some profit. But you can’t just barge into Citigroup of Merrill Lynch and start throwing euros and yen around. To participate, you need a forex broker.

The preeminent forex broker for day traders (i.e., average Joes) is Advanced Currency Markets, or ACM. To many people, the Swiss company, founded in 2002, is synonymous with “forex broker,” trading about $70 billion a month.

Yen Slips

The yen slipped on Wednesday after rising four straight days, as risk appetite improved on global stocks gains, and the currency's downtrend was seen intact as long as risk-taking holds up.

The negative impact on Japan's economy from the recent earthquake should ensure Japanese monetary policy remains ultra-loose for a prolonged period. That should prompt investors to use the yen as a funding currency in carry trades.