One of the first retail brokers in the world, OANDA, has partnere with eFXnews in order to deliver a new application to the broker’s hub for additional trading tools, OANDA Marketplace. While a number of investment banks have been publishing forecasts, those do not necessarily represent the positions which the banks take.
Finance Magnates has presented to its readership the product which eFXnews is offering. The company is offering trading ideas which are provided by several investment banks to their clients. The top performers which are integrated into the solution include Morgan Stanley, BNP Paribas, Credit Suisse, Citi, Credit Agricole and Society Generale.
Overall, the service provides the latest FX forecasts from over 25 major banks in more than 80 currency pairs. Aside from traders, the tool may be a useful addition to hedgers and small and medium enterprises which do not have their own teams to protect them from currency movements.
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The forecasts are updated in real-time with notifications from eFXplus being delivered to customers using the service through the web-based platform, or via email alerts.
Commenting on the launch, the Managing Director of eFXnews, Mark Melhorn, said, “We are excited to reach OANDA’s clients and believe that our application will lead to further insights into the FX market and assist in democratizing the flow of information.”
Looking at the performance of the sell-side research which the banks are providing, Morgan Stanley has been the resounding leader during the past year. Trading ideas recorded by eFXplus to its clients have netted more than 7,600 pips in 161 trades.