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The FX Driver is exactly the same pedal than our Ego Driver but with a different name for the US market.
The product is then labelled FX Driver and not Ego Driver.

We all know the Tube Screamer, we&#;ve all had one in our lives!
We have always been told that it is the best tool to boost an amp already crunched.
The gain at 0, then the volume at full!
We break through the mix, we are in the spotlight and we avoid passing on the spectrum of the other instruments.
There are of course other combinations and sounds to exploit from this more than mythical schematic,
and that&#;s what we&#;re going to study!

Over the past few years, our team has analyzed more than a hundred schematics inspired by the OD
Thanks to this knowledge database, we have created a new pedal, the FX Driver.
It is able to reproduce all these vintage sounds, and go further by creating new ones!

To achieve this it is quite simple, we focus on the saturation stage and unveil all the keys to its design.
In addition, with the FX Driver and the FX Teacher project, you will be able to create your own Tube Screamer,
customize it and understand how to better adjust it to optimize your tone!

Everything you need to make your FX Driver from A to Z! In other words:

1 Ego Driver enclosure with FX Teacher design and all holes already drilled.

1 kit with all the necessary components.

1 PCB FX Driver.

1 true bypass kit with 3PDT.

3 transparent knobs.

1 bag of bonus components to better customize it.

1 tester for the FX Teacher method.

Soldering tools, here is our selection if you don&#;t have enough.

To discover in detail the FX Driver, click here.

To order it, it&#;s right here. Just add the product to the cart,
then follow the instruction manual here.

For the FX Driver already mounted, click here.

Forex traders can choose from a variety of currencies and it’s very easy to get lost as a new Forex trader. In this article, we take a close look at the 6 Forex major pairs, what you need to know about Forex rates movements and how to trade the Forex majors.

The 6 Forex majors – a brief overview

The table below shows the 6 Forex major pairs, ranked by daily average price movements. We’ll take a closer look at each Forex major and then provide some practical tips on how to trade the Forex majors later on.

Pip value in the Forex majors

In currency trading, traders use pips (points in percentage) to measure distances in Forex rates. The information we get from pips can also be used to analyze risk and size positions. If your trading account is denominated in USD, the table below shows the value of 1 pip depending on the lot size of your trades.

Those values change slightly based on the actual exchange rates, but the fluctuations are very minor.

The 6 Forex majors

Especially when you are a new Forex trader, it’s advisable to stick to those 6 currency majors. The Forex majors are usually more liquid and also have a smaller bid/ask spread which make them attractive for Forex traders. Furthermore, the price movements are often more reliable and volatility can be lower – of course, this comes with exceptions and volatility can spike at times.

1) The EUR/USD – the most popular Forex pair

The EUR/USD is the most popular Forex pair; the Euro area and the US are the two largest economies worldwide and, thus, the EUR/USD attracts a variety of investors and traders alike.

Another interesting characteristic of the EUR/USD pair is that the overlap between the European and US trading session (for more on this topic see below) is the most active Forex trading session and volatility and momentum are often very high during those times. This makes trading the EUR/USD very attractive since wider swings often equate into more trading opportunities.

The US-Dollar has also a unique role in the Forex markets because it’s the world’s reserve currency and it’s used to settle most international transactions; hence, the US-Dollar is the world’s most traded currency. Furthermore, commodities are usually priced in US-Dollars which also influences the status of the US-Dollar.

Exchange-traded futures, by currency 

2) The USD/JPY – the safe haven pair

The USD/JPY has an interesting role in the Forex markets because the Yen is seen as a so-called ‘safe haven’ investment. This means that in times of uncertainty and market turmoil, investors shift from trading riskier assets such as single stocks to trading the Yen and other ‘less risky’ instruments.

However, those safe-haven flows have led to a major price increase in the Yen and since the Japanese economy depends on a cheap Yen to boost their exports, the Bank of Japan has stepped in repeatedly, trying to bring down the Yen. This lead to huge volatility in the Forex rates and it’s something Yen traders need to be aware of.

3) The GBP/USD – the most active Forex pair

The GBP/USD is the biggest mover among the Forex majors with the highest largest daily pip range which attracts many traders. The GBP/USD is a very popular Forex pair among traders, although its sudden and wild price movements can easily catch you on the wrong foot. Proper risk control and a stable mindset are very important when trading the GBP/USD.

With the recent uncertainty in the Euro area and the talk about the Brexit, the GBP/USD has become even more volatile and unpredictable. The GBP/USD has a very high correlation to the USD-Index and it correlates very little to other markets. It’s also considered more of a technical pair, responding nicely to technical analysis.

Fun fact: The nickname of the GBP/USD is “Cable” because the Forex rates for this currency pair were wired between the UK and US via underwater cable back in the days.

4) The USD/CHF – safe haven pair and gold correlated

The CHF is the second safe haven currency because the Swiss economy and the Swiss currency is considered relatively stable. Similarly to the Japanese Yen, the Swiss Franc also rises during times of uncertainty. However, the Swiss National Bank is also trying to keep the currency rate low and has intervened in the currency markets frequently which has led to major volatility and price spikes.

The high negative correlation between the USD/CHF and the price of Gold is important to pay attention to as a Forex trader. The correlation exists mainly because both Gold and the Swiss Franc are considered safe haven assets and rise together in times of market turmoil.

The two commodity currency pairs

The Australian Dollar (AUD) and the Canadian Dollar (CAD) are two so-called commodity currencies and are highly correlated to commodity prices.

5) The AUD/USD – the Aussie and the price of gold

Australia is a major Gold producer and Gold exporter and the Australian economy depends on the price of Gold. Thus, the AUD/USD and Gold have a very high correlation and Forex traders active in the AUD/USD should always keep an eye on the price of Gold because technical signals often happen simultaneously.

6) USD/CAD – The Loonie and the lockstep movements in oil

Canada is a major oil producer and Oil exporter. Thus, the Canadian economy is affected by fluctuating oil prices and the Canadian Dollar (CAD) is closely linked to the price of oil. If you trade the USD/CAD currency pair, it’s important to keep track of the price of crude oil as well since currency moves and oil price movements often happen together. The chart below shows that the correlation at the bottom is usually close to -1 which is an extreme.

The role of the USD-Index

If you are a Forex trader trading USD related pairs, I highly recommend keeping an eye on the USD-Index. The USD-Index usually sets the tone for a lot of currency moves and it can help your price analysis and your trade timing to be aware of developments on the USD-Index.

The screenshot below shows a recent example where the USD-Index on the left showed a false breakout and a bounce off support – simultaneously, the USD/CAD showed a textbook long entry at the exact same time.

Global trading sessions and when Forex pairs move

Although the Forex market is open 24 hours a day from the time the Sidney stock exchange opens Monday morning until Friday night when New York closes, it’s still important to keep track of individual trading session as they impact Forex rates and volatility significantly.

The table below shows how global trading sessions spread throughout a regular hour cycle. First, it’s important to understand that currencies move most when their local market is open: the Australian Dollar moves most when Sidney is open, the Euro is most active during the European (Frankfurt and London) trading session, and so on. Generally, the most active trading session is where New York and London overlap.

The implications of global trading sessions

This unique characteristic in the Forex market impacts trading decisions on multiple levels:

1) Market selection

If you are a day trader, you should choose Forex pairs that are most active during the times when you sit in front of your charts. Choosing pairs that are not active during your trading can easily suck you in low volatility and boring price moves.

2) Active trading decisions, entries and exits

When you are in a trade, make sure to analyze price in context to the current trading session and then make your decisions accordingly. For example, if you are in an EUR/USD trade, but price isn’t going anywhere during the Asian trading sessions, it does not have to mean that your trade idea is invalid – it’s more likely that your market is just not active as European and US traders are not there to move the market.

3) Breakouts during active session

This ties in with the previous point. A breakout that occurs during a pair’s actual trading session is much more likely to succeed. This also holds true for the creation of new trends. A breakout and sudden high momentum move in the EUR/CAD that happens during the US session is usually more meaningful as more traders and investors are behind the move.

The screenshot below shows the rhythm of the currency markets and how Forex rates are influenced by local trading sessions. The price chart shows the AUD/USD and at the bottom you see the ATR (momentum) and a volatility indicator. It’s obvious how the indicators peak during the US and Australian trading sessions.

Forex rates correlations and risk in trading

Financial markets are interwoven and highly interconnected. The Forex market in particular and the fact that Forex rates are quoted and traded in pairs make correlations a very important topic in trading. The table shows the correlation between the individual Forex majors.

Quick correlation recap: A positive correlation between two Forex pairs means that the pairs move into the same direction; a negative correlation means that prices move into opposite directions. The maximum correlation numbers are +1 and The higher the number, the more similar the currency pairs move.

The implications of currency correlations

1) Risk

It’s essential to understand that when you enter a trade on two currency pairs with a high positive correlation, you are increasing your risk as both pairs are moving very similarly. So you have a high likelihood of either having 2 winners or 2 losses at the same time.

2) Pair selection

When you have a potential setup on two positively correlated pairs, you have two options: first, you can enter a trade on both pairs but reduce your individual position size to avoid excessive risk taking. Or second, you can choose between the two pairs and pick the one with the better-looking setup.

Forex trading can be quite complex, especially for new traders. If you want to get a head start, you should focus on the 6 Forex majors first, get a good feeling for how they move and what influences forex rates movements and then slowly develop expertise for those markets.

Estimated reading time: 6 minutes

In late September the pound fell spectacularly from above $ to a new record low of $ versus the US dollar. 

It’s true that the dollar had been appreciating for many months, and the pound was one of the most undervalued currencies of the year, but this was news making headlines and front pages around the world, and it was exclusively a domestic problem. 

The then Chancellor, Kwasi Kwarteng, had announced a series of expansionary fiscal policies under the moniker of going for growth, but the lack of budget scrutiny and contrast to the Bank of England’s monetary tightening caused markets to lose confidence and thus, the pound plunged.

In the days to follow, the Bank of England announced that it “will not hesitate” to raise rates to control inflation, and it was forced to intervene in bond markets to prevent a collapse in prices and of pension funds struggling to meet margin calls. 

All of this is well documented, and it was one of the few times that financial markets were the main talking point. 

Of course, the story didn’t end there as Kwarteng was replaced by Jeremy Hunt, who swiftly ushered in dramatic U-turns to the government’s plans with the aim of calming financial markets. 

Elsewhere, UK Google searches for ‘gilt’ hit an all-time high whilst searches for ‘pound’ spiked to the second highest ever, just behind after the EU referendum collapse in the pound.

Many theories circled the industry on the pound, the cause of its collapse, and its subsequent rebound. In this article, we’ll look at what drives currency exchange rates, because it’s a complex matter and isn’t always obvious or clear.

The foreign exchange (FX) market is the world’s largest and most liquid market. The Bank of International Settlements (BIS) produces a triennial survey on the FX market: the most recent, , showed a daily trading volume of $ trillion – and it’s growing. 

The FX market exists to facilitate currency conversion, which could be required for international trade, remittances, or to pay for the annual summer holiday. 

There are many participants in the market, including banks, dealers and brokers, commercial companies, central banks, speculators, hedge funds, investment firms, and money remittance firms. 

The rise in retail FX trading has added a new participant––the individual investor/trader, often trading via platform brokers that provide liquidity to this space. The market is vast, and it’s packed full of players, often with conflicting motivations.

What goes up…

There are many reasons why a currency will rise or fall over time, but short-term changes in FX prices are mostly in response to speculative or opportunistic trading activity, triggered by developments in the economy or other financial markets. 

Let’s consider some of the key underlying factors that will naturally influence the demand for a currency over the medium to long term:

• Interest rates: higher interest rates attract investment, therefore creating demand for the currency.
• Central bank intervention: central banks can intervene in markets to ensure that a target rate or band is maintained, stabilising prices.
• Inflation: higher inflation weakens the currency as it reduces its purchasing power; moreover, exports are less competitive, which reduces demand and further weakens the currency. 
• Trade balance: when a country has higher exports than imports, it has a positive trade balance, meaning it generates FX reserves and there is greater buying demand for its currency.
• Public debt: Governments finance public sector spending through debt. High debt levels can lead to inflation and, in a worst-case outcome, may trigger a default. 
• Economic performance: Investors will favour a country with stable and strong economic performance, leading to foreign investment.
• Political stability: A stable and accommodating political regime will be attractive to overseas investors, leading to demand for the currency.

Of course, the items listed above don’t happen overnight, but market sentiment and investor confidence can swing and shift in a moment, triggering a rapid change in exchange rates. 

An economic data release, such as an inflation report, gross domestic product (GDP) growth figures, or a central bank interest rate decision, can cause a currency to gain or lose value quickly as it builds a picture of future economic performance and therefore the currency’s value.

Isn’t it all random?

Sometimes there are obvious triggers for an exchange rate moving, but accurately ascribing a price change to one individual event or factor can be difficult or impossible, especially because the FX market is influenced by a nearly endless number of factors and actors. 

The random walk theory suggests that financial asset prices cannot be predicted, that prices move randomly, and that technical analysis is undependable. Whilst I agree that FX prices certainly exhibit elements of fluctuation at times, there’s something to be said for herd behaviour. 

The efficient market hypothesis suggests that prices always trade at fair value and that outperformance is impossible. 

The idea is that financial prices demonstrate all available information and expectations, and there’s a logic to it that helps make sense of price changes in response to incoming data, broader market sentiment, or activity in interconnected markets. 

Consider the immediate 10% drop in the pound following the EU referendum: this price change was in anticipation of what was to come in terms of political instability, UK-EU trading disruption, and the likely reduction in output, spending, and employment. 

More buyers than sellers

If in doubt, just know prices moved because there are more buyers than sellers (or vice versa). 

There are numerous influences that drive FX prices in the long term, and in the short term, currencies move in real-time with events, data releases, and market sentiment. 

These price movements can build toward a long-term picture of the currency’s value or be erased by long-term trends. The trick is knowing that, just because we can look backwards and attribute factors for a currency’s price change, it is almost impossible to look forward and predict where it will head next. 

To accurately predict a currency price, you need to factor in so much more than meets the eye: that’s why FX forecasts are famously unreliable. 

Rising Interest Rates Strengthen a Country's Currency

A common way to think about interest rates is how much it's going to cost to borrow money. Whether we are a borrower with a mortgage or a lender earning interest on bond and money market investments, interest rates are important. Interest rate policy is a key driver of currency prices and typically a strategy for new currency traders.

Fundamentally, if interest rates are higher in one country than in its neighbors, its currency prices will often strengthen because the higher interest rates attract more foreign investors.

For example:

• Higher rates in the Eurozone may prompt U.S. investors to sell U.S. dollars and buy bonds in Euros.
• Similarly, if interest rates increase in Switzerland, those investors may decide to sell their Euro-bonds and move into bonds in Swiss francs (CHF), driving Euros down and Swiss francs up.

When Gold Goes Up, the USD Often Goes Down (and Vice Versa)

Historically, gold is a "safe haven", a country-neutral investment and an alternative to the world's other reserve currency, the U.S. dollar. That means gold prices tend to have an inverse relationship to the USD, offering several ways for currency traders to take advantage of that relationship.

For example, if gold breaks an important price level, you'd expect gold to move higher. With this in mind, you might sell dollars and buy Euros, for example, as a proxy for higher gold prices.

Rising Gold Prices Help Major Gold Producers

Australia is the world's third largest exporter of gold, and Canada is the third largest producer worldwide. These two major currencies tend to strengthen as gold prices rise. You might consider going long these currencies when gold is increasing in value, or trade your GBP or JPY for these currencies when gold is on the rise.

Oil-dependent Countries Weaken as Oil Prices Rise

Just as airlines and other oil-dependent industries are hurt by rising oil prices, so are the currencies of oil-dependent countries like the U.S. or Japan, both of which are massively dependent on foreign oil.

If you believe oil prices will continue to rise, you can consider buying commodity-based economies like Australia or Canada or selling oil-dependent currencies.

Next:Economic Indicators

Several factors like inflation, economic reports, political stability and more can affect the forex markets. Any positive or negative economic event leads to the currency pair prices fluctuating to a great degree, providing traders with the opportunity to profit from the volatility.  

In this article, we learn about the top factors that affect the forex market.

1. Balance of trade

Balance of trade refers to the difference in the value between the exports and imports of a particular country. Exports are how many products and services the country is selling to the world, and imports are how many products and services it is buying from the world. 

The higher the Balance of trade (meaning exports are more than imports), the stronger that particular currency&#;s value globally. This leads to an appreciation in the price of that currency in the foreign exchange market and signals traders to buy more of the appreciated currency. 

When the value of imports is higher than exports and the balance of trade for the nation is low, it depreciates the currency in the forex market and signals traders to shift to some other currency.

2. Political stability

When a country is politically stable, its currency prices in the forex market are also stable. Whereas political instability, unrest and negative shocks lead to high volatility in the currency’s prices.  

Traders keep a close eye on the political events and news to see if any possible changes could affect the forex market. The changes can include new reforms, a change in the governing body, new regulations, amendments, industry rules, etc. All pro-growth political changes appreciate the country’s currency in the forex market, and all anti-growth changes lead to a currency price depreciation.

3. Central bank interest rates

A central bank interest rate is the rate at which a country’s central bank lends to or borrows from the country’s domestic banks. When a central bank decides to increase its interest rates, it means that the economy is flourishing and the money supply is increasing. This leads to a currency appreciation, signalling traders to buy more of the currency. 

On the other hand, when the central bank cuts interest rates, it indicates that the economy is facing hard times and the money supply is contracted, leading to a currency depreciation that signals traders to sell the currency pair.

4. Economic reports

A nation’s economic report analyses the economic development in the country, prospects, and overall economic growth. It talks about each and every economic aspect like employment, monetary policy decisions, payroll report and more that is significant for a country’s betterment.

Whenever these reports portray a positive economic outlook for the country, its currency appreciates in the market and signals trades to enter the market. However, when the economic reports are not so positive and depict an economic turmoil, it depreciates the currency and signals traders to exit the market. 

5. Inflation

Inflation refers to an increase in the prices of goods and services in the economy that decreases the purchasing power of its people. When inflation in a particular economy increases, it devalues the currency in the forex market, which results in a fall in the prices. As the currency weakens against other currencies in the market, it signals traders to sell it. 

On the other hand, when inflation in a country is under control, it indicates that the currency’s buying power in the market is still solid. This leads to an appreciation in the currency prices that signals traders to buy more of it.

6. Government/public debt

Government or public debt is the amount that the central government of a country owes to its lenders. The outstanding debt can be in the form of bonds, loans, ROI, other securities and more. 

When a country is not able to repay its government debt and keeps on adding onto the same, it affects the forex market negatively. The value of the country’s currency depreciates as lenders lose faith in the nation&#;s governing body. This leads to more and more traders exiting their trades from that particular currency. 

On the other hand, when a nation’s government debt is under control, it leads to a currency appreciation as lenders have faith in the country, its governing body and its currency. This leads to more and more traders entering trades with respect to that particular currency.

7. Employment rate

Employment rate refers to the number of people employed in a country who are of the working age, able and willing to work. The higher the employment rate in a country, the stronger is the country’s GDP and overall global performance. This leads to an appreciation in the currency value and provides traders with long opportunities. 

On the contrary, when the employment rate in a country is low, it indicates a weak economy, low GDP and overall global performance. This leads to the depreciation in the currency value and provides traders with an opportunity to sell off the currency.

8. Capital market

The capital market, also known as the stock market, comprises various small, mid and large-cap companies that raise capital by selling the company’s shares, bonds and other investment securities.  

Whenever a country’s stock market performs positively, it indicates that the overall economy is rising and increases the investors’ confidence in the economy. This leads to a price appreciation in the country’s currency in the forex market as foreign investors increase the demand for the domestic currency. 

On the other hand, when a country’s stock market crashes, it indicates that the overall economy is not performing well and decreases an investor’s confidence in the economy. This leads to price depreciation in the country’s currency in the forex market as foreign investors decrease the demand for the domestic currency. 

Closely observe the key drivers of forex for successful trading

Watch out for the factors affecting the forex market as they leave a significant impact on the currency exchange rates regularly.

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About The Author

Ben Clay

Ben Clay is a skilled and experienced CFD trading professional and writer with 14 years of experience in the industry. As a part of the Blueberry Markets team, Ben is known for his ability to simplify complex concepts into insightful and engaging content. His profound understanding of CFD trading, coupled with his exceptional communication skills, has established him as a trusted contributor who delivers insightful information to a wide audience.
Expertise: Forex and CFD trading