Markets Very Volatile
Hang on to those Forex converters as markets remain volatile and new economic developments are coming fast and furious. The Pound took another beating and rumors are flying about the possible credit downgrade of the UK. Greece has already seen a Standard and Poor’
s credit downgrade. S&P also downgraded Spain and is reviewing Portugal and Ireland for possible future downgrades.
Record S&P Inauguration Day Fall
Forex currency exchange markets remain extremely volatile with new economic data being released almost daily. Not even the positive sentiments from the Obama inauguration could calm global markets. Wall Street greeted Obama with the largest inauguration day drop in history. On inauguration day the S&P fell by -5.28%, an inauguration day record.
Bank of Canada Cuts Rates
As was expected the Bank of Canada cut rates by 50bp to a 50-year low of 1.00% and said it would monitor events ‘to what extent further monetary stimulus may be required.’ In today’
s crazy currency markets a reliable and accurate Forex converter is a necessity, the more sophisticated the better. The speed at which market conditions are changing is astounding
In a rare piece of good news from the Euro Zone the German ZEW (Centre for European Economic Research) index rising from -45.2 to -31.0. In New Zealand retail sales came out better than market expectations. The Central Bank of New Zealand is expected to slash rates by 100bp at their meeting next week.
In the UK the banking crisis continues with the Bank of Scotland posting the highest losses in British history. The pound continues to fall on Forex currency exchanges and many expect the government to nationalize the Bank of Scotland.
In the EU unemployment is starting to mount at a worrisome pace, but all indications are that the worst is yet to come. A report released by the EU said that job losses could reach 3.5 million in 2009 and that the recession is going to get worse.
Many around the globe are hoping the new Obama administration will be able to reverse the recession. The policies put forth by the Obama administration have widespread support in the US but is remains to be seen how effective they will be. In the meantime, watch markets carefully, stay informed, and keep that Forex converter close at hand!
Jeff Davis is an expert financial writer and specializes in the Forex Market and currency trading. You can find his recent articles at: http://www.fxconverter.org