Posted on September 30th, 2008 at 3:30 pm by Scott Boyd
Bad Day for the Euro
As banking woes including today's rescue of Dexia SA continue to deepen, the Euro posted its largest single-day loss against the buck since the euro's introduction in 1999.
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U.S. Home Prices Fall 16%
Home prices for the month of July show an overall 16.4% decline in property values. This represents the fastest price decline since the U.S. began tracking property values.
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Race is on to Revise Rescue Plan... Read more »
Filed under: Forex Trading News and Rumors
Posted on September 30th, 2008 at 10:25 am by Scott Boyd
LIBOR Rate Continues to Climb
The cost of credit for those institutions fortunate enough to even find a lender willing to offer loans continues to climb as the London Inter-Bank Offered Rate (LIBOR) records its largest single-day increase.
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British PM Meets with Bank of England Governor
Prime Minister Gordon Brown met with Bank of England Governor Mervyn King to discuss the eco... Read more »
Filed under: Forex Trading News and Rumors
Posted on September 30th, 2008 at 6:08 am by Dean Popplewell
The temporary defeat of the 'Toxic waste plan' may push Cbanks towards slashing simultaneously global borrowing costs. Political jockeying at the ‘house’ has pushed global capital markets to within an inch of committing ‘Hari Kari’.
The US$ is stronger in the O/N trading session. Currently it is higher against 13 of the 16 most actively traded currencies, in another ‘volatile’ trading range.
US lawmakers and political lobbyists have their work cut out to get a $700b US financial aid package through the House of Representatives (a month before congressional elections) after failing its first-go-around ... Read more »
Filed under: Dean's FX
Posted on September 29th, 2008 at 3:30 pm by Scott Boyd
Not So Fast - Congress Says 'No' to Bail Out
Congress votes down the Troubled Asset Relief Act (TARA) by a count of 228-205.
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Stocks Fall on News of Bill's Defeat
The Dow Jones falls by more than 700 points as Congress rejects the bailout plan.
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Pound Falls Against the US Dollar
The pound took a pounding today as the credit crisis forces government to take... Read more »
Filed under: Forex Trading News and Rumors
Posted on September 29th, 2008 at 10:30 am by Scott Boyd
We Have an Agreement - Now It's Up to Congress
It appears we've reached the final stage of the on-going bank rescue saga as leaders settle on the final wording of the Troubled Asset Relief Act (TARA). It is now up to Congress to approve the new act.
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Despite reservations, Obama and McCain both support the bailout plan:
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U.S. Consumer Spending Remains Unchanged
Despite forecasts predicting an incre... Read more »
Filed under: Forex Trading News and Rumors
Posted on September 29th, 2008 at 5:59 am by Dean Popplewell
A financial apocalypse is amongst us, political grandstanding by every available lobby group continues to eat away at the last shred of consumer confidence that ‘main street’ holds. Will today’s political and financial actions change the course of Capital Markets history for the better? Other CBankers continue to provide financial support (Bradford & Bingley and Fortis in Belgium), but G7 members, who are highly critical of US financial actions, wait to see……
The US$ is stronger in the O/N trading session. Currently it is higher against 15 of the 16 most actively traded currencies, in another ‘volatile’ trading range.
...
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Filed under: Dean's FX
Posted on September 26th, 2008 at 3:30 pm by Scott Boyd
Chinese Banks Move to Limit FX Transactions with U.S. and European Financial Companies
Citing concerns over continued tightening of the global credit markets, Chinese banks are scaling back interactions with international firms in the interbank market.
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Asian Currencies Fall Over Uncertainty with U.S. Bank Rescue Plan
As talks continue in Washington, Asian currencies continue to fall over fears that a recession in the U.S. will reduce demand for exports.
... Read more »
Filed under: Forex Trading News and Rumors
Posted on September 26th, 2008 at 10:15 am by Scott Boyd
Yen Gains as Washington's Rescue Plan Stalls
After losing ground to the dollar for four days as a bank bail-out plan seemed imminent, news late last night that the tentative deal had fallen through gave the yen a boost in early trading.
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Experts Advise Shorting Euro
As confidence in the eurozone falters - particularly with regards to the German economy - analysts predict that the euro will fall sharply against the dollar.
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UK Pr... Read more »
Filed under: Forex Trading News and Rumors
Posted on September 26th, 2008 at 5:16 am by Dean Popplewell
In a US election year, exposure is a must, and everyone wants to put their finger in the pie. We have Republicans vs. Democrats, Wall Street vs. Main Street, and Nobel Laureate Economists vs. Congress, all providing their expert opinion on a ‘toxic waste disposal plan. Do they know that a Zebra was a horse designed by a committee! Their actions continue to hasten bank failures (Washington Mutual last night). Who is next?
The US$ is weaker in the O/N trading session. Currently it is lower against 13 of the 16 most actively traded currencies, in another ‘volatile’ trading range.
After yesterday’s dismal ... Read more »
Filed under: Dean's FX
Posted on September 25th, 2008 at 3:30 pm by Scott Boyd
U.S. Bank Bail-Out Deal Finalized
Representatives from Republican and Democrat camps confirm a deal has been reached and is expected to be passed into law within a few days.
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Loonie Soars as Bail-Out Plan Confirmed
The Canadian Dollar received a lift today as Congress indicated it will approve the controversial bank rescue plan. Many observers note that the additional $700 billion this will add to the rapidly growing U.S. debt load may weaken the greenback but should help stabilize markets.
... Read more »
Filed under: Forex Trading News and Rumors
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