A brief overview of Forex.
The Forex term for trading of USD/CAD – US Dollar for Canadian Dollars is “the looney” and many may have discovered why today. The USD is down at around 84.00 with news that there is no insolvency investigations currently into any of the American Banks which should be reassuring news to financial investors who can little afford yet another collapse. This follows a statement by US Treasury Secretary Timothy Geithner who confirmed that US banks were stress tested to ensure they had enough capital to keep afloat even if the economy should worsen. The results will be out later in the day. The Australian government issued its employment data which will be key for Forex investors of the Australian Dollar, with figures better than expected there is no immediate forecast for rate cuts.
Also high in today’s Forex news in the latest European Central Bank’s rate cut to the lowest ever of 1%. Observers will also be waiting for a news conference later today when ECB president Jean-Claude Trichet is expected to announce details of further steps that theEuropean Central Bank will take to help support growth in the European Economies.
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