With the exploding popularity of the Forex market and its supporting industry, the daily turnover has now surpassed the wild number of $4 trillion. This presents a very profitable opportunity for traders but it also announces to the scammers of the Web that there is money to be made here. It is for this reason … “Forex Social Platforms Provide Transparency”
Category: Forex Bits
Canadian Building Permits Drop – USD/CAD Up
Canadian Building Permits dropped by 6.5%, deeper than 2.9% initially expected. Also last month’s huge rise was slightly revised to the downside – 14.9% instead of 15.3%. This is a significant sign of slowdown in Canada and it sends USD/CAD further off parity. USD/CAD now trades at 1.0077, just above the minor 1.0070 line. The next resistance … “Canadian Building Permits Drop – USD/CAD Up”
Spain Has Better Control of Deficit than Eurozone
The European Commission and the IMF improve their expectations for the Spanish economy. They say that Spain has better control of public deficit, in comparison to other Euro-zone countries. They expect that the public debt will be 69.7% of GDP in 2011, better than a previous estimate that stood on 73%. The Euro-zone debt to … “Spain Has Better Control of Deficit than Eurozone”
Japanese Forex Volume Falls
Japan’s forex brokers report a drop of 35% in currency forex trading volumes between July and August, when 50:1 leverage limit was introduced. Oz Golan writes on Michael Greenberg’s site about the phenomenon and says that it may have an effect only for a short time, as traders will be more profitable due to lower … “Japanese Forex Volume Falls”
Spanish Yields On the Rise
Yields on 10 year government bonds are on the rise again. They rose to 5.11% after falling on Friday under 5%. Spain’s bonds serve as a good gauge for investor confidence in the continent. While Portugal hasn’t been “saved” yet, the EU / IMF fund still has money to handle Portugal. Spain is already too … “Spanish Yields On the Rise”
Spain Under Pressure
Spain is trying to calm the markets and convince investors that its economy is still attractive in the long term. Indeed, Spanish bond yields have dropped from the highs seen, but that’s thank to external intervention from the ECB. Jean-Claude Trichet bought bonds from Ireland and Portugal and that eased the pressure on Spanish bonds … “Spain Under Pressure”
Irish Pound Comeback?
Ireland may eventually leave the Euro-zone, abandon the Euro currency. That’s what chief executive in PIMCO, Mohamed A El-Erian thinks. Will the Irish pound, IR£, the currency Ireland had before the Euro, make a comeback? In an interview on CNBC, quoted by the Irish Times, El-Erian said that bailouts for Portugal and Spain are imminent, … “Irish Pound Comeback?”
Foreclosure Freeze Extended
The mortgage mess isn’t in the headlines, but it still with us. The big banks are still trying to sort out the paperwork, and now they leverage the holiday season to extend the foreclosure freeze. So, now it’s a seasonal thing. But if the foreclosure freeze lasts beyond mid-January, after the holidays are over, the … “Foreclosure Freeze Extended”
Belgian Bailout?
Didier Reynders, Belgium finance minister, said that enlarging the European aid fund from the current 750 billion euros is possible. He also mentioned that the IMF, that participates in the fund, also supports enlarging it. The consensus is that the fund is sufficient for bailing out Portugal, but won’t be sufficient for a Spanish bailout. … “Belgian Bailout?”
Silver at All-Time High – Almost $30
Silver, the precious metal that is overshadowed by gold, reached a record high. It closed at $29.39 per ounce, above the previous intra-day peak of $29.34 reached the beginning of November. It then made only a swing high and fell back down under $28. Now we have a decisive close, touching $30. Silver isn’t used only for… silverware, … “Silver at All-Time High – Almost $30”