Archive for August, 2012

In the latest forex news, the US dollar has slid considerably in comparison to other major currencies.

While earlier this month many forecasts were bullish regarding the dollar’s upward trend, analysts have now scaled off this position and are taking a more contemplative approach.

Indeed, the dollar may slide further as is possibly indicated by the relative strength index (RSI) which appears to be setting the stage for a downward trend in the weeks to come. This is especially relevant considering that the Jackson Hole Economic Symposium is on schedule for the following week.

Although the bearish stance for the dollar may continue temporarily, should chairman Bernanke not hint at another round of QE3, sentiments may begin to reverse.
(more…)

Morgan Stanley’s Martine Bond has left her position as Chief Operating Officer of Foreign Exchange and Emerging Markets in favour of a new, as yet unnamed, role within State Street Corporation.

It’s understood that she has been placed on ‘gardening leave’ from her position at Morgan Stanley with immediate effect. Ms Bond made the transition from JP Morgan to Morgan Stanley in 2009, originally working as Global Head of FX Prime Brokerage before being promoted to the COO role managing Forex in March of 2011.
(more…)

Hosting the 2012 Olympic Games cost the British government an estimated £9.3 billion. While this may seem like an exorbitant amount, history has shown that hosting the Olympics can not only be a matter of prestige for a city, but also stimulate local economies and boost tourism, thus providing long term economic benefits.

British Olympic medal’s impact on cash reserves

The 2012 London Olympics have provided much needed cash reserves to the beleaguered British economy, which announced earlier in July that GDP output fell by 0.7 percent in the second quarter of the year. The games have been very successful, thanks in part to the British team’s exceptional performance.
(more…)

Dominating Forex trading news is the Euro’s continued decline versus the dollar. The new low of 1.229 has hit many traders and this trend is predicted to continue for some time. The faltering of the Euro is seen to have been partially caused by fresh Greek unemployment figures, this data now showing that the number of jobless youths in Greece has hit a record high.
(more…)