Continued trends in the Forex
As for the traditional holiday season, the foreign exchange market was rather quiet. Many investors were closing their positions for the holidays and to disengage momentarily Forex. Thus, without real coup, since important indicator was published this week, major currencies have continued on the same trend observed since mid-December.
The euro has thus registered an increase against the dollar, moving at around $ 1.40 on the foreign exchange market. The single European currency was mainly built in the early weeks on the return of investor confidence. Indeed, the announcement of a break for the Detroit giant has allowed investors to take the course of next year with a little less apprehensive. Admittedly, the problem of car manufacturers should emerge in the coming months but the ball will be in the camp of the Obama administration.
Not surprisingly, the pound sterling continued to evolve to the lowest against the euro but falling into the abyss or to achieve parity. According to analysts, the parity between the euro and the pound sterling could be achieved in the first weeks of January. Forecasting a contraction of 2.9% of the UK economy next year, according to the CEBR, should obviously much influence on the pound sterling and the morale of investors.
As for exotic currencies, either the ruble or the Scandinavian crowns, they touch the carpet. Indeed, the depreciation of the Norwegian and Swedish crowns continues at a steady pace, despite central bank intervention in early December, while the ruble is now in its eleventh devaluation in two months. In some countries such as Russia or Ukraine, exacerbated social unrest can not be ruled out because of falling currencies. Demonstrations have taken place in Russia and Ukraine because of the worsening economic situation. In Ukraine, the crisis has taken on particular importance as the prime minister has dared to publicly accuse the president of speculating on the currency, the hryvnia. The latter responded by stating that the hryvnia will stabilize by the end of the year on the foreign exchange market which, in the opinion of analysts, seems very unlikely because of the intensification of the economic crisis who plays for shelter and values of the euro.
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