By James McKee
All eyes are on the G20 summit right now in the hopes that financial policy changes will be instituted that will help speed up global economic recovery. Within the walls of the building where the G20 was being held tempers flares as deep lines of division separated the economic goals of many different nations. The first word of the day was “conflict” and most of it was centered around decisions by the United States to attempt to buy their way out of its problems. Not only has the USD plunged on the Forex currency exchange it has also caused entire countries to lose fortunes because their holdings are in US dollars.
After the dust settled from initial conflicts at the summit many leaders present claimed that everyone had embraced the basic framework set forth by popular agreement. However beyond this basic “framework” many participants are unable to arrive at any cohesive agreements. Many had hoped that the G20 summit in Seoul would bring about a lasting agreement that would help nations participating to continue to cooperate with one another after the financial crisis is over. Much of the conference was also aimed at encouraging China to begin spending some its immense cash reserve to relieve the economic strain on many importers.
Many Forex traders are watching the G20 summit and eager to grab up any tidbits that might indicate what type of strategies will be used in an effort to stabilize the global economy. To date austerity measures and attempting to create money out of thin air has impacted the value of various currencies on the Forex exchange. In the end it is still anyone’s guess what action will be taken by politicians and those in charge of central banks in order to stabilize the world’s economy. Plug in your RSS feeds and read often!
About the Author
Author is a Forex trader and financial analyst residing in Denver, Colorado. To stay up to date on all the latest developments in the financial world and beyond be sure to check out the forex exchange rates regularly.
