By James McKee
There are a couple of very exciting developments right now in the Forex currency exchange so I will go ahead and get to it! The Euro is seeing some gains as news of Ireland’s debt woes are being lessened by loans issued by other European countries as well as the IMF. However other countries such as Greece and Portugal and wearing down on the Euro due to their current instabilities, watch the Euro for gains against the USD in the short term but expect the EUR|USD to test support. This is definitely a pair to stay up to date on but do not jump in without looking.
The GBP has been making significant gains against the dollar due to strong retail sales and a slight drop in unemployment. These are real gains unlike much of what is being realized in the United States from creating money out of thin air. It certainly appears that England’s austerity measures combined with the encouragement of their economic growth is having a huge impact on the value of their currency.
Canada and its currency are doing great currently, it has risen against the US dollar due to a rise in wholesale trade and other indicating factors. The Canadian dollar is a great currency to pair with the USD currently due to the eminent reversal in store for the USD after the stock market corrects itself.
The NZD and AUD are both experiencing growth fueled by one another’s GDP and other growth. These countries are both experiencing increased exports and thus their currencies are rising against the USD and EUR. Due to the fact that gold is gaining in value and Australia is the world’s third largest gold producer so its currency will rise in value steadily.
The currencies mentioned above are all putting out solid indicators in one direction or the other, but be careful because the Euro and USD will be very unstable shortly due to lackluster growth.
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.