Thread: OzForex Market Update (08/11/2010 - 12/11/2010)

Good morning all,

I hope you all had a great weekend?

In the markets, the Euro has resumed its losing streak against the GBP falling for the 7th consecutive day to 0.8457 against the British Pound, the lowest level since 21 September. The Euro weakened amid concern indebted European nations may need bailouts. Just six months after European Central Bank President Jean-Claude Trichet to prevent Greece’s debt crisis from splintering the euro area, it’s more likely he will have to do it all over again to prevent the collapse in Irish and Portuguese bonds. The Australian Dollar barely moved off 0.6280 against the Pound earlier this until declines in consumer confidence and an unexpected jump in unemployment were reported mid week.

With market confidence shaken, investors also dropped the high yielding Kiwi and Aussie. Meanwhile fresh out of the G-20 summit officials have wrest a compromise deal their leaders could endorse to tackle imbalances in currencies and trade that threaten to stoke protectionism after Yu Jianhua, a director general at China’s Ministry of Commerce, told reporters in Seoul late yesterday “Don’t make other people take the medicine for your disease”.

Have a great week.

Regards

Jon

Jon Sermon
Alliance Manager
www.ozforex.com.au

Hi Jon, and a good morning to you!

Excellent info as usual.
Just wondered, what are your thoughts on the latest financial meltdown happening in Ireland?

Have a geat week!
purps

Thanks Jon, good point Purp.

Gotta say T, I always find Jon's blogs and weekly's really interesting to read. I just wish I knew as much and could keep tabs on the markets like he does.