Today’s FX Foreign Exchange Currency News Friday 29th June, 2012

July 4, 2012 – 03:32 am

This morning as we write the EUR/USD after surging to 1.2627, has given away some pips and retraced to the 1.2590/2600 region.
After the first day of meetings, the EU Summit has announced a supervisory role for the ECB, allowing a recapitalization of the euro banks using the euro zone’s rescue fund, thus not increasing sovereigns’ debt. The euro jumped in response to 1.2627 from the 1.2450 region during the Asian session.
It seems that yesterday morning hopes were fading that the EU leader’s summit this weekend will produce anything concrete for the market to digest on Monday morning. The current impasse between EU politicians is stemming from the order in which the EU moves towards political, fiscal and banking union. The Germans are unwilling to consider a banking union without direct control of how bail-out money is used by those banks in Spain, Italy or France that would require money.
Euro area confidence deteriorated to the lowest level since 2009 in June and German unemployment rose more than economists forecast, a sign the euro zone economy is heading towards a recession.
This morning the Australian dollar is the second best performer against the buck behind the kiwi dollar on Friday, after risk sentiment has jumped on the EU Summit announcement

Source: Best Dollar, Pound, Euro Currency Exchange rates

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Some forex chatter

2005-08-10 09:26:51 by o-lOl-o

Well...I'm not to sure what you know about forex but I'll try to give a quick synapses.
The forex was pretty much born in the 70's. Until then the US dollar was a standard that the world used to peg their currency to. For whatever reason, one I'm not informed on, the Nixon admin. decided to float the US dollar and most of the major currnecies went right with them. If you've been following ...ys there are hundreds of brokers and everyone lets you demotrade( paper trade) on their platform which they let you dload for free. The platform and the paper account is free. So you can essentially train yourself with their tradestation/ price feed for free. I did that for over a year before I put one dime in.
I got to run some errands. I'll come back and give some more info.
peace

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