Busy Week Ahead
The coming week will see the release of economic data from many countries. Moves by several central banks are bound to affect currency markets and day traders will be glued to their forex currency converters. Throughout the ongoing recession currency markets have been volatile and a real time FX converter has been an absolute necessity.
Bank of Australia
This week will be an active one in currency markets. On March 2nd the Reserve Bank of Australia will in all probability cut rates to a historic low. Australia has been hard hit by dysfunctional credit markets which, in turn, have adversely affected the country’
s exports. This is expected to affect the Aussie dollar on forex currency exchanges.
Bank of Canada
On March 3rd the Bank of Canada is also expected to cut rates. Canada is suffering from a deteriorating economy and retail sales are at their lowest point since 1991. Experts predict a rate cut of 50 basis points. This move is bound to affect the currency on forex currency exchanges.
Bank of England
On March 5th the Bank of England is expected to cut rates even further to 0.50%, the lowest in 300 years. The Pound has suffered on forex currency exchanges throughout the recession and the recession in the UK is worse than what was predicted.
European Central Bank
Also on March 5th the European Central Bank is expected to cut rates by 50 basis points to 1.50%. The Euro has been weighed down by troubles in Eastern Europe and the possible credit downgrades for some Euro Zone member states. Traders will be watching their forex converters closely to see what effect the move by the ECB will have on the troubled Euro.
US Non Farm Payrolls
On March 6th the US will release its Non Farm Payroll report. The US shed 650,000 in February the worst monthly job losses since 1949. An unemployment rate of 7.9% is expected, the highest in 25 years. Throughout the recession the US dollar has been propped up by safe haven buying and this trend is expected to continue.
The need for a reliable forex currency converter has never been greater. All of the above mentioned actions are bound to affect forex currency exchanges globally. Traders who are paying close attention will be prepared to take advantage of opportunities as they occur. .
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