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Excerpt from:  GFT Analysts in the News
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February 11, 2008

OPEC Gives Euro a Boost in Forex Trading

Currency trading with the euro
Despite talks late last week of possible interest rates cuts in the euro-zone due to slowed economic growth, the euro is gaining again in forex trading. One of the reasons that currency trading with the euro is getting a boost is due to OPEC.

According to Reuters, the oil cartel is considering switching its oil pricing away fromt he US dollar and moving it to the euro. This would force more people to use euros, making it the pre-eminent world currency.
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Topic Tags:  currency trading, currency trading euro, euro forex trading, forex trading, oil cartel, OPEC, OPEC switch euro, US dollar
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