Excerpt from: Forex
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| October 10, 2008 | | Greenback up against the euro in forex trading | It's been a bit of a wild ride. Okay, it's been a lot of a wild ride. And we're not done yet. Even with frantic efforts by various governments around the world to stem the rising tide, things seem to get worse.
As global markets decline, the U.S. dollar gains in currency trading. Once suffering from weakness, it is apparent that even with the U.S. economy in its current state, the greenback is one of the stronger currencies on the FX market right now.
Against the euro in forex trading, the dollar is gaining ground again after a very brief respite yesterday. And CNN Money reports that recession is considered all but a foregone conclusion for the eurozone:
"The winds of recession we portended last month have transformed
into a full-blown storm spreading across the (European) continent,"
said Aurelio Maccario, an economist with UniCredit. "No banking
system and no economy appears safe, and it is now common belief that a
recessionary scenario is in the cards also for the euro area." | Topic Tags: currency trading, euro forex trading, eurozone, forex trading, FX market, recession, U.S. dollar currency trading | |
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