Excerpt from: GFT News
|
 |
| October 13, 2008 | | Euro/dollar gains in currency trading | The euro has gotten a boost in forex trading on the currency market this morning. For the most part, the boost to euro/dollar in currency trading comes on the news that there is a plan in the euro zone to guaranty bank refinancing.
Euro is gaining as the move is hailed as a move to stabilize the global financial system and try to limit the devastating effects of a worldwide financial crisis. As a result, reports Bloomberg, there is decreased likelihood that investors and forex traders will flee to the U.S. dollar as a safe haven currency:
``It helps restore market confidence and avert further
financial meltdown,'' said Brian Kim, a currency strategist at
UBS AG in Stamford, Connecticut. ``It's positive for risky
assets. If financial institutions stabilize, there's less of a
flight toward the dollar.'' | Topic Tags: euro/dollar, euro/dollar currency trading, euro forex trading, forex traders, forex trading, forex trading currency market, safe haven currency, U.S. dollar | |
|
|
