Excerpt from: Forex Forecast
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| October 16, 2008 | | Down under currencies to fall in FX trading | The Australian dollar forex trading forecast is looking pretty grim right now. Just a few months ago, the Aussie was within striking distance of parity with the U.S. dollar in currency trading. Now both down under currencies are struggling in FX trading.
One of the main reasons for the troubles for the Aussie and the kiwi in currency trading on the FX market is to do with the slowing global economy. Commodities are slowing, and consumers aren't buying products that those commodities are made from. The demand is declining.
Bloomberg reports on the Australian dollar forex trading forecast:
``Sentiment is pretty bad on the Australian dollar,'' said
Richard Grace, chief currency strategist at Commonwealth Bank of
Australia in Sydney. ``The unavoidable recession in the U.S.,
Europe and probably Japan suggests that downward pressure will
remain on the Aussie dollar,'' he said, referring to the currency
by its nickname. | Topic Tags: Australian dollar forex trading, commodities, currencies FX trading, currency trading, currency trading FX market, forex trading, forex trading forecast, FX trading | |
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