Professional Tutor by Forex Worldwide Training and Support

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source : forexcult.com

Dollar Slides as GM May Announce Bankruptcy

The dollar fell against currencies in Asia in the beginning of this week’s session, as General Motors may file for bankruptcy this Monday.

General Motors Corp. a company which was once the biggest in the world in its sector, is ready to file for bankruptcy, and the fact that the U.S. government will inject money and become its main owner brought the Dollar Index to the lowest level in this year. the forex news and trade forex In Asia, China manufacturing production rose for the third month in a row, strengthening currencies like Taiwan’s dollar and the South Korean won against the U.S. currency. The current wave of optimism made the dollar, regarded as a risk aversion investment, to lose ground against the main currencies since March, and the current condition of American companies like General Motors is putting pressure on the greenback.

forex online Asian economists consider the optimism strong and solid, and the positive reports coming from China are sharpening the equities market rally, which help high-yielding currencies like the Australian dollar and the South Korean won to climb against refuge currencies in Asia like the yen, and globally like the U.S. dollar. The majority of analysts concord that the greenback will continue its downtrend as long as the rally in stocks continue.

EUR/USD traded at 1.4230 from a previous price of 1.4105 while AUD/USD also climbed to 0.8123 from 0.7913. USD/KRW fell to 1252.40 from 1253.13.

If you want to comment on the U.S. dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.

Swedish Krona at Six-Week Low as Concerns Rise in Latvia

The Swedish currency hit a six-week low level after speculations rose that Latvia will devalue its currency, as an attempt to save the country from a deep recession, consequently affecting negatively loans held by Swedish banks in the Baltic Nation.

According to a note posted this week by Riksbank, an economic deterioration in the Baltic countries is an imminent risk to Swedish banking institutions, since Latvia’s financial system is highly linked and dependent on the Scandinavian nation’s funding. Mareks Seglins, the Latvian Justice Minister affirmed that the country’s currency should end the system that maintains it pegged to the euro, and this declaration impacted directly the Swedish krona, causing it to fall more than 4 percent against the euro since June 1. Since Latvia’s independence, Sweden is the main fund provider in the private loan market for the Baltic nations.

The risk of devaluation for the Latvian lat is considered high, according to analysts, even if they expect that a cooperation between the Eurozone and Sweden to maintain the lat pegged to the euro, the pressure is significant and rising. ING Groep NV affirmed that there is a 50 percent chance that the Latvian currency will be devalued during the next 12 months, which could ease the ongoing recession in Latvia, but cause an important impact on the Swedish banking sector and its currency.

USD/SEK traded at 7.6256 from a previous rate of 7.7160. EUR/SEK also fell from 10.9060 to 10.8500.

If you want to comment on the Swedish krona’s recent action or have any questions regarding this currency, please, feel free to reply below.

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