Mon, 14 May 2012 09:10:00 +0400
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As Saudi Arabia and other OPEC nations are reluctant to cut down on their oil production, oil prices keep on going down while being pressed by growing oversupply. In particular, WTI dropped down below $44/b yesterday, Masterforrex-V Academy reports.
According to Masterforex-V Academy, the Chinese Yuan has become one of the 5 most popular currencies worldwide. This is the first time, the Renminbi has ousted the Australian Dollar and the Canadian Dollar. In December 2014, the Chinese currencies was used in 2,17% of international transactions. This is confirmed by the SWIFT figures.
George Soros, the famous American billionaire, made a speech within the scope of the latest economic summit in Davos. During his speech, the financial tycoon warned the representatives of the European Central Bank against printing money any father since any extra emission of money may well result in major consequences for the Eurozone and other parts of the globe, Market Leader reports.
The common European currency seems to be setting new records, Market Leader reports. In particular, according to Mario Draghi, who is currently presiding over the European Central Bank, the official exchange rate of the common European currency against the U.S. Dollar dropped down to the lowest level in 9 years. At this point, EURUSD is trading at 1,1520.
At the end of last week, the Swiss National Bank, which is Switzerland’s central bank, announced a shocking and unexpected decision to start unpegging the Swiss Franc (its national currency) from the Euro (EURCHF was 1.2). Needless to say that this almost instantly provoked unseen volatility in the Franc-related currency markets, thereby resulting in thousands of retail traders getting major losses resulting from negative balances while Forex brokers had major difficulties. Some Forex companies had to announce insolvency since they fail to cope with the situation due to improper risk management and excessively high leverage offered to retail traders.
Approximately a week ago, the Swiss National Bank came up with a shocking and unexpected decision to unpeg its national currency - the Swiss Franc - from the common European currency (which used to be pegged at 1.2). This instantly triggered unprecedented volatility in the CHF-related markets, which resulted in thousands of retail trader seeing negative balances while Forex brokers having major difficulties. Some of them even had to announce insolvency due to improper risk management and too leveraged business.
The analysts working for Renaissance Capital perform some complicated calculations to find out what the Russian Ruble exchange rate is going to be depending on the future prices of crude oil. It is not a secret that the Russian economy is heavily dependent on its exports f crude oil. In particular, the exports of crude oil account for thirty percent to nearly half of the Russian GDP. With that said, oil prices seem to be the key factor influencing the Russian economy and national currency, Market Leader reports.