Later on, around 2 pm, the federal government is announcing with the mortgage industry a new plan to streamline the changing around and modifying of loans held by Freddie Mac and Fannie Mae. Look for more news on the press conference around 2 pm EST.
In other news, Oil has fallen dramatically to just under $59.00 in the US market trading. Currently, the Dow is in in the dumps around 262 points to 8,614.23.
So,how are you weathering the volatile markets in the US?
With circuit City going chapter 11, and it seems like every high profile business in the corporate world is laying people off left and right. Are we going to see any level of stability going to occur?
In a situation where, the possibility of the shops we go to everyday to get our goods and services, and especially the possibility of the auto industry, drying up and packing their bags is very real, we can only hope for the best. The government really needs to step in and get their shit in order with the issue of helping certain businesses that have a huge grasp on the economy, such as retail, automotive, and banking.
If nothing is done, we can see another depression around the corner. It is bad enough that every where I turn to, it seems like company a is laying off, or company b is crumbling and falling apart.
ok, enough of my economic doomsday talk. Let’s get to some forex news.
The EURUSD has been tanking a good bit lately, after a huge surge during the beginning of last week where it peaked and built a resistance around 1.2920 before it’s descent into bearville with 1.2718. Now even the optimistic ZEW numbers that came out earlier today could of pushed the EURUSD upwards any.
The Sushi (USDJPY) has been taking a a sideways position around 97.90 for the european session after seeing a fall of 1.60 yen in Asian trading in the previous session. A bad newsday, with the Economy WAters Index, M2 Money Supply, and Current Account all in the red end of things took responsibility.
Despite the US taking a bank holiday, Investor’s Business Daily is going to release their economic optimism rating. Not looking for this number to be good, as businesses are in the decline, and gearing up for one of the worst christmas shopping seasons on record.
Trade on folks, and keep your chin up!
TRADE ON!!!
Thomas Howell
GoForexTrade.com
P.S. Check out the Forex Funnel. An automated trading solution at $137 and has a 60 day money back guarantee. The Forex Funnel comes with an additional custom indicator, the goldminer system.
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Filed under: Breaking News by Thomas Howell