Forex Gump

Last Friday, the US SEC accused financial giant Goldman Sachs of fraud, saying that they failed to disclose that one of its security products was created by the same people who wagered that it would fail. Hah, talk about a conflict of interest!

In his testimony yesterday, a downbeat Ben Bernanke highlighted the weaknesses of the economy and confirmed that interest rates will remain low for an extended period of time. Hold on just a second… Is Big Ben really talking about the US?!

Let’s face it. The prospect of accelerating inflation is worrisome for some, particularly for consumers. After all, who would be comfortable with rising prices of goods? But is this fear really warranted or is it just exaggerated?

Extra! Extra! Read all about it! China suffered its first trade DEFICIT in six years. Gasp! All the more reason to keep the Chinese Yuan pegged to the US dollar?

Zooey Mama! Just when you things couldn’t get any wackier with Greece, the EURUSD opens this week almost 100 pips higher. After closing last week at 1.3496, the pair found gaped up to kick off the week on a high note at 1.3590!

Over the past couple of months we’ve seen how the Loonie trampled over almost every other major currency in sight, most especially the US dollar. After hitting a high of 1.0781 earlier this year, the USDCAD dropped day after day after day after day… Oops, where was I?

Tomorrow will mark the first time that the European Central Bank will be releasing an interest rate decision after the EU summit which discussed Greece’s debt issues. Seeing that a “solution” was made during the summit, could we expect a more upbeat report?

Over the weekend, an interesting new development popped up regarding the looming US-China trade war. Last Saturday, the US Treasury decided to delay its semi-annual currency report which was slated to officially label China as a “currency manipulator.”

The spotlight will be on Australia tomorrow as the RBA rate decision is on deck. Will the RBA continue its rate-hiking ways?

What a way to kick off the month as the Non-Farm Payrolls report is coming in! Seeing how the ADP non-farm employment change released yesterday was off target, what should we expect in tomorrow’s report?