ForexGen provides its clients with a full explained market analysis, fundamental or technical. ForexGen news centre could be your guide in making your calculations and forecasts for the coming period, and helps in analyzing fundamentals. US Dollar regained strength while the Pound levelled off
As for the markets, well the main news was the huge losses declared by Lehman Brothers which served to explain the ‘insolvency’ rumours that were circulating a week ago. That weakened the US Dollar initially but the rest of the story was a restructuring at Lehman’s and a disposal of property ‘assets’ although you could be forgiven for thinking the term ‘property asset’ is an oxymoron these days. Nevertheless, that news calmed the market and the US Dollar regained strength while the Pound levelled off.
Sterling makes gains against the Euro
Sterling did make gains against the Euro throughout yesterday as the slowdown in Europe gathered pace and gained credibility with the European Union itself slashing the EU growth forecasts. There is a chance that the Pound could make further gains against the Euro and €1.26 has been cited as a reasonable target which we’d recommend as a target for Euro buyers.
And then all hell broke loose as the Reserve Bank of New Zealand cut its base lending rate by 50 basis points and the Pound gained further strength; this time against the Kiwi Dollar. That is covered in more detail below.
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