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Exclusive!! Forex:: Oil And Gold Ubuntu Soaring Amid Dollar Weakness
By Benny Nardino | October 21, 2007
Geopolitical problems in the Middle East is playing heavily on the world economy again. The world financial markets are feeling the strains as the price of oil and gold hit new heights at the expence of the crumbling dollar walls. The question is where and when will this end? How will this affect the forex trading markets today and the weeks ahead?
Iraq is a nation whose agenda is never out of the news these days either by will or by default. Iran’s nuclear reactor constructions has also not taken the it’s foot of the peddle of chaos and uncertainty and now Turkey. The fighting between Turkish soldiers and Kurdish militia has done nothing but to upthe ante. The Australasian markets took the first south-bound trains today with heavy loses. What does the future hold in today’s trading? According to Reuters:
A weakening U.S. dollar would also keep oil prices on the boil. The currency sank to fresh lows on Monday while the yen surged after a meeting of industrialised powers ended with no words of support for the beleaguered dollar, offering a green light to speculative sellers.
OPEC has said on Friday that volatility in global oil prices reflected growing economic uncertainties in the wake of recent turmoil in credit and money markets.
However, let’s hope in the midst of all these you are able to find a good entry today.
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Happy trading
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