The Commerce Department reported that U.S. fourth-quarter GDP contracted by 0.1%, way below forecasts of a 1.0% increase. This is a sharp and fast deterioration from the third-quarter which saw GDP expand by 3.1% and marks the first contraction since the second-quarter of 2009.Of course economists brush of the negative figures and stamp them as meaningless, but if the figures would have been positive they would have labeled them as very significant. The contraction came despite an increase in consumer spending which rose 2.2% which shows...
The British Pound Sterling has collapsed after it reached its intra-day high of 1.6338 on January 2nd 2013. Today the GBP has reached an intra-day low of 1.5132. The drop has been much more violent than those analysts who called for a collapse of the British currency at the beginning of the year. We believe that by the end of 2013 the GBP will have outperformed other major currencies. The collapse spanned 1,206 pips from intra-day high to intra-day low in only seven weeks which rivals the depreciation of the Japanese Yen which reached an...
“I love my career and am always learning more about trading. I felt my passion for the industry and harnessed it with full commitment.” - Chris Cashman Sam Seiden, a trading genius, started his trading career on the floor of the Chicago Mercantile Exchange. Since 1991, he’s been involved in various types of financial markets. Currently, he’s the Vice president of Education at Online Trading Academy. Local and international students now tap from his decades of trading experience. He’s a fund manager and a...
We will give you an overview of events which unfolded between the fourth-quarter of 2008 as the global financial crisis unfolded until the most recent Cypriot bailout story and how they have impacted the EURUSD currency pair. The EURUSD has witnessed wide swings as it remains under severe influence from the Eurozone debt contagion which has a grip on continental Europe while the U.S. Dollar is under influence by the Fed. The EURUSD is the most traded and most liquid currency pair and puts the world’s biggest economy, the EU, against...
The risk of default in Cyprus and a possibility of country’s out of the eurozone will be maintained for a long period of time, according to many experts. Cyprus is facing serious economic consequences due to the damage to reputation of the financial sector. Unlikely this country will be able to keep the status of offshore financial center after that crisis. Note that the international rating agency Moody's earlier downgraded the three largest banks in Cyprus - Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank. Indicator of...
