Has The Euro Currency Bottomed ?
Currency Futures--- The currency market saw some wild swings this week on a number of economic reports pushing prices up and down the ladder while today traded in a very quiet range in the U.S dollar for the week finishing up around 50 points which was all in yesterday's trade as the Euro currency sold off 150 points yesterday and finished down only 70 points for the trading week with its contract low right at 123 still trading right around 1.2550 looking ahead next week for some type of new fundamental news propel prices higher or lower. The British Pound was down about 100 points this week currently trading at 152.66 still stuck in a sideways action while the Japanese Yen plummeted nearly 300 points for the trading week hitting a fresh two month low currently trading at 124.47 on a bleak and pessimistic Japanese economy which has gone nowhere in over 10 years. The currency markets have been choppy in the last couple of weeks with really know direction, however lately there have been kickbacks from the lows but are still stuck in a choppy sideways pattern which is very difficult to make money unless you're a day trader so I still advise to sit on the side-line and wait for the currency market to either make new lows or wait for a trend to develop for at least 5 or more weeks. Moody's downgraded 15 global banks yesterday causing massive selloffs in stock and commodity markets while investors flooded into the U.S dollar causing the Euro currency to sell off dramatically as European banks do not have what they call FDIC insurance so they can lose deposits which is causing people overseas to be buying U.S treasuries no matter what the yield is paying but because of the fact that they will get their money back if it's guaranteed by the U.S government.