16th January 2008
The last 3 months of 2007 saw a net loss of $9.83 bn, 5 billion pounds for Citigroup the big US Bank. The sub-prime market is responsible with mortgage debt exposure of $18.1bn.
Revenues from the banking group which is the largest in the US had fallen in the fourth quarter by 70%. A cash injection for Citigroup will occur from Singapore Government Investment Agency.($6.88bn)
There have also been reports that Citigroup may well announce job losses of over 20,000.
15th January 2008
The market is always being tested but today will show the Citigroup earnings via a report and serves as a marker into the sentiment currently in the financial market.
There is an expectation that further funds will be written off. The FX world is certainly fluctuating at present with fallout focused on the obvious impact to the risk aversion trade.
The USD is still weak and will be put to the test with advance retail sales. The signs over the Xmas period in US retail were not the encouraging.
14th January 2008
It seem the US Dollar is holding up not only in Europe but also against the Yen. This is pleasing news after the recent results from retail sales figures in the last few weeks.
There is still much anticipation on how the market will be in the next few months especially with the prospect of interest rate cuts by the end of this month or perhaps even earlier.
11th January 2008
Forex trade is certainly hotting up for 2008. Interactive brokers holding more weight now than ever before with IFX markets being reviewed on a daily basis. The Forex.com business is booming despite the recent credit crunch.
Great platforms and good back office solutions seem to rule the world when it comes to online Forex trading.A wide product range is invaluable to online trading as is high reliability and platform stability.
10th January 2008
Analyst’s say people are waiting in trepidation for the 1200 GMT UK interest rate decision from the Bank of England.
Consumer spending certainly makes the decision harder for the UK Bank as does the pressures of inflation. Economists are saying that rates may stay the same at 5.5% but that a cut down to 5.25% is possible.
If indeed UK Interest rates stay the same today it is thought a further reduction will take place in February.
9th January 2008
At the beginning of the month or in fact the year we see the release of a report on Global risks for 2008 brought to us by World Economic Forum (WEF)
The report focused on deregulation causing the financial markets to evolve in the last two decades,innovation came from multiple economies and finance opened up globally.
7th January 2008
The dollar remained firm against other major currencies overnight.
A welcome recovery over the losses incurred on Friday but perhaps the perceived strength in the dollar will remain clouded after the recent credit crunch.
3rd January 2008
Forex tracking and trading is made much easier online. Today there is so much information available via the internet such as charting software, track and trade and extensive data services.
Historical trade information can be invaluable to any Forex trader especially backed up with accounting modules.
Market simulators offer the trading experience that allows you to trade without the risk of loosing money on stocks in the Forex Market.The confidence built up from using such simulators can pay dividends over and over.
2nd January 2008
The combined purchase of PHH by Blackstone and General Electric has been terminated due to missing the December 31st deadline.
PHH provide mortgages in the US and also operate fleet management services.
It is thought the recent credit crunch made funding the deal impossible.
Cheaper credit from banks is now much harder to obtain. The deal was originally announced back in March last year with a PHH purchase price of $1.8bn.
1st January 2008
Happy New Year from the team here at Forex Daily.
The start of the New Year brings expectations from many such as investors,creditors and home owners. The US in particular is looking for a good turnaround on mortgages and housing this year.
The recent credit crunch has caused fear among many but there are already signs that the situation is picking up and that the markets will soon be a lot stronger.