FOREXYARD: Forex News Blog

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G8 Summit to Dominate Forex Trading! Posted: 09 Jul 2009 03:48 AM PDT The 3 day G8 Summit, which is in its 2nd day today in L’Aquila, Italy is set to dominate forex trading going into next week. Despite other important events and economic releases that have occurred in the past week. It is safe to say that all investors will be keeping a close eye on the G8 Summit, as it is set to play a key role in determining the rates of the main currencies and Crude Oil. The EUR/USD pair is already trading higher by over 70 pips today at the 1.3967 level. The GBP/USD cross is up by a dramatic 110 pips at 1.6190. Additionally, the greenback is also trading lower against the Yen. One of the main reasons pushing down the USD today has been continued talk at the G8 Summit of replacing the Dollar as the global reserve currency. The main proponents of this have been the big 3 developing countries: China, India, and Brazil. The question now is how much more will the Dollar plummet as the G8 Summit drags on through Friday. The answer to this question is that the USD is likely to lose more ground against its main currency pairs, as the G8 Summit continues. Furthermore, with Barack Obama failing to have any answers to successfully kick-start the U.S. economy with his stimulus, the USD is likely to suffer further. Moreover, this may give more credibility to replacing the Dollar as the global reserve currency sooner rather than later.

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