Forex News and Rumors for August 26th, 2008

Hurricane Gustav Pushes Oil Up in Early Trading

Hurricane Gustav could intensify and threaten oil wells in the Gulf of Mexico. While it is still too early to say with certainty which path Gustav will follow, potential supply interruptions are still putting pressure on prices.

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Oil rallies to $117 on hurricane fears

The potential threat of Hurricane Gustav to offshore oil platforms near Louisiana and Texas has appreciated the price of oil by $2.

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Euro Continues to Lose Ground

The euro fell to a six-month low against the dollar following a report indicating that business confidence in Germany declined further than expected for the month of August.

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Thornburg survival in doubt after new margin calls

New Mexico based Thornburg Mortgage Inc specialized in Jumbo mortgages (over 420k) is having trouble with its restructuring to avoid collapse.

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Medvedev recognises Georgia rebel regions

Russia has signed a Decree recognizing South Ossetia and Abkhazia which has infurated the West. Mr Medvedev said on Tuesday that “nothing frightens us, including the prospect of a cold war, but we do not want this, and in this situation all depends on the position of our partners”.

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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza