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Forex News and Rumors for October 6th, 2008 – Afternoon Update

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Canadian Dollar Shows Weakness Against Majors On Lower Oil Prices

Fundamental data weakening in Canada (Building permits dropped 13.5%) and the impact of the declining commodities in which the country bases the majority of its exports have depreciated the currency versus the USD to a year and a half low.

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Gold Gains $33 An Ounce Amid Flock To Safety

Market uncertainty favored the yellow metal, as it appreciated $33 in Today’s session. Capital Markets around the world recorded heavy losses, which drove investors to seek refuge in Gold.

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Yen Unbeatable as Credit Seizure Kills Carry Trades

The Yen is capitalizing on Europe’s and the US Financial woes. As traders are exiting the carry trade, the Yen which provided the financing thanks to the BOJ’s low rate (0.50% the lowest among the developed economies) for investments in high yielding economies (New Zeland, Australia, etc) saw those currencies tumble today, as the JPY recovers lost ground from when the carry trade was in full swing.

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Mexican Peso Sinks to Record Low as Financial Crisis Spreads

The MXP has depreciated to 1997 after commodities have tumbled and risk aversion has pushed investors out of emerging markets. The Mexican Stock Exchange lost as much as 10 percent as “irrational fear” seem to grip the Market. Analysts continue to point out that economic fundamentals remain strong in Mexico, but the markets are not focused in fundamentals for the moment.

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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

@alfonso_forex

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