Top Forex Stories November 7th

The biggest story yesterday was end of the long road that ended with the President Obama reelection victory in the US election. The stock market retreated today as the results point to a gridlocked congress ahead of the Fiscal Cliff deadline. The expectation is that there will be an extension of quantitative easing and tax hikes instead of the promised Republican stimulus.

Europe had a big part to play as the European Parliament is in session and Angela Merkel has made very strong statements about what is needed to save the EUR. Greece continues to struggle with the austerity package and today people protested in the streets.

Tomorrow marks another landmark in power transition as the 18th Communist Party Congress gets underway in China. At this point its is merely a formality that should end with the announcement of Xi Jinping replacing Hu Jintao as president of China.

OANDA Major Currency Pairs Volatility for November 7th

United States



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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