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

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.

Read Full Article

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.

Read Full Article

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.

Read Full Article

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.

Read Full Article

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

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