Here at Currensee, we’ve had another busy week tracking the top stories in the world currency markets. Check out what we’ve been reading:
European Central Bank President Jean-Claude Trichet has indicated this week that he may elevate interest rates in coming months and allow Portugal easier access to emergency funds in order to battle a looming economic crisis. Despite these expected rate increases, the euro continues to weaken. In other news, CLS Bank reports that foreign exchange transactions in June reached a record-breaking $5.12 trillion in volume, while hedge funds are still on the decline, with research showing that the average hedge fund was off 2.12 percent by the halfway point of 2011. In foreign-exchange news, NYSE Euronext shareholders voted this week and approved a $9.6 billion takeover by Deutsche Boerse AG of Germany. Meanwhile, Obama and congressional leaders will be trying again this afternoon to generate a new plan to raise the U.S. debt ceiling.
- Hedge fund giants are coming up small this year, Reuters, July 5, 2011
- Forex: Euro To Weaken Further Despite ECB Rate Hike, International Business Times, July 6, 2011
- Trichet Signals Further Rate Increase as Portugal Rule Eased, Bloomberg BusinessWeek, July 7, 2011
- NYSE shareholders back D. Boerse deal, Reuters, July 7, 2011
- $5 Trillion A Day During the Summer – Forex Trading Rocks, Forex Crunch, July 9, 2011
- Obama, GOP back to where they started: The debt ceiling, USA Today, July 11, 2011
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