Forex traders saw extreme volatility throughout the week as several global developments impacted the market. Middle East violence, a possible eurozone interest rate hike and continuous concerns regarding unemployment in the U.S. have been driving the markets for the last several days.
First and foremost, the continued violence in Libya has brought the price of crude oil well above $100 a barrel. Investors continue to fear that the unrest in the Middle East will continue to spread, and may possibly impact other oil producing countries. Worries that supplies could be threatened are the main catalyst for the steep rise in prices. Analysts are warning that unless a certain degree of calm is restored to the region, the price of oil is unlikely to come down in the near future.
In addition to oil being affected by the upheaval in Libya, safe haven currencies have received a boost at the beginning
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