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Currency Outlook 2008
Thu, Mar 13 2008, 16:28 GMT
by The Forex Journal
This article is taken from the Forex Journal (February 2008 issue).
The author, Ed Ponsi, is the President of EdPonsi.com and FXEducator.com. He is a dynamic public speaker who has appears regularly on CNBC, CNN and Fox Business Network.
- Ed Ponsi shares his views for the major currencies as we trade into 2008. Which currencies will do well and which will falter? Find out here!
2007 was an exciting and vibrant year for traders in the global currency markets. The big highlight of the first half of the year was the ‘carry trade’ and traders who shorted the Japanese yen against higher yielding currencies enjoyed tremendous appreciation while collecting interest along the way. The carry trade finally fell apart in August, but not before traders who took advantage of this strategy cleaned up. The weak U.S. dollar was a constant theme, as the beleaguered buck fell to 2.000 against the British pound for the first time since 1992 and reached parity versus the Canadian dollar for the first time since 1976. The Canadian currency and the Australian dollar were rock stars in 2007, buoyed by a relentless rally in the prices of gold, oil, and other commodities. The euro chugged higher against most currencies, much to the dismay of a variety of European financial and political officials.
So much for the past – what does the future hold for currency traders? A number of new trends were initiated late last year that could extend well into 2008. The British pound, a stout performer in recent years, cracked badly in December as U.K. housing prices began to slide. The Japanese yen is enjoying a resurgence that may extend well into this year and beyond. Even the woeful U.S. dollar has recently flexed its muscle. Where will we go from here? Let’s take a look at some possible scenarios…
Other Related Article:
Currency Trading with Ichimoku Kinkou−Hyo by Cornelius LucaPublished on Fri, Mar 14 2008, 08:07 GMT
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