Website Offering Both Poker and Forex Trading

In a clever move an online gambling portal is now offering online Forex trading to their clients. The UK based Casino Bonanza Online noted the similarities between gambling and Forex trading. It is highly recommended that those wishing to engage in this profitable activity acquire a reliable Forex converter to keep abreast of current developments in Forex markets. A Forex currency converter is an absolute necessity.

Recognized Similarities

The similarities between gaming and Forex trading are obvious. Both require impeccable timing and skill not to mention nerves of steel. Like poker, Forex trading requires a good memory but in Forex trading the punter has the advantage of being able to consult a Forex currency converter often as opposed to memorizing what cards have been played.

Forex as Popular as Poker

Players in Forex markets have the additional advantage of being able to watch current business developments, Stock markets, global news stories, Forex currency converters, to achieve a level of prediction not garnered from watching a poker hand. The online portal was surprised to learn that Forex trading has become the second most popular area on their website.

Accurate Forex Converter Necessary

The site is even offering deposit bonuses similar to those offered by many online gaming websites to attract and retain players. For those who choose to participate, a reliable and accurate Forex converter with results in real time is an absolute necessity. The similarities of market speculation and gaming have long been known but this is the first time a gaming company has taken advantage of the similarities.

Markets Very Volatile

Hang on to those Forex converters as markets remain volatile and new economic developments are coming fast and furious. The Pound took another beating and rumors are flying about the possible credit downgrade of the UK. Greece has already seen a Standard and Poor’

s credit downgrade. S&P also downgraded Spain and is reviewing Portugal and Ireland for possible future downgrades.

Record S&P Inauguration Day Fall

Forex currency exchange markets remain extremely volatile with new economic data being released almost daily. Not even the positive sentiments from the Obama inauguration could calm global markets. Wall Street greeted Obama with the largest inauguration day drop in history. On inauguration day the S&P fell by -5.28%, an inauguration day record.

Bank of Canada Cuts Rates

As was expected the Bank of Canada cut rates by 50bp to a 50-year low of 1.00% and said it would monitor events ‘to what extent further monetary stimulus may be required.’ In today’

s crazy currency markets a reliable and accurate Forex converter is a necessity, the more sophisticated the better. The speed at which market conditions are changing is astounding

In a rare piece of good news from the Euro Zone the German ZEW (Centre for European Economic Research) index rising from -45.2 to -31.0. In New Zealand retail sales came out better than market expectations. The Central Bank of New Zealand is expected to slash rates by 100bp at their meeting next week.

In the UK the banking crisis continues with the Bank of Scotland posting the highest losses in British history. The pound continues to fall on Forex currency exchanges and many expect the government to nationalize the Bank of Scotland.

In the EU unemployment is starting to mount at a worrisome pace, but all indications are that the worst is yet to come. A report released by the EU said that job losses could reach 3.5 million in 2009 and that the recession is going to get worse.

Many around the globe are hoping the new Obama administration will be able to reverse the recession. The policies put forth by the Obama administration have widespread support in the US but is remains to be seen how effective they will be. In the meantime, watch markets carefully, stay informed, and keep that Forex converter close at hand!

Dollar Advances Against Major Currencies

The dollar gained against a basket of currencies on Tuesday, hitting a one-month high against the Euro, buoyed by a sharp drop in the U.S. trade deficit in November. Investors braced for further rate cuts by the European Central Bank. For the last few months Forex markets have been especially volatile forcing traders and investors to consult their Forex converters almost hourly.

Dollar Demand Soars

Demand for the dollar soared as a US government report showed that the US trade deficit posted its biggest contraction in 12 years. Weak consumer demand and plummeting oil prices led to a record drop in imports. Kathy Lien, director of currency research at GFT Forex and a well respected expert stated, “The theme of the day is really a broad-based dollar rally. There are a number of reasons for that; the primary of which is the stronger trade balance number that we had this morning that renewed some optimism in the U.S. dollar.”

Euro Falls to New Low

The Euro fell to $1.32 against the dollar due to uncertainties about an expected interest rate cut by the ECB on Thursday. The threat of ratings downgrades of some European countries including Greece and Spain also put pressure on the Euro. Ms. Lien also stated, “The ECB will have to cut interest rates and that’s why the euro has been selling off quite aggressively since Friday.” This week’

s market volatility is sure to have investors and traders consulting Forex converters often.

Global Currency Troubles

Because of Standard & Poor’s warning that it could downgrade the country’s foreign currency rating the New Zealand dollar fell more than 4 percent to a one-month low at US$0.5501. The bad news faced by New Zealand highlights the global nature of the economic crisis. The global economy is worsening and the International Monetary Fund is likely to cut its growth forecasts sharply.

ECB to Cut Rates

Many expect the European Central Bank to cut interest rates by 50 basis points on Thursday to 2.0 percent, or possibly more. Todd Elmer, currency strategist at Citigroup stated, “The slowdown in the euro area appears increasingly severe. The perception is policymakers are not doing enough.” The Euro Zone is perceived by many to be behind the curve in taking necessary action to stimulate the European economy.

Additional bad news came as Spain became the third euro zone country, along with Ireland and Greece, to be warned by Standard & Poors rating agency that its credit rating is under threat.

For Forex traders and investors the turmoil in currency markets requires a reliable accurate Forex converter. Consulting a Forex converter frequently will help investors to spot opportunities and take advantage of the many chances to realize a profit in volatile markets.

Economic Crisis Strikes

In 2008 an economic crisis the like of which had not been seen since the great depression struck financial markets globally. Suddenly those ‘opaque financial instruments’ became transparent and the financial world watched in horror as one venerable financial institution after another failed. Stock and commodity markets began to bottom out, foreclosures became common, and jobs disappeared at an alarming rate. In a CNN poll taken in October 2008 60% of those polled said they believed that a depression on par with the Great Depression of the 1930s was likely.

Forex Markets Allow Profit Taking

One market remained where investors were able to turn a profit—the Forex market. In the past 10 years trading Forex has almost become a cultural phenomenon. Sales of Forex converters soared. Between 2004 and 2007 Forex markets grew by 69% and daily trading reached $3.2 trillion dollars.

Many of these new traders sought out highly sophisticated Forex converters capable of following market trends while others used the rather plain Forex converters available for free on the internet.

Forex Traders Report Capital Increases

During the ongoing financial crisis most markets have been negatively impacted. Many economists expected Forex markets to go the way of stock and commodity markets but forex traders and investors report increases in revenues. Some traders reported capital increases of 30 and 40%.

Forex Alternative to Stock Markets

Because of the decentralization of the Forex market and electronic trading platforms day traders can trade from their homes or offices in their spare time. The only equipment required is a home or laptop computer and a reliable Forex converter. Despite dismal markets many Forex traders report consistent profits. Forex trading offers a lucrative option for those impacted by the shortage of jobs in most western countries.

Dollar, Yen, and Swiss Franc May Weaken in 2009

According to Bloomberg the dollar, yen, and Swiss franc may weaken against some of 2008’

s biggest losers in Forex markets. Get out your Forex converters because some of the projected winners in 2009 are relative unknowns. Projected winners include the Brazilian real, Indonesian Rupiah and Polish zloty.

Risk Appetite Returning

These currencies are expected to gain as investors consult their Forex converters and seek higher yielding assets in 2009. According to Bloomberg the dollar may strengthen against the euro and Japanese yen, while dropping against the British pound. Maxime Tessier, head of foreign exchange in Montreal at Caisse de Depost et Placement du Quebec stated, “Our strategy for 2009 is to gradually increase risk, A year from now, I definitely want to be on the short side on the dollar. We’ll see capital flows out of the U.S. again.”

IMF Reduces 2009 Growth Forecast

The International Monetary Fund reduced its 2009 growth forecast from 3.9% to 2.2%. Despite this projection investors are growing more confident as central banks lower interest rates and governments inject trillions to stimulate the economy. In a statement that will prompt traders and investors to consult their Forex converters Mark Mobius, executive chairman of Templeton Asset Management Ltd. in Singapore, stated, “The U.S. dollar will get weaker versus emerging-market currencies. The reason why we had this weakness in emerging-market currencies is because of the rush into the U.S. Treasuries, into dollars. I don’t think that’s sustainable.”

Obama Stimulus May Support Dollar

The stimulus package proposed by the incoming Obama administration may support the dollar somewhat and will help the US economy recover quicker than those of Europe and Japan. Bloomberg also predicts that developing economies will grow 3.1 % in 2009 while developed countries, including the U.S., the euro area and Japan, will contract 1.4 %.

2009 To Be an Exciting Year

One prediction that is sure to send traders and investors scurrying to their Forex converters is that the currencies of Poland, Brazil and Indonesia will be among the best performers. 2009 promises to be an exciting year for Forex traders and investors!