Financial Times.com Forex News For the latest forex news, scroll down 05/18/2008 12:55 PM The euro's success could also be its downfall It is not easy being the world's main currency, and the euro is showing all the signs of strain that comes from being the new international key currency, writes Harold James 05/16/2008 02:04 PM Inflation woes heighten investors' uncertainty Inflation concerns were never far from investors' minds this week as oil prices hit a new record and the Bank of England issued an exceptionally gloomy economic forecast 05/16/2008 01:20 PM Nordic banks step in to back Iceland The central banks of Sweden, Denmark and Norway unveiled a €1.5bn emergency funding package to support Iceland's troubled currency and stabilise its banking system 05/16/2008 01:03 PM Ailing UK economy hits sterling The pound dropped to a three-month low against the dollar this week as the gloom surrounding the UK economy deepened 05/15/2008 03:26 PM German growth helps spur eurozone A dramatic German growth spurt powered a reacceleration in eurozone growth at the start of this year, in contrast to the sharp US slowdown

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If you have frequented our website, then you know that the US Dollar has enjoyed reports that what the Federal Reserve is working, the credit crisis is behind us and there are improving bottom line estimates from corporate America. Thing should be bottoming and ready to really move upward. And this will be good for other countries that were affected by the numerous crisises that eminated from the United States. This news has the US Dollar up from the record lows against the Euro and other currencies.

But many say that it is too soon to tell. Less than 2 weeks after the Bear Stearns failure, experts were saying that the worse of the submortgage problems are behind us. Outside of well wishes and happy dreams, there was no evidence given that this is so. What has happened is that Federal Reserve has structured the bailout plan to allow the banks to exchange mortgage based assets that have gone bad with more liquid Treasury notes. Banks are also still selling common and preferred stock in exchange for money to shore up against more multi billion dollar writedowns. And not just in America as European and UK banks are doing much of the same.

This is what is happening behind the scenes while CNBC and the Fed are painting pretty pictures for Americans to look at to divert attention to what is really going on in the banking industry and the economy. In the UK, they were much less subtle about not telling anyone what is really happening. Reports of the Bank of England issuing a permenant news blackout on the names and number of banks that are being bailed out by the central bank was released in a news article by the Thisismoney website. Bank Governor Mervyn King also had requests under the Freedom of Information Act to be denied. This means that these details will be kept secret even after 30 years from the public. Any Bank of England employee leaking info on this will be prosecuted.

There is a lot more we could put here, but you get the drift. Things will improve eventually, but shouldn't investors be looking at the banking sector and the US housing market for signs of improvement instead of listening to a bunch of rich guys and gals on Wall Street who are out to protect their own interests? Visit us from time to time to see how the forex market is affected by changing fundamentals in the global economy.

Remember that money can be lost in currency trading and one should consider the amount of risk and potential loss involved before starting, and that such trading is not suitable for every person.