ForexMetals

The IMF has reasons to be concerned. In an article in this mornings UK Telegraph, it has called on the Euro-zone governments to take urgent steps to clean up the banking system as losses mount, and advised the ECB to prepare ‘all unconventional options’ in case the crisis deepens. Last week we listed 5-reasons why we would ‘not’ want to own the EUR. The biggest reason was transparency or lack there of. No-one truly knows the extent of the debt load that these financial institutions are carrying. Look at Ireland, once the ‘green emerald’ in the crown of European economic growth. Yesterday, it was officially downgraded because of its financial system; it is being artificially propped up by a Government who is on the verge of financial ruin. No wonder the IMF is talking! The US$ is weaker in the O/N trading session. Currently it is lower against 13 of the 16 most actively traded currencies in a ‘whippy’ trading range. For most of this year we have focused on the ‘once mighty greenback’ and its weakness issues and specifically the reasons for that. Despite this, the