French PM Resigns & Canadian Dollar Gains
By AT Partnerships | Posted 28 Aug 2014
Please Note: Our New Traders have yielded 7.2% for the month of August 2014. They may not trade for the remainder of the month.
European Central Bank President, Mario Draghi, is quite a showman, he is juggling so many factors of the European economy such as deflation, debt, bankruptcies of banks, plus some countries now blaming other countries for their own financial woes.
The latest debacle was the French Prime Minister’s resignation and then throwing verbal grenades at Germany for their austerity programs (reducing budget deficits) affecting the French economy. This is huge news and puts Germany under pressure but as Germany says, “What, and President Hollande’s extreme socialist policies have no effect on French economics?” This puts extra strain on the Euro currency and the viability of maintaining a 16 country connection to it. The Euro was heading lower yesterday and hit 1.3152 US but had a nice bounce on comments coming out of Germany about fiscal policies over a delayed stimulus package by Draghi. No one heard a ‘Thank You’ coming out of France.
The markets were flat and listless in light trading volumes due mostly to investor’s ongoing geopolitical concerns in Ukraine (new Russian offensive) and Gaza. The S&P has had a good month, up 3.6 %. European shares were steady.
The Canadian Dollar stole the currency show for Wednesday gaining against all major currencies. Today has important German data coming out on CPI, inflation news that can have an effect on the Euro and later from the States, Gross Domestic Products news along with Unemployment figures, all red tag events.
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