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The Wild Card Oil 6 Oct 2009

Discussion in 'Major Currency Crosses' started by forexqs.blogspot.com, Oct 6, 2009.

  1. forexqs.blogspot.com

    Aug 20, 2009
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    The Wild Card Oil 6 Oct 2009
    Tuesday, 6 Oct 2009
    Dollar Weakens on Speculation Gulf States May Stop Using Greenback

    Growing speculation over the potential end to Dollar-based trading in the oil market has pushed the USD down against 14 of its 16 major counterparts yesterday. A report on Tuesday in the Independent newspaper revived the idea of ending a huge volume of trade of the world's most liquid commodity - Oil in the U.S. Dollar, a potentially major sign of the greenback's fading status. The Dollar weakened after the U.K.-based Independent reported oil-producing Gulf nations are seeking to move to a basket of currencies to settle transactions. Analysts said ending the use of the Dollar as the currency used to settle oil trades between countries would be an easy task, but a move to replace the currency in which oil is priced would require a massive effort .

    The Wild Card

    This commodity has been on a sharp upward movement over the last day and this bullish correction is likely to stick around in the near future. All charts are still providing a mild bullish signal; however, there may be short-term corrections during this uptrend. Therefore, forex traders can maximize profits by buying on lows and taking advantage of this bullish trend.http://forexqs.blogspot.com/

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