Just as the riots have clamed in the UK, the foreign exchange market seems to be taking a similar path.
Of course, Sterling took a decline last week, not surprising given the trouble and also the continually bad house data being released. All it could manage was a high of 1.6390, opening today at 1.6270.
The Euro had a mixed week, with Friday seeing some positivity reaching a high of 1.4305. Onion polls out of the eurozone will be interesting to observe, investors want to know what the general populace think of all the bail outs. Early indications show they want to ditch the PIGS â€“ Portugal, Italy, Greece and Spain that is.
The Loonie is following oil prices and is trading on the low end as oil prices increase, managing a high of just 1.0152 last week and opening at 1.0125 today.
The good news, Retail sales are up 0.5% in the US, giving some stability to the Dollar. So we can simply ignore the growing political instability and mounting debt, at least people are out shopping!
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