February 19. Euro rose from three months low against dollar on speculation that German Chancellor Merkel may plan to help ease the Financial turmoil in the region. Euro rose to $1.2697 from yesterdays low of $ 1.2530.
Some analyst are optimistic that European Union may have a “plan for sovereign bailout” and Euro may rebound to $ 1.3500 very soon.
February 17. Japan’s Finance Minister Shoichi Nakagawa resigns on accusations that he was drunk in G7 press conference. Mr. Nakagawa appologised to primeMinister, people and parliament of Japan,causing embarrasment for them.
February 17. Investors bought precious metal on speculation that world economy will further deteriorate and took refuge in gold pushes the price of metal to $ 964 an ounce in London. Silver also jumped to a five months high.
The uncertainity in Stocks and fears that stimulus package announced by President Obama and approved by US congress may fail are the major factorswhich forced investors to take refuge in safe haven.
February 13. Gold droped to $941 anounce from $952.50 highest since July 2008, after Chinese Arbitrager’s Sold Gold Overseas to buy in Shanghai to take advantage of the price gap.
February 13. World’s third biggest economy “China” is recovering after receiving $585 billion. Government stimulus plan in November is showing results from the current financial melt down.