Before there was forex, there was Hawala, an informal currency exchange that has been in existence since the days of the Silk Road when traders and financiers have been using this system to barter and trade with other merchants from other countries. During that time the worlds main economic trade was along this legendary route. This system evolved into what is known as Hawala, which means “transfer” or “wire” in Arabic banking jargon. This type of system is widely used in Mi…
Forex Legend: George Soros And The British Pound
Anyone who trades forex would have heard of George Soros, the man who traded against the Bank of England and won. This story has been retold many times and is now stuff of legend. But now in 2007 when GBPUSD is over the 2.000 level from September 1992 once again, it is time to recall this legendary forex event. Remember September 19, Black Wednesday in 92, the day when the Bank of England withdrew and stopped pumping money to keep the sterling pound strong.
Chinese Yaun: The Powder Keg Currency
China has been and still is the fastest growing economy in the world and it doesn’t seem to be stopping any time soon. Quoted from Wikipedia, in 2006, the GDP “$2.68 trillion USD. Its per capita GDP in 2005 was approximately US $1709 (US $7204 with PPP), still low by world standards, but rising rapidly. Thanks to exported goods, it has enjoyed a tremendous growth without pause. To compare the enormity of the trades, it has just surpassed Canada as USs biggest importer of goo…
Chinese Yuan: The Powder Keg Currency.
China has been and still is the fastest growing economy in the world and it doesn’t seem to be stopping any time soon. Quoted from Wikipedia, in 2006, the GDP “$2.68 trillion USD. Its per capita GDP in 2005 was approximately US $1709 (US $7204 with PPP), still low by world standards, but rising rapidly. Thanks to exported goods, it has enjoyed a tremendous growth without pause. To compare the enormity of the trades, it has just surpassed Canada as USs biggest importer of goo…