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Thursday, October 22, 2009

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Latest Forex Update :-

IMF To Visit Romania Oct 28-Nov 9 To Review Loan Package

International Monetary Fund Officials are scheduled to conduct their second review of a $17.1 billion Romanian loan package Oct. 28 through Nov. 9 in Bucharest, the Fund said Thursday.

"During this visit, the IMF mission will evaluate the country's recent economic performance and will discuss with authorities the economic objectives for the coming year, along with the policy measures and structural reforms needed to reach those objectives," Jeffrey Franks, the IMF's Romania mission chief said.

Fund officials will be joined by officials from the European Commission and the World Bank. The visit comes after a Romanian government collapse but before a new governing structure has been fully formed. Fund officials anticipate another review could be required once a new government is in place.

The Fund is looking for Romania to commit to a 2010 budget deficit of no more than 5.9% of gross domestic product as they consider releasing a second installment of funding for the country.

That installment would be about $2.25 billion. The Fund already has disbursed nearly $10 billion to Romania.

-By Meena Thiruvengadam, Dow Jones Newswires; 202-862-6629;

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: You can use this link on the day this article is published and the following day.

Forex: GBP/USD tests 1.6600, back to 1.6575

The Sterling has continued with its advance against the Dollar from today's low at 1.6485, MA55 hourly chart, during the American session to test the 1.6600 level in the last minutes. Currently the pair is trading around 1.6575/85, 0.10% below today's opening price action.

The FastBrokers Research Team comments: “The Cable is dipping after breaking through our previous 3rd and 4th tier downtrend lines and the psychological 1.65 level. We mentioned before how a failure of both our 3rd and 4th tiers signals a probable retest of September highs and possibly the highly psychological 1.70 level. The Pound continues to find strength in the BoE’s decision to stray from its overtly dovish monetary policy in light of recent optimistic econ data.”

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