T & K Forex Inc. Expects All Time Highs for the Euro Currency in 2007
Michael Smith, President of T & K Forex Inc. and a 13 veteran of the currency markets, expects problems with the US Dollar may mean good news for the Euro Currency in 2007.
Port St. Lucie, FL (http://www.prweb.com/) February 22, 2007 — Michael Smith, President of T & K Forex Inc. and a 13 veteran of the currency markets, expects problems with the US Dollar may mean good news for the Euro Currency in 2007.
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A huge US deficit, the war in Iraq and the highest consumer debt level per capita in US history may take away some of the safe haven aura surrounding the US Dollar this year. Loose lending practices by US banks to finance the recent personal home ownership boom has led to one of the largest bank foreclosure forecasts in decades. Many major foreign banks are reducing their reserves of US Dollars in favor of the Euro Currency. Higher rates at major foreign central banks are attracting capital investments at the expense of the US Dollar. “The US Dollar may retreat to its lows and beyond this year creating new highs for the Euro Currency,” said Smith.
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