This year has been full of surprises for the average Forex trader. Several economic crises, financial crises, regular crises and a lot of microeconomic problems made it very eventful for some foreign currencies. Investments under such circumstances can be lucrative or detrimental, depending on your interests on the market.
November is also a rather eventful month. There have been plenty of financial decisions and summits that might tip the balance for some world currencies. There haven’t been many Forex-related incidents, which is a surprise for this market. Even so, there’s a lot to talk about.
Before you get to know the best Forex products that are currently traded, you might also want to check the Forex exchanges people currently visit. The success also depends on the trustworthiness, regulation and reputation of a particular broker. Check out topbrokers.com to see a well-compiled comparison on the subject.
USD – US Dollar
USD has been in a very good shape for the majority of 2022, owing to the independence of this economy from the foreign imports. However, October and November have seen several incidents in relation to the American economy and its top players.
One of the biggest such incidents occurred to Meta and Amazon. The two titans lose a large portion of their respective values due to poor financial decisions, poor investments, lower-than-expected sales and a subsequent decline in cash flow. This famously made Amazon in particular lose $1 trillion dollars.
Other events, such as the recent elections, the crypto crash and others very likely had something to do with the current situation of USD. In particular, it’s losing value. It’s not a catastrophe now, but considering that the American economy has been in a very beneficial position prior to October, it’s a very visible change.
It’s not going to last for long, likely, as the general trend of this economy is in the bullish area. But some dollar-backed products can be shorted to gain some profit in the near run.
EUR – Euro
In the long term, the news for the euro is worse than for the dollar. The difficulties the latter is facing are short-term, while the European economy is going to take longer to recover. Still, it seems that the currency has entered a period of some growth between the previous fall and the expected winter decline.
There has been some good news for the economy – the gas crisis and the agricultural crisis are improving. Right now, it’ll likely start recovering, which makes euro products a good target for speculation. Just now that the currency is expected to shrink a lot of people come the winter.
Don’t follow the Forex scams thinking that the worst has already passed and that you can buy low and sell high. It’s likely not going to happen.
GBP – British Pound
Contrary to the general mood, the pound has been performing better than expected this last month. The inflation is still rampant, but it seems that the latest events concerning the death of the Queen, the cabinet’s bad decisions, as well as general instability and economic decline has partially been smoothed out by now.
It’s probably temporary, much like the euro situation, but the GBP is currently growing in relation to the USD. Because of it, you can make a few long investments into the GBP-backed products or just buy this currency with the dollar. It’s especially good considering the currently bad situation in the American economy.