Forex

The financial markets have experienced a lot of uncertainty in the last sessions, fuelled mainly by the bankruptcy that many US financial organizations specialized in subprime mortgages are facing since last spring.

This uneasiness is finally affecting the economies worldwide, starting on Europe where the ECB, in an unprecedented move, has injected €94,800 million to the markets in order to compensate the lack of liquidity. One of the main reasons for this movement was the announcement of BNP Paribas to temporarily freezed the liquidation value of three of its funds. The French bank follows the steps taken by other organizations such as Axa or the German bank WestLB.

The US Federal Reserve felt also the tension and injected $24,000 million to the markets. The trading pits were so worried that the US President, George Bush, appeared in a special speech trying to calm down the stock market. At the closing of the August 8 session the Dow Jones plunged a 2.83%, the largest fall in a row since 2003. The President reiterated that the "fundamental bases" of the economy are very "robust".