Wednesday, October 04, 2006

Secret Society and the Peso

A few days back I joined over the internet a “secret” society of forex traders. People whose ability to trade forex and access, interpret information are probably better than I could. And definitely have more financial resources than I have. I am just an ant in a huge zoo populated with elephants, and other large animals. But I can be an ant on top of a Carabao, diba? and I am more of a chart interpreter, coupled with economic news and Bloomberg watcher…. whatever that means, hehe. Still I am being ultra careful reading the info sent to me by the “secret” society.

On other news…I said before the Peso should really reach around 40’s by December 30. It should really breach 47-48 by November. No matter how hard our Central Bank tries to control the ascent of the Peso, it just can’t with the deluge of dollars coming overseas. Besides, historically the Peso is in its strongest every November and December for the past decade. And this year it would be the same, unless all the OFWs all over the world won’t get their salaries and forget Christmas, hehehe. So? Unload dollars now while it is at 49.90, hehehe. And buy them back again when January comes and pocket the differential.

Oil prices will continue dropping, and will be cheapest by late next year when processing capability in oil producing countries such as KSA will probably increase by 20 to 30%.

On another news, more OFWs are going to Australia: AUSTRALIAN companies will be given the task of screening the skills of new overseas recruits in their home countries under a Federal Government scheme to fast-track the supply of labour in areas where there are shortages. The workers will be funnelled through offshore skills assessment centres. These will be set up in countries that the Government believes have the greatest potential for providing workers who can fill existing skills shortages in Australia .They include India , Sri Lanka , the Philippines, South Africa and Britain . The centres will target people in trades where there are critical shortages. These include electricians, motor mechanics, carpenters and joiners, bricklayers, plumbers, hairdressers and refrigeration and air conditioning mechanics.

A spokesman for the Minister for Workplace Relations, Kevin Andrews, said the system was part of a "new national approach to skills recognition" that the state and federal governments agreed on this year.
That’s all for now, I am going to the farm today. Another news is I just hired a Teacher to manage my School Supplies and Photocopying shop yesterday.