Press Release: February 19, 2010
Okuma Group analysts have reiterated their advice to those holding US dollars, Sterling and the Euro to convert their holdings into commodity currencies like the Australian and Canadian dollars.
The Asian-based broker apparently believes that Canada and Australias economies stand to benefit significantly from the abundance of natural resources they harbor.
The US imports more oil from Canada than it does from Saudi Arabia and the country has vast reserves of crude in its relatively untapped oil tar sands. Australia has massive reserves of iron ore and gold which continue to be in great demand by emerging nations.
Okuma Group analysts point out that, in addition to the countries natural resources, their banking systems have emerged relatively unscathed from the credit crunch that proved so debilitating for their counterparts in Europe and the United States and, as such, have not suffered from the crippling effects of huge levels of public debt.
The Canadian dollar has gained significantly against a basket of currencies as the Aussie dollar and Okuma Group has suggested that those needing to hold paper currencies, convert their sterling or USD currency at the earliest possible opportunity.
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