Go Canada

[NYBob]

Canadian dollars as reserves shunning away from the Euro.
Behind the curtain, central bankers are running away from the
Euro after the German elections.

The rising debt in Europe is out of control and now even the
papers are warning there will be state bankruptcies.
We are headed into a serious economic collapse when the ECM turns
2015.75.

The magnitude of the decline will be far worse than the last turn
on this model.

http://deutsche-wirtschafts-nachrichten.de/2013/10/02/die-grosse-schulden-luege-europa-mit-voller-kraft-auf-pleite-kurs/

Euro as a reserve currency loses ground
German Economic News | Posted: 2:10:13, 01:37 | Updated: 2:10:13, 01:38 | 30 comments

Central banks turned increasingly to the Australian and
Canadian dollars as a reserve currency.
The euro, they are skeptical about - because they see
Europe as the biggest crisis risk.


The euro is not particularly popular with central banks. Australia and Canada are as safe havens, however. (Photo: Reuters)

http://deutsche-wirtschafts-nachrichten.de/2013/10/02/euro-verliert-als-reserve-waehrung-an-boden/

Australian and Canadian dollars are growing in popularity among
the world's central banks.
The countries are considered as a haven of stability, while the
euro-zone central banks appears to be crisis-vulnerable.
Sasha Nugent, currency analyst at Caxton FX, says the website
centralbanking.com:
"When the currencies of the Australian and Canadian dollars
offer the chance for greater profits without the risk of
investing in an unstable region."

In the second quarter of 2013, the shares of these currencies
have risen in the portfolios of central banks.
The banks have bought about 14 billion U.S. dollars Canadian
dollars and 2.5 billion U.S. dollars by the Australian
currency.

Interesting: Was it before, especially the emerging economies who bought the currencies of Canada and Australia, have bought especially the central banks of the western industrial nations in the second quarter.

This suggests that these central banks expect further turbulence in the dollar and the euro area.

However, the two currencies make up only a small proportion. 62 percent of foreign exchange reserves - 62 percent of total reserves are in U.S. dollars. That's $ 3.8 trillion. In the euro banks hold $ 1.4 trillion. The euro lost ground in the second quarter, though, has not once made up half of the losses suffered by the Community currency in the first quarter.

The U.S. dollar rather the principle is hope with the central banks. For the second quarter of the reserves of the dollar fell by 7 billion. Now the central banks hope for the end of the flood of money from the beginning of next year. Already for the third quarter of 2013 it will have been another increase that Scotiabank has found.

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God Bless