The Islamic calendar’s most important month, Ramadan, is a time of reflection and piety.
As it is based on the Islamic lunar calendar, the dates of Ramadan vary from year to year, but it is estimated to fall around 26 May – 24 June in 2017.
With the forex market being such a global and inter-connected marketplace, events from all corners of the globe, also Ramadan, can have an immediate effect on exchange rates and currency values.
Overall, this level of high consumption leads to high levels of economic growth in certain countries. Admittedly, this is only a short-term effect, but it does still affect the markets, with business growth affecting shares and currency performance affecting the forex markets by bolstering the country’s currency.
Wish you a wonderful summer holiday time.