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Rumor: Gaddafi and Rebels Reach a Ceasefire

There’s talk that the Libyan government led by Colonel Muammar al-Gadaffi and the military leaders of the Libyan rebels based in Benghazi have reached a deal on a ceasefire.

Local agreements have been reportedly reached in the main cities that have seen fighting such as Misrata and Brega.

NATO is still bombing Gadaffi’s forces and Gadaffi in particular, trying to win the war. But the rebels on the ground understand that without s surge in NATO’s efforts, a victory isn’t near and the stalemate is likely to continue.

A ceasefire will open the road to some kind of power-sharing agreement in the North African country. Libya produces high quality oil that is sent to Europe. When the civil war began in February, the price of oil surged and added to the factors weakening the dollar and helping the Swiss franc rise.

A confirmation of this rumor might send USD/CHF higher.

Further reading:  Gaddafi to Zimbabwe?

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.