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Daily Forex News
The U.S. dollar wavered Thursday in anticipation of the closely watched U.S. non-farm payroll report due out later in the day which could hint at the Federal Reserve's monetary policy outlook.
The US Dollar was under pressure after speculation on the Fed’s outlook for interest rates deteriorated.
The dollar tanked the most in seven years against major currencies as data indicating a slowdown in service industry growth fueled concern over the strength of the U.S. economy.
Bank of Japan Governor Haruhiko Kuroda said Wednesday that the central bank has “ample room” to ramp up its easing measures and is ready to cut interest rates deeper into negative territory if necessary in order to meet his ambitious inflation target.
The Japanese Yen inched higher during the Asian trading session, helped along by yet another decline in the price of oil which weighed on sentiment in risk appetite.
Mario Draghi presented his reasons for another round of monetary easing when he spoke to the European Parliament in Strasbourg, France Monday pointing to poor growth in wages and rising concerns about weak inflation which would justify more action by the European Central Bank.
China’s weak data had a one-two punch on the Forex market, with commodity-currencies suffering alongside the drive higher for safe haven pairs.
The week started off in negative territory as the yen reported wide losses on Monday and the euro struggled for support after the Bank of Japan adopted negative interest rates on Friday, increasing expectations that the European Central bank will ease policy too.
The coming week ahead is likely to be quite similar to last week in terms of the volume and likely impact of due data. Get the economic and political calendar for the popular currencies for the week of February 1, 2016 here.
The talks between Athens and the heads of international lending institutions are expected to start on Monday, a source in the Greek Finance Ministry announced on Saturday.
The Bank of Japan introduced a negative interest rate policy in order to achieve a price stability target of 2 percent at the earliest possible time.
The jump in oil prices to above $33 per barrel helped to lift commodity-linked currency pairs which included the Aussie and Kiwi Dollars, as well as the Canadian Loonie.
The Federal Reserve ended Wednesday’s FOMC meeting with interest rates unchanged but with hints that a March hike may be imminent. After weeks of sharp swings in the markets, the decision left investors anxious and uncertain what to do.
The Australian Dollar touched on a 3-week peak against the US Dollar.
The Federal Reserve is expected to leave interest rates unchanged on Wednesday and with the U.S. economy moving towards negative territory, chances of a March rate hike are slowly waning.