The following Forex news reports are the latest developments of the Forex market. The news reports are updated frequently and include all the events that affect the foreign exchange trading industry.
Market News
Market News
The U.S. Dollar’s recent rally in the wake of last week’s upbeat labor data has waned during Asian trade. Analysts say that with U.S. corporate earnings reports due out this week, investors have turned cautious and pushed U.S. Treasuries lower which then put pressure on the greenback.
Financial markets are still basking in the afterglow of the unexpectedly robust labor report from the U.S. Department of Labor which was released last Thursday, even after a foreshortened workweek as the result of the Independence Day holiday.
Asian shares rose to a three-year peak on Friday and the dollar held near its overnight highs after U.S. jobs data showed the lowest unemployment rate in six years and underscored the strength of the economic recovery.
The release of private sector labor data from U.S.-based ADP which showed that 281,000 new jobs were added in July helped to lift the U.S. Dollar and kept up the bullish momentum in the Asian trading session.
European stocks advanced for a second day, following yesterday’s biggest gain in almost two months, as investors awaited reports on U.S. jobs and factory orders. U.S. index futures were little changed, while Asian shares rallied.
With the likelihood that the Federal Reserve’s FOMC will maintain monetary policy with ultra low interest rates for an extended period, the U.S. Dollar Index traded at a 7-week trough during the Asian session, extending June’s decline.
During the Asian trading session, the U.S. Dollar languished close to a 1-month trough after suffering from the largest weekly fall in two months as a result of disappointing economic data pushed investors to the sidelines and dampened the greenback’s allure.
Get the trading schedule information for the upcoming July 4th holiday here.
In lackluster trading and as investors focused on currencies with higher yields, the New Zealand Dollar managed to carve out gains and then hovered close to a 3-year peak.
The U.S. Dollar Index remained within striking distance of a 1-month trough after news that first quarter growth figures for the U.S. economy came back with a downward revision.
Surprising markets with a more dovish stance than expected, Mark Carney, the governor of the Bank of England, said recently that the United Kingdom’s economy still had excess slack which needed to be considered before there could be any changes to monetary policy.
Commodity-linked currencies such as the Canadian, New Zealand and Australian Dollars benefited from a recently released report which showed that the factory sector in China accelerated for the first time since the end of last year with new orders unexpectedly surging, an indication to investors that Chinese growth may again be on the verge of accelerating.
Asian stocks and the Australian dollar rose on Monday as upbeat news from China's factory sector and fresh highs on Wall Street fueled investor appetite for riskier assets. Crude oil held near nine-month highs as fighting in Iraq intensified.
Global stocks reached near record highs on Friday as markets betted monetary policy would remain loose in the United States, Europe and Japan for quite a while to come. Get the news for June 20, 2014 here.
In spite of the Fed’s recent rhetoric which led investors to believe that the U.S. central bank was poised to take up a more hawkish bias, the Federal Reserve yesterday failed to follow through, indicating instead that interest rates would remain at their current historic lows for the near term.