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.
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As equities in Asia continue to slide the U.S. Dollar was able to recoup some of the ground lost earlier against the safe haven Japanese Yen but still remains close to 6-month trough versus the common currency Euro.
Safe haven seeking market players helped to push the common currency Euro up against the Japanese Yen during the Asian trading session but the EUR/JPY pair held below yesterday’s 2-week peak.
The U.S. Dollar began the trading week in Asia by edging broadly higher against its major peers.
The U.S. Dollar suffered heavy losses during Friday’s early trading session, much of which was prompted by an unexpected sell off on Wall Street.
The U.S. Dollar was trading within a tight band earlier as investors’ uncertainty continues to grow over the Federal Reserve Bank’s decision as to whether or when the current quantitative easing program would be tapered off.
Unexpectedly upbeat retail sales data from the U.S. helped to lift the U.S. Dollar against most rivals during Wednesday’s early Asian trading session.
The Japanese Yen slipped lower in Asian trading following a report that the Japanese Prime Minister might be considered a tax cut for corporations as a means to offset a two-staged tax hike which is being perceived as a possible drag on the Japanese economy.
The U.S. Dollar firmed in Asian trading despite five weeks of oversold territory for the greenback which resulted in a near continuous decline for the U.S. currency. U.S. economic data has not improved steadily enough to warrant further speculation that the Federal Reserve might soon be tapering its quantitative easing program, though neither has it been deficient enough to speculate on the opposite.
In Asian trading the U.S. Dollar is poised to record a straight week’s worth of declines while the Index held near to a 7-week trough following the recent release of unexpectedly strong economic data from China which gave investors a reason to seek out higher yielding currencies.
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Economic data releases from the Pacific Rim, which included July labor data from Australia as well as trade data from China, had already been putting some pressure on the Aussie Dollar ahead of the news releases.
The U.S. Dollar edged lower against the Japanese Yen during thin trading in Asia and market players are anxious to see whether the Nikkei’s recent decline will continue and help to give the Japanese currency another boost.
The Pound Sterling continued to hold in positive territory following the release of a survey which suggested that the U.K’s economy is finally on the road to recovery.
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Just ahead of the release of key employment data from the U.S. Bureau of Labor Statistics, the U.S. Dollar managed to hold onto earlier gains after getting a much-needed boost from unexpectedly upbeat data which would support the Fed’s curtailing of its quantitative easing measures.
The Federal Reserve Bank released its monthly policy decision and held interest rates at the current level, however the Fed's failure to address the issue of the timetable for tapering for quantitative easing scheme left Dollar bulls in the lurch and sent the U.S. Dollar Index wallowing close to a 6-week trough.