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After leaders at both the Bank of England and the European Central Bank surprised markets with monetary policy stances that were more dovish than previously, the U.S. Dollar broadly rallied during the Asian session.
As risk averse investors shun all things related to the Eurozone, the U.S. Dollar has been reaping the benefit.
With financial markets in the U.S. closed today for the Independence Day holiday, the U.S. Dollar held steady in overnight Asian trade after investors cut back their long positions ahead of Friday’s market moving data release, namely the monthly non-farms payroll report.
A continually strong US Dollar has pushed gold prices to the lowest they’ve been in the past 7 weeks. Although leaders at last week’s EU summit agreed to a plan to build a rescue fund, the Fitch Ratings has commented that this plan did not sufficiently ease the pressure on the region’s sovereign bond ratings.
The Euro continues to decline as the Eurozone crisis lingers on; thus far in a light trading week.
In Tokyo, the EUR/USD pair had dropped to a 4-week trough and was trading at $1.2984 before recovering to 1.3027; since mid-June the Euro has lost about 3% of its value relative to the greenback.
The U.S. Dollar slipped versus the safe haven Japanese Yen driven there by worried investors who fear that a Chinese credit crunch might be imminent.
The recent U.S. Dollar rally paused as investors reconsider comments made by two officials of the Federal Reserve which contradict Ben Bernanke’s statement last week which suggested that the Fed’s asset purchasing program was likely to be imminently curtailed.
During Monday’s Asian trading session the U.S. Dollar Index traded higher and close to a 2½ week peak; individually, the greenback’s value surged against the Yen following last week’s Fed announcement which heightened expectations that the central bank would soon be tightening its monetary policy.
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The safe haven U.S. Dollar was in heavy demand during Friday’s Asian trading session following the announcement that the Federal Reserve Ban is seriously considering putting a halt to its ultra loose policy by reining in some, if not all, of its asset purchase program.
The U.S. Dollar firmed during the Asian trading session after yesterday’s broad rally in the wake of the announcement by the Federal Reserve Bank that it would start to ease back on its stimulus program, perhaps beginning as soon as the year’s end, provided that the U.S. economic recovery continues as expected.
Gold futures fell on Tuesday and hit their lowest level in nearly a month as traders pondered whether the Federal Reserve will signal a taper in today’s announcement, which is set for 2pm EST.
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The Japanese Yen remained close to a recently struck 2-month peak versus the U.S. Dollar as well as the common currency Euro as investors await news from the U.S. Federal Reserve to gauge what the Fed’s next step might be.
The U.S. Dollar Index continued to languish near a recently struck 4-month trough as a short-lived rally in the global stock markets whetted risk appetite and sent investors in search of higher yielding currencies such as the Euro and commodity-linked currencies.