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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Global Stock Markets Mostly Firm; Quiet Forex Markets
The US Dollar is mixed after coming under some pressure, especially against its major rivals.
The Pound Sterling moved higher versus a weaker US Dollar as FX traders dismissed the release of disappointing growth data in the UK.
Yesterday, the oil markets advanced after the markets learned that the US crude oil supplies fell for the third consecutive week.
The Pound Sterling was holding on to recently earned gains and remaining within striking distance of the $1.30 level against the US Dollar, though concerns about the UK economy are weighing on sentiment.
The announcement of Senator Kamala Harris as Joe Biden's running mate delighted many financial analysts, CNBC reported on Tuesday.
UK's Office for National Statistics reported that the economy contracted by 20.4 percent during the second quarter of this year, which makes the country one of the most affected of the developed world, and confirming that the country has entered into a recession for the first time in 11 years.
The US Dollar was mixed and struggling to hold onto recent gains.
Yesterday, oil markets advanced on signs of the coronavirus crisis dwindling in the United States, after Saudi Aramco released a positive assessment regarding the situation of the market.
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The US Dollar gained positive momentum during the London trading hours as FX markets focused on US plans for fiscal stimulus and the upcoming trade discussion which is likely to center on the escalating tensions between the US and China.
Last week oil markets ended the week in the negative territory mainly due to concerns for a fall in demand, now there are fears that the current economic recovery could be affected by a second wave of the coronavirus.
The US Dollar was broadly higher despite a shift in sentiment as markets await today's release of US labor data
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Yesterday, the oil markets continued rallying, hitting a 5-month high, after the markets learned that there was a drop in crude inventories.
The Pound Sterling inched higher against its US counterpart after the relief package for the US Coronavirus pandemic stalled in the US Congress, which sent US bond yields lower.