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Daily Forex News
The global stock rally that started on Tuesday extended into Wednesday morning and analysts have reason to believe that the bullish run may still have some life left.
The GBP/USD pair edged near to a 6-week trough as the Pound comes under pressure from an economic that is nothing but uncertain.
Oil prices and Asian stock indexes edged moderately higher on Tuesday morning as traders remain cautious in advance of the Jackson Hole summit.
The common currency edged lower on Monday and is extending last week’s decline, the largest weekly fall since early June, as investors ponder the next move by the European Central Bank
Although August and September tend to be weak months for stock markets, global markets are facing additional challenges of late, stemming from a continued political turmoil in Washington and the financial announcements from the annual summit in Jackson Hole later this week.
This week will have a considerably lighter news agenda than last week.
The US Dollar dipped against the Japanese Yen in Asian trading as investors’ fears grow over President Trump’s inability to move his economic policy agenda forward.
The common currency Euro slipped off the recently struck 2½ year peak versus the US Dollar on the outcome of today’s Eurozone inflation data.
Federal Reserve policymakers expressed concerns about weak inflation and some favored halting interest rate hikes until inflation is under control, minutes released on Wednesday afternoon showed.
The US Dollar remained close to a 3-week peak in European trading after yesterday’s release of unexpectedly upbeat retail sales data helped to lift risk appetite.
Strong U.S. retail data released on Tuesday did little to move the dollar, as traders seemed to take a step back as they wait for additional data which is expected later on Wednesday.
The US Dollar was broadly higher, especially against safe haven currencies such as the Swiss Franc and the Japanese Yen, as tensions involving North Korea seem to be evaporating.
Asian shares extended Monday’s gains in early Tuesday trade after North Korea’s leader Kim Jong Un hinted that he would push off plans to fire a missile near Guam.
The Pound Sterling edged lower versus the US Dollar and strayed near to the $1.30 price, a level that it has seemingly been anchored to, as a result of the Brexit talks.
Asian shares snapped their losing streak on Monday, despite weak data out of China which showed economic growth that was below forecast in multiple sectors.