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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The Euro was under some pressure as markets look to this week’s policy meeting at the European Central Bank.
Asian shares edged higher on Wednesday as markets continued to recover from the jolt sent earlier this week when Italian Prime Minister Matteo Renzi announced his resignation.
The Euro steadied and remained close to a 3-week peak during early trade in Europe as markets count on volatility in the run up to the policy meeting of the European Central Bank.
The euro remained steady during Tuesday’s Asian session after traders determined that Monday’s selloff following Italy’s referendum was overdone.
The Euro recovered slightly from the recently struck 21-month troughs but remains under some pressure.
After a devastating defeat on Sunday’s referendum on constitutional reform, Italian Prime Minister Matteo Renzi promised to resign after only two and a half years in office, posing a devastating blow to the euro-zone’s third largest economy.
There will be a somewhat heavier news schedule this week compared to last week, with major central bank input due from the European Central Bank, the Reserve Bank of Australia and the Bank of Canada.
Ahead of the US Non-farms Payrolls report which is due out shortly, the US Dollar lagged its rivals as wary FX traders sit on the sidelines.
The US Dollar had traded close to a 9-month peak versus the Japanese Yen after the release of news on the OPEC deal which will lower oil output.
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The Organization of Petroleum Exporting Countries (OPEC) agreed on Wednesday to curtail oil production by 1.2 million barrels per day, reducing output to 32.5 million barrels per day.
Oil prices rose slightly during Wednesday’s Asian session following a four percent decline overnight on fears that today’s OPEC meeting in Vienna may not yield actionable steps to cut oil production.
Pound Sterling Edged higher versus the US Dollar as FX traders await new cues as to Britain’s departure from the EU.
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Sign up to get the latest market updates and free signals directly to your inbox.Rumors that tomorrow’s OPEC meeting will fail to instigate production cuts sent oil prices broadly lower on Tuesday.
The Pound Sterling was mixed in European trading, holding its own versus the US Dollar but sliding versus the Euro as the markets’ focus turns to Mario Draghi, head of the European Central Bank.
The dollar plummeted more than 1.6 percent against the yen on Monday, retreating from the eight-month high set on Friday as traders showed concerns about this week’s OPEC meeting.