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 U.S. currency slid against all major peers on speculation the Federal Reserve will be slow to raise interest rates amid uneven global growth, buoying gold and bonds.
The Pound Sterling, which had been under pressure prior to the latest policy decision from the Bank of England, continued its slide, falling to a 1-month trough versus the US Dollar.
The pound slipped in Asia on Tuesday on speculation of further UK policy easing, shedding 0.4 percent to $1.2981GBP after Bank of England policymaker Ian McCafferty said that more quantitative easing was likely to be required if the UK's economic decline worsens.
The US Dollar continued to have positive momentum after Friday’s labor data helped improve sentiment for the greenback.
Asian stocks hit one-year highs on Monday as investors seek greater yields amidst a backdrop of a recovering U.S. economy and easing global monetary policy conditions.
There will be a much lighter news schedule this week compared to last week, which includes central bank input from New Zealand only, as well as a key U.S. data tranche. There are also going to be a couple of important numbers to watch from China.
July’s non-farm payroll numbers were announced on Friday and were better than expected. U.S. employers hired at a steady pace during the month indicating some underlying strength for the labor market despite a host of mixed economic signals.
The Bank of England just announced an interest rate cut. This is the first rate cut in seven years. Mark Carney, the Bank governor, announced the reduction from 0.5% to 0.25% at noon on Thursday.
The Pound Sterling was trading close to a 3-week peak versus the US Dollar, and edged higher versus the common currency euro
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Asian stocks rebounded from their worst day since the aftermath of the Brexit vote. European equities also gained but the pound continued to retreat with the Bank of England expected to cut interest rates at today’s monetary policy meeting.
The US Dollar Index edged higher in Wednesday trading but remained near to the recently struck 6-week trough.
HSBC Holdings Plc reported Wednesday that its pretax profit had fallen 45 percent to $3.61 billion from a year earlier.
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The Reserve Bank of Australia (RBA) announced a cut in interest rates Tuesday by 25 basis points to a record-low of 1.50% from 1.75%.
The Pound Sterling retreated from the highs it hit last week versus the US Dollar after the latest economic data brought to light more worrying signs for the UK economy.