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The U.S. Dollar Index, which investors use to gauge the greenback’s weight relative to its major peers, held close to a 4-month trough during the Asian trading session as investors debate whether or not the Federal Reserve Bank might tighten the reins on some of its existing stimulus measures.
The Japanese Yen eased against the U.S. Dollar after obtaining the single largest day’s gains in more than three year’s following the Bank of Japan’s decision to hold the status quo rather than take any additional stimulus measures.
The U.S. Dollar’s recovery was extended against the Japanese Yen and moved well off the 2-month trough struck during the previous trading session. Since Friday, the USD/JPY pair has gained 3.3% and was recently trading at 98.12 Yen, well off that day’s 94.98 Yen low.
The U.S. Dollar was able to extend recent gains against the Japanese Yen during the Asian trading session following Friday’s release of U.S. labor data which slightly beat analysts’ expectations.
In advance of the NFP report today, the dollar suffered heavily during the Asian session. See why at DailyForex.com.
The Japanese Yen was broadly and sharply higher following a significant fall in Japan’s stock market which sent investors scurrying for the safe haven currency. On the flip side, higher risk commodity-linked currencies, especially the growth-linked Australian Dollar, were facing renewed pressure as the growing possibility of a global slowdown confronts investors.
The AUD/USD pair fell to a session low of $0.9605 and was closing in on the 19-month low struck last month and currency strategists believe that the Aussie’s downward trend needs overwhelmingly positive news in order to halt it.
The U.S. Dollar Index edged higher off of a recently struck 1-month low which came as a result of still more disappointing economic data which supported a continuation of the Federal Reserve’s existing monetary policy.
The Australian Dollar eased back from previous highs against the greenback after the latest data from China dampened investors’ optimism of improvement for the second largest economy in the world.
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The U.S. Dollar continued to hold close to a 3-week trough versus the common currency Euro following the release of data which suggested that the U.S. economic recovery isn’t as robust as previously thought and likely to lead to the Federal Reserve Bank to continue with its current ultra loose monetary policy.
The U.S. Dollar was facing steady pressure against the Japanese Yen after slipping more than 1% on Wednesday on renewed expectations that Fed stimulus measures might not be withdrawn in the short term.
The U.S. Dollar rallied broadly following stronger than expected economic data from the U.S. which bolstered investors’ expectations of the Federal Reserve’s pull back of some of its stimulus measures over the course of the next several months.
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Sign up to get the latest market updates and free signals directly to your inbox.The Japanese Yen relinquished some of its previous gains during Tuesday’s Asian trading session as wary forex traders monitored the Japanese stock market for additional declines which were likely to impact the Yen.
The U.S. Dollar took a beating last week, against the safe haven Japanese Yen the greenback recorded its worst single week in more than a year. On Friday
With investors already skittish from Ben Bernanke’s testimony about the timeline for the scaling back of the Fed’s QE program, a rout in global equities which began in Japan and ended in Europe helped send the U.S.