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.
Just ahead of the release of key employment data from the U.S. Bureau of Labor Statistics, the U.S. Dollar managed to hold onto earlier gains after getting a much-needed boost from unexpectedly upbeat data which would support the Fed’s curtailing of its quantitative easing measures.
The Federal Reserve Bank released its monthly policy decision and held interest rates at the current level, however the Fed's failure to address the issue of the timetable for tapering for quantitative easing scheme left Dollar bulls in the lurch and sent the U.S. Dollar Index wallowing close to a 6-week trough.
In lackluster trading, the U.S. Dollar Index continues to struggle broadly despite slight gains made early in the Asian session.
U.S. Dollar traders continue to be in a holding pattern as they await a monetary policy decision from the Federal Reserve later this week, as well as the critical non-farms payroll data which will be released on Friday.
With a week ahead chock full of economic data points which includes monetary policy decisions from both the European Central Bank, Bank of England and the Federal Reserve as well as U.S. non-farms payroll data and Chinese manufacturing figures, the U.S. Dollar was caught flatfooted during early Asian trade, with negative momentum continuing from last week.
Tokyo shares fell sharply on Friday on the back of a stronger yen.
The euro zone saw increased economic activity in July according to the euro zone flash composite PMI readings on Wednesday.
As a signal that China’s slowdown has not reached its low, the nation’s manufacturing numbers continued to drop in July.
With Asian economies continuing to grow and with the U.S. Federal Reserve reducing its stimulus measures, China’s Premier Li Keqiang said yesterday that the “bottom line” for China’s gross domestic product this year is 7 percent and that the nation can’t let growth go below that.
After months of decline, the price of gold is moving upwards. Gold jumped to a one-month high from London to Shanghai and Tokyo as prospects of the U.S. Federal Reserve sustaining its stimulus package began to hurt the dollar.
Currency analysts believe that there is a strong probability that the USD/JPY pair will once again touch last week’s peak of 101.53 Yen given the Yen’s recent underperformance and especially ahead of a key election in Japan’s Upper Parliament this weekend.
The U.S. Dollar Index moved higher during a choppy Asian trading session following comments made by Ben Bernanke, the head of the U.S. Federal Reserve, wherein he gave hope to Dollar bulls who expect that the Fed’s quantitative easing scheme will be reined in before the year’s end.
The U.S. Dollar was struggling for traction ahead of today’s Congressional testimony for the Federal Reserve Chairman.
The U.S. Dollar managed to eke out a moderate recovery during Tuesday’s Asian session as investors hold on to their expectations that the Federal Reserve is likely to take a less accommodative stance before any of its major rivals.
During Monday’s Asian trading session, news that Chinese growth expectations were met helped to ease investors’ concerns of an economic slowdown there which gave the Aussie Dollar a much needed reason to edge higher.
