Market News

The Norwegian Krone, generally considered a safe haven currency, earlier skidded to its lowest level in nearly 8 months versus the Euro.

The common currency Euro recovered slightly after earlier coming under pressure in the wake of China’s slumping equity market. Investors are concerned that the second largest economy on the globe may be on the verge of becoming destabilized.

Ready for some good news at the pump? After years of rising gas prices, consumers should soon be able to fill up their tanks at rock bottom costs. Oil prices are already lower than they have been since 2009 and aren’t even close to settling.

The Dollar edged higher during the European session as markets re-shift their focus to the US and the monetary policy decision of the Federal Reserve Bank. The Fed is due to release its meeting minutes later this week.

The report on the latest prices for home sales in China has been released and it looks good for the world’s third economy. Official data on Tuesday showed monthly home prices climbing for a third straight month in July.

Now that concerns over the potential currency war spurred on by China’s intervention in the Yuan have subsided, the markets’ focus has turned primarily to the US Federal Reserve Bank.

Eurozone finance ministers gave the green light to an 85 billion euro bailout for Greece on Friday, an indication interpreted by some lawmakers as a definite sign that Greece is interested in remaining a member of the euro area.

Last week was surprisingly eventful, but this coming week should be more eventful still as we have a few very important events scheduled for the U.S. Dollar, Japanese Yen, and Australian Dollar.

Greece is back on the roller coaster ride. After agreeing at the beginning of the month to the terms of the bailout programs with the leaders of the Eurozone group, all team players are back to the bargaining table.

The US Dollar Index edged away from a 1-month trough after the Chinese government alleviated investors’ concerns that a currency war was brewing.

What a difference a day makes. Just last week, it seemed certain that after months of speculation, the Federal Reserve would introduce an interest rate increase by September at the latest. But the U.S. doesn’t exist in a vacuum and world events have changed and a rate increase now seems in doubt.

As the Chinese Yuan continues to be devalued by the People’s Bank of China that has raised speculation that the Federal Reserve might now have to postpone a rate hike.

Just when it looked like the price of oil couldn’t drop even further, it just keeps barreling down. Crude closed at the lowest level in more than six years Tuesday on news from China and the Middle East.

Greece and her creditors have finally agreed a comprehensive deal on the terms for a widely-anticipated third bailout package, although there are apparently one or two minor terms that are still to be agreed.

In the wake of the surprise move from the People’s Bank of China (PBOC), higher-risk currencies such as the Euro received an unexpected boost. Analysts say that investors could see the PBOC move as the trigger for a currency war which could benefit Gold in the short term.