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.
In a move that caught most industry leaders by surprise, international Forex broker, IronFx withdrew its membership from The Russian Centre for Regulation in Over-The-Counter Financial Instruments and Technologies (CRFIN SRO), the Russian self-regulatory body for its Forex industry.
Depending on whom you ask, Greece is either going to default next week or it isn’t. Athen’s debts are due at the end of the month and any hopes of an agreement between Greece and its creditors diminished on Thursday, after yet another emergency meeting of the Eurogroup.
Despite another standoff in the Greek debt debacle, the Euro had earlier managed to edge higher versus the US Dollar but those gains were short lived. The common currency is still extremely volatile and remains under pressure as negotiations get under way again.
The US Dollar continues to move up against its northern neighbor’s currency, closing at 1.2448 and rising against the Canadian Loonie for a fourth consecutive day.
Recent pictures on social media during the past few hours purporting to come from Islamic State-controlled Syria show newly minted coins that are allegedly the first circulating currency minted by the Islamic State. The currency is known as the “Islamic Dinar”.
Contrary to current thinking, Federal Reserve Governor Jerome Powell is almost certain that the U.S. central bank can begin raising short-term interest rates as soon as September, followed by a second increase in December.
The US Dollar saw broad-based gains after yesterday’s report that existing home sales in May beat analysts’ expectations with a rise of 5% to 5.35 million, jumping from April’s 5.09 million which was itself revised upward.
With a possible Greek debt deal in the offing, it is only a matter of time till the dollar rebounds and resumes its position against the euro. Optimism over a possible detente with Greek creditors is shifting the focus back to the Fed and its implementation of an interest rate increase sooner rather than later and a stronger dollar is certain to follow.
Both the Australian and New Zealand Dollars moved higher versus the US Dollar during trading in Europe as investors consider the likelihood of an interest rate increase from the Federal Reserve.
Greek Prime Minister Alexis Tsipras offered some new proposals to the European Union over the weekend indicating a new willingness by Athens to make concessions that would help avert the country’s default.
The focus this week will be very much on the USD and the EUR, with hardly anything else going on concerning the other currencies.
International Monetary Fund chief Christine Lagarde told reporters that there will not be another grace period if Athens fails to make a payment at the end of the month. Lagarde said that unless Greece pays about $1.7 billion (1.5 billion euros) due on June 30th, it will immediately be considered in default.
The Swiss Franc edged higher despite expectations that the Swiss National Bank would maintain interest rates at the current -0.75%.
There were no surprises at the Federal Open Market Committee meeting Wednesday as the decision was taken to keep interest rates at zero until further notice.
The safe haven Swiss Franc surged broadly during European trade and struck a 2-week peak versus the common currency Euro as investors’ fears grows. The situation in Greece continues to deteriorate and investors believe that the government is likely to default and thus be compelled to exit the Eurozone.
