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.
After last week’s considerable rout in the wake of the bombshell dropped by the Bank of England last week which indicated in its policy statement that it was postponing what otherwise appeared to be an imminent rate hike in order to wait for wage growth to improve.
Despite a disappointment in GDP numbers for the Eurozone, as well as its economic drivers, i.e. Germany, France and Italy, FX traders shrugged off the news which allowed the common currency to steady early in Asian trade.
The Euro suffered only a modest loss against the U.S. Dollar thanks to a rebound after a hard fall which came after the release of a key economic report from Germany showed that business sentiment once again deteriorated, now for the 7th straight month.
Asian bourses were mostly higher on Tuesday tracking Wall Street's overnight gains amid easing geopolitical jitters save for markets in China and India.
The European Central Bank yesterday made its policy announcement and though the outcome had been expected as indicated by a recently conducted poll of analysts and experts, it was Mario Draghi’s cautious commentary afterwards which sent the Euro lower amid investors’ fears.
Unexpectedly disappointing economic data in the Eurozone put a dent in investor sentiment which resulted in the Euro’s decline; investors also remain wary ahead of the ECB’s policy review and interest rate decision which is due tomorrow.
An unexpected improvement in activity in the services sector helped to push the U.S. Dollar Index higher to an 11-month peak; that improvement has helped to increase speculation that third quarter economic growth will have also improved and likely be on track to finish the year on target.
Market trading was exceptionally subdued as investors await the policy announcements from several of the world’s major central banks, including the Reserve Bank of Australia, the Bank of Japan and the European Central Bank.
Disappointing economic data from the U.S. on Friday resulted in the U.S. Dollar later suffering the largest single day’s decline in more than three weeks.
FX traders are eagerly awaiting tomorrow’s release of the U.S. Labor Department’s non-farms payroll data for July to either confirm the Federal Reserve’s assertion that the all-important labor sector still has room for improvement.
The U.S. Dollar’s recent rally came to a halt despite unexpectedly upbeat GDP data after the Federal Reserve Bank signaled a dovish bias in its policy statement.
Dollar bulls helped to push the U.S. Dollar higher and close to a 6-month peak versus a weighted basket of its peers with FX traders saying that repatriation of funds by U.S. corporations as the month draws to a close may have helped to push the greenback higher in the absence of any key economic data.
The U.S. Dollar Index, used by investors to gauge the relative value of the greenback to its major peers, remained within striking distance of a 6-month high as investors await the Federal Reserve’s policy review which is due out on Wednesday.
In Asian trading, the U.S. Dollar Index held close to a 6-month peak while the greenback managed to hold onto last week’s gains against the Euro.
Unexpectedly strong labor data from the U.S. helped to keep the U.S. Dollar supported versus the Japanese Yen.
