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.
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The broad cryptocurrency market has seen a swift bearish trend develop the past week-and-a-half, which has essentially erased many gains and has brought mid-term support levels into view.
FOMC Minutes Reveal Tapering Talk; Stocks, Cryptocurrencies Bounce Back; Gold Reaches New 4-Month High.
Bank of Japan Governor Haruhiko Kuroda recently commented that the Bank is willing to extend its pandemic relief program, especially now that the number of infections is spiking and expected to affect the already fragile economic situation.
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The pound sterling touched on a one-week trough against the euro and was flat versus the greenback after the latest inflation data was summarily dismissed by Forex traders.
Cryptocurrencies Continue to Sell Off; Global Stock Indices Mostly Lower; Gold, Euro Hit New Highs.
Cryptocurrency prices have retreated sharply after most of them climbed to their all-time high in April.
According to the United Kingdom's Office for National Statistics, the unemployment rate stood at 4.8% in March, against the previous reading of 4.9% and expectations of 4.9%.
Precious Metals and Risk Currencies Make Highs; Global Stock Indices Mostly Higher; Crypto Market Sees Further Sharp Falls.
The US Dollar kept close to its weekly high after a report showed that producer prices continued to rise, suggesting that inflation is also on the rise in the US.
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There are fears that inflation will be persistent, which will push the Federal Reserve to reconsider its ultra-loose monetary policy stance.
U.S. Inflation Hits 3%; Global Stock Indices Fall Sharply, Nikkei 225 at 3-Month Low; Crypto Market Cap Falls 20% but Recovers; USD Gains.
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Ethereum price is hovering near its all-time high as demand for the network continues.
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In monthly terms, the GDP rose by 2.1% in March, higher than expectations of 1.4% and the previous month's 0.7% increase.
Despite a slight pause, the pound has managed to hold on to its momentum against the US dollar after UK GDP data showed an unexpected rise for March, which beat analysts' expectations.
Global Stock Indices Fall on Inflation Fears; Nikkei 225 at 3-Month Low; Gold Holds Up Near 3-Month High; Ethereum Powers to New Record High.