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 Federal Reserve took emergency measures on Tuesday afternoon with a unanimous decision to cut interest rates by 50 basis points.
Safe haven currencies, namely the Swiss Franc and Japanese Yen, saw significantly renewed interest during the trading session in London on Tuesday, especially against the US Dollar.
The Japanese prime minister Shinzo Abe said that the Japanese government is ready to implement fiscal stimulus measures to aid the Japanese economy from the adverse effects of the coronavirus outbreak.
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Given the possibility of coordinated central bank action to face the economic effects of the coronavirus epidemic, traders ran into the oil markets on Monday, causing oil futures value surge.
The US Dollar was struggling to regain traction during London trade on Monday
The Bank of Japan Governor Haruhiko Kuroda said that the Japanese Central Bank will attempt to aid the Japanese markets to stabilize, as they are currently being affected by the coronavirus epidemic.
Gold prices were broadly higher on Monday, spiking more than 1 percent as traders favored the safe haven asset on concerns that the coronavirus was spreading globally
On Thursday, the Euro saw its best single day in almost two years against the US Dollar as fears of a potential pandemic raised expectations
The US Dollar couldn't hold onto the positive momentum as FX traders fear that the US Federal Reserve Bank will need to lower interest rates in an effort to counterbalance the impact of the Coronavirus spread.
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The former Federal Reserve chairwoman Janet Yellen said during an event in Michigan that the coronavirus epidemic could throw the American economy into a recession.
Oil prices headed lower for the fifth consecutive day as increased concerns about the coronavirus prompted traders to doubt global demand.
During London trade on Wednesday, the US Dollar moved away from the recently struck 2-week trough as FX traders' expectations of an imminent Fed rate cut were reduced.
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The White House recently stated that the US President Donald Trump and his Indian counterpart Narendra Modi have agreed on "promptly" finish the current trade negotiations,
Japanese stocks fell to four-month lows on Wednesday after a devastating day on Wall Street which saw U.S. stock benchmarks falling steeply.
The Pound Sterling recovered in Tuesday trading in London as some improvement in risk appetite had FX traders paring their holdings of safe haven currencies.