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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Janet Yellen, the head of the US Federal Reserve Bank, disappointed dollar bulls yesterday when she testified in front of the U.S. Senate and maintained a decidedly dovish tone, which suggested to FX investors that the Fed wasn’t ready to begin a true tightening cycle involving any potential rate hike.
On Tuesday, euro zone finance ministers accepted a list of Greek reform proposals and gave Athens a four-month extension of its bailout program while warning that the reforms must be expanded in detail before new bailout funding would be released.
The release of the Reserve Bank of New Zealand’s inflation report which showed inflation likely diving in the future weighed heavily on the New Zealand Dollar against its major peers.
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HSBC Holdings Plc has set aside $550 million more to cover potential fines for alleged manipulation of foreign exchange markets and warned it could face a $500 million bill to compensate U.S. customers sold debt protection products.
On news that a conditional loan extension was on the verge of having been reached in Greece, the Swiss Franc dipped toward a 5-week trough as investors’ flight to safety deteriorated.
So what is Greek Finance Minister Yanis Varoufakis proposing to save his country from being ejected from the Eurogroup?
Greek Prime Minister Alexis Tsipras has less than 24 hours to come up with financial measures that satisfy both the demands of euro-region creditors and his anti-austerity party.
Get the economic and political timeline updates for the week of February 23, 2015 here.
Greece’s hoped for anti-austerity turn-over ended on Friday when finance ministers from the 19 countries that use the euro, known as the Eurogroup, gathered for their third emergency meeting in two weeks and reluctantly concluded an agreement to extend bailout funds to Greece for four months.
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Looks like today will be a decisive day for Greece. After rejecting a Greek proposal for a six-month extension to its euro zone loan agreement on Thursday, all eyes are focused on today’s scheduled meeting of euro zone finance ministers .
Energy stocks continue on their roller coaster ride with no one certain where and when it will reach bottom.
After weeks of Greece’s request for assistance, the European Central Bank has gone ahead and approved a 68 billion euro ($78 billion), two-week extension on emergency liquidity for Greek banks.
As the Bank of Japan announced that it would maintain its current monetary policy and did not see the need for additional stimulus, the Japanese Yen steadied in London trading after first bouncing higher.
Today is a day bringing important information from three major central banks. Get the news analysis for February 18, 2015 here.
As investors wait until Friday’s deadline for Greece’s bailout decision they have shifted their focus to more pressing economic events including January’s industrial production report which is expected to turn up slightly from December’s numbers.