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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Asian share markets were mostly firmer on Tuesday and the euro held onto some rare gains, relieved that European equities had weathered Greece's election outcome without much disruption.
The Euro steadied in London after a bout of profit taking by investors in the wake of Greece’s election outcome which earlier sent the Euro to an 11-year trough.
The euro skidded to an 11-year low and stock prices fell on Monday as Greece's Syriza party promised to roll back austerity measures after sweeping to victory in a snap election, putting Athens on a collision course with international lenders.
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As voting closes in Greece, initial exit polling shows the left-wing anti-austerity Syria party winning an outright majority. Markets are likely to feel this will mean instability for the Euro and conflict between Greece and the European Central Bank.
Greece votes today in a General Election which is expected to produce a change in government. The Greek government is currently dominated by the conservative New Democracy party, but the most recent opinion polls forecast that the left-wing Syriza party will be able to take power following today’s vote.
Asian stocks extended a global rally on Friday after the ECB launched a landmark bond-buying stimulus program that buoyed investors' risk appetite, drove bonds higher and left the euro pinned near 11-year lows.
A few hours ago Mario Draghi, in an eagerly-awaited press conference, announced that the European Central Bank would finally commence a program of Quantitative Easing in excess of $1.23 trillion.
Asian shares held near eight-week highs on Thursday as investors bet on the likely size and scope of a bond-buying program the European Central Bank is poised to unveil later in the day in an attempt to revive the flagging euro zone economy.
The Japanese Yen rebounded versus the U.S. Dollar following a surprise decision by the Bank of Japan which deiced to maintain its current monetary policy rather than expand its balance sheet via its bond purchasing program.
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Japan’s central bank cut its inflation forecast and kept its unprecedented monetary easing unchanged as tumbling oil prices handicap efforts to reflate the world’s third-biggest economy.
The U.S. Dollar was pushed to a 1-week peak versus the Japanese Yen after a report showed China’s annualized GDP was, for all intents and purposes, flat with growth at 7.3% but was better than the decline to 7.2% that analysts had been expecting.
Unlike in Switzerland, Eastern Europe has reasons to cheer Mario Draghi’s anticipated bond-buying push.
The dust hasn’t settled yet from the Swiss National Bank’s shocking announcement and the angst over the latest currency tsunami will continue to be felt all over the world.
U.S. Markets are closed Monday for the Martin Luther King holiday but throughout Europe banks and brokers continue to react to last Thursday’s decision by the Swiss National Bank to abandon its three-year-old currency cap which essentially removed a pillar of support for the euro.
Major world banks have already lost considerable monies from the surprise SNB decision to end the cap on the franc. Cumulatively, Citigroup Inc. (C), Deutsche Bank AG and Barclays Plc (BARC) are said to have suffered from $400 million in losses and analysts predict that this could be followed by others in next few days.