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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In Asian trade, commodity-linked currencies fell on news that China’s non-manufacturing PMI slipped to 52.9 last month from December’s reading of 56.0 .
The Euro moved higher against the U.S. Dollar as risk appetite improved following a run of better than expected global PMI data.
The U.S. Dollar continues to be under significant pressure following last week’s commitment by the Federal Reserve Bank to hold interest rates at their current ultra low level through 2014.
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The Euro appears to be approaching a key test level as news that the Greek government is close to clinching a deal with its private bondholders helped to boost the common currency.
After the strongest 1-week rally for the Euro in more than three months, the EUR eased back from a 6-week peak against the USD.
The Japanese Yen edged higher after a buying spree from exporters, but the rough patch may not be over.
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The Euro had earlier continued to grind higher against the U.S. Dollar, but is now taking a breather in Asian trading while hovering close to a 2-week high.
The Euro continues to rally in Asia trading on the news that the IMF intends to bolster its funds in order to help the Eurozone’s leaders tackle the ongoing crisis there.
In a report published today, the World Bank dramatically reduced its global economic growth expectations for the coming years, a sign signaling to both investors and global leaders that the Bank expects another global economic crisis.
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Following the downgrades of France and Austria on Friday, and the threat of several more before the week is out, the Euro is under fresh pressure, and touched on an 11-year low against the safe haven Japanese Yen.
In Asian trading, the Euro steadied following a strong response to the Spanish and Italian debt auctions held yesterday and analysts suggest further that the Euro may now be stabilizing against the Australian Dollar.