During today’s Forex trading session the Euro Dropped Near To A 2010 Low Against The US Dollar while the Japanese yen rallied in the wake of speculation that China is about to revalue the yuan. Forex traders at online broker sites such as Forex WebTrader witnessed the euro suffer against the dollar as fears about Greece’s ability to repay its fiscal debt continue to grow within trading circles.
The euro plummeted very close to its lowest value against its US counterpart this year during today’s trading session as increased doubts about Greece’s ability to tackle its debt crisis continue. Even in light of European Central Bank president, Jean-Claude Trichet announcing that he expected the euro zone to grow at a ‘moderate pace’ during 2010, the euro still fell back against the dollar.
Yesterday Forex traders at sites such as Finexo saw consumer confidence grow in the US, which in turn saw the dollar reach highs against the Japanese yen. Also on Tuesday The Euro Continued To Struggle and following news that the UK economy is growing at a faster rate than first predicted the British pound grew in strength too.
The euro continued to suffer in the wake of the financial crisis in Europe, with the single-currency falling sharply against the dollar as Forex traders took their profits after a couple of days of gains. Following the brief rally seen by the euro it fell 0.6% against the US dollar and 1.0% Against the British pound.
Today’s Forex Market Roundup shows some interesting news and happenings which may offer all of you Forex traders the opportunity to make those all-important killer trades. There’s plenty of food for thought with encouraging figures in released from the US yesterday, news of an IMF bail-out for Greece and the awaited UK budget details.
Today the UK Government will release the annual budget, with Forex traders watching closely as the report will almost certainly act as a key short term driver for the markets. The UK CPI report showed inflation dropping from 3.5% back down to 3% in February. One contributory to the dampened UK inflation rate is the falling price of UK gas prices, with overall prices for the year falling by 1.9% in contrast to a 3% rise for the previous year.
This morning, the British Pound Came Under Pressure Once Again at Forex markets across the globe following news of a leaked report from the European Commission which slammed the UK government for their plans to reduce the UK’s public deficit.
Reuters News acquired a copy of the leaked report which criticised the UK’s Labour government regarding their plans to cut budgets in an attempt to bring the deficit in line with Europe-wide caps of three per cent. A quote from the report warns that “The fiscal strategy in the convergence programme is not sufficiently ambitious and needs to be significantly reinforced. A credible timeframe for restoring public finances to a sustainable position requires additional fiscal tightening”.
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