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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Oil prices plummeted nearly 25 percent on Monday and extended their losses into Tuesday, falling 13 percent in early trade on concerns that global storage facilities are reaching capacity.
The US Dollar edged lower against most rivals during Monday trade as sentiment improved for higher risk currencies after some quarantine restrictions were eased in a number of countries, including Australia and Germany.
With oil having plunged into negative territory over the past few days, things seem to be uncertain, making the market more volatile than ever.
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Global stock markets are stronger on optimism that the first wave of the coronavirus pandemic may have peaked in most western countries.
U.S. WTI futures were down 9.09 percent as of 1:24 p.m. HKSIN to $15.40 per barrel and Brent crude futures were down 2.75 percent to $20.85 per barrel even as talks resumed in most countries about when and how to reopen their economies, a move which should, and could, increase demand for oil.
The US Dollar is poised to record its best weekly outcome later today as the falling price of oil weighed heavily on currencies that are commodity-linked.
The Pound Sterling unexpectedly moved higher after the latest economic news showed the UK economy at a worse state than had been expected.
Recently the German Chancellor, Angela Merkel said that we are still at the beginning of the pandemic and that the WHO is an indispensable partner for Germany.
For the second consecutive day, the GBP/USD pair is trying to recover from its recent losses.
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April 23: WTI Crude Oil has continued to recover after trading at a low just above $6 per barrel two days ago, As riskier assets bounce back while the U.S. Dollar weakens slightly.
South Korea's economy posted its worst contraction since the 2008 financial crisis, and analysts worry that the worst is yet to come.
The Pound Sterling moved higher during Wednesday trade in London with bargain hunters giving it a buy given its cheap price after it struck a 2-week trough on Tuesday.
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The European Central Bank's President Christine Lagarde made clear that the role of the Bank is limited in terms of facing the current economic slowdown.
Brent crude futures fell as much as 13 percent in the Asian afternoon on Wednesday as the market continued to struggle with high levels of oversupply
Market news for April 22: Currency markets are currently dominated by relative strength in the Japanese Yen, while the British Pound looks likely to be the weakest currency today.