Market News

The Japanese Yen moved higher in Asian trading today, gaining against high-yielders following the release of mixed economic reports coming out of China.

In Asian trading, the U.S. Dollar Index approached a new 15-month low versus a group of six major currencies.

Commodity linked currencies, led by the New Zealand Dollar, moved sharply higher versus the U.S. Dollar in Monday’s trading in Sydney.

The U.S. Dollar remained flat in Friday trading in Sydney as investors consolidated positions in advance of the release of non-farms payroll data due out from the U.S. Department of Labor later today.

With the continued pledge of the Federal Reserve Bank chairman, Ben Bernanke, that U.S. interest rates would remain at historic lows for the time being

The USD experienced a sharp decline on Wednesday as firmer equity and commodity rates caused a rise in demand for the euro and perceived riskier currencies, while traders awaited a significant decision from the Federal Reserve.

The U.S. Dollar Index held relatively steady versus major currencies in Tokyo trading today, remaining just shy of the newly established 1-month high struck during yesterday’s trading day.

Currensee Inc., the first Forex trading social network that connects traders from around the world based on real-time trades, has opened up its private beta to the public.

In line with analysts’ and investors’ expectations, the Reserve Bank of Australia today increased key interest rates by 25 basis points to 3.50%, effectively eliminating earlier gains made by the Australian Dollar.

Easy Forex is pleased to announce its participation in the 5th Middle East Forex Trading Expo in Dubai on November 17-18, 2009 and invites all participants to come to booth F23 for a chance to have a personal demonstration of their Visual Trading Machine.

Saxo Bank, the Copenhagen based online investment trading bank which successfully launched its operation in Dubai earlier this year will be co-sponsoring and participating in the 5th Middle East Forex Trading Expo and Conference 2009 which will be held at Emirates towers on the 17th and 18th of November.

With foreign exchange investors anticipating that the Reserve Bank of Australia will hike key interest rates later this week, they sold off their holdings in the relative safety of the Japanese Yen to buy the Australian Dollar, precipitating the Yen’s decline from earlier gains.

Interbank FX, a worldwide provider of online off-exchange retail foreign currency (Forex/FX) trading, today announced its participation in Arabcom group’s fifth annual Middle East Forex Trading Expo and Conference to be held November 17-18 at Jumeirah Emirates Towers Hotel in Dubai.

With better-than-expected GDP data out of the United States released yesterday, investors are eagerly awaiting further economic data to be released today before committing to higher-yielding currencies.

Profit taking helped spur the Japanese Yen higher against a number of currencies in Asian trading today.