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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On March 5, 2008, the U.S. Dollar rebounded slightly against major currencies as foreign exchange managers squared up positions in advance of the release of various U.S. economic data. Yesterday, the Euro was trading as high as 1.5250 USD, but this was short lived, because investors do not have a complete picture of the health of the U.S. economy and as such, cannot anticipate whether or not the fed will cut interest rates at its next meeting on March 18th. Both the anticipated data and the available corporate information would certainly determine the extent of the fed’s rate cut.
The national currency across the UAE is the Dirham, which has an exchange rate tied to the US Dollar. As it is with other currencies, it also evolves with the US Dollar.
Analysts have estimated that China’s foreign exchange reserves increased by approximately $80 billion in January, 2008, mainly as a result of capital inflows from Hong Kong.
Top Forex Brokers
The value of the U.S. Dollar has continued its downward trend against the Euro for a fifth successive trading session, and on March 3 , it dropped to a new record low of $1.526 against the Euro, as a result of escalating concerns over the state of the U.S. economy