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Important Forex News of 2018
We all know that news is an important part of our life. No morning is complete for us without watching the newspaper while drinking a hot cup of tea. However, in addition to all the news about what is happening around, it is good to know what is happening inside the country in the context of business, foreign exchange, etc. and how the country’s finances are managed. There are many websites, magazines and even mobile apps where you can read forex news and know how the forex brokers are progressing and making their diligent efforts to effectively maintain the country’s financial market. Tell us about some of the latest foreign exchange news, which will give us a deeper picture of the financial market of different countries, foreign exchange policies and the general financial condition of the country.
China’s central bank has spent the second largest amount on forex in 2018
Iris Pang, an economist at ING, has confirmed that in 2018, China’s Central Bank had spent a whopping $91.58 billion on forex purchases. This has turned out to be the second largest amount ever spent on foreign exchange purchases in 2018, while the largest amount ever spent on foreign exchange purchases was in September of the same year 2018 and reached $119.39 billion.
This is a proof of the fact that foreign currency purchases have become an integral part of the finances of various countries and a significant high portion of the budgets of various countries goes towards foreign currency purchases. Forex brokers are really important in foreign market management as they help a lot in foreign currency exchange.
The EURO is expected to trade sideways from now on
Analysts other than UOB have suggested that the EUR is expected to trade sideways from now on. The current upward pressure has eased and therefore the euro is likely to trade sideways, at least for now, perhaps within the broad range of 1.128 to 1.144. It is expected that the euro will eventually cross these levels, it may take up to several weeks. Various indicators are almost flat so far and the latest move indicates the consolidation phase.
USD falls, GBP on cloud nine
The British pound is the clear winner in the recently held session. It stayed at an all-time high for over a week, standing at 1.29. EUR is still at 1.14, which has received a slight improvement due to Brexit headlines. While the GBP rises higher as seen before, the US dollar is not performing as expected in most parts. It is falling behind its peers, with the exception of the NZD and AUD.
Such news gives us a lot of details about the finances and currencies of different countries, doesn’t it?
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