Forex News

The U.S. dollar began today’s trading session with a rather strong decline against the euro, after posting a significant gain yesterday, as the investors expect the oil prices to surge on the Middle East conflict.

The U.S. dollar declined today against the other major currencies and especially against the euro as the traders expect weak macroeconomic reports to continue coming out from the United States, showing that the world’s biggest economy is in the worst situation of all the developed countries.

The Russian ruble declined to the new record low level against the euro and the 2-year low against the U.S. dollar today as the country’s central bank allowed further depreciation of the ruble to stimulate the exporters.

The Japanese yen gained against its major currency counterparts on the global Forex market today as the stocks fell and the demand for the Japan’s currency rose.

The Canadian dollar declined today against its U.S. counterpart for the fourth straight day as the oil prices continued to fall globally.

The British pound fell against the other major currencies today, most notably against the euro, as the market participant expect that the Bank of England will continue reducing the interest rates for the U.K. banks.

The President of the Republic of Ecuador, Rafael Correa, said yesterday that the U.S. dollar will remain as the country’s main currency as the economic crisis offers harsh times for the Ecuadorian financial system.

The yen advanced against all other major currencies today after the Bank of Japan announced a rate cut to a near-zero level and the investors ran from the risky assets into the Japanese and U.S. currencies.

The Japanese yen posted its first daily drop against the U.S. dollar after 5 days of gains as the Japan’s Finance Minister said that the currency intervention will be used if needed to keep the yen from the excessive appreciating.

The Australian dollar rose slightly against the U.S. dollar and reached a new 2-month high level today as the dollar still suffers from the near zero interest rates set yesterday by the Federal Open Market Committee.