Forex News

The Hungarian forint, which suffered severe losses as its country plunged in one of the deepest recessions among the European Union member nations, reached a six-month high after the Hungarian tax system will change in order to stimulate the country’s agonizing economy.

The British currency, which was failing to climb versus its main rivals, the euro and the dollar, posted significant gains in the beginning of this week as improved economic data emerged in the latest British reports.

The Australian dollar, often referred as the Aussie, fell for the first time in 5 days against the U.S. dollar and other currencies after China’s comments indicating that the greenback will continue to be the main world reserve currency, damping demand for the Australian dollar high-yielding profile.

The dollar started this week’s session rallying against several main currencies after China stated that it may continue to be used as a main reserve currency, and that the Asian nation won’t change its foreign currency reserves suddenly.

The Dollar ended the week losing against several major currencies after China declared this Friday that a supranational currency should be created for regulating international trade, damping demand for the greenback, which is currently the world main reserve currency.

The British pound had a day of gains versus the euro and the dollar as a new wave of risk appetite struck markets today, influencing investors to purchase assets in British stocks, weighing positively on the national currency.

The U.S. dollar had a weak performance today losing against most of the major traded currencies, as stocks rose for a third day, mainly in Asia, damping demand for the greenback.

The Japanese currency, often associated with risk aversion by traders due to its relative safety, declined against all major currencies after the Federal Reserve confirmed signs of economic recovery in the American economy.

The Brazilian currency rebounded its previous week losses posting two days of significant gains versus main currencies before a massive IPO in the nation’s stock exchange, which is likely to attract a great influx of foreign capital to the country’s financial system.

The Japanese yen, often associated as the best performing currency in times of crisis due to its refuge investment profile, lost today as the OECD predicted an unexpected growth to its member countries, spurring demand for high-yielding assets.