We all know that news is an important part of our lives. No morning is complete for us without glancing at the newspaper over a hot cup of tea. However, along with all the news of what is happening around, it is good if one is aware of what is happening within 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 phone apps where one can read Forex news and know how forex brokers are making progress and putting their hard efforts to maintain the financial market of the country effectively. Let us know about some of the latest forex news, which will give us a deeper insight into the financial market of different countries, forex policies and the general financial situation of the country.
The Central Bank of China has spent its second largest amount on Forex in the year 2018
Iris Pang, an economist at ING, has confirmed that in 2018, the Central Bank of China spent a whopping $91.58 billion on Forex purchases. This has turned out to be the second largest amount ever spent on forex purchases in the year 2018, while the largest amount ever spent on forex purchases was in September of the same year 2018 and it came to $119.39 billion.
This is a testament to the fact that forex purchases have become an integral part of the finances of various countries and a significantly high portion of the budgets of various countries is spent on forex purchases. Forex brokers are really important in foreign market management as they help a lot in foreign exchange.
EUR is expected to trade sideways from now on
Several analysts at UOB have suggested that the EUR is expected to trade sideways from now on. The current upside pressure has eased and it is for this reason that the EUR is likely to trade sideways, at least for now, probably within the wide range of 1,128 to 1,144. The EUR is expected to take several weeks to finally break through these levels. Several indicators are almost flat as of now and recent movement indicates the consolidation phase.
USD falls, GBP on cloud nine
The British Pound is the clear winner in the session that has taken place recently. It remained at its highest level for more than a week, remaining at 1.29. The EUR is still at 1.14 which has seen a slight improvement due to Brexit headlines. While the British pound is soaring as seen above, the United States of America dollar is not performing up to expectations in most parties. It is lagging behind its counterparts, except for NZD and AUD.
This news gives us a lot of details about the finances and currencies of various countries, isn’t it?