We all know that the 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 you, it is good to know what is happening within the country in the context of business, currency exchange, etc. and how the country’s finances are managed. There are many websites, magazines and even mobile phone applications where you can read the Forex news and find out how the forex brokers are progressing and making strenuous efforts to effectively maintain the financial market of the country. Let us know some of the latest currency news, which will give us a deeper insight into the financial market, foreign exchange policies, and the general financial situation of the country from different countries.
The Central Bank of China has spent its second largest amount on Forex in 2018
Iris Pang, an economist at ING, has confirmed that in 2018, the Central Bank of China had spent a whopping $ 91.58 billion on Forex purchases. This has turned out to be the second largest amount ever spent on purchases of foreign currency in 2018, while the largest amount ever spent on purchases of foreign currency was in September of the same year 2018 and reached 119.39 billion of Dollars.
This is a testament to the fact that currency purchases have become an integral part of the finances of several countries and a significantly high part of the budgets of several countries goes to the purchase of currencies. Forex brokers are really important in managing the foreign market as they help a lot in currency exchange.
EUR is expected to trade sideways from now on
Several UOB analysts have suggested that the EUR is expected to trade sideways from now on. The current upward 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 euro is expected to take several weeks to finally break above these levels. Several indicators are almost flat as of now and the recent move indicates the consolidation phase.
USD falls, GBP in 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 euro is still at 1.14, which has seen a slight improvement due to the Brexit headlines. While the GBP is skyrocketing as seen before, the US dollar is not performing up to expectations in most quarters. It is lagging behind its counterparts, with the exception of the NZD and the AUD.
This news gives us a lot of details about the finances and currencies of various countries, doesn’t it?