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It is noteworthy that to date Italy's budget indicators are consistent with the European Union, according to which the deficit was to be reduced from 1. Now Rome shows the opposite trend - instead of the previously agreed 0.
Such a sharp turn provoked a strong reaction from Brussels. According to the Italian press, if Rome implements the stated scenario, the European Commission will reject the draft budget and even consider the issue of applying sanctions against Italy. It is worth noting that we are talking about a fairly broad time frame: Therefore, if Rome decides on the declared budget deficit, the European currency will be under pressure for a long time.
Thus, the head of the Bank of Finland Olly Ren said that the plans of the Italian government are alarming, and now the regulator is likely to "carefully monitor the risks. The current situation has its consequences, and not only in the context of the foreign exchange market.
If panic increases, this trend will continue. However, in my opinion, the Italian crisis will end quite quickly when a certain peak is reached. Most likely, a compromise will be reached, assuming a reduction in the budget deficit under the two percent mark. On the one hand, Brussels will avoid a political crisis in Italy, and, on the other hand, Italian politicians will be able to partially fulfill their election promises, and the responsibility for the unfulfilled part will be transferred to the shoulders of the European Union, "which did not allow them to implement their plans.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The Italian government reaffirmed its planned budget deficit, and EU authorities keep complaining it is against rules. Pouring some cold water on the matter, Italy's EU Affairs Minister, Savona, said that the country won't take any actions against the common currency. As for data, the final version of the EU Markit Composite PMI showed that the manufacturing sector led growth slowdown in September, with the index down to The Services Index was confirmed at This Thursday, the macroeconomic calendar will be pretty light, with nothing of relevance to be reported in the EU and the US offering minor employment reports and August Factory Orders, these last, seen up 2.
The Euro US Dollar can be seriously affected by news or the decisions taken by two main central banks:. Another of its tasks is the one of controlling the money supply. Mario Draghi, member of the Executive Board, is also the President of this organism.
Fed has two main targets: The FOMC organizes 8 meetings in a year and reviews economic and financial conditions. Also determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. His declarations are an important source of volatility, especially for the Euro and the currencies traded against it. Draghi gives press conferences in the back of how the ECB observes the current European economy.
His comments may determine positive or negative trends for the Euro in the short-term. Jerome Powell took office as chairman of the Board of Governors of the Federal Reserve System in February , for a four-year term ending in February His term as a member of the Board of Governors will expire January 31, Born in Washington D. Powell served as an assistant secretary and as undersecretary of the Treasury under President George H. He also worked as a lawyer and investment banker in New York City.
From through , Powell was a partner at The Carlyle Group. This group also includes the following currency pairs: The popularity is due to the fact that it gathers two main economies: This is a widely traded currency pair where the Euro is the base currency and the US Dollar is the counter currency.
Normally, it is very quiet during the Asian session because economic data that affects the fundamentals of those currencies is released in either the European or U. Once traders in Europe get to their desks a flurry of activity hits the tape as they start filling customer orders and jockey for positions.
At noon activity slows down as traders step out for lunch and then picks back up again as the U. If there is important U. The pair is also called 'The Cable', reffering to the first Transatlantic cable that was crossing the Atlantic Ocean in order to connect Great Britain with the United States of America.
The popularity of the Pound Dollar is due to the fact that represents two strong economies: British and American from United States of America. The Cable is a widely observed and traded currency pair where the Pound is the base currency and the US Dollar is the counter currency.
Japanese Yen has a low interest rate, normally used in carry trades, that's why is one of the most trades currencies worldwide.
The value of the pair tends to be affected when the two main central banks of each country, the Bank of Japan BoJ and the Federal Reserve Bank Fed , face serious interest rate differential. Just how strong is that 1.
Loss of confidence in the dollar and the creditworthiness of the United States. Gradual exit of easy monetary policy abroad and gradual rise of interest rates in part of the rest of the world. China announced the creation of an oil futures contract that will be denominated in Yuan and convertible into gold. The USD tends to perform relatively poorly when the US fiscal situation is weaker, as the current account weakens.
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