We all know that the news is an important part of our lives. No morning is complete for us without glancing at the newspaper while sipping on a hot cup of tea. However, along with all the news about what’s going on, it’s good to be aware of what’s going on inside the country in the context of business, currency exchange, etc. and how to manage the country’s finances. There are many websites, magazines and even mobile applications where one can read forex news and learn how foreign exchange brokers are progressing and their strenuous efforts to maintain the financial market of the country effectively. Let’s get to know some of the latest forex news, which will give us a deeper insight into the financial market in different countries, foreign exchange policies and the overall financial condition of the country.
China’s central bank spent its second largest amount on forex in 2018
Iris Pang, an economist at ING, confirmed that in 2018, the Chinese central bank spent a whopping $91.58 billion in forex purchases. It was found that this was the second largest amount spent on foreign currency purchases in 2018, while the largest amount spent on foreign currency purchases was in September of the same year 2018 and amounted to $119.39 billion.
This is a testament to the fact that purchases of foreign currency have become an integral part of the financial resources of various countries and a large part of the budgets of different countries goes towards purchases of foreign currency. Forex brokers are really important in managing the foreign market because they help a lot in foreign currency exchange.
The Euro is expected to trade sideways from now on
Many analysts from UOB have suggested that the EUR is expected to trade sideways from now on. The current upward pressure has been eased, which is why the Euro is likely to trade sideways, at least, for the time being, probably within the broad range of 1.128 to 1.144. It is expected that it will take several weeks for the Euro to finally break through these levels. Many indicators are almost flat so far and the recent move indicates a consolidation phase.
The US dollar is falling, and the British pound is on cloud nine
The British pound is the clear winner in the recent session. It stayed at an all-time high for more than a week, staying at 1.29. The Euro remains at 1.14, which got a slight upgrade due to the Brexit headlines. While the British pound is rising as we have seen before, the US dollar is underperforming in most parts. It lags behind its peers, with the exception of the New Zealand dollar and the Australian dollar.
Such news provides us with a lot of details about finance and currencies in different countries, right?