Everyday is a new day and every new day brings certain affluences with it for Forex Trading Platform.
So, letâ€˜s begin our Forex day with fresh updates from the market floor and have a look at the supportive and non-supportive factors of the market.
As all the traders are having, great hopes attached with the FOMC decisions on several trading matters it becomes highly important to examine the impact of the meeting on Forex Trading Platform.
USD trade fell in Asian trading market and other counterparts of It, after the comments of Asian Development Bank that indicates that the market of China and Non-Japan Asian market will spread out more rapidly than formerly anticipated.
On this New Year, there is a great hike spot in EUR, CHF and NZD as compare to USD and yesterday USD faced an aggressive long position.
Many of the traders were engulfed as they thought that the trading response would improve because of the anticipated FOMC decisions.
Likewise, downfall of $1.84 was observed in Oil, which closed at $91.55. The US stock report says that the DJIA with +51points closed at 9829, NASDAQ with +8 points closed at 2146 and S&P with +7 points closed at 1071.
The FOMC is expected to stick at 0.25%, but the market is concentrating on more important aspects - their statement on exit strategies.
EUR stayed rally right from the beginning of the Asian market to test 1.4800 point before closing with the profitable returns. The EUR resistance is around 1.4850-70 and stayed at the psychological level of 1.5000 point.
This New Year has brought new highs for EUR/GBP with .9080 of selling, according to the data release of the US investment bank.
Overall, the EUR/USD currency pair operated with a short of 1.4683 and long position of 1.4843 and closed at 1.4790. Moving forward, we see that the EU PMI report for September showed increase of 49.7 against 48.2 as previous data. The PMI services have forecast of 50.5 against 49.9 point.
JPY has gained a lot from the weak position of the USD in Forex market although the fresh USD strength supported the currency in familiar territories only.
The USD trade was under dark clouds yesterday with the USD/JPY closing at 91 point.
The USD/JPY traded with the reversal and was at short of 90.49 and at long of 92.04 and closed at 91.05 in the New York Forex session. There is a Bank holiday on Wednesday, so Forex traders can start relaxing.
These are the reports of Forex trading and the changes in position of currency in the market.
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