Forex is an over-the-counter (OTC) marketplace where the currencies of the world are traded. In contrast to other prominent financial centers, forex facilitates trade without a centralized exchange, implementing an exclusively digital platform. Limited barriers of entry, ease of transaction and high market liquidity are its calling cards. Easily the world's largest market, the average daily traded volume in forex dominates all other global marketplaces. For April 2016, daily volume measured more than US$5 trillion in value, according to BIS. Of that amount, trade of major global currencies such as the United States dollar (USD), euro (EUR), Japanese yen (JPY)…
The Bank of Japan held rates in a divided decision and raised its inflation forecasts, pushing the pair lower, but the upside bias remains intact.
The US dollar is currently moving alongside oil, driven more by geopolitical tensions and inflation expectations than traditional fundamentals, creating a volatile, two-way market with no clear direction.
The pair tries to surpass pivotal resistance as the Bank of England struck a more hawkish tone than its US peer amid inflationary risks from the Middle East conflict.
The central bank of Australia delivered a back-to-back increase as the spike in energy prices can push inflation higher, but the Aussie was volatile as four of nine voters opted for a hold.
Ahead of next week's Fed and BoJ decisions, the pair rises to nearly two-year highs as the greenback attracts risk-off demand while the yen fails to benefit.
Strong Australian growth boosts chances of another RBA rate hike but the pair remains under pressure on safe-haven demand for the US dollar.
The pair rises as fiscal worries and growth risks from higher oil prices prevent the Yen from benefiting from risk aversion, while the greenback finds demand.
The pair slides as New Zealand’s central bank keeps interest rates at 2.25% and maintains an easy policy stance.
The Japan election results can weigh on the pair, and the strong US jobs report raises the bar for Fed cuts, but the dollar continues to face challenges from mounting deficits and macro uncertainty.
The pair slips as the Yen firms on political clarity and FX intervention risks, but prospects of bold fiscal stimulus under PM Takaichi could weigh on the Japanese currency.
The pair extends its gains on Yen weakness from fiscal worries tied to the elections and a greenback recovery, but dowside risks linger.
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