All about Currencies and Officials

Sep 27 • Market Analysis • 1308 Views • Comments Off on All about Currencies and Officials

Without a doubt, while most people are currently remembering Andy Williams’ signature songs, quite a few remain focused on discussing the hottest forex news. Indeed, while the iconic crooner’s death is truly saddening, it would still be necessary to pay attention to the developments in the world of forex so as not to end up having disappointing trades. It should be emphasized though, that it would be possible to enjoy Andy Williams’ songs while gathering information about the latest happenings in the currency market. After all, the task of remaining updated about the various facets of forex is as easy as reading on.

Traders who continue to pay attention to every development about the Japanese yen would not be pleased upon learning of this forex news: Japan’s currency is becoming weaker as of late due to Finance Minister Jun Azumi’s rather worrisome claims. To explain, the aforesaid nation’s top finance official expressed certainty that issues brought forth by economic policies continue to hinder the Yen’s growth. What is most concerning though, is that the Finance Minister expressed hopelessness about the currency’s condition, saying that policy problems would continue to detrimentally affect the yen in the coming years.

Forex news releases about the South Korean won are quite disappointing as well. In particular, the currency’s interest rate is exhibiting a decline, which many believe is the true outcome of the Bank of Korea’s plans to repeat its past actions. Specifically, a few months ago, the Bank of Korea opted to reduce the lending rate by roughly 25 points, which only caused traders to steer clear of the won. At present, there are speculations that the Bank of Korea’s top officials are preparing to cut the lending rate even further. Of course, if another rate reduction would occur, the won would become even less tempting.

 

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America’s currency is also being dragged down by upsetting forex news related to the actions of officials. In particular, the President of the Federal Reserve Bank of Philadelphia, Charles Plosser, recently stated that the yet-to-be-launched Bond Buying Program might not be a reliable way of boosting the American economy. As a matter of fact, Plosser also pointed out that it would be best not to believe that the sluggish labor market would significantly benefit from the program, even saying that the Federal Reserve should not make encouraging yet inaccurate descriptions of the program’s potential.

As made clear, the latest happenings in the world of forex are quite similar with one another. To reiterate, the Yen’s value has been negatively affected by the Japanese Finance Minister’s concerning remarks. As also discussed above, the Won’s interest rate is declining even further due to fears that the Bank of Korea would once again reduce the nation’s lending rate. Of course, the statements of the Federal Reserve Bank of Philadelphia’s President regarding the Bond Buying Program’s reliability would harm the US Dollar to a degree. All in all, the latest forex news highlights the fact that the actions of officials could harm a currency.

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