Forex Market News Update-24 February 2016

[PurviMehta]

EURO (EUR/USD)
Euro traded lower by 0.1 percent yesterday on the back of rising “Brexit” risks. Mayor of London, Boris Johnson, threw his support behind the UK leaving EU. This has left the Euro currency in a pressurized state.
Moreover, disappointing release of economic data further dragged the currency lower. German business climate index dropped in January’16 as China’s cooling economy is hampering global trade and hurting German exporters in the process. In a recent statement made by J P Morgan, the ECB is likely to push deposit rates further negative. All the above factors acted as a negative factor for the shared currency.
STERLING POUND (GBP/USD)
Sterling Pound made a seven-year low and declined by 0.89 percent against the dollar yesterday after London’s Mayor, Boris Johnson, backed the campaign for Britain to leave the European Union in a June 23 referendum. Mr. Johnson is a fellow Conservative politician and is regarded as a contender one day to succeed Mr. Cameron.
Moreover, the recent Inflation Report Hearings suggested that the timing for wage-growth was difficult to predict. Once all the current market turbulence passes, the investors should expect the economy to warrant a path for bank rate increase.
JAPANESE YEN (JPY/USD)
The Japanese Yen appreciated by 0.72 percent yesterday as upcoming G-20 meeting sessions has prompted the traders to play safe. Furthermore, the latest not-so-welcoming statement made by the Saudi Oil Minister Ali Al-Naimi who effectively ruled out production cuts by major producers anytime soon led to fall in the crude oil prices.
In a recent statement made by J P Morgan, the BoE is likely to push deposit rates further negative. All the above factors acted as a positive factor for the currency.

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[oner789]

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