Today’s dawn drowned USD at Forex market

Added: (Thu Mar 04 2010)

Pressbox (Press Release) - The news from the Forex trading platform of Finexo indicated that the USD had dropped down severely against all the other major currencies that are lagging behind the USD are now trending downwards and this happens due to Fed Statement that they would keep the interest rate at borrowing money as low as possible.

The meeting conducted by all the major banks including BOE, ECB and RBA and their statement related to the economic status had plunged the Forex market into hovering situation and things are slipping down from the hands like sand.

BOE announced that they will stick to watch and see position for some more time unless the economic dilemmatic situation gets under control quickly. They decided to keep their policy rate at 0.5% since March.

While the traders can easily determine that the UK inflation rate has exceeded by BOE 2% target of inflation rate. The committee decided to re-consider the programs for finding some accurate scale of asset purchase program and the further purchases will continue once the outlook related to the market gets clear.

ECB decided to draw off the liquidity slowly and the meeting of ECB remained in focus as the President Trichet has announced several times that they will introduce some refinancing policies in the March. This had captured the attention of the traders so there is lot of expectation attached with their announcement that would favor the trades at the Forex market.

In the end whatever be the announcement, Finexo will keep the traders updated with all the recent fluctuation in the currency pairs.