We all know that news is an important part of our lives. No morning is complete for us without a glimpse of the newspaper while enjoying a hot cup of tea. However, along with all the news about what is happening, it is good if someone is aware of what is happening in the country in the context of business, currency exchange, etc. and how the country’s finances are managed .
There are many websites, magazines and even mobile phone applications where you can read Forex news and know how foreign currency brokers are developing and making efforts to effectively maintain the country’s financial market.
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Let us know some of the latest exchange rate news that gives us a deeper understanding of different countries & # 39; financial market, exchange rate policy and the overall financial situation of the country.
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The Central Bank of China spent its second largest amount on Forex in the year 2018
Iris Pang, an ING economist, has confirmed that in 2018 the Central Bank of China had spent no less than $ 91.58 billion in Forex purchases. This is the second largest amount ever spent on purchases in foreign currency in 2018, while the largest amount ever spent on purchases in foreign currency in September of the same year was 2018 and amounted to $ 119.39 billion.
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This is a testimony to the fact that foreign exchange purchases have become an integral part of the finances of different countries and a considerably high proportion of different countries & # 39; budgets go to foreign currency purchases. Forex brokers are very important in managing the foreign market because they help a lot in exchanging foreign currencies.
The EUR is expected to trade sideways from now on
Several UOB analysts have suggested that the EUR is expected to trade sideways from now on. The current upward pressure has eased and it is for this reason that the EUR is likely to trade sideways, at least for the time being, probably within the wide range of 1,128 to 1,144. The expectation is that it may take several weeks for the EUR to finally break through these levels. Various indicators are now almost flat and the recent movement indicates the consolidation phase.
USD drops, GBP on cloud nine
The pound of Great Britain is the clear winner in the session that has recently taken place. It remained more than a week at its highest, and remained at 1.29. The EUR is still at 1.14, which has been given a slight upgrade due to the Brexit headlines.
While GBP is rising high as previously seen, the US dollar in most parts is not performing as expected. It lags behind its counterparts, except for NZD and AUD.
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Such news offers us many details about the finances and currencies of different countries, doesn’t it?