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Today, trading is lighter than usual due toÂ aÂ holiday inÂ theÂ United States. But this does not mean that theÂ Forex market was quiet. Traders were focusing onÂ theÂ OPEC meeting, andÂ it certainly affected theÂ market. TheÂ Canadian dollar together with other oil-related currencies sank after theÂ gathering.(...)Read the rest of Canadian Dollar Sinks After OPEC Meeting (128 words) Posted on Forex News.
The two main drivers of the price of oil have been an increase of production in the U.S. with the use of shale oil technology, and a lower demand for energy as global growth slows. Geopolitical turmoil has taken a backseat to those two factors. Even rising violence in oil producing states has not deeply affected the price of crude. The Organization of the Petroleum Exporting Countries (OPEC) will hold its general meeting this week to decide if it needs to reduce its oil production quota to...
TheÂ Australian dollar rallied today even asÂ central bankâ€™s officials continued toÂ complain about theÂ excessive strength ofÂ theÂ currency. TheÂ Aussie was down during two previous trading sessions. Todayâ€™s trading may be choppy because ofÂ light volume due toÂ aÂ holiday inÂ theÂ United States.(...)Read the rest of Aussie Rises During Abbreviated Trading (149 words) Posted on Forex News.
TheÂ euro bounced today after theÂ initial drop asÂ some economic indicators released from theÂ United States were not asÂ good asÂ dollar bulls were hoping for, reducing theÂ shine ofÂ theÂ US currency.(...)Read the rest of Euro Bounces as US Indicators Disappoint (109 words) Posted on Forex News.