Corporate foreign exchange news

Economic concerns impacting foreign exchange trading

Wednesday, 24 August 2011 09:05:28 GMT

Published by Jamie Jemmeson
Foreign exchange trading is currently being impacted by ongoing concerns about the economic situation in the eurozone and the US.
That is according to global head of foreign exchange strategy at Royal Bank of Scotland in Stamford, Connecticut Robert Sinche, who told the Wall Street Journal that gains made by the single currency in markets were limited due to "concern over collateral and funding issues".
This saw the euro trade at $1.4438 yesterday afternoon (August 23rd), following the release of figures by the US Commerce Department indicating that sales of new homes in the country tumbled by 0.7 per cent in July.
Later today, information relating to the number of durable-goods orders during the month is expected to be unveiled, something that could further impact foreign exchange markets.
The Markit Manufacturing Purchasing Managers' Index yesterday revealed that eurozone industry activity has declined this month in comparison to July, marking the first tumble since September 2009.
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