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    Widely known as Foraxi, is a stand-alone online trading platform developed by Software. Trading on Foraxi via Foraxi provides access to a range of markets and hundreds of different financial instruments, including foreign exchange, commodities, CFDs and indices. It’s completely free to download and provides you with everything you need to both analyse the markets and manage your trades.
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    Market news
    Market news
    09.22.21
    Dollar eases from near 1-month high as Fed, Evergrande eyed

    The U.S. dollar eased slightly from a near one-month high as global markets firmed somewhat on Tuesday a day after a risk-off mood dominated by solvency uncertainty of China’s Evergrande, while investors awaited the results of the Federal Reserve’s two-day policy meeting.

    After reaching its highest level since Aug. 23 on Monday, the dollar straddled around the unchanged mark on the day, briefly moving higher as early gains on Wall Street’s benchmark equity indexes faded.

    Investors are looking toward the Fed’s policy announcement on Wednesday for any signs of when the central bank will begin to scale back its massive bond-buying program, in a week filled with policy statements expected from a host of central banks around the globe.

    “The market was trying to get a sense of was this turnaround Tuesday going to last, and if we had that continued improvement of risk appetite the dollar was going to pull back even more here,” said Edward Moya, senior market analyst at OANDA in New York.

    “But there is just a lot of wait-and-see as far as what is going to happen with the Fed, what is going to happen with Evergrande. And right now if you are trying to make a dollar bet you really just want to wait until you get a better sense of what is going to happen with Evergrande and what the Chinese government is going to do.”

    The dollar index fell 0.019% after reaching a high of 93.455 on Monday, while the euro was down 0.01% to $1.1724.

    The greenback strengthened on Monday, along with other safe-havens such as the yen and Swiss franc, as concerns about the fallout from the possible default of China Evergrande unnerved financial markets.

    Those concerns overshadowed efforts by Evergrande’s chairman to lift confidence in the embattled firm on Tuesday, as Beijing showed no signs it would intervene to stem any domino effects across the global economy.

    The offshore Chinese yuan weakened versus the greenback to 6.4817 per dollar.

    Before Evergrande’s debt crisis rattled markets, the dollar had been supported ahead of the Fed meeting this week, with economists surveyed in a Reuters poll expecting policymakers to signal expectations of a tapering plan to be pushed back to November.

    The Japanese yen strengthened 0.13% versus the greenback, to 109.23 per dollar, while Sterling was last trading at $1.3658, up 0.01% on the day.

    The Canadian dollar was poised to halt three straight days of declines against the greenback, after Canadian Prime Minister Justin Trudeau was re-elected to a third term but failed to win a majority in the parliamentary elections.

    The Canadian dollar rose 0.06% versus the greenback at 1.28 per dollar.

    In cryptocurrencies, bitcoin last fell 2.01% to $42,172.11.

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    09.22.21
    Dollar Flat as Experts Suggest Fed Tightening Unlikely to Provide Boost

    The dollar was flat Tuesday, and experts suggest that the greenback could struggle to advance as the improved pandemic backdrop may sour investor appetite for the safe-heavens including the greenback.

    The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell 0.07% to 93.19

    The U.S. dollar has been riding a wave of safe-heaven demand as investors contend with economic headwinds including the difficulties in China. But in the near term, “the U.S. dollar is expected to slip slightly lower as pandemic uncertainties gradually recede,” Desjardins said.  

    While the Federal Reserve’s plan to tighten its monetary policy measures could help offset less favorable factors for the greenback, such as a wide trade deficit and a higher inflation, the boost to the dollar from Fed tightening isn’t expected to be as meaningful as many expect.

    “The dollar is threatened with trouble on two fronts: a slowdown in economic momentum combined with falling inflation should put an end to speculation about interest rate hikes fairly quickly – perhaps even faster than we expect,” Commerzbank said.

    The Federal Reserve kicked off its two-day meeting on Tuesday, and is expected to keep its benchmark rate unchanged when its delivers its monetary policy statement on Wednesday.

    But with the Fed’s plan to taper largely priced in, a raft of updates to the central bank’s economic and interest rate projections are likely to be closely watched.

    “The SEP [summary of economic projections] is likely to show an expectation for still solid growth and elevated inflation,” Jefferies said.  “The dots, meanwhile, are likely to show an array of opinions regarding the timing of the first rate increase.”

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    09.15.21
    Dollar Edges Lower Ahead of Key CPI Release

    The dollar edged lower Tuesday, with traders waiting for the release of the latest U.S. inflation numbers for guidance on the timing of the start of the Federal Reserve’s stimulus withdrawal.

    At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded marginally lower at 92.627, having retreated from Monday’s two-week high of 92.887. 

    USD/JPY rose 0.1% to 110.09, EUR/USD was flat at 1.1808, having bounced back from Monday’s low of 1.1770, its lowest since Aug. 27, while GBP/USD edged higher to 1.3838, helped by U.K. employment data showing that the total number of payrolled employees climbed in August above their level in February 2020, just before Britain first went into Covid-19 lockdown.

    The main focus Tuesday will be on the release of the U.S. consumer price data, at 8:30 AM ET (1230 GMT), especially with the Federal Reserve’s next policy review being so close, on Sept 21-22.

    Annual consumer price inflation is expected to dip slightly to 5.3% from 5.4% in July, while core CPI, an index which strips out volatile energy and food prices, is seen easing slightly annually to 4.2% from 4.3% in July.

    “Recent Fed communication has not diverged from the view that inflationary pressures have a transitory nature, so even in the event of another rise in inflation we doubt Fed rate expectations – and by extension, the dollar – will be particularly impacted,” said analysts at ING, in a note.

    The Wall Street Journal reported on Friday that Fed officials will seek an agreement to begin paring bond purchases in November.

    Elsewhere, the risk sensitive AUD/USD dropped 0.4% to 0.7335, after Australian central bank chief Philip Lowe pushed back against market pricing for early interest-rate increases.

    “I find it difficult to understand why rate rises are being priced in next year or early 2023,” Lowe said earlier Tuesday. “While policy rates might be increased in other countries over this time frame, our wage and inflation experience is quite different.”

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