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FOREX MARKET NEWS UPDATE-17 FEBRUARY 2016

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EURINR: EURO (EUR/USD)

Euro decreased by 0.1 percent yesterday as markets discounted the speech by the President of European Central Bank who said that the European Parliament on Monday that to make "the euro areas more resilient, contributions from all policy areas are needed”, thereby hinting towards more easing. At the bank's last monetary policy meeting in January, Draghi announced that the Governing Council would review and possibly reconsider its stimulus program in early March.

GBPINR: STERLING POUND (GBP/USD)

Sterling Pound traded lower by 0.90 percent yesterday in a bleak message from Financial Policy Committee member Adair Turner forecasted that given the current conditions, the UK interest rate may not pass 2% by 2020. This along with the ongoing debate in the House of Commons over the UK-EU Referendum kept the Sterling Pound pressurized.

JPYINR:  JAPANESE YEN (JPY/USD)

The Japanese Yen appreciated by 0.45 percent yesterday as the market discounted the two day testimony of US Federal Reserve Chair Janet Yellen. She stated that the continuous market turmoil could obstruct the central bank’s way of increasing borrowing rates, one which the policy makers have forecasted for 2016.

Ms Yellen also stated that the US Central bank should not be blamed for the recent turmoil in the global markets and is unlikely to roll back its December interest-rate increase in response.

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Alisha Singh

Alisha Singh

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