Latest update on various currency pairs in Forex
London: 17 August 2023 (TraderMade): The Forex market and the exchange rates of highly traded currency pairs are driven by various economic elements. Significant data releases by prominent economies and other factors influence the exchange rates.
The US Dollar pushed the Japanese Yen into intervention territory on 17 August. The US economy stands resilient to higher interest rates that may stay longer than expected.
The Bank of Japan remains dovish amid a prolonged US Dollar/ Japanese Yen trend. The USD/JPY pair was trading at 138.78 on 27 July. As of 17 August, it is at 147.27.
The interest rate differential between the US Fed and the ultra-low interest rate environment of the Bank of Japan was the significant cause of this decline in the Japanese Yen.
On the other hand, the Australian Dollar declined to a 9-month low today. The Australian Dollar/ US Dollar pair (AUD/USD) was at 0.68 on 25 July. However, today it is at 0.64.
Similarly, the New Zealand Dollar/ US Dollar (NZD/USD) was at 0.62 on 31 July, and today it is at 0.59.
The Australian unemployment rate increased in July. This recent data release has spread a slightly negative sentiment about the currency.
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