Forex Account

Forex Account: The forex rate of USD/PHP slumped because of weak USD
Posted on 02 September 2010



Forex Account – At the end of the Asia forex market on Thursday (September 2), the forex rate of USD/PHP slumped, because the forex rate of USD against many currencies all slumped and brought pressure to this forex price. The latest price of USD/PHP was at 44.95 pesos, and the close quotation on Wednesday was 45.08 pesos, the forex trading in this trading session was very good.

A forex dealer in a local bank said some of the banks had to sell out their USD assets in the forex market, and he also pointed out that the interest of the forex brokers towards the risky currencies was aroused in the forex market because the US manufacturing data performed very strong.

This forex price got a strong support at the point of 44.80, and the obstacle on top for this forex price was at 45.30.

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Edited by laura.