US Personal Spending Plummets 7.5%, Reflecting Steepest Drop Ever
The US dollar declined against the euro yesterday after the initial jobless claims missed economists’ estimates by a huge margin. Additionally, personal spending also declined more than anticipated. In the past 24 hours, the EUR/USD rallied from a low of
Read MoreYen Rallies Despite Roll Out of Additional Stimulus Measures
The Japanese yen rallied against the greenback to trade at 107.149 on the first day of the week, despite the announcement of expansion of stimulus package by the Bank of Japan to nullify the negative impact of the Covid-19 outbreak.
Read MoreRuble Rallies Despite Interest Rate Cut by Bank of Russia
The Russian ruble gained against the US dollar for the third consecutive day to hit $74.1, as crude oil prices continued to appreciate. The ruble has gained in spite of rate cuts to six-year low by the central bank of
Read MoreNorwegian Krone Declines to 1-Month Low as Crude Trades at Negative Prices
Norway’s krone declined to a new monthly low of 10.64 against the greenback, after crude oil plummeted to negative prices for the first time ever. For the first time in twelve years, the country’s economy is anticipated to contract in
Read MoreIsrael Economy Expands 4.6% q-o-q in 4Q19
Israel economy grew at an annualized rate of 4.6% q-o-q in the December 2019 quarter, beating the 4.2% growth forecast in the second estimate. While private consumption increased 10.4%, compared with 9.5% in the second estimate, fixed investment rose 7.3%,
Read MoreChina Economy Contract in Q1 2020, Fundamentals Intact
China’s GDP (Gross Domestic Product) contracted 6.8% y-o-y in the quarter ended March, after recording a 6% expansion in the earlier period, and fared worse than economists’ expectation for a 6.5% drop. It was the first economic contraction since the
Read MoreChina March Trade Surplus Beats Forecasts
The Shanghai Composite index had a strong opening today, with the benchmark index beginning the day at 2,795, reflecting a gain of 0.4% from prior close. The market was also anticipating upbeat data related to overseas trade and trade surplus.
Read MoreRussian Ruble Strengthens on Oil Production Cut Deal with OPEC+
Since the beginning of this month, the Russian ruble has been strengthening, with the USD/RUB hitting 73.76 Friday, the highest level since 13th March. Last Thursday, Russia and Saudi Arabia entered into a deal to slash oil production by 10
Read MoreChina Inflation declines to 4.3% m-o-m in March
As coronavirus continues to jolt the world economy, China, where the virus originated, is facing a sharp economic slowdown. The number of virus infected cases has crossed 1.50 million, with 95 thousand deaths and almost 351,000 recoveries. In the US,
Read MoreJapan Core Machinery Orders Increase 2.3% m-o-m in February
Amid the gloomy business outlook across the globe due to coronavirus outbreak and poor economic activity, there was two positive economic data from Japan earlier today. First one was the core machinery orders that surprised economists and market as a
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