US Dollar Index Gains 1% Week, But Chinese Yuan Leads Fray with Solid Economic Data
The US dollar index edged upwards to trade at one month high of over 94 Friday, following an extended rally for the 3rd day in a row against the backdrop of increasing Covid-19 infections and forthcoming US election results. The
Read MorePound Dips Below 1.30 as Brexit Talks Face Roadblock
The British pound dropped below 1.30 against the greenback, against the backdrop of worries about a sharp rise in Covid-19 cases throughout the Europe and an absence of advancement on a Brexit agreement. The UK reported roughly 23,000 coronavirus infections
Read MoreArgentine Peso Hits Record Low Level of 78.12 Against Greenback
The Argentine peso continued its downhill movement, with the currency hitting 78.12 level against the greenback, reflecting the lowest level on record against the backdrop of worries over a prolonged economic recession, increasing concerns over unabated rise of covid-19 cases
Read MorePound Rallies on Post-Brexit Trade Deal Hopes
The pound rallied against its peers, including the greenback, the Canadian dollar and the euro, on reports that the UK and the EU are preparing to resume halted post-Brexit trade discussions, making markets to hope with greater optimism that an
Read MorePound Turns Weak as Moody’s Slashes UK’s Credit Rating
The pound sterling fell 1% last week to $1.292, against the backdrop of Brexit uncertainty, stringent lockdown initiatives, likelihood of negative interest rates and rating downgrade by Moody’s. The UK Prime Minister Boris Johnson has asked the country’s enterprises to
Read MoreRussian Ruble Weakens on Surge in Covid-19 Cases, Weak Trade Surplus Data
The Russian ruble fell 0.5% to $77.60 yesterday following reports of a surge in Covid-19 cases for the second day in a row in Russia. Notably, the ruble fell in spite of a record high placement of Russia’s government bonds
Read MoreBritish Pound Hits One-Month High on Brexit Trade Deal Hopes
The pound hit a one month high of 1.301 against the greenback Friday as investors received positive update about Brexit trade deal negotiations. The UK and the EU promised to arrive at a deal by October 15. However, the statement
Read MoreRussian Ruble Trades Near 6-Month Low as Manufacturing Sector Resumes Contraction
The Russian ruble continued to trade near 6-month low hit last week as crude oil prices remained weak on worries over recovery in fuel demand and an increase in the US crude oil stock piles. The most watched Brent crude
Read MoreSouth African Rand Hits Over One Week High as Mfg PMI Rises Above Pre-Pandemic Levels
The South African rand recorded more than one week high of 16.40 against the greenback Friday, following news reports that President Cyril Ramaphosa will unveil the Mooiklof Mega Residential City tomorrow, the first government backed venture in its $139 billion
Read MoreEuro Down as ECB’s Lagarde Signals Allowing Inflation to Overshoot 2% target
The euro dollar declined against the pound yesterday after the European Central Bank (ECB) President Christine Lagarde hinted that the ECB will align with the policies of the US Federal Reserve and allow the inflation to overshoot the 2% objective
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