Australia Succumbs to Covid-19, Posting First Recession in Three Decades
Australia’s trade surplus declined to A$4.61 billion in July, from A$8.15 billion in the earlier month and lower than Consensus estimate of A$5.40 billion. It was the smallest trade surplus since pre-pandemic February, against the backdrop of extended effect of
Read MoreUK Manufacturing Output Grows at Quickest Rate in Six Years
The euro dollar declined against the pound following the release of lower-than-anticipated Spanish and German manufacturing PMI data. The increase in the Italy unemployment rate also contributed to the weakness of the euro. The pound’s rally was also aided by
Read MoreCanadian Dollar Hits 7-Month High as Economy Gallops 6.5% m-o-m in June
The loonie rallied against the greenback to hit a seven month high of $1.304 after the recent GDP data indicated that the country’s economy expanded by a historical high 6.5% in June, rebounding further from April’s record low level of
Read MorePeso Hits Historical Low as Argentina Contemplates Joining Belt & Road Initiative
The Argentine peso fell further to breach 73.80 against the greenback, the lowest level documented, after the country’s central bank president Pesce opined that the restructuring agreement with creditors should minimize the necessity for additional currency exchange prohibitions and assist
Read MoreRussian Ruble Could Weaken Further on Geopolitical Developments & Economic Downturn
The USD/RUB rose to 1.0148 or 1.38% to close at 74.8000 Friday and there are indications that the ruble would skid further due to political developments and weak economic data. The political gridlock in Belarus is showing signs of turning
Read MoreCanadian Dollar Reverses From Seven-Month High on Weak Crude Prices
The US dollar is showing signs of recovering the lost ground against the Canadian dollar after the latter hit seven month high on reports of Chrystia Freeland, Deputy Prime Minister, being selected as the country’s finance minister replacing Bill Morneau
Read MoreWhy the British pound is Strengthening?
The British pound rallied against the green back to trade at 1.3110 levels due to betterment in risk appetite and positivity encircling the continuing Brexit discussions after the UK’s chief negotiator David Frost stated that a deal with the EU
Read MoreTurkish Lira Weakens to Record Low Against the Greenback
Turkish lira hit a historical low of 7.80 against the US dollar Wednesday as worldwide economic recession triggered by the Covid-19 pandemic reflected lack of strength in Turkish economy. Rising inflation, widening current account deficit and measures taken by government
Read MoreAustralia Unemployment Rate Hits 22 Year High
Australia’s unemployment rate inched upwards to 7.5% in July, from 7.4% in prior month, but exceeded market’s expectations for an increase in jobless rate to 7.8%. The outbreak of Coronavirus disease increased the jobless rate to the highest level since
Read MoreChinese Yuan Declines Against the Dollar on Heightened Tensions With US
The Chinese yuan declined to 6.97 against the greenback after the PBoC (People’s Bank of China) set the onshore rate at 6.9649. After the China government warned of sanctions on US politicians, tensions between the US and China soared. It
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