Euro Plunges as Bundesbank Predicts German Economic Growth to Miss Prior Outlook
The Eurodollar plunged against the greenback today following the release of poor German Ifo business climate index data. The Eurodollar sell-off also intensified with the release of the Bundesbank report stating that the earlier economic growth outlook issued in June
Read MoreUS Dollar Strengthens On Fed Chair Powell’s Confirmation of ‘Tapering’ by November
Due to the hawkish remark made by US Federal Reserve Chair Jerome Powell on the Fed’s bond-purchasing program on Friday, the dollar gained strength versus the pound. Another factor contributing to the strengthening of the dollar was a slew of
Read MoreCanadian Dollar Strengthens to 3-Month High on 18-1/2 Year High Inflation
Because of the overall weakening of the dollar and the fact that oil prices have stayed around multi-year highs, the Canadian dollar strengthened below 1.24 per US dollar in the second half of October, approaching levels that have not been
Read MoreUBS Analyst – Aussie Has Further Upside Left
According to experts, the Australian Dollar has been one of the best performing global currencies over the last week, and the rise is likely to continue. The Australian Dollar has gained ground versus all of its G10 counterparts during the
Read MoreAustralian Dollar Heading for 0.7620 Against the US Dollar
The Australian Dollar is the best-performing major currency at the dawn of the new week, a trend that corresponds with increased freedoms in Sydney, and which some foreign exchange experts believe will continue to rise. “The Australian dollar is outpacing
Read MoreUS Inflation Hits 13-Year High, While the Yen Records 3-Year Low
With inflationary pressures remaining strong in September, the dollar index recovered some of its earlier losses on Wednesday to trade at 94.5. This is the highest level since September of 2020, increasing expectations that the Fed would tighten policy sooner
Read MoreTurkish Lira Records Fresh All-Time Low of 8.9982
The Turkish lira fell to a historic low of 8.97 per US dollar on worries about the legitimacy of monetary policy and a rising US currency. Following President Tayyip Erdogan’s demands for lower benchmark interest rates in a nation where
Read MoreSwedish Krona Plunges 0.77% Against the US Dollar on Weak Economic Data
The USDSEK increased 0.0806 or 0.92% to hit a high of 8.8215 on Wednesday from 8.7409 in the earlier trading session following a series of weak economic data (industrial output, household consumption and industrial orders) from Sweden and upbeat non-farm
Read MoreRussian Ruble Strengthens on Lifting of FY21 Growth Outlook & Plans to Increase Govt. Spending
The Russian ruble strengthened on Friday despite the report of a slowdown in Russia’s economic growth in August. The upward revision of FY21 GDP by the Russian Ministry of Economic Development and the government’s plan to increase spending in the
Read MoreBritish Pound Rebound as Bond Yields Continue to Rise
According to a seasoned Forex market trader, the British Pound has reached a turning point and it would be foolish to dump it now. The latest developments in the United Kingdom have led Brent Donnelly, President of the Spectra Markets
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