China’s Manufacturing Growth Hits 17-Month Low
The Chinese National Bureau of Statistics (NBS) manufacturing PMI declined to 50.40 in July, from 50.90 in June and missed market forecasts of 50.80. The reported reading reflects the weakest rate of growth in factory activity following a contraction in
Read MoreAussie Declines On Rising Covid-19 Cases & Two Month Low Iron Ore Prices
The Australian dollar declined against the dollar, the pound, and other major currencies as the price of iron ore with a 63.5% iron content for delivery to Tianjin tumbled to near $200 a ton, the lowest since the last week
Read MoreUS dollar Strengthens on Increasing Demand for Safe Haven Assets
The dollar index has continued to rise, approaching a four-month peak of 93.19 reached on Wednesday, as appetite for safe-haven assets remained strong amid concerns over the Delta COVID-19 variant’s rapid spread. Furthermore, while worries about the US economic rebound
Read MoreAussie Remains Weak as Covid-19 Delta Variant Threatens RBA Plans
The Australian Dollar’s trend remains bearish for the time being, according to Morgan Stanley analysts, who are apprehensive about the “asymmetric” problems faced by the economy due to rise in infections caused by the Covid-19 Delta variant. The financial firm
Read MoreYen Continues to Trade Near Four-Week High as Vaccination Gathers Pace
The Bank of Japan left the near-term benchmark interest rate unaltered at -0.1% and maintained the target for the 10-year Japanese government bond yield at about 0% during the July meeting, as broadly anticipated, supported by a 8-1 vote. In
Read MoreAussie Up on Strong Chinese Trade Data
Following the publication of several better-than-anticipated Chinese statistics, the Aussie was seen eclipsing its rivals, confirming that events in the world’s second-largest economy continue to be an important determinant of currency movements. In June, China’s imports increased by 36.7% year
Read MorePound Galloped Against Loonie In spite of Positive Job Data from Canada
The Pound-to-Canadian Dollar exchange rate rose in the closing session of the week, as the Loonie seemed to ignore stronger-than-anticipated June employment numbers from Statistics Canada, allowing GBP/CAD’s break out from a two-month trading range to go unhindered. The Canadian
Read MoreAussie Strengthens on RBA’s Decision to Taper Bond Purchases
The Australian Dollar remains the top performing major currency so far this week following the Reserve Bank of Australia (RBA) announcement that it will begin tapering its asset purchase initiative in response to the economy’s continued growth. The Australian Dollar
Read MoreUK’s Tilt Away from the EU Could Eventually Put the Pound at Advantage
As per recent research from BMO Capital Markets, the UK’s evolving trade agreement with the EU and the rest of the region might be beneficial to the British Pound. BMO Capital Markets continues to prefer the Pound over the Euro
Read MoreSouth African Rand Holds its Fort Against Major Currencies
In a prolonged display of tenacity, the South African currency has held its territory against several major currencies, having put GBP/ZAR below 19.90 and forcing it on the back foot. In the previous week, the Rand has climbed against all
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