Analysts issue Bullish Outlook for Canadian Dollar
The Canadian dollar, a commodity currency, is strengthening against its peers as the outlook for crude oil has turned bullish. Almost all commodity analysts believe that Brent crude will hit $70 per barrel, a forecast which supports the case of
Read MorePound Consolidates Near Three Year High Against the Dollar
The British pound continues to hover around three-year high of $1.3850, aided by chances of a speedier economic rebound in the UK due to the roll out of Covid-19 vaccine and enormous stimulus, in addition to fading possibilities of negative
Read MoreRussian Ruble Rebounds from 2-Month Low as Services, Mfg. PMI Records Robust Increase
The Russian ruble rebounded slightly after hitting a two-month low of 76.20 against the greenback last week as Brent crude gained momentum to record a yearly high of $59.523 per barrel against the backdrop of a decline in the US
Read MoreBritish Pound Rebounds as BoE Maintains Interest Rate
The Bank of England left its benchmark interest rate unchanged at a historical low of 0.1% in a unanimous decision, while deciding to continue with its bond purchase program in the policy meeting conducted earlier today. The monetary policymakers pointed
Read MoreCovid-19 Restrictions Caused US Personal Spending to Decline in December
A series of mixed economic data ensured a range bound movement of the greenback against other major currencies Friday. However, the equity markets ended in red against the backdrop of rising worries about GameStop issue. The video game retailer’s share
Read MoreArgentina Economic Outlook for 2021 as Peso Hits New All-Time Low
The Argentine Peso recorded a historical low of 86.3870 against the US dollar Friday, raising concerns about country’s economy outlook. Before we assess the situation, let us have a look at the recent economic data: The country’s inflation rate surged
Read MoreCanada Housing Starts Miss Estimates for December
According to the Canada Mortgage and Housing Corporation (CMHC), housing starts decreased to 228,000 units in December, from 261,000 units in the earlier month and missed the 230,000 units anticipated by economists. However, the housing starts trend increased slightly to
Read MoreRussian Ruble Declines Further, After Losing 18% in 2020
The Russian ruble lost further ground to trade at 74.60 against the greenback, against the backdrop of sluggishness in oil markets and worries over fuel demand. The benchmark Brent crude oil declined from more than a 10-month high of $56.36
Read MoreGerman Industrial Production Manages to Grow Marginally In November
A plethora of economic data published from the euro zone Friday indicated overall weakness in economic activity, despite some bright spots. Resurgence in Covid-19 has worsened expectations for the first-quarter of this year, although market expects sharp rebound in the
Read MoreEurozone Private Sector Activity Contracts in December
A plethora of economic data (December) released today indicated another month of decline in the economic activity in the Eurozone, albeit the pace of contraction declined slightly. Despite the weak economic data, the EUR/USD pair rose from a low of
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