Norwegian Krone Declines to 1-Month Low as Crude Trades at Negative Prices
Norway’s krone declined to a new monthly low of 10.64 against the greenback, after crude oil plummeted to negative prices for the first time ever. For the first time in twelve years, the country’s economy is anticipated to contract in
Read MoreChina Economy Contract in Q1 2020, Fundamentals Intact
China’s GDP (Gross Domestic Product) contracted 6.8% y-o-y in the quarter ended March, after recording a 6% expansion in the earlier period, and fared worse than economists’ expectation for a 6.5% drop. It was the first economic contraction since the
Read MoreRussian Ruble Strengthens on Oil Production Cut Deal with OPEC+
Since the beginning of this month, the Russian ruble has been strengthening, with the USD/RUB hitting 73.76 Friday, the highest level since 13th March. Last Thursday, Russia and Saudi Arabia entered into a deal to slash oil production by 10
Read MoreJapan Core Machinery Orders Increase 2.3% m-o-m in February
Amid the gloomy business outlook across the globe due to coronavirus outbreak and poor economic activity, there was two positive economic data from Japan earlier today. First one was the core machinery orders that surprised economists and market as a
Read MoreMexican Peso Posts New Historical Low Against Greenback
The greenback gained 0.6639 or 2.66% against the Mexican Peso (USDMXN) to trade at 25.6139 Monday April 6, from 24.9500 at the close of earlier trading session. Almost all the major measures of economic activity, including consumer confidence, manufacturing, and
Read MoreSouth African Rand Hits New Historical Low Against US Dollar
The South African rand posted a new historical low of 18.278 against the greenback, with investors selling off most vulnerable assets and moving to safe haven assets as the outbreak of Covid-19 has increased worries about the currently feeble economy.
Read MoreEurozone Private Sectors Posts Record Contraction on Coronavirus Outbreak
The Eurozone private sector recorded its weakest performance in March, as countries continue to grapple with coronavirus outbreak. Private sector enterprises fared much worse than 2008 financial crisis, according to IHS Markit survey results. The flash composite output index declined
Read MoreNew Zealand Rolls Out Additional Stimulus Measures to Battle COVID-19 Impact on Economy
New Zealand government today rolled out additional measures to back the economy as the country is getting ready for a long battle against coronavirus. The country, which escalated coronavirus Alert Level to 3 today, is expected to raise it to
Read MoreMexico Central Bank Announces Deeper Rate Cut to Mitigate COVID-19 Disease Impact
Banco de México, in an off-cycle step, announced its largest benchmark rate cut in six years and committed support for the financial markets within the framework of further combative actions to alleviate the impact of COVID-19 disease implications. Mexico’s central
Read MoreNew Zealand GDP Growth Slows Down to 0.5% in 4Q19
Statistics New Zealand reported that the country’s economy expanded by a seasonally adjusted 0.5% q-o-q in the fourth-quarter of 2019. That was below the 0.8% q-o-q GDP growth recorded in the earlier quarter, but in line with economists’ expectations. The
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