Canadian 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 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 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
Read MoreUS Dollar Gains On Strong Job Additions in July, 10-Year Treasury Note Hovers Near 234 Year Low
The dollar index rose to 93.4 Friday after the US employment data indicated that the economy added better-than-anticipated jobs in July 2020. Furthermore, the demand for safe-haven assets rose on resumed strains between the US and China after President Donald
Read MoreLatin American Economies Continue to Struggle as Philippines Enters Recession
Data published by IHS Markit indicated that Brazil services PMI (purchasing managers’ index) increased to 42.50 in July, from 35.90 in the earlier month, reflecting fifth successive contraction against the backdrop of Covid-19 pandemic. Fresh orders declined for the fifth
Read MoreArgentine Peso Hits Historical Low As US Dollar Hovers Near 2-yr Low
The peso hit a historical low of $72.51 against the US dollar after the Argentine government stated that it had inked an agreement with three consortia of creditors to reorganize $65 billion worth sovereign debt. The government further stated that
Read MoreFitch Downwardly Revises US Rating Outlook to Negative
Rating agency Fitch has downwardly revised the US sovereign ratings outlook to negative from stable, while affirming the debt grade at AAA, mainly due to worsening state finances and lack of dependable fiscal strengthening strategy. These issues have been underscored
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