British Pound Hits One-Month High on Brexit Trade Deal Hopes
The pound hit a one month high of 1.301 against the greenback Friday as investors received positive update about Brexit trade deal negotiations. The UK and the EU promised to arrive at a deal by October 15. However, the statement
Read MoreRussian Ruble Trades Near 6-Month Low as Manufacturing Sector Resumes Contraction
The Russian ruble continued to trade near 6-month low hit last week as crude oil prices remained weak on worries over recovery in fuel demand and an increase in the US crude oil stock piles. The most watched Brent crude
Read MoreSouth African Rand Hits Over One Week High as Mfg PMI Rises Above Pre-Pandemic Levels
The South African rand recorded more than one week high of 16.40 against the greenback Friday, following news reports that President Cyril Ramaphosa will unveil the Mooiklof Mega Residential City tomorrow, the first government backed venture in its $139 billion
Read MoreEuro Down as ECB’s Lagarde Signals Allowing Inflation to Overshoot 2% target
The euro dollar declined against the pound yesterday after the European Central Bank (ECB) President Christine Lagarde hinted that the ECB will align with the policies of the US Federal Reserve and allow the inflation to overshoot the 2% objective
Read MoreUS Dollar Index Hovers Around 2-Month High On Solid Texas Manufacturing Index Data
The US dollar index declined slightly to about 94.20 Monday, but stayed near two-month high of 94.64 in the earlier session as data published by the Federal Reserve Bank of Dallas reported 2-Year High Texas Manufacturing Index data. Investors continue
Read MoreCanadian Dollar Hits Eight Week Low as Covid-19 Infections Surge
The Canadian dollar closed Friday’s trading at 1.3396 against the greenback, reflecting eight week low against the back drop of a strengthening dollar, mounting worries over a surge in worldwide Covid-19 infections and a decline in crude prices. Notably, Prime
Read MoreYen Declines as Japanese Flash Mfg. PMI Signals Further Economic Slowdown
The Japanese yen declined against the greenback yesterday following the report of worse than anticipated flash manufacturing PMI (purchasing managers’ index) data and indicated contraction of the sector. Notably, the flash manufacturing PMI data from the US was better than
Read MoreRussia Central Bank Maintains Benchmark Rate at 4.25% as Unemployment Soars to 8-yr High
The central bank of Russia maintained its benchmark interest rate at 4.25% Friday, freezing its monetary easing policy for the time being as inflation rises and the country stares at new sanctions. The central bank of Russia, however, hinted that
Read MoreUS Retail Sales Growth Eases in August
In spite of ending the federal stimulus program that boosted consumer spending, the US retail sales rose in August, reflecting the fourth consecutive monthly increase, extending a rebound that has persisted for a longer duration that anticipated by several economists.
Read MoreDollar Posts 2nd Straight Weekly Gain
The US dollar index inched down 0.1% to roughly 92.30 on Friday, but recorded a weekly gain of 0.6%, reflecting the first consecutive weekly gains since May. The greenback recorded a 28 month low of 92.144 on August 31, but
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