Turkish 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
Read MoreSterling Hits 5-Month High after Fed Maintains Rate
The pound rallied against the greenback to trade at about 1.2985 Thursday, representing the highest level since March 9th, as the Federal Reserve maintained the fed funds rate as anticipated and cautioned that the Covid-19 issue will have a lingering
Read MoreRussian Ruble Declines to 10-Week Low as Country Grapples with Covid-19
The Russian ruble fell 1% to trade at 72.30 against the greenback today, mirroring the weakest exchange rate since May 19, as investors anticipate monetary policymakers at the US Fed meeting to reaffirm its dovish stance. A week before, the
Read MoreUS Reports 13-yr High Single Family Home Sales in June
The US dollar fell against the pound despite the report of near 13-year high home sales in June. Notably, the private sector output growth hit five year high in the UK. The GBP/USD rose from a low of 1.2718 to
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