South Korea Economy Contracts 3.3% q-o-q in June, Enters Recession
The GDP of South Korea decreased 3.3% q-o-q in June, following a 1.3% drop in the earlier period, and worse than market anticipations for a 2.3% decline. For the first-time since 1933, the fourth-largest economy of Asia entered into a
Read MoreEuro Hits 4-Month High after EU Reaches Landmark Agreement on Covid-19 Recovery Package
European stocks gained ground today after the EU leaders agreed to a landmark agreement on €750 billion Covid-19 recovery package after five days of intense discussions. As per the package, the Commission will distribute €390 billion in the form of
Read MoreRussian Ruble Turns Weak as Unemployment Rate Soars to Four Month High
The Russian ruble lost ground against the greenback Friday after the report of highest unemployment rate in four months. The sharp decline in retail trade also aided the rubles decline against the greenback. But for the poor University of Michigan’s
Read MoreBank of Canada Leaves Interest rate Unchanged, QE Program to Continue
The Bank of Canada, following the monetary policy meeting, announced its decision to hold the interest rates unaltered at 0.25%, as anticipated by economists. The Monetary Policy Committee (MPC) also stated that it will carry on with its quantitative easing
Read MoreChina Central Bank Increases Liquidity By CNY 50 Billion
The People Bank of China (PBoC) increased the liquidity in Chinese banking system by CNY 50 billion through reverse repos carrying an interest rate of 2.2%. The initiative is intended to make sure that overall liquidity stays at adequate level.
Read MoreDollar Records Biggest Weekly Loss in a Month as 10-Year Bond Yield Rises
The dollar index declined to 96.60 against a bouquet of currencies Friday, recording a 0.6% slump is a single week, the biggest percentage decline in a month. Anticipations of a likely Covid-19 drug negated worries about the rise in coronavirus
Read MorePound Rallies on Announcement of New Stimulus Measures
The pound hit 1.2560 against the dollar Wednesday, before drifting lower to reach 1.2530 as Chancellor Rishi Sunak gave additional budget statement. Sunak affirmed that the furlough program will exist until October and the government would reward employers for bringing
Read MoreAustralia Job Advertisements Surges 42% m-o-m in June
The Aussie rallied against the greenback in the Asian session after the report of improvement in Melbourne Institute inflation data and strong rise in ANZ job advertisements in June. At the time of writing this article, the AUD/USD pair has
Read MoreSaudi Non-Oil Private Sector Shrinks Again in May, while UAE Surprises with Growth
The slowdown in global economy continues to take a toll on oil rich economies in the Middle-East. According to IHS Markit, Saudi Arabia’s PMI declined to 47.70 in June, from 48.1 in the earlier month. It was the fourth successive
Read MoreFrance Manufacturing Sector Records Fastest Growth Since February 2018
Following the release of positive economic data, the euro dollar rose against the greenback to trade at 1.1259 at the time of writing this article. Notably, the lower-than-anticipated ADP non-farm employment data and sharp decline in the US crude inventories
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