US 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

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Latin 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

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Argentine 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

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Fitch 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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Sterling 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

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US 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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Euro 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

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Russian 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

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Bank 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

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China 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.

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