Crude Gains For Second Successive Week Despite 20.5mln Job Losses in US

Wall Street ended strongly in green Friday in spite of a new historical job loss of 20.50 million in April and a record high unemployment rate of 14.7%. Stocks gained on investors’ optimism about reopening of the economy soon and

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Japan Services PMI Records New Historical Low in April

The Japanese yen is losing ground against the greenback after the release of a series of poor PMI (Composite, services) and household sepnding data from Japan. At the time of writing this article, the USD/JPY pair was trading at 106.45.

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Australia Composite & Services PMI Declines to New Low

The Aussie rallied against the greenback despite the data published by the Ai Group indicated a steep fall in the Australian Performance of Construction Index. Likewise, the composite and services PMI (purchasing managers’ index) also recorded a historical low reading.

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US Manufacturing Shrinks to Lowest Level in 11yrs

The euro hit $1.0994 Friday, reflecting the highest level since last month, after the European Central Bank maintained its benchmark interest rates, while reducing the interest rate on emergency loan scheme for banks. Investors were anticipating the central bank to

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Yen Rallies Despite Roll Out of Additional Stimulus Measures

The Japanese yen rallied against the greenback to trade at 107.149 on the first day of the week, despite the announcement of expansion of stimulus package by the Bank of Japan to nullify the negative impact of the Covid-19 outbreak.

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Ruble Rallies Despite Interest Rate Cut by Bank of Russia

The Russian ruble gained against the US dollar for the third consecutive day to hit $74.1, as crude oil prices continued to appreciate. The ruble has gained in spite of rate cuts to six-year low by the central bank of

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Norwegian Krone Declines to 1-Month Low as Crude Trades at Negative Prices

Norway’s krone declined to a new monthly low of 10.64 against the greenback, after crude oil plummeted to negative prices for the first time ever. For the first time in twelve years, the country’s economy is anticipated to contract in

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China Economy Contract in Q1 2020, Fundamentals Intact

China’s GDP (Gross Domestic Product) contracted 6.8% y-o-y in the quarter ended March, after recording a 6% expansion in the earlier period, and fared worse than economists’ expectation for a 6.5% drop. It was the first economic contraction since the

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Russian Ruble Strengthens on Oil Production Cut Deal with OPEC+

Since the beginning of this month, the Russian ruble has been strengthening, with the USD/RUB hitting 73.76 Friday, the highest level since 13th March. Last Thursday, Russia and Saudi Arabia entered into a deal to slash oil production by 10

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Japan Core Machinery Orders Increase 2.3% m-o-m in February

Amid the gloomy business outlook across the globe due to coronavirus outbreak and poor economic activity, there was two positive economic data from Japan earlier today. First one was the core machinery orders that surprised economists and market as a

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