UK Economy Expanded 16% q-o-q in 3Q20 as Public Sector Net Borrowing Rises to Record High
The pound remained range bound against the greenback following the release of mixed economic data from the UK. While the final GDP and revised business sentiment data was better than expectations, the sharp increase in public sector borrowing and widening
Read MoreING Forecasts Double Dip For German Economy
The euro dollar remained range bound against the yen despite the release of better than anticipated German producer price index (PPI) data, improvement in business environment (Ifo survey) and higher than anticipated current account surplus. The gloomy outlook issued by
Read MoreYen Hits 5-Week High Against Greenback as China Reports 20-Month High Industrial Output
The Japanese yen strengthened against the greenback to hit a one-and-a-half-month high of 103.65 yesterday, aided by overall US dollar sell off as the US FDA issued emergency use license for Pfizer-BioNTech Covid-19 vaccine. Even the industrial production data from
Read MoreRussian Ruble Hits Four Month High on Lower-than-anticipated Q3 Contraction
The Russian ruble hit closed at 73.02 Friday, a level unseen since August 19, 2020, against the backdrop of increasing bullish view of global economic rebound due to availability of Covid-19 vaccine, additional US stimulus package and mitigation of geopolitical
Read MoreEuro Plummets Below 0.90 Against Pound on Weak Economic Data, Covid-19 Concerns
The EUR/GBP pair plummeted below 0.9000 levels, from a high of 0.9078 Wednesday, as optimism increased over post-Brexit trade discussions. Investors believe that the meeting between the UK Prime Minister Johnson and the EU Commission chief Van der Leyen will
Read MoreCanadian Dollar Hits 2-Year High Against Greenback
Canadian dollar rallied 15% against the US since March, hitting a two-year high of 1.2792 against the greenback. Canadian economy added greater than anticipated number of jobs in November, as per data provided by Statistics Canada, though the rate of
Read MoreAussie Rallies on Solid Trade Surplus Data for October
The Aussie rallied against the greenback following the report of better than anticipated trade surplus for October. The overwhelmingly positive September quarter GDP data also fueled the AUD/USD rally, which moved from a low of 0.7395 to a high of
Read MoreSpanish Manufacturing Sector Contracts in November
The EUR/USD pair turned volatile after the release of mixed economic data from the Europe. Following the release of weak Spanish manufacturing PMI (purchasing managers index) data that indicated contraction of the manufacturing sector, the euro dollar declined to 1.1920
Read MoreUS Dollar Records 7-Month Low as Covid-19 Infections Surge
The dollar index declined 0.2% to reach 91.8% Friday, the lowest level since April 29th, paving way for further drop as a weak job market increased expectation of additional monetary easing or government stimulus. Unemployment claims were greater than anticipated
Read MoreKorean Won Strengthens as Bank of Korea Maintains Benchmark Rate
The Korean won strengthened against the greenback after the Bank of Korea maintained its benchmark interest rate at a historical low level of 0.5% on November 26, in line with economists’ estimates, against the backdrop of an extended impact of
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