Pound Rallies on Post-Brexit Trade Deal Hopes
The pound rallied against its peers, including the greenback, the Canadian dollar and the euro, on reports that the UK and the EU are preparing to resume halted post-Brexit trade discussions, making markets to hope with greater optimism that an
Read MorePound Turns Weak as Moody’s Slashes UK’s Credit Rating
The pound sterling fell 1% last week to $1.292, against the backdrop of Brexit uncertainty, stringent lockdown initiatives, likelihood of negative interest rates and rating downgrade by Moody’s. The UK Prime Minister Boris Johnson has asked the country’s enterprises to
Read MoreRussian Ruble Weakens on Surge in Covid-19 Cases, Weak Trade Surplus Data
The Russian ruble fell 0.5% to $77.60 yesterday following reports of a surge in Covid-19 cases for the second day in a row in Russia. Notably, the ruble fell in spite of a record high placement of Russia’s government bonds
Read MoreBritish Pound Hits One-Month High on Brexit Trade Deal Hopes
The pound hit a one month high of 1.301 against the greenback Friday as investors received positive update about Brexit trade deal negotiations. The UK and the EU promised to arrive at a deal by October 15. However, the statement
Read MoreRussian Ruble Trades Near 6-Month Low as Manufacturing Sector Resumes Contraction
The Russian ruble continued to trade near 6-month low hit last week as crude oil prices remained weak on worries over recovery in fuel demand and an increase in the US crude oil stock piles. The most watched Brent crude
Read MoreSouth African Rand Hits Over One Week High as Mfg PMI Rises Above Pre-Pandemic Levels
The South African rand recorded more than one week high of 16.40 against the greenback Friday, following news reports that President Cyril Ramaphosa will unveil the Mooiklof Mega Residential City tomorrow, the first government backed venture in its $139 billion
Read MoreEuro Down as ECB’s Lagarde Signals Allowing Inflation to Overshoot 2% target
The euro dollar declined against the pound yesterday after the European Central Bank (ECB) President Christine Lagarde hinted that the ECB will align with the policies of the US Federal Reserve and allow the inflation to overshoot the 2% objective
Read MoreUS Dollar Index Hovers Around 2-Month High On Solid Texas Manufacturing Index Data
The US dollar index declined slightly to about 94.20 Monday, but stayed near two-month high of 94.64 in the earlier session as data published by the Federal Reserve Bank of Dallas reported 2-Year High Texas Manufacturing Index data. Investors continue
Read MoreCanadian Dollar Hits Eight Week Low as Covid-19 Infections Surge
The Canadian dollar closed Friday’s trading at 1.3396 against the greenback, reflecting eight week low against the back drop of a strengthening dollar, mounting worries over a surge in worldwide Covid-19 infections and a decline in crude prices. Notably, Prime
Read MoreYen Declines as Japanese Flash Mfg. PMI Signals Further Economic Slowdown
The Japanese yen declined against the greenback yesterday following the report of worse than anticipated flash manufacturing PMI (purchasing managers’ index) data and indicated contraction of the sector. Notably, the flash manufacturing PMI data from the US was better than
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