Mexican Industrial Output Declines to Lowest Level in 9-yrs While China CPI Misses Expectations
The Mexican peso gained 0.05% to trade at 24.3379 against the greenback despite a 5% m-o-m drop in the industrial production in March, following an amended 2% decline in the earlier month and compared with economists expectation for a 6.1%
Read MoreCrude 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
Read MoreJapan 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.
Read MoreAustralia 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.
Read MoreUS 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
Read MoreYen 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.
Read MoreRuble 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
Read MoreNorwegian 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
Read MoreChina 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
Read MoreRussian 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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