Pound 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

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Russian 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

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Russian 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

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South 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

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US 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

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Canadian 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

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Yen 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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US Retail Sales Growth Eases in August

In spite of ending the federal stimulus program that boosted consumer spending, the US retail sales rose in August, reflecting the fourth consecutive monthly increase, extending a rebound that has persisted for a longer duration that anticipated by several economists.

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Japan Core Machinery Orders Rebound 6.3% m-o-m in July

Japan’s machinery orders bounced back in July following a steep decline in the earlier month, a huge break for the Covid-19 afflicted economy but the forecast for capital outlay continued to be unclear due to volatile global business scenario. The

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Pound Posts Steep Decline on Brexit Concerns & Covid-19 Resurgence

The British pound traded at about $1.33 Friday, reflecting a decline of 0.5% from previous week, the largest since mid-June. The decline happened against the backdrop of worries about absence of any headway in Brexit discussions. Notably, EU’s negotiator Michel

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