US Dollar Rallies After Record Monthly Job Additions in May
The US dollar index increased to 97 Friday against a bouquet of currencies following the release of upbeat non-farm payroll data for May. Furthermore, unemployment rate fell to 13.3% following a record high unemployment in April. The US dollar index,
Read MoreSwiss Economy Contracts at Record Pace in March Quarter
The Swiss economy contracted 2.6% q-o-q in the first-quarter, the highest since 1980 when the publication of data began, and higher than economists’ expectation for a 2% contraction as economic activity in March was severely restrained due to the Covid-19
Read MoreChina Manufacturing Expands for 3rd Consecutive Month
China’s National Bureau of Statistics reported an increase in non-manufacturing PMI to 53.60 in May, from 53.20 in the earlier month. It was the third consecutive month of growth in the service sector and robust since January. New business expanded
Read MoreUS Economy Records Steepest Contraction in 12 yrs
The US economy contracted by an annual rate of 4.8% in 1Q2020, halting the lengthiest time frame of growth in the nation’s history, as per advance estimate. Notably, the GDP shrank at the sharpest rate in 12 years, far worse
Read MoreSouth African Rand Weakens to 18 Mark Against Greenback
The South African rand weakened above the 18 level against the greenback Friday as investors were worried that tensions between Beijing and Washington could heighten further after China made initiatives to implement a fresh security law in Hong Kong. Last
Read MoreUS Factory Activity Contracts for 3rd Successive Month while Turkey Delivers 9th Rate Cut
Turkish lira remained unchanged at 6.80 against the greenback yesterday, as the 50 basis points rate cut announced by the Central Bank of Turkey (CBRT- Türkiye Cumhuriyet Merkez Bankası or TCMB) was in line with analysts’ estimates. The rate cut
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 MoreUS Personal Spending Plummets 7.5%, Reflecting Steepest Drop Ever
The US dollar declined against the euro yesterday after the initial jobless claims missed economists’ estimates by a huge margin. Additionally, personal spending also declined more than anticipated. In the past 24 hours, the EUR/USD rallied from a low 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
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