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 MoreNew Zealand Dollar Hits 20-Month High
The NZD/USD currency pair rallied to 20-month high of 0.6886 following the Reserve Bank of New Zealand’s decision to maintain official cash rate (OCR) at a historical low of 0.25%. In New Zealand, the official interest rate is called as
Read MoreUS Dollar Index Gains 1% Week, But Chinese Yuan Leads Fray with Solid Economic Data
The US dollar index edged upwards to trade at one month high of over 94 Friday, following an extended rally for the 3rd day in a row against the backdrop of increasing Covid-19 infections and forthcoming US election results. The
Read MorePound Dips Below 1.30 as Brexit Talks Face Roadblock
The British pound dropped below 1.30 against the greenback, against the backdrop of worries about a sharp rise in Covid-19 cases throughout the Europe and an absence of advancement on a Brexit agreement. The UK reported roughly 23,000 coronavirus infections
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 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 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
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