Fitch Downwardly Revises US Rating Outlook to Negative
Rating agency Fitch has downwardly revised the US sovereign ratings outlook to negative from stable, while affirming the debt grade at AAA, mainly due to worsening state finances and lack of dependable fiscal strengthening strategy. These issues have been underscored
Read MoreRussian Ruble Declines to 10-Week Low as Country Grapples with Covid-19
The Russian ruble fell 1% to trade at 72.30 against the greenback today, mirroring the weakest exchange rate since May 19, as investors anticipate monetary policymakers at the US Fed meeting to reaffirm its dovish stance. A week before, the
Read MoreUS Reports 13-yr High Single Family Home Sales in June
The US dollar fell against the pound despite the report of near 13-year high home sales in June. Notably, the private sector output growth hit five year high in the UK. The GBP/USD rose from a low of 1.2718 to
Read MoreSouth Korea Economy Contracts 3.3% q-o-q in June, Enters Recession
The GDP of South Korea decreased 3.3% q-o-q in June, following a 1.3% drop in the earlier period, and worse than market anticipations for a 2.3% decline. For the first-time since 1933, the fourth-largest economy of Asia entered into a
Read MoreEuro Hits 4-Month High after EU Reaches Landmark Agreement on Covid-19 Recovery Package
European stocks gained ground today after the EU leaders agreed to a landmark agreement on €750 billion Covid-19 recovery package after five days of intense discussions. As per the package, the Commission will distribute €390 billion in the form of
Read MoreRussian Ruble Turns Weak as Unemployment Rate Soars to Four Month High
The Russian ruble lost ground against the greenback Friday after the report of highest unemployment rate in four months. The sharp decline in retail trade also aided the rubles decline against the greenback. But for the poor University of Michigan’s
Read MoreBank of Canada Leaves Interest rate Unchanged, QE Program to Continue
The Bank of Canada, following the monetary policy meeting, announced its decision to hold the interest rates unaltered at 0.25%, as anticipated by economists. The Monetary Policy Committee (MPC) also stated that it will carry on with its quantitative easing
Read MoreChina Central Bank Increases Liquidity By CNY 50 Billion
The People Bank of China (PBoC) increased the liquidity in Chinese banking system by CNY 50 billion through reverse repos carrying an interest rate of 2.2%. The initiative is intended to make sure that overall liquidity stays at adequate level.
Read MoreDollar Records Biggest Weekly Loss in a Month as 10-Year Bond Yield Rises
The dollar index declined to 96.60 against a bouquet of currencies Friday, recording a 0.6% slump is a single week, the biggest percentage decline in a month. Anticipations of a likely Covid-19 drug negated worries about the rise in coronavirus
Read MorePound Rallies on Announcement of New Stimulus Measures
The pound hit 1.2560 against the dollar Wednesday, before drifting lower to reach 1.2530 as Chancellor Rishi Sunak gave additional budget statement. Sunak affirmed that the furlough program will exist until October and the government would reward employers for bringing
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