US Dollar Records 7-Month Low as Covid-19 Infections Surge
The dollar index declined 0.2% to reach 91.8% Friday, the lowest level since April 29th, paving way for further drop as a weak job market increased expectation of additional monetary easing or government stimulus. Unemployment claims were greater than anticipated
Read MoreKorean Won Strengthens as Bank of Korea Maintains Benchmark Rate
The Korean won strengthened against the greenback after the Bank of Korea maintained its benchmark interest rate at a historical low level of 0.5% on November 26, in line with economists’ estimates, against the backdrop of an extended impact of
Read MoreDollar Rebounds From 3-month Low On Upbeat PMI Data
The dollar index rebounded to 92.50 Tuesday, after trading at three month low of 92 on the first day of the week. The rebound was fueled by impressive PMI (purchasing managers’ index) data, which for the time being has poured
Read MoreRussian Ruble Remains at 2-month High Despite 4.7% y-o-y Contraction in October GDP
The weak GDP data from Russia ensured a decline of the ruble to 76.10 against the greenback on Friday, but still remained near the two-month high, backed by positive sentiment from the news related to Covid-19 vaccine. Notably, Covid-19 cases
Read MoreTurkish Lira Rallies as Central Bank Raises Benchmark Rate to 15%
Turkish lira strengthened nearly 1% against the greenback to trade at 7.64166 after the Central Bank of Turkey (CBRT) upwardly revised its benchmark rates (one-week repo) by 475 basis points to 15% during the November policy meeting. Even the country’s
Read MoreAussie Rallies on Optimism Over RCEP Deal
The Aussie rallied against the greenback to hit a high of 0.7330 against the backdrop of bullish stock markets and upbeat statement about the economy by Philip Lowe, the Reserve Bank of Australia’s Governor. The antipodean currency also received upward
Read MoreGoldman Sachs Forecasts Canadian Dollar to Strengthen Against Greenback in 2021, but Fall Against the Pound
The Canadian dollar had been underperforming this year, but global banking behemoth Goldman Sachs and BMO Capital Markets have suggested buying the currency on the presumption that loonie will outperform its peers in the near to medium-term. The currency has
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 MoreEuro Hits 7-Week High, But Analysts Believe the Trend Will Not Last Long
The eurodollar gained against the greenback Friday to close at 1.1885, reflecting the strongest level since September 15, as investors turned towards riskier assets while waiting for the final outcome of the US election. Notably, Democrat Joe Biden has already
Read MoreChinese Yuan hits 27-month High as Biden Inches Towards Victory in the US Presidential Election
The Chinese yuan gained 0.0211 or 0.32% to trade at $6.6470 against the greenback Thursday, reflecting 27-month high, following news reports that Joe Biden is inching towards becoming the 46th President of the US. The strengthening of the yen is
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