Eurozone Private Sector Activity Contracts in December
A plethora of economic data (December) released today indicated another month of decline in the economic activity in the Eurozone, albeit the pace of contraction declined slightly. Despite the weak economic data, the EUR/USD pair rose from a low of
Read MoreUS Jobless Claims Declines, but Concerns Remain
The euro dollar declined against the greenback on the first trading day of 2021 following the release of lower than anticipated unemployment claims in the US. But for the weak decline in natural gas inventories, the greenback would have appreciated
Read MoreUS Pending Home Sales Index Decline for Third Consecutive Month
The euro dollar gained ground against the greenback following the report of weak pending home sales and wider than anticipated trade deficit data. Notably, the upbeat Chicago PMI data had little impact on the US dollar. The higher-than-anticipated decline in
Read MorePound Remains Weak Despite Post-Brexit Trade Deal
Following the inking of post-Brexit free trade partnership deal between the UK and the EU, the British pound declined by roughly 1% on the first-trading day of the week. Today, the EUR/GBP continued to consolidate at 0.9080 levels. The reason
Read MoreUS New Home Sales Miss Forecasts by Wide Margin
The greenback remained range bound against the yen following the release of mixed economic data from the US. While the unemployment claims were far below expectations, new home sales data missed forecasts. Furthermore, the crude oil inventories data also failed
Read MoreUK 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 MoreING Forecasts Double Dip For German Economy
The euro dollar remained range bound against the yen despite the release of better than anticipated German producer price index (PPI) data, improvement in business environment (Ifo survey) and higher than anticipated current account surplus. The gloomy outlook issued by
Read MoreYen Hits 5-Week High Against Greenback as China Reports 20-Month High Industrial Output
The Japanese yen strengthened against the greenback to hit a one-and-a-half-month high of 103.65 yesterday, aided by overall US dollar sell off as the US FDA issued emergency use license for Pfizer-BioNTech Covid-19 vaccine. Even the industrial production data from
Read MoreRussian Ruble Hits Four Month High on Lower-than-anticipated Q3 Contraction
The Russian ruble hit closed at 73.02 Friday, a level unseen since August 19, 2020, against the backdrop of increasing bullish view of global economic rebound due to availability of Covid-19 vaccine, additional US stimulus package and mitigation of geopolitical
Read MoreEuro Plummets Below 0.90 Against Pound on Weak Economic Data, Covid-19 Concerns
The EUR/GBP pair plummeted below 0.9000 levels, from a high of 0.9078 Wednesday, as optimism increased over post-Brexit trade discussions. Investors believe that the meeting between the UK Prime Minister Johnson and the EU Commission chief Van der Leyen will
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