forex
The GBP/USD exchange rate continued its strong bull run after the relatively dovish Federal Reserve statement and ahead of the upcoming UK inflation data. It has risen for three straight days and has moved to the psychological point at 1.300, its highest swing since July 2023. Dovish Federal ReserveThe GBP/USD pair continued its strong surge after Monday’s statement by Jerome Powell, the Federal Reserve Governor. In a statement, Powell welcomed the last three month’s inflation numbers that showed that prices were stabilizing. Last week’s consumer price index (CPI) data showed that the headline...
Invezz
The USD/CHF exchange rate has remained in a tight range in the past few weeks as investors assess the next actions by the Federal Reserve and the Swiss National Bank (SNB). The pair was trading at 0.8975 on Wednesday, a few points below the year-to-date high of 0.9225. Federal Reserve’s next actionsThe USD/CHF pair has pulled back as investors reflect on the relatively weak economic numbers from the US and its implications on the Federal Reserve. In a report, the Institute of Supply Management (ISM) said that the manufacturing PMI dropped to the contraction zone of 48.2 in June. Another report...
Invezz
The Zimbabwe ZiG currency continued its downward trend this week, raising concerns about the need for interventions by the central bank. Data published on the central bank’s website shows that the USD to ZiG exchange rate was trading at 13.74, about 1% higher than its April’s open. Zimbabwe ZiG retreat continuesThe Zimbabwe ZiG currency has retreated at a time when most currencies are gaining against the US dollar after last week’s US jobs numbers. These numbers revealed that the economy created over 207k jobs in June while the unemployment rate rose to 4.1%. As a result, the US dollar index h...
Invezz
The Nikkei 225 index has had a great performance this year, making it one of the best-performing global indices. It has jumped by more than 18%, beating the Nasdaq 100 index, which has risen by 16%. Japan stocks and yen divergeThe Nikkei 225 index jump happened in the same period as the Japanese yen imploded. Yen, the third most popular currency, has crashed by over 14% this year and has moved to its lowest level against the US dollar. It has also plunged against other currencies like the euro and the British pound. The USD/JPY pair soared because of the actions of the Bank of Japan (BoJ), whi...
Invezz
The USD/MXN exchange rate continued rebounding this week after the latest Banxico interest rate decision. It has risen for four straight days and is nearing the year-to-date high of 19.0. Fed and Banxico decisionThe USD/MXN pair has bounced back in the past few days after it became clear that the Federal Reserve will maintain a hawkish tone as inflation remains at an elevated level. In its last monetary policy meeting, the bank estimated that the first rate cut will happen later this year if only inflation continues falling. Therefore, the upcoming personal consumption expenditure(PCE) report ...
Invezz
The USD/ZIG exchange rate has remained relatively stable this month as the use of the Zimbabwe Gold continues. According to the Zimbabwe Central Bank, the pair was trading at 13.68 on Wednesday, where it has been in the past few weeks. The Zimambwe ZiG reacted mildly to Thursday’s interest rate decision by the central bank. In it, the bank decided to leave interest rates unchanged at 20% as it continues to observe the ongoing currency stability. The decision came at a time when data revealed that inflation was moving in the right direction because of the ZiG. According to the statistics agency...
Invezz
The US dollar index (DXY) continued rebounding this week as the focus shifted to the upcoming US GDP and inflation report. It rose to $106.11 on Thursday, its highest swing since May 1st. It has jumped by more than 1.85% from its lowest swing this month. US PCE data aheadThe US dollar index has continued rising as it emerged that the Fed will be one of the last major central banks to start cutting interest rates. The European Central Bank (ECB) slashed rates by 0.25% in its recent meeting in June. Similarly, the Bank of Canada (BoC) and Swiss National Bank (SNB) cut rates by 0.25% as inflation...
Invezz
The USD/TRY exchange rate was sitting near its all-time high ahead of the upcoming Central Bank of the Republic of Turkey (CBRT) interest rate decision. It also wavered as traders waited for the upcoming US personal consumption expenditure (PCE) data. CBRT decision and US PCE dataThe USD/TRY exchange rate will be in the spotlight on Thursday as the CBRT delivers its June interest rate decision. Most economists expect the bank to maintain the main interest rate at 50% as it has done in the past few meetings. Still, the CBRT could surprise the market by delivering a small rate hike since inflati...
Invezz
Hedge funds are increasingly short the Japanese yen, pointing to more downside of the currency. The USD/JPY exchange rate was trading at 159.81 on Wednesday, a few pips below the year-to-date high of 160.22. Hedge funds are short the yenThe Japanese yen has been the worst-performing currency in developed countries in the past few years. It has already crashed by over 5% from the highest level in May and by over 20% from its post-pandemic high. Hedge funds have continued to increase their short bets against the Japanese yen. Data by the CFTC shows that these funds have been short the currency s...
Invezz
Violence broke out again today in the Kenyan capital of Nairobi, as well as several other towns and villages, as the latest in an ongoing protest against both a proposed financial bill and the nation’s president. Earlier today on June 25, riots throughout the African nation of Kenya gained steam, with many being wounded in altercations between protestors and police. This comes after previous unrest last week, on June 20, resulted in more clashes between protesters and police, killing at least one Kenyan in the struggle and injuring several others. Crowd control gone wrongKenyan politicians met...
Invezz
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