forex
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
El peso mexicano se acerca a los 18 pesos por dólar, revirtiendo su punto más bajo en quince meses de 18.75 el 12 de junio. El aumento se debe a un panorama más favorable después de la elección, lo que sugiere una posición más sólida por parte del Banco de México. Inflación y política monetariaEn México, la inflación en la primera quincena de junio alcanzó un 4,78%, superando las estimaciones de un aumento del 4,7 %. Banxico ha prometido mantener una política monetaria restrictiva para prevenir la alta inflación y apoyar la estabilidad económica. Auge en la actividad económica En abril, la act...
Invezz - ES
The Ghanaian cedi continued its freefall this week after the country reached a deal with its Eurobond creditors. The USD/GHS exchange rate has risen for 13 straight months and is now sitting at a record high of 15. It has soared by more than 164% from its lowest level in 2021, making it one of the worst-performing currencies in Africa. USD/GHS weekly chart The Ghanaian cedi plunged after the country reached a deal in principle with its Eurobond to restructure about $13 billion of its debt. According to the deal. The creditors will take a 37% haircut and choose between two instruments. One of t...
Invezz
The USD/JPY exchange rate has soared in the past six consecutive days and is slowly nearing its all-time high as the Japanese yen sell-off intensifies. It was trading at 158 on Friday and was nearing its all-time high of 160.2. It has soared by more than 13% from its lowest point in January. Japanese yen is plungingThe Japanese yen has become the worst-performing major currency this year as concerns about the Bank of Japan policy continues. In a statement last week, the bank announced that it would scale back its bond purchases significantly as it seeks to exit its ultra-loose monetary policie...
Invezz
The USD/CHF exchange rate will be in the spotlight on Thursday as the Swiss National Bank (SNB) delivers its interest rate decision. It has crashed by over 4% from its lowest level this month and is now hovering near its lowest level since March. SNB interest rate decisionThe Swiss National Bank will deliver its monetary policy decision as the country’s inflation remains elevated and the economy slows. Recent data showed that the headline Consumer Price Index (CPI) rose to 1.4% YoY in May, higher than March’s 1.0%. While the CPI has remained below the SNB’s target of 2.0% and is lower than in ...
Invezz
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