forex
Today, the People’s Bank of China (PBoC) revealed the country’s latest figures for both new and outstanding loans data for May 2024. Outstanding loan growth hits new record lowOut earlier today were PBoC’s outstanding loan growth figures for May 2024. Outstanding loans increased 9.3% last month, compared with May 2023. However, month-over-month, outstanding loans dropped from a 9.6% rise in April 2024 to 9.3% in May, according to today’s data. The reading of 9.3% is the lowest figure ever recorded for the country’s monthly outstanding loans data. What does the outstanding loans data mean?The P...
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The USD/TRY exchange rate drifted upwards this week after the Federal Reserve delivered a somewhat hawkish decision. It has also soared after a report showed that Turkey’s inflation continued soaring in May. It was trading at 32.50, a few points below its all-time high of 32.80. Turkish lira crashesThe US inflation data and the Federal Reserve were the biggest catalysts for the USD/TRY pair this week. In a report on Wednesday, the Bureau of Labor Statistics (BLS) said that the headline and core inflation numbers dropped in June. A few hours later, the Federal Reserve delivered what seemed like...
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The South African rand is back. After soaring to 19 last week, the USD/ZAR pair has plummeted to 18.40 as investors focus on the coalition talks between the Africa National Congress (ANC) and the Democratic Alliance (DA). Coalition talks advanceThe USD/ZAR pair has been in the spotlight recently after the recent South African election in which the ruling ANC failed to win a majority for the first time in the post apartheid era. In the aftermath, the two leading parties, ANC and DA, have been talking about forming a coalition government in which Ramaphosa will be the president. Therefore, inves...
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The Australian dollar has been losing ground lately to the USD, a trend which was exacerbated after the Fed communicated an even more hawkish interest rate policy stance for the US yesterday. Read more about the Fed’s interest rate decision and what it means The AUD/USD priceAt the time of this article going to press, the Australian dollar was trading at around $0.67 to the US dollar, giving up gains of around 0.25% since the Fed’s announcement. Yet the AUD has strengthened somewhat overall in the past month, rising 0.6% to the dollar overall in the last 30 days. Fortunately, the nation saw ot...
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The USD/INR exchange rate dived hard on Monday morning ahead of the official Indian election results scheduled on June 4th. The pair slumped to a low of 83, its lowest level since March 20th. It has dropped by 85 basis points from its highest point this year. India election results and RBI decisionThe Indian rupee will be in the spotlight this week as India concludes its election and as the Reserve Bank of India (RBI) delivers its interest rate decision. Exit polls show that Narendra Modi will likely be declared the country’s president for the third term. There are signs that he will reach the...
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The EUR/USD exchange rate was flat on Friday after a stronger-than-expected European inflation report. It was trading at 1.08500, higher than this month’s low of 1.0600 as focus shifted to the upcoming US inflation data and the European Central Bank (ECB) decision. ECB decision aheadThe EUR/USD will be in the spotlight next week as the ECB concludes its two-day meeting on Thursday. This will be a crucial meeting since the bank has signaled that it will be the start of the rate cutting cycle. Analysts have scaled back their expectations for the number of rate cuts to expect after the June meeti...
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The USD to ZiG exchange rate is holding steady as the Zimbabwean government hopes that the currency will maintain its stability in the long term. Official data on the Zimbabwe Central Bank’s website shows that the average of the bid and ask price has moved to 13.22, near its starting point in April. Zimbabwe ZiG is holding steadyThis stability has happened at a time when the government has moved to reassure investors, companies, and international institutions that the currency will hold well. It has ruled out printing money to fund government spending, which was blamed for hyperinflation that ...
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The Nigerian naira continued its downward trend even after the Central Bank of Nigeria (CBN) delivered a bigger interest rate hike than expected. The official USD/NGN exchange rate rose to 1,520 as it neared the year-to-date high of 1,630. CBN rate hikeIn a statement, the CBN decided to hike interest rates for the eleventh straight meeting. It hiked the borrowing rates from 24.75% to 26.25%, higher than the median estimate of 25.75%. This increase was a sign that the bank is concerned about inflation in the country. The most recent data revealed that the headline Consumer Price Index (CPI) ros...
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The Swedish krona continued its downward trend on Wednesday. The EUR/SEK exchange rate surged to 11.78 and is hovering near its highest level since November last year. It has soared by over 6.6% from its lowest point this year. Similarly, the USD/SEK surged to 10.92, higher than this year’s low of 9.90, making krona one of the worst-performing developed country currencies in the market. EUR/SEK vs USD/SEK The currency continued its downward trend after the latest Riksbank interest rate decision. In it, the bank decided to slash interest rates by 25 basis points to 3.75%. It also hinted that it...
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The world’s newest currency is imploding as concerns about whether the experiment will work out. Zimbabwe Gold, popularly known as the ZiG, has plunged to its lowest level against the US dollar, erasing all the initial gains. Data by the Reserve Bank of Zimbabwe (RBZ) shows that the USD/ZIG pair surged to 13.67, up from its initial price of 13.56. It had initially peaked at around 7 against the US dollar, pushing the central bank chief to hint of an in intervention if the trend continued. For starters, the Zimbabwe ZiG is a new currency aimed at solving a perennial currency crisis in the count...
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