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Day: August 15, 2018

August 15
2018

Indonesian Rupiah Stable After Central Bank Raises Interest Rates

The Indonesian rupiah rose a bit against the US dollar today after Indonesia’s central bank raised interest rates to stop the drop of the currency. The Bank Indonesia announced that it is increasing its interest rates, including the benchmark 7-Day Reverse Repo Rate, which was hiked by 25 basis points to 5.5%. The action was a response to the recent drop of the rupiah to the lowest level in three years as the Turkish crisis hurt currencies […]

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August 15
2018

Turkish Lira Continues to Recover, Boosted by Qatar Investment

The Turkish lira continued to recover, rising for the third straight trading session against the US dollar and the euro today. The currency got support from the news that Qatar will invest $15 billion in Turkey. While that will certainly be helpful, economists doubt that it will be enough to alleviate Turkey’s economic woes. The conflict with the United States and the inability of the government to tackle economic problems made market participants […]

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August 15
2018

Chinese Yuan Hovers Around Lowest Level Since May 2017

The Chinese yuan is hovering around its lowest level since May 2017 on Wednesday as the equities market plunged, US-China trade tensions escalated, and investors continued to sell off their yuan holdings this week. Is this a sign that the worst may be behind the currency? These are factors that may already be priced in the yuan, capping its rapid descent. The Hang Seng China Enterprises Index […]

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August 15
2018

Australian Dollar Dips Intraday, Rebounds Later

The Australian dollar dipped intraday during the Wednesday’s trading session but has bounced against most of its rivals by now and is trading near the opening level. Today’s macroeconomic data released in Australia was mixed. The Australian Bureau of Statistics reported that the Wage Price Index rose 0.6% in the June quarter from the previous three months on a seasonally adjusted basis. The actual increase was in line with market expectations and accelerated […]

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August 15
2018

Euro Trades at 13-Month Lows on High Market Volatility

The euro today traded at 13-month lows as it was driven lower by market volatility in emerging markets led by Turkey resulting in a strong US dollar. The EUR/USD currency pair traded lower due to the selloff in emerging market currencies, which increased the demand for the greenback at the expense of its peers including the euro. The EUR/USD currency pair hit a low of 1.1307 in the American session, a figure last witnessed in June 2017, having dropped from a high […]

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August 15
2018

British Pound Trades at 14-Month Lows Despite Higher UK Inflation

The British pound today hit new record lows against the US dollar in the Asian session due to the risk-off sentiment in the markets, which favored the greenback. The GBP/USD currency pair retraced some of its losses after the release of the latest UK CPI data, which was in line with expectations. The GBP/USD currency pair today hit a 14-month low of 1.2694, but later recovered to hit a high of 1.2734 before heading lower. The currency […]

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August 15
2018

EUR/USD Recovers After Touching 13-Month Low

EUR/USD dropped intraday on Wednesday as the euro touched the lowest level in more than a year. By the end of Wednesday’s trading, though, the currency pair managed to recover, staying near the opening level. There were plenty of US economic reported released over the trading session. Retail sales rose 0.5% in July, seasonally adjusted, exceeding the median forecast of a 0.1% increase. The previous month’s increase got a negative revision from 0.5% to 0.2%. (Event […]

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