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Day: May 21, 2019
May 212019
Chinese Yuan Strengthens As Beijing Talks Up Currency
The Chinese yuan is strengthening on Tuesday as the federal government continues to talk up the currency, despite bearish sentiment from foreign investors surrounding the worldâs second-largest economy. As the US-China trade war escalates, there are fears that not only will the Chinese economy continue to spiral downwards, but also the global economy will contract. Speaking in an interview with the Peopleâs Bank of China (PBOC)âs Financial News, Pan Gongsheng, chief of the State Administration […]
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May 212019
Sterling Rallies As PM May Offers Second Referendum, Later Falls
The British pound today rallied higher after news emerged that the British Prime Minister Theresa May would offer MPs a chance to vote for a second referendum. The GBP/USD currency pair rallied from news 3-month lows triggered earlier in the day after the opposition Labour Party confirmed that it would vote against PM May’s latest Brexit deal. The GBP/USD currency pair today rallied from a fresh 3-month […]
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May 212019
Turkey Attempts to Defend Lira, Currency Remains Soft
The Turkish lira remains soft despite attempts of policy makers to prop up the currency. Turkey introduced a requirement for banks to postpone retail transactions of at least $100,000 value by one day instead of processing them the same day as it was before. The attempt to slow down currency transactions was made in an effort to trim speculative bets on the currency. The move will likely draw fresh criticism from economists and market participants, who were […]
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May 212019
Aussie Tanks, Driven Down by Prospects for Interest Rate Cut
The Australian dollar sank today after the central bank signaled that it may cut interest rates at its next monetary policy meeting. While market participants were already expecting a rate cut in the near future, the confirmation of the dovish outlook still hurt the currency. The Reserve Bank of Australia released today minutes of the monetary policy meeting that happened two weeks ago. While no change to monetary policy was […]
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