Source: Reuters Lira traded at above 12 against the US dollar on Friday, erasing previous gains after President Tayyip Erdogan maintained his stance on taking interest rates lower. USDTRY is up +3.38%. Erdogan emphasized that Turkey will not turn back on its economic policy, with a focus on employment, production, and current account surplus.Turkey's president said he … [Read more...] about Lira Extends Weaknesses as President Erdogan Maintains Stance on Lower Rates
Forex News
Global Stocks, Oil Prices Plunge on Issues Over New Covid-19 Variant
Source: The Wall Street Journal Stocks, oil prices, and government bond yields plunged after South Africa increased concern over a fast-spreading variant of the COVID-19. CSI 300 Index down -0.74%, EUR USD up +0.96% The S&P 500 opened nearly 1.4% lower as the Dow Jones Industrial Average fell 2.3% in the early trading session.Brent crude plunged 5% to below $77 per … [Read more...] about Global Stocks, Oil Prices Plunge on Issues Over New Covid-19 Variant
Sales of New Commercial Vehicles in the EU Plummet by 16.4% in October
Source: ACEA The EU posted a 16.4% decline in sales of new commercial vehicles in October, with all major segments recording a slump. DAX is down -3.34%, EURUSD is up +0.82%. All of the EU’s largest markets posted a decline in vehicle registrations, with Spain down by 32.7%, Germany fell by 24.3%, while France and Italy had a 23.3% and 22.9% slip in activity, … [Read more...] about Sales of New Commercial Vehicles in the EU Plummet by 16.4% in October
NZDUSD Forecast As RBNZ and Fed Policies Converge
The NZDUSD pair remained in a bearish trend as investors reflected on the Reserve Bank of New Zealand (RBNZ) decision and the country’s reopening plans. It is trading at a key support level at 0.6880, where it has struggled moving below before. RBNZ interest rate decision The RBNZ delivered a relatively hawkish interest rate decision on Wednesday. As was widely expected, … [Read more...] about NZDUSD Forecast As RBNZ and Fed Policies Converge
Germany’s GDP Surges by 1.7% in the Third Quarter of 2021
Source: Destatis Germany’s gross domestic product increased by 1.7% in the third quarter, lower than a gain of 2.0% in the previous quarter. DAX is up +0.40%, EURUSD is up +0.24%. The third quarter GDP was 2.5% higher than the comparable period of 2020. The GDP had increased by 10.4% in the second quarter from the prior year.The uptick in GDP was fueled by robust … [Read more...] about Germany’s GDP Surges by 1.7% in the Third Quarter of 2021