Source: CNBC Turkey’s lira traded beyond 12.9 to the dollar on Tuesday, above 11, which is considered the “psychological” barrier to the greenback. USDTRY is up +14.04%. Ultra-low trading of the lira to the dollar was triggered by continued interest rate cuts by Turkish President Recep Tayyip Erdogan amid high inflation, which is now almost 20%.Erdogan has labeled the … [Read more...] about Lira Breaches Psychological Barrier in Weekly Plunge on Erdogan’s Rate Cuts
Forex News
Eurozone Economic Growth Expanded in November as Prices Soared
Source: IHS Markit Eurozone business growth unexpectedly grew this month as consumers beat off another wave of COVID-19 infections and new restrictions as price pressures rose again. Euro Stoxx 50 down -0.93%, EUR USD up +0.25% IHS Markit’s Flash Composite Purchasing Managers’ Index rose to 55.8 in November from 54.2 in October.Chris Williamson, a chief business economist … [Read more...] about Eurozone Economic Growth Expanded in November as Prices Soared
Consumer Confidence Drops in the Euro Area and EU in November
Source: European Commission The consumer confidence indicator edged 2.0 points lower in the euro area and further 2.1 points down in the EU in November from October. DAX is down -0.012%, EURUSD is down -0.26%. Consumer confidence now stands at -6.8 points in the euro area and -8.2 points in the EU. The consumer confidence indicator is below or close to the pre-pandemic … [Read more...] about Consumer Confidence Drops in the Euro Area and EU in November
President Joe Biden Nominates Powell for a Second Term as Fed Chair
Source: FT. Joe Biden has nominated Jay Powell to continue serving for a second term as chair of the Federal Reserve, choosing continuity as the US economy struggles with high inflation.DXY up +0.25%, EUR USD down 0.19% Lael Brainard, who is seen as Powell’s biggest competitor for the top position, was nominated for the role of vice-chair.Biden stated that Powell and … [Read more...] about President Joe Biden Nominates Powell for a Second Term as Fed Chair
Japan Officials Exploring Ways to Release Oil Reserves After US Request
Japanese government officials are seeking out ways to surpass restrictions on releasing national reserves of crude oil in line with other developed economies to dampen prices. CL1! Down -0.28%, USOIL down -0.14% The world’s fourth-largest oil consumer is limited on how it can react with its reserves that can be used in times of shortage.The government is looking into … [Read more...] about Japan Officials Exploring Ways to Release Oil Reserves After US Request