Source: European Central Bank The euro area posted a current account surplus of 18 billion euros in October 2021, the same as last month. DAX is down -2.10%, EURUSD is up +0.27%. Goods surplus matched those of services at 16 billion euros each, but a secondary income deficit of 15 billion euros offset the balances.In the 12 months to October, current account surplus was … [Read more...] about Euro Area’s Current Account Surplus Remains Unchanged at €18 Billion in Oct.
Forex News
Turkish Lira Continues Falling as Erdogan Remains Committed to Interest Rate Cuts
Source: Financial Times The Turkish currency continued to plunge after President Recep Tayyip Erdogan ignored warnings from businesses about the potential harm of recent interest rate cuts. TRY USD down -5.79% The currency, which has reduced 50% of its value against the dollar since the Turkish President ordered the central bank to start reducing its borrowing costs in … [Read more...] about Turkish Lira Continues Falling as Erdogan Remains Committed to Interest Rate Cuts
People’s Bank of China Cuts One-Year Loan Prime Rate to 3.8%
Source: The People’s Bank of China China’s central bank has reduced the benchmark lending rate for the first time since April 2020, during the height of COVID-19 in the country. CSI 300 down -1.5%, CNY USD down -0.01% The People’s Bank of China reduced the one-year loan prime rate to 3.8% from 3.85%. The five-year loan prime rate was retained at the prior month’s level at … [Read more...] about People’s Bank of China Cuts One-Year Loan Prime Rate to 3.8%
Passenger Car Registrations in EU Plunge 20.5% in Nov. to the Lowest in 28 Years
Source: Acea The total passenger car registrations in the European Union were 713,346 in November, down 20.5%. DAX is down -0.99%, EURUSD is down -0.42%. EU’s passenger car registrations have now fallen for the fifth straight month, with the registrations now at the lowest for November total since 1993.Germany posted a 31.7% decline, while Italy and Spain … [Read more...] about Passenger Car Registrations in EU Plunge 20.5% in Nov. to the Lowest in 28 Years
German Business Sentiment Wanes in Nov. on Fresh Covid Impacts, Bottlenecks
Source: ifo InstituteGerman ifo Business Climate Index plunged to 96.5 points in November, from 97.7 points the previous month on fresh concerns of the fourth wave of Covid-19. DAX is down -1.16%, EURUSD is down -0.24%. The supply constraints also weighed on the sentiment, with the businesses becoming less satisfied with the current situation. Business expectations … [Read more...] about German Business Sentiment Wanes in Nov. on Fresh Covid Impacts, Bottlenecks
