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Icelandic Krona Crashes As Wow Air Bankruptcy Triggers Recession

The Icelandic krona is continuing its slide against a basket of currencies midweek as the bankruptcy of a budget airline has triggered a recession, prompting the central bank to spring into action. The latest financial crisis comes roughly a decade since the island nation was on the brink of insolvency following the collapse of several major banks that contributed to the global catastrophe.

Pound Hits New 4-Month Lows As PM May Is Pressured to Resign

The British pound today hit new 4-month lows against the US dollar as U.K. leaders criticized Theresa May‘s new proposed Brexit deal, which she outlined yesterday. The GBP/USD currency pair hit new lows as news reports indicated that multiple factions within the Conservative Party were planning to force the Prime Minister to resign.

Japanese Yen Flat amid Directionless Trading

The Japanese yen was largely flat today as trading was somewhat directionless during the current trading sessions, and markets were in a consolidation mode. Over the longer-term, though, the currency should be well-supported by factors that are negative to the risk sentiment.

Australian Dollar Shows Resilience Facing Adverse Fundamentals

The Australian dollar was surprisingly strong today despite adverse fundamentals, which were including poor macroeconomic data, the negative market sentiment, and the dovish monetary policy outlook.

Bulls Still Won’t Give Up on GBP/AUD

The ascending trend on the Great Britain pound versus the Australian dollar currency pair ended, but the bulls still guard their gains.

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 world’s 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. 

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.

Turkey Attempts to Defend Lira, Currency Remains Soft

The Turkish lira remains soft despite attempts of policy makers to prop up the currency.

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.

Surprising Growth of Japanese GDP Doesn’t Help Yen

The performance of the Japanese yen was not impressive today despite a surprisingly good report about Japan’s economic growth. The currency fell versus the Swiss franc and was about flat against most other major rivals.

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