Economic Growth — News Archive

The Indian rupee traded about flat versus the US dollar today following an interest rate cut from India’s central bank. The bank loosened its monetary policy to support economic growth, which is struggling amid the global economic slowdown.

The Swiss franc was very soft today after the downgrade of Switzerland’s economic growth outlook. The Swissie fell against major rivals and lost earlier gains versus commodity currencies.

The Canadian dollar dropped today following the monetary policy decision made by the Bank of Canada. The drop was short-lived, though, and the loonie has erased losses versus most of its major peers by now. The currency even gained on the US dollar, which weakened due to the outlook for interest rate cuts from the Federal Reserve.

The Malaysian ringgit gained on the US dollar today thanks to the upgraded outlook for the nation’s economic growth.

The Australian dollar attempted to rally today on the back of cautious optimism about the US-China trade talks but has almost lost its gains by now. The Reserve Bank of Australia released the Statement on the Monetary Policy, in which it downgraded growth forecast for this year.

The euro today fell against the US dollar as market risk sentiment remained subdued due to the uncertainty associated with the Sino-US trade negotiations. The EUR/USD currency pair also fell due to weak German factory data, which painted a gloomy picture of the eurozone’s largest economy, and the euro area at large.

The Swiss franc rallied against most major currencies today, with the exception of the US dollar, which was rebounding after yesterday’s losses. Markets largely ignored the monetary policy meeting of the Swiss National Bank.

The New Zealand dollar slumped against its most-traded rivals today. The likely reason for the significant drop was news from China as domestic fundamentals looked good, giving the currency no reason to decline.

The US dollar ended the week as the strongest currency on the Forex market even though fundamentals were not particularly supportive to the currency. It is just things in other parts of the world were even worse, with many countries forecasting slowing economic growth. Commodity currencies were leading the decline due to risk aversion caused by the economic slowdown.

The Japanese yen was soft today after the Bank of Japan performed a monetary policy meeting and revised its economic projections. The losses were not particularly big, though.