The Indian rupee is slumping to a one-month low against the US dollar, driven by a bleak forecast for the developing country’s economy in 2020. But while market observers are anticipating an economic contraction, officials are looking ahead and expecting improvements across the nation. But could the rupee threaten its gains over the last few months?
The New Zealand dollar rallied strongly since the last year, though it was moving sideways since the summer months of this year. Last week was very good for the currency despite the sharp decline of New Zealand’s economy as the kiwi rivaled the Japanese yen for the title of the strongest currency on the Forex market. But what this week hold for the New Zealand dollar?
The New Zealand dollar was among the weakest currencies on the Forex market today amid the risk-negative sentiment among investors. Domestic macroeconomic data was also extremely bad, though not as bad as pessimistic forecasts.
The Sterling pound today fell against the US dollar extending yesterday’s losses amid growing fears of a no-deal Brexit as both sides issue ultimatums. The GBP/USD currency pair has fallen for six of the past eight trading days as investors sell the pound as a hard Brexit appears very likely.
The euro today fell against the US dollar for the sixth consecutive session despite the release of positive data from across the euro area. The risk-off investor sentiment drove the EUR/USD currency pair’s decline amid rising China-US tensions and the global equity markets selloff.
The Japanese yen today traded sideways against the US dollar during the Asian session despite the release of upbeat Japanese GDP data. The USD/JPY currency pair later fell as the yen rallied against the much weaker greenback during the American session.
The Great Britain pound fell against all other most-traded currencies today as the no-deal Brexit looks more and more likely. Better-than-expected housing data released in Britain on Monday did nothing to help the currency.
The Turkish lira is continuing its downward trend against the US dollar midweek as investors start to weigh the central bank’s policies. The lira faced additional pressure on weakening economic data, including the second-quarter gross domestic product and manufacturing numbers.
The Australian dollar was soft today after data confirmed that Australia’s economy has entered a recession. The losses were limited, though, and the Aussie managed to remain flat against a range of peers. The currency had a muted reaction to yesterday’s monetary policy announcement from the Australian central bank.
The Australian dollar was very strong lately, reaching the highest level in more than a year and a half against its US counterpart last week. But some traders are worried that the currency will be unable to extend its rally, especially if the nation’s central bank remains dovish. Let’s look at fundamentals that will be driving the Australian currency this week.
