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USD/MXN Rises As Mexican Central Bank Cuts Interest Rates Again

The Mexican peso is struggling to find support against several major currency rivals after the central bank cut interest rates for the 11th consecutive month. The Mexican economy has been slumping as the country fails to contain the coronavirus pandemic, with the number of new infections rising thousands per day. Despite the peso making gains this past summer, it has been one of the worst-performing Latin American currencies this year.

Norges Bank Won’t Hike Interest Rates for Years, Krone Flat

Norway’s central bank signaled today that it is planning to keep interest rates at the current record low levels for at least a couple more years. The Norwegian krone weakened as a result of the announcement but has rebounded afterward and is now heading to end the session about flat.

Turkish Lira Gains After Surprise Interest Rate Hike

The Turkish central bank surprised markets today, performing an unexpected interest rate hike. The Turkish lira rallied as a result.

SNB Keeps Monetary Policy Unchanged, Swiss Franc Weak

The Swiss National Bank made a monetary policy announcement today but markets paid little attention to it. Currently, the Swiss franc is the weakest currency on the Forex market, even losing its earlier gains versus the Australian and New Zealand dollars, which themselves were very weak. It looks like traders continue to prefer the US dollar as a refuge, ignoring other safe currencies, like the franc and the Japanese yen.

US Dollar Finds Safe-Haven Support on Worse-Than-Expected Jobless Claims

The US dollar is finding support from investors who are seeking shelter following a worse-than-expected jobless claims report. The greenback has been climbing in recent weeks amid a return of volatility in the broader financial markets. With growing uncertainty in the economy surrounding the coronavirus and the upcoming cold and flu season, the buck might pare much of its losses by year’s end.

NZ Dollar Drops on Monetary Easing Outlook

The New Zealand dollar together with its Australian counterpart remained the weakest among most-traded currencies on the Forex market during today’s trading. The reason for such a poor performance was the outlook for monetary easing from the central banks of New Zealand and Australia.

US Dollar Among Strongest on Coronavirus Fears

The US dollar was firm today, battling with the Great Britain pound for the title of the strongest currency during Wednesday’s trading. Market analysts explained the strong performance by risk aversion on markets.

Australian Dollar Weak on Interest Rate Cut Outlook

The Australian dollar was one of the weakest currencies on the Forex market during Wednesday’s trading. The Aussie fell even against its New Zealand counterpart, which itself was extremely soft, though by now the AUD/USD pair has almost erased its losses. Market analysts thought that the main reason for the currency’s weakness was the outlook for an interest rate cut in the near future.

NZ Dollar Drops After RBNZ Hints at Additional Monetary Easing

The New Zealand dollar dropped today, falling against some of its rivals, like the US dollar, for the third consecutive day. The currency declined following the monetary policy announcement from the nation’s central bank. The Reserve Bank of New Zealand confirmed that it continues to prepare additional measures to stimulate the New Zealand economy.

Chinese Yuan Tests 6.7 As PBoC Leaves LPR Unchanged, Injects More Liquidity

The Chinese yuan is continuing to make gains against the US dollar on Tuesday ahead of the manufacturing and non-manufacturing purchasing managers’ index (PMI) readings. The yuan, which had cratered to as low as 7.17 against the greenback, has been one of the top-performing Asian currencies this year, advancing nearly 3% year-to-date. Could the yuan defy market expectations even more?

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