The Sterling pound today fell against the US dollar following dovish speeches from Bank of England policymakers regarding the British economy and monetary policy. The GBP/USD currency pair kept falling despite the release of weak US jobs data as markets interpreted the BoE’s willingness to take extra easing measures negatively.
The New Zealand dollar was the strongest among the most-traded currencies on the Forex market today despite the outlook for additional monetary easing from New Zealand’s central bank. Domestic macroeconomic data was favorable but seems to provide no noticeable boost to the currency.
The Chinese yuan is continuing its gains against the US dollar to kick off the trading week. The yuan’s strength was buoyed by the central bank pumping more liquidity into the system and leaving interest rates unchanged for the fourth consecutive month. After breaking below the seven against the greenback, the yuan has been steadily testing 6.9. How much better can it get for the currency?
The British pound is rising against many of its currency rivals on Thursday after the central bank left interest rates and its aggressive asset-buying program unchanged. But while the decision to hold things steady was widely expected, many analysts are combing through the Bank of England (BoE) head’s remarks that subzero interest rates are in the institution’s “toolbox.”
The Sterling pound today spiked higher shortly after the Bank of England left its lending rate unchanged and increased its stimulus program by £100 billion as expected. However, the GBP/USD currency pair’s rally was short-lived as the pair quickly headed lower as investor risk appetite faded in the face of rising coronavirus infections globally.
The euro is strengthening against its currency rivals on Thursday after the central bank expanded its pandemic bond-buying initiative by several hundred billion dollars. Policymakers are trying to throw everything at the bearish regional economy to help stop the bleeding and prevent the eurozone from slipping deeper into a recession. Will this be enough to reverse the eurozone market’s downward trend?
The euro is surging midweek after the European Union announced a monumental €750 billion ($826.5 billion) to support the eurozone economy. The region faces the worst financial crisis since the 1930s, which comes as many trade bloc members already faced anemic growth before the pandemic.
The Hungarian forint is strengthening on Tuesday as the central bank left interest rates unchanged and confirmed that it would not be ultra-aggressive in its quantitative easing efforts as its global counterparts. The institution’s decision left investors with the impression that Hungary’s economy could withstand the global fallout from the coronavirus pandemic.
The British pound is trading mixed against its G10 currency competitors midweek as investors comb through the influx of April inflation data. For the first time in the nation’s history, the United Kingdom sold a negative-yielding bond, meaning that the government is being paid to borrow. In the post-Coronavirus economy, this might be the new norm for a myriad of nations around the world.
The New Zealand dollar was the weakest currency on the Forex market today, sinking after the monetary policy announcement from the Reserve Bank of New Zealand. While the central bank kept its benchmark Official Cash Rate (OCR) unchanged, it almost doubled the scale of the quantitative easing program.
