Currency News

China slashes lending rates to new record lows

The People’s Bank of China has lowered benchmark lending rates to fresh record lows, as it stepped up efforts to spur economic growth. The 1-year loan prime rate, a benchmark for the majority of corporate and household loans, was reduced by 25 basis points to 3.1% at the October fixing. The 5-year loan prime rate, […] Read more

Italy’s current account surplus increases in August

Italy’s current account surplus has increased to EUR 1.358 billion in August, data showed, from EUR 757 million in August 2023. The nation’s services surplus expanded to EUR 1.2 billion in August from EUR 516 million a year earlier, as services credits rose to EUR 14.1 billion from EUR 13.5 billion. Italy’s primary account deficit […] Read more

India’s foreign exchange reserves ease from record high

India’s foreign exchange reserves have continued to ease from the record high of $704.9 billion registered in the last week of September. Foreign exchange reserves held by the Reserve Bank of India decreased to $690.4 billion as of October 11th, the latest data showed. The result was largely attributed to an outflow of foreign capital […] Read more

Singapore’s non-oil exports growth slows substantially

Singapore’s non-oil domestic exports were reported to have increased 2.7% year-on-year in September, while slowing sharply from a 10.7% YoY growth in August. A consensus of analyst estimates had pointed to a much faster increase, by 9.5% YoY. In September, shipments of electronic products rose 4% YoY, which has been a sharp drop from the […] Read more

China Q3 GDP growth slowest since Q1 2023

China’s economy has expanded at the slowest annual rate since Q1 2023 in the third quarter of 2024, the latest data by the National Bureau of Statistics of China showed. China’s GDP grew 4.6% year-on-year in Q3, while slowing from a 4.7% expansion in Q2. Market consensus had pointed to 4.5% YoY growth. Growth has […] Read more

EUR/CHF confined in narrow range ahead of ECB rate decision

The EUR/CHF currency pair traded within a tight range on Thursday after Swiss trade data and as focus sets on the outcome of the European Central Bank’s policy meeting later today. The European Central Bank is largely expected to lower its main refinancing operations rate by 25 basis points to 3.40% at its October policy […] Read more

EUR/AUD retreats as ECB is expected to cut rates by 25 bps

The EUR/AUD currency pair edged lower on Thursday after Australian employment data and as focus sets on the outcome of the European Central Bank’s policy meeting later today. The European Central Bank is largely expected to lower its main refinancing operations rate by 25 basis points to 3.40% at its October policy meeting, while its […] Read more

Germany investor morale rebounds in October

Germany’s ZEW Indicator of Economic Sentiment was reported at a level of 13.1 in October from 3.6 in September. The latter has been the lowest reading since October 2023. The figure exceeded a consensus of analyst estimates of 10. The latest result was mostly attributed to “expectation of stable inflation rates and the associated prospect […] Read more

USD/CAD scales 10-week peak with Canada CPI in sight

The USD/CAD currency pair scaled a fresh 10-week peak of 1.3814 on Tuesday ahead of the Canadian CPI report and as expectations that the Federal Reserve will likely reduce interest rates at a more modest pace kept the US Dollar supported. Yesterday Fed Governor Christopher Waller called for “more caution” regarding future interest rate cuts. […] Read more

GBP/USD remains pressured near recent 1-month low

The GBP/USD currency pair continued to trade not far from recent 1-month low of 1.3011, as expectations that the Federal Reserve will likely reduce interest rates gradually after the 50 basis point cut in September kept the US Dollar supported. “The rise in U.S. long-term yields, the consequent re-widening of interest rate differentials in favor […] Read more