forex
The EUR/USD exchange rate was flat on Friday after a stronger-than-expected European inflation report. It was trading at 1.08500, higher than this month’s low of 1.0600 as focus shifted to the upcoming US inflation data and the European Central Bank (ECB) decision. ECB decision aheadThe EUR/USD will be in the spotlight next week as the ECB concludes its two-day meeting on Thursday. This will be a crucial meeting since the bank has signaled that it will be the start of the rate cutting cycle. Analysts have scaled back their expectations for the number of rate cuts to expect after the June meeti...
Invezz
The USD to ZiG exchange rate is holding steady as the Zimbabwean government hopes that the currency will maintain its stability in the long term. Official data on the Zimbabwe Central Bank’s website shows that the average of the bid and ask price has moved to 13.22, near its starting point in April. Zimbabwe ZiG is holding steadyThis stability has happened at a time when the government has moved to reassure investors, companies, and international institutions that the currency will hold well. It has ruled out printing money to fund government spending, which was blamed for hyperinflation that ...
Invezz
The Nigerian naira continued its downward trend even after the Central Bank of Nigeria (CBN) delivered a bigger interest rate hike than expected. The official USD/NGN exchange rate rose to 1,520 as it neared the year-to-date high of 1,630. CBN rate hikeIn a statement, the CBN decided to hike interest rates for the eleventh straight meeting. It hiked the borrowing rates from 24.75% to 26.25%, higher than the median estimate of 25.75%. This increase was a sign that the bank is concerned about inflation in the country. The most recent data revealed that the headline Consumer Price Index (CPI) ros...
Invezz
The Swedish krona continued its downward trend on Wednesday. The EUR/SEK exchange rate surged to 11.78 and is hovering near its highest level since November last year. It has soared by over 6.6% from its lowest point this year. Similarly, the USD/SEK surged to 10.92, higher than this year’s low of 9.90, making krona one of the worst-performing developed country currencies in the market. EUR/SEK vs USD/SEK The currency continued its downward trend after the latest Riksbank interest rate decision. In it, the bank decided to slash interest rates by 25 basis points to 3.75%. It also hinted that it...
Invezz
The world’s newest currency is imploding as concerns about whether the experiment will work out. Zimbabwe Gold, popularly known as the ZiG, has plunged to its lowest level against the US dollar, erasing all the initial gains. Data by the Reserve Bank of Zimbabwe (RBZ) shows that the USD/ZIG pair surged to 13.67, up from its initial price of 13.56. It had initially peaked at around 7 against the US dollar, pushing the central bank chief to hint of an in intervention if the trend continued. For starters, the Zimbabwe ZiG is a new currency aimed at solving a perennial currency crisis in the count...
Invezz
The US dollar index (DXY) and the price of gold retreated slightly after the Federal Reserve interest rate decision. The dollar moved from last month’s high of $106.50 to $105.70. It remains about 5% above its lowest point this year. US nonfarm payrolls aheadGold, on the other hand, has retreated from last month’s high of $2,432 to $2,320. Like the US dollar, gold remains significantly higher than the year-to-date low of $1,985. The main catalyst for the price of gold and the US dollar index was the Federal Reserve decision on Wednesday. In it, the bank decided to leave interest rates unchange...
Invezz
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