Forex and Currency News

Sweden’s CPI inflation stable at near 3-year low

Sweden’s annual consumer inflation has remained steady at 2.6% in July, the latest data by Statistics Sweden showed. It has been the lowest inflation rate since September 2021. In comparison, market consensus had pointed to acceleration to 2.7%. In July, inflation for food & non-alcoholic beverages remained stable, at 1.1%. Conversely, inflation accelerated for: – […] Read more

NZD/USD plummets as RBNZ delivers 25 bps rate cut

The New Zealand Dollar retreated more than 1% against its US counterpart on Wednesday, after the Reserve Bank of New Zealand surprisingly slashed its official cash rate by 25 basis points to 5.25% at its August policy meeting. It has been the first rate cut since March 2020, while it confounded market consensus of a […] Read more

South Africa’s unemployment rate highest since Q2 2022

The unemployment rate in South Africa has risen to 33.5% in the second quarter of 2024 from 32.9% in Q1, data by Statistics South Africa showed. It has been the highest jobless rate since the second quarter of 2022. In comparison, market consensus had pointed to a decrease to 32.3%. The number of unemployed persons […] Read more

Singapore’s GDP grows 2.9% YoY in Q2, 2024 forecast raised

Singapore’s economy has grown at an annualized rate of 2.9% in the second quarter of 2024, final data by Statistics Singapore showed. The final estimate matched the preliminary data. First-quarter GDP growth has been revised up to 3%. In Q2, economic growth was mostly underpinned by segments such as wholesale trade, finance & insurance, and […] Read more

Germany’s wholesale prices fall for 15th month in July

Wholesale prices in Germany have decreased at an annualized rate of 0.1% in July, data by the Federal Statistical Office showed. The latter has been a slowdown from a 0.6% drop in the prior month. July marked the 15th consecutive month of decreasing producer prices, but the pace has been the softest in the sequence. […] Read more

South Africa’s manufacturing output falls more than forecast

Manufacturing production in South Africa was reported to have decreased 5.2% year-on-year in June, after a revised up 1.2% slump in May. Market consensus had pointed to a much smaller drop, by 0.9% YoY. In June, production contracted for: – motor vehicles, parts and accessories and other transport equipment, by 15.6% YoY; – basic iron […] Read more

Reserve Bank of India holds repo rate at 6.5%

The Reserve Bank of India left its key repo rate unchanged at 6.5% for a ninth straight policy meeting in August, in line with market expectations, to allow inflation to move down toward its 4% medium-term target. Annual CPI inflation in the country was reported at 5.08% in June, a four-month high, driven by a […] Read more

South Africa’s Forex reserves rise to four-month high

Foreign exchange reserves in South Africa expanded to $62.269 billion in July from $62.100 billion in June, data by the South African Reserve Bank showed. It has been the highest level of foreign exchange reserves since March. The nation’s gold reserves increased to $9.756 billion in July from $9.413 billion in June. Special Drawing Rights […] Read more

Switzerland’s unemployment rate remains steady at 2.3%

Switzerland’s jobless rate has remained steady at 2.3% for a third straight month in July, data by the State Secretariat for Economic Affairs showed. The number of unemployed individuals rose by 3,198 to a four-month high of 107,716 in July. Switzerland’s youth unemployment rate, which tracks job-seekers aged between 15 and 24, rose to 2.2% […] Read more

Reserve Bank of Australia holds rate at 4.35% for sixth time

The Reserve Bank of Australia kept its cash rate without change at 4.35% at its August policy meeting, in line with market expectations. The central bank noted that inflation still remained above the midpoint of its 2%–3% target range, mostly because of the still-high cost of services. The RBA cautioned that policy would need to […] Read more