The Singaporean dollar tumbled to a 4-year low against the US dollar after the Monetary Authority unexpectedly stymied currency appreciation. The move is just the latest in the trend of weaker currencies in 2015.
The Russian ruble lost 5 percent on Tuesday on the second day of post-holiday trading on the Moscow Stock Exchange. Sliding oil prices, which dropped below $50 per barrel on Monday, continue to weigh on the currency.
The US stock market hit a historic milestone on Tuesday, following an announcement that the country’s economy grew five percent between the months of July and October ‒ its fastest pace in over a decade.
President Putin has not disclosed his future strategic plans during the annual Q&A since to surprise international markets one should always have an ace up the sleeve, French economist Jacque Sapir told RT.
The Central Bank of Russia has increased its key interest rate to 17 percent in order to curb the inflation risks and rapid devaluation of the national currency, which hit a historic low of 64 rubles against the US dollar in Monday evening trading.
The Russian Central Bank has increased borrowing costs to 10.5 percent to avoid a further rout of the ruble. The currency has lost more than 40 percent this year, and annual inflation is slated to reach 10 percent.
The European Central Bank is on the verge of quantitative easing in order to combat low inflation, weak GDP growth, and unemployment which have driven the EU into a grinding recession. A decision by the bank is expected early next year.
US prosecutors are set to travel to London in the forthcoming weeks to probe City traders about currency market manipulation. However, British prosecutors are yet to file a criminal charge against UK financiers who rigged the rates.
UK traders face the prospect of prosecution for fraudulently rigging £3.5 trillion-a-day foreign exchange markets. Following a comprehensive probe, RBS, HSBC, JPMorgan Chase, UBS and Citibank have been fined a total of £2.6 billion.
The European Central Bank has agreed to use “unconventional” monetary stimulus to boost eurozone recovery but so far hasn’t announced any radical monetary policy change. The bank also kept the benchmark interest rate unchanged at 0.05 percent