Currency Market Review: Sinking Peso Despite IMF Lifeline

Summary:

  • The Pound Sterling/Canadian dollar pair was the biggest gainer this week.
  • The United Sates Dollar/Argentinian Peso pair was a notable currency pair.
  • This week Westminster is set to schedule three votes in regard to the Brexit process.

GBP/CAD

The Pound Sterling/Canadian dollar pair was the biggest gainer this week seeing an increase of 2.30% over the seven day period from 25th February to the 3rd March. This week Westminster is set to schedule three votes in regard to the Brexit process. However, the Forex market seems to have already decided on the outcome of these votes and feels that a soft Brexit will occur, and the pound is worth investing into.

USD/ARS

The United Sates Dollar/Argentinian Peso pair was a notable currency pair with a 1.66% gain in this pair over the seven day period from 25th February to the 3rd March. The International Monetary Fund has given a $50 Billion lifeline to Argentina to assist in their sinking economy and strengthen the Peso but nonetheless it has lost over 50% of its value against the Dollar in 2018. The Central Bank of Argentina additionally sold almost $2 Billion worth of foreign currency in a vain attempt to prevent the sinking Peso but it seems to have provided little relief.

JPY/CNY

The Japanese Yen/Chinese Yuan was the best forex pair to sell this week dropping by -1.36% in good agreement to the I Know First forecast over the seven day period from 25th February to the 3rd March.

How to interpret this diagram

Please note for trading decisions please use the most updated forecast results.

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