Asian Forex Review: All Eyes On Central Banks
The broader equity market sell-off continued last week, propping up safe-haven assets. Gold’s rally reflected this situation, as the yellow metal broke the $3,000 level for the first time in history. Not even the better-than-anticipated CPI print of 2.8% on Wednesday stopped the trend, which eventually showed signs of exhaustion by Friday. The Bank of Canada held the interest rate at 2.75%, which was in line with expectations, while the UK’s GDP unexpectedly shrank by 0.1% as the production sector fell short of expectations. The Australian dollar, a commodity currency,...