The Singapore and New Zealand dollars surged against their US counterpart, gaining 1.1% on the US dollar as both nations’ national banks signified their willingness to stimulate the economy. These gains actually lifted the Singapore dollar to its strongest level for four years. Yet, despite this recovery, the Royal Bank of New Zealand is still expected to further reduce the cash interest rate later this month.
At the same time, Consumer Confidence figures rose in Australia for the first time in two months, as optimism surround Malcolm Turnbull’s rise to the prime ministership.
In contrast, both consumer and producer inflation in China fell on Wednesday, citing worries that there is more bad news to come for China. While producer inflation posted yet another negative figure, consumer inflation has been slowly declining over the last couple of months, as the Chinese economy continues to struggle.
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