- The Norwegian kroner strengthened more than 1% on Thursday as the central bank decided against a rate cut, keeping the interest rates at 1.5% as expected. It forecasted a much longer period to wait for any rise, most likely to happen in 2016, with forecasted growth to be around 2.25%.
- The Japanese yen has had a disastrous week as it continued to weaken, creeping above the 180 and 109 levels against sterling and the US dollar respectively – the highest levels since 2008. The most recent weakness was due to the Federal Reserve meeting in America with the central bank raising the federal funds estimates for the end of 2015, whilst in the UK, the Scots rejected the referendum on independence.
- The Swiss franc strengthened dramatically, from one-year lows, after the central bank made clear that It will defend the SFr1.20 cap against the euro whilst refraining from loosening monetary policy.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.