The Swiss National Bank surprised markets with a 100 bps reduction in its benchmark interest rate as the economic growth outlook for the country worsened. The export driven economy saw demand for its goods fall 4.6% in September and with the credit crisis reaching heightened levels in October global demand is expected to fall further.
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The New Zealand dollar slipped to a six-year low against the greenback as commodity prices tumbled lower this week, and may fall further over the following week as risk aversion continues to drive price action in the currency market.
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Next week?s economic calendar is conspicuously uneventful, once again leaving the Australian dollar at the mercy of market risk sentiment.
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Cash-strapped Belarus will receive a $2 billion loan from Russia to help stabilize its struggling, Soviet-style economy, the government said Friday.
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World leaders vowed to work together to overhaul the financial system as they headed to Washington on Friday for a summit on wresting the global economy from recession and avoiding future meltdowns.
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The dollar fell against the euro and the British pound Friday as tumbling retail sales in the U.S. and confirmation that the euro-zone was in recession sent stocks lower ahead of a Group of 20 meeting this weekend in Washington.
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A number of deals designed to cure the global financial crisis were in danger of unraveling on Wednesday, with losses mounting at banks and economies showing further signs of serious deterioration.
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The dollar dipped against the euro late Tuesday night in New York. The 15-nation currency traded at $1.2557, up slightly from $1.2531 in late afternoon trading on Tuesday.
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The Swiss Franc will be under pressure next week as economic data continues to weaken, but technical positioning is supportive of near-term strength against the US dollar.
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The Euro was able to reclaim some of its losses against the benchmark dollar last week; but was this a genuine trend change or a mere bounce? That question will likely be answered by the ECB this coming Thursday.
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