Forex

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Fitch on Friday downgrades Italy's 'BBB-' rating from 'BBB'and outlook stable. Reflects impact of global COVID-19 pandemic on Italy's economy and on sovereign's fiscal position

Fitch Ratings has downgraded Canada's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'AA+' from 'AAA' and with a Rating Outlook as Stable. Moody's and S&P have AAA ratings for Canada.

Fitch believes Australia’s agriculture, tourism and education sectors are among those most exposed to a potential escalation in bilateral trade tensions between Australia and China. China imposed tariffs on imports of Australian barley and suspended some Australian beef imports.

Currencies reacted much like futures and commodities in the first qurter of 2020.  The black swan Covid -19 event saw the biggest gainers the safehaven currencies led by the Japanese Yen, Swiss Franc and US dollar.

Rating agency reaffimred the United States of America at 'AAA'with Outlook Stable Thirsday. However warns high fiscal deficits and debt which were already rising even before coronavirus are starting to erode these credit strengths.

In response to the Coronavirus panic effect on world economies the IMF issued a statement Monday that it's ready to mobilize a $1 trillion loan capacity to fight the virus. This is crucial where emerging markets unable to tap debt markets,

Desperate times call for desperate measures. Hong Kong has announced handouts to its population to turn around sentiment. The country says that registration for cash handout to start in early July. The move is likely a blue print for greater China.

New Zealand Prime Minister Jacinda Ardern announced Tuesday that the country will have a general election on September 19, 2020, yes seven months away. Expect a lot of electioneering in NZ. The election was due by November 21.

Turkey's Lira hit a 7 month low after the U.S. assassinated Iranian Maj. Gen.Soleimani in an airstrike. Iran's Supreme Leader Ayatollah Ali Khamenei Swore retribution after the US Turkish state lenders sold up to $1.5 billion to stem the lira’s fall on Friday,

Eight West African countries have agreed to sever a common currency from France. The countries have agreed to change the exisating bloc currency to Eco from CFA Franc and sever currency ties to its old colonial master.

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