FXTM information and reviews
OctaFX information and reviews
XM information and reviews
FXCC information and reviews
FxPro information and reviews
HFM information and reviews

COVID-19: S&P Report Warns of Soaring APAC Unemployment

20 April 2020

S&P Global Ratings warned in a report that unemployment rates could rise well over 3 percentage points as the number of jobs shrinks. The People’s Bank of China cut its one-year rate to 3.85% and its five-year rate to 4.65%, its second cut in 2020.

Japan attempts to pass an increased economic stimulus package, and New Zealand reported a better-than-expected consumer price index. 

Asia Pacific

A S&P Global Ratings report warned that unemployment rates in Asia-Pacific could soar well over 3 percentage point as social distancing measures slashes job creation.

“Surging unemployment in Asia-Pacific would mean a shallower recovery once the pandemic is contained and, in some economies, credit stress for leveraged households. Historical data show that jobs lost are not easily won back,” Shaun Roache, S&P Global Ratings Asia-Pacific chief economist, said.

China’s central bank cut its one-year rate to 3.85% from 4.05%. The People’s Bank of China also cut its five-year rate to 4.65% from 4.75%. This is the second time this year that the PBOC has cut its rate so far this year. Japanese Prime Minister Shinzo Abe aims to pass a JPY 117.1 trillion ($1.088 trillion) economic stimulus package.

The package was boosted from JPY 108.2 trillion by expanding cash payouts. New Zealand announced a quarter on quarter consumer price index of 0.8% for the first quarter of 2020. This exceeded analyst forecasts of 0.4% prepared by. The country will also announce whether to extend or loosen its lockdown later in the day. 


Share: Tweet this or Share on Facebook


Dollar flat as market braces for central bank decisions later in the week
Dollar flat as market braces for central bank decisions later in the week

The dollar was up modestly in early trading in Europe on Monday, at the start of a key week for central bank meetings on both sides of the Atlantic. By 03:00 ET (08:00 GMT), the dollar index...

30 Jan 2023

Mega Central banks, OPEC, NFP & Earnings week
Mega Central banks, OPEC, NFP & Earnings week

China Stock market returns from Luna New Year break. Chinese stocks rose while most other Asian equities fell as investors looked to interest rate decisions scheduled this week in the US...

30 Jan 2023

XAU/USD remains on the defensive around $1,925 ahead of US PCE
XAU/USD remains on the defensive around $1,925 ahead of US PCE

Gold price remains on the defensive for the second straight day amid modest US Dollar strength. Thursday’s upbeat US macro data fuels hawkish Fed expectations...

27 Jan 2023

XAU/USD retreats from multi-month top amid modest USD recovery, ahead of US GDP
XAU/USD retreats from multi-month top amid modest USD recovery, ahead of US GDP

Gold price pulls away from a fresh multi-month top amid a modest US Dollar strength. Bets for smaller rate hikes by Federal Reserve, recession fears should help limit losses...

26 Jan 2023

Microsoft: Still Trapped Within Descending Channel
Microsoft: Still Trapped Within Descending Channel

Microsoft Corp., an American multinational technology conglomerate currently ranked the third largest company by market capitalization ($1.728T) which actively engages...

24 Jan 2023

Same story new week
Same story new week

Chinese New Year celebrations – many centres are closed in Asia. Treasuries sagged to end on a bearish week. USDIndex at 101.30 low as the market continued...

23 Jan 2023

Editors' Picks

FXCM information and reviews
ActivTrades information and reviews
RoboForex information and reviews
MultiBank Group information and reviews
MultiBank Group
Libertex information and reviews
Vantage information and reviews

© 2006-2023 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.