This year may be remembered for its great reduction in interest rates from almost all central banks worldwide. To stimulate their economies, different banks reduce interest rates in order their currency to drop, resulting in more exports of goods and boost demand for jobs with lower unemployment rates to stimulate economic growth. But the situation now is quite the opposite - currencies drop with the lowering of interest rates.
For example the Australian dollar, after RBNZ cut interest rates to historic low of 2%, the currency rather than to drop, roe. Also after BoJ increased incentives and negative interest rates, the yen rose by 16%.
Economies such as Indonesia, Russia, Taiwan lowered their interest rates, but it has not led to a significant decline in their currency. A common factor in all of them is that they are still positive and this is what investors are interested in. It's getting harder for Central Banks to managed their currencies. This kind of action still works, but the efficiency is much lower.
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