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Brazil’s Real Rises as Currency Swap Rollover Offering Increased

Posted on 12 August 2014 by VRS  |  Email |Print

Brazil’s real climbed as the central bank signaled that it will sustain support for the currency when it increased the number of foreign-exchange swap contracts offered in a rollover. The real advanced 0.3 percent to 2.2755 per dollar in Sao Paulo. Swap rates, a gauge of expectations for interest-rate moves, fell seven basis points, or 0.07 percentage point, to 11.59 percent on contracts maturing in January 2017.
The central bank extended the maturity on all of the 10,000 currency swap contracts that it offered today, rolling over $494.2 million, compared with 8,000 available in prior daily auctions. The real dropped 1.1 percent last week as turmoil in Iraq sank demand for emerging-market assets……………………………………Full Article: Source

Growing Currency Mismatch

Posted on 12 August 2014 by VRS  |  Email |Print

Investors and policy makers generally seem to recognize that the prolonged period of low interest rates and low volatility provides fertile ground for its opposite. It facilitates excessive risk taking. The excessive risk taking can take on many forms and employs various vehicles.
Recently Yellen singled out a couple of sectors in the equity market that may excessive. In the past, other Fed officials have cited specific sectors of the credit market, like the high yield bond market, that did not seem sustainable……………………………………Full Article: Source

A Crypto Currency Backed By Gold? How Retail Gold Investors Can Benefit From Bitcoin’s Technology

Posted on 12 August 2014 by VRS  |  Email |Print

If you were to ask most investment professionals to explain the difference between bitcoin, lowercase, and Bitcoin, upper case, they would probably stare at you blankly.
But for Jan Skoyles, recently promoted from Head of Research to CEO at The Real Asset Company, who provide a platform for retail investors to gain access to the gold bullion markets, the distinction is the basis for a new kind of wealth-management that provides an alternative to the regulated financial services industry……………………………………Full Article: Source

Currency collapse ‘would cost Scots £30bn’

Posted on 11 August 2014 by VRS  |  Email |Print

Taxpayers in an independent Scotland would be hit with a £30 billion bill if Alex Salmond got his way on a currency union with the rest of the UK because the deal would “inevitably break up”, sending shockwaves through the economy, an economist has warned.
The first minister has been on the back foot on the currency issue since the leaders of the Westminster parties vetoed his plan for a union and he was unable to explain his “plan B” during a televised debate with Alistair Darling……………………………………..Full Article: Source

Currency union ‘not in Scotland’s interests’, says: Alistair Darling

Posted on 11 August 2014 by VRS  |  Email |Print

A formal currency union would not be in the interests of an independent Scotland, the leader of the campaign to keep the United Kingdom together has said, stepping up pressure on nationalist plans to keep the pound. With just over five weeks to go until the September 18 independence referendum, uncertainty over what currency would be used if Scotland leaves the United Kingdom remains a major campaign issue.
Britain’s three main political parties have ruled out a formal currency union, but Scottish nationalist leader Alex Salmond has said that Scotland “cannot be stopped from keeping the pound”……………………………………..Full Article: Source

Commodity dollars clash

Posted on 08 August 2014 by VRS  |  Email |Print

Many traders lump the Australian and Canadian dollars together in the broad category of so-called “commodity dollars.” In many ways, this categorization makes sense: both currencies have higher yields than many of their rivals and their economies depend on exporting commodities to one of the largest economies in the world (China in the case of Australia and the U.S. for Canada).
Though they share some similarities, the performance of the two currencies can often diverge based on idiosyncratic economic data. This week marks major clash between the two commodity dollars. Traders have/will get a look at employment data out of both Australia and Canada, as well the latest look at the RBA’s economic outlook and Canadian Building Permits and Ivey PMI data………………………………………..Full Article: Source

Scottish independence: Keeping pound without currency union ‘would see banks relocate’

Posted on 08 August 2014 by VRS  |  Email |Print

Dr Angus Armstrong says going it alone with the pound after independence would leave Scotland’s financial institutions without an effective lender of last resort. Keeping the pound without a formal currency union would force major banks to relocate from Scotland after independence, one of the country’s leading economists predicted.
Dr Angus Armstrong warned that if a separate Scotland goes it alone with the pound – so-called sterlingisation – the lack of an effective lender of last resort would see financial institutions flee south………………………………………..Full Article: Source

Brazil’s Neves to allow currency to float freely if elected

Posted on 08 August 2014 by VRS  |  Email |Print

If Aecio Neves wins the presidency this October, he would allow Brazil’s currency to float freely, leaving the market to set the exchange rate in a move that would likely help local industries struggling with a strong real.
Mansueto Almeida, a top economic adviser to the Neves campaign, told Reuters on Thursday that a free floating real will help restore balance to Brazil’s external accounts and make Brazilian manufacturers more competitive………………………………………..Full Article: Source

U.K. to Examine Virtual Currency Regulation

Posted on 07 August 2014 by VRS  |  Email |Print

The UK government will look into how virtual and digital currencies could or should be regulated, the UK Chancellor of the Exchequer said at the launch of a fintech industry body in London.
Speaking Wednesday at the launch event of Innovate Finance in Level39, Canary Wharf’s Group accelerator for fintech startups, George Osborne said the government will look at the potential virtual and digital currencies have for encouraging innovation in the UK’s financial sector, as well as the potential risks………………………………………..Full Article: Source

Alex Salmond defends Plan B currency stance after losing Scottish debate on TV

Posted on 07 August 2014 by VRS  |  Email |Print

First Minister Alex Salmond warns that without the pound an independent Scotland would refuse to take its share of UK debt and claims debate was a success for Yes camp. Alex Salmond today continued to refuse to name his Plan B currency for a separate Scotland after holding a post-mortem discussion with advisers over his surprise defeat in the independence TV debate.
The First Minister arrived an hour and a half late at a conference for businessmen who support separation this morning, his first public engagement since he lost the STV showdown with Alistair Darling………………………………………..Full Article: Source

Currency stability key in Romanian rate cut

Posted on 06 August 2014 by VRS  |  Email |Print

Negligible inflation and a desire to maintain exchange rate stability in spite of capital inflows were the key factors prompting Romania to cut interest rates to an all-time low, analysts said on Tuesday.
On August 4, the National Bank of Romania (BNR) reduced its key policy rate to 3.25 per cent from 3.50 per cent. Reuters quoted Governor Mugur Isarescu as telling reporters that more easing was possible………………………………………..Full Article: Source

Cash-strapped Cubans fret over dual currency

Posted on 06 August 2014 by VRS  |  Email |Print

“The decision to unify Cuba’s dual currency and exchange rate cannot be postponed,” says Joaquin Infante, advisor to the head of the Cuban Association of Economists. The interview with Infante touches on one of the hottest issues of concern to Cubans who have to cope with wages that have not kept up with the cost of living particularly in the last decade.
Most affected are public employees who still make up the majority of the labor force and retirees living on government pensions that are insufficient to cover even basic necessities such as food, electricity, and cooking gas, much less a new pair of shoes………………………………………..Full Article: Source

Bitcoin trades slump as cryptocurrency’s rise stalls

Posted on 06 August 2014 by VRS  |  Email |Print

Elevated Bitcoin prices have deterred new investors and seen transaction fall back to 2012 levels. The ascent of digital currency Bitcoin has been halted. Transaction levels have been crumbling this year, and priced in dollars total volumes are now back to the levels seen in 2012.
Widely touted as a rival to traditional state-issued currencies, cryptocurrencies such as Bitcoin became increasingly popular late last year………………………………………..Full Article: Source

Currency lull no fun for forex investors

Posted on 05 August 2014 by VRS  |  Email |Print

Recent months have not been much fun for foreign exchange investors. Volatility collapsed to historic lows as major currency pairs have traded in narrower ranges, with flows and risk-taking dropping sharply. Corporate treasuries might welcome the seemingly reduced need to spend money on hedges, but most will also realise their increased vulnerability to any sudden spikes.
In the minds of many market participants it is clear who is “to blame” for low volatility, namely central banks. While the official side might dispute this simplistic view, it would seem quite clear that monetary policy has at the very least contributed substantially to anaesthetised markets………………………………………..Full Article: Source

Britcoin surging: A digital currency that claims to uphold “British morals”

Posted on 05 August 2014 by VRS  |  Email |Print

Another day and another cryptocurrency is surging. However, this crypto is not one that has received the attention of Bitcoin, Darkcoin, Peercoin - and understandably so given its size and age.
This month-old crypto is none other than Britcoin, a digital currency that “upholds British morals”, according to its creator William Thomas. Quite how a decentralised peer-to-peer digital currency upholds the morals of a certain part of the planet’s surface, Thomas fails to specify………………………………………..Full Article: Source

Eventual end of US dollar and return of Commodity currency

Posted on 04 August 2014 by VRS  |  Email |Print

All modern currencies are fiat. The numeraire of the moment floats in a cesspool of policy designed for management and intervention. Money and value become hollowed out concepts. The eventual return to a sound relationship between human productivity and the value of money will be unloved, to say the least.
In the geopolitical front now we are witnessing countries move away from the U.S. Dollar, like Russia (and China more recently). But we are seeing an aggressive attempt to maintain its influence - often appearing to dovetail with other geopolitical motives………………………………………..Full Article: Source

Ghana seeks IMF help after currency falls 40%

Posted on 04 August 2014 by VRS  |  Email |Print

Ghana, the country that epitomised the ‘Africa rising’ narrative of strong economic growth and improved governance, is to seek help from the International Monetary Fund. The reversal of fortunes underlines the challenges the continent still faces. The west African nation will turn to the fund for financial assistance after its currency plunged roughly 40 per cent this year against the US dollar, making the cedi the worst performing currency in the world in 2014.
Ghana is the second sub-Saharan African country to turn to the IMF for help this year, after Zambia announced in June that it would seek talks with the Washington-based multilateral body………………………………………..Full Article: Source

Eurasian Economic Union plans to adopt common currency unit

Posted on 04 August 2014 by VRS  |  Email |Print

The Eurasian Economic Union of Russia, Belarus and Kazakhstan might adopt it’s a common currency unit, the Rossiiskaya Gazeta newspaper writes in its Monday issue. The daily cites Bembya Khulkhachiyev, director of the Eurasian Economic Union’s financial policy department, as saying that the Union was planning to make a wider use of the national currencies of the three member states with an eye to create a common payment system. If these tasks are solved successfully, the issue of a common currency unit might be raised, he said.
Currently, the Eurasian Economic Union, according to Khulkhachiyev, makes 50% of internal settlements in roubles, 40% - in U.S. dollars, eight to nine percent - in euros. The share of other currencies barely reaches one percent………………………………………..Full Article: Source

Currency Funds Slid in June on U.S. Economic Doubt, Parker Says

Posted on 01 August 2014 by VRS  |  Email |Print

Foreign-exchange funds lost 1 percent in June as reports cast doubt on the strength of the U.S. economic recovery, according to Parker Global Strategies LLC.
Of the 34 funds that reported results, 24 had losses, the company said in a statement today. Money managers’ performance ranged from losing as much as 7.1 percent to a return of 2.4 percent, the Stamford, Connecticut, company said in statement. The company’s index is down 4.4 percent for the past 12 months………………………………………..Full Article: Source

If Women Had Their Own Currency, Here’s What It Would Be Worth

Posted on 01 August 2014 by VRS  |  Email |Print

After a little girl asked President Obama why there aren’t any women on U.S. Currency, he said Wednesday that adding some female faces to our cash sounded like a “pretty good idea.” Almost immediately, all of our fantasies came alive on the web. What would, let’s say, Ruth Bader Ginsberg look like on a $20 bill? Where would we spend our Beyonce $10 dollar bill first? Will our grandmas give us a Susan B. Anthony $5 bill on our birthdays and tell us not to spend it all at once?
But then we remembered: because of the wage gap, a dollar for a woman is not the same as a dollar for a man. Although the true extent of the gender pay gap is widely disputed even among feminists, President Obama said in the 2014 State of the Union that women make only 77 cents for every dollar a man makes………………………………………..Full Article: Source

More U.S. Businesses Adopting China’s Currency

Posted on 01 August 2014 by VRS  |  Email |Print

Many U.S. businesses that sell their goods overseas have it easy. Their distant customers and suppliers are happy or at least willing to trade in U.S. dollars.
But is the dominance of the US dollar coming to an end–or fading–as the spending power of China’s growing middle class increases? And does that mean U.S. businesses will have to become more open to accepting other currencies. A recent study by HSBC raises some questions worth pondering………………………………………..Full Article: Source

World’s Worst Currency Drops as Ghana Pulls Back From IMF Aid

Posted on 31 July 2014 by VRS  |  Email |Print

Ghana’s cedi, the world’s worst-performing currency this year, weakened as the government ruled out an International Monetary Fund bailout, stoking concern it will miss targets to narrow a budget deficit.
The currency retreated for the first time in five days against the dollar, dropping as much as 6.4 percent, after Deputy Finance Minister Mona Quartey said the government of the world’s second-biggest cocoa producer plans to sell a third Eurobond next month rather than take IMF aid. Returns on Ghana’s dollar debt are the lowest in Africa this year, according to Bloomberg indexes………………………………………..Full Article: Source

Currency union ‘deception’ blasted

Posted on 31 July 2014 by VRS  |  Email |Print

Alex Salmond has been accused of a “huge deception” over his plans for a currency union after a Yes vote. Two leading figures from the banking industry have hit out at Scotland’s First Minister following his insistence that Westminster will agree to a deal to allow an independent Scotland to continue to use the pound.
Chancellor George Osborne and his Labour and Liberal Democrat counterparts have already stated that they would not agree to such an arrangement - but this has been dismissed as “bluff and bluster” by the SNP leader. Now, Sir Martin Jacomb, the former chairman of Prudential, and Sir Andrew Large, a former deputy governor of the Bank of England, have said that a currency union is “not compatible with Scotland being politically independent and is therefore not on offer”………………………………………..Full Article: Source

Brazil Real Intervention Out of Sync With Slowdown, IMF Says

Posted on 30 July 2014 by VRS  |  Email |Print

The International Monetary Fund said Brazilian central bank President Alexandre Tombini shouldn’t shore up the real as Latin America’s largest economy stalls and inflation accelerates.
Adjusting for inflation, Brazil’s currency was 5 percent to 15 percent stronger than “implied by fundamentals and desirable policies” in 2013, IMF economists wrote in a research report published today. The real has appreciated 5.9 percent this year against the dollar while inflation accelerated to a 13-month high and economic growth slowed………………………………………..Full Article: Source

How to Blend In a Currency Hedge

Posted on 30 July 2014 by VRS  |  Email |Print

Looking across developed markets today, a common thread is that central bank policies have pushed interest rates to very low levels to support their economies. Looking at the major central banks—the U.S., the European Central Bank (ECB) and the Bank of Japan (BOJ)—it appears that Europe and Japan are still expanding their accommodative policies, while the U.S. is reducing and is anticipated to be the first among these banks to raise interest rates.
This change has important implications for currencies that play a role in international equity returns. We believe it is important to maintain a globally diversified international equity portfolio, but we question the rationale of being fully exposed to foreign currencies………………………………………..Full Article: Source

States debate regulating digital currency

Posted on 29 July 2014 by VRS  |  Email |Print

Now that consumers can use digital currencies like bitcoin to buy rugs from Overstock.com, pay for Peruvian pork sandwiches from a food truck in Washington, D.C. and even make donations to political action committees, states are beginning to explore how to regulate the emerging industry.
Digital currencies — also known as virtual currencies or cash for the Internet —allow people to transfer value over the Internet, but are not legal tender. Because they don’t require third-party intermediaries such as credit card companies or PayPal, merchants and consumers can avoid the fees typically associated with traditional payment systems………………………………………..Full Article: Source

Global Currency Trading Falls Amid Volatility Drop, Market Probe

Posted on 29 July 2014 by VRS  |  Email |Print

Foreign-exchange volumes in the U.S., U.K. and Australia fell in April from a year earlier, according to reports from the world’s biggest central banks, amid subdued price swings and a probe into trading activity. Average daily currency turnover in North America was $811.1 billion, a 20 percent drop from a record $1 trillion in April 2013 and a 0.6 percent decline from October, the Federal Reserve-sponsored Foreign Exchange Committee said in a statement on its website, citing a twice-yearly survey.
In the U.K., April’s $2.4 trillion in turnover was 6 percent below the record high of $2.6 trillion a year earlier, the Bank of England’s Foreign Exchange Joint Standing Committee said. Daily U.K. trading rose 7 percent from October………………………………………..Full Article: Source

China Currency Gaining Among American Corporations

Posted on 28 July 2014 by VRS  |  Email |Print

Here’s a good one for those who think the dollar’s days are numbered. A survey released last week by HSBC Global says more U.S. multinationals are closing trade transactions in…you guessed it…the Chinese yuan.
Of course, this sort of news is right up HSBC’s alley. They are one of the premier financial centers in Hong Kong, where much of the off-shore Chinese currency transactions take place. It’s like a dream come true for the old colonial bank: the yuan increasingly being taken seriously as a viable trade currency………………………………………..Full Article: Source

Virtual Currency Clashes With The Real World

Posted on 28 July 2014 by VRS  |  Email |Print

Last Thursday, the Superintendent Of Financial Services for the state of New York, Benjamin M. Lawsky, proposed regulations for virtual currency companies operating in the state. Lawsky proposed a “BitLicense” plan, which includes rules on consumer protection, the prevention of money laundering, and cybersecurity. It is the first such proposal by a state to create guidelines specifically for virtual currency.
“We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity – without stifling beneficial innovation,” Lawsky said in a statement. “Setting up common sense rules of the road is vital to the long-term future of the virtual currency industry, as well as the safety and soundness of customer assets.”……………………………………….Full Article: Source

Strong Currency Hits Corporate Profits in South Korea

Posted on 25 July 2014 by VRS  |  Email |Print

South Korea’s corporate sector reported disappointing profits Thursday due to a strong local currency that’s making it harder to compete in overseas markets at a time of lackluster global growth.
Hyundai Motor, SK Hynix Inc., a chip maker and steelmaker Posco all blamed the currency for sizeable declines in net profits during the second quarter. LG Electronics Inc., whose net profit doubled in the quarter due to a revival of its smartphone business, said profits would have been larger still if the won hadn’t been so strong………………………………………..Full Article: Source

U.K. Talks on Currency-Rigging Settlement Accelerate

Posted on 25 July 2014 by VRS  |  Email |Print

Talks to reach the first settlement in the currency-rigging probe are accelerating, with Britain’s markets regulator preparing to reach a deal with a group of banks this year, people with knowledge of the situation said.
The Financial Conduct Authority is in negotiations with banks including Barclays Plc, Citigroup Inc., JPMorgan Chase & Co. and UBS AG, said the people, who asked not to be identified because the discussions are private. Royal Bank of Scotland Group Plc and HSBC Holdings Plc may also be part of the group settlement, one of the people said………………………………………..Full Article: Source

Lithuania gets final approval to adopt euro currency

Posted on 24 July 2014 by VRS  |  Email |Print

EU ministers have given the final stamp of approval for Lithuania to join the eurozone next year. Amid fears of unjustified price hikes, the Baltic state will be the 19th nation to adopt the single currency.
Lithuania’s adoption of the euro currency was finalized on Wednesday as European Union ministers gave the green light for the Baltic State to join the bloc on January 1, 2015. The ministers’ approval was the final hurdle in Lithuania’s accession process into the eurozone………………………………………..Full Article: Source

The currency conundrum

Posted on 24 July 2014 by VRS  |  Email |Print

The European Central Bank (ECB) is under pressure from eurozone politicians to introduce quantitative easing (QE) to reduce the value of the euro against the dollar. Politicians say a fall of 10 per cent from $1.35 to $1.20-1.25 is needed to help eurozone companies export and tackle low inflation.
But not everyone is convinced a European version of QE would weaken the euro and, in the meantime, the strength of the euro and sterling against the dollar (and emerging market currencies) is having a major impact on investments………………………………………..Full Article: Source

Could GBP/USD Exchange Rate Tumble on Stronger US Currency?

Posted on 23 July 2014 by VRS  |  Email |Print

Currency News UK - Pound to Dollar Currency Predictions: will cable tumble into the 1.5000’s? Big news stories dominated last week’s session, with the shooting down of Malaysia Airlines flight MH17 and the international reaction to it, along with the ongoing situation in Iraq and an escalation of violence in Gaza. The latest GBP USD exchange rate today trades at 1.70669.
In amongst all of these risk events came a set of interesting comments from US Federal Reserve Chair Janet Yellen which could prove to have a marked effect on the relative value of the US Dollar during coming months………………………………………..Full Article: Source

Tedious Journey towards W’African Single Currency

Posted on 23 July 2014 by VRS  |  Email |Print

Since 1987 when the Economic Community of West African States (ECOWAS) Monitoring Cooperation Program (EMCP), saddled with the responsibility of introducing a common currency in the sub-region, was adopted, the body has continued to push for the implementation of the policy.
Those involved in this project strongly believe that a common currency for the West African Monetary Zone (WAMZ) would facilitate trade in the region and also stimulate growth. The proposed currency, which has been christened ‘eco,’ according to the plan, will be initially introduced in the member countries of WAMZ………………………………………..Full Article: Source

Scotland Currency Union? ‘It’s A Dead Parrot’

Posted on 22 July 2014 by VRS  |  Email |Print

The idea Scotland would be able to hold on to the pound in the event of independence is a “dead parrot”, MPs have warned. The country’s first minister was told he urgently needed to come up with a plan B on how Scotland would proceed without a “currency union” if there was a “yes” vote in just two months’ time.
A report from the Scottish Affairs Committee cautioned the Scottish Government there was no way there would be a formal deal for an independent Scotland to continue using sterling………………………………………..Full Article: Source

China and Switzerland sign bilateral currency swap line

Posted on 22 July 2014 by VRS  |  Email |Print

The central banks of China and Switzerland have struck a bilateral currency swap agreement, a move that advances the international use of the renminbi and boosts Switzerland’s hopes of becoming a trading hub for the Chinese currency.
Under the terms of the deal, signed in Beijing on Monday by Zhou Xiaochuan, governor of the People’s Bank of China, and Thomas Jordan, chairman of the Swiss National Bank, renminbi and Swiss francs can be purchased and repurchased between the two central banks, up to a limit of Rmb150bn or SFr21bn………………………………………..Full Article: Source

Independent Scotland needs new currency – MPs

Posted on 21 July 2014 by VRS  |  Email |Print

A stand-alone Scottish currency would be the best way forward for the country after independence, a report by MPs has suggested. The SNP government wants to share the pound with the UK in a currency union after independence, keeping the Bank of England safety net.
This has been ruled out by all the main parties at Westminster, and today’s report by the Scottish affairs select committee says there will be no currency union “of any kind”. The report says First Minister Alex Salmond’s Plan B for currency is “sterlingisation” – whereby Scotland would use the pound in the same way that Panama uses the US dollar, without formal links………………………………………..Full Article: Source

Indian rupee third on fake foreign currency list in Switzerland

Posted on 21 July 2014 by VRS  |  Email |Print

As a debate continues on alleged black money of Indians in Swiss banks, the authorities in Switzerland have come across a significant quantum of fake Indian rupee notes in their country — the third highest for any foreign currency after Euro and the US dollar.
According to the latest counterfeit currency statistics released by Switzerland’s Federal Office of Police (Fedpol), the number of fake Euro notes seized in the year 2013 stood at 2,394, while there were 1,101 fake US dollar bills………………………………………..Full Article: Source

Is Bitcoin a bubble?

Posted on 21 July 2014 by VRS  |  Email |Print

Bitcoin is still perceived by financial professionals as a possible bubble, a poll by Bloomberg has shown: Bitcoins, which lost 45% of their value after skyrocketing to more than $1,100 last year, are poised to tumble further, according to the latest Bloomberg Global Poll of financial professionals.
55% of those surveyed said the virtual currency trades at unsustainable, bubble-like prices, according to the quarterly poll of 562 investors, analysts and traders who are Bloomberg subscribers. Another 14% said it’s on the verge of a bubble. Only 6 percent of respondents said a bubble isn’t forming. The remaining 25 percent were unsure………………………………………..Full Article: Source

New York first state to propose regulations for virtual currency

Posted on 18 July 2014 by VRS  |  Email |Print

New York became the first U.S. state on Thursday proposed establishing rules for firms involved in receiving, transmitting and storing virtual currency. The proposal by the Department of Financial Services would establish a so-called BitLicense.
Merchants and consumers who use the virtual currency such as Bitcoin solely to buy and sell goods and services wouldn’t need a license. However, those buying and selling virtual currency as a business would………………………………………..Full Article: Source

New Czech Virtual Currency Launched

Posted on 18 July 2014 by VRS  |  Email |Print

Czechs will be the latest group of European consumers with a digital alternative to the local hard currency if a newly launched virtual currency takes root. A group of Czech individuals with broadcast and media backgrounds Thursday unveiled Czech Crown Coin, or CZC, a digital, cryptocurrency akin to globally known Bitcoin, with the goal of supporting Internet businesses in the Czech Republic.
Ladislav Faith, who is leading the project and by day is a television cameraman based in Prague, said the goal is to create a Czech alternative to both cash transactions and to other global virtual currencies………………………………………..Full Article: Source

U.S. gold dealer launches first digital currency backed by bullion

Posted on 17 July 2014 by VRS  |  Email |Print

U.S. precious metals dealer Anthem Vault Inc. said on Wednesday it has launched the first digital currency backed by physical gold, with an aim to increase the use of bullion as an accepted form of electronic money. Las Vegas-based Anthem said it will launch 10 million “INNCoins” backed by 100 grams (3.5 ounces) of gold, with all coins expected to be in circulation by July 2015.
“It should make gold more acceptable as a form of currency by combining its appeal as a store of value and a much more efficient medium of exchange,” said Anthem Blanchard, chief executive of Anthem Vault, who previously worked at online precious metals market GoldMoney………………………………………..Full Article: Source

5 money-saving tips for exchanging currency

Posted on 17 July 2014 by VRS  |  Email |Print

Headed overseas for summer vacation? It’s easy to get hit with extra fees and expensive exchange rates when switching currencies. Some currency exchange tables in airports and tourist areas offer bad rates, taking more of your money. And some credit cards and banks can add fees when you buy something with your card.
Your best bet is to bring a credit card that doesn’t charge currency exchange fees and some cash for backup. Most purchases should be done on the credit card, says James Gambaccini, a certified financial planner at Acorn Financial Services. That’s because credit cards offer fraud protection. If you lose cash, or it gets stolen, you won’t get it back………………………………………..Full Article: Source

Global watchdog unveils plan to stop currency manipulation

Posted on 16 July 2014 by VRS  |  Email |Print

Global regulators have published details of their plans to overhaul foreign-exchange benchmarks in response to allegations that traders colluded to manipulate rates in the US$5.3 trillion-a-day currency market.
The Financial Stability Board (FSB) proposed changes to the way the WM/Reuters rates are calculated, including extending the length of the one-minute windows on which the benchmark is based, and making firms set up systems to address potential conflicts of interest with their clients. The Basel-based FSB set an August 12 deadline for comments on the plan………………………………………..Full Article: Source

Action Is In Commodities, Not Currencies

Posted on 16 July 2014 by VRS  |  Email |Print

Currencies moved in a narrow range yesterday. Within the USD moved only ±0.1% or more against four G10 currencies, falling vs CAD and rising vs NZD, JPY and GBP. Commodities were more volatile. Gold and silver, which fell in late European trading Monday, failed to register any bounce, while corn, wheat and several other agricultural commodities fell further.
Traders looking for volatility might want to look at those markets, although as prices there are determined largely by the weather and my training is in economics, I have little insight to share about them………………………………………..Full Article: Source

If China Stops Being A Currency Manipulator Will The Yuan Rise Or Fall?

Posted on 15 July 2014 by VRS  |  Email |Print

As we know every year certain very angry US politicians get together to insist that the President must declare China to be a “currency manipulator”. The thought is that the country artificially keeps its currency low in value against the dollar, thereby boosting exports from China to the US.
This is presumed to be to the detriment of US industry (although those politicians do overlook how it benefits US consumers). There may even be some truth to the complaints. But what interests is, well, imagine that China became entirely free market about the value of the yuan? Just allowed anyone who wanted to to buy and or sell how ever much they wanted, to be allowed to ship money in or out of China as they wished? The assumption is that the yuan would climb in value but I’m not so sure………………………………………..Full Article: Source

Prepare for This Seismic Currency Shift (and Profit)

Posted on 15 July 2014 by VRS  |  Email |Print

We all know the U.S. dollar is the de facto world reserve currency. And if you’ve been reading my column for a while, you also know its status is being seriously challenged. China and Russia have taken the biggest steps to that end so far.
But it seems we may already be in the planning stages to consolidate currencies, with the ultimate goal of establishing a single currency for the entire planet. Hard to envision, but the signs are there. That’s something not meant to benefit you or me, but there are ways to leverage this intensifying trend to your advantage………………………………………….Full Article: Source

Indian rupee to be the major reserve currency that will be traded internationally

Posted on 14 July 2014 by VRS  |  Email |Print

A secret internal assessment by Britain’s ministry of defence (MoD) has pegged the Indian rupee to be the major reserve currency that will be traded internationally in the next two decades.
The assessment available with TOI says that by 2040, the Rupee will challenge China’s Renminbi as the strongest global currency. At present however, given the strength of the Chinese economy in the near term, the Renminbi (RMB) will be the most traded global currency, rivalled only by the US dollar out to 2030………………………………………..Full Article: Source

Australian central bank: Currency too high

Posted on 14 July 2014 by VRS  |  Email |Print

Investors may be underestimating the risk of a “material decline” in the Australian dollar, the governor of Australia’s central bank was quoted as saying Friday.
“It continues to be my view that on most standard metrics that you could devise, it’s hard to see how most of those metrics would have the Aussie dollar quite this high,” Glenn Stevens was quoted as saying in an interview with the Weekend Australian newspaper, according to a transcript of the interview published online………………………………………..Full Article: Source

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